Document:

EX-10.15

 Exhibit 10.15 

Pinterest, Inc. 
 Non-Employee Director Compensation Policy 
 The purpose of this Non-Employee Director Compensation
Policy (the “Policy”) of Pinterest, Inc., a Delaware corporation (the “Company”), is to provide a total compensation package that enables the Company to attract and retain, on a long-term
basis, high-caliber directors who are not employees or officers of the Company or its subsidiaries (“Non-Employee Directors”). In furtherance of this purpose, all Non-Employee Directors shall be
compensated for services provided to the Company as set forth below: 
  

	1.	 Cash Retainers 

a. Annual Retainer for Board Membership: $50,000 for service as a member of the Company’s Board of Directors (the “Board of
Directors”). 
 b. Additional Annual Retainer for Non-Executive Chairperson: $40,000 per year for service as the Non-Executive
Chairperson of the Board of Directors. 
 c. Additional Annual Retainer for Lead Independent Director: $20,000 per year for service as
the Lead Independent Director of the Board of Directors. 
 d. Additional Annual Retainers for Committee Membership: 

 

					
	 Audit Committee Chair
	  	$	25,000	 
	 Audit Committee Member (other than the Chair)
	  	$	12,500	 
	 Compensation Committee Chair
	  	$	20,000	 
	 Compensation Committee Member (other than the Chair)
	  	$	10,000	 
	 Nominating and Corporate Governance Committee Chair
	  	$	10,000	 
	 Nominating and Corporate Governance Committee Member (other than the Chair)
	  	$	5,000	 

 e. Payment of Annual Retainers; Pro-Ration: All cash retainers shall be paid prospectively on a
quarterly basis, pro-rated (i) for any Non-Employee Director whose service (or whose service in any of the additional capacities described above) commences during a calendar year, and (ii) for the calendar year in which the Company’s
initial public offering (the “IPO”) occurs, such that the annual retainer is reduced proportionately for any calendar month prior to the month in which such service commenced or the closing of the IPO occurred, respectively. 

	2.	 Equity Awards 

Grants of equity awards to Non-Employee Directors pursuant to this Policy will be automatic and nondiscretionary (without the need for any
additional corporate action by the Board of Directors or the Compensation Committee) and will be made in accordance with the following provisions: 

a. Initial Equity Grant. Other than Non-Employee Directors that are serving on the Board of Directors as of the date of the IPO, on the
date on which any Non-Employee Director is first elected or appointed to the Board of Directors, he or she shall receive an initial grant of restricted stock units (“RSUs”) under the Company’s 2019 Stock Plan (the “Plan”)
determined by dividing $400,000 by the Fair Market Value (as defined in the Plan) on the date of grant, rounded down to the nearest whole RSU, and evidenced by an award agreement in the form approved by the Board of Directors for such purpose prior
to such grant (the “Initial Equity Grant”). The RSUs subject to the Initial Equity Grant shall vest in three equal, annual installments on each anniversary of the date of grant, subject to such Non-Employee Director’s continued
service as a Non-Employee Director through each such vesting date. 
 b. Annual Equity Grant. Each Non-Employee Director shall receive
an annual grant of RSUs under the Plan determined by dividing $250,000 by the Fair Market Value on the date of grant, rounded down to the nearest whole RSU, and evidenced by an award agreement in the form approved by the Board of Directors for such
purpose prior to such grant (the “Annual Equity Grant”). The RSUs subject to the Annual Equity Grant shall vest in full on the earlier of (i) the first anniversary of the date of grant, or (ii) the date immediately prior to the
Company’s next regular annual shareholders meeting, in either case subject to such Non-Employee Director’s continued service as a Non-Employee Director through such vesting date. The first Annual Equity Grant shall be made on the closing
date of the IPO. All subsequent Annual Equity Grants shall be made to Non-Employee Directors who are elected or re-elected at the Company’s regular annual shareholders meeting on the date of such annual meeting. 

c. Acceleration. All RSUs granted pursuant to this Policy shall vest in full immediately prior to, but conditioned upon, the
consummation of a Change in Control (as defined in the Plan). 
 d. Revisions. The Board of Directors in its discretion may change and
otherwise revise the terms of awards to be granted pursuant to this Policy, including, without limitation, the number of shares subject thereto or the vesting terms of such awards, on a prospective basis, to the extent permitted by the Plan. 

