Document:

Exhibit 10.1

 

AMENDED AND RESTATED

PROPETRO HOLDING CORP.

EXECUTIVE INCENTIVE BONUS PLAN

 

 

		1.	Purpose

 

This Senior Executive
Incentive Bonus Plan (the “Bonus Plan”) is intended to provide an incentive for superior work and to motivate
eligible executives and senior managers of ProPetro Holding Corp. (the “Company”) and its subsidiaries toward
even higher achievement and business results, to tie their goals and interests to those of the Company and its stockholders and
to enable the Company to attract and retain highly qualified executives and senior managers. The Bonus Plan is for the benefit
of Eligible Individuals (as defined below).

 

		2.	Administration

 

The Compensation Committee
of the Board of Directors of the Company (the “Compensation Committee”) shall have the sole discretion and authority
to administer and interpret the Bonus Plan. The Compensation Committee may delegate any or all of its authority and duties under
the Bonus Plan with respect to any Eligible Individual that is not an executive officer of the Company to any executive officer
of the Company; provided, however, that the Compensation Committee shall not delegate any portion of its authority and duties set
forth in Sections 7 and 8 hereto. The Compensation Committee and, if applicable, the Company’s executive officer(s) to which
the Compensation Committee has delegated its authority and duties pursuant to this Section 2 shall be referred to herein as the
 “Administrator” of the Bonus Plan.

 

		3.	Eligibility and Participation

 

The Administrator shall
select the persons eligible to participate in the Bonus Plan, which may include, without limitation, the executives and senior
managers of the Company and its subsidiaries (“Eligible Individuals”).

 

		4.	Bonus Determinations

 

(a)              
An Eligible Individual may receive a bonus payment under the Bonus Plan based upon the attainment of performance objectives
which are established by the Administrator and relate to financial, operational or other metrics with respect to the Company or
any of its subsidiaries (the “Performance Goals”), including, but not limited to: (i) adjusted net earnings
or losses (either before or after one or more of the following: (A) interest, (B) taxes, (C) depreciation, (D) amortization
and (E) non-cash equity-based compensation expense); (ii) gross or net sales or revenue or sales or revenue growth;
(iii) net income (either before or after taxes); (iv) adjusted net income; (v) operating earnings or profit (either
before or after taxes); (vi) cash flow (including, but not limited to, operating cash flow and free cash flow); (vii) return
on assets; (viii) return on capital (or invested capital) and cost of capital; (ix) return on stockholders’ equity;
(x) total stockholder return; (xi) return on sales; (xii) gross or net profit or operating margin; (xiii) costs,
reductions in costs and cost control measures; (xiv) expenses; (xv) working capital; (xvi) earnings or loss per
share; (xvii) adjusted earnings or loss per share; (xviii) price per share or dividends per share (or appreciation in
and/or maintenance of such price or dividends); (xix) regulatory  achievements or compliance (including, without limitation,
regulatory body approval for commercialization of a product); (xx) implementation or completion of critical projects; (xxi)
market share; (xxii) economic value; (xxiii) productivity; (xxiv) operating efficiency; (xxv) economic value-added; (xxvi) cash
flow return on capital; (xxvii) return on net assets; (xxviii) funds from operations; (xxix) funds available for distributions;
(xxx) market penetration and geographic business expansion; (xxxi) customer satisfaction/growth; (xxxii) recruitment and retention
of personnel; (xxxiii) human resources management; (xxxiv) supervision of litigation and other legal matters; (xxxv) strategic
partnerships and transactions; (xxxvi) financial ratios (including those measuring liquidity, activity, profitability or leverage);
(xxxvii) financing and other capital raising transactions; (xxxviii) year-end cash; (xxxix) acquisition activity and marketing
initiatives; and (xl) safety metrics, any of which may be measured either in absolute terms or as compared to any incremental
increase or decrease or as compared to results of a peer group or to market performance indicators or indices.

  

     

     

    

 

(b)              
Generally, any bonuses paid to Eligible Individuals under the Bonus Plan shall be based upon objectively determinable
bonus formulas that tie such bonuses to one or more performance objectives relating to the Performance Goals and no bonuses shall
be paid to Eligible Individuals unless and until the Administrator makes a certification with respect to the attainment of the
performance objectives. Notwithstanding the foregoing, the Administrator shall have broad discretion to (i) modify the Performance
Goals selected for a particular performance period, (ii) modify the level of achievement with respect to each Performance Goal
resulting in the payment of bonuses and the amount of such payment, (iii) increase or decrease (including to zero) the actual amount
of the bonus payable to Eligible Individuals following the end of the applicable performance period, irrespective of actual performance
with respect to the Performance Goals established and (iv) pay bonuses (including, without limitation, discretionary bonuses) to
Eligible Individuals under the Bonus Plan based upon such other terms and conditions as the Administrator may in its sole discretion
determine. Such application of discretion need not be uniform across Eligible Individuals or performance periods.

