Document:

Exhibit 10.4

 

LONG TERM PERFORMANCE
SHARE AWARD AGREEMENT

PURSUANT TO THE

COMTECH TELECOMMUNICATIONS CORP.

2000 STOCK INCENTIVE PLAN

 

THIS
LONG TERM PERFORMANCE SHARE AWARD AGREEMENT (this “Agreement”), is made effective as of September 12, 2022
(the “Grant Date”), by and between Comtech Telecommunications Corp. (the “Company”) and Ken Peterman
(the “Participant”).

 

WHEREAS,
the Board of Directors of the Company (the “Board”) adopted, and the stockholders of the Company approved, the Comtech
Telecommunications Corp. 2000 Stock Incentive Plan (as amended, the “Plan”);

 

WHEREAS,
pursuant to Section 3.3 of the Plan, the Committee appointed by the Company’s Board of Directors to administer the Plan (the “Committee”)
has adopted the Guidelines for Deferrable Long Term Performance Shares Granted under the Plan, as amended and in effect at the date hereof
(the “Guidelines”);

 

WHEREAS,
the Company, through the Committee under the Plan, wishes to grant to the Participant a Performance Share Award under Article IX of the
Plan that, following the achievement of the specified levels of performance, as set forth in Section 2 hereof (the “Performance
Goals”) may provide for the issuance of a number of shares of the Company’s Common Stock corresponding to the level of
achievement of the Performance Goals;

 

WHEREAS,
the Performance Goals are intended to constitute “Performance Goals,” as set forth under the Plan; and

 

WHEREAS,
such shares of Common Stock, when issued to the Participant, shall be subject to the terms of this Agreement.

 

NOW,
THEREFORE, the Company and the Participant agree as follows

 

1.              
Grant of Performance Share Award. Subject to the restrictions, terms and conditions of the Plan, the Guidelines
and this Agreement, on the Grant Date the Company awarded and granted to the Participant an award (the “Performance Share Award”)
under Article IX of the Plan of 200,000 Performance Shares, the vesting of which would entitle the Participant to receive for each Performance
Share vested, in accordance with Section 2, one share of Common Stock (the “Earned Share”). The Performance Shares
granted under the Performance Share Award are Deferrable Performance Shares under the Guidelines, and the distribution of the Earned
Share in accordance with the terms and conditions of this Agreement may be deferred by the Participant in accordance with Section 4.2
of the Guidelines. If the Participant desires to defer the distribution of the Earned Share, the Participant must complete an election
form prescribed by the Committee and deliver it to the Company no later than six months before the end of the Performance Period (as
defined in Section 2) or, if earlier, the date the number of Performance Shares to be vested has become readily ascertainable within
the meaning of Treasury Regulation Section 1.409A-2(a)(8).

 

     

     

    

 

2.              
 Vesting.

 

2.1.         
Performance Period. The Performance Shares will vest based on the extent to which the performance targets outlined
in Section 2.3 are satisfied on or before the third anniversary of the Grant Date (such three year period, the “Performance
Period”), subject to the Participant’s continued service through the last date of the Performance Period (the “Vesting
Eligibility Date”).

 

2.2.         
Forfeiture. Notwithstanding anything in the Plan to the contrary (including Section 14.1(b) thereof) (i) upon the
Participant’s Termination of Employment (determined after application of Sections 2.4 and 2.5) prior to the end of the Performance
Period, 100% of the Performance Shares (including any Dividend Equivalents credited thereupon) shall be immediately forfeited and (ii)
any Performance Shares that do not vest (determined after application of Sections 2.4 and 2.5) prior to the Vesting Eligibility Date
shall be immediately forfeited on the Vesting Eligibility Date.

 

2.3.         
Vesting. Provided that the Participant has not incurred a Termination of Employment prior to the Vesting Eligibility
Date, the Performance Shares shall be eligible to vest on the Vesting Eligibility Date based on the following terms: (i) 50,000 of the
Performance Shares will vest if the 60-day VWAP (as defined below) at any time prior to the Vesting Eligibility Date is at or above $30.00,
(ii) 50,000 of the Performance Shares will vest if the 60-day VWAP at any time prior to the Vesting Eligibility Date is at or above $40.00,
(iii) 50,000 of the Performance Shares will vest if the 60-day VWAP at any time prior to the Vesting Eligibility Date is at or above
$50.00, and (iv) 50,000 of the Performance Shares will vest if and when the 60-day VWAP at any time prior to the Vesting Eligibility
Date is at or above $60.00. For purposes of this Agreement, “60-day VWAP” shall mean the volume-weighted average price
per share of Common Stock over 60 consecutive trading days assuming any dividends are reinvested as of the ex-dividend date.

