Document:

ex1010-formofstockunitgr

  Exhibit 10.10  SEAGEN INC.  STOCK UNIT GRANT NOTICE  (AMENDED AND RESTATED 2007 EQUITY INCENTIVE PLAN)  Seagen Inc. (the “Company”), pursuant to its Amended and Restated 2007 Equity Incentive Plan (the “Plan”), hereby  awards to Participant a Stock Unit Award for the number of stock units set forth below (the “Award”).  The Award is  subject to all of the terms and conditions as set forth herein and in the Plan and the Stock Unit Agreement, both of  which are incorporated herein in their entirety.  Capitalized terms not otherwise defined herein shall have the meanings  set forth in the Plan or the Stock Unit Agreement. Except as explicitly provided herein, in the event of any conflict  between the terms in the Award and the Plan, the terms of the Plan shall control.  Participant:    Date of Grant:    Vesting Commencement Date:    Number of Stock Units Subject to Award:    Consideration: Participant’s Services    Vesting Schedule:  Subject to Section 2 of the Stock Unit Agreement, this Award shall vest in full on [the  first anniversary of the Date of Grant] [the third anniversary of the Date of Grant].   Notwithstanding the foregoing, vesting shall terminate upon the Participant’s  Termination of Employment.      Issuance Schedule: The shares of Common Stock to be issued in respect of the Award will be issued in  accordance with the issuance schedule set forth in Section 6 of the Stock Unit  Agreement.  

 

3-8-2021             Additional Terms/Acknowledgements:  The undersigned Participant acknowledges receipt of, and understands and  agrees to, this Stock Unit Grant Notice, the Stock Unit Agreement and the Plan. The Participant also acknowledges  receipt of the Prospectus for the Plan.  Participant further acknowledges that as of the Date of Grant, this Stock Unit  Grant Notice, the Stock Unit Agreement and the Plan set forth the entire understanding between Participant and the  Company regarding the Award and supersedes all prior oral and written agreements on that subject, with the exception  of any arrangement that would provide for vesting acceleration of the Award upon the terms and conditions set forth  therein.   SEAGEN INC. PARTICIPANT:  By:        (Signature)  Name: Clay Siegall, PhD       Title: President & CEO      Date:  Date:   

 

     1.      3-8-2021        SEAGEN INC.  AMENDED AND RESTATED 2007 EQUITY INCENTIVE PLAN  STOCK UNIT AGREEMENT  Pursuant to the Stock Unit Grant Notice (“Grant Notice”) and this Stock Unit Agreement  (this “Agreement”) and in consideration of your services, Seagen Inc. (the “Company”) has  awarded you a Stock Unit Award (the “Award”) under its Amended and Restated 2007 Equity  Incentive Plan (the “Plan”). Your Award is granted to you effective as of the Date of Grant set  forth in the Grant Notice for this Award.  This Agreement shall be deemed to be agreed to by the  Company and you upon the signing by you of the Stock Unit Grant Notice to which it is attached.   Capitalized terms not explicitly defined in this Agreement shall have the same meanings given to  them in the Plan or the Grant Notice, as applicable.  Except as otherwise explicitly provided herein,  in the event of any conflict between the terms in this Agreement and the Plan, the terms of the Plan  shall control.  The details of your Award, in addition to those set forth in the Grant Notice and the  Plan, are as follows.  1. GRANT OF THE AWARD.    This Award represents the right to be issued on a future  date the number of shares of the Company’s Common Stock that is equal to the number of stock  units indicated in the Grant Notice (the “Stock Units”).  As of the Date of Grant, the Company  will credit to a bookkeeping account maintained by the Company for your benefit (the “Account”)  the number of Stock Units subject to the Award.  This Award was granted in consideration of your  services to the Company.  Except as otherwise provided herein, you will not be required to make  any payment to the Company (other than past and future services to the Company) with respect to  your receipt of the Award, the vesting of the Stock Units or the delivery of the Common Stock to  be issued in respect of the Award.   2. VESTING.    Subject to the limitations contained herein, your Award will vest, if at  all, in accordance with the vesting schedule provided in the Grant Notice, provided that you have  not incurred a Termination of Employment before the vesting date set forth in the Grant Notice.   Upon your Termination of Employment, the Stock Units credited to the Account that were not  vested on the date of such Termination of Employment will be forfeited at no cost to the Company  and you will have no further right, title or interest in the Stock Units or the shares of Common  Stock to be issued in respect of the Award.  Notwithstanding the foregoing or anything in this Agreement to the contrary, in the event  of your Termination of Employment as a result of your death or Disability, the vesting of your  Award shall accelerate such that your Award shall become vested as to an additional twelve (12)  months, effective as of the date of such Termination of Employment, to the extent that your Award  is outstanding on such date.   

 

