Document:

seac-ex108_199.htm

 

Exhibit 10.8

SEACHANGE INTERNATIONAL, INC.

Performance Stock Unit Agreement

 

SeaChange International, Inc., a Delaware corporation (the “Company”), hereby grants as of the award date below (“Award Date”) to the person named below (the “Recipient”), and the Recipient hereby accepts, an award (“Award”) of Performance Stock Units (“PSU”) that will vest as described in the Vesting Schedule, such Award to be subject to the terms and conditions specified in the attached Exhibit A.

 

Recipient Name:

 

Award Date:

 

Target Number of PSUs:

 

Vesting Schedule:  

 

	
 
	
Vesting Date
	
 
	
Target Number of PSUs

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
PSUs (the “Target Tranche 1 Shares”), with the number awarded to be based on the performance-based goals approved by the Committee as of the Award Date and attached hereto as Attachment 1.

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
PSUs (the “Target Tranche 2 Shares”), with the number awarded to be based on performance-based goals to be established by the Company subsequent to the Award Date and to be attached hereto as Attachment 2.

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
PSUs (the “Target Tranche 3 Shares”), with the number awarded to be based on performance-based goals to be established by the Company subsequent to the Award Date and to be attached hereto as Attachment 3.

 

By signing this Agreement, the Recipient acknowledges receipt of a copy of this Agreement and a copy of the Plan (as defined below) and the Prospectus related thereto.  

 

This Agreement will be effective only upon execution by the Recipient and delivery of such signed Agreement to the Company.

 

IN WITNESS WHEREOF, the Company and the Recipient have caused this instrument to be executed as of the Award Date set forth above.

 

	
 
	
 
	
SEACHANGE INTERNATIONAL, INC. 

	
(Recipient Signature)
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
(Street Address)
	
 
	
By:
	
 
	
 

	
 
	
 
	
Name:
	
 
	
Peter R. Faubert

	
(City/State/Zip Code)
	
 
	
Title:
	
 
	
Chief Financial Officer, Senior Vice President & Treasurer

 

 

Exhibit A

 

Performance Stock Unit Agreement

Terms and Conditions

 

1.Award.    The Recipient is hereby granted an Award of PSUs, effective as of the date set forth on the cover page attached hereto (the “Award Date”), subject to the terms and condition set forth herein (collectively with the cover page, the “Agreement”), and subject to and governed by the Company’s Second Amended and Restated 2011 Compensation and Incentive Plan (the “Plan”).  Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Plan. Each PSU represents the right to receive one share of the Company’s Common Stock upon the satisfaction of terms and conditions set forth in this Agreement and the Plan. The Recipient shall have no rights as a stockholder, including dividend or voting rights, with respect to the PSUs.

2.Vesting. Except as set forth in Section 5 herein, the PSUs will remain restricted and may not be sold, assigned, exchanged, pledged or otherwise transferred by the Recipient until the PSUs have become vested pursuant to the terms of this Agreement.   The PSUs will vest as provided on the cover page hereto.  Each date on which a portion of the Award vests shall be referred to herein as a “Vesting Date.”  Upon the occurrence of a “Change in Control” (as defined in the form of the Company’s Change in Control Severance Agreement), fifty percent (50%) of the target number of PSU’s to vest in prospective periods shall vest immediately prior to a Change in Control, subject to the Recipient being an employee of the Company as of such date. 

3.Distribution of the Award; Tax Election; Dividend Equivalents.  As soon as reasonably practicable following each Vesting Date, the Company will release the portion of the Award that has become vested as of such Vesting Date in the form of shares of the Company’s Common Stock.  Recipient’s tax obligations for the vesting of these shares shall be satisfied by an Automatic Sell-To-Cover (STC) by Broker (as described in subsection (b) below) unless Recipient notifies the Company’s stock administrator in writing, prior to the vesting of these shares, that Recipient would prefer to pay the Company directly (as described in subsection (a) below).

