Document:

Exhibit 10.62

 

Exhibit C

 

FORM OF RESTRICTED STOCK AWARD AGREEMENT

(Directors Version)

 

THIS AGREEMENT (the “Agreement”) is made effective as of                 (the “Grant Date”), between Rockwell Medical, Inc., a Michigan corporation (the “Company”), and the individual whose name is set forth on the signature page hereof, who is a nonemployee director of the Company (the “Director”).  Capitalized terms not otherwise defined herein shall have the same meanings as in the Amended and Restated 2007 Long Term Incentive Plan (the “Plan”).

 

WHEREAS, Director is a member of the Board of Directors of the Company;

 

WHEREAS, the Committee desires to grant the Director shares of Common Stock pursuant to the terms and conditions of this Agreement (the “Restricted Stock Award”) and the Plan (the terms of which are hereby incorporated by reference and made a part of this Agreement); and

 

WHEREAS, the Committee has determined that it would be in the best interest of the Company and its shareholders to grant the shares of Common Stock provided for herein to the Director as compensation for the Director’s services and as an incentive for increased efforts during his service, has approved the grant of the Restricted Stock Award on the Grant Date and has advised the Company thereof and instructed the undersigned officer to execute this Agreement;

 

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto agree as follows:

 

1.                                                              Grant of the Restricted Stock.  Subject to the terms and conditions of the Plan and the additional terms and conditions set forth in this Agreement, the Company hereby grants to the Director          shares of Common Stock (hereinafter called the “Restricted Stock”).  The Restricted Stock shall vest and become nonforfeitable in accordance with Section 2 hereof.  In the event of any conflict between the Plan and this Agreement, the terms of the Plan shall control, it being understood that variations in this Agreement from terms set forth in the Plan shall not be considered to be in conflict if the Plan, whether explicitly or implicitly, permits such variations.

 

2.                                                              Vesting and Forfeiture.

 

(a)                                 So long as the Director continues to be a member of the Company’s Board of Directors, the Restricted Stock shall become vested and non-forfeitable upon the earliest to occur of (i)            (the “Vesting Date”), or (ii) subject to the Committee’s right to declare, pursuant to Section 9.2(c) of the Plan, that the Restricted Stock shall not become immediately vested upon a Change in Control in which the successor company assumes the Restricted Stock Award, the occurrence of a Change in Control.

 

 

(b)                                 If Director ceases to be a member of the Company’s Board of Directors for any reason, Director’s right to shares of Common Stock subject to the Restricted Stock Award that are not yet vested automatically shall terminate and be forfeited by Director unless the Committee, in the exercise of its authority under the Plan, modifies the Vesting Date in connection with such termination.

 

3.                                                              Certificates.

 

(a)                                 (i) Certificates evidencing the Restricted Stock shall be issued by the Company and shall be registered in the Director’s name on the stock transfer books of the Company promptly after the date hereof, but shall remain in the physical custody of the Company or its designee at all times prior to the vesting of such Restricted Stock pursuant to Section 2.  The Director hereby acknowledges and agrees that the Company shall retain custody of such certificate or certificates until the restrictions imposed by Section 2 on the Common Stock granted hereunder lapse.  As a condition to the receipt of this Restricted Stock Award, the Director shall deliver to the Company an Assignment Separate From Certificate in the form attached as Exhibit A, duly endorsed in blank, relating to the Restricted Stock.  No certificates shall be issued for fractional shares.

 

(ii) As soon as practicable following the vesting of the Restricted Stock pursuant to Section 2, certificates for the Restricted Stock which shall have vested shall be delivered to the Director or to the Director’s legal guardian or representative along with the stock powers relating thereto and without the legend set forth in Section 10.3(b) of the Plan.

