Document:

Exhibit 10.11

 

FORM OF

RESTRICTED STOCK UNIT AWARD AGREEMENT

[NAME]

 

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”), dated as of [·] (the “Grant Date”), is made by and between Rock Holdings Inc., a Michigan corporation (the “Company”), and [NAME] (“Grantee”).  Unless the context otherwise requires, terms that are capitalized but not otherwise defined in this Agreement have the meaning ascribed to such terms in the Company’s 2015 Equity Compensation Plan, as heretofore amended and as may be amended from time to time in the future in accordance with its terms (the “Plan”).  A copy of the Plan (as amended through the Grant Date) is attached hereto as ANNEX [·] and is incorporated herein by reference.  A copy of the Rock Acquisition Corporation (now known as Rock Holdings Inc.) Shareholders Agreement, dated as of October 31, 2002 (the “Shareholders Agreement”), is attached hereto as ANNEX [·] and is incorporated herein by reference.

 

WHEREAS, Grantee is an important employee of a Rock Entity; and

 

WHEREAS, to reward and incentivize Grantee, the Company desires that Grantee be given the opportunity to receive Common Shares in the future as provided in this Agreement as long as Grantee satisfies the continuing employment requirements set forth in this Agreement.

 

NOW THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

Section 1.                                                     Grant of Restricted Stock Units

 

The Company hereby grants to the Grantee [·] restricted stock units (the “RSUs”).  Each RSU, upon or after vesting in accordance with Section 2 or Section 3 of this Agreement, represents the right of Grantee to receive one Common Share.

 

Section 2.                                                     General Vesting

 

[On the Grant Date,  [·] of the RSUs shall become vested.  On each of [·], [·],[·] and [·] [an additional] [·]of the RSUs shall become vested](1); provided, however, that the portion of the RSUs scheduled to vest upon any such date shall vest only if Grantee remains continuously employed on a full-time basis by a Rock Entity or an affiliate thereof from the Grant Date until such vesting date.(2)  Upon Grantee ceasing to be employed by at least one Rock Entity or an affiliate thereof, any then unvested portion of the RSUs (and all of Grantee’s rights with respect thereto) shall be cancelled, terminated and forfeited without payment of any consideration by the Company.

 

(1)         RSUs generally vest over a four year period; Jay Farner, Robert Walters and Angelo Vitale also received immediate vesting of a portion of their award on the grant date.  All RSUs granted to the NEOs have vested.

(2)         RSUs generally vest subject to continued employment through each applicable vesting date, however, in the case of Jay Farner, continued employment is not required if his employment was terminated other than due to his resignation or death.  All RSUs granted to the NEOs have vested.

 

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Section 3.                                                     Accelerated Vesting Upon Change in Control

 

Notwithstanding Section 2 of this Agreement, in the event of a Change in Control of the Company, provided [Grantee remains employed continuously on a full-time basis by a Rock Entity or an affiliate thereof from the Grant Date until the Change in Control][FOR CEO ONLY: Grantee’s employment has not been terminated prior to closing of the Change in Control either by such Rock Entity or affiliate, due to Grantee’s resignation or due to Grantee’s death](3), all then unvested RSUs shall immediately become vested in Grantee immediately prior to the closing of the Change in Control.

 

Section 4.                                                     Settlement

 

No Common Shares shall be issued to Grantee hereunder before the RSUs vest in accordance with Section 2 or Section 3 above.  As soon as practicable, but no later than forty-five (45) days, after the date on which each RSU vests, the Company shall issue to Grantee one Common Share.

 

Section 5.                                                     [Tax](4)

 

Upon and as a condition to settlement of any RSU, Grantee shall be obligated to pay to the Company an amount equal to any federal, state and local income and employment tax required to be withheld as a result of settlement of the RSU.  Grantee shall also be obligated to pay to the Company any tax required to be withheld (at the time such tax is required to be withheld) as a result of issuance of Common Shares to Grantee under this Agreement after the Grant Date, unless and to the extent the Company in its sole discretion determines to permit Grantee to pay such amount at a later date on terms and conditions determined by the Company in its sole discretion.

