Document:

ltbr_ex1014.htm

EXHIBIT 10.14 
  
 LIGHTBRIDGE CORPORATION
 2020 OMNIBUS INCENTIVE PLAN
 NON-EMPLOYEE DIRECTOR RESTRICTED STOCK UNIT AGREEMENT
  
 The Compensation Committee of the Board of Directors of Lightbridge Corporation, a Nevada corporation (the “Company”), granted an award of Restricted Stock Units under the Lightbridge Corporation 2020 Omnibus Incentive Plan (the “Plan”), to the Grantee named below. This Restricted Stock Unit Agreement (the “Agreement”) evidences the terms of the Company’s grant of Restricted Stock Units, each representing the right to receive one share of the Company’s Common Stock, on the terms and subject to the conditions set forth herein and in the Plan. Any capitalized term in this Agreement shall have the meaning assigned to it in this Agreement or in the Plan, as applicable.
  
 A. NOTICE OF GRANT
  
 Name of Grantee: 
  
 Number of Restricted Stock Units: 
  
 Grant Date: 
  
 Vesting Schedule: Except as provided otherwise in this Agreement or the Plan (including but not limited to Section 10(c) of the Plan which provides for accelerated vesting upon certain terminations in connection with a Change of Control), and subject to Grantee’s continuous Service (as defined below), the Restricted Stock Units shall vest, and the forfeiture provisions set forth in this Agreement shall lapse, as follows: 100% of the Restricted Stock Units shall vest on ________________ (the “Service Vesting Date”).
  
 B. RESTRICTED STOCK UNIT AGREEMENT
  
 1. Grant of Restricted Stock Units. Subject to the terms and conditions of this Agreement and the Plan, the Company granted to Grantee the number of Restricted Stock Units set forth in the Notice of Grant, effective on the Grant Date set forth in the Notice of Grant, and subject to the terms and conditions of the Plan, which is incorporated herein by reference. Each Restricted Stock Unit represents the right to receive one share of Common Stock, on the terms and subject to the conditions set forth in this Agreement and the Plan. In the event of a conflict between the terms and conditions of the Plan and this Agreement, the terms and conditions of the Plan shall govern. 
  
 2. Transfer Restrictions. Grantee shall not sell, transfer, assign, pledge or otherwise encumber or dispose of, by operation of law or otherwise, the Restricted Stock Units. 
  
 3. Vesting; Lapse of Restrictions. Except as provided otherwise in this Agreement and the Plan (including but not limited to Section 10(c) of the Plan which provides for accelerated vesting upon certain terminations in connection with a Change of Control), if Grantee has been in continuous service to the Company or another entity the service providers of which are eligible to receive Awards under the Plan from the Grant Date through the applicable Service Vesting Date as an employee, director, consultant or advisor (herein referred to as “Service”), the Restricted Stock Units shall vest as set forth on the Vesting Schedule in the Notice of Grant. As soon as practicable after the Service Vesting Date and in all events no later than March 15th of the calendar year following the calendar year in which the Service Vesting Date occurs, unless Grantee has elected pursuant to Section 6 below to defer, the Company will issue to the Grantee the shares of Common Stock subject to the Restricted Stock Units that vested on such Service Vesting Date. Only following the issuance of the shares of Common Stock to the Grantee may the Grantee transfer the shares of Common Stock (subject to applicable securities law requirements and the Company’s policies and procedures). 
   
 	 
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 4. Termination of Service. If Grantee terminates Service prior to the Service Vesting Date on account of the Grantee’s death, Grantee shall vest in all of the Restricted Stock Units on the date of death and shall be entitled to the issuance of shares of Common Stock equal to the number of Restricted Stock Units granted to Grantee, together with any accrued dividend equivalents as provided in Section 5. If Grantee terminates Service prior to the Service Vesting Date for any reason other than death, the Restricted Stock Units shall be forfeited upon Grantee’s termination of Service. Upon forfeiture of the Restricted Stock Units, Grantee shall have no further rights with respect to such Restricted Stock Units.
  
 5. Dividends. During the period between the Grant Date and the Service Vesting Date, the Company shall accrue an amount equal to the regular, special and extraordinary cash dividends declared and paid with respect to each share of Common Stock underlying the Restricted Stock Units, which amount shall be retained by the Company and shall be subject to the same vesting requirements as specified in the Notice of Grant above. Any accrued dividend equivalents to which Grantee becomes entitled upon vesting on the Service Vesting Date shall be paid to Grantee as soon as practicable following the Service Vesting Date, but in no event later than March 15 of the calendar year following the calendar year in which the Restricted Stock Units vest. 
  