	3.	 Expenses 

The Company will not reimburse any out-of-pocket expenses
incurred by Non-Employee Directors in attending meetings of the Board of Directors or any Committee thereof. 
 ADOPTED: March 21, 2019ck0001585389-ex1040_528.htm

 

Exhibit 10.40

 

First Amendment to LOAN Agreement

This FIRST AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is dated February 12, 2019 (the “Effective Date”) by and among THE ENTITIES LISTED ON SCHEDULE 1, each a Delaware limited liability company (jointly, severally and collectively, “Borrower”), KEYBANK NATIONAL ASSOCIATION, a national banking association (together with its successors and assigns, “KeyBank”), and CITI REAL ESTATE FUNDING INC., a New York corporation (together with its successors and assigns, “Citi”, together with KeyBank, collectively, together with their respective successors and assigns, “Lender”).

RECITALS:

WHEREAS, Borrower and Lender are parties to that certain Loan Agreement (the “Loan Agreement”), dated as of January 24, 2019, pursuant to which Lender agreed, subject to the terms and conditions set forth in the Loan Agreement, to make a loan to Borrower in the original principal amount of $180,000,000.00 (“Loan”), as provided in the Loan Agreement.  Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Loan Agreement.

WHEREAS, the parties to the Loan Agreement desire to amend the Loan Agreement as set forth hereinbelow.

NOW, THEREFORE, in consideration of the foregoing Recitals, which are incorporated herein by this reference, the mutual promises of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties mutually agree as follows:

AGREEMENT

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

(a)The definition of “Spread” in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

“Spread” shall mean (i) prior to the date the Loan is divided into two or more Components, 2.4958333333% per annum, and (ii) from and after the date the Loan is divided into two or more Components, with respect to each Component, the Component Spread applicable to such Component set forth in the Componentization Notice in accordance with and subject to the provisions of Section 13.6(B).

2.Effect Upon Loan Documents.

(a)The Loan Agreement and the other Loan Documents shall remain in full force and effect and, except as specifically set forth herein, shall remain unmodified.  All references to “Loan Agreement” in the Loan Documents shall mean and refer to the Loan Agreement as modified and amended hereby.

(b)The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Lender under the Loan Documents, or any other document, instrument or agreement executed and/or delivered in connection therewith.

3.Governing Law.  IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AMENDMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND 

 1

 

CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA.  TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AMENDMENT AND THE NOTE, AND THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

4.Parties Bound/Execution.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, permitted assigns, heirs and legal representatives.  Each party represents that any individual executing this Amendment on behalf of such party has the authority to so act on behalf of such party.

5.Invalid Provision.  If any provision of this Amendment is held to be illegal, invalid, or unenforceable under present or future laws effective during the term of the Amendment, such provision shall be fully severable and this Amendment shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Amendment and the remaining provisions of this Amendment shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Amendment, unless such continued effectiveness of this Amendment, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein.

6.Counterparts.  This Amendment may be executed in any number of counterparts, and all such counterparts shall together constitute the same agreement.

[SIGNATURES FOLLOW ON NEXT PAGE]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date and year first set forth above.

BORROWER:

SSGT 1001 TOLLGATE RD, LLC

SSGT 1111 W GLADSTONE ST, LLC

SSGT 1302 MARQUETTE DR, LLC

SSGT 1671 NORTHPARK DR, LLC

SSGT 4349 S JONES BLVD, LLC

SSGT 4866 E RUSSELL RD, LLC

SSGT 7211 ARLINGTON AVE, LLC

SSGT 7760 LORRAINE AVE, LLC

SSGT 8239 BROADWAY ST, LLC

SST II 10451 NW 33RD ST, LLC

SST II 120 CENTREWEST CT, LLC

SST II 1325 BENDEN WAY, LLC

SST II 1341 S STATE RD 7, LLC

SST II 1401 ENTERPRISE ST, LLC

SST II 150 AIRPORT BLVD, LLC

SST II 1597 MARKET ST, LLC

SST II 1840 VICTORIA ST, LLC

SST II 1880 WILLIAMSBURG PIKE, LLC

SST II 1900 BELLBROOK AVE, LLC

SST II 21 KINGS CHAPEL DR, LLC

SST II 4950 WESTERN AVE, LLC

SST II 5012 NEW BERN AVE, LLC

SST II 5200 COLISEUM WAY, LLC

SST II 525 SW SOUTH MACEDO BLVD, LLC

SST II 660 GARDEN HWY, LLC

SST II 6950 S GARTRELL RD, LLC

SST II 700 RUSSELL RD, LLC

SST II 7755 PRESERVE LN, LLC

SST II ROSSVILLE BLVD, LLC

 

each a Delaware limited liability company

 