 

Section 6.                                                     Common Shares Subject to Shareholders Agreement and Plan

 

Common Shares issued to Grantee upon settlement of vested RSUs shall be subject to all of the terms and conditions of (and the Company’s and Grantee’s rights, obligations and restrictions in respect of such Common Shares shall be as set forth in) the Shareholders Agreement and the Plan (as if the Common Shares had been issued under the Plan).  In applying the Plan to the Common Shares, the Common Shares shall be treated as vested under the Plan.

 

Section 7.                                                     Miscellaneous

 

(a)           Non-Transferability.  The RSUs shall not be transferable by Grantee.  Moreover, any Common Shares issued to Grantee upon or after vesting of the RSUs may not be sold, offered for sale, pledged, hypothecated or otherwise transferred except as may be expressly permitted both under the Shareholders Agreement and under the Plan (as if the Common Shares were issued under the Plan).

 

(3)         All RSUs granted to the NEOs have vested.

(4)         Julie Booth, Robert Walters and Angelo Vitale satisfied the withholding taxes payable upon the vesting and settlement of their RSUs by entering into promissory notes with RHI; Jay Farner was entitled to a bonus to satisfy the withholding taxes payable upon the vesting and settlement of his RSUs.

 

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(b)           No Ownership of Common Shares Until Settlement.  Prior to vesting of RSUs, Grantee shall not possess any incidents of ownership of the Common Shares underlying such RSUs, including voting or dividend rights.

 

(c)           Change in Capitalization.  In the event of a dividend or distribution paid in Common Shares, or any change in the capital structure of the Company, that occurs prior to settlement of the RSUs, appropriate adjustment shall be made to the RSUs so that they represent the right to receive upon settlement any and all new, substituted or additional securities or other property (other than cash dividends) to which Grantee would be entitled if Grantee had owned, at the time of such stock dividend, distribution or change in capital structure, the Common Shares issuable upon settlement of the RSUs.

 

(d)           Notices.  Any and all notices, designations, consents, offers, acceptances and any other communications provided for herein or relating to the RSUs shall be given in writing and shall be delivered either personally or by registered or certified mail, postage prepaid, which shall be addressed, in the case of the Company, to both the Chairman of the Board of the Company and to [·] (or to a person other than [·] if designated by the Chairman of the Board of the Company) at the principal office of the Company and, in the case of Grantee, to Grantee’s address appearing on the books of the Company or to such other address as may be designated in writing by Grantee.

 

(e)           No Right to Continued Employment.  Nothing in this Agreement shall confer upon Grantee any right to continue as an employee of any Rock Entity or any affiliate thereof.

 

(f)            Successors.  The terms of this Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, and Grantee and the beneficiaries, executors, administrators, heirs and successors of Grantee.

 

(g)           Execution of Other Documents.  Simultaneously with the execution of this Agreement, and each time RSUs are settled under this Agreement, Grantee shall execute and deliver to the Company the Form of Release attached hereto as ANNEX [·] and the Stock Power and Assignment Separate From Certificate attached hereto as ANNEX [·]  If Grantee has not previously executed such document or a similar document, simultaneously with the execution of this Agreement Grantee shall execute and deliver to the Company the Shareholder Agreement Signature Page attached hereto as ANNEX [·].  If Grantee is married as of the date of this Agreement or if Grantee becomes married after the date of this Agreement, Grantee’s spouse shall execute and deliver to the Company the Spouse Consent attached hereto as ANNEX [·] (unless Grantee’s spouse has previously executed a similar spouse consent that applies to the Common Shares required to be issued upon settlement of the RSUs hereunder).  Grantee also agrees to execute any other documents and take any other action on or after the date hereof determined by the Company to be necessary or appropriate to effectuate the terms of this Agreement.