 

(iii) The certificates representing the unvested Restricted Stock shall bear the legend set forth in Section 10.3(b) of the Plan and shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission or any stock exchange upon which such Common Stock is listed, any applicable Federal or state laws and the Company’s Articles of Incorporation and Bylaws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

 

(b)                                 Notwithstanding Section 3(a) of this Agreement, the shares subject to the Restricted Stock Award may be issued by the Company in book entry form and the shares deposited with the appropriate registered book-entry custodian.  If so issued, a notation to the same restrictive effect as the legend required by Section 10.3(b) of the Plan shall be placed on the transfer agent’s books in connection with such shares. As soon as practicable following the vesting of the Restricted Stock pursuant to Section 2, such notation shall be removed from such book entry.

 

4.                                                              Rights as a Stockholder.  The Director shall have no rights as a stockholder of the Company until certificates are issued or a book entry representing such shares has been made and such shares have been deposited with the appropriate registered book entry custodian.  Once issued, the Director shall be the record owner of the Restricted Stock unless or until such Restricted Stock is forfeited pursuant to Section 2 hereof or is otherwise sold, and as record owner shall be entitled to all rights of a common stockholder of the Company (including, without limitation, the right to vote and to receive dividends and other distributions on the shares of Restricted Stock); provided, however, that any dividends or distributions paid on Restricted

 

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Stock prior to the lapse of transfer restrictions shall be subject to the same restrictions on transferability as the shares of Restricted Stock with respect to which they were paid (and which restrictions shall lapse when the restrictions on the related shares of Restricted Stock lapse).

 

5.                                                              Transferability.  The Restricted Stock may not, at any time prior to becoming vested pursuant to Section 2, be transferred, sold, assigned, pledged, hypothecated or otherwise alienated.

 

6.                                                              Director’s Service to the Company.   Nothing contained in this Agreement or in any other agreement entered into by the Company and the Director guarantees that the Director will continue to serve as a member of the Board for any specified period of time.

 

7.                                                              Change in Capitalization.  In the event of a merger, reorganization, consolidation, recapitalization, dividend or distribution (whether in cash, shares or other property), stock split, reverse stock split, spin-off or similar transaction or other change in corporate structure affecting the Common Stock or the value thereof, prior to the time the restrictions imposed by Section 2 on the Restricted Stock granted hereunder lapse, such adjustments and other substitutions shall be made to the Restricted Stock as the Committee deems equitable or appropriate.  Any stock, securities or other property exchangeable for Restricted Stock pursuant to such transaction shall be deposited with the Company and shall become subject to the restrictions and conditions of this Agreement to the same extent as if it had been the original property granted hereby, all pursuant to the Plan.

 

8.                                                              Withholding.  Director shall have full responsibility, and the Company shall have no responsibility, for satisfying any liability for any federal, state or local income or other taxes required by law to be paid with respect to such Restricted Stock, including upon the vesting of the Restricted Stock.  In connection with the foregoing, Director may, at his or her option, elect to recognize the fair value of the Restricted Stock upon the Grant Date pursuant to Section 83 of the Internal Revenue Code of 1986, as amended.  Director is advised to seek his or her own tax counsel regarding the taxation of the grant of Restricted Stock made hereunder.

 

9.                                                              Limitation on Obligations.  The Company’s obligation with respect to the Restricted Stock granted hereunder is limited solely to the delivery to the Director of shares of Common Stock on the date when such shares are due to be delivered hereunder, and in no way shall the Company become obligated to pay cash in respect of such obligation.  This Restricted Stock Award shall not be secured by any specific assets of the Company or any of its Subsidiaries, nor shall any assets of the Company or any of its subsidiaries be designated as attributable or allocated to the satisfaction of the Company’s obligations under this Agreement.  In addition, the Company shall not be liable to the Director for damages relating to any delay in issuing the shares or share certificates, any loss of the certificates, or any mistakes or errors in the issuance of the certificates or in the shares or certificates themselves.

 

10.                                                       Securities Laws.  Upon the vesting of any Restricted Stock, the Company may require the Director to make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement.  The granting of the Restricted Stock hereunder shall be

 

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subject to all applicable laws, rules and regulations and to such approvals of any governmental agencies as may be required.