 

By: Strategic Storage Trust II, Inc., a Maryland corporation, its Manager

 

 

	
 
	
By:
	
/s/ Michael S. McClure

	
 
	
Name: 
	
Michael S. McClure

	
 
	
Title:   
	
President

 

 

First Amendment to Loan Agreement

 

 

SST II TRS MORTGAGE, LLC,

a Delaware limited liability company

 

 

By: Strategic Storage TRS II, Inc, 
a Delaware corporation, its Manager

 

 

	
 
	
By:
	
/s/ Michael S. McClure

	
 
	
Name: 
	
Michael S. McClure

	
 
	
Title:   
	
President

 

 

 

SSGT TRS MORTGAGE, LLC,

a Delaware limited liability company

 

 

By: SS Growth TRS, Inc.,
a Delaware corporation, its Manager

 

 

	
 
	
By:
	
/s/ Michael S. McClure

	
 
	
Name: 
	
Michael S. McClure

	
 
	
Title:   
	
President

 

 

 

[Signature Pages Continue]

 

First Amendment to Loan Agreement

 

 

LENDER:

KEYBANK NATIONAL ASSOCIATION,
a national banking association

	
 
	
By:
	
/s/ Cynthia Milioto

	
 
	
Name: 
	
Cynthia Milioto

	
 
	
Title:   
	
Vice President

 

 

CITI REAL ESTATE FUNDING INC.,
a New York corporation

	
 
	
By:
	
/s/ Harry Kramer

	
 
	
Name: 
	
Harry Kramer

	
 
	
Title:   
	
Vice President

 

First Amendment to Loan Agreement

 

 

SCHEDULE I

BORROWER LIST

SSGT 1001 Tollgate RD, LLC

SSGT 1111 W Gladstone ST, LLC

SSGT 1302 Marquette DR, LLC

SSGT 1671 Northpark Dr, LLC

SSGT 4349 S Jones BLVD, LLC

SSGT 4866 E Russell RD, LLC

SSGT 7211 Arlington AVE, LLC

SSGT 7760 Lorraine AVE, LLC

SSGT 8239 Broadway St, LLC

SST II 10451 NW 33rd St, LLC

SST II 120 Centrewest CT, LLC

SST II 1325 Benden Way, LLC

SST II 1341 S State Rd 7, LLC

SST II 1401 Enterprise ST, LLC

SST II 150 Airport BLVD, LLC

SST II 1597 Market St, LLC

SST II 1840 Victoria St, LLC

SST II 1880 Williamsburg Pike, LLC

SST II 1900 Bellbrook Ave, LLC

SST II 21 Kings Chapel Dr, LLC

SST II 4950 Western Ave, LLC

SST II 5012 New Bern AVE, LLC

SST II 5200 Coliseum Way, LLC

SST II 525 SW South Macedo Blvd, LLC

SST II 660 Garden Hwy, LLC

SST II 6950 S Gartrell Rd, LLC

SST II 700 Russell Rd, LLC

SST II 7755 Preserve Ln, LLC

SST II Rossville Blvd, LLC
SST II TRS Mortgage, LLC
SSGT TRS Mortgage, LLC

 

 

 

CONSENT AND RATIFICATION OF GUARANTOR

The undersigned, as Guarantor under that certain Guaranty Agreement and that certain Environmental Indemnity Agreement, each dated as of January 24, 2019 (collectively, the “Guaranty Documents”) hereby unconditionally and irrevocably:  (a) consents to the execution and delivery of, and performance under, the First Amendment to Loan Agreement to which this consent is attached (the “Amendment”); (b) affirms its obligations under the Guaranty Documents to which it is a party; and (c) agrees that the execution and delivery of the Amendment shall not operate to release, discharge, serve as a defense to, or in any way alter or amend the obligations of the undersigned under the Guaranty Documents as to which it is a party, except as may specifically be amended or modified pursuant to the Amendment.    

Executed as of February ____, 2019.

STRATEGIC STORAGE TRUST II, INC.,

a Maryland corporation

 

 

By: /s/ Michael S. McClure

Name: Michael S. McClure

Title: President

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