	

	
(a)    Payment by Recipient to Company.  The Company shall provide the Recipient with at least seven (7) days written notice prior to the Vesting Date; such notice to specify the amount that the Recipient is required to pay to satisfy any applicable withholding Taxes (as hereinafter defined). The Recipient may deposit with the Company an amount of cash equal to the amount determined by the Company, utilizing a tax rate determined by the Company in its reasonable discretion, to be required with respect to any withholding taxes, FICA contributions, or the like under any national, federal, state, local or other statute, ordinance, rule, or regulation in connection with the award or settlement of the restricted stock units (the “Taxes”).  Alternatively, if the Company does not receive such amount from the Recipient at least two (2) days prior to the Vesting Date, the Company will withhold a number of shares (rounded up to the nearest whole share) of the Company’s Common Stock with a market value determined as of the close of business on the business day immediately preceding the Vesting Date) equal to the amount of such Taxes associated with the vesting or settlement of the Award; provided, however, that the Company shall not be liable for determining the exact number of shares.

	

	
(b)    Automatic Sell-To-Cover (STC) by Broker.  Upon the vesting of such PSUs, the Company will provide irrevocable instructions to a broker on behalf of the Recipient to sell a number of shares equal in value to reasonably satisfy any applicable withholding taxes, FICA contributions, or the like under any national, federal, state, local or other statute, ordinance, rule, or regulation in connection with the vesting of the PSUs (the “Taxes”).   The proceeds from such sale will be remitted to the Company to pay the Taxes on behalf of the Recipient. By accepting this PSU award, the Recipient is hereby authorizing the Company to provide such instructions regarding the settlement of the PSUs and the payment of the Taxes.

The Recipient shall have the right to receive dividend equivalent payments with respect to the Common Stock subject to the Award as provided in this paragraph.  Upon each Vesting Date, Recipient shall be entitled to receive a dividend equivalent payment in respect of the shares of Common Stock covered by the Award that are not vested on the record date for each dividend payment, if any, made by the Company on its Common Stock for which the record date occurred (i) on or after the Award Date or the immediately preceding Vesting Date, as the case may be, and (ii) prior to the applicable Vesting Date, in an amount in cash equal to the amount of any dividend which otherwise would have been paid to the Recipient if such unvested shares had been issued for the benefit of the Recipient on the record dates for such dividend payments, subject to any applicable withholding for Taxes.  Such dividend equivalent payments may be settled by 

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the Company subject to such other conditions or terms that the Committee may establish. Except for dividend equivalent payments, the Recipient shall have no rights as a stockholder, including voting rights, with respect to the PSUs. 

4.Termination of Relationship with the Company.  If the Recipient ceases to be employed by the Company or a Subsidiary, or to be a Director of the Company, for any reason, any portion of the Award that has not become vested on or prior to the date of such cessation shall thereupon be forfeited.  

5.Award Not Transferable.  The Award will not be assignable or transferable by the Recipient, except by will or the laws of descent and distribution.

6.Transferability of Award Shares.  Until registered under the Securities Act of 1933, as amended, or any successor statute (the “Securities Act”), the shares of Common Stock represented by the PSUs will be of an illiquid nature and will be deemed to be “restricted securities” for purposes of the Securities Act.  Accordingly, such shares must be sold in compliance with the registration requirements of the Securities Act or an exemption therefrom.  The Company reserves the right to place restrictions required by law on any shares of the Company’s Common Stock received by the Recipient pursuant to the Award.

7.Conformity with the Plan.  The Award is intended to conform in all respects with, and is subject to applicable provisions of, the Plan. To the extent that any provision of this Agreement conflicts with the express terms of the Plan, it is hereby acknowledged and agreed that the terms of the Plan shall control and, if necessary, the applicable provisions of this Agreement shall be deemed to be amended so as to carry out the purpose and intent of the Plan. By the Recipient’s acceptance of this Agreement, the Recipient agrees to be bound by all of the terms of this Agreement and the Plan.  Notwithstanding any other provision of this Section 7, in the event that the provisions of this Agreement are subject to Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder ("Section 409A"), the provisions of this Agreement shall comply with, and shall be interpreted in a manner consistent with, Section 409A.

