Document:

trilinc-ex105_6.htm

 

Exhibit 10.5 

AMENDED AND RESTATED OPERATING EXPENSE RESPONSIBILITY AGREEMENT 

This Amended and Restated Operating Expense Responsibility Agreement, entered into on the date set forth below, is by and among TriLinc Global, LLC, a Delaware limited liability company (“Sponsor”), TriLinc Advisors, LLC, a Delaware limited liability company (“Advisor”), and TriLinc Global Impact Fund, LLC, a Delaware limited liability company (“Fund” and together with the Sponsor and the Advisor, the “Parties”). 

WHEREAS, the Sponsor has agreed to be responsible for the payment of the Fund’s cumulative operating costs paid through and including December 31, 2016, including all management fees due to the Advisor that have not been paid by the Fund,  (collectively as set forth in Exhibit A hereto and referred to as “Fund Expenses”); and 

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

	
1.
	
Expense Responsibility for Fund Expenses. The Sponsor shall pay the Fund Expenses and will not seek reimbursement of the Fund Expenses until the Fund has raised at least $200 million of gross proceeds (the “Gross Proceeds Hurdle”) in the Company’s public offering (the “Offering”) of units of its limited liability company interest (“Units”) pursuant to the Registration Statement on Form S-1 (File No. 333-185676), as declared effective by the Securities and Exchange Commission on February 25, 2013, provided any such reimbursement will not cause the Fund’s Net Asset Value per unit to fall below the prior quarter’s Net Asset Value per unit. To the extent the Fund is not successful in satisfying the Gross Proceeds Hurdle, no amount will be payable by the Fund for reimbursement to the Sponsor of the Fund Expenses. 

	
2.
	
Entire Agreement. This Agreement sets forth the entire agreement of the Parties with respect to the matters contained herein and no prior or contemporaneous agreement or understanding pertaining to any such matter shall be effective for any purpose. 

	
3.
	
Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware, without regard to its principles of conflicts of laws. 

[Signature Page Follows] 

IN WITNESS WHEREOF, the parties have executed this Agreement on March 25, 2017

 

	
TRILINC GLOBAL, LLC

	
 
	
 

	
By:
	
 
	
 

	
Name: 
	
 
	
 Brent L. VanNorman

	
Title:
	
 
	
 COO and CFO

	
 

	
TRILINC ADVISORS, LLC

	
 
	
 

	
By:
	
 
	
 

	
Name:
	
 
	
 Brent L. VanNorman

	
Title:
	
 
	
 COO and CFO

	
 

	
TRILINC GLOBAL IMPACT FUND, LLC

	
 
	
 

	
By:
	
 
	
 

	
Name:
	
 
	
 Gloria S. Nelund

	
Title:
	
 
	
 Chairman and CEO 

 

 

Attachment A 

Schedule of Services Incurred by TriLinc Global Impact Fund, LLC through December 31, 2016 

 

	
Vendor
	
Description of Services
	
Amount
	
 

	
ANDE
	
2013-2014 Membership
	
 
	
5,000
	
 

	
ASTA
	
Document Translation
	
 
	
3,186
	
 

	
Apex Fund Services
	
Fund Administration
	
 
	
216,639
	
 

	
Bank of NY Mellon
	
Fund Administration
	
 
	
90,000
	
 

	
Bank of NY Mellon
	
Bank fees
	
 
	
17,277
	
 

	
Board of Managers
	
Board Wages
	
 
	
633,457
	
 

	
Board of Managers
	
Board Meeting expenses
	
 
	
113,347
	
 

	
Credit Cards
	
Travel - Dead deal costs
	
 
	
62,987
	
 

	
Deloitte & Touche
	
Audit
	
 
	
401,400
	
 

	
Deloitte & Touche
	
Tax services
	
 
	
392,717
	
 

	
DST Systems, Inc.
	