     2.      3-8-2021        In the event of a Change in Control (as defined in the Plan), the vesting of your Award (if  your Award is outstanding at such time) shall be accelerated in full immediately prior to the  effective time of the Change in Control.    3. NUMBER OF SHARES.   (a)  The number of Stock Units subject to your Award may be adjusted from  time to time for changes in capitalization, as provided in Section 13 of the Plan.  (b) Any additional Stock Units that become subject to the Award pursuant to  this Section 3 shall be subject, in a manner determined by the Administrator, to the same forfeiture  restrictions, restrictions on transferability, and time and manner of delivery as applicable to the  other Stock Units covered by your Award.  (c) Notwithstanding the provisions of this Section 3, no fractional shares or  rights for fractional shares of Common Stock shall be created pursuant to this Section 3.  The  Administrator shall, in its discretion, determine an equivalent benefit for any fractional shares or  fractional shares that might be created by the adjustments referred to in this Section 3.  4. SECURITIES LAW COMPLIANCE.  You may not be issued any shares in respect of  your Award unless either (i) the shares are registered under the Securities Act of 1933, as amended  (the “Securities Act”); or (ii) the Company has determined that such issuance would be exempt  from the registration requirements of the Securities Act. Your Award also must comply with other  applicable laws and regulations governing the Award, and you will not receive such shares if the  Company determines that such receipt would not be in material compliance with such laws and  regulations. You represent and warrant that you (a) have been furnished with a copy of the  prospectus for the Plan and all information deemed necessary to evaluate the merits and risks of  receipt of the Award, (b) have had the opportunity to ask questions concerning the information  received about the Award and the Company, and (c) have been given the opportunity to obtain any  information you deem necessary to verify the accuracy of any information obtained concerning  the Award and the Company.  5. TRANSFER RESTRICTIONS.  Your Award is not transferable, except by will or by  the laws of descent and distribution.  In addition to any other limitation on transfer created by  applicable securities laws, you agree not to assign, hypothecate, donate, encumber or otherwise  dispose of any interest in any of the shares of Common Stock subject to the Award until the shares  are issued to you in accordance with Section 6 of this Agreement.  After the shares have been  issued to you, you are free to assign, hypothecate, donate, encumber or otherwise dispose of any  interest in such shares provided that any such actions are in compliance with the provisions herein  and applicable securities laws.  Notwithstanding the foregoing, by delivering written notice to the  Company, in a form satisfactory to the Company, you may designate a third party who, in the event  of your death, shall thereafter be entitled to receive any distribution of Common Stock to which  you were entitled at the time of your death pursuant to this Agreement.  

 

     3.      3-8-2021        6. DATE OF ISSUANCE.    (a) If the Award is exempt from application of Section 409A of the Code and  any state law of similar effect (collectively “Section 409A”), the Company will deliver to you a  number of shares of the Company’s Common Stock equal to the number of vested Stock Units  subject to your Award, including any additional Stock Units received pursuant to Section 3 above  that relate to those vested Stock Units on the applicable vesting date (the “Original Issuance  Date”).  However, if the Original Issuance Date falls on a date that is not a business day, such  delivery date shall instead fall on the next following business day.  Notwithstanding the foregoing,  if (i) the Original Issuance Date does not occur (1) during an “open window period” applicable to  you, as determined by the Company in accordance with the Company’s then-effective policy or  policies on trading in Company securities or (2) on a date when you are otherwise permitted to sell  shares of Common Stock on the open market; and (ii) the Company elects, prior to the Original  Issuance Date, not to satisfy the Withholding Obligation (as defined in Section 10(a) hereof), if  any, by (x) withholding shares of Common Stock from the shares otherwise due, on the Original  Issuance Date, to you under this Award pursuant to Section 10 hereof, (y) permitting you to sell  shares of Common Stock pursuant to a written plan that meets the requirements of Rule 10b5-1  under the Exchange Act, or (z) permitting you to satisfy the Withholding Obligation in cash, then  such shares shall not be delivered on such Original Issuance Date and shall instead be delivered  on the first business day of the next occurring open window period applicable to you or the next  business day when you are not prohibited from selling shares of the Company’s Common Stock  on the open market, as applicable (and regardless of whether there has been a Termination of  Employment before such time), but in no event later than the 15th day of the third calendar month  of the calendar year following the calendar year in which the Stock Units vest.  Delivery of the  shares pursuant to the provisions of this Section 6(a) is intended to comply with the requirements  for the short-term deferral exemption available under Treasury Regulations Section 1.409A- 1(b)(4) and shall be construed and administered in such manner.  The form of such delivery of the  shares (e.g., a stock certificate or electronic entry evidencing such shares) shall be determined by  the Company.  (b) The provisions of this Section 6(b) are intended to apply if the Award is  subject to Section 409A because of the terms of a severance arrangement or other agreement  between you and the Company, if any, that provide for acceleration of vesting of the Award upon  your separation from service (as such term is defined in Section 409A(a)(2)(A)(i) of the Code  (“Separation from Service”) and such severance benefit does not satisfy the requirements for an  exemption from application of Section 409A provided under Treasury Regulations Section  1.409A-1(b)(4) or 1.409A-1(b)(9) (“Non-Exempt Severance Arrangement”).  If the Award is  subject to and not exempt from application of Section 409A due to application of a Non-Exempt  Severance Arrangement, the following provisions in this Section 6(b) shall supersede anything to  the contrary in Section 6(a).    (i) If the Award vests in the ordinary course before your Termination  of Employment in accordance with the vesting schedule set forth in the Grant Notice, without  accelerating vesting under the terms of a Non-Exempt Severance Arrangement, in no event will  

 

     4.      3-8-2021        the shares to be issued in respect of your Award be issued any later than the later of: (A) December  31st of the calendar year that includes the applicable vesting date and (B) the 60th day that follows  the applicable vesting date.    (ii) If vesting of the Award accelerates under the terms of a Non-Exempt  Severance Arrangement in connection with your Separation from Service, and such vesting  acceleration provisions  were in effect as of the date of grant of the Award and, therefore, are part  of the terms of the Award as of the date of grant, then the shares will be earlier issued in respect  of your Award upon your Separation from Service in accordance with the terms of the Non-Exempt  Severance Arrangement, but in no event later than the 60th day that follows the date of your  Separation from Service.  However, if at the time the shares would otherwise be issued you are  subject to the distribution limitations contained in Section 409A applicable to “specified  employees,” as defined in Section 409A(a)(2)(B)(i) of the Code, such shares shall not be issued  before the date that is six months following the date of your Separation from Service, or, if earlier,  the date of your death that occurs within such six-month period.  (iii) If  either (A) vesting of the Award accelerates under the terms of a  Non-Exempt Severance Arrangement in connection with your Separation from Service, and such  vesting acceleration provisions were not in effect as of the date of grant of the Award and,  therefore, are not a part of the terms of the Award on the date of grant, or (B) vesting accelerates  pursuant to Section 3(b)4(b) or Section 13 of the Plan, then such acceleration of vesting of the  Award shall not accelerate the issuance date of the shares (or any substitute property), but the  shares (or substitute property) shall instead be issued on the same schedule as set forth in the Grant  Notice as if they had vested in the ordinary course before your Termination of Employment,  notwithstanding the vesting acceleration of the Award.  Such issuance schedule is intended to  satisfy the requirements of payment on a specified date or pursuant to a fixed schedule, as provided  under Treasury Regulations Section 1.409A-3(a)(4).  (c) Notwithstanding anything to the contrary set forth herein, the Company  explicitly reserves the right to earlier issue the shares in respect of any Award to the extent  permitted and in compliance with the requirements of Section 409A, including pursuant to any of  the exemptions available in Treasury Regulations Section 1.409A-3(j)(4)(ix).  (d) The provisions in this Agreement for delivery of the shares in respect of the  Award are intended either to comply with the requirements of Section 409A or to provide a basis  for exemption from such requirements so that the delivery of the shares will not trigger the  additional tax imposed under Section 409A, and any ambiguities herein will be so interpreted.  7. DIVIDENDS.   You shall receive no benefit or adjustment to your Award with respect  to any cash dividend, stock dividend or other distribution that does not result from a change in  capitalization as provided in Section 13 of the Plan; provided, however, that this sentence shall not  apply with respect to any shares of Common Stock that are delivered to you in connection with  your Award after such shares have been delivered to you.  