 

11.                                                       Notices.  Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of its Secretary, and any notice to be given to the Director shall be addressed to him or her at the address stated in the Company’s records.  By a notice given pursuant to this Section 11, either party may hereafter designate a different address for notices to be given to the party.  Any notice that is required to be given to the Director shall, if the Director is then deceased, be given to the Director’s personal representative if such representative has previously informed the Company of his status and address by written notice under this Section 11.  Any notice shall have been deemed duly given when enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service or when delivered personally to the Secretary or Director.

 

12.                                                       Governing Law.  The laws of the State of Michigan shall govern the interpretation, validity and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

 

13.                                                       Amendment.  Subject to Sections 2 and 7 of this Agreement and Section 10.6 of the Plan, this Agreement may be amended only by a writing executed by the parties hereto if such amendment would adversely affect Director.  Any such amendment shall specifically state that it is amending this Agreement.

 

14.                                                       Signature in Counterparts.  This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

 

[Signatures on next page]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Grant Date.

 

	
 
    	
 
    
	
 
    	
DIRECTOR
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[Name   of Director]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ROCKWELL   MEDICAL, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

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EXHIBIT A

 

ASSIGNMENT SEPARATE FROM CERTIFICATE

 

FOR VALUE RECEIVED,              hereby sells, assigns and transfers unto                                       shares of the Common Stock of Rockwell Medical, Inc. standing in the name of the undersigned on the books of said Rockwell Medical, Inc. represented by Certificate No.            herewith and do hereby irrevocably constitute and appoint                   his or its duly-appointed agent and attorney to transfer the said stock on the books of Rockwell Medical, Inc. with full power of substitution in the premises.

 

	
Dated:                 ,      
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
[signature]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
[print   name
    	
 
    
	
 
    	
 
    
	
In   presence of
    	
 
    
	
 
    	
 
    
	
 
    	
 
    

 

6Exhibit

Exhibit 10.41
AMENDMENT LETTER
To:    Enstar Group Limited
as Parent (on behalf of itself and in its capacity as Obligors' Agent)

Date:    February 15, 2016
Dear Sirs
US$665,000,000 Revolving Credit Facility Agreement (the "RCF Agreement") dated 16 September 2014 as amended and restated on 27 February 2015 and as further amended on 1 May 2015, between, among others, Enstar Group Limited (the "Parent") and National Australia Bank Limited (ABN 12 004 044 937) as agent (the "Agent") 
		
	1.
	DEFINITIONS

Terms defined in the RCF Agreement have the same meaning when used in this letter and references to clauses are to clauses of the RCF Agreement.
		
	2.
	BACKGROUND

At the request of the Parent, the Finance Parties have agreed to make certain amendments to the RCF Agreement in the terms set out in this letter.
		
	3.
	AMENDMENTS TO RCF AGREEMENT

With effect from the date that the Parent countersigns this letter, the Parties agree that:
		
	(a)
	the definition of Permitted Guarantee in clause 1.1 (Definitions) of the RCF Agreement shall be deleted and replaced with the definition of Permitted Guarantee in schedule 1 (Amended definition of Permitted Guarantee) of this letter; 

		
	(b)
	new definitions shall be inserted into clause 1.1 (Definitions) of the RCF Agreement as follows:

"Guarantee Assessment" means a written assessment by a duly qualified independent actuarial firm of each Subsidiary Guarantee Fair Value in form and substance satisfactory to the Agent;
"Subsidiary Guarantee" means a guarantee given by the Parent to a third party in respect of the obligations of any Subsidiary which is permitted pursuant to paragraphs (a) or (d) of the definition of Permitted Guarantee; and
"Subsidiary Guarantee Fair Value" means, in relation to each Subsidiary of the Parent, the lesser of:
		
	(i)
	the reserve liabilities of that Subsidiary in respect of those of its obligations guaranteed under the Subsidiary Guarantees calculated at the 99.5th per cent. confidence interval using standard actuarial methods less the assets held by that Subsidiary to support the guaranteed obligations of that Subsidiary; and 

		
	(ii)
	the aggregate principal amount of the Subsidiary Guarantees granted in respect of that Subsidiary's obligations, 

provided that if such amount is less than zero, the Subsidiary Guarantee Fair Value shall be deemed to be zero;

	
			
	 
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	(c)
	a new paragraph (h) shall be inserted into clause 1.2 (Construction) of the RCF Agreement as follows:

"For the avoidance of doubt, for the purposes of the definitions of "Fair Value", "Guarantee Assessment" and "Subsidiary Guarantee", each segregated account of a Subsidiary of the Parent shall be treated as a separate Subsidiary."
		
