Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (the “Agreement”), is entered into by and among 99 Cents Only Stores LLC, a California limited liability company (the “Company”) and Felicia Thornton (“Executive”) this October 31, 2015.

 

NOW, THEREFORE, the Company and Executive agree as follows:

 

1.                                      Employment.

 

(a)                                 Term.  The term of Executive’s employment under this Agreement shall commence on November 2, 2015 (the “Effective Date”) and shall continue until terminated pursuant to Section 4 hereof (the “Term”).  Executive’s employment with the Company is “at-will” and shall continue only so long as mutually agreeable to Executive and the Company, subject to Section 4 hereof.

 

(b)                                 Duties and Responsibilities.  During the Term, Executive shall serve as the full-time Chief Financial Officer of the Company and shall have the duties and responsibilities customarily associated with such position, and such additional duties and responsibilities as may from time to time be assigned to her by the Chief Executive Officer of the Company (the “CEO”).  Executive shall report directly to the CEO and shall have oversight over the following functions:  Finance (including Treasury), Accounting, Legal, Tax, Information Technology and Risk Management.  Unless otherwise determined by the Board of Directors (the “Board”) of the Company’s parent, Number Holdings, Inc. (“Parent”), Executive shall (i) devote her full business time to the business and affairs of the Company, (ii) not engage in any other business activities, as a director, officer, employee or consultant or in any other capacity without Board consent, whether or not she receives compensation therefor and (iii) observe and comply with all rules, regulations, policies and practices of the Company.  The Board hereby consents to Executive serving as an advisor to Ares Management LLC or its designated affiliate (“Ares”) or as a member of the board of directors of a designated affiliate (or both) in such capacity, and for such compensation therefor, as Ares and Executive may agree.  Executive shall principally perform her duties at the Company’s headquarters in Los Angeles County, California.  Notwithstanding the foregoing, (x) subject to the prior approval of the Board (which shall not be unreasonably withheld), Executive may serve on one public company board of directors following the first anniversary of the Effective Date and (y) Executive may serve on the boards of charitable, civic or religious organizations, engage in charitable and community affairs and activities, and manage her personal investments; provided that, in either case, such activities do not interfere with the performance of Executive’s duties and responsibilities hereunder.

 

2.                                      Compensation.

 

(a)                                 Base Salary.  So long as she remains employed by the Company, during the Term Executive shall be paid a base salary (“Base Salary”), which initially shall be at the annual rate of $650,000, payable in installments, at least monthly, consistent with the Company’s regular payroll practices.

 

 

(b)                                 Annual Incentive Bonus.

 

(i)                                     Beginning with fiscal year 2017, Executive shall be eligible to earn an annual cash incentive bonus (“Annual Bonus”) for each fiscal year of the Company under a bonus plan approved by the Board or an authorized committee thereof.  Executive’s target Annual Bonus shall be 75% of the Base Salary in effect at the end of such fiscal year.  Executive’s maximum Annual Bonus shall be 150% of the Base Salary in effect at the end of such fiscal year. The actual level of payment will be contingent upon achieving applicable performance goals as determined by the Board or an authorized committee thereof.

 

(ii)                                  Except as provided in Section 4 hereof, no Bonus shall be earned until the date that such Bonus is paid, and Executive must be an employee on such date to earn any such Bonus.  Each Bonus shall be paid at the same time as annual bonuses are paid to other senior executives following the end of the fiscal year relating to such Bonus and in the calendar year in which such fiscal year relating to such Bonus ends (but no later than October 31 of such calendar year).  Payment of each such Bonus will be based on the evaluation of the level of achievement of performance goals by the Board, or an authorized committee thereof, in its reasonable discretion.

 

(c)                                  Signing Bonus.  The Company shall pay to Executive a cash bonus of $500,000 (the “Cash Signing Bonus”) within seven days following the Effective Date.  If Executive’s employment is terminated by the Company for Cause or by Executive without Good Reason and not due to Executive’s Disability (as each such capitalized term is defined below) on or prior to the second anniversary of the Effective Date, then not later than the 60th day following the date of termination of Executive’s employment, Executive shall repay to the Company (i) the Cash Signing Bonus, minus (ii) an amount equal to the difference between (A) all federal and state income, FICA and California state employment taxes actually paid by Executive with respect to the Cash Signing Bonus and (B) Executive’s good faith estimate of the reduction in her federal and state income taxes for the year of repayment (determined as if such repayment is deductible in full and computed at the highest marginal aggregate federal and state income tax rate applicable to Executive in such year of repayment) attributable to all deductions available to Executive by reason of such repayment. In addition, if, after the repayment to the Company of any amount pursuant to clause (ii) above, Executive becomes entitled to receive any refund from a taxing authority with respect to such repayment in excess of the amount described in clause (ii) above, Executive shall pay to the Company the amount of such excess promptly (but in no event later than 10 business days) following receipt thereof. If, after expiration of such 10-day period, the Company incurs any costs or expenses, including attorneys’ fees, in collection of any such repayment, then, in addition to all other remedies, Executive shall reimburse the Company for all such costs and expenses.

 

(d)                                 Non-Qualified Stock Option Grant.  Subject to the approval of the compensation committee of the Board, within two weeks following the Effective Date, Parent and Executive will enter into a Non-Qualified Stock Option Agreement in substantially the form attached hereto as Exhibit A, with respect to stock options having an exercise price per share of Class A common stock of Parent and Class B common stock of Parent, together, of the greater of (i) $750 and (ii) the Fair Market Value (as defined in the Number Holdings, Inc. 2012 Stock Incentive Plan) thereof.

 

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3.                                      Employee Benefits.

 

(a)                                 Business Expenses.  Upon timely submission of itemized expense statements and other documentation in accordance with the procedures specified by the Company, Executive shall be entitled to reimbursement for actual out-of-pocket business and travel expenses duly incurred by Executive during the Term in the course of her duties hereunder, in accordance with the policies of the Company then in effect generally applicable to senior executives of the Company.  The Company shall also reimburse Executive’s reasonable professional fees incurred to negotiate and prepare this Agreement and all other agreements related thereto, in an amount not to exceed $23,000 in the aggregate, which expenses must be submitted no later than February 1, 2016 and the Company shall reimburse Executive prior to March 15, 2016. In no event shall Executive be able to determine the year of payment of such reimbursement.