 

(h)           Entire Agreement.  This Agreement, the Shareholders Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto.

 

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(i)            Code Section 409A.  The RSUs are intended to be either exempt from or to comply with United States Internal Revenue Code Section 409A (“Section 409A”), and this Agreement shall be administered and interpreted consistent with such intent, provided, however, that neither the Company nor any other Rock Entity shall have any liability to Grantee for any tax, interest, penalty or other damage incurred by Grantee on account of this Agreement being subject to and not in compliance with Section 409A.

 

(j)            Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

(k)           Securities Laws.  Upon the vesting or settlement of any RSUs, the Company may require Grantee to make such written representations, warranties and agreements as the Company may reasonably request in order to comply with applicable securities laws or with this Agreement.  The granting of the RSUs shall be subject to all applicable laws, rules and regulations and to such approvals of any governmental agencies as may be required.

 

(l)            [Execution of Amended Shareholders Agreement.  Grantee acknowledges that the Company intends to amend the Shareholders Agreement (“Amended Shareholders Agreement”) after the Grant Date, and Grantee agrees to sign (and to have any Common Shares owned by him [her] or by any trust of which Grantee is the grantor or trustee be subject to the terms and conditions of) any Amended Shareholders Agreement, provided that such Amended Shareholders Agreement does not adversely impact the economic attributes of any Common Shares issued hereunder or other Common Shares held by Grantee or any trust of which Grantee is the grantor or trustee.

 

(m)          Confidentiality.  Grantee agrees to keep strictly confidential and not to disclose to any Person the fact that Grantee has been granted the RSUs or any terms of this Agreement, provided, however, that Grantee may disclose the fact that Grantee has been granted the RSUs and the terms of this Agreement to Grantee’s attorney, accountant, spouse or those employees of the Company or its affiliates who are or will be involved in administering and implementing this Agreement.

 

(n)           Right of Offset.  Notwithstanding any other provision of this Agreement, the value of any Common Shares otherwise issuable to Grantee as a result of vesting of the RSUs may be reduced by any amount Grantee or any affiliate of Grantee owes to Daniel Gilbert, any Rock Entity or any entity affiliated with or controlled by Daniel Gilbert or any Rock Entity.](5)

 

(5)   Sections 7(l), (m) and (n) were not included in Jay Farner’s RSU award agreement.

 

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IN WITNESS WHEREOF, this Restricted Stock Unit Award Agreement has been executed and delivered by the parties hereto as of the Grant Date.

 

	
GRANTEE
    	
 
    	
ROCK   HOLDINGS INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
[·]
    	
 
    	
 
    	
[·]
    

 

5Exhibit 10.12

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

 

 

STOCK PURCHASE AGREEMENT

 

between

 

AMROCK HOLDINGS INC.

 

and

 

AMROCK HOLDCO, LLC

 

dated as of

 

          , 2020

 

 

 

TABLE OF CONTENTS

 

	
ARTICLE 1   Equity Interests
    	
1
    
	
1.1
    	
Purchase and Sale of   ATIC
    	
1
    
	
1.2
    	
Closing
    	
1
    
	
1.3
    	
Transfer of Equity   Interests
    	
1
    
	
 
    	
 
    	
 
    
	
ARTICLE 2   REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER
    	
2
    
	
2.1
    	
Existence and Power
    	
2
    
	
2.2
    	
Due Execution and   Delivery; Enforceability
    	
2
    
	
2.3
    	
Authorization; No Violation
    	
2
    
	
2.4
    	
Consents
    	
2
    
	
2.5
    	
Title to the ATIC   Equity Interests
    	
2
    
	
 
    	
 
    	
 
    
	