 

2.4.         
Change in Control. Notwithstanding anything in this Section 2 to the contrary, upon a Change in Control during the
Performance Period, subject to Participant’s continued service through the effective date of such Change in Control, the effective
date of such Change in Control shall be deemed the Vesting Eligibility Date for purposes of Section 2.3 hereof and the applicable number
of Performance Shares shall vest in accordance with Section 2.3 hereof to the extent that the price per share of Common Stock achieved
in connection with the Change in Control equals or exceeds the 60-day VWAP targets set forth in Section 2.3 hereof; provided, that, if
the price per share of Common Stock achieved in the Change in Control is a dollar amount that is between two 60-day VWAP targets set
forth in Section 2.3 hereof, an additional number of Performance Shares shall vest determined using linear interpolation (rounded down
to the nearest whole share) between such two 60-day VWAP targets.

 

2.5.          Death
or Disability. Notwithstanding anything in this Section 2 to the contrary, if the Participant incurs a Termination of
Employment due to Participant’s death or Disability, the effective date of such Termination of Employment shall be deemed the
Vesting Eligibility Date for purposes of Section 2.3 hereof and the applicable number of Performance Shares shall vest in accordance
with Section 2.3 hereof as of the date of Participant’s death or Disability.

 

     

     

    

 

3.              
Distribution. Subject to the terms of this Agreement and the Plan, Participant shall receive one Earned Share with
respect to each vested Performance Share subject to this Agreement within thirty (30) days following the last date of the Performance
Period; provided, that, in the event the Participant has made a valid deferral election in accordance with Section 4.2
of the Guidelines the Earned Shares shall be distributed to the Participant in accordance with such deferral election and the Guidelines
(a “Deferral Election”).

 

4.               Dividend
Equivalents. In the event that the Company declares and pays ordinary cash dividends on its outstanding Common Stock the
record date for which is on or after the Grant Date and on or before the date of distribution of Earned Shares (including during any
period of deferral at the election of the Participant), the Participant shall be credited, as of the dividend payment date, for each
Performance Share that may potentially vest under this Agreement, a cash amount equivalent to the cash amount paid at that date on
one share of Common Stock, under Section 9.2(d) of the Plan. Such credited cash amount of dividend equivalents shall be earned and
vested if and only if the related Performance Share becomes vested (i.e., it is forfeitable to the same extent as the related
Performance Share). No interest will be credited on accrued dividend equivalents. Dividend equivalents will be distributable at such
time as the Earned Shares resulting from the earning and vesting of Performance Shares to which the dividend equivalents relate are
distributed; provided, however, that the Company may withhold cash dividend equivalents to satisfy then applicable tax withholding
obligations relating to Earned Shares (to minimize the number of Earned Shares being withheld to satisfy tax obligations) under
Section 11.

 

5.              
Detrimental Activity. In the event the Participant engages in Detrimental Activity prior to, or during the one year
period following the earlier of the Participant’s Termination of Employment or the end of the Performance Period, the Committee
may direct (at any time within one year thereafter) that all Performance Shares shall be immediately forfeited to the Company and that
the Participant shall pay over to the Company an amount equal to the gain realized at the time of vesting and distribution of any Earned
Shares.

 

6.              
Restrictions on Transfer. The Participant shall not sell, negotiate, transfer, pledge, hypothecate, assign, encumber,
anticipate or otherwise dispose of the Performance Share Award or Performance Shares, and such Performance Share Award and Performance
Shares shall not be subject to attachment or garnishment by creditors of Participant or Participant’s beneficiaries (if any), except
as specifically permitted by the Plan and this Agreement, and only to the extent permitted under Code Section 409A. Any attempted Transfer
in violation of this Agreement and the Plan shall be void and of no effect.

 

7.              
Issuance Restrictions. The Company is not obligated to issue any securities if, in the opinion of counsel for the
Company, the issuance of such Common Stock shall constitute a violation by the Participant or the Company of any provisions of any law
or of any regulations of any governmental authority or any national securities exchange.