 

(b)                                 Relocation.

 

(i)                                     The Company shall reimburse Executive for reasonable out-of-pocket expenses for the transition to Los Angeles and the transfer of household goods from Executive’s former residence in Portland, Oregon to Executive’s residence in Los Angeles, California incurred prior to the first anniversary of the Effective Date, up to a maximum of (i) $7,000 payable with respect to calendar year 2015 and (ii) $93,000 payable with respect to calendar year 2016.  Executive shall relocate her primary residence to the greater Los Angeles, California area prior to the first anniversary of the Effective Date.

 

(ii)                                  All expense reimbursements, including the transfer of household goods, are subject to the Company’s and Parent’s policies in effect from time to time.  Notwithstanding the foregoing, all expenses must be submitted no later than 90 days from the date Executive incurs such expense and the Company shall reimburse Executive no later than one month from the date such expenses are submitted.  Executive must be employed by the Company on the date of reimbursement unless Executive’s employment with the Company was terminated by the Company without Cause or due to Executive’s death or Disability.  In no event shall Executive be able to determine the year of payment of any reimbursement.

 

(c)                                  Benefit Plans.  So long as she remains employed by the Company during the Term, Executive shall be eligible to participate in the Company’s employee benefit plans and programs (“Benefit Plans”) as they may exist from time to time, in each case as offered by the Company to its senior executives generally, subject to the terms and conditions thereof.  Nothing in this Agreement shall require the Company to maintain any Benefit Plan, or shall preclude the Company from terminating or amending any Benefit Plan from time to time.

 

(d)                                 Vacation.  Executive shall be entitled to five weeks of vacation time per year (pro-rated for any partial years) to be used in accordance with the Company’s vacation policy for senior executives.  Executive acknowledges that given her position at the Company, Executive will remain generally available and accessible to the Company’s senior managers through an electronic means of communication when reasonably possible.

 

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4.                                      Termination of Employment.  Executive’s employment may be terminated in accordance with this Section 4.

 

(a)                                 For Cause.  The Company may terminate Executive’s employment for “Cause” immediately upon written notice for any of the following reasons: (i) Executive’s (A) being indicted for or charged with a felony under United States or applicable state law or (B) conviction of, or plea of guilty or nolo contendere to a misdemeanor where imprisonment is imposed (other than for a traffic-related offense); (ii) perpetration by Executive of an illegal act, or of dishonesty or fraud, that is reasonably expected to cause material economic or material reputational injury to the Company, Parent or any of their subsidiaries or any act of moral turpitude by Executive; (iii) Executive’s insubordination or willful failure to perform her duties or responsibilities for the Company, Parent or any of their subsidiaries for any reason other than illness or incapacity; (iv) Executive’s willful misconduct or gross negligence with regard to the Company, Parent or any of their subsidiaries; (v) Executive’s unlawful appropriation of a material corporate opportunity; or (vi) Executive’s material breach of agreement with the Company or any of its affiliates, or breach (which shall be deemed “material”) of such an agreement respecting any confidentiality or other restrictive covenant including the Fair Competition Agreement, entered into between Executive and the Company or any of its affiliates,.  No termination of Executive’s employment by the Company for “Cause” under clause (iii) or (vi) above shall be effective unless (i) the Company provides Executive (x) written notice of the circumstances constituting “Cause” and (x) 30 days for Executive to cure such circumstances (if curable) and (ii) such circumstances have not been cured upon the expiration of such 30-day cure period.  No act or omission to act by Executive shall be “willful” if conducted in good faith or with a reasonable belief that such act or omission was in the best interests of the Company.

 

Upon termination of Executive’s employment for Cause, neither the Company, nor any of its affiliates, shall be under any further obligation to Executive, except the Company’s obligation to pay (A) all accrued but unpaid Base Salary to the date of termination within 30 days following such termination, less all applicable deductions, (B) any accrued but unused vacation, (C) any earned and vested benefits and payments pursuant to the terms of any Benefit Plan and (D) all unreimbursed business expenses incurred and properly submitted in accordance with this Agreement (the payments and benefits described in subsections (A) through (D) herein shall be referred herein as the “Accrued Benefits”).

 

(b)                                 Without Cause; Good Reason.

 

(i)                                     The Company may terminate Executive’s employment at any time without Cause immediately upon delivery of written notice.

 

(ii)                                  Executive may terminate Executive’s employment at any time for Good Reason (as defined in Section 4(b)(iv)) by giving written notice to the Company of her good faith belief that Good Reason exists within 60 days of the first occurrence of the circumstance(s) giving rise to such belief, which notice shall describe such circumstance(s); provided that (A) the Company shall have 30 days following receipt of such notice to cure such circumstance(s), and (B) Executive terminates her employment within 15 days following the expiration of the Company’s cure period without the Company curing such circumstance(s).

 

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(iii)                               Upon termination of Executive’s employment by the Company without Cause or by Executive for Good Reason (A) prior to the second anniversary of the Effective Date, (x) in addition to the Accrued Benefits, Executive shall be entitled to receive from the Company an amount equal to one and one-half times Executive’s Base Salary, payable in equal installments over 18 months following termination of employment in accordance with the Company’s regular payroll schedule, and (y) an amount equal to the Company portion of the health care premiums for Executive (including for her spouse and eligible dependents) for 18 months following Executive’s termination date, (B) on or after the second anniversary of the Effective Date, (x) in addition to the Accrued Benefits, Executive shall be entitled to receive from the Company an amount equal to Executive’s Base Salary, payable in equal installments over 12 months following termination of employment and (y) an amount equal to the Company portion of the health care premiums for Executive (including for her spouse and eligible dependents) for 12 months following Executive’s termination date, and (C) Executive will be entitled to receive any unpaid Annual Bonus for the fiscal year completed prior to such termination of employment based on actual performance and payable at the same time as bonuses are paid to senior executives of the Company generally, subject to and in accordance with Section 2(b)(ii).