 

     5.      3-8-2021        8. RESTRICTIVE LEGENDS.  The shares issued in respect of your Award shall be  endorsed with appropriate legends determined by the Company.  9. AWARD NOT A SERVICE CONTRACT.    (a) Your service with the Company or an Affiliate is not for any specified term  and may be terminated by you or by the Company or an Affiliate at any time, for any reason, with  or without cause and with or without notice.  Nothing in this Agreement (including, but not limited  to, the vesting of your Award pursuant to the schedule set forth in Section 2 herein or the issuance  of the shares in respect of your Award), the Plan or any covenant of good faith and fair dealing  that may be found implicit in this Agreement or the Plan shall:  (i) confer upon you any right to  continue in the service of, or affiliation with, the Company or an Affiliate; (ii) constitute any  promise or commitment by the Company or an Affiliate regarding the fact or nature of future  positions, future work assignments, future compensation or any other term or condition of service  or affiliation; (iii) confer any right or benefit under this Agreement or the Plan unless such right or  benefit has specifically accrued under the terms of this Agreement or Plan; or (iv) deprive the  Company or an Affiliate of the right to terminate you at will and without regard to any future  vesting opportunity that you may have.  (b) By accepting this Award, you acknowledge and agree that the right to  continue vesting in the Award pursuant to the schedule set forth in Section 2 is earned only by  continuing as an employee, director or consultant at the will of the Company (not through the act  of being hired, being granted this Award or any other award or benefit) and that the Company has  the right to reorganize, sell, spin-out or otherwise restructure one or more of its businesses or  Affiliates at any time or from time to time, as it deems appropriate (a “reorganization”).  You  further acknowledge and agree that such a reorganization could result in your Termination of  Employment, or the termination of Affiliate status with the Company and the loss of benefits  available to you under this Agreement, including but not limited to, the termination of the right to  continue vesting in the Award.  You further acknowledge and agree that this Agreement, the Plan,  the transactions contemplated hereunder and the vesting schedule set forth herein or any covenant  of good faith and fair dealing that may be found implicit in any of them do not constitute an express  or implied promise of continued engagement as an employee or consultant for the term of this  Agreement, for any period, or at all, and shall not interfere in any way with your right or the  Company’s right to terminate your service at any time, with or without cause and with or without  notice.  10. WITHHOLDING OBLIGATIONS.  (a) On or before the time you receive a distribution of Common Stock pursuant  to your Award, or at any time thereafter as requested by the Company, you hereby authorize any  required withholding from the Common Stock issuable to you and/or otherwise agree to make  adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax  withholding obligations of the Company or any Affiliate which arise in connection with your  Award (the “Withholding Obligation”), if any.    

 

     6.      3-8-2021        (b) Additionally, the Company may, at its discretion, satisfy the Withholding  Obligation, if any, by the following means (or by a combination of the following means):  (i) Requiring you to pay to the Company any portion of the  Withholding Obligation in cash;  (ii) Withholding from any compensation otherwise payable to you by  the Company;   (iii) Withholding shares of Common Stock from the shares of Common  Stock issued or otherwise issuable to you in connection with the Award with a Fair Market Value  (measured as of the date shares of Common Stock are issued pursuant to Section 6) equal to the  amount of the Withholding Obligation; provided, however, that the number of such shares of  Common Stock so withheld shall not exceed the amount necessary to satisfy the Company’s or  Affiliate’s required tax withholding obligations using the minimum statutory withholding rates for  federal, state, local and foreign tax purposes, including payroll taxes, that are applicable to  supplemental taxable income (or such other amount as may be permitted while still avoiding  classification of the Award as a liability for financial accounting purposes); and/or  (iv)   Permitting you to enter into a “same day sale” commitment with a  broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA  Dealer”) whereby you irrevocably elect to sell a portion of the shares to be delivered in connection  with your Award to satisfy the Withholding Obligation and whereby the FINRA Dealer  irrevocably commits to forward the proceeds necessary to satisfy the Withholding Obligation  directly to the Company and/or its Affiliates.  (c) Unless the Withholding Obligation, if any, of the Company and/or any  Affiliate are satisfied, the Company shall have no obligation to deliver to you any Common Stock.  (d) In the event the Withholding Obligation, if any, of the Company arises prior  to the delivery to you of Common Stock or it is determined after the delivery of Common Stock  to you that the amount of the Withholding Obligation was greater than the amount withheld by the  Company, you agree to indemnify and hold the Company harmless from any failure by the  Company to withhold the proper amount.  11. UNSECURED OBLIGATION.  Your Award is unfunded, and as a holder of a vested  Award, you shall be considered an unsecured creditor of the Company with respect to the  Company’s obligation, if any, to issue shares pursuant to this Agreement.  You shall not have  voting or any other rights as a stockholder of the Company with respect to the shares to be issued  pursuant to this Agreement until such shares are issued to you pursuant to Section 6 of this  Agreement.   Upon such issuance, you will obtain full voting and other rights as a stockholder of  the Company.  Nothing contained in this Agreement, and no action taken pursuant to its provisions,  shall create or be construed to create a trust of any kind or a fiduciary relationship between you  and the Company or any other person.  