ARTICLE 3   Representations and Warranties of Buyer
    	
3
    
	
3.1
    	
Existence and Power
    	
4
    
	
3.2
    	
Due Execution and   Delivery; Enforceability
    	
4
    
	
3.3
    	
Authorization; No   Violation
    	
4
    
	
3.4
    	
Consents
    	
4
    
	
3.5
    	
Title to the RKT Common   Units and RocketCo Class D Shares
    	
4
    
	
 
    	
 
    	
 
    
	
ARTICLE 4   COVENANTS
    	
4
    
	
4.1
    	
Reasonable Best Efforts
    	
4
    
	
 
    	
 
    	
 
    
	
ARTICLE 5   Conditions
    	
5
    
	
5.1
    	
Conditions to   Obligations of Buyer and Seller
    	
5
    
	
5.2
    	
Additional Conditions   to Obligations of Buyer
    	
5
    
	
5.3
    	
Additional Conditions   to Obligations of Seller
    	
5
    
	
 
    	
 
    	
 
    
	
ARTICLE 6   TERMINATION
    	
5
    
	
6.1
    	
Termination of   Agreement
    	
5
    
	
6.2
    	
Effect of Termination
    	
6
    

 

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ARTICLE 7   Miscellaneous
    	
6
    
	
7.1
    	
Certain Definitions
    	
6
    
	
7.2
    	
Entire Agreement;   Amendments
    	
6
    
	
7.3
    	
Successors and Assigns
    	
6
    
	
7.4
    	
Notices, etc.
    	
7
    
	
7.5
    	
Further Assurances
    	
7
    
	
7.6
    	
Governing Law
    	
7
    
	
7.7
    	
Jurisdiction
    	
7
    
	
7.8
    	
Severability
    	
8
    
	
7.9
    	
Enforcement
    	
8
    
	
7.10
    	
Counterparts; Facsimile   Signatures
    	
8
    
	
7.11
    	
Expenses
    	
8
    

 

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STOCK PURCHASE AGREEMENT

 

This Stock Purchase Agreement (this “Agreement”) is made effective as of [·], 2020, by and between Amrock Holdings Inc., a Michigan corporation (“Seller”), and Amrock Holdco, LLC, a Michigan limited liability company (“Buyer”).

 

RECITALS

 

WHEREAS, the Board of Directors of Rocket Companies, Inc., a Delaware corporation (“RocketCo”) has determined to effect an underwritten initial public offering (the “IPO”) of RocketCo’s Class A Common Stock;

 

WHEREAS, in connection with the IPO, RocketCo, RKT Holdings, LLC, a Michigan limited liability company (“RKT Holdings”), Rock Holdings Inc., a Michigan corporation (“RHI”) and Daniel Gilbert (“Gilbert”) have entered into a Reorganization Agreement (the “Reorganization Agreement”), dated as of [·], 2020;

 

WHEREAS, Seller is a subsidiary of RHI;

 

WHEREAS, Buyer is a subsidiary of RocketCo and RKT Holdings;

 

WHEREAS, Seller and Buyer are affiliates and each is controlled by Gilbert and RHI;

 

WHEREAS, in accordance with the Reorganization Agreement, Seller wishes to sell to Buyer and Buyer wishes to purchase from Seller, all of the issued and outstanding equity interests (the “ATIC Equity Interests”) of Amrock Title Insurance Company, a Texas corporation (“ATIC”), in exchange for [·] units (the “RKT Common Units”) of RKT Holdings and [·] shares of Class D common stock of RocketCo (the “RocketCo Class D Shares”), subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the foregoing recitals and of the mutual promises hereinafter set forth, the parties hereto hereby agree as follows:

 

ARTICLE 1
 EQUITY INTERESTS

 

1.1                               Purchase and Sale of ATIC.  On the terms and conditions of this Agreement, Buyer hereby agrees to purchase from Seller the ATIC Equity Interests in exchange for the RKT Common Units and the RocketCo Class D Shares (the “Purchase”).