8.No Rights to Continued Employment.  Nothing in this Agreement confers any right on the Recipient to continue as an employee or Director of the Company or a Subsidiary or affects in any way the right of any of the Company or a Subsidiary to terminate any such relationship of the Recipient.

9.Miscellaneous.

(a)Notices.  All notices hereunder shall be in writing and shall be deemed given when sent by certified or registered mail, postage prepaid, return receipt requested, if to the Recipient, to the address set forth above or at the address shown on the records of the Company, and if to the Company, to the Company’s principal executive offices, attention of the Corporate Secretary.

 

(b)Entire Agreement; Modification.  This Agreement, together with the Plan, constitutes the entire agreement between the parties relative to the subject matter hereof, and supersedes all proposals, written or oral, and all other communications between the parties relating to the subject matter of this Agreement.  The Company may amend, suspend or terminate the Plan, this Agreement and the Award granted hereunder at any time; provided, however, that no such amendment, suspension or termination may materially impair any Award without the Recipient’s written consent. 

 

(c) Fractional Shares.  If the shares under this Award become issuable for a fraction of a share because of the adjustment provisions contained in the Plan, such fraction shall be rounded down to the nearest whole share.

 

(d)Severability.  The invalidity, illegality or unenforceability of any provision of this Agreement shall in no way affect the validity, legality or enforceability of any other provision. 

 

(e)Successors and Assigns.  Except as provided herein, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, subject to the limitations set forth in Section 5 hereof.

 

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(f)Governing Law.  Participants and the Company agree to resolve issues that may arise out of or relate to the Plan or the same subject matter by binding arbitration in Boston, Massachusetts in accordance with the rules of the American Arbitration Association. The Plan and Award granted hereunder, including the Agreement, shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, excluding its conflicts or choice of law rules or principles that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.

 

(g)Data Protection Waiver.  The Recipient understands and consent to the Company or its agents or independent contractors appointed to administer the Plan obtaining certain of the Recipient’s personal employment information required for the effective administration of the Plan and that such information may be transmitted outside of the country of the Recipient’s employment and/or residence.  Information relating to the Recipient’s participation under the Plan may constitute personal data that is subject to the Company’s policies on protection and use of personal data.

 

(h)Clawback.  This Award and any resulting payment or delivery of shares of the Company’s Common Stock is subject to set-off, recoupment, or other recovery or “claw back” as required by applicable law or by a Company policy on the claw back of compensation, as amended from time to time.

 

[Remainder of Page Intentionally Left Blank]

 

 

4Converted by EDGARwiz

EXHIBIT 4.2

PUBLIC OFFERING SUBSCRIPTION AGREEMENT

IASO BioMed, Inc

FOR MORE INFORMATION ON THE OFFERING, PLEASE SEE SCHEDULE A BEGINNING ON PAGE 3. FOR A COMPLETE DESCRIPTION OF THE PUBLIC OFFERING AND INFORMATION REGARDING INVESTMENT RISKS, YOU ARE URGED TO READ THE PROSPECTUS.

PLEASE READ THE INSTRUCTIONS ON SCHEDULE B BEGINNING ON PAGE 4 CAREFULLY ON HOW TO FILL IN AND COMPLETE THIS PUBLIC OFFERING SUBSCRIPTION AGREEMENT AND ALL OF THE SCHEDULES ATTACHED HERETO. INCOMPLETE SUBSCRIPTION AGREEMENTS WILL BE REJECTED.

The undersigned subscribes for and agrees to purchase shares of common stock of IASO BioMed, Inc. (the “Company”) pursuant to the offering (the “Public Offering”) described in, and upon the terms and conditions set forth in, the prospectus dated April 21, 2017, as amended or supplemented through the closing of the Public Offering (the “Prospectus”), as follows.

