Document:

chtc_ex101.htm

EXHIBIT 10.1

 

  

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7exhibit101.htm

Exhibit 10.1

 

 

Summary Description of 2013 Supplemental Incentive Plan

	
Eligibility:

	
Participation is limited to a select group of senior management designated by the Compensation Committee of the Board of Directors of CC Media Holdings, Inc. (“CCMH”)

	  	  
	
Target Opportunity:

	
Target opportunity is established for each participant by the Compensation Committee

	  	  
	
Performance Measures:

	
Participants pursue achievement of 2-3 incremental objectives (the “Supplemental Performance Criteria”) to the performance criteria established under CCMH’s 2008 Annual Incentive Plan

	  	  
	  	
Performance is measured over a 12 month cycle

	  	  
	
Target Performance and Measure Approvals:

	
Targets and Supplemental Performance Criteria are reviewed and approved by the CEO and Compensation Committee

	  	  
	
Assessments:

	
Performance assessments are reviewed and approved by the CEO and Compensation Committee

	  	  
	  	
Performance will be assessed in the normal performance management cycle and achievement will be expressed as a percentage between 0% and 100%

	  	  
	
Payment of Awards:

	
Based upon accomplishment of the Supplemental Performance Criteria established for each participant, awards will be paid to each participant 36 months following the date on which the Supplemental Performance Criteria are established

	  	  
	  	
All awards will be reviewed and approved by the CEO and Compensation Committee

	  	  
	
Limitations:

	
To receive payment, the participant must be an active employee of CCMH or its subsidiaries at the time of payment

The plan is intended to comply with the applicable requirements of Section 409A of the Internal Revenue Code (“Section 409A”) and shall be limited, construed and interpreted in accordance with such intent.  To the extent that any award is subject to Section 409A, it shall be paid in a manner that will comply with Section 409A, including proposed, temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto.  Notwithstanding anything herein to the contrary, any provision in the plan that is inconsistent with Section 409A shall be deemed to be amended to comply with Section 409A and to the extent such provision cannot be amended to comply therewith, such provision shall be null and void.  The company shall have no liability to any holder or recipient of an award or any other person if an award that is intended to be exempt from, or compliant with, Section 409A is not so exempt or compliant or for any action taken by the committee or the company that is inconsistent with Section 409A.  In the event that any amount or benefit under the plan becomes subject to penalties under Section 409A, responsibility for payment of such penalties shall rest solely with the affected holder or recipient of the award and not with the company.Converted by EDGARwiz

DEBT SETTLEMENT AGREEMENT

On this date of December 31, 2012 Microelectronics Technology Company and Direct Capital Group Inc. enter into a Debt Settlement Agreement for Convertible Preferred shares of Microelectronics Technology Company.

Conversion Terms:

The following invoices having a total dollar value of $165,000.00.

Conversion terms of the Convertible Preferred Shares are each dollar of face value will convert into common shares of the company the conversion price the lesser of $.001 or (the “Conversion Price”) shall equal the Variable Conversion Price (as defined herein) (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events). The "Variable Conversion Price" shall mean 50% multiplied by the Market Price (as defined herein) (representing a discount rate of 50%). “Market Price” means the average of the lowest three (3) Trading Prices (as defined below) for the Common Stock during the ten (10) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the closing bid price on the Over-the-Counter Bulletin Board, or applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets” by the National Quotation Bureau, Inc. If the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market value as mutually determined by the Borrower and the holders of a majority in interest of the Notes being converted for which the calculation of the Trading Price is required in order to determine the Conversion Price of such Notes. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded. 

Invoice #

Date

Amount

1,3

05/1/2011

$11,000

4,6

06/1/2011

$11,000

23,25

07/1/2011

$11,000

24,26

08/1/2011

$11,000

27,28

09/1/2011

$11,000

30

10/1/2011

$11,000

32

11/1/2011

$11,000

33

12/1/2011

$11,000

49

01/01/2012

$11,000

55

02/01/2012

$11,000

57

03/01/2012

$11,000

64

04/01/2012

$11,000

66

05/01/2012

$11,000

78

06/01/2012

$11,000

82

07/01/2012

$11,000

Total

$165,000.00

Direct Capital Group Inc. will have the ability to convert at its discretion without any prior approvals of the Company or its management.

Microelectronics will provide all the supportive documentation to the Presidents Stock Transfer to facilitate the conversion. 

Additionally Microelectronics Technology Company will provide all supportive documentation to process the preferred stock conversion in to free trading common shares of the company if applicable.

Agreed and accepted:

___________________________________

________________________________

Microelectronics Technology

Direct Capital Group Inc.Unassociated Document

 

PERSHING GOLD CORPORATION

2012 Equity Incentive Plan

FIRST AMENDMENT TO

RESTRICTED STOCK AGREEMENT

(Non-Assignable)

This First Amendment, dated as of February 8, 2013 (this “Amendment”), to the Restricted Stock Agreement, dated as of November 21, 2012 (the “Agreement”), is entered into by and between Eric Alexander (“Holder”) and Pershing Gold Corporation, a Nevada corporation (the “Corporation”).

