Document:

Exhibit

EXHIBIT 10.22

DRIVE SHACK INC. 
2018 OMNIBUS INCENTIVE PLAN 

[FORM OF] EXECUTIVE NON-QUALIFIED STOCK OPTION AWARD AGREEMENT
This Non-Qualified Stock Option Award Agreement (this “Award Agreement”), dated as of [●] (the “Date of Grant”), is made by and between Drive Shack Inc., a Maryland corporation (the “Company”), and [●] (the “Executive”).  Any capitalized term that is used but not defined in this Award Agreement shall have the meaning ascribed to such term in the Drive Shack Inc. 2018 Omnibus Incentive Plan (as may be amended from time to time, the “Plan”).
1.    Grant of Stock Option.  The Company hereby grants to the Executive an option to purchase [●] shares of Common Stock at an Exercise Price of $[●] per share (the “Option”), subject to all of the terms and conditions of this Award Agreement and the Plan.  
2.    Vesting. 
(a)    The shares of Common Stock subject to the Option shall vest in equal annual installments on each of the first three (3) anniversaries of the Date of Grant (each, a “Vesting Date”); provided that the Executive remains in continuous employment with the Company or an Affiliate thereof through, and has not given or received a notice of termination of such employment as of, the applicable Vesting Date.     
(b)    Except as set forth in Section 2(c) below, if the Executive’s employment is terminated for any reason prior to the final Vesting Date, (i) this Award Agreement shall terminate and all rights of the Executive with respect to Options that have not vested shall immediately terminate, (ii) any such unvested Options shall be forfeited without payment of any consideration, and (iii) neither the Executive nor any of the Executive’s successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such unvested Options. 

(c)    If the Executive’s employment is terminated prior to the final Vesting Date either (i) by the Company without Cause, (ii) by the Executive for Good Reason (as defined below) or (iii) as a result of the Executive’s death or Disability (each, a “Qualifying Termination”), the portion of the Option that would have vested on the next Vesting Date had the Executive remained in employment with the Company shall immediately vest. For purposes of this Award Agreement, “Good Reason” means, in each case without the Executive’s consent, as follows: (i) any reduction in the Executive’s base salary or annual bonus target amount; (ii) a material diminution in the Executive’s title, status, duties, responsibilities or authority; or (iii) a material breach by the Company of the Executive’s individual offer letter with Company; provided, that, in no event shall any such action constitute Good Reason unless (x) the Executive provides written notice to the Company of such action within thirty (30) days after it occurs, (y) the Company fails to materially cure such action within fifteen (15) business days after the 

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Executive provides such notice, and (z) the Executive terminates employment within ten (10) business days after the end of such cure period.      
3.    Timing of Exercise.  Following the vesting of the Option as set forth in Section 2 hereof, the Executive may exercise all or any portion of such vested Option at any time prior to the earliest to occur of:
(a)    The 10th anniversary of the Date of Grant; 
(b)    The 1st anniversary of the date of a Qualifying Termination; 
 (c)    90 days following the Executive’s termination of employment with the Company and its Affiliates as a result of a voluntary termination by Executive other than for Good Reason; and
(d)    The close of business on the last business day immediately prior to the date of the Executive’s (A) termination of employment by the Company for Cause or (B) breach of any restrictive covenants set forth in any agreement or other arrangement between the Executive and the Company or any of its Affiliates.
4.    Method of Exercise.  The Executive may exercise all or any portion of the Option by giving written notice of exercise to the Company specifying the number of shares of Common Stock to be exercised.  Unless otherwise determined by the Administrator, the payment of the aggregate exercise price of the shares of Common Stock being exercised shall be satisfied through a cashless exercise procedure pursuant to which the Company will withhold a number of shares of Common Stock otherwise issuable upon exercise of the Option with a Fair Market Value equal to the aggregate exercise price. 
5.    Rights as Stockholder.  The Executive shall have no rights of a stockholder with respect to the shares of Common Stock subject to the Option (including the right to vote and the right to receive distributions or dividends) unless and until shares of Common Stock are issued in respect thereof in accordance with Section 4 hereof.
6.    Award Agreement Subject to Plan.  This Award Agreement is made pursuant to all of the provisions of the Plan, which is incorporated herein by this reference, and is intended, and shall be interpreted in a manner, to comply therewith.  In the event of any conflict between the provisions of this Award Agreement and the provisions of the Plan, the provisions of the Plan shall govern.
7.    Acknowledgement of Protective Covenants.  The Participant hereby acknowledges and agrees that (i) the Participant is subject to all of the provisions of the “Protective Covenants” section of the Participant’s offer letter with the Company (including, without limitation, any provisions restricting the Participant from competing with the Company), each of which is incorporated into this Agreement by reference, and (ii) the Company would not have granted the Option to the Participant in the absence of such Protective Covenants. 