Number of Shares

You Wish to Purchase

Price Per Share

Total Purchase Price

x $.50

$ 

The shares purchased will be registered in my/our name only, as holder of record, and a certificate representing the shares I purchase will be delivered to me/us as soon as practicable after the Company approves this subscription. The certificate will be delivered to me/us at the address set forth below. I/we have given my/our Social Security or Tax Identification number and current telephone numbers below. PLEASE PRINT THE FOLLOWING INFORMATION LEGIBLY AND SIGN THIS SUBSCRIPTION AGREEMENT WHERE INDICATED ON THE NEXT PAGE OR YOUR SUBSCRIPTION WILL NOT BE ACCEPTED.

				
	Name(s)

	 
	 
	Social Security or Tax Identification number

	Street Address

	 
	 
	Daytime Phone: 

	City

Zip Code

	State

	 
	

Evening Phone: 

The undersigned understands that the shares are being offered in reliance on the undersigned’s representations on Schedule C beginning on page 5 herein, and that the Company will rely on such representations in accepting any subscriptions for the shares. The undersigned agrees to indemnify and hold harmless the Company against any damage, loss, expense or cost, including reasonable attorneys’ fees, sustained as a result of any misstatement or omission on the undersigned’s part.

SUBSTITUTE W-9

 ̈

Check this box if the following statement is true: I/we am/are not subject to back-up withholding either

(1) because I/we am/are exempt from back-up withholding, (2) I/we have not been notified that I/we am/are subject to back-up withholding as a result of a failure to report all interest or dividends, or (3) the Internal Revenue Service has notified me/us that I/we am/are no longer subject to back-up withholding. Under the penalties of perjury, I/we certify that the information contained herein, including the Social Security number or taxpayer identification number given above, is true, correct and complete.

ACKNOWLEDGEMENT

THIS SUBSCRIPTION AGREEMENT IS NOT VALID UNLESS SIGNED

Entity Name (If Applicable):  

Signature

Name of Subscriber (Print)

Title:  

(If subscribing as custodian, trustee, corporate officer, etc.)

Accepted by:

IASO BIOMED, INC.

By:

 Mr. Richard M. Schell

Chief Executive Officer Date: 

SCHEDULE A

INFORMATION REGARDING THE PUBLIC OFFERING

FOR A COMPLETE DESCRIPTION OF THE PUBLIC OFFERING AND INFORMATION REGARDING INVESTMENT RISKS, YOU ARE DIRECTED TO OUR PROSPECTUS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, A COPY OF WHICH IS ATTACHED AS SCHEDULE D.

This agreement, together with all schedules (the “Subscription Agreement”), is part of our registration statement dated April 21, 2017, and is to be used to purchase shares of our common stock in our offering to sell 10,000,000 shares, $.0001 par value, at $.50 per share on a best efforts basis and 3,000,000 shares being registered for selling stockholders (the “Public Offering”).

If you wish to take part in the Public Offering, you must complete the Subscription Agreement. You will be asked to tell us, among other things, how many shares you would like to purchase. PLEASE READ THE INSTRUCTIONS CAREFULLY ON HOW TO FILL IN AND COMPLETE THIS PUBLIC OFFERING SUBSCRIPTION AGREEMENT. INCOMPLETE SUBSCRIPTION AGREEMENTS WILL BE REJECTED.

The offering is being made on a self-underwritten "best efforts" basis with no requirement that any minimum amount be sold. There will be no escrow or impound of funds tendered on subscription, and proceeds from the sale of shares will be available to us immediately upon acceptance of subscriptions by us.

We reserve the right to reject any subscriptions, in whole or in part, for any reason, in our sole discretion.

The Purchase Price for the shares may be paid for by check, wire or money order. Our wiring instructions are:

IASO BIOMED, INC. PUBLIC OFFERING ACCOUNT

Bank Name: Account No. Bank ABA

RE: IASO Public Offering 5,000,000shares.

MUST RECEIVE PROPERLY COMPLETED SUBSCRIPTION AGREEMENTS NO LATER THAN APRIL 21, 2018 (THE “EXPIRATION DATE”), UNLESS EXTENDED.

TO SUBSCRIBE FOR STOCK, COMPLETE AND SIGN THE SUBSCRIPTION AGREEMENT AND RETURN IT WITH PAYMENT TO THE COMPANY AT:

Iaso BioMed, Inc. 7315 E Peakview Ave Centennial, CO 80111

ATT: Chief Executive Officer

CHECKS MUST BE MADE PAYABLE TO IASO BIOMED, INC.

