Document:

Unassociated Document

 

PERSHING GOLD CORPORATION

2012 Equity Incentive Plan

FIRST AMENDMENT TO

RESTRICTED STOCK AGREEMENT

(Non-Assignable)

This First Amendment, dated as of February 8, 2013 (this “Amendment”), to the Restricted Stock Agreement, dated as of August 24, 2012 (the “Agreement”), is entered into by and between Stephen Alfers (“Holder”) and Pershing Gold Corporation, a Nevada corporation (the “Corporation”).

 

A.           Pursuant to the Agreement, on June 18, 2012, Holder was granted Five Million (5,000,000) shares (the “Shares”) of the Restricted Stock, par value $0.0001 per Share, of the Corporation pursuant to and subject to the terms of the Corporation’s 2012 Equity Incentive Plan (“Plan”).

 

B.           The Corporation has requested, for the benefit of the Corporation, and Holder has agreed, to amend the Agreement as set forth herein.

 

NOW, THEREFORE, in consideration for the payment to Holder of One Hundred Dollars ($100.00) and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.           Amendment to Restricted Stock Agreement.  The Agreement is hereby amended by deleting Section 1 thereof and replacing it with the following:

 

1.           Vesting Schedule.  The Shares shall be subject to the following vesting provisions.  All vesting is subject to claw-backs (as set forth in Section 2 herein) in the event of any breach of Corporate policy, restatements and/or adjustments, and the terms of the Plan including Section 6(f) (Termination of Employment).  Notwithstanding anything herein to the contrary, all vested shares may be exercised and disposed of not sooner than six months following the date hereof.

	
Percentage of Shares to Vest

	
Date of Vesting

	
33.33%

	
March 14, 2014

	
33.33%

	
June 18, 2014

	
33.34%

	
June 18, 2015

 

2.           No Other Changes.  Except for the amendment contained in Section 1 hereof, the Agreement is hereby ratified and confirmed and shall continue in full force and effect without any further amendments or changes.

 

3.           Counterparts.  This Amendment may be executed in counterparts each of which taken together shall constitute one and the same instrument.

 

4.           Governing Law.  This Amendment shall be governed by, and construed and enforced in accordance with, the internal laws of the State of Nevada without reference to principles of conflicts of laws.

 

[SIGNATURE PAGE FOLLOWS]

 

  

  

  

 

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as of the date first above written.

 

HOLDER:

/s/ Stephen Alfers 

Stephen Alfers

PERSHING GOLD CORPORATION

By: /s/ Eric Alexander 

Name: Eric Alexander 

Title: Vice President of Finance and ControllerUnassociated Document

 

PERSHING GOLD CORPORATION

FIRST AMENDMENT TO

EXECUTIVE EMPLOYMENT AGREEMENT

This First Amendment, dated as of February 8, 2013 (this “Amendment”), to the Executive Employment Agreement, dated as of February 9, 2012 (the “Agreement”), is entered into by and between Stephen Alfers (“Executive”) and Pershing Gold Corporation (formerly Sagebrush Gold Ltd.), a Nevada corporation (the “Corporation”).

 

A.           Pursuant to the Agreement, Executive was granted Twelve Million (12,000,000) shares (the “Shares”) of the Restricted Stock, par value $0.0001 per Share, of the Corporation pursuant to and subject to the terms of the Corporation’s 2012 Equity Incentive Plan (the “Plan”).

 

B.           The Corporation has requested, for the benefit of the Corporation, and Executive has agreed, to amend the Agreement as set forth herein.

 

NOW, THEREFORE, in consideration for the payment to Executive of One Hundred Dollars ($100.00) and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.           Amendments to Executive Employment Agreement.  The Agreement is hereby amended as follows:

 

A.           Section 6(a) is deleted in its entirety and replaced with the following:

 

(a)  Initial Equity Grant  -  Executive shall be issued on the Effective Date an initial equity grant of 12,000,000 restricted shares of the Company’s common stock which shall vest in accordance with the schedule set forth on Exhibit A attached hereto.  The Company will undertake to register 3,000,000 shares of common stock (the “Registrable Equity Grant”) underlying the Initial Equity Grant with the Securities and Exchange Commission (the “SEC”)  on a Registration Statement on Form S-1 (or, in the alternative, if the Company is so eligible, register the equity incentive plan pursuant to which such Initial Equity Grant was issued with the SEC on a Registration Statement on Form S-8  (such registration statement on Form S-1 or S-8, the “Registration Statement”)).  Executive agrees that he shall be solely responsible for any and all elections to be made under Internal Revenue Code (the “Code”) Section 83(b) and the payment of all taxes associated therewith shall be the sole responsibility of Executive.  Executive shall provide Company with a copy of any election made under Section 83(b) of the Code.