 

8.               Securities
Representations. The shares of Common Stock will be issued to the Participant and this Agreement is being made by the
Company in reliance upon the following express representations and warranties of the Participant. The Participant acknowledges,
represents and warrants that:

 

     

     

    

 

8.1.         
The Participant has been advised that the Participant may be an “affiliate” within the meaning of Rule 144 under the
Securities Act and in this connection the Company is relying in part on the Participant’s representations set forth in this section;

 

8.2.         
The Common Stock must be held indefinitely by the Participant unless (i) an exemption from the registration requirements of the
Securities Act is available for the resale of such Common Stock or (ii) the Company files an additional registration statement (or a
 “re-offer prospectus”) with regard to the resale of such Common Stock and the Company is under no obligation to continue
in effect a Form S-8 Registration Statement or to otherwise register the resale of the Common Stock (or to file a “re-offer prospectus”);

 

8.3.         
The exemption from registration under Rule 144 will not be available under current law unless (i) a public trading market then
exists for the Common Stock, (ii) adequate information concerning the Company is then available to the public, and (iii) other terms
and conditions of Rule 144 or any exemption therefrom are complied with and that any sale of the Common Stock may be made only in limited
amounts in accordance with such terms and conditions.

 

9.              
Not an Employment Agreement. Neither the execution of this Agreement nor the issuance of the Performance Share Award
or the Common Stock hereunder constitute an agreement by the Company to employ or to continue to employ the Participant during the entire,
or any portion of, the term of this Agreement, including but not limited to any period during which any shares of Common Stock are outstanding.

 

10.           
Power of Attorney. The Company, its successors and assigns, is hereby appointed the attorney-in-fact, with full
power of substitution, of the Participant for the purpose of carrying out the provisions of this Agreement and taking any action and
executing any instruments which such attorney-in-fact may deem necessary or advisable to accomplish the purposes hereof, which appointment
as attorney-in-fact is irrevocable and coupled with an interest. The Company, as attorney-in-fact for the Participant, may in the name
and stead of the Participant, make and execute all conveyances, assignments and transfers of Common Stock and property provided for herein,
and the Participant hereby ratifies and confirms that which the Company, as said attorney-in-fact, shall do by virtue hereof. Nevertheless,
the Participant shall, if so requested by the Company, execute and deliver to the Company all such instruments as may, in the judgment
of the Company, be advisable for this purpose.

 

11.            Withholding.
The Participant acknowledges that the Participant is solely responsible for all applicable foreign, federal, state, and local taxes
with respect to the Performance Share Award and the payments thereunder; provided, however, that at any time the Company is required
or permitted to withhold any such taxes (including, without limitation, any employment taxes), the Participant shall pay, or make
arrangements to pay, in a manner satisfactory to the Company, an amount equal to the amount of all applicable federal, state and
local or foreign taxes that the Company is required or permitted to withhold at any time, including, if then permitted by the
Company, by electing to reduce the number of shares of Common Stock otherwise then deliverable to the Participant under this
Agreement. Unless the Participant has informed the Company of the Participant’s intent to make alternate arrangements to
satisfy the Participant’s withholding obligations satisfactory to the Company within either sixty (60) days in advance of the
applicable tax date or at a time when the participant is not otherwise precluded from trading Common Stock under the Company’s
insider trading policies (unless otherwise determined by the Company) and relevant amounts are actually paid, the Company or one of
its Affiliates shall have the automatic right to withhold such taxes from any amounts payable to the Participant (including salary,
wages and other compensation), including, but not limited to, the right to withhold shares of Common Stock otherwise deliverable to
the Participant under this Agreement. The Company will withhold taxes (e.g., federal, state and local taxes, including payroll
taxes) in an amount at least equal to the statutory minimum taxes required to be withheld; provided, however, at the
Participant’s advance election the participant may request the Company withhold additional amounts up to the
Participant’s maximum individual tax rate in each relevant jurisdiction applicable to the Participant at such time of
withholding, so long as the withholdings do not result in this Performance Share Award being classified as a liability-based award
in accordance with applicable accounting standards.

 

     

     

    

 

12.           
Miscellaneous.

 

12.1.      
This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, personal legal
representatives, successors, trustees, administrators, distributees, devisees and legatees. The Company may assign to, and require, any
successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company or any affiliate by which the Participant is employed to expressly assume and agree in writing to perform this
Agreement. Notwithstanding the foregoing, the Participant may not assign this Agreement other than with respect to shares of Common Stock
Transferred in compliance with the terms hereof.