 

     7.      3-8-2021        12. OTHER DOCUMENTS.  You hereby acknowledge receipt or the right to receive a  document providing the information required by Rule 428(b)(1) promulgated under the Securities  Act, which includes the Plan prospectus.  In addition, you acknowledge receipt of the Company’s  policy on trading in Company securities permitting insiders to sell shares only during certain  “window” periods and the Company’s insider trading policy, in effect from time to time.    13. DATA TRANSFER.  You hereby explicitly and unambiguously consent to the  collection, use and transfer, in electronic or other form, of your personal data as described in this  document by the Company for the purpose of implementing, administering and managing your  participation in the Plan.  You understand that the Company holds certain personal information  about you, including, but not limited to, your name, home address and telephone number, date of  birth, social security number (or other identification number), salary, nationality, job title, any  shares of stock or directorships held in the Company, details of all options or any other entitlement  to shares of stock awarded, canceled, purchased, exercised, vested, unvested or outstanding in your  favor for the purpose of implementing, managing and administering the Plan (“Data”).  You  understand that the Data may be transferred to any third parties assisting in the implementation,  administration and management of the Plan.  You authorize the recipients to receive, possess, use,  retain and transfer the Data, in electronic or other form, for the purposes of implementing,  administering and managing your participation in the Plan, including any requisite transfer of such  Data, as may be required to a broker or other third party with whom you may elect to deposit any  shares issued in respect of your Award.  14. NOTICES; ELECTRONIC DELIVERY AND ACCEPTANCE.  Any notices provided for  in your Award or the Plan shall be given in writing and shall be deemed effectively given upon  receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in  the United States mail, postage prepaid, addressed to you at the last address you provided to the  Company.  Notwithstanding the foregoing, the Company may, in its sole discretion, decide to  deliver any documents related to participation in the Plan and this Award by electronic means or  to request your consent to participate in the Plan by electronic means.  You hereby consent to  receive such documents by electronic delivery and, if requested, to agree to participate in the Plan  through an on-line or electronic system established and maintained by the Company, the Agent or  another third party designated by the Company and agree notice shall be provided upon posting to  your electronic account held by the Company, the Agent or another third party designated by the  Company.  You hereby acknowledge that delivery, execution and acceptance of this or any other  such documents by electronic means constitutes valid and effective delivery, execution and  acceptance and shall be legally effective to create a valid and binding agreement.  15. MISCELLANEOUS.  (a) The rights and obligations of the Company under your Award shall be  transferable to any one or more persons or entities, and all covenants and agreements hereunder  shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. Your  rights and obligations under your Award may only be assigned with the prior written consent of  the Company.   

 

     8.      3-8-2021        (b) You agree upon request to execute any further documents or instruments  necessary or desirable in the sole determination of the Company to carry out the purposes or intent  of your Award.  (c) You acknowledge and agree that you have reviewed your Award in its  entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting  your Award, and fully understand all provisions of your Award.  (d) This Agreement shall be subject to all applicable laws, rules, and  regulations, and to such approvals by any governmental agencies or national securities exchanges  as may be required.  (e) All obligations of the Company under the Plan and this Agreement shall be  binding on any successor to the Company, whether the existence of such successor is the result of  a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the  business and/or assets of the Company.  16. GOVERNING PLAN DOCUMENT.  Your Award is subject to all the provisions of the  Plan, the provisions of which are hereby made a part of your Award, and is further subject to all  interpretations, amendments, rules and regulations which may from time to time be promulgated  and adopted pursuant to the Plan.  Except as expressly provided herein, in the event of any conflict  between the provisions of your Award and those of the Plan, the provisions of the Plan shall  control.   17. ENTIRE AGREEMENT.  The Plan and this Agreement constitute the entire agreement  of the parties with respect to the subject matter hereof and supersede in their entirety all prior  undertakings and agreements of the Company and you with respect to the subject matter hereof,  with the exception of any arrangement that would provide for vesting acceleration of this Award  upon the terms and conditions set forth therein.  This Agreement is governed by the laws of the  state of Delaware.    18. SEVERABILITY.  If all or any part of this Agreement or the Plan is declared by any  court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall  not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid.  Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid  shall, if possible, be construed in a manner which will give effect to the terms of such Section or  part of a Section to the fullest extent possible while remaining lawful and valid.  19. EFFECT ON OTHER EMPLOYEE BENEFIT PLANS.  In the event that you become an  Employee, the value of the Award subject to this Agreement shall not be included as compensation,  earnings, salaries, or other similar terms used when calculating your benefits under any employee  benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly  provides. The Company expressly reserves its rights to amend, modify, or terminate any of the  Company’s or any Affiliate’s employee benefit plans.  

