Document:

Restricted Stock Unit Agreement

 Exhibit 10.17 
 

 
 RESTRICTED STOCK UNIT AGREEMENT 
 FOR EMPLOYEES AND DIRECTORS UNDER THE 
 CIRCOR INTERNATIONAL, INC. (the
“Company”) 
 1999 STOCK OPTION AND INCENTIVE PLAN (the “Plan”) 
 Name of Awardee: A. William Higgins 
 No. of Restricted Stock
Units: 30,735 
 Award Date: May 6, 2008 
 Awardee, who currently serves as the President and Chief Executive Officer of the Company, is the lone remaining active employee participant in the Company’s Supplemental Executive Retirement Plan (“SERP”). The Company wishes
to terminate the SERP. The Company’s Compensation Committee (the “Committee”) has proposed, and the Awardee has accepted the Compensation Committee’s proposal, that Awardee receive this special award of Restricted Stock Units
(“RSUs”) in lieu of any benefits under the SERP. 
 Accordingly, in consideration of the covenants of the Awardee set forth in this Agreement (and,
in particular, the covenants set forth in Section 8 below), the Company hereby grants to Awardee an award (the “Award”) of RSUs subject to the terms and conditions set forth herein and in the Plan. 
 1.    Vesting Schedule. No portion of this Award may be received until such portion shall have vested. Except as
otherwise set forth in this Agreement or in the Plan, the RSUs will vest, subject to employment with the Company, as follows: 
  

			
	 Number of Restricted Stock Units
	  	Vesting Date
	 (4,610)
	  	May 6, 2008
	 (2,009)
	  	May 6, 2009
	 (2,010)
	  	May 6, 2010
	 (2,010)
	  	May 6, 2011
	 (2,009)
	  	May 6, 2012
	 (2,010)
	  	May 6, 2013
	 (2,010)
	  	May 6, 2014
	 (2,009)
	  	May 6, 2015
	 (2,010)
	  	May 6, 2016
	 (2,010)
	  	May 6, 2017
	 (2,009)
	  	May 6, 2018
	 (2,010)
	  	May 6, 2019
	 (2,010)
	  	May 6, 2020
	 (2,009)
	  	May 6, 2021

 In the event of a Covered Transaction as defined in Section 3(c) of the Plan, this Award
shall become immediately vested whether or not this Award or any portion thereof is vested at such time. 
  

	 	2.	Deferral of Award. 

 (a) Each vested RSU
entitles Awardee to receive one share of the Company’s Common Stock (the “Stock”) on the vesting date for such RSU; provided, however, that with respect to any RSU that vests in 2008, the settlement in Stock will occur in January,
2009. 
 (b) Shares of Stock underlying the RSUs shall be issued and delivered to Awardee in accordance with paragraph (a) and upon
compliance to the satisfaction of the Committee with all requirements under applicable laws or regulations in connection with such issuance and with the requirements hereof and of the Plan. The determination of the Committee as to such compliance
shall be final and binding on Awardee. 
  

 (c) Until such time as shares of Stock have been issued to Awardee pursuant to paragraph (b) above,
and except as set forth in paragraph (d) below regarding dividends and dividend equivalents, Awardee shall not have any rights as a holder of the shares of Stock underlying this Award including but not limited to voting rights. 
 (d) Until such time as RSUs have vested pursuant to the terms hereof, dividend equivalents shall be accrued with respect to each share of Stock
underlying the RSUs such that, upon vesting of such RSUs, all dividend equivalents so accrued (without interest) shall be paid in cash to Awardee. 
 3.     Termination of Employment or Other Business Relationship. If Awardee’s employment by or other business relationship with the Company or a Subsidiary (as defined in the Plan) is terminated for
any reason (whether with or without cause or due to death or disability of Awardee), Awardee’s right in any RSUs that are not vested shall automatically terminate upon the effective date of such termination of employment or other business
relationship with the Company and its Subsidiaries and such RSUs shall be cancelled as provided within the terms of the Plan and shall be of no further force and effect. In the event of such termination, the Company, as soon as practicable following
the effective date of termination shall issue shares of Stock to Awardee (or Awardee’s designated beneficiary or estate executor in the event of Awardee’s death) with respect to any RSUs which, as of the effective date of termination, have
vested but for which shares of Stock had not yet been issued to Awardee. 
 4.     Incorporation of Plan.
Notwithstanding anything herein to the contrary, this Award shall be subject to and governed by all the terms and conditions of the Plan. Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is
specified herein. 
 5.     Transferability. This Agreement is personal to Awardee, is non-assignable and
is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. This Award is available, during Awardee’s lifetime, only to Awardee, and thereafter, only to Awardee’s
designated beneficiary. 
 6.     Tax Withholding. Awardee shall, not later than the date as of which the
Award becomes a taxable event for Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Committee for payment of any Federal, state, and local taxes required by law to be withheld on account of such taxable event.
Awardee may elect to have the minimum tax withholding obligation satisfied, in whole or in part, by (i) authorizing the Company to withhold from shares of Stock to be issued, or (ii) transferring to the Company, a number of shares of Stock
with an aggregate Fair Market Value that would satisfy the minimum required tax withholding amount due. 
 7.    
Termination of Benefits under the SERP. Awardee hereby voluntarily relinquishes all accumulated and future rights and benefits under the SERP and forever releases and discharges the Company from and against any and all claims under the
SERP. 
 8.     Effect of Employment or Change of Control Agreement. If Awardee is a party to an employment
or change of control agreement with the Company and any provisions set forth in such employment or change of control agreement conflict with the provisions set forth in this Restricted Stock Unit Award Agreement, the provisions set forth in such
employment or change of control agreement shall override such conflicting provisions set forth herein. 
  