 6. Election to Defer Receipt of Stock and Dividend Equivalents. During the period from the Grant Date through and including the last business day on or before the 30th day after the Grant Date, Grantee shall be entitled to elect, in writing, in accordance with the provisions of the Deferral Election Form attached hereto as Exhibit A (the “Deferral Election Form”), to defer the issuance of shares of Common Stock and the payment of accrued dividend equivalents for up to five years following the scheduled Service Vesting Date set forth in the Notice of Grant. If any such deferred payment date elected by Grantee falls on a holiday or non-business day, the shares of Common Stock and accrued dividend equivalents shall be issued and paid to Grantee on the immediately preceding business day. An election made by Grantee and delivered to the Company on the Deferral Election Form will be irrevocable, and issuance of the shares of Common Stock and payment of dividend equivalents prior to the date selected by Grantee would occur only upon the earlier death of Grantee or pursuant to Section 10(c) of the Plan. If Grantee fails to properly elect a different payment date in accordance with this Section, the Grantee shall be entitled to issuance of the shares of Common Stock and payment of accrued dividend equivalents in accordance with Section 3. 
  
 7. Tax Withholding. The Company or any affiliate shall have the right to deduct from payments of any kind otherwise due to Grantee, any federal, state, local or foreign taxes of any kind required by law to be withheld upon the issuance, vesting or payment of any shares of Common Stock upon the vesting of the Restricted Stock Units or the payment of dividend equivalents. By accepting this Agreement, Grantee hereby authorizes the Company to withhold from the number of shares of Common Stock that would otherwise be issued to Grantee upon vesting of the Restricted Stock Units a number of whole shares of Common Stock having a fair market value equal to the Company’s required tax withholding with respect to the Award and to deduct any remaining amount due from any payments due to Grantee. Any shares of Common Stock withheld shall have an aggregate fair market value not in excess of the minimum statutory total tax withholding obligation. The fair market value of the shares of Common Stock used to satisfy the withholding obligation shall be determined by the Company as of the date that the amount of tax to be withheld is to be determined. Shares of Common Stock used to satisfy any tax withholding obligation must be vested and cannot be subject to any repurchase, forfeiture, or other similar requirements. 
  
 Notwithstanding the foregoing, in lieu of share withholding, Grantee may irrevocably elect to satisfy any required tax withholding obligation by delivering a cashier’s check or other check or wire transfer acceptable to the Company in the amount determined by the Company to satisfy the required tax withholding obligation. Any election to deliver a check / wire transfer shall be communicated to the Chief Financial Officer prior to the vesting of the grant and shall be subject to any restrictions or limitations that the Company, in its sole discretion, deems appropriate.
   
 	 
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 8. Effect of Prohibited Transfer. If any transfer of Restricted Stock Units is made or attempted to be made contrary to the terms of this Agreement, the Company shall have the right to disregard such transfer and to terminate this award of Restricted Stock Units as a result of such prohibited transfer. In addition to any other legal or equitable remedies it may have, the Company may enforce its rights to specific performance to the extent permitted by law and may exercise such other equitable remedies then available. The Company may refuse for any purpose to recognize any transferee who receives Restricted Stock Units contrary to the provisions of this Agreement as a holder of the Restricted Stock Units and shall not be obligated, and will not, issue any shares of Common Stock upon the vesting of such Restricted Stock Units to such prohibited transferee.
  
 9. Investment Representations. The Compensation Committee may require Grantee (or Grantee’s estate or heirs) to represent and warrant in writing that the individual is acquiring the shares of Common Stock upon vesting of the Restricted Stock Units for investment and without any present intention to sell or distribute such shares and to make such other representations as are deemed necessary or appropriate by the Company and its counsel.
  
 10. Continued Service. Neither the grant of the Restricted Stock Units nor this Agreement gives Grantee the right to continue Service with the Company or its affiliates in any capacity. 
  
 11. Governing Law. The validity and construction of this Agreement and the Plan shall be construed in accordance with and governed by the laws of the State of Nevada other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan and this Agreement to the substantive laws of any other jurisdiction.
  
 12. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company and Grantee and their respective heirs, executors, administrators, legal representatives, successors and assigns.
  