 

     9.      3-8-2021        20. AMENDMENT.  This Agreement may not be modified, amended or terminated  except by an instrument in writing, signed by you and by a duly authorized representative of the  Company. Notwithstanding the foregoing, this Agreement may be amended solely by the  Administrator by a writing which specifically states that it is amending this Agreement, so long as  a copy of such amendment is delivered to you, and provided that no such amendment adversely  affecting your rights hereunder may be made without your written consent, except as otherwise  provided in the Plan. Without limiting the foregoing, the Administrator reserves the right to  change, by written notice to you, the provisions of this Agreement in any way it may deem  necessary or advisable to carry out the purpose of the grant as a result of any change in applicable  laws or regulations or any future law, regulation, ruling, or judicial decision, provided that any  such change shall be applicable only to rights relating to that portion of the Award which is then  subject to restrictions as provided herein.mc-ex101_136.htm

Exhibit 10.1

 

MASTER SERVICES AGREEMENT

This SERVICES AGREEMENT, dated as of April 28, 2021 is made by and between MOELIS & COMPANY GROUP LP, a Delaware limited partnership (“Advisory”), and MOELIS ASSET MANAGEMENT LP, a Delaware limited partnership (“Asset Management”) and each of the following subsidiaries of Asset Management: P&S CREDIT MANAGEMENT, L.P., a Delaware limited partnership (“Gracie”), FREEPORT FINANCIAL PARTNERS LLC, a Delaware limited liability company (“Freeport”) and STEELE CREEK INVESTMENT MANAGEMENT LLC, a Delaware limited liability company (“Steele Creek”).

RECITALS

	
A.
	
Each of the Advisory and Asset Management were operated as businesses under Moelis Asset Management LP (formerly named Moelis & Company Holdings LP), prior to the initial public offering of Advisory.

	
B.
	
Advisory currently maintains certain staff and services which each of Asset Management, Gracie, Freeport and  Steele Creek utilizes in the course of their respective business.

	
C.
	
Asset Management and Advisory each desire that Advisory shall henceforth provide the Asset Management Services (as defined below) to each of Asset Management, Gracie, Freeport and Steele Creek on the terms of and in accordance with this agreement. 

	
D.
	
The parties additionally desire that this agreement govern any provision of services from Asset Management to Advisory.

AGREEMENT

The parties to this agreement, in exchange for the mutual promises made herein and intending to be legally bound hereby, agree as follows:

ARTICLE 1.

SERVICES TO BE PROVIDED

1.1Description of Services.  During the term of this agreement, Advisory will provide to Asset Management the services (the “Asset Management Services”) described on Schedule A-1 attached hereto (as the same may be amended from time to time, “Schedule A-1”).  During the term of this agreement, Asset Management will provide to Advisory the services (the “Advisory Services”, and together with the Asset Management Services, the “Services”) described on Schedule A-2 attached hereto (as the same may be amended from time to time, “Schedule A-2”).  Any entity receiving Services hereunder shall be referred to as a “Recipient” and any entity providing Services hereunder shall be referred to as a “Provider” as applicable. Additionally, Advisory will sublet certain office space to Asset Management as set forth on Schedule A-3 attached hereto.  Each of Schedule A-1, Schedule A-2 and Schedule A-3 may be amended as set forth in Section 6.5 below.  

1.2Personnel.

 

 

 

(a)The Services to be provided by a Provider to a Recipient shall be provided by employees of such Provider or by service providers to such Provider, as applicable. In the event that any employees of a Provider as of the date of this agreement cease to be employed by such Provider, the Provider will have no obligation to hire a new employee for the purpose of providing the Services to the applicable Recipient and will not be liable for any losses, costs or damages caused by, attributable to or arising in connection with (A) such Recipient’s failure to receive such Services, or (B) such Recipient’s transition from the Services to any replacement services.  

(b)Each entity acting as a Provider shall be responsible for the payment of all wages and federal, state and local taxes and withholdings payable with respect to the wages of such persons, shall maintain workers’ compensation insurance required by applicable statutes with respect to such persons and shall maintain and provide all applicable employee benefits for such persons.  No person providing Services to a Recipient shall be considered an employee of the Recipient because of the provision of such Services.

1.3Compensation.  Each Recipient shall pay each Provider a fee as set forth in Schedule B attached hereto as the total consideration for the Services to be provided to such Recipient during the term of this agreement and such Recipient shall not pay any additional fee or other compensation for such Services, unless the scope of those Services is expanded by mutual agreement of the parties and the parties agree that additional compensation should be paid in connection therewith. In the event Services are discontinued, fees for such Service will be prorated through date of termination. Asset Management may pay to Advisory the fees due on behalf of its subsidiaries.

1.4Warranty Disclaimer.  NO PROVIDER MAKES ANY EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES, INCLUDING, WITHOUT LIMITATION, THE WARRANTIES IMPLIED BY LAW OR MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, REGARDING THIS AGREEMENT, OR THE PERFORMANCE OF THE SERVICES CONTEMPLATED BY THIS AGREEMENT.

1.5Limitation of Liability.  No Provider will be liable to any Recipient or to any other person or entity for any losses, costs or damages caused by, attributable to or arising in connection with the performance, nonperformance or delayed performance of the Services to be provided to such Recipient contemplated by this agreement, except for such losses, costs or damages attributable to such Provider’s bad faith, gross negligence or willful misconduct for which damages the Provider will be liable.  Notwithstanding the foregoing, no Provider shall be liable for any special, indirect, consequential or punitive damages in connection with the Services to any Recipient even if the Provider has been advised of the possibility of such damages.  No Provider will be liable for any failure to perform or any delay in the performance of its obligations hereunder due to Force Majeure (as hereinafter defined).

1.6Consents.  Notwithstanding any provision of this agreement to the contrary, if the provision of any Service as contemplated by this agreement requires the consent, approval or authorization of any third party, the Provider providing such Service shall use its commercially reasonable efforts to obtain as promptly as possible after the date of this agreement such consent, approval or authorization (including obtaining from third party vendors all consents necessary to grant any sublicenses in connection with the performance of such Service) and shall be excused from performing such Service while it continues to use such commercially reasonable efforts.  Any fee, cost or expense incurred in connection with obtaining such consent, approval or authorization shall be paid by the Provider.  If any such consent, approval or authorization is not obtained promptly after the date of this agreement, the Provider shall notify the 

2

 

 

 

applicable Recipient and the parties shall cooperate in good faith to devise an alternative arrangement to the provision of such Service, which alternative arrangement shall be reasonably satisfactory to each party.  