 

The foregoing payments shall be contingent on (A) Executive executing and delivering to the Company a release of claims against the Company substantially in the form attached hereto as Exhibit B (subject to any modifications necessary to render such release fully enforceable under applicable law, as determined by the Company) (“Release”), and such Release becoming effective by the 60th day following Executive’s termination of employment and (B) Executive’s continued compliance with all post-termination restrictive covenants applicable to Executive, including the covenants contained in the Fair Competition Agreement.  Any amounts delayed pursuant to the foregoing sentence shall be paid with the first such payment on the first regularly scheduled payroll date on or after the 60th day following termination of employment.  A termination of Executive’s employment under this Section 4(b) does not include a termination of employment by reason of Executive’s Disability (as defined below) or upon the death of Executive.

 

(iv)                              “Good Reason” shall mean without Executive’s consent, (A) a material reduction in Executive’s titles, duties or authorities (including reporting responsibilities), (B) a material reduction in Base Salary or Target Bonus (in each case, other than an across the board reduction applicable to all senior executives of the Company), (C) any relocation of Executive’s principal office by more than 50 miles; or (D) a material breach of this Agreement by the Company without Executive’s written consent.

 

(c)                                  Resignation without Good Reason.  Executive may resign her employment without Good Reason upon providing the Company 30 day’s prior written notice; provided, that the Company shall have the right to accelerate Executive’s termination date to an earlier date than specified in Executive’s notice.  In the event of such resignation by Executive, neither the Company nor any of its affiliates shall be under any further obligation to Executive, except the Company’s obligation to pay the Accrued Benefits.

 

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(d)                                 Disability; Death.  The Company may terminate Executive’s employment if Executive experiences a “Total Disability” (or equivalent) as defined under the Company’s Long Term Disability Plan in effect at the time of the disability (or, if no Long Term Disability Plan is in effect at the time of the disability, if Executive becomes disabled within the meaning of Section 409A (as defined below)) (a “Disability”).  In the event that Executive’s employment is terminated by reason of Executive’s Disability or upon the death of Executive, in addition to the Accrued Benefits, Executive (or executive’s estate, as applicable) shall be entitled to receive any unpaid Annual Bonus for the fiscal year completed prior to the year of such termination based on actual performance, payable when bonuses are paid to executives generally, subject to and in accordance with Section 2(b)(ii).  Neither the Company nor any of its affiliates shall be under any further obligation to Executive or her estate.  The foregoing payments shall be contingent on Executive (or Executive’s estate, as applicable) executing and delivering to the Company a Release, and such Release becoming effective by the 60th day following Executive’s termination of employment.  Any amounts delayed pursuant to the foregoing sentence shall be paid on the first regularly scheduled payroll date on or after the 60th day following termination of employment.

 

(e)                                  Cooperation.  Following termination of employment for any reason, Executive shall (i) cooperate with the Company and its affiliates and their respective counsel, as reasonably requested by the Company, to effect a transition of Executive’s responsibilities and to ensure that the Company is aware of all matters being handled by Executive and (ii) cooperate and provide assistance to the Company and its affiliates and their respective counsel at the Company’s reasonable request in connection with any action, suit or proceeding brought by or against the Company or any of its affiliates (or in which any of them is or may be a party) or that relates in any way to Executive’s employment by the Company.  The Company shall provide reasonable notice of any need for assistance, and the Company shall use all reasonable efforts to mitigate or avoid such assistance interfering with Executive’s employment or business activities.  The Company shall reimburse Executive promptly for actual out-of-pocket expenses incurred by her in connection with assisting the Company in the manner described in the immediately preceding sentence in accordance with the policies of the Company then in effect generally applicable to senior executives of the Company. If Executive is subpoenaed to give testimony (in a deposition, court proceeding or otherwise) that in any way relates to the Company or any of its affiliates or Executive’s employment with the Company, Executive shall give prompt notice of such request to the Company, and shall make no disclosure until the Company has had a reasonable opportunity to contest the right of the requesting party or entity to such disclosure.  Upon termination for any reason, Executive shall be deemed to have resigned from all offices and directorships then held with the Company or any of its subsidiaries. Executive’s obligations under this Section 4(e) shall survive the termination of Executive’s employment and the termination of this Agreement.

 

(f)                                   Post-Term Consulting Arrangement.  If, on or after the second anniversary of the Effective Date, Executive becomes employed by, or enters into a self-employment relationship (including, without limitation, as a consultant, advisor or member of a board of directors) with a direct or indirect affiliate of the Company or Number Holdings Inc., the Company and Executive shall enter into a mutually agreeable consulting arrangement with a term that extends at least through the fourth anniversary of the Effective Date (unless sooner terminated pursuant to the terms of such consulting arrangement).

 

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5.                                      Other Agreements.  Executive shall execute and deliver to the Company the Fair Competition Agreement and the Arbitration Agreement, attached hereto as Exhibits C and D, respectively, on or before the Effective Date; provided, any provision of the Arbitration Agreement (Exhibit D) to the contrary notwithstanding, the Company shall pay all arbitrator’s fees and costs incurred in connection with any such arbitration proceeding.  Such execution and delivery is a condition to the effectiveness of this Agreement. Executive shall at all times comply with the Fair Competition Agreement.

 

6.                                      Withholding.  The Company may withhold from all amounts payable to Executive hereunder all federal, state, city or other taxes that the Company may reasonably determine are required to be withheld pursuant to any applicable law or regulation and any additional withholding to which Executive has agreed.

 

7.                                      Section 409A.  Notwithstanding anything herein to the contrary:

 

(a)                                 The Company does not guarantee to Executive any particular tax treatment relating to the payments and benefits under this Agreement.  It is intended that such payments and benefits be exempt from, or comply with, Section 409A of the Internal Revenue Code (the “Code”) and the regulations and guidance promulgated thereunder (collectively, “Section 409A”), and all provisions of this Agreement shall be administered, interpreted and construed in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A.  Notwithstanding any other provision hereof, in no event shall the Company be liable for, or be required to indemnify Executive for, any liability of Executive for taxes or penalties under Section 409A or otherwise.