 13. Tax Treatment; Section 83(b); Section 409A. Grantee may incur tax liability as a result of the vesting of the Restricted Stock Units, the payment of dividend equivalents or the disposition of shares of Common Stock issued upon the vesting of the Restricted Stock Units. Grantee should consult his or her own tax adviser for tax advice. Grantee hereby acknowledges that Grantee has been informed that no election under Section 83(b) of the Internal Revenue Code is permitted with respect to the Restricted Stock Units. 
  
 14. Amendment. The terms and conditions set forth in this Agreement may only be amended by the written consent of the Company and Grantee, except to the extent set forth in the Plan.
  
 15. 2020 Omnibus Incentive Plan. The Restricted Stock Units and payment of dividend equivalents granted hereunder shall be subject to such additional terms and conditions as may be imposed under the terms of the Plan, a copy of which has been provided to Grantee. A copy of the Prospectus for the 2020 Omnibus Incentive Plan shall also be provided to Grantee.
  
 	 
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 	 	 LIGHTBRIDGE CORPORATION
	
	 	 	 	 
		By:		
	  
	 Name:
		 
	 	Title:		 

  
 	 
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 Exhibit A
 LIGHTBRIDGE CORPORATION
 2020 OMNIBUS INCENTIVE PLAN
  
 20XX Non-Employee Director Restricted Stock Unit Award -
Non-Employee Director Deferral Election Form
  
 Name: 
  
 Number of Restricted Stock Units: 
  
 Grant Date: 
  
 Service Vesting Date: 
  
 On the Service Vesting Date, the number of Restricted Stock Units (the “Units”) listed above are scheduled to vest with respect to my Non-Employee Director Restricted Stock Unit Award granted under the Lightbridge Corporation (“Company”) 2020 Omnibus Incentive Plan (the “Plan”) on the Grant Date pursuant to the terms of my Non-Employee Director Restricted Stock Unit Agreement (the “Agreement”). 
  
 Under the terms of the Agreement, the vested Units will be converted into shares of Common Stock (“Shares”) that will automatically be delivered to me as soon as practicable following the scheduled Service Vesting Date, unless I voluntarily make an irrevocable election to defer delivery of the shares of Common Stock (and any accrued dividend equivalents) in accordance with the terms and conditions of this Election and the Agreement. I understand that I may only make this election to the extent that this Award has at least thirteen (13) months of vesting between the Grant Date and the Service Vesting Date. Any election with respect to an Award with lesser vesting shall be of no force or effect. 
  
 Irrevocable Voluntary Deferral Election
  
 I hereby irrevocably elect to defer conversion of 100% of my vested Units and delivery of the shares of Common Stock covered by the Units until the date specified below (select only one date):
  
 	  
	 ☐
	 __________, 20[XX+1]
	 ☐
	 __________, 20[XX+2]
	 ☐
	 __________, 20[XX+3]

	  
	 ☐
	 __________, 20[XX+4]
	 ☐
	 __________, 20[XX+5]
	  
	  

 
  
 I hereby further irrevocably elect to defer receipt of 100% of any accrued dividend equivalents payable to me with respect to my vested Units until the date specified above.
  
 I understand that this election is irrevocable, must be received by the Company no later than [30 days after grant date] and must be delivered to: Chief Financial Officer, Lightbridge Corporation, 11710 Plaza America Drive, Suite 2000, Reston, Virginia 20190.
  
 I acknowledge that I have not relied on the Company, its officers, directors, employees or advisors for any tax advice. I have consulted with my own tax advisor to the extent that I deem necessary prior to making my irrevocable election.
  
 I acknowledge that any disposition of Shares acquired by me must be made in a manner consistent with the Company’s insider trading policy and applicable securities laws. 
   	 Director Signature:
	  
	  
	 Date: _____________________________

	  
	  
	  
	  

	 Address:_____________________________________________________________________
	  
	  

   
 	 
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 Company Acknowledgment and Acceptance
  
 This Election was complete, signed, dated and received by the Company on: ____________________ , 20___.
  
 Signature: __________________________
  
 	 
	 A-2Exhibit 4.1

 

	NUMBER	UNITS
	U-	 

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

CUSIP [·]

 

VALOR LATITUDE ACQUISITION CORP.

 

UNITS CONSISTING OF ONE CLASS A ORDINARY
SHARE AND ONE-THIRD OF ONE REDEEMABLE WARRANT, 

EACH WHOLE WARRANT ENTITLING THE HOLDER
TO PURCHASE ONE CLASS A ORDINARY SHARE

 

THIS CERTIFIES THAT            is
the owner of               Units of Valor Latitude Acquisition
Corp., a Cayman Islands exempted company (the “Company”), transferrable on the books of the Company in
person or by duly authorized attorney upon surrender of this certificate properly endorsed.