ARTICLE 2.

TERM AND TERMINATION

2.1Term.  The effective date of this agreement is April 1, 2021 and will continue until the one year anniversary thereof, subject to earlier termination as provided in Section 2.2 hereof or extension by mutual agreement. 

2.2 Termination.  This agreement may be terminated in accordance with the following provisions:

(a)Any party may terminate this agreement solely as it applies to services provided or received between itself and another party by giving notice in writing to such other party should an event of Force Majeure (as defined in Section 3.1) continue for more than ninety (90) consecutive calendar days;

(b)Any party may terminate this agreement solely as it applies to services provided or received between itself and another party by giving notice in writing to the other party in the event such other party is in material breach of this agreement and shall have failed to cure such breach within thirty (30) calendar days of receipt of written notice thereof from the non-breaching party; 

(c)Any party may terminate this agreement solely as it applies to services provided or received between itself and another party by giving ninety (90) calendar days written notice to such other party; or  

(d)Any two parties hereto may terminate this agreement solely as it applies to services provided or received between such parties with the mutual written consent of such parties.

2.3Rights and Obligations on Termination.  In the event of the termination of this agreement pursuant to Section 2.2, solely as it applies to services provided or received between such parties, a Provider will have the right to terminate any or all Services provided to a Recipient.  Such Recipient shall bear sole responsibility for obtaining replacement services, and such Provider shall bear no liability for such Recipient’s failure to obtain such service or for any difficulties in transitioning from the Services to such replacement service.

ARTICLE 3.

FORCE MAJEURE

3.1Definition.  “Force Majeure” means any event or condition, not existing as of the date of this agreement and not reasonably within the control of either party, which prevents in whole or in material part the performance by a Provider of its obligations hereunder or which renders the performance of such obligations so difficult or costly as to make such performance commercially unreasonable.  Without limiting the foregoing, the following, without limitation, will constitute events or conditions of Force Majeure: acts of state or governmental action, riots, disturbance, war, acts of terrorism, strikes, labor slowdowns, 

3

 

 

 

prolonged shortage of energy supplies, epidemics, fire, flood, hurricane, typhoon, earthquake and explosion.

3.2Notice.  Upon giving written notice to a Recipient, the Provider being affected by an event of Force Majeure will be released without any liability on its part from the performance of its obligations under this agreement, but, subject to Section 2.2, only to the extent and only for the period that its performance of such obligations is prevented by the event of Force Majeure.  Such notice must include a description of the nature of the event of Force Majeure, its cause and to the extent known its likely consequences.  Such Provider will promptly notify the applicable Recipient of the termination of such event.

ARTICLE 4.

INDEMNIFICATION

Each Recipient severally and not jointly agrees to protect, defend, hold harmless and indemnify each Provider severally and not jointly and its successors, assigns, directors, officers, members, employees and agents (collectively, the “Provider Representatives”), from and against any and all claims, demands, actions, liabilities, damages, losses, fines, penalties, costs and expenses, including reasonable attorneys’ fees (collectively referred to as “Claims”), actually or allegedly, directly or indirectly, arising out of or related to any actions taken or omitted to be taken by such Provider or any of such Provider Representatives in connection with the performance of any of the Services to be provided by such Provider to such Recipient hereunder, other than Claims that are the direct result of bad faith, gross negligence or willful misconduct of such Provider or such Provider’s Representative.  Notwithstanding the foregoing, no Recipient shall be liable for any special, indirect, consequential or punitive damages in connection with any Claim even if such Recipient has been advised of the possibility of such damages.  

ARTICLE 5.

CONFIDENTIALITY

5.1Definition. In connection with the Services to be performed hereunder, a Recipient may provide to a Provider information about it, the funds, accounts or clients to which such Recipient provides investment management or advisory services, as applicable, their investors or other third parties that is confidential or proprietary in nature (the “Confidential Information”), which may include, but is not limited to, information of a technical, administrative and/or financial nature relating to the business operations of such Recipient.  The Recipient shall, except to the extent necessary for the Services, not disclose to the Provider Confidential Information about any issuer of securities to the public in the United States. Notwithstanding the foregoing, with respect to any Provider, Confidential Information shall not include information that: (a) has come into the public domain through no breach of this Article 5 by such Provider or any related Provider Representative; (b) is or becomes available to such Provider from any third party not known to be breaching an obligation of confidentiality to the Recipient; or (c) is independently developed by such Provider without reference to or use of the Confidential Information of the Recipient. 

5.2Use and Protection of Confidential Information. Each Provider severally and not jointly, on behalf of itself and its Provider Representatives, agrees that the Confidential Information shall be kept confidential and, except with the prior written consent of the applicable Recipient, shall not disclose to any third party, including to any other Recipient, any of the Confidential Information disclosed to such Provider or any Provider Representative hereunder in any manner whatsoever, except as needed to Provider 

4

 

 

 

Representatives who are subject to confidentiality obligations substantially similar to those set forth herein and who have a reasonable need to know such Confidential Information in order to provide the Services under this agreement.  This Article 5 shall terminate as between any two parties two years following termination of this agreement between such two parties.  

5.3 Legally Compelled or Requested Disclosure.  If a Provider or a Provider Representative is requested or required (in either case by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process) to disclose any Confidential Information, such Provider agrees to the extent permissible to provide the applicable Recipient with prompt notice of each such request, to the extent practicable, so that the Recipient may seek an appropriate protective order or waive such Provider’s compliance with the provisions of this agreement.  If, absent the entry of a protective order or the receipt of a waiver under this agreement, any Provider or its Provider Representative, as the case may be, on the advice of its counsel, is legally compelled to disclose such information, such Provider or Provider Representative, as the case may be, may disclose such information to the persons and to the extent required without liability under this agreement, and the Provider agrees to cooperate with the Recipient’s efforts to obtain reliable assurances that confidential treatment will be accorded any Confidential Information so furnished.  For the avoidance of doubt, the immediately preceding sentence shall not require any Provider to take any action that would cause it to incur more than de minimis cost or expense unless the applicable Recipient agrees to advance or reimburse the Provider for such cost and expense.  In addition, a Provider may also disclose its business records (including documents including Confidential Information) to its financial regulatory authorities without notice to the Recipient in connection with customary examinations and inquiries with respect to its business. 