	(d)
	a new paragraph (d) shall be added to clause 22.2 (Financial Statements) of the RCF Agreement as follows:

		
	"(d)
	as soon as it is available, but in any event within 120 days after the end of each of the Parent's Financial Years, a Guarantee Assessment."

		
	(e)
	A new paragraph (h) shall be added to clause 22.7 (Information: miscellaneous) of the RCF Agreement as follows:

		
	"(h)
	promptly on request: (i) a calculation by the Parent of the Fair Value of each of the Permitted Guarantees; or (ii) a Guarantee Assessment."

		
	4.
	CIGNA GUARANTEE

The Parent shall, as soon as reasonably practicable after the date of this letter use reasonable endeavours to (i) procure that the CIGNA Guarantee is terminated in full or, if that is not possible, (ii) reduce the Guarantee Cap (as defined in the CIGNA Guarantee) as far as commercially practicable.
		
	5.
	MISCELLANEOUS

		
	5.1
	The Parent shall deliver in sufficient copies for all the Lenders a Guarantee Assessment within 60 Business Days of the date of this letter.

		
	5.2
	The amendments contained in this letter are given strictly on the basis of the terms of this letter and without prejudice to the rights of the Finance Parties.  Nothing in this letter shall be deemed to constitute a waiver of any Event of Default or any further consent under any Finance Document whatsoever.  The terms of the Finance Documents shall, save as amended by this letter, continue in full force and effect.

		
	5.3
	Each Guarantor (acting through the Parent on behalf of itself and in its capacity as Obligors' Agent) consents to the above amendments and confirms that clause 19 (Guarantee and Indemnity) remains and will continue in full force and effect.

		
	5.4
	If any provision of this agreement is or becomes invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions shall not be affected or impaired in any way.

		
	5.5
	This letter is designated as a Finance Document.

		
	5.6
	This letter may be executed in counterpart all of which will, when read together, constitute one and the same document.

		
	5.7
	This letter and any non-contractual obligations arising out of or in connection with it shall be governed by English law and the Parent submits to the jurisdiction of the English courts on the terms set out in clause 42 (Enforcement).

	
			
	 
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Please sign the duplicate of this letter to agree to and acknowledge the terms of this letter.

  /s/ Russell Evans       
for and on behalf of 
National Australia Bank Limited
(ABN 12 004 044 937)
as Agent

We agree to the terms of this letter
  /s/ Mark Smith             
for and on behalf of 
Enstar Group Limited
as Parent (on behalf of itself and in its capacity as Obligors' Agent)

Date: February 15, 2016

	
			
	 
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SCHEDULE 1
Amended definition of Permitted Guarantee
"Permitted Guarantee" means:
		
	(a)
	any guarantee granted by the Parent in respect of ordinary course operational activities of any Subsidiary of the Parent, in an aggregate amount not at any time exceeding U.S.$425,000,000 (less any reduction in the Guarantee Cap (as defined in the CIGNA Guarantee from time to time) which as at the Effective Date includes the following:

		
	(i)
	guarantees granted by the Parent in respect of various segregated accounts of Fitzwilliam Insurance Limited described below:

		
	(A)
	the guarantee granted by the Parent in favour of Brampton Insurance Company Limited following the novation with effect from 1 October 2011 of the Whole Account Quota Share Reinsurance and Guarantee Deed dated 3 December 2010 as originally entered into between International Insurance Company of Hannover Limited, Fitzwilliam Insurance Limited acting in respect of its general account, Fitzwilliam Insurance Limited acting in respect of its segregated account No 21 and the Parent;