Transfer Agent
	
 
	
870,742
	
 

	
Duff & Phelps
	
Valuation services
	
 
	
29,849
	
 

	
Emtek Solutions, LLC
	
PAES/TAS
	
 
	
7,875
	
 

	
Federal Agent
	
PAES/TAS
	
 
	
12,750
	
 

	
Greenberg Traurig
	
Legal Services
	
 
	
615,085
	
 

	
IDB Bank
	
Due Diligence
	
 
	
50,000
	
 

	
iUVO Talent
	
PAES/TAS
	
 
	
12,318
	
 

	
Josh Zuckerwise
	
Travel expenses
	
 
	
4,023
	
 

	
Legatum Global Development Limited
	
PAES/TAS
	
 
	
292,500
	
 

	
Leverages Notes
	
Interest
	
 
	
16,228
	
 

	
Lewis Kopp
	
Expense reimbursement
	
 
	
14,348
	
 

	
Lincoln National Insurance
	
Keyman insurance
	
 
	
8,558
	
 

	
Maples and Calder
	
Legal Services
	
 
	
103,911
	
 

	
Moss Adams
	
Audit and 10-Q review
	
 
	
356,943
	
 

	
MF Analytics
	
PAES/TAS
	
 
	
65,159
	
 

	
O'Connor Davies
	
SOX Compliance
	
 
	
60,744
	
 

	
PathNorth
	
2013 Core Membership
	
 
	
4,167
	
 

	
Paul Sanford
	
Travel expenses
	
 
	
5,212
	
 

	
Payroll
	
PAES/TAS
	
 
	
150,091
	
 

	
Pickwick Capital Partners
	
Leverage
	
 
	
4,270
	
 

	
Robert Mora
	
PAES/TAS
	
 
	
97,791
	
 

	
Rothstein Kass
	
SOX Implementation/Compliance
	
 
	
41,027
	
 

	
RR Donnelley
	
10-K, 10-Q & 8-K Processing
	
 
	
197,885
	
 

	
Spolin Cohen
	
Legal Services
	
 
	
81,564
	
 

	
State of California & Delaware
	
Franchise fees
	
 
	
1,945
	
 

	
Steve Napleton
	
Travel expenses
	
 
	
8,979
	
 

	
Tanir Helayel
	
PAES/TAS
	
 
	
6,779
	
 

	
Trilinc Advisors, LLC
	
Copies, postage and miscellaneous
	
 
	
52,998
	
 

	
Trilinc Advisors, LLC
	
eFront
	
 
	
304,775
	
 

	
Trilinc Advisors, LLC
	
Management fees
	
 
	
1,717,750
	
 

	
Trilinc Advisors, LLC
	
Incentive fees
	
 
	
5,130,786
	
 

	
Trilinc Advisors, LLC
	
Due Diligence
	
 
	
131,628
	
 

	
Trilinc Advisors, LLC
	
Travel expenses
	
 
	
77,792
	
 

	
Trilinc Advisors, LLC
	
Legal expenses
	
 
	
180,410
	
 

	
Troy Wiseman
	
Expense reimbursement
	
 
	
9,701
	
 

	
Trustees of Tufts College
	
PAES/TAS
	
 
	
18,150
	
 

	
Various
	
PAES/TAS
	
 
	
14,601
	
 

	
Willis
	
Fund Insurance
	
 
	
134,675
	
 

	
 
	
 
	
$
	
12,830,019fbk-ex106_1013.htm

Exhibit 10.6

R E S T R I C T E D  S T O C K  U N I T  A W A R D  C E R T I F I C A T E

 

Non-transferable

 

G R A N T  T O

 

___________________________

(“Grantee”)

 

by FB Financial Corporation (the “Company”) of

 

________ restricted stock units convertible, on a one-for-one basis, into shares of Stock (the “Units”).

 

The Units are granted pursuant to and subject to the provisions of the FB Financial Corporation 2016 Incentive Plan (the “Plan”) and to the terms and conditions set forth on the following pages (the “Terms and Conditions”).  By accepting the Units, Grantee shall be deemed to have agreed to the Terms and Conditions set forth in this Award Certificate and the Plan. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Plan.

 

Unless vesting is accelerated in accordance with the Plan or Section 1 of the Terms and Conditions, the Units shall vest (become non-forfeitable) in accordance with the following schedule, subject to Grantee’s Continuous Service on each vesting date.

 

	
 

Vesting Date
	
Percent of

Units Vesting

 

IN WITNESS WHEREOF, FB Financial Corporation, acting by and through its duly authorized officers, has caused this Award Certificate to be duly executed.