5.4Return or Destruction of Confidential Information. Upon demand by a Recipient at any time, or upon expiration or termination of this agreement with respect to the Services, the applicable Provider agrees promptly to, and to cause each of its Provider Representatives to, return or destroy, at the Recipient’s option, all Confidential Information, provided that the Provider may maintain such Confidential Information in accordance with its internal document retention policies.

ARTICLE 6.

MISCELLANEOUS

6.1Notices.  All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made when delivered in person or when transmitted by facsimile, or one business day after having been dispatched by a nationally recognized overnight courier service to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 6.1):

If to Advisory, addressed to:

Moelis & Company Group LP

399 Park Avenue, 5th Floor

New York, NY  10022-8604

Attention:  Osamu Watanabe

Email: osamu.watanabe@moelis.com

If to Gracie, addressed to:

5

 

 

 

P&S Credit Management, L.P.

757 Third Avenue, 7th Floor

New York, NY 10017

Attention:  Sam Konz

Email: konz@graciecap.com

If to Freeport, addressed to:

Freeport Financial Partners LLC

200 South Wacker Drive, Suite 750

Chicago, IL  60606

Attention:  Joseph Walker

Email: jvwalker@freeportfinancial.com

 

If to Steele Creek, addressed to:

Steele Creek Investment Management LLC

201 S. College Street, Suite 1690

Charlotte, North Carolina 28244

Attention:  Glenn Duffy

Email: glenn.duffy@steelecreek.com

 

If to Asset Management, addressed to:

Moelis Asset Management LP

112W 34th Street, 17th Floor 

New York, NY 10001

Attention:  Marie Bober

Email: Marie.Bober@moelisam.com

6.2Independent Contracting Parties.  The parties hereto expressly acknowledge that no employment, partnership or joint venture relationship is created by this agreement, and hereby agree as follows:

(a)Each party at all times during the term of this agreement shall be an independent contracting party;

(b)For purposes of the Services to be performed under this agreement, except in the case of dual employees of Advisory and Asset Management, no Provider nor anyone employed by or acting for or on behalf of any Provider shall be construed as an employee of any Recipient, and no Recipient shall be liable for employment or withholding taxes respecting any Provider or any employee of any Provider, or any employee benefits therefor.

6.3Cooperation.  The parties will each use good faith efforts to reasonably cooperate with each other in all matters relating to the provision and receipt of the Services.  Such cooperation shall include the applicable Recipient obtaining all Recipient-required consents, licenses or approvals necessary to permit a Provider to perform its obligations hereunder; Recipient agrees to reasonably cooperate with assisting the Provider obtaining all Provider-required consents, licenses or approvals.  The parties will, for a period of 

6

 

 

 

five (5) years after the termination of this agreement, maintain information relating to the Services and cooperate with each other in making such information available as needed, subject to appropriate confidentiality requirements, in the event of any audit, investigation or litigation.

6.4Assignment.  No party has the right to, directly or indirectly, in whole or in part, assign, delegate, convey or otherwise transfer, whether voluntarily, involuntarily or by operation of law, its rights and obligations under this agreement, except with the prior written approval of the other party or parties as applicable. Notwithstanding the foregoing, any party may assign, delegate, convey or otherwise transfer its own rights and obligations under this agreement without obtaining the prior written approval of any other party to a successor by merger, consolidation or similar business combination or to a purchaser in connection with the sale of all or substantially all of such party’s assets.  Any action prohibited by this Section 6.4 will be null and void.

6.5Amendment; Waiver.  Neither this agreement nor any provision hereof may be modified, amended, rescinded, canceled or waived, in whole or in part, except by a written instrument duly executed by the applicable parties hereto.  No failure or delay by a party to take any action or assert any right or remedy hereunder or to enforce strict compliance with any provision hereof will be deemed to be a waiver of, or estoppel with respect to, such right, remedy or noncompliance in the event of the continuation or repetition of the circumstances giving rise to such right, remedy or noncompliance.  No waiver shall be effective unless given in a duly executed written instrument.

6.6Survival of Provisions.  The rights, remedies, agreements, obligations and covenants of each of the parties contained in or made pursuant to this agreement which by their terms extend beyond the termination of this agreement, including, without limitation, Article 4 (relating to indemnification) and Article 5 (relating to confidentiality), will survive the termination of this agreement and will remain in full force and effect.

6.7Severability.  Any term or provision of this agreement that is held by a court of competent jurisdiction to be invalid, void or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction.  If the final judgment of a court of competent jurisdiction declares that any term or provision hereof is invalid, void or unenforceable, the parties hereto agree that the court making such determination, to the greatest extent legally permissible, shall have the power to reduce or alter the term or provision, to delete specific words or phrases, or to replace any invalid, void or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intent of the invalid, void or unenforceable term or provision.

6.8Entire Agreement.  This agreement and the Schedules hereto constitute the entire agreement of the parties hereto with respect to the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, by and among the parties with respect to the subject matter hereof.  