B.           Exhibit A to the Agreement is deleted in its entirety and replaced with Exhibit A attached hereto.

 

2.           No Other Changes.  Except for the amendments contained in Section 1 hereof, the Agreement is hereby ratified and confirmed and shall continue in full force and effect without any further amendments or changes.

 

3.           Counterparts.  This Amendment may be executed in counterparts each of which taken together shall constitute one and the same instrument.

 

4.           Governing Law.  This Amendment shall be governed by, and construed and enforced in accordance with, the internal laws of the State of Nevada without reference to principles of conflicts of laws.

 

[SIGNATURE PAGE FOLLOWS]

 

  

  

  

 

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as of the date first above written.

 

EXECUTIVE:

/s/ Stephen Alfers 

Stephen Alfers

PERSHING GOLD CORPORATION

By: /s/ Eric Alexander 

Name: Eric Alexander 

Title: Vice President of Finance and Controller

 

  

  

  

 

Exhibit A

Vesting of Restricted Stock Grant

	
  

	
i.

	
3,000,000 shares of restricted common stock shall vest two (2) years from the Effective Date of this Agreement

	
  

	
ii.

	
6,000,000 shares of restricted common stock (including the Registrable Equity Grant) shall vest on March 14, 2014; and

	
  

	
iii.

	
3,000,000 shares of restricted common stock shall vest three (3) years from the Effective Date of this Agreement.EX 10.3

EXHIBIT 10.3

Caterpillar Inc.
2006 Long-Term Incentive Plan
Restricted Stock Units

March 5, 2012

If you were awarded restricted stock units (“RSUs”) on March 5, 2012 (the “Grant Date”) pursuant to the Caterpillar Inc. 2006 Long-Term Incentive Plan (the “Plan”), this document specifies the material terms and provisions applicable to such restricted stock unit award (the “RSU Award”).* 

Vesting
The RSU Award is subject to a three-year cliff-vesting period. The RSU Award will become fully vested on the third anniversary of the Grant Date (the “Vesting Date”). If you terminate employment prior to the Vesting Date for any reason other than long-service separation, disability, death or in connection with a change of control (as described more fully below), the RSU Award will be forfeited.

Upon vesting of the RSU Award, you will receive unrestricted shares of common stock of Caterpillar Inc. (the “Company”) equal to the number of RSUs. For example, if you were granted 250 RSUs, you will receive 250 shares of Company common stock as of the Vesting Date, less any shares withheld to satisfy any applicable income and payroll tax withholding requirements. 

Voting Rights
During the period between the Grant Date and the Vesting Date (the “Restriction Period), you are not entitled to any voting rights with respect to the RSUs. From and after the date shares are actually issued, you then will have full voting rights with respect to those shares.

Dividends and Other Distributions
During the Restriction Period, you will not receive dividends or any other distributions (e.g., dividend equivalents) with respect to the RSU Award. From and after the date shares are actually issued, you then will have dividend rights with respect to those shares.

Termination of Employment
Your termination of employment with the Company and its subsidiaries prior to the Vesting Date will impact the RSU Award as follows:

		
	•
	Long-Service Separation

If your employment with the Company and/or any subsidiary or affiliate terminates by reason of long-service separation, to the extent that you were continuously employed by the Company and/or any subsidiary or affiliate for six months immediately following the Grant Date, your RSU Award will become fully vested and shares of Company common stock will be issued to you as soon as administratively practicable following: (1) the Vesting Date; or (2) the date which is six months following the date of your termination of employment (the “Six-Month Date”), if the Six-Month Date is earlier than the Vesting Date. In no event, however, will the shares be issued later than March 15th of the calendar year immediately following the calendar year during which the Vesting Date or the Six-Month Date occurs, as applicable. For purposes of this RSU Award, “long-service separation” means termination of employment after attainment of age 55 with 5 or more years of company service.

1

		
	•
	Disability 

If your employment with the Company and/or any subsidiary or affiliate terminates by reason of disability (as defined in the Plan), your RSU Award will become fully vested and shares of Company common stock will be issued to you as soon as administratively practicable following: (1) the Vesting Date; or (2) the date which is six months following the date of your termination of employment (the “Six-Month Date”), if the Six-Month Date is earlier than the Vesting Date.  In no event, however, will the shares be issued later than March 15th of the calendar year immediately following the calendar year during which the Vesting Date or the Six-Month Date occurs, as applicable.

		
	•
	Death 

If your employment with the Company and/or any subsidiary or affiliate terminates by reason of death, your RSU Award will become fully vested and shares of Company common stock will be issued to your beneficiary or your estate (as applicable), as soon as administratively practicable following the date of your death but in no event later than March 15th of the calendar year immediately following the calendar year during which your death occurs.

