Document:

ex_122632.htm

Exhibit 10.1

 

COLONY BANKCORP, INC.

RESTRICTED STOCK AWARD AGREEMENT

 

 

	
			Grantee:

				
			T. Heath Fountain

			
	
			 

			Number of Restricted Shares:

				
			 

			5,650

			
	
			 

			Grant Date:

				
			 

			August 23, 2018

			

 

 

1.     Grant of Shares. Colony Bankcorp, Inc. (the “Company”) hereby grants to the Grantee named above (the “Grantee”), as additional compensation for services rendered, and subject to the restrictions and the other terms and conditions set forth in this agreement (this “Award Agreement”), the number of restricted shares of Stock indicated above (the “Shares”). The Company has granted the Shares as an employment inducement grant in reliance on NASDAQ Listing Rule 5635(c)(4).

 

2.     Restrictions. The Shares are subject to each of the following restrictions. “Restricted Shares” mean those Shares that are subject to the restrictions imposed hereunder which restrictions have not then expired or terminated. Restricted Shares may not be sold, transferred, exchanged, assigned, pledged, hypothecated or otherwise encumbered to or in favor of any party, or be subjected to any lien, obligation or liability of Grantee to any other party. If Grantee’s employment with the Company or an Affiliate terminates for any reason, then Grantee shall forfeit all of Grantee’s right, title and interest in and to the Restricted Shares as of the date of termination, and such Restricted Shares shall revert to the Company immediately following the event of forfeiture. The restrictions imposed under this Section 2 shall apply to all Shares or other securities issued with respect to Restricted Shares hereunder in connection with any merger, reorganization, consolidation, recapitalization, stock dividend or other change in corporate structure affecting the Shares.

 

3.     Expiration and Termination of Restrictions. The restrictions imposed under Section 2 shall expire in accordance with the following schedule (the period prior to such expiration is referred to herein as the “Restricted Period”), subject to Grantee’s continued employment by the Company or an Affiliate on each vesting date:

 

	
			Vesting Date

				
			Percentage of Shares Vesting

			
	 	 
	
			July 30, 2019

				
			33.3%

			
	
			July 30, 2020

				
			33.3%

			
	
			July 30, 2021

				
			33.4%

			

 

Notwithstanding anything in this Award Agreement to the contrary, the Shares shall become fully-vested and non-forfeitable upon the occurrence of a Change in Control (as defined in the Employment Agreement).

 

4.     Delivery of Shares. The Shares will be registered in the name of Grantee as of the Grant Date and may be held by the Company during the Restricted Period in certificated or uncertificated form. Any certificate for the Restricted Shares issued during the Restricted Period shall bear a legend in substantially the following form (in addition to any legend required under applicable state securities laws): “This certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture and restrictions against transfer) contained in a Restricted Stock Agreement between the registered owner of the shares represented hereby and Colony Bankcorp, Inc. Release from such terms and conditions shall be made only in accordance with the provisions of such Agreement, copies of which are on file in the offices of Colony Bankcorp, Inc.” Stock certificates for the Shares, without the first above legend, shall be delivered to Grantee or Grantee’s designee upon request of Grantee after the expiration of the Restricted Period, but delivery may be postponed for such period as may be required for the Company with reasonable diligence to comply, if deemed advisable by the Company, with registration requirements under the Securities Act of 1933, as amended, listing requirements under the rules of any stock exchange on which the Shares are listed, and requirements under any other law or regulation applicable to the issuance or transfer of the Shares.

 

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5.     Voting Rights. Grantee, as beneficial owner of the Shares, shall have full voting rights with respect to the Shares during and after the Restricted Period.

 

6.     Dividend Rights. Grantee shall accrue cash and non-cash dividends, if any, paid with respect to the Restricted Shares. Dividends will be paid or distributed to Grantee as soon as administratively practical following the applicable dividend payment date, but in any event no later than the 15th day of the third month following the later of (A) the calendar year in which the corresponding dividends were paid to stockholders, or (B) the first calendar year in which Grantee’s right to such dividends is no longer subject to a substantial risk of forfeiture.

 

7.     Changes in Capital Structure.

 

(a)     In the event of a nonreciprocal transaction between the Company and its stockholders that causes the per-share value of the Stock to change (including, without limitation, any stock dividend, stock split, spin-off, rights offering, or large nonrecurring cash dividend), the Board shall make such adjustments to this Award as it deems necessary, in its sole discretion, to prevent dilution or enlargement of rights immediately resulting from such transaction. Without limiting the foregoing, in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend payable in shares of Stock, or a combination or consolidation of the outstanding Stock into a lesser number of shares of Stock, the Restricted Shares shall automatically, without the necessity for any additional action by the Board, be adjusted proportionately without any change in the aggregate purchase price therefor.