	 	9.	Miscellaneous. 

 (a)
Notice hereunder shall be given to the Company at its principal place of business, and shall be given to Awardee at the address set forth below, or in either case at such other address as one party may subsequently furnish to the other party in
writing. 
 (b) This Award does not confer upon Awardee any rights with respect to continuance of employment by the Company or any
Subsidiary. 
  

 2 

 (c) Pursuant to Section 14 of the Plan, the Committee may at any time amend or cancel any
outstanding portion of this Award, but no such action may be taken which adversely affects Awardee’s rights under this Agreement without Awardee’s consent. 
  

							
		 		 	CIRCOR INTERNATIONAL, INC.
				
		 		 	By:	 	/s/ David A. Bloss Sr.
		 		 		 	David A. Bloss Sr.
		 		 	Title:	 	Chairman

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the
undersigned. 
  

							
		 		 	
				
	Date: May 6, 2008	 		 	By:	 	/s/ A. William Higgins
		 		 	Name:	 	A. William Higgins
		 		 	Address:	 	

  

 3Second Amendment to Preferred Stock Purchase Agreement

 Exhibit 10.1 
 ELANDIA INTERNATIONAL INC., 
 a Delaware corporation 
 SECOND AMENDMENT TO 
 PREFERRED STOCK
PURCHASE AGREEMENT 
 THIS SECOND AMENDMENT TO PREFERRED STOCK PURCHASE AGREEMENT dated as of April 30, 2008 (this
“Amendment”), is entered into by and between ELANDIA INTERNATIONAL INC., a Delaware corporation (the “Company”); and STANFORD INTERNATIONAL BANK LTD., an Antiguan banking corporation
(“SIBL” or the “Purchaser”). Capitalized terms used in this Amendment and not otherwise defined in this Amendment have the meanings assigned to them in the PSPA (defined below).

 RECITALS 
 WHEREAS, the Company and the Purchaser entered into that certain Preferred Stock Purchase Agreement, dated as of February 20, 2008 (the “Original Agreement”), whereby the Purchaser agreed to
purchase and the Company agreed to sell, for an aggregate purchase price of $40,000,000, (i) 5,925,926 shares of shares of the Company’s Series B Preferred Stock, and (ii) Warrants to purchase an aggregate of 4,158,000 shares of the
Common Stock, subject to adjustment as provided in the Warrants; 
 WHEREAS, the Company and the Purchaser entered into that certain
First Amendment to Preferred Stock Purchase Agreement dated February 28, 2008 (the “First Amendment” and together with the Original Agreement, the “PSPA”), whereby, among other
things, the Purchaser and the Company accelerated the Purchaser’s purchase obligation under Section 1(b) of the Original Agreement in order for the Purchaser to effectuate the final four purchases of shares of Series B Preferred Stock, on
the terms and conditions set forth in the PSPA; 
 WHEREAS, the Purchaser has agreed to purchase up to Five Million Dollars
($5,000,000) worth of shares of Common Stock from certain stockholders (the “Selling Stockholders”) of the Company for the purchase price of $3.97 per share, on the terms and conditions set forth in those stock
purchase agreements by and among the Purchaser, the Company and such Selling Stockholders (the “SPAs”); 
 WHEREAS, the Company is a party to the SPAs in order to (i) grant a release in favor of, and obtain a release from, the Selling Stockholders and (ii) benefit from lock-up provisions applicable to the shares of Company
Common Stock retained by the Selling Stockholders, all on the terms and conditions set forth in each SPA (the benefits received by the Company under the SPAs, the “Company Benefits”); 
 WHEREAS, the Purchaser would not have entered into the SPAs and the Company would not receive the Company Benefits unless the Company agreed to
reduce the Purchaser’s purchase obligation under Section 1(d) of the PSPA on a dollar-for-dollar basis by the amount of the aggregate purchase price payable by Purchaser pursuant to the SPAs; and 
  