 

(c)              
The payment of a bonus to an Eligible Individual with respect to a performance period shall be conditioned upon the Eligible
Individual’s employment by the Company through the payment date of such bonus; provided, however, that the Administrator
may make exceptions to this requirement, in its sole discretion, including, without limitation, in the case of an Eligible Individual’s
termination of employment, retirement, death or disability.

 

		5.	Forfeiture and Claw-Back Provisions

 

Any bonuses paid under
the Bonus Plan shall be subject to the provisions of any claw-back policy implemented by the Company, including, without limitation,
any claw-back policy adopted to comply with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act and
any rules, regulations or interpretations thereunder, to the extent set forth in such claw-back policy.

 

		6.	Other Provisions

 

(a)              
Neither the establishment of the Bonus Plan nor the selection of any individual as an Eligible Individual shall give any
individual any right to be retained in the employ of the Company or any subsidiary thereof, or any right whatsoever under the
Bonus Plan other than to receive bonus payments awarded by the Administrator.

  

    2

     

    

 

(b)              
No member of the Board of Directors of the Company or the Compensation Committee or any executive officer of the Company
acting as the Administrator pursuant to Section 2 shall be liable to any individual in respect of the Bonus Plan for any act or
omission of such member or executive officer of the Company, or any other member, executive officer, agent or employee of the Company
or any of its subsidiaries.

 

(c)              
The Company and its subsidiaries shall be entitled to withhold such amounts as may be required by federal, state or local
law from all bonus payments under the Bonus Plan.

 

(d)              
To the extent not preempted by federal law, the Bonus Plan shall be governed and construed in accordance with the internal
laws of the State of Delaware, without regard to the principles of conflicts of law thereof or any other jurisdiction.

 

(e)              
The Bonus Plan is intended to meet, or be exempt from, the requirements of Section 409A of the Code and will be interpreted
and construed in accordance with Section 409A of the Code and Department of Treasury Regulations and other interpretive guidance
issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date
(as defined below) (collectively, “Section 409A”). Notwithstanding any provision of the Bonus Plan to the
contrary, in the event that following the Effective Date the Company determines that any provision of the Bonus Plan could otherwise
cause any person to be subject to the penalty taxes imposed under Section 409A, the Company may adopt such amendments to the
Bonus Plan or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take
any other actions, that the Company determines are necessary or appropriate to exempt the bonus from Section 409A or comply with
the requirements of Section 409A and thereby avoid the application of any penalty taxes under Section 409A. Notwithstanding
anything herein to the contrary, in no event shall any liability for failure to comply with the requirements of Section 409A
be transferred from an Eligible Individual or any other person to the Company or any of its affiliates, employees or agents pursuant
to the terms of the Bonus Plan or otherwise.

 

		7.	Amendment and Termination

 

The Compensation Committee
reserves the right to amend or terminate the Bonus Plan at any time in its sole discretion. Any amendments to the Bonus Plan shall
require stockholder approval only to the extent required by any applicable law, rule or regulation.

 

		8.	Term of Bonus Plan

 

The Bonus Plan shall
become effective as of February 11, 2020 and shall continue in effect until modified or terminated by the Compensation Committee.

 