 

(b)     Upon the occurrence or in anticipation of any corporate event or transaction involving the Company (including, without limitation, any merger, reorganization, recapitalization, combination or exchange of shares, or any transaction described in Section 7(a)), the Board may, in its sole discretion, provide (i) that this Award will be settled in cash rather than Stock, (ii) that this Award will become immediately vested and non-forfeitable (in whole or in part), (iii) that this Award will be assumed by another party to a transaction or otherwise be equitably converted or substituted in connection with such transaction, or (iv) any combination of the foregoing. The Board’s determination need not be uniform and may be different for different Grantees whether or not such Grantees are similarly situated.

 

8.     Limitation of Rights. Nothing in this Award Agreement shall interfere with or limit in any way the right of the Company or any Affiliate to terminate Grantee’s employment at any time, nor confer upon Grantee any right to continue in the employ of the Company or any Affiliate. Similarly, nothing in this Award Agreement shall in any way affect the right or power of the Company to make adjustments, reclassification or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all of any of its business or assets.

 

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9.     Payment of Taxes. Upon issuance of the Shares hereunder, Grantee may make an election to be taxed upon such award under Section 83(b) of the Code (an “(83(b) Election”). To effect such 83(b) Election, Grantee may file an appropriate election with Internal Revenue Service within 30 days after award of the Shares and otherwise in accordance with applicable Treasury Regulations. The Company or an employing Affiliate has the authority and the right to deduct or withhold, or require Grantee to remit to the Company, 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 as a result of the grant or vesting of the Shares. If Grantee does not make an 83(b) election, and to the extent not prohibited by applicable laws or regulations, the withholding requirement may be satisfied, in whole or in part, by withholding from the award Shares having a Fair Market Value on the date of withholding equal to the amount required to be withheld for tax purposes. If Grantee makes an 83(b) election, and to the extent not prohibited by applicable laws or regulations, the withholding requirement may be satisfied, in whole or in part, at the election of the Company, by deducting any such taxes from any payment of any kind otherwise due to Grantee. The obligations of the Company under this Award Agreement will be conditional on such payment or arrangements, and the Company, and, where applicable, its Affiliates will, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to Grantee.

 

10.     Authority of the Board; Amendment. The Board will administer this Award Agreement and may correct any defect, supply any omission or reconcile any inconsistency in this Award Agreement in the manner and to the extent it deems necessary to carry out its intent in granting the Shares. The Board’s interpretation of this Award Agreement and all decisions and determinations by the Board with respect to the Shares are final, binding, and conclusive on all parties. The Board may amend this Award Agreement from time to time, provided that no amendment of the Award Agreement shall adversely affect Grantee’s rights under this Award Agreement without the written consent of Grantee.

 

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

 

12.     Severability. If any one or more of the provisions contained in this Award Agreement are invalid, illegal or unenforceable, the other provisions of this Award Agreement 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 Colony Bankcorp, Inc., 115 South Grant Street, Fitzgerald, Georgia 31750; 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.     Governing Law. To the extent not governed by federal law, this Award Agreement shall be construed in accordance with and governed by the laws of the State of Georgia.

 

15.     Defined Terms.

 

“Affiliate” means (i) any Subsidiary or Parent, or (ii) an entity that directly or through one or more intermediaries controls, is controlled by or is under common control with, the Company, as determined by the Board.

 

“Award” means this award of Restricted Shares.

 

“Board” means the Board of Directors of the Company.

 

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“Code” means the Internal Revenue Code of 1986, as amended from time to time, and includes a reference to the underlying final regulations.

 

“Employment Agreement” means the Employment Agreement by and between the Company, Colony Bank and Mr. T. Heath Fountain, dated as of July 27, 2018.

 

“Parent” means a corporation, limited liability company, partnership or other entity which owns or beneficially owns a majority of the outstanding voting stock or voting power of the Company.

 

“Stock” means the Company’s common stock, $1.00 par value.

 

“Subsidiary” means any corporation, limited liability company, partnership or other entity of which a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company.

 

IN WITNESS WHEREOF, Colony Bankcorp, Inc., acting by and through its duly authorized officers, has caused this Award Agreement to be duly executed, and Grantee has executed this Award Agreement, all as of the day and year first above written.