 

(b)                                 To the extent required by Section 409A, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A.

 

(c)                                  With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided, that this clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect; and (iii) such payments shall be made on or before the last day of Executive’s taxable year following the taxable year in which the expense was incurred.

 

(d)                                 Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within ten calendar days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company.  If under this Agreement, an amount is to be paid in two or more installments, for purposes of Section 409A, each installment shall be treated as a separate payment.

 

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(e)                                  Notwithstanding any other provision of this Agreement, if at the time of Executive’s termination of employment, she is a “specified employee,” determined in accordance with Section 409A, any payments and benefits provided under this Agreement that constitute “nonqualified deferred compensation” subject to Section 409A that are provided to Executive on account of her separation from service shall not be paid until the first day of the seventh month following such date of termination, or if earlier, within 60 calendar days after Executive’s death to the personal representative of Executive’s estate.

 

8.                                      Miscellaneous.

 

(a)                                 Governing Law.  This Agreement, and any contest, dispute, controversy or claim arising hereunder or related hereto (collectively, “Disputes”), shall be governed by and construed in accordance with the laws of the State of California without regard to conflict of law principles that would require the application of the laws of another jurisdiction.

 

(b)                                 Assignment and Transfer.  Executive’s rights and obligations under this Agreement shall not be transferable by assignment or otherwise, and any purported assignment, transfer or delegation thereof shall be void.  This Agreement shall inure to the benefit of, and be binding upon and enforceable by, any purchaser of substantially all of the Company’s assets, any successor to the Company or any assignee thereof.

 

(c)                                  Entire Agreement.  This Agreement contains the entire agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes any prior or contemporaneous written or oral agreements, representations and warranties between them respecting the subject matter hereof (including the Employment Term Sheet describing the terms of Executive’s employment).  Without limiting the foregoing, this Agreement expressly supersedes all prior agreements (written or oral) relating to Executive’s employment with the Company or any of its subsidiaries.

 

(d)                                 Amendment and Waiver; Rights Cumulative.  This Agreement may be amended, waived or discharged only by a writing signed by Executive and by a duly authorized representative of the Company (other than Executive).  No failure or neglect of either party hereto in any instance to exercise any right, power or privilege hereunder or under law shall constitute a waiver of any other right, power or privilege or of the same right, power or privilege in any other instance.  All waivers by either party hereto must be contained in a written instrument signed by the party to be charged and, in the case of the Company, by a duly authorized representative of the Company (other than Executive).  The rights and remedies provided by this Agreement are cumulative, and the exercise of any right or remedy by either party hereto (or by its successor), whether pursuant to this Agreement, to any other agreement, or to law, shall not preclude or waive its right to exercise any or all other rights and remedies.

 

(e)                                  Severability.  If any term, provision, covenant or condition of this Agreement, or the application thereof to any person, place or circumstance, shall be held to be invalid, unenforceable or void, the remainder of this Agreement and such term, provision, covenant or condition as applied to other persons, places and circumstances shall remain in full force and effect.

 

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(f)                                   Dispute Resolution.  Except as provided in the Fair Competition Agreement, all Disputes shall be resolved in accordance with the Arbitration Agreement attached hereto as Exhibit D and incorporated herein.  This Section 8(f) shall survive the termination of Executive’s employment and the expiration or termination of this Agreement.  Executive shall execute and deliver to the Company a copy of such Agreement on or before the Effective Date as a condition to the effectiveness of this Agreement.

 

(g)                                  Notices.  Any notices or other communication required or permitted under this Agreement shall be effective only if it is in writing and shall be deemed given when delivered personally, one day after it is sent through a reputable overnight carrier, or three business days after it is mailed by registered mail, return receipt requested, to the parties at the following addresses (or at such other address as a party may specify by notice given hereunder to the other party:

 

If to Executive:

 

At the address(es) listed in the Company’s personnel records.

 

If to the Company:

 

99 Cents Only Stores LLC
 4000 Union Pacific Avenue
 Commerce, CA 90023
 Telephone: (323) 980-8145
 Facsimile: (323) 307-9611
 Attention: General Counsel

 

with copies to:

 

Ares Management LLC
 2000 Avenue of the Stars, 12th Floor
 Los Angeles, CA 90067
 Telephone: (310) 201-4100 
 Facsimile: (310) 201-4170
 Attention: Adam Stein

 

and

 

Proskauer Rose LLP
 2049 Century Park East, Suite 3200
 Los Angeles, CA 90067
 Telephone: (310) 284-4582

Facsimile: (310) 557-2193 
 Attention: Michael A. Woronoff, Esq.

 

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(h)                                 Further Assurances.  Executive shall, upon the Company’s reasonable request, execute such further documents and take such other actions as may be permitted or reasonably required by law to implement the purposes, objectives, terms, and provisions of this Agreement.

 

(i)                                     Interpretation.  The headings and captions of this Agreement are provided for convenience only and are intended to have no effect in construing or interpreting this Agreement.  The language in all parts of this Agreement shall be in all cases construed according to its fair meaning and not strictly for or against the Company or Executive.  As used herein:  (i)  reference to any agreement, document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof; (ii) reference to any law, rule or regulation means such law, rule or regulation as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder, and reference to any section or other provision of any law, rule or regulation means that provision of such law, rule or regulation from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such section or other provision; (iii) “hereunder,” “hereof,” “hereto,” and words of similar import shall be deemed references to this Agreement as a whole and not to any particular article, section or other provision hereof; (iv) “including” (and with correlative meaning “include”) means including without limiting the generality of any description preceding such term; (v) “or” is used in the inclusive sense of “and/or”; and (vi) references to documents, instruments or agreements shall be deemed to refer as well to all addenda, exhibits, schedules or amendments thereto.

 

(j)                                    Acknowledgement.  Executive understands the terms and conditions set forth in this Agreement and acknowledges having had adequate time to consider whether to agree to the terms and conditions and to consult a lawyer or other advisor of Executive’s choice.