 

1.2                               Closing.  The closing of the purchase and sale of the Transferred Equity Interests pursuant to this Agreement (the “Closing”) shall be held or deemed to be held at the offices of Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New York, NY 11101, at 10:00 a.m., local time, on the second Business Day following the date upon which all conditions set forth in Article 5 are satisfied or waived in writing, or at such other time and place upon which Seller and Buyer shall agree (the date on which the Closing occurs, the “Closing Date”).

 

1.3                               Transfer of Equity Interests.  On the Closing Date, Buyer shall assign, convey,

 

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transfer and deliver to Seller the RKT Common Units and the RocketCo Class D Shares and Seller shall assign, convey, transfer and deliver to Buyer the ATIC Equity Interests.

 

1.4                               Intended Tax Treatment.  The parties intend that the Purchase be treated as a tax-deferred contribution of the ATIC Equity Interests to RKT Holdings pursuant to Section 721 of the Internal Revenue Code of 1986, as amended.  The parties shall file all tax returns consistent with such intended tax treatment.

 

ARTICLE 2
 REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER

 

Seller represents and warrants to Buyer that the following are true and correct as of the date of this Agreement and shall be true and correct as of the Closing Date:

 

2.1                               Existence and Power. Seller is a corporation duly organized, validly existing, and in good standing under the laws of the State of Michigan with the full power and authority to execute, deliver and perform this Agreement and to carry out the transactions contemplated hereby.

 

2.2                               Due Execution and Delivery; Enforceability.  This Agreement has been duly executed and delivered by Seller.  This Agreement is a legal, valid, and binding obligation of Seller, enforceable against Seller in accordance with its terms, except to the extent that the enforceability thereof may be limited by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to or affecting creditors’ rights generally and to general equitable principles.

 

2.3                               Authorization; No Violation.  The execution, delivery and performance by Seller of this Agreement and the consummation of the transactions contemplated hereby: (a) has been duly authorized by all necessary corporate action; (b) does not contravene the terms of Seller’s organizational documents or any amendments thereof; and (c) will not violate, conflict with or result in any breach or contravention of or the creation of any lien under any obligation of Seller or any laws, regulations, orders or decrees applicable to Seller, other than violations, conflicts, breaches, contraventions or liens that would not, individually or in the aggregate, reasonably be expected to materially adversely affect the validity or enforceability of this Agreement or the transactions contemplated hereby.

 

2.4                               Consents.  No consent, approval or other authorization of or by any Governmental Authority or any other Person in respect of any legal requirement or contractual obligation of Seller is, or prior to the Closing will be, required in connection with the valid execution, delivery, and performance of this Agreement or the consummation of the transactions contemplated hereby, except the approval listed on Schedule 2.4 (the “Closing Regulatory Approval”) or any such other consent, approval or other authorization that, if not obtained, would not, individually or in the aggregate, reasonably be expected to materially adversely affect the validity or enforceability of this Agreement or the transactions contemplated hereby.

 

2.5                               Title to the ATIC Equity Interests.  Seller is the sole record and beneficial owner of the ATIC Equity Interests, which, at Closing shall be free and clear of all liens other than restrictions on the subsequent transfer imposed by state or federal securities laws and, upon

 

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delivery and payment for the ATIC Equity Interests at Closing, Seller will convey to Buyer good and valid title thereto, free and clear of all liens other than restrictions on the subsequent transfer imposed by state or federal securities laws.