 

Each Unit (“Unit”)
consists of one (1) Class A ordinary share, par value $0.0001 per share (“Ordinary Share”), of the Company
and one-third of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the
holder to purchase one Ordinary Share (subject to adjustment) for $11.50 per share (subject to adjustment). Each Warrant will become
exercisable on the later of (i) thirty (30) days after the Company’s completion of a merger, share exchange, asset acquisition,
share purchase, reorganization or other similar business combination with one or more businesses (each a “Business
Combination”), and (ii) twelve (12) months from the closing of the Company’s initial public offering, and will
expire unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years after the date on which the Company
completes its initial Business Combination, or earlier upon redemption or liquidation (the “Expiration Date”).
The Ordinary Shares and Warrants comprising the Units represented by this certificate are not transferable separately prior to          ,
2021, unless BofA Securities, Inc. and Barclays Capital Inc. elect to allow separate trading earlier, subject to the Company’s
filing of a Current Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting
the Company’s receipt of the gross proceeds of the Company’s initial public offering and issuing a press release announcing
when separate trading will begin. No fractional Warrants will be issued upon separation of the Units. The terms of the Warrants
are governed by a Warrant Agreement, dated as of              ,
2021 (the “Warrant Agreement”), between the Company and Continental Stock Transfer & Trust Company,
as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the holder of
this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent
at 1 State Street, 30th Floor, New York, New York 10004, and are available to any Warrant holder on written request and without
cost.

 

This certificate is not valid
unless countersigned by the Transfer Agent and registered by the Registrar of the Company.

 

This certificate shall be governed
by and construed in accordance with the internal laws of the State of New York.

 

Witness the facsimile
signature of a duly authorized signatory of the Company.

 

	 	 
	 	Authorized Signatory

	 	 

                            

	 	Transfer Agent

     

     

    

Valor Latitude Acquisition Corp.

 

The Company will furnish
without charge to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating,
optional or other special rights of each class of equity or series thereof of the Company and the qualifications, limitations,
or restrictions of such preferences and/or rights.

 

The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according
to applicable laws or regulations:

 

	TEN COM	— 	as tenants in common	 	UNIF GIFT MIN ACT	— 	 Custodian 	 
	 	 	 	 	 	 	      (Cust)                               (Minor)	 
	TEN ENT	—	as tenants by the entireties	 	 	 	 	 
	 	 	 	 	 	 	Under Uniform Gifts to Minors Act	 
	JT TEN	—	as joint tenants with right of survivorship and not as tenants in common	 	 	 	
        

        

        (State)

         
	 

 

Additional abbreviations may also be used
though not in the above list.

 

For value received,             
hereby sell, assign and transfer unto

 

(PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE)

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
INCLUDING ZIP CODE, OF ASSIGNEE)

 

            
     Units represented by the within certificate, and do hereby irrevocably constitute and appoint

 

 Attorney to transfer the said Units on the
books of the within named Company with full power of substitution in the premises.

 

Dated 

 

	 	 	 
	 	Notice: 	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

	Signature(s) Guaranteed:	 
	 	 
	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE)).	 

     

     

    

As more fully described
in, and subject to the terms and conditions described in, the Company’s final prospectus for its initial public offering
dated            , 2021, the holder(s) of this certificate shall be entitled
to receive a pro-rata portion of certain funds held in the trust account established in connection with the Company’s initial
public offering in the event that (i) the Company redeems the Ordinary Shares sold in its initial public offering and liquidates
because it does not consummate an initial Business Combination within the time period set forth in the Company’s Amended
and Restated Memorandum and Articles of Association, as the same may be amended from time to time, or (ii) if the holder(s) properly
redeem for cash his, her or its respective Ordinary Shares included in the Units represented by this certificate in connection
with (x) a tender offer (or proxy solicitation, solely in the event the Company seeks shareholder approval of the proposed initial
Business Combination) setting forth the details of a proposed initial Business Combination or (y) a shareholder vote to amend the
Company’s Amended and Restated Memorandum and Articles of Association (A) to modify the substance or timing of the Company’s
obligation to allow redemption in connection with our initial business combination or to redeem 100% of the Ordinary Shares if
it does not consummate an initial Business Combination within the time set forth in the Company’s Amended and Restated Memorandum
and Articles of Association or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial
Business Combination activity, as the same may be amended from time to time. In no other circumstances shall the holder(s) have
any right or interest of any kind in or to the trust account.

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