 

(k)                                 Counterparts.  This Agreement may be executed in multiple counterparts, each of which shall be considered to have the force and effect of an original.

 

(l)                                     Each Party the Drafter.  Executive understands the terms and conditions set forth in this Agreement and acknowledges having had adequate time to consider whether to agree to the terms and conditions and to consult a lawyer or other advisor of Executive’s choice.  This Agreement and the provisions contained herein shall not be construed or interpreted for or against any party to this Agreement because that party drafted or caused that party’s legal representative to draft any of its provisions.

 

(m)                             Time of Essence.  Time is and shall be of the essence in connection with this Agreement and the terms and conditions contained herein.

 

(n)                                 Survival.  All rights and obligations of any party in Sections 4 through 8 of this Agreement not fully satisfied or performed, as applicable, on the date Executive’s employment is terminated, shall survive the termination of Executive’s employment and the expiration or termination of this Agreement.

 

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(o)                                 Indemnification; Liability Insurance. Executive shall, at all times during the Term and thereafter during which she may be subject to a liability covered by this Section 8(o), (i) be indemnified and held harmless by the Company and Parent for her acts and omissions to act, relating to her employment with the Company hereunder, to the maximum extent permissible under applicable law, and (ii) be covered by any directors and officers liability insurance that the Company or Parent shall have in effect from time to time, to the same extent as the directors of the Company or Parent (whichever is more favorable to Executive) are covered by such directors and officers liability insurance.

 

[Remainder of Page Intentionally Left Blank / Signatures on Next Page]

 

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IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date first written above.

 

99 CENTS ONLY STORES LLC

 

	
By:
    	
/s/ Geoffrey J. Covert
    	
 
    
	
 
    	
 
    
	
Name:   Geoffrey J. Covert
    	
 
    
	
Title:   President and Chief Executive Officer
    	
 
    

 

 

FELICIA THORNTON

 

 

	
/s/ Felicia Thornton
    	
 
    

 

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EXHIBIT A

 

NON-QUALIFIED STOCK OPTION AGREEMENT

 

13

 

EXHIBIT B

 

RELEASE

 

14

 

EXHIBIT C

 

FAIR COMPETITION AGREEMENT

 

15

 

EXHIBIT D

 

ARBITRATION AGREEMENT

 

16Exhibit 10.2

 

Award Number:    

 

NUMBER HOLDINGS, INC.

 

NON-QUALIFIED STOCK OPTION AGREEMENT
 PURSUANT TO THE
 NUMBER HOLDINGS, INC.
  2012 STOCK INCENTIVE PLAN

 

AGREEMENT (“Agreement”), dated as of the Grant Date, between Number Holdings, Inc., a Delaware corporation (the “Company”), and Felicia Thornton (the “Participant”).

 

Preliminary Statement

 

The Committee hereby grants this non-qualified stock option (the “Option”) as of [·], 2015 (the “Grant Date”), pursuant to the Number Holdings, Inc. 2012 Stock Incentive Plan, as it may be amended from time to time (the “Plan”),  to purchase the number of shares of Class A Common Stock, $0.001 par value per share of the Company (the “Class A Common Stock”), and Class B Common Stock, par value $0.001 per share, of the Company (the “Class B Common Stock,” and, together with the Class A Common Stock, the “Common Stock”), set forth below to the Participant, as an Eligible Employee of the Company or one of its Affiliates (collectively, the Company and all of its Affiliates shall be referred to as the “Employer”).  Except as otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan.  A copy of the Plan has been delivered to the Participant.  By signing and returning this Agreement, the Participant acknowledges having received and read a copy of the Plan and agrees to comply with it, this Agreement and all applicable laws and regulations.

 

Accordingly, the parties hereto agree as follows:

 

1.                                      Tax Matters.  No part of the Option is intended to qualify as an “incentive stock option” under Section 422 of the Internal Revenue Code of 1986, as amended.

 

2.                                      Common Stock Subject to Option; Exercise Price.  Subject in all respects to the Plan and the terms and conditions set forth herein and therein, the Option entitles the Participant to purchase from the Company, upon exercise, 10,000 shares of Class A Common Stock and 10,000 shares of Class B Common Stock, provided that the Participant must exercise the Option with respect to an equal number of shares of Class A Common Stock and Class B Common Stock concurrently. The exercise price under the Option for each unit consisting of one share of Class A Common Stock and one share of Class B Common Stock is $[·] (the “Unit Exercise Price”).

 

3.                                      Vesting;  Exercise.

 

(a)                                 Time-Based Vesting.  A portion of the Option equal to 5,000 shares of each class of Common Stock (the “Time-Vested Option”) shall vest and become exercisable

 

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on the dates and in the cumulative percentages provided in the table below (which percentages shall apply equally with respect to the Class A Common Stock and the Class B Common Stock subject to the Time-Vested Option), provided, with respect to each vesting date, that the Participant has not experienced a Termination prior to such date.  There shall be no proportionate or partial vesting in the periods prior to each vesting date.

 

	
Time-Vested Option Vesting Date
    	
 
    	
Cumulative Percent
   Vested
    	
 
    
	
November 2, 2016
    	
 
    	
25
    	
%
    
	
November 2, 2017
    	
 
    	
50
    	
%
    
	
November 2, 2018
    	
 
    	
75
    	
%
    
	
November 2, 2019
    	
 
    	
100
    	
%
    

 

(b)                                 Performance-Based Vesting.  A portion of the Option equal to 5,000 shares of each class of Common Stock (the “Performance-Vested Option”) shall vest and become exercisable as provided below; provided, that the Participant has not experienced a Termination prior to such date.

 

(i)                                     If, on any date from and after the Grant Date, the Company’s LTM EBITDA equals or exceeds $150,000,000 on the last day of each of the 12 consecutive calendar months ending prior to such date, 50% of the Performance-Vested Options shall vest; and

 

(ii)                                  If, on any date from and after the Grant Date, the Company’s LTM EBITDA equals or exceeds $225,000,000 on the last day of each of the 12 consecutive calendar months ending prior to such date, 100% of the Performance-Vested Options shall vest.