 1 

 WHEREAS, the Company and the Purchaser desire to further amend the PSPA to (i) further
accelerate the Purchaser’s purchase obligation under Section 1(b) of the PSPA and (ii) reduce the Purchaser’s purchase obligation under Section 1(d) of the PSPA on a dollar-for-dollar basis by the amount of the aggregate
purchase price payable by Purchaser pursuant to the SPAs, on the terms and conditions set forth in this Amendment. 
 NOW, THEREFORE,
in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 AGREEMENT 
 1.
Acknowledgment of Share Purchases Pursuant to First Amendment. The Purchaser and the Company acknowledge that (a) on February 28, 2008 and pursuant to the terms of the First Amendment, the Company sold to Purchaser, and the
Purchaser purchased from the Company, (i) 1,185,184 shares of the Series B Preferred Stock and (ii) Warrants to purchase 4,158,000 shares of the Common Stock, for an aggregate purchase price of $8,000,000, and (b) such purchase
reduces the Purchaser’s remaining purchase obligation under Section 1(b) of the PSPA on a dollar-for-dollar basis. 
 2.
Acceleration of Funding under Section 1(b). The table set forth in Section 1(b) of the PSPA shall be deleted in its entirety and replaced with the following table: 
 COMPLETED PURCHASE OBLIGATION UNDER SECTION 1(b) 
  

								
	 CLOSING DATE
	  	PURCHASE
PRICE	  	NUMBER OF SHARES
OF SERIES B
PREFERRED STOCK	  	NUMBER OF
WARRANTS
	 February 28, 2008
	  	    $	8,000,000	  	1,185,184	  	4,158,000
	
	REMAINING PURCHASE OBLIGATION UNDER SECTION 1(b)**
				
	 April 18, 2008
	  	++$	4,000,000	  	592,594	  	—  
				
	 April 25, 2008
	  	++$	4,000,000	  	592,594	  	—  
				
	 May 9, 2008
	  	    $	 4,000,000	  	592,593	  	—  
				
	 May 23, 2008
	  	    $	4,000,000	  	592,593	  	—  
				
	 May 30, 2008
	  	    $	4,000,000	  	592,592	  	—  
				
	 June 6, 2008
	  	    $	4,000,000	  	592,592	  	—  
				
	 June 13, 2008
	  	    $	4,000,000	  	592,592	  	—  
				
	 June 20, 2008
	  	    $	4,000,000	  	592,592	  	—  
		  	 	 	  	 	  	
	 SUBTOTAL FOR REMAINING PURCHASE OBLIGATIONS:
	  	    $	32,000,000	  	4,740,742	  	—  
				
	 TOTAL FOR COMPLETED PURCHASE OBLIGATIONS AND REMAINING PURCHASE OBLIGATIONS:
	  	    $	40,000,000	  	5,925,926	  	4,158,000
		  	 	 	  	 	  	 

  

 2 

  

	**	net of advisory fees and other fees and expenses payable by the Company pursuant to Section 8(a) of the PSPA. 

	++	The Purchaser and the Company acknowledge that on April 18, 2008 and April 25, 2008 the Company sold to Purchaser, and the Purchaser purchased from the Company 1,185,188
shares of the Series B Preferred Stock for an aggregate purchase price of $8,000,000. 

 The defined terms “First
Closing” and “First Closing Date” set forth in the PSPA shall be revised such that, subject to the other terms and conditions of the PSPA, the “First Closing” shall occur on, and the “First Closing Date” shall be,
April 18, 2008. 
 3. Reduction of Purchase Obligation under Section 1(d). The Purchaser’s purchase obligation
under Section 1(d) of the PSPA is hereby reduced on a dollar-for-dollar basis by the amount of the aggregate purchase price payable by Purchaser pursuant to the SPAs. 
 4. Miscellaneous. 
 The PSPA is
reaffirmed and ratified in all respects, except as expressly provided herein. 
 The Company’s representations and warranties contained
in the PSPA are true and correct in all respects on and as of the date hereof, as though made on and as of such date, except to the extent that any such representation or warranty relates solely to an earlier date, in which case such representation
or warranty is true and correct in all respects on and as of such earlier date. The Company has performed all covenants and agreements required to be performed pursuant to the PSPA in all respects on and as of the date hereof and as of the date
hereof there exists no violation or default (or any event which with the giving of notice, or lapse of time or both, would result in a violation or become a default) under the PSPA. 
 In the event of any conflict between the terms or provisions of this Amendment and the PSPA, then this Amendment shall prevail in all respects.
Otherwise, the provisions of the PSPA shall remain in full force and effect. 
 The parties shall execute and deliver any other instruments
or documents and take any further actions after the execution of this Amendment, which may be reasonably required for the implementation of this Amendment and the transactions contemplated hereby. 
 The Company shall bear its own costs, including attorney’s fees, incurred in the negotiation of this Amendment and consummation of the transactions
contemplated herein and the corporate proceedings of the Company in contemplation hereof. At the Closing, the Company shall reimburse the Purchaser for all of the Purchaser’s reasonable out-of-pocket expenses incurred in connection with the
negotiation of performance of this Amendment, including without limitation reasonable fees and disbursements of counsel to the Purchaser. 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.

  

			
	COMPANY:
	
	ELANDIA INTERNATIONAL INC.
		
	By:	 	 /s/ Harley L. Rollins

	Name:	 	Harley L. Rollins
	Title:	 	Chief Financial Officer
	
	PURCHASER:
	
	STANFORD INTERNATIONAL BANK LTD.
		
	By:	 	 /s/ James M. Davis

		 	James M. Davis
		 	Chief Financial Officer

  

 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}]]