SCHEDULE B INSTRUCTIONS ON COMPLETING THIS PUBLIC OFFERING SUBSCRIPTION AGREEMENT

1.

You may only subscribe if you are a resident of one of the following states: California, Florida, Illinois, New Jersey, New York, Wyoming, Colorado or Texas (or a state in which the Company has filed for permission to sell under its blue-sky laws). You must submit proof of residency by attaching a legible copy of your driver’s license, passport or other government-issued photo identification. If the shares are to be issued in more than one name, both persons must supply a copy of their driver’s license, US passport or other government-issued photo identification.

2.

YOU MUST COMPLETE ALL INFORMATION REQUESTED, including your current address, telephone number and social security number. Please print or type all information. Illegible documentation will be returned.

3.

You must complete the attached IRS Substitute Form W-9.

4.

If you are paying by check or money order, please make the check or money order payable to “IASO BioMed, Inc.” in the amount of the Total Purchase Price for the shares.

5.

Your subscription is subject to acceptance by the Company in its sole discretion and shall remain irrevocable until the closing date of the offering. If you subscription is accepted, the shares subscribed for will be issued upon acceptance of the Subscription Agreement by the Company in writing. If your subscription is not accepted for any reason, your subscription amount will be returned to you promptly without interest or deduction.

6.

Please sign where indicated. If the shares are to be registered in more than one name, both persons must sign.

7.

A copy of your driver’s license, US passport or other government-issued photo identification must be returned with the subscription agreement.

8.

FOR ASSISTANCE CALL (720) 264-5621AND ASK TO SPEAK TO MR. RICHARD M. SCHELL ABOUT THE IASO BIMED PUBLIC OFFERING.

SCHEDULE C

REPRESENTATIONS AND AGREEMENTS

By signing the Subscription Agreement, you (the “subscriber”) are representing to IASO BioMed, inc. the following information:

1.

THE SUBSCRIBER IS AT LEAST EIGHTEEN (18) YEARS OF AGE AND IS A VALID RESIDENT OF THE STATE INDICATED ON PAGE 1 OF THIS SUBSCRIPTION AGREEMENT. The subscriber is under no legal disability nor is the subscriber subject to any order, which would prevent or interfere with the subscriber’s execution, delivery and performance of this Subscription Agreement or the purchase of the shares by the subscriber.

2.

The subscriber has received and read the Prospectus.

3.

This Subscription Agreement cannot be revoked by the subscriber and it is an irrevocable agreement binding on the subscriber, and on the subscriber’s heirs, estate, legal representatives, assigns and successors, and shall survive the subscriber’s death, disability or dissolution. IASO BioMed, Inc., however, may reject the agreement prior to the subscriber’s acceptance of the same.

4.

The subscriber understands that the subscriber may not sell, transfer or assign this Subscription Agreement, or any interest or rights herein.

5.

If this Subscription Agreement is executed on behalf of a corporation, partnership, trust or other entity, the subscriber has/have been duly authorized to execute this Subscription

Agreement and all other instruments in connection with the purchase of the shares, and the signature(s) of the subscriber is/are binding upon such corporation, partnership, trust or other entity. The subscriber must return appropriate certification of such authorization.

6.

The provisions of this Subscription Agreement shall be construed and enforced according to the laws of Colorado. In the event there is any conflict between this Subscription Agreement and the Prospectus, the terms set forth in the Prospectus shall be controlling. IASO BioMed, Inc. reserves the right, in our sole discretion, to require completion or correction of any Subscription Agreement. We are not obligated to notify any subscriber of any defect in any Subscription Agreement and may accept or reject any Subscription Agreement in whole or in part for any reason or no reason.

7.

This Subscription Agreement constitutes the entire agreement between the parties hereto with respect to the purchase of shares of our common stock in the Public Offering and may be amended only in writing by the parties to be bound thereby.

SCHEDULE D

[PROSPECTUS]

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