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8.    No Rights to Continuation of Employment.  Nothing in the Plan or this Award Agreement shall confer upon the Executive any right to continue in the employ of the Company or any Affiliate thereof or shall interfere with or restrict the right of the Company or its Affiliates to terminate the Executive’s employment any time for any reason whatsoever, with or without cause.
9.    Tax Withholding.  The Company shall be entitled to require a cash payment by or on behalf of the Executive and/or to deduct from the shares of Common Stock otherwise issuable hereunder or other compensation payable to the Executive the amount of any federal, state or local withholding taxes in respect of the Option, its exercise or any payment or transfer under or with respect to the Option, in each case in accordance with the terms of the Plan.
10.    Governing Law.  This Award Agreement shall be governed by, interpreted under, and construed and enforced in accordance with the internal laws, and not the laws pertaining to conflicts or choices of laws, of the State of Maryland applicable to agreements made and to be performed wholly within the State of Maryland.
11.    Award Agreement Binding on Successors.  The terms of this Award Agreement shall be binding upon the Executive and upon the Executive’s heirs, executors, administrators, personal representatives, transferees, assignees and successors in interest, and upon the Company and its successors and assignees, subject to the terms of the Plan.
12.    No Assignment.  Notwithstanding anything to the contrary in this Award Agreement, neither this Award Agreement nor any rights granted herein shall be assignable by the Executive.
13.    Necessary Acts.  The Executive hereby agrees to perform all acts, and to execute and deliver any documents that may be reasonably necessary to carry out the provisions of this Award Agreement, including but not limited to all acts and documents related to compliance with federal and/or state securities and/or tax laws.
14.    Severability.  Should any provision of this Award Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this Award Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original Award Agreement.  Moreover, if one or more of the provisions contained in this Award Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provisions or provisions in any other jurisdiction.

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15.    Entire Agreement.  This Award Agreement and the Plan contain the entire agreement and understanding among the parties as to the subject matter hereof, and supersede any other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof.
16.    Headings.  Headings are used solely for the convenience of the parties and shall not be deemed to be a limitation upon or descriptive of the contents of any such Section.
17.    Counterparts; Electronic Signature.  This Award Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.  The Executive’s electronic signature of this Award Agreement shall have the same validity and effect as a signature affixed by the Executive’s hand.
18.    Amendment.  No amendment or modification hereof shall be valid unless it shall be in writing and signed by all parties hereto.
19.    Set-Off.  The Executive hereby acknowledges and agrees, without limiting the rights of the Company or any Affiliate thereof otherwise available at law or in equity, that, to the extent permitted by law, any amount due to the Executive under this Award Agreement may be reduced by, and set-off against, any or all amounts or other consideration payable by the Executive to the Company or any of its Affiliates under any other agreement or arrangement between the Executive and the Company or any of its Affiliates; provided that any such set-off does not result in a penalty under Section 409A of the Code.
(a)    [Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have executed this Award Agreement as of the date set forth above.

DRIVE SHACK INC.
By                        
 
Print Name:                     

Title:                        

[EXECUTIVE]
Signature                     
Print Name:                      

[Signature Page to Executive Non-Qualified Stock Option Award Agreement]

4ex_143217.htm

Exhibit 10.1

 

Appendix B

 

 

HECLA MINING COMPANY

 

 

SHORT TERM INCENTIVE PLAN

 

Introduction

 

Effective as of July 2, 1994, Hecla Mining Company adopted the Hecla Mining Company Performance Pay Compensation Plan (the "Prior Plan"). Effective as of February 20, 2019, pursuant to action of the Board of Directors of Hecla Mining Company (the "Board"), the Prior Plan is hereby amended and restated, and is now known as the Hecla Mining Company Short Term Incentive Plan and shall have the terms and conditions set forth herein (the "Plan" or "STIP").

 

Purpose

 

This Plan is designed to provide a significant and variable economic opportunity to selected officers and employees of the Company as a reflection of their individual and group contributions to the success of the Company.