 

(iii)                               Definitions:

 

“EBITDA” means, consolidated net income, determined in accordance with generally accepted accounting principles, plus (without duplication) to the extent deducted in calculating such consolidated net income, the sum of (a) the provision for taxes based on income or profits; plus (b) consolidated net interest expense; plus (c) consolidated depreciation and amortization expense; plus (d) certain adjustments as determined to be appropriate by the Committee, in each case as determined by the Committee, as such sum may be adjusted by the Committee (after consultation with the Chief Executive Officer of the Company).

 

Stock Option Agreement Award #    

 

2

 

“LTM EBITDA” means, on any date, the EBITDA of the Company, as determined by the Committee, for the most recent 12 fiscal month period for which financial statements are available on such date.

 

(c)                                  To the extent that the Option has become vested and exercisable with respect to a number of shares of Common Stock, the Option may thereafter be exercised by the Participant, in whole or in part, at any time or from time to time prior to the expiration of the Option in accordance with the Plan, provided that the Participant must exercise the Option with respect to an equal number of shares of Class A Common Stock and Class B Common Stock concurrently.  Notwithstanding the foregoing, the Participant may not exercise the Option unless the offering of shares of Common Stock issuable upon such exercise (i) is then registered under the Securities Act, or, if such offering is not then so registered, the Company has determined that such offering is exempt from the registration requirements of the Securities Act and (ii) complies with all other applicable laws and regulations governing the Option, and the Participant may not exercise the Option if the Committee determines that such exercise would not be so registered or exempt and otherwise in compliance with such laws and regulations.  For the purpose of Section 6.3(d) and Section 14.4 of the Plan, if Participant’s Termination is (A) by the Company without Cause, (B) by the Participant for Good Reason, (C) (1) by the Participant without Good Reason on or after November 2, 2017and (2) Participant is offered employment, or a self-employment relationship (including, without limitation, as a consultant, advisor or member of a board of directors) with a direct or indirect affiliate of the Company, and Employer and Participant are unable to enter into a mutually agreeable consulting arrangement as contemplated in Section 4(f) of Participant’s employment agreement with 99 Cents Only Stores LLC dated on or about the Grant Date or (D) as the parties may otherwise agree, the Committee hereby approves a Net Exercise for the Participant’s exercise of the Option.  A “Net Exercise” shall mean that, upon the Participant’s exercise of the Option, at the Participant’s election the Participant may direct the Company to withhold an equal number of shares of Class A Common Stock and Class B Common Stock having a Fair Market Value equal to the sum of the aggregate exercise price plus the minimum statutorily required withholding taxes becoming due from the Participant on such exercise and shall issue to the Participant the net shares not so withheld.

 

4.                                      Option Term.  The term of the Option shall be until the tenth anniversary of the Grant Date, after which time it shall expire (the “Expiration Date”).  Upon the Expiration Date, the Option shall be canceled for no consideration and no longer shall be exercisable.  The Option is subject to termination prior to the Expiration Date to the extent provided in Sections 5 and 6 below.

 

5.                                      Detrimental Activity.  The provisions in the Plan regarding Detrimental Activity shall apply to the Option.

 

6.                                      Termination and Change in Control.

 

(a)                                 Except as provided in Section 6(b) and Section 6(c), the provisions in the Plan regarding Termination and Change in Control shall apply to the Option.

 

3

 

(b)                                 In the event of the Participant’s Termination prior to the occurrence of a Change in Control (i) without Cause by the Employer or (ii) for Good Reason by the Participant, the Option shall become vested and exercisable as to:

 

(A) a pro rata portion of the unvested Time-Vested Option, based on the ratio of the number of days employed since the immediately preceding Vesting Date (or Grant Date, if applicable) through the date of Termination to 365; and

 

(B) a pro rata portion of the Performance-Vested Option under Section 3(b)(i) and Section 3(b)(ii), as applicable (including any previously vested portion), based on the ratio of the number of days employed since the Grant Date through the date of Termination to 1,460, subject to the attainment of the applicable performance requirements at any time through the last day of the fiscal year in which such Termination occurs;

 

provided, in the event of a Change in Control (i) after the date of Termination, (ii) prior to the last day of the fiscal year in which such Termination occurs and (iii) no more than 90 days following the date of Termination, the Option shall remain eligible to vest in connection with such Change in Control in the sole discretion of the Committee (subject to Section 6(c) below).

 

(c)                                  In the event of a Change of Control covered by Section 10.1(c) of Plan (relating to substituted awards), and a Termination of the Participant by the Company or Subsidiary (or successor) without Cause or by Participant for Good Reason upon or following such Change in Control:

 

(i)                                     the unvested portion of the Option shall become 100% vested and exercisable; and

 

(ii)                                  if Participant’s Termination is upon or within one year following such Change in Control, and the common stock of the Company or its successor is not then traded on an established securities market, the Participant shall have a right (a “Put Right”) to cause the Company or its successor (or, at such entity’s election, one or more of its designees) to purchase the shares acquired pursuant to the exercise of the Option in a lump sum, for cash or marketable securities, at price per share equal to the Fair Market Value of (1) a share of Class A Common Stock on the date of repurchase and (2) with respect to each share of Class B Common Stock, the par value thereof; provided that the Put Right only shall be for the same proportion of such shares as the proportion of cash or marketable securities received by Ares for its shares of Class A Common Stock and Class B Common Stock in connection with such Change in Control.  The Put Right shall be valid and may be exercised only during the 90 day period following the date of any such Termination.  For purposes of this Section 6(c)(ii), the Fair Market Value shall be determined in good faith by the Board without any discounts (e.g., marketability, minority status, etc.); provided that Participant may require the Company to obtain a third-party valuation in connection with such determination.  Participant may rescind the exercise of the Put Right within 15 days following the determination of the Fair Market Value.

 

4

 

7.                                      Restriction on Transfer of Option.  Unless otherwise determined by the Committee in accordance with the Plan, (a) no part of the Option shall be Transferable other than by will or by the laws of descent and distribution and (b) during the lifetime of the Participant, the Option may be exercised only by the Participant or the Participant’s guardian or legal representative.  Any attempt to Transfer the Option other than in accordance with the Plan shall be void.