		
	•
	Change of Control

In the event that a change of control of the Company occurs during the Restriction Period and your employment is terminated either without cause or for good reason within 12 months of such change of control, then to the extent that you were continuously employed by the Company and/or any subsidiary or affiliate for six months immediately following the Grant Date, your RSU Award will become fully vested and shares of Company common stock will be issued to you as soon as administratively practicable following: (1) the Vesting Date; or (2) the date which is six months following the date of your termination of employment (the “Six-Month Date”), if the Six-Month Date is earlier than the Vesting Date. In no event, however, will the shares be issued later than March 15th of the calendar year immediately following the calendar year during which the Vesting Date or the Six-Month Date occurs, as applicable.

		
	•
	Other 

If your employment with the Company and/or any subsidiary or affiliate terminates prior to the Vesting Date for any reason other than long-service separation, disability, death or in connection with a change of control, all RSUs with respect to this RSU Award will lapse and shall be immediately forfeited. 

Transferability of Award
Subject to certain exceptions set forth in the Plan, the RSU Award may not be assigned, transferred, pledged or hypothecated in any way. The RSU Award is not subject to execution, attachment or similar process. Any attempt at such, contrary to the provisions of the Plan, will be null and void and without effect. Note that once a RSU Award vests and shares of Company common stock are actually issued, you will have the ability to transfer those shares.

Designation of Beneficiary
If you have not done so already, you are encouraged to designate a beneficiary (or beneficiaries) to whom your vested benefits under the Plan will be paid upon your death. If you do not designate a beneficiary, vested benefits payable pursuant to the Plan upon your death will be paid to your estate.

Administration of the Plan
The RSU Award shall at all times be subject to the terms and provisions of the Plan and the Plan shall be administered in accordance with the terms of, and as provided in, the Plan. In the event of conflict between the terms and provisions of this document and the terms and provisions of the Plan, the provisions of the Plan shall control.

2

Code Section 409A 
It is intended that this RSU Award document and the administration of the RSU award comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated and other official guidance issued thereunder (“Code Section 409A”), to the extent applicable. The Plan and this RSU Award document shall be interpreted and construed on a basis consistent with such intent.  Notwithstanding anything contained herein to the contrary, no shares may be issued unless in compliance with Code Section 409A to the extent that Code Section 409A applies. The Committee reserves the right (including the right to delegate such right) to unilaterally amend this RSU Award document (and thus the terms of the RSU Award) without your consent solely in order to maintain an exclusion from the application of, or to maintain compliance with, Code Section 409A. Your acceptance of this RSU Award constitutes acknowledgement and consent to such rights of the Committee.

Tax Impact
Please refer to the Plan Prospectus for a general description of the U.S. federal tax consequences of an RSU Award. You may also wish to consult with your personal tax advisor regarding how the RSU Award impacts your individual tax situation. Nothing contained in this RSU Award document or in the Plan Prospectus shall be construed as a guarantee of any particular tax effect for any benefits or amounts deferred or paid pursuant to this RSU Award document.

Withholding
The vesting of the RSU Award is a taxable event in many taxing jurisdictions. In some countries, including the U.S., the company is required to withhold taxes upon the taxable event. To satisfy this withholding obligation, the company will withhold that number of shares that would satisfy the withholding obligation from the shares otherwise to be delivered to you. The following conditions apply to such withholding: (a) the value of the shares withheld must equal the withholding obligation; and (b) the value of the shares withheld shall be the Fair Market Value (as defined in the Plan) determined as of the vesting date.

Compliance with Securities Laws
The Company will take steps required to achieve compliance with all applicable U.S. federal and state securities laws (and other laws, including registration requirements) and with the rules and practices of the stock exchanges upon which the stock of the Company is listed and the RSU Award is subject to the requirements of such laws and rules. 

Adjustment of Shares
Provisions are made within the Plan covering the effect of stock dividends, stock splits, changes in par value, changes in kind of stock, sale, merger, recapitalization, reorganization, etc.

Effect on Other Benefits
The RSU Award is not intended to and shall not impact the coverage of or the amount of any other employee benefit plans in which you participate that are sponsored by the Company and any of its subsidiaries or affiliates.

Acceptance of Award
Your acceptance of this RSU Award constitutes acknowledgement and consent to the terms of the RSU Award as described in this RSU Award document.

Further Information
For more detailed information about the Plan, please refer to the Plan Prospectus or the Plan itself. Copies of the Prospectus and the Plan can be obtained from the Executive Compensation intranet Website at Cat @work under the Compensation + Benefits tab. If you have any questions regarding your equity compensation under the Plan, please contact Paul Gaeto, Director of Compensation + Benefits at (309) 675-5624.

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