		
	(B)
	the guarantee dated 26 June 2012 entered into by the Parent in favour of National Australia Bank Limited (ABN 12 004 044 9371) in connection with a U.S.$157,878,505 letter of credit facility agreement dated 25 May 2010 (as amended from time to time) between Fitzwilliam Insurance Limited acting in respect of its segregated account No 18 as borrower and National Australia Bank Limited (ABN 12 004 044 9371) as lender; 

		
	(C)
	the guarantee granted by the Parent pursuant to a guarantee agreement dated 31 December 2010 in favour of Connecticut General Life Insurance Company, Life Insurance Company of North America, CIGNA Global Reinsurance Company, Ltd., and CIGNA Europe Insurance Company S.A.-N.V. in connection with certain obligations of Fitzwilliam Insurance Limited acting in respect of its general account and Fitzwilliam Insurance Limited acting in respect of its segregated account No 23 arising under various Transaction Documents (as such term is defined therein) (the "CIGNA Guarantee"); 

		
	(D)
	the guarantee granted by the Parent in connection with certain obligations of Fitzwilliam Insurance Limited acting in respect of its segregated account No. 31 under:

		
	(aa)
	a quota share reinsurance contract ("Contract A") in respect of retrospective cover entered into on 10 June 2014 between (1) Fitzwilliam Insurance Limited as reinsurer, (ii) Torus Insurance (Bermuda) Limited as the company, (iii) Enstar Group Limited, and (iv) Trident V, LP, Trident V Parallel Fund, LP and Trident V Professionals Fund, LP; and

		
	(bb)
	a quota share reinsurance contract ("Contract B") in respect of prospective cover entered into on 10 June 2014 between (1) Fitzwilliam Insurance Limited as reinsurer, (ii) Torus Insurance (Bermuda) Limited as the company, (iii) Enstar Group Limited, and (iv) Trident V, LP, Trident V Parallel Fund, LP and Trident V Professionals Fund, LP,

	
			
	 
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up to a total initial guaranteed amount of U.S.$40,152,600 and as such total amount may increase or decrease in accordance with the terms of Contract A and Contract B respectively;
		
	(E)
	the guarantee granted by the Parent in favour of Marlon Insurance Company Limited ("Marlon") pursuant to a reinsurance agreement dated 21st October 2013 and entered into by the Parent, Marlon and Fitzwilliam Insurance Limited acting in respect of its segregated account No 29; 

		
	(F)
	the guarantee granted by the Parent in favour of Providence Washington Insurance Company (“PWIC”) with a maximum value of US$24.6m pursuant to a reinsurance agreement dated 13th November 2013 and entered into by the Parent,  PWIC and Fitzwilliam Insurance Limited acting in respect of its segregated account No 30,

provided that for each guarantee entered into after the Effective Date:
		
	(ii)
	notwithstanding (d) below, the maximum amount of any guarantee in relation to any portfolio of business of the Group is U.S.$160,000,000; and

		
	(iii)
	the guarantee will not attach below a 75 per cent confidence level in respect of the related reserves as calculated at the time of granting the guarantee; 

		
	(b)
	any guarantee of Permitted Financial Indebtedness which is referred to in the definition of, or otherwise constitutes, Permitted Financial Indebtedness;

		
	(c)
	any guarantee given in respect of the netting or set-off arrangements permitted pursuant to paragraph (a) of the definition of Permitted Security; or

		
	(d)
	any guarantee not permitted by the preceding paragraphs made in the ordinary course of business in an aggregate amount not exceeding U.S.$150,000,000 at any time,

provided that: (i) the aggregate of the Subsidiary Guarantee Fair Values does not exceed U.S.$375,000,000 at any time; and (ii) no new guarantee will be permitted at any time after the occurrence of a Default which is continuing, other than guarantees provided in the ordinary course of trading by members of the Group which are not Obligors;

	
			
	 
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