 

8.                                      Company’s Right to Repurchase; Other Restrictions.

 

(a)                                 Company’s Right to Repurchase.  In the event of the Participant’s Termination, the Company shall have the right (the “Repurchase Right”), but not the obligation, to repurchase (or to cause one or more of its designees to repurchase) from the Participant (or his or her transferee) (X) any or all of the shares of Common Stock acquired upon the exercise of the Option and still held at the time of such repurchase by the Participant (or his or her transferee) or (Y) any vested but unexercised portion of the Option at the price determined in the manner set forth below (the “Repurchase Price”), during each period set forth below (each, a “Repurchase Period”) and to the extent set forth below:

 

(i)                                     In the event of (x) Termination for Cause, (y) the discovery that the Participant engaged in Detrimental Activity or, (z) prior to November 2, 2017, Termination by the Participant without Good Reason, the Company may exercise the Repurchase Right with respect to all shares previously acquired pursuant to the exercise of the Option.  The Repurchase Period under this Section 8(a)(i) shall be 180 days from the date of Termination.  The Repurchase Price under this Section 8(a)(i) shall be (1) with respect to each share of Class A Common Stock, the lesser of (A) the Unit Exercise Price or (B) the Fair Market Value of a share of Class A Common Stock on the date of Termination and (2) with respect to each share of Class B Common Stock, the par value thereof.  For purposes of this Agreement, Fair Market Value shall be determined in good faith by the Committee, in accordance with the terms of the Plan.

 

(ii)                                  In the event of Termination for any reason other than (x) Termination for Cause or (y) prior to November 2, 2017, Termination by the Participant without Good Reason:

 

(A)                               The Company may exercise the Repurchase Right with respect to all shares acquired pursuant to the exercise of the Option on or prior to the date of Termination.  The Repurchase Period under this Section 8(a)(ii)(A) shall be 180 days from the date of Termination.  The Repurchase Price under this Section 8(a)(ii)(A) shall be (1) with respect to each share of Class A Common Stock, the Fair Market Value of a share of Class A Common Stock on the date of Termination and (2) with respect to each share of Class B Common Stock, the par value thereof.

 

5

 

(B)                               The Company may exercise the Repurchase Right with respect to all shares acquired pursuant to the exercise of the Option after the date of Termination.  The Repurchase Period under this Section 8(a)(ii)(B) shall be 90 days from the latest date on which the Option is permitted to be exercised under this Agreement.  The Repurchase Price under this Section 8(a)(ii)(B) shall be (1) with respect to each share of Class A Common Stock, the Fair Market Value of a share of Class A Common Stock on the date of repurchase and (2) with respect to each share of Class B Common Stock, the par value thereof.

 

(C)                               the Company may exercise the Repurchase Right with respect to the vested but unexercised portion of the Option.  The Repurchase Period under this Section 8(a)(ii)(C) shall be the latest date on which the Option is permitted to be exercised under this Agreement.  The Repurchase Price under this Section 8(a)(ii)(C) shall be the product of (A) the excess (if any) of the Fair Market Value of a share of Class A Common Stock on the date of Termination over the Unit Exercise Price multiplied by (B) the number of shares of Class A Common Stock covered by the Option being repurchased.  For the avoidance of doubt, upon such repurchase such Option shall no longer be exercisable for any shares of Common Stock.

 

(iii)                               To exercise any Repurchase Right, the Company (or one or more of its designees) shall deliver a written notice to the Participant setting forth the securities to be repurchased and the applicable Repurchase Price thereof, and the date on which such repurchase is to be consummated, which date shall be not less than 15 days or more than 30 days after the date of such notice.  On the date of consummation of the repurchase, the Company will pay the Participant the applicable Repurchase Price in cash or, in the Company’s discretion and to the extent not prohibited by law, by cancellation of indebtedness of the Participant to the Company.  The Company may exercise its Repurchase Rights upon one or more occasions at any time during the Repurchase Periods set forth above.

 

(iv)                              Notwithstanding the foregoing, the Repurchase Period and the date on which any repurchase is to be consummated may be extended by the Company at any time when repurchase by the Company (A) is prohibited pursuant to applicable law, (B) is prohibited under any debt instrument of the Company or any of its Affiliates or (C) would result in adverse accounting consequences for the Company, in each case as determined by the Company.

 

(b)                                 To ensure that the shares of Common Stock issuable upon exercise of the Option are not transferred in contravention of the terms of the Plan and this Agreement, and to ensure compliance with other provisions of the Plan and this Agreement, the Company may deposit any certificates evidencing such shares with an escrow agent designated by the Company.

 

6

 

(c)                                  Notwithstanding anything in this Agreement to the contrary, the Option and any Common Stock purchased pursuant to the exercise thereof shall be subject to the terms of the Stockholders Agreement in addition to the provisions of this Section 8.

 

(d)                                 This Section 8 shall terminate upon an Initial Public Offering or a Change in Control.

 

9.                                      Securities Representations.  Upon the exercise of the Option prior to registration of the offering of the Common Stock subject to the Option pursuant to the Securities Act or other applicable securities laws, the Participant shall be deemed to acknowledge and make the representations and warranties as described below and as otherwise may be requested by the Company for compliance with applicable laws, and any issuances of Common Stock by the Company shall be made in reliance upon the express representations and warranties of the Participant.

 

(a)                                 The Participant is acquiring and will hold the shares of Common Stock for investment for her account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act or other applicable securities laws.

 

(b)                                 The Participant has been advised that offerings of the shares of Common Stock have not been registered under the Securities Act or other applicable securities laws, on the ground that no public offering of the shares of Common Stock is to be effected (it being understood, however, that the shares of Common Stock are being offered in reliance on the exemption provided under Rule 701 under the Securities Act), and that the shares of Common Stock must be held indefinitely, unless they are subsequently registered under the applicable securities laws or the Participant obtains an opinion of counsel (in the form and substance satisfactory to the Company and its counsel) that registration is not required.  In connection with the foregoing, the Company is relying in part on the Participant’s representations set forth in this Section.  The Participant further acknowledges and understands that the Company is under no obligation hereunder to register offerings of the shares of Common Stock.