 

Definitions

 

"Short Term Incentive Plan Goals" shall mean the performance goals in effect for the Plan Year as recommended by management and approved by the Committee. The Committee may modify the Short Term Incentive Plan Goals as it sees fit and will finally approve them to be in effect for that Performance Period. Short Term Incentive Plan factors are divided into the following components, which may be modified by the Committee from time to time, including with respect to the relative weights:

 

	 	
			•

				
			Quantitative corporate performance factors, normally comprising 50% of the overall potential Award;

			

	 	
			•

				
			Qualitative set of goals, normally comprising 25% of the overall potential Award; and

			

	 	
			•

				
			Discretionary factor as determined by the Committee, normally comprising 25% of the overall potential Award.

			

 

"Short Term Incentive Plan Pay" or "STIP Pay" shall consist of an award from the Company payable to a participant pursuant to the terms of the Plan either in cash or in equity under one of the Company's stock plans.

 

"Base Salary" is the annual salary approved by the Board for Executives or by the Company for other Plan participants.

 

"Code" shall mean the Internal Revenue Code of 1986, as amended.

 

"Committee" shall mean the Compensation Committee of the Board.

 

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Appendix B

 

"Company" shall mean Hecla Mining Company, a Delaware Corporation, and its subsidiaries.

 

"Disinterested Person" shall mean a member of the Board who qualifies as an “outside director” for purposes of Section 162(m) of the Code.

 

"Participants" shall mean eligible officers and employees who are designated by the Committee for participation in the Plan.

 

"Payment Date" shall mean the date following the conclusion of a particular Performance Period on which the Committee certifies that applicable STIP Goals have been satisfied and authorizes payment of corresponding STIP Pay Awards.

 

"Performance Period" will be determined by the Committee and normally coincides with the Company's fiscal year.

 

"Target Award" shall mean the percentage of each Participant's base salary that is established for achievement of target performance level in consideration of quantitative, qualitative and discretionary factors as determined by the Board. The Target Award for each plan participant will be determined by the Committee prior to each Performance Period. Participants may be awarded up to twice their Target for exceptional performance against all criteria.

 

Administration

 

The AIP shall be administered by the Committee or such other committee of the Board which is composed of not less than two Disinterested Persons, each of whom shall be appointed by and serve at the pleasure of the Board.

 

In administering the Plan the Committee may at is option employ compensation consultants, accountants and counsel (who may be the independent auditors, outside counsel, or compensation consultants of the Company) and other persons to assist or render advice to the Committee, all at the expense of the Company.

 

Eligibility

 

The Committee shall, in its sole discretion, determine for each Performance Period those officers and employees of the Company who shall be eligible to participate in the STIP (the "Participants") based upon such Participants' opportunity to have a substantial impact on the Company’s operating results. Nothing contained in the Plan shall be construed as or be evidence of any contract or employment with any Participant for a term of any length nor shall participation in the Plan in any Performance Period by any Participant require continued participation by such Participant in any subsequent Performance Period.

 

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 Appendix B

 

Determination of Performance Pay

 

The form and amount of Short Term Incentive Plan Pay awarded to a Participant shall be determined by and in the discretion of the Committee. The Committee may condition the earning of STIP Pay upon the attainment of specified Performance Goals measured over a period not greater than one year relating to the Participant or the Company, or a subsidiary, division or department of the Company for or within which the Participant is primarily employed, or upon such other factors or criteria as the Committee shall determine, which Performance Goals may be different for each Participant. Short Term Incentive Plan Pay payable under the Plan will consist of a cash or equity award from the Company, based upon a degree of achievement of such Performance Goals over the Performance Period.

 

 

The Committee may, in its sole discretion, increase or decrease the amount of any Short Term Incentive Plan Pay payable to a Participant and may award Short Term Incentive Plan Pay to Participants even though the Short Term Incentive Plan Pay is not earned. Short Term Incentive Plan Pay earned or otherwise awarded will be paid on the Payment Date.

 

Termination of Employment

 

In the event that a Participant's employment with the Company terminates for any reason prior to the Payment Date, other than death or disability, such Participant shall not be eligible to receive any STIP Pay.

 

Amendments and Terminations

 

The Board shall have the right to modify the Plan from time to time without prior approval of the Company's stockholders.

 

Deferral Elections

 

The Participants are permitted to defer the receipt of Short Term Incentive Plan Pay payable hereunder in accordance with the Company’s Key Employee Deferred Compensation Plan or any similar plan or program.

 

	 	HECLA MINING COMPANY	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Phillips S. Baker, Jr.	 
	 	 	President and CEO

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