 

12.2.       This
award of the Performance Share Award and the issuance of Common Stock thereunder shall not affect in any way the right or power of
the Board or stockholders of the Company to make or authorize an adjustment, recapitalization or other change in the capital
structure or the business of the Company, any merger or consolidation of the Company or subsidiaries, any issue of bonds,
debentures, preferred or prior preference stock ahead of or affecting the Common Stock, the dissolution or liquidation of the
Company, any sale or transfer of all or part of its assets or business or any other corporate act or proceeding. Performance Shares
shall be subject to adjustment in accordance with Section 4.2(b) of the Plan, including during any period in which payment of the
Award is deferred at the election of Participant. For clarity, ordinary dividends on Common Stock will not trigger adjustments to
Performance Shares, and any adjustments to Performance Shares shall take into account dividend equivalents credited thereon under
Section 4.

 

12.3.       The
Participant agrees that the award of the Performance Share Award under this Agreement and the issuance of Common Stock thereunder is
special incentive compensation and that the Performance Share Award (even if treated as compensation for tax purposes) will not be
taken into account as “salary” or “compensation” or “bonus” in determining the amount of any
payment under any pension, retirement or profit-sharing plan of the Company or any life insurance, disability or other benefit plan
of the Company.

 

     

     

    

 

12.4.      
No modification or waiver of any of the provisions of this Agreement shall be effective unless in writing and signed by the party
against whom it is sought to be enforced.

 

12.5.      
The failure of any party hereto at any time to require performance by another party of any provision of this Agreement shall not
affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of
this Agreement shall not be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of the provision
itself, or a waiver of any right under this Agreement.

 

12.6.      
The headings of the sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict
or modify any of the terms or provisions hereof.

 

12.7.      
All notices, consents, requests, approvals, instructions and other communications provided for herein shall be in writing and
validly given or made when delivered, or on the second succeeding business day after being mailed by registered or certified mail, whichever
is earlier, to the persons entitled or required to receive the same, at the addresses set forth at the heading of this Agreement or to
such other address as either party may designate by like notice. Notices to the Company shall be addressed to the Compensation Committee
of the Board.

 

12.8.      
This Agreement shall be construed, interpreted and governed and the legal relationships of the parties determined in accordance
with the internal laws of the State of Delaware without reference to rules relating to conflicts of law.

 

12.9.      
The right to receive each payment of Earned Shares shall be treated as a separate award for purposes of Section 409A of the Code.

 

13.           
Rights as a Stockholder. The Participant shall have no rights as a stockholder with respect to any shares of Common
Stock covered by the Performance Share Award unless and until the Participant has become the holder of record of the shares of Common
Stock.

 

14.            Provisions
of Plan Control. This Agreement is subject to all the terms, conditions and provisions of the Plan, including, without
limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be
adopted by the Committee and as may be in effect from time to time. The Plan is incorporated herein by reference. A copy of the Plan
has been delivered to the Participant. If and to the extent that this Agreement conflicts or is inconsistent with the terms,
conditions and provisions of the Plan, unless this Agreement expressly provides otherwise, the Plan shall control, and this
Agreement shall be deemed to be modified accordingly. Unless otherwise indicated, any capitalized term used but not defined herein
shall have the meaning ascribed to such term in the Plan. This Agreement contains the entire understanding of the parties with
respect to the subject matter hereof (other than any other documents expressly contemplated herein or in the Plan) and supersedes
any prior agreements between the Company and the Participant.

 

15.           
Agreement and Grant Not Effective Unless Accepted. By selecting the “Accept” button below you agree
(i) to enter into this Agreement electronically and (ii) to the terms and conditions of the Agreement. Until you select the “Accept”
button below, this Performance Share Award shall not be effective. If you do not select the “Accept” button within 14 days
from the date the Agreement is made available to you electronically this Performance Share Award shall be null and void.

 

     

     

    

 

	Address	COMTECH TELECOMMUNICATIONS CORP.
	 	 
	Employee Number	 
	 	 
	Grant NameEX-4.1

 EXHIBIT 4.1 

NUMBER UNITS 
 U- 
 SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP [•] 
 FOUR LEAF
ACQUISITION CORP 
 UNITS CONSISTING OF ONE SHARE OF CLASS A COMMON STOCK AND ONE REDEEMABLE 