 

2.1                               Investment Intent; Accredited Investor Status.  Seller is acquiring and will acquire the RKT Common Units and RocketCo Class D Shares for investment for its own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof.  Seller understands that the sale of the RKT Common Units and RocketCo Class D Shares has not been, and will not be, registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends upon, among other things, the bona fide nature of Seller’s investment intent and the accuracy of Seller’s representations as expressed herein.  Seller is an “accredited investor” within the meaning of Rule 501(a) of Regulation D of the Securities Act. Seller also is “sophisticated” as contemplated by Regulation D

 

2.2                               Private Placement Matters.  Seller acknowledges that the offer and sale of the RKT Common Units and RocketCo Class D Shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or under any state or other applicable securities Laws.  Seller (a) acknowledges that it is acquiring the RKT Common Units and RocketCo Class D Shares pursuant to an exemption from registration under the Securities Act solely for investment with no intention to distribute any of the foregoing to any person, (b) will not sell, transfer, or otherwise dispose of any of the RKT Common Units and RocketCo Class D Shares, except in compliance with the organization documents of RKT Holdings and RocketCo, the registration requirements or exemption provisions of the Securities Act and any other applicable securities Laws, (c) has such knowledge and experience in financial and business matters and in investments of this type that it is capable of evaluating the merits and risks of its investment in the RKT Common Units and RocketCo Class D Shares and of making an informed investment decision, (d) is an “accredited investor” (as that term is defined by Rule 501 of the Securities Act), (e) is a “qualified institutional buyer” (as that term is defined in Rule 144A of the Securities Act) and (f) (1) has been furnished with or has had access to all the information that it considers necessary or appropriate to make an informed investment decision with respect to the RKT Common Units and RocketCo Class D Shares, (2) has had an opportunity to discuss with Buyer and its representatives the intended business and financial affairs of Buyer and to obtain information necessary to verify any information furnished to it or to which it had access and (3) can bear the economic risk of (i) an investment in the RKT Common Units and RocketCo Class D Shares indefinitely and (ii) a total loss in respect of such investment.  Seller has such knowledge and experience in business and financial matters so as to enable it to understand and evaluate the risks of, and form an investment decision with respect to its investment in, the RKT Common Units and RocketCo Class D Shares and to protect its own interest in connection with such investment.

 

ARTICLE 3
 REPRESENTATIONS AND WARRANTIES OF BUYER

 

Buyer hereby represents and warrants to Seller that the following are true and correct as of the date of this Agreement and shall be true and correct as of the Closing Date:

 

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3.1          Existence and Power. Buyer is a limited liability company duly organized, validly existing, and in good standing under the laws of the State of Michigan with the full power and authority to execute, deliver and perform this Agreement and to carry out the transactions contemplated hereby.

 

3.2          Due Execution and Delivery; Enforceability.  This Agreement has been duly executed and delivered by Buyer.  This Agreement is a legal, valid, and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, except to the extent that the enforceability thereof may be limited by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect relating to or affecting creditors’ rights generally and to general equitable principles.

 

3.3          Authorization; No Violation.  The execution, delivery and performance by Buyer of this Agreement and the consummation of the transactions contemplated hereby: (a) has been duly authorized by all necessary company action; (b) does not contravene the terms of Buyer’s organizational documents or any amendments thereof; and (c) will not violate, conflict with or result in any breach or contravention of or the creation of any lien under any obligation of Buyer or any laws, regulations, orders or decrees applicable to Buyer, other than violations, conflicts, breaches, contraventions or liens that would not, individually or in the aggregate, reasonably be expected to materially adversely affect the validity or enforceability of this Agreement or the transactions contemplated hereby.

 

3.4          Consents.  No consent, approval or other authorization of or by any Governmental Authority or any other Person in respect of any legal requirement or contractual obligation of Buyer is, or prior to the Closing will be, required in connection with the valid execution, delivery, and performance of this Agreement or the consummation of the transactions contemplated hereby, except the Closing Regulatory Approval or any such other consent, approval or other authorization that, if not obtained, would not, individually or in the aggregate, reasonably be expected to materially adversely affect the validity or enforceability of this Agreement or the transactions contemplated hereby.