 

FB FINANCIAL CORPORATION

 

	
 

	
By:
	
 
	
 

	
Its:
	
 
	
 

 

Grant Date: 

 

 

 

TERMS AND CONDITIONS

1Vesting of Units.  The Units will vest and become non-forfeitable on the earliest to occur of the following (each, a “Vesting Date”):

	
(a)
	
as to the percentages of the Units specified on the cover page hereof, on the respective Vesting Dates specified on the cover page hereof, subject to Grantee’s Continuous Service on each vesting date;

	
(b)
	
as to all of the Units, on the termination of Grantee’s Continuous Service by the Company by reason of Grantee’s death or Disability;

	
(c)
	
as to all of the Units, on the occurrence of a Change in Control, unless the Units are assumed by the surviving entity or otherwise equitably converted or substituted in connection with the Change in Control; or  

	
(d)
	
as to all of the Units, if the Units are assumed by the surviving entity or otherwise equitably converted or substituted in connection with a Change in Control, on the termination of Grantee’s employment by the Company without Cause (or Grantee’s resignation for Good Reason as provided in any employment, severance or similar agreement between Grantee and the Company or an Affiliate) within two years after the effective date of the Change in Control.

If Grantee’s Continuous Service terminates prior to a Vesting Date for any reason other than as described in (b) or (d) above, Grantee shall forfeit all right, title and interest in and to the then unvested Units as of the date of such termination and the unvested Units will be reconveyed to the Company without further consideration or any act or action by Grantee.

2.[Special treatment upon retirement, if any, to be approved by Compensation Committee and added as applicable.]

3.Conversion to Stock.  The Units that vest upon a Vesting Date will be converted to shares of Stock on the Vesting Date (the 

“Conversion Date”). The shares of Stock will be registered in the name of Grantee as of the Conversion Date, and certificates for the shares of Stock (or, at the option of the Company, statements of book entry notation of the shares of Stock in the name of Grantee in lieu thereof) shall be delivered to Grantee or Grantee’s designee upon request of Grantee as soon as practicable after the Conversion Date.   

4.Dividend Rights. The Units are not entitled to any dividends or dividend equivalent rights. 

5.Voting Rights.  Grantee shall not have voting rights with respect to the Units.  Upon conversion of the Units into shares of Stock, Grantee will obtain full voting rights and other rights as a shareholder of the Company.

6.No Right of Continued Service.  Nothing in this Award Certificate shall interfere with or limit in any way the right of the Company or any Affiliate to terminate Grantee’s service at any time, nor confer upon Grantee any right to continue to provide services to the Company or any Affiliate.

7.Restrictions on Transfer and Pledge.  No right or interest of Grantee in the Units may be pledged, encumbered, or hypothecated to or in favor of any party, or shall be subject to any lien, obligation, or liability of Grantee to any other party.  The Units are not assignable or transferable by Grantee other than by will or the laws of descent and distribution.  

8.Restrictions on Issuance of Shares.  If at any time the Committee shall determine, in its discretion, that registration, listing or qualification of the Shares underlying the Units upon any Exchange or under any foreign, federal, or local law or practice, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition to the settlement of the Units, the Units will not be converted to Shares in whole or in part unless and until such registration, listing, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. 

 

 

9.Payment of Taxes.  The Company or any employer Affiliate has the authority and the right to deduct or withhold, or require Grantee to remit to the employer, an amount sufficient to satisfy federal, state, and local taxes (including Grantee’s FICA obligation) required by law to be withheld with respect to any taxable event arising in connection with the Units. The withholding requirement shall be satisfied by withholding from the settlement of the Units Shares having a Fair Market Value on the date of withholding equal to the minimum amount required to be withheld for tax purposes. 

10.Plan Controls.  The terms contained in the Plan are incorporated into and made a part of this Award Certificate, and this Award Certificate shall be governed by and construed in accordance with the Plan.  In the event of any actual or alleged conflict between the provisions of the Plan and the provisions of this Award Certificate, the provisions of the Plan shall be controlling and determinative.

11.Successors.  This Award Certificate shall be binding upon any successor of the Company, in accordance with the terms of this Award Certificate and the Plan.

12.Severability.  If any one or more of the provisions contained in this Award Certificate are invalid, illegal or unenforceable, the other provisions of this Award Certificate will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included.

13.Notice.  Notices hereunder must be in writing, delivered personally or sent by registered or certified U.S. mail, return receipt requested, postage prepaid.  Notices to the Company must be addressed to FB Financial Corporation, 211 Commerce Street, Suite 300, Nashville, TN 37201; Attn: Corporate Secretary, or any other address designated by the Company in a written notice to Grantee. Notices to Grantee will be directed to the address of Grantee then currently on file with the Company, or at any other address given by Grantee in a written notice to the Company.

14.Clawback.  The Units shall be subject to any compensation recoupment policy of the Company that is applicable by its terms to Grantee and to awards of this type.   

 

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LEGAL02/32718994v1

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