6.9Governing Law; Non-Binding Mediation; Jurisdiction.  This agreement shall be governed by, and construed in accordance with, the laws of the State of New York (without regard to the laws of conflict of any jurisdiction).  Any dispute, controversy or claim arising out of or in connection with this Agreement, or the interpretation, breach, termination or validity thereof (“Dispute”) shall be finally resolved by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association (“AAA”) then in effect (the “Rules”), except as modified herein and such arbitration shall be 

7

 

 

 

administered by the AAA.  The place of arbitration shall be New York, New York.  There shall be one arbitrator who shall be agreed upon by the parties within twenty (20) days of receipt by respondent of a copy of the demand for arbitration.  If any arbitrator is not appointed within the time limit provided herein, such arbitrator shall be appointed by the AAA in accordance with the listing, striking and ranking procedure in the Rules, with each party being given a limited number of strikes, except for cause.  Any arbitrator appointed by the AAA shall be a retired judge or a practicing attorney with no less than fifteen years of experience with corporate and financial matters and an experienced arbitrator.  In rendering an award, the arbitrator shall be required to follow the laws of the state of New York.  The award shall be in writing and shall briefly state the findings of fact and conclusions of law on which it is based.  The arbitrator shall not be permitted to award punitive, multiple or other non-compensatory damages.  The award shall be final and binding upon the parties and shall be the sole and exclusive remedy between the parties regarding any claims, counterclaims, issues or accounting presented to the arbitrator.  Judgment upon the award may be entered in any court having jurisdiction over any party or any of its assets.  Any costs or fees (including attorneys’ fees and expenses) incident to enforcing the award shall be charged against the party resisting such enforcement.  All Disputes shall be resolved in a confidential manner.  The arbitrator shall agree to hold any information received during the arbitration in the strictest of confidence and shall not disclose to any non-party the existence, contents or results of the arbitration or any other information about such arbitration.  The parties to the arbitration shall not disclose any information about the evidence adduced or the documents produced by the other party in the arbitration proceedings or about the existence, contents or results of the proceeding except as may be required by law, regulatory or governmental authority or as may be necessary in an action in aid of arbitration or for enforcement of an arbitral award.  Before making any disclosure permitted by the preceding sentence (other than private disclosure to financial regulatory authorities), the party intending to make such disclosure shall use reasonable efforts to give the other party reasonable written notice of the intended disclosure and afford the other party a reasonable opportunity to protect its interests.  Barring extraordinary circumstances (as determined in the sole discretion of the arbitrator), discovery shall be limited to pre-hearing disclosure of documents that each side will present in support of its case, and non-privileged documents essential to a matter of import in the proceeding for which a party has demonstrated a substantial need. The parties agree that they will produce to each other all such requested non-privileged documents, except documents objected to and with respect to which a ruling has been or shall be sought from the arbitrator. There will be no depositions.  

6.10Counterparts; Headings.  This agreement may be executed and delivered (including by facsimile or PDF transmission) in one or more counterparts, and by the different parties in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement.  The headings of the sections and articles of this agreement are inserted for convenience only and do not constitute a substantive part hereof.

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8

 

 

 

IN WITNESS WHEREOF, the parties have caused this agreement to be duly executed by their authorized representatives as of the date first above written.

		
	
MOELIS & COMPANY GROUP LP

a Delaware limited partnership

By:Moelis & Company Group GP LLC, its General Partner
	
 

	
By:  /s/ Osamu WatanabeBy:

Name:Osamu Watanabe

Title: General Counsel
	
 

 

		
	
P&S CREDIT MANAGEMENT L.P.,

a Delaware limited partnership

By:P&S Credit Partners, LLC,

its General Partner
	
FREEPORT FINANCIAL PARTNERS LLC

a Delaware limited liability company

 

	
By:  /s/ James PalmiscianoBy:

Name:  James Palmisciano

Title:  Chief Investment Officer
	
By:  /s/ Joseph WalkerBy:

Name: Joseph Walker

Title:  Managing Director

 

		
	
STEELE CREEK INVESTMENT MANAGEMENT LLC, a Delaware limited liability company

 

 

 
	
MOELIS ASSET MANAGEMENT LP,

a Delaware limited partnership

 

	
By:  /s/ Glenn DuffyBy:

Name:Glenn Duffy

Title: Chief Investment Officer
	
By:  /s/ Chris RyanBy:

Name:  Chris Ryan

Title: Managing Director 

 

	
 
	
 

 

 

 

9

 

 

SCHEDULE A-1 – ADVISORY SERVICES PROVIDED

 

This Schedule A outlines the services to be provided by Advisory to the following Recipients during the term of the agreement.

 

	
1)
	
Gracie Asset Management

 

	
 
	
•
	
Management Infrastructure Support

	
 
	
o
	
Human Capital Management

 

	
2)
	
Freeport Financial

 

	
 
	
•
	
Management Infrastructure Support

	
 
	
o
	
Tax Compliance Support

	
 
	
o
	
Human Capital Management

 

	
3)
	
Steele Creek

 

	
 
	
•
	
Management Infrastructure Support

 

	
 
	
o
	
Tax Compliance Support

	
 
	
o
	
Human Capital Management

 

	
4)
	
Asset Management

 

 

	
 
	
•
	
Management Infrastructure Support

	
 
	
o
	
Tax Compliance Support

	
 
	
o
	
Legal Support

	
 
	
o
	
Human Capital Management

 

 

10

 

 

SCHEDULE A-2 –SERVICES PROVIDED BY ASSET MANAGEMENT TO ADVISORY

 

	
 
	
•
	
General Management Support Services

 

SCHEDULE B – FEE METHODOLOGY

 

This Schedule B outlines the methodology used to determine the fees to be paid for Services provided during the term of the agreement.  

 

All fees are billed and payable quarterly in arrears. The fees for any calendar quarter during which the Provider is engaged in providing the Services for less than a full quarter shall be determined on a pro rata basis.  Recipient shall pay to Provider such fee in cash within ten days after the last business day of the calendar quarter.

 

								
	
 
	
 
	
Gracie
	
Freeport
	
MAM
	
Steele Creek 
	
Total Asset
Management
	
 

	
Tax Compliance Support
	
Fixed quarterly fee based on estimated compensation of services for each business.

	
Legal Support
	
Fixed quarterly fee based on estimated compensation cost of services.

	
Human Capital Management
	
Fixed quarterly fee based on estimated compensation cost of services.  Allocated to each business based on headcount.

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