 

3.5          Title to the RKT Common Units and RocketCo Class D Shares.  As of the Closing Date, Buyer will be the sole record and beneficial owner of the RKT Common Units and RocketCo Class D Shares, which, at Closing shall be free and clear of all liens other than restrictions on the subsequent transfer imposed by state or federal securities laws or by the organizational documents of RKT Holdings or RocketCo and, upon receipt of the ATIC Equity Interests at Closing, Buyer will convey to Seller good and valid title thereto, free and clear of all liens other than restrictions on the subsequent transfer imposed by state or federal securities laws or by the organizational documents of RKT Holdings or RocketCo.

 

ARTICLE 4
 COVENANTS

 

4.1          Reasonable Best Efforts. Each of the parties hereto shall use its reasonable best efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other parties in doing, all things necessary, proper or advisable under applicable law to consummate and make effective the transactions contemplated by this Agreement as

 

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promptly as practicable.

 

4.2          Conduct of Business. Seller covenants and agrees that, after the date hereof and prior to the Closing, unless Buyer shall otherwise approve (such approval not to be unreasonably withheld, conditioned or delayed), and except as otherwise expressly contemplated by this Agreement or as required by applicable law, the business of ATIC and its subsidiaries shall be conducted in the ordinary course of business.

 

ARTICLE 5
 CONDITIONS

 

5.1          Conditions to Obligations of Buyer and Seller. The obligation of Buyer and Seller to consummate the Purchase is conditioned upon the satisfaction at or prior to the Closing (or waiver by both Seller and Buyer, to the extent permitted by applicable law) of the following condition:

 

(a)   The Closing Regulatory Approval shall have been duly obtained and shall be in full force.

 

5.2          Additional Conditions to Obligations of Buyer. The obligation of Buyer to consummate the Purchase are further conditioned upon satisfaction (or waiver by Buyer) at or prior to the Closing of the following condition:

 

(a)   The representations and warranties made by Seller in Article 2 hereof shall be true and correct as of the Closing Date as if made on such Closing Date.

 

5.3          Additional Conditions to Obligations of Seller. The obligation of Seller to consummate the Purchase are further conditioned upon satisfaction (or waiver by Seller) at or prior to the Closing of the following condition:

 

(a)   The representations made by Buyer in Article 3 hereof shall be true and correct as of the Closing Date as if made on such Closing Date.

 

ARTICLE 6
 TERMINATION

 

6.1          Termination of Agreement.  This Agreement may be terminated at any time prior to the Closing:

 

(a)           By the mutual consent of Buyer and Seller;

 

(b)           By Buyer or Seller, in writing, if the Closing shall not have occurred on or before [•]; provided that, the right to terminate this Agreement pursuant to this clause shall not be available to a party whose failure to fulfill any material obligation of this Agreement or whose material breach of this Agreement has been the cause of, or resulted in, the failure of the Closing  

 

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to have occurred on or prior to the aforesaid date;

 

(c)           By Buyer in writing, without liability, if Seller shall (i) fail to perform in any material respect the agreements contained herein required to be performed by Seller on or prior to the Closing Date, or (ii) materially breach any of the representations, warranties, agreements, or covenants of Seller contained herein, provided that such failure or breach is not cured within ten (10) days after such party has been notified of the other party’s intent to terminate this Agreement pursuant hereto;

 

(d)           By Seller, in writing, without liability, if Buyer shall (i) fail to perform in any material respect its agreements contained herein required to be performed by it on or prior to the Closing Date, or (ii) materially breach any of its representations, warranties, agreements, or covenants of Buyer contained herein, provided that such failure or breach is not cured within ten (10) days after such party has been notified of the other party’s intent to terminate this Agreement pursuant hereto;

 

6.2          Effect of Termination. Termination of this Agreement pursuant to this Article VI shall terminate all obligations of the parties hereunder.

 

ARTICLE 7
 MISCELLANEOUS

 

7.1          Certain Definitions.  For purposes of this Agreement:

 

(a)   “Agreed-Upon Venues” has the meaning set forth in Section 7.7.

 

(b)   “Business Day” means a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York or Detroit, Michigan are authorized or required by applicable law to close.