    3Exhibit

Exhibit 4.8
DESCRIPTION OF CAPITAL STOCK
The following description of capital stock of Verisk Analytics, Inc. (the “company,” “we,” “us” and “our”) summarizes certain provisions of our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws. The description is intended as a summary, and is qualified in its entirety by reference to our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, copies of which have been filed as exhibits to this Annual Report on Form 10-K.
Our authorized capital stock consists of 2,000,000,000 shares of common stock, par value $0.001 per share, and 80,000,000 shares of preferred stock, par value $0.001 per share. 
Common Stock 
Voting Rights 
Holders of our common stock have the sole right and power to vote on all matters on which a vote of stockholders is to be taken, except as provided by statute or resolution of our board of directors in connection with the issuance of preferred stock in accordance with our Amended and Restated Certificate of Incorporation. 
The amendment of certain of the provisions in our amended and restated certificate of incorporation requires the affirmative vote of at least two-thirds of the votes cast thereon by the outstanding shares of the common stock. These provisions include certain of the limitations described below under “- Dividend Rights”, “-Liquidation Rights”, “-Beneficial Ownership Limitations” and “Anti-Takeover Effects of Delaware Law - Staggered Boards.” 
Dividend Rights 
Holders of our common stock are entitled to share equally (on a per share basis) in any dividend declared by our board of directors, subject to any preferential or other rights of any outstanding preferred stock. 
Liquidation Rights 
Upon liquidation, dissolution or winding up, holders of our common stock are entitled to receive ratably the assets available for distribution to the stockholders after payment of liabilities and payment of preferential and other amounts, if any, payable on any outstanding preferred stock. 
Beneficial Ownership Limitations 
Our amended and restated certificate of incorporation prohibits any insurance company from beneficially owning more than ten percent of the aggregate outstanding shares of our common stock. If any transfer is purportedly effected which, if effected, would result in a violation of this limitation, the intended transferee will acquire no rights in respect of the shares in excess of this limitation, and the purported transfer of such number of excess shares will be null and void. In this context an insurance company means any insurance company whose primary activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies or any other entity controlling, controlled by or under common ownership, management or control with such insurer or reinsurer. 
Preferred Stock 
The board of directors has the authority to issue the preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any series or the designation of such series, without further vote or action by the stockholders. 
The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of the Company without further action by the stockholders and may adversely affect the voting and other rights of the holders of common stock. At present, we have no plans to issue any of the preferred stock. 

Anti-Takeover Effects of Delaware Law 
We are subject to the “business combination” provisions of Section 203 of the Delaware General Corporation Law. In general, such provisions prohibit a publicly held Delaware corporation from engaging in various “business combination” transactions with any interested stockholder for a period of three years after the date of the transaction in which the person became an interested stockholder, unless 
		
	•
	the transaction is approved by the board of directors prior to the date the interested stockholder obtained such status; 

		
	•
	upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced; or 

		
	•
	on or subsequent to such date the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder. 

A “business combination” is defined to include mergers, asset sales and other transactions resulting in financial benefit to a stockholder. In general, an “interested stockholder” is a person who, together with affiliates and associates, owns (or within three years, did own) 15% or more of a corporation’s voting stock. 

The statute could prohibit or delay mergers or other takeover or change in control attempts with respect to the Company and, accordingly, may discourage attempts to acquire us even though such a transaction may offer our stockholders the opportunity to sell their stock at a price above the prevailing market price. 

Advance Notice of Proposals and Nominations 

Our bylaws establish advance notice procedures with regard to stockholders’ proposals relating to the nomination of candidates for election as directors or other business to be brought before meetings of its stockholders. These procedures provide that notice of such stockholders’ proposals must be timely given in writing to our secretary prior to the meeting at which the action is to be taken. Generally, to be timely, notice must be received at our principal executive offices not less than 60 days nor more than 90 days prior to the first anniversary date of the annual meeting for the preceding year. Shareholders utilizing "proxy access" must meet separate deadlines. The notice must contain certain information specified in the bylaws. 

Limits on Written Consents 

Our amended and restated certificate of incorporation prohibits stockholder action by written consent. 

Proxy Access

Our bylaws contain “proxy access” provisions which give an eligible shareholder (or group of up to 20 shareholders aggregating their shares) owning at least 3% of the Company’s issued and outstanding common stock continuously for at least three years the right to nominate and include in the Company’s annual meeting proxy materials director nominees constituting up to the greater of two directors or 20% of the board of directors, provided that the shareholders and nominees satisfy the requirements and such other limitations specified in the bylaws.

Limits on Special Meetings 

Our amended and restated certificate of incorporation and bylaws provide that special meetings of the stockholders may be called by our board of directors, the chairman of the board, the Chief Executive Officer, the President or our Secretary. 

Staggered Boards 
    
Our board of directors is divided into three classes serving staggered terms. The number of directors is fixed by our board of directors, subject to the terms of our Amended and Restated Certificate of Incorporation. 

Our board of directors currently consists of twelve directors, and each director is elected for a three-year term by the holders of a majority of the votes cast by the holders of shares of common stock present in person or represented by proxy at the meeting and entitled to vote on the election of the directors, provided that if the number of nominees exceeds the number of directors to be elected, the directors shall be elected by the vote of a plurality of the votes cast by the holders of shares of 

common stock present in person or represented by proxy at the meeting and entitled to vote on the election of the directors. Vacancies on our board of directors will be filled by a majority of the remaining directors. 

Listing 

Our common stock is listed on the NASDAQ Global Select Market under the symbol “VRSK.” 

Transfer Agent and Registrar 

The Transfer Agent and Registrar for the common stock is Equiniti Trust Company.

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