 

(c)                                  The Participant is aware of the adoption of Rule 144 by the Securities and Exchange Commission under the Securities Act, which permits limited public resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions.  The Participant acknowledges that she is familiar with the conditions for resale set forth in Rule 144, and acknowledges and understands that the conditions for resale set forth in Rule 144 have not been satisfied and that the Company has no plans to satisfy these conditions in the foreseeable future.

 

(d)                                 The Participant will not sell, transfer or otherwise dispose of the shares of Common Stock in violation of the Plan, this Agreement, the Securities Act (or the rules and regulations promulgated thereunder) or under any other applicable securities laws.  The Participant agrees that she will not dispose of the Common Stock unless and until she has complied with all requirements of this Agreement applicable to the disposition of the shares of Common Stock.

 

7

 

(e)                                  The Participant has been furnished with, and has had access to, such information as she considers necessary or appropriate for deciding whether to invest in the shares of Common Stock, and the Participant has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Common Stock.

 

(f)                                   The Participant is aware that her investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss.  The Participant is able, without impairing her financial condition, to hold the Common Stock for an indefinite period and to suffer a complete loss of her investment in the Common Stock.

 

10.                               No Rights as Stockholder.  The Participant shall have no rights as a stockholder with respect to any shares of Common Stock covered by the Option unless and until the Participant has become the holder of record of such shares, and no adjustments shall be made for dividends (whether in cash, in kind or other property), distributions or other rights in respect of any such shares, except as otherwise specifically provided for in the Plan.

 

11.                               Provisions of Plan Control.  This Agreement is subject to all the terms, conditions and provisions of the Plan, including the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and as may be in effect from time to time.  The Plan is incorporated herein by reference.  If and to the extent that this Agreement conflicts or is inconsistent with the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly.

 

12.                               Notices.  All notices, demands or requests made pursuant to, under or by virtue of this Agreement must be in writing and sent to the party to which the notice, demand or request is being made:

 

(a)                                 unless otherwise specified by the Company in a notice delivered by the Company in accordance with this Section 12, any notice required to be delivered to the Company shall be properly delivered if delivered to:

 

	
Number   Holdings, Inc.
    
	
c/o Ares   Management LLC
    
	
2000 Avenue of   the Stars, 12th Floor
    
	
Los Angeles, CA   90067
    
	
Attention:
    	
Adam Stein
    
	
Telephone:
    	
(310) 201-4100
    
	
Facsimile:
    	
(310) 201-4170
    

 

8

 

	
with a copy (which   shall not constitute notice) to:
    
	
 
    
	
Proskauer Rose LLP
    
	
2049 Century Park East,   Suite 3200
    
	
Los Angeles, CA 90067
    
	
Attention:
    	
Michael A. Woronoff, Esq.
    
	
Telephone:
    	
(310) 284-4550
    
	
Facsimile:
    	
(310) 557-2193
    

 

(b)                                 if to the Participant, to the address on file with the Company.

 

Any notice, demand or request, if made in accordance with this Section 12 shall be deemed to have been duly given:  (i) when delivered in person; (ii) three days after being sent by United States mail; or (iii) on the first business day following the date of deposit if delivered by a nationally recognized overnight delivery service.

 

13.                               No Right to Employment.  This Agreement is not an agreement of employment.  None of this Agreement, the Plan or the grant of the Option hereunder shall (a) guarantee that the Employer will employ the Participant for any specific time period or (b) modify or limit in any respect the Employer’s right to terminate or modify the Participant’s employment or compensation.

 

14.                               Stockholders Agreement.  As a condition to the receipt of shares of Common Stock when the Option is exercised, the Participant shall execute and deliver a Joinder Agreement or such other documentation as required by the Committee which shall set forth certain restrictions on transferability of the shares of Common Stock acquired upon exercise, a right of first refusal or a right of first offer of the Company and other Persons with respect to shares, and such other terms or restrictions as the Board or Committee shall from time to time establish, including any drag along rights, tag along rights, transfer restrictions and registration rights.  The Stockholders Agreement or other documentation shall apply to the Common Stock acquired when the Option is exercised and covered by the Stockholders Agreement or other documentation.

 

15.                               Dispute Resolution.  All controversies and claims arising out of or relating to this Agreement, or the breach hereof, shall be settled by the Employer’s mandatory dispute resolution procedures as may be in effect from time to time with respect to matters arising out of or relating to Participant’s employment with the Employer, including the procedures set forth in the Arbitration Agreement attached hereto as Exhibit A (or any amendment or replacement of such agreement).

 

16.                               Severability of Provisions.  If any provision of this Agreement shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and the Agreement shall be construed and enforced as if such provisions had not been included; provided that if the Company’s call rights and rights of first refusal or rights of first offer set forth in the Stockholders Agreement or other agreement shall be held invalid or unenforceable, the Option shall be cancelled and terminated.

 

9

 

17.                               Governing Law.  All matters arising out of or relating to this Agreement and the transactions contemplated hereby, including its validity, interpretation, construction, performance and enforcement, shall be governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to its principles of conflict of laws.

 

18.                               Construction.  Wherever any words are used in this Agreement in the masculine gender they shall be construed as though they were also used in the feminine gender in all cases where they would so apply.  As used herein, (i) “or” shall mean “and/or” and (ii) “including” or “include” shall mean “including, without limitation.”

 

19.                               Other Shares.  Notwithstanding anything in this Agreement or the Plan to the contrary, none of the shares of Common Stock owned from time to time by a Participant that were not acquired in connection with the grant of an Award to such Participant shall be subject to any of the terms, conditions or provisions of this Agreement or the Plan.

 

[Remainder of Page Left Intentionally Blank]

 

10

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Grant Date.

 

	
 
    	
NUMBER   HOLDINGS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Employee   Name:  Felicia Thornton
    	
 
    	
 
    
	
Employee   ID Number:
    	
 
    	
 
    

 

11

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