 

(c)   “Governmental Authority” means any federal, state, local, tribal, provincial or foreign government or political subdivision thereof, or any legislative, judicial, administrative or regulatory agency or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority, or any arbitrator, court or tribunal of competent jurisdiction.

 

7.2          Entire Agreement; Amendments.  This Agreement may be modified, amended or waived only with the written approval of the parties hereto.  Except as otherwise expressly set forth herein, this Agreement, together with the Reorganization Agreement, embodies the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter hereof in any way.

 

7.3          Successors and Assigns.  Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other party or parties (which consent shall not be unreasonably refused or delayed), except that each party may assign any and all of its rights under this Agreement to one or more of its affiliates. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns.

 

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7.4          Notices, etc.  All notices, requests and other communications to any party hereunder shall be in writing (including facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and not received by automated response).  All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a Business Day in the place of receipt.  Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding Business Day in the place of receipt.  All such notices, requests and other communications to any party hereunder shall be given to such party as follows:

 

if to Seller:

 

Amrock Holdings Inc.

c/o Rock Holdings Inc.

10190 Woodward Avenue

Detroit, MI 48226

Attention: Jeffrey K. Eisenshtadt

E-mail: Jeff@Amrocktic.com

 

if to Buyer, to:

 

Amrock Holdco, LLC

c/o RKT Holdings, LLC

1050 Woodward Avenue

Detroit, MI 48226

Attention: Jay D. Farner

E-mail: [•]

 

7.5          Further Assurances.  At any time or from time to time after the date hereof, the parties agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder.

 

7.6          Governing Law.  This Agreement shall be governed in all respects by the laws of the State of New York, without regard to the conflicts of law rules of such State that would result in the application of the laws of any other State.

 

7.7          Jurisdiction. The exclusive venues for all disputes arising out of this Agreement shall be the United States District Court for the Eastern District of Michigan and the Third Judicial Circuit, Wayne County, Michigan (the “Agreed-Upon Venues”), and no other venues.  The parties stipulate that the Agreement is an arms-length transaction entered into by sophisticated parties, and that the Agreed-Upon Venues are convenient, are not unreasonable, unfair, or unjust, and will not deprive any party of any remedy to which it may be entitled.  The parties agree to consent to the dismissal of any action arising out of this Agreement that may be filed in a venue other than one of the Agreed-Upon Venues; the reasonable legal fees and costs of the party seeking dismissal for improper venue will be paid by the party that filed suit in the improper venue.  Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 7.4 shall be deemed effective service of process on such party.

 

7

 

action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court.  Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 7.4 shall be deemed effective service of process on such party.

 

7.8          Severability.  Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 

7.9          Enforcement.  Each party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the covenants or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limiting any other remedy or right it may have, the non-breaching party will have the right, without posting a bond, to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions hereof.

 

7.10        Counterparts; Facsimile Signatures.  This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument.  This Agreement may be executed by facsimile, e-mail or .pdf format signature(s).

 

7.11        Expenses.  All costs and expenses incurred in connection with the negotiation and execution of this Agreement and the transactions contemplated by this Agreement shall be paid by the party incurring such cost or expense.

 

8

 

The foregoing Agreement is hereby executed effective as of the date first above written.

 

	
 
    	
SELLER:
    
	
 
    	
 
    
	
 
    	
AMROCK   HOLDINGS INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   
    	
Jeffrey   K. Eisenshtadt
    
	
 
    	
 
    	
Title:   
    	
CEO/President
    
	
 
    	
 
    
	
 
    	
BUYER:
    
	
 
    	
 
    
	
 
    	
AMROCK   HOLDCO, LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   
    	
Jay   D. Farner
    
	
 
    	
 
    	
Title:   
    	
Manager
    

 

[Signature Page to Stock Purchase Agreement]

 

 

Schedule 2.4

 

[***]

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