WARRANT, EACH WARRANT ENTITLING THE HOLDER 

TO PURCHASE ONE SHARE OF CLASS A COMMON STOCK 

THIS CERTIFIES THAT is the owner of Units. 
 Each Unit
(“Unit”) consists of one (1) share of Class A Common Stock, par value $0.00001 per share (“Common Stocks”), of Four Leaf Acquisition Corp, a Delaware corporation (the “Company”), and one redeemable warrant
(each a “Warrant”). Each whole Warrant entitles the holder to purchase one share of Common Stock (subject to adjustment) at a price of $11.50 per share (subject to adjustment). Each Warrant will become exercisable on the later of
(i) thirty (30) days after the Company’s completion of an initial merger, capital share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses (each a “Business
Combination”), and (ii) twelve (12) months from the closing of the Company’s initial public offering, and will expire unless exercised before 5:00 p.m., Eastern Time, on the date that is five (5) years after the date on which the
Company completes its Business Combination, or earlier upon redemption or liquidation. 
 The Common Stock and Warrants comprising the Units represented by
this certificate are not transferable separately prior to     , 2022, unless the representative of the underwriters elects to allow earlier separate trading, subject to the Company’s filing of a Current Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting the Company’s receipt of the gross proceeds of the Company’s initial public offering and issuing a press
release announcing when separate trading will begin. No fractional warrants will be issued upon separation of the Units. 
 The terms of the Warrants are
governed by a Warrant Agreement dated as of     , 2022 (the “Warrant Agreement”) between the Company and Continental Stock Transfer & Trust Company as Warrant Agent and are subject to the terms and provisions
contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 1 State Street 30th floor, New York, NY 10004,
and are available to any Warrant holder on written request and without cost. 
 Upon the consummation of the Business Combination, the Units represented by
this certificate will automatically separate into the shares of Common Stock and Warrants comprising such Units. 
 This certificate is not valid unless
countersigned by the Transfer Agent and registered by the Registrar of the Company. 
 This certificate shall be governed by and construed in accordance
with the law of the State of New York. 
 Witness the facsimile signatures of the duly authorized officers of the Company: 

 

					
	  
 Chief Executive Officer
	  	        	  	  
 Corporate Secretary

 FOUR LEAF ACQUISITION CORPORATION 

The Company will furnish without charge to each unitholder who so requests a statement of the powers, designations, preferences and relative, participating,
optional or other special rights of each class of shares or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights. The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
 TEN COM – as tenants in
common 
 TEN ENT – as tenants by the entirety 
 JT TEN
– as joint tenants with right of survivorship and not as tenants in common 
  

					
	UNIF GIFT MIN ACT — Custodian under Uniform Gifts to Minors Act
			
	(Cust)	  	(Minor)	  	(State)

 Additional abbreviations may also be used though not in the above list. 

For value received, hereby sells, assigns and transfers unto 

whose social security number or other identifying number is and whose address is 

, Units represented by the within Certificate, and does hereby irrevocably constitute and appoint Attorney to transfer the said Units on the books of
the within named Company with full power of substitution in the premises. 
  

			
	Dated:	  	                                   
                                     
		  	(legal signature)

 NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPONDENCE WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN
EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER. 
 Signature(s) Guaranteed: 

The signature must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings & loan associations and credit unions with
membership in an approved signature guarantee medallion program, pursuant to SEC Rule 17A d-15 (or any successor rule) under the Securities Exchange Act of 1934, as amended). 

In each case, as more fully described in the Company’s final prospectus for its initial public offering dated     , 2022, the
holder(s) of this certificate shall be entitled to receive a pro rata portion of certain funds held in the trust account established in connection with the Company’s initial public offering only in the event that (i) the Company
redeems the shares of Common Stock sold in the Company’s initial public offering and liquidates because it does not consummate the Business Combination by the date set forth in the Company’s Second Amended and Restated Certificate of
Incorporation, (ii) the Company redeems the shares of Common Stock sold in its initial public offering in connection with a shareholder vote to amend the Company’s amended and restated certificate of incorporation (a) to modify the
substance or timing of the Company’s obligation to allow redemption in connection with the Company’s Business Combination or to redeem 100% of the shares of Common Stock if it does not consummate the Business Combination by the date set
forth in the Company’s amended and restated certificate of incorporation or (b) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination
activity, and the holder(s) of this certificate elects to have the shares of Common Stock held by him, her or it redeemed pursuant to that offer or (iii) if the holder(s) seek(s) to redeem for cash his, her or its respective shares of

 
Common Stock in connection with a tender offer (or proxy solicitation, solely in the event the Company seeks shareholder approval of the proposed Business Combination) setting forth the details
of a proposed Business Combination. In no other circumstances shall the holder(s) have any right or interest of any kind in or to the trust account.

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