 

 

 

	 	
			COLONY BANKCORP, INC.

			 

			 

				 
	 	By: Terry L. Hester	 
	 	Its: Chief Financial Officer	 
	 	
			 

			 

			 

			 

				 
	 	
			GRANTEE

			 

			 

				 
	 	T. Heath Fountain	 

 

 

 4EX-4.1

 Exhibit 4.1 

FIFTH AMENDMENT TO THE MANAGEMENT AGREEMENT 

This FIFTH AMENDMENT TO THE MANAGEMENT AGREEMENT (this “Amendment”), dated as of May 3, 2018 is made by and between
Navios Maritime Acquisition Corporation, a Marshall Islands corporation (“NMAC”) and Navios Tankers Management Inc., a Marshall Islands corporation (“Tankers Management”, and together with NMAC, the
“Parties”) and amends the Management Agreement (including all amendments thereto, the “Agreement”) entered into between NMAC and Navios Shipmanagement Inc. (“Shipmanagement”) on May 28, 2010 as such
Agreement was assigned to Tankers Management via an assignment agreement among the Parties and Shipmanagement dated September 10, 2010 and subsequently amended. Capitalized terms used and not otherwise defined in this Amendment shall have the
meanings given them in the Agreement. 
 W I T N E S S E T H:

 WHEREAS, the Parties desire to amend the Agreement. 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties hereby agree as follows: 
  

	 	1.	 The fourth paragraph of the first page of the Agreement shall be amended and restated in its entirety as
follows: 

 “NOW THEREFORE, the parties agree that, in consideration for the Manager providing the commercial and
technical management services set forth in Schedule “A” to this Agreement (the “Services”), and subject to the Terms and Conditions set forth in Article I attached hereto, Navios Acquisition shall from
May 29, 2018 until May 28, 20, pay to the Manager the fees set forth in Schedule “B” to this Agreement (the “Fees”) and, if applicable, the Extraordinary Fees and Costs. 

 

	 	2.	 The first paragraph of Section 6 of Article I shall be amended and restated in its
entirety as follows:  

 “Section 6: Service Fee/Reimbursement of Costs and Expenses. In
consideration for the Manager providing the Services from May 29, 2018 until May 28, 2020, Navios Acquisition shall pay the Manager the Fees as set out in Schedule “B” to this Agreement and the Extraordinary Fees and
Costs, if applicable. 
  

	 	3.	 The first paragraph of Schedule “B” shall be amended and restated in its entirety as follows:

 “In consideration for the provision of the Services listed in Schedule “A” by the Manager to
Navios Acquisition, Navios Acquisition shall, from May 29, 2018 until May 28, 2020, pay the Manager a fixed daily fee of US$7,150 per owned LR1 product tanker vessel, $6,500 per owned MR2 product tanker vessel and chemical tanker vessel,
and $9,500 per VLCC tanker vessel, payable on the last day of each month, as set forth in the table below. Navios Acquisition’s payment to the Manager for dry-docking expenses shall be at-cost for all vessels.” 

	 	4.	 The third paragraph of Schedule “B” as amended and restated in the fourth amendment to the Agreement
shall hereinafter be deleted. 

  

	 	5.	 Full Force and Effect. Except as modified by this Amendment, all other terms and conditions in the
Agreement shall remain in full force and effect. 

  

	 	6.	 Effect. Unless the context otherwise requires, the Agreement and this Amendment shall be read together
and shall have effect as if the provisions of the Agreement and this Amendment were contained in one agreement. After the effective date of this Amendment, all references in the Agreement to “this Agreement,” “hereto,”
“hereof,” “hereunder” or words of like import referring to the Agreement shall mean the Agreement, as amended, as further modified by this Amendment. 

 

	 	7.	 Counterparts. This Amendment may be executed in separate counterparts, all of which taken together shall
constitute a single instrument. 

 [Remainder of page intentionally left blank. Signature page to follow.] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of the day
and year first above written. 
  

	
	NAVIOS MARITIME ACQUISITION CORPORATION
	
	/s/ Leonidas Korres
	 By: Leonidas Korres
 Title: Chief Financial
Officer

  

	
	NAVIOS TANKERS MANAGEMENT INC.
	
	/s/ Efstratios Desypris
	 By: Efstratios Desypris
 Title:
President/Director

  
 [Signature Page - Amendment to Management
Agreement]

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