 

A.           Pursuant to the Agreement, on November 21, 2012, Holder was granted Two Hundred Thousand (200,000) shares (the “Shares”) of the Restricted Stock, par value $0.0001 per Share, of the Corporation pursuant to and subject to the terms of the Corporation’s 2012 Equity Incentive Plan (“Plan”).

 

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

 

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

 

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

 

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

	
Percentage of Shares to Vest

	
Date of Vesting

	
33.33%

	
March 14, 2014

	
33.33%

	
November 30, 2014

	
33.34%

	
November 30, 2015

 

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

 

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

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

  

  

  

 

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

 

HOLDER:

/s/ Eric Alexander 

Eric Alexander

PERSHING GOLD CORPORATION

By: /s/ Stephen D. Alfers 

Name: Stephen D. Alfers 

Title: Chief Executive Officer, President

          and ChairmanUnassociated Document

 

PERSHING GOLD CORPORATION

2012 Equity Incentive Plan

 

RESTRICTED STOCK AGREEMENT

(Non-Assignable)

 

[NUMBER] Shares of Restricted Stock of

PERSHING GOLD CORPORATION

 

THIS CERTIFIES that on June 18, 2012, [NAME] (“Holder”) was granted [NUMBER] shares of fully paid and non-assessable shares (“Shares”) of the Restricted Stock (par value $0.0001 per share) of Pershing Gold Corporation (“Corporation”), a Nevada corporation, pursuant to the terms of the Corporation’s 2012 Equity Incentive Plan (“Plan”), the terms and conditions of which are hereby incorporated as though set forth at length, and the receipt of a copy of which the Holder hereby acknowledges by his execution of this agreement.  A determination of the Committee (as defined in the Plan) under the Plan as to any questions which may arise with respect to the interpretation of the provisions of this award and of the Plan shall be final. The Committee may authorize and establish such rules, regulations and revisions thereof not inconsistent with the provisions of the Plan, as it may deem advisable.

 

TERMS AND CONDITIONS.  It is understood and agreed that the award evidenced by this agreement is subject to the following terms and conditions:

 

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

	
Percentage of Shares to Vest

	
Date of Vesting

	  	  
	  	  
	  	  
	  	  

 

2. Claw-Back Terms.  In consideration for the Corporation’s issuing the Shares to the Holder, without regard to the vesting schedule set forth in Section 1 herein, the Shares shall be subject to automatic forfeiture to the Corporation if at any time there is (i) any breach of any agreement by Holder relating to confidentiality, non-competition, non-raid of employees, or non-solicitation of vendors or customers; or (ii) any material breach of Corporation’s policy or procedures which causes harm to the Corporation, as determined by the Committee (collectively, the “Fiduciary Clawbacks”).  In the event of a Fiduciary Clawback, the Holder shall forfeit the Shares, to the Corporation within ninety (90) days of the occurrence of a breach pursuant to (i) or (ii) herein

 

  

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3. Regulatory Compliance and Listing.  The issuance or delivery of any stock certificates representing Shares may be postponed by the Corporation for such period as may be required to comply with any applicable requirements under the federal securities laws, any applicable listing requirements of any national securities exchange, any rules, regulations or other requirements under any other law, or any rules or regulations applicable to the issuance or delivery of such Shares, and the Corporation shall not be obligated to deliver any such Shares to the Holder if delivery thereof would constitute a violation of any provision of any law or of any regulation of any governmental authority or any national securities exchange.

 

4.           Investment Representations and Related Matters.  The Holder hereby represents that the Shares awarded pursuant to this agreement are being acquired for investment purposes and not for resale or with a view towards distribution thereof.  The Holder acknowledges and agrees that any sale or distribution of Shares may be made only pursuant to either (a) a registration statement on an appropriate form under the Securities Act of 1933, as amended (“Securities Act”), which registration statement has become effective and is current with regard to the Shares being sold, or (b) a specific exemption from the registration requirements of the Securities Act that is confirmed in a favorable written opinion of counsel, in form and substance satisfactory to counsel for the Corporation, prior to any such sale or distribution.  The Holder hereby consents to such action as the Corporation deems necessary or appropriate from time-to-time to prevent a violation of, or to perfect an exemption from, the registration requirements of the Securities Act or to implement the provisions of this agreement, including but not limited to placing restrictive legends on certificates evidencing Shares and delivering stop transfer instructions to the Corporation’s stock transfer agent.

 

5.           No Right To Continued Employment; Forfeiture.  This agreement does not confer upon the Holder any right to continued employment by the Corporation or any of its subsidiaries or affiliated companies, nor shall it interfere in any way with the right to the Holder’s employer to terminate employment at any time for any reason or no reason.

 

6.           Construction.  The Plan and this agreement will be construed by and administered under the supervision of the Committee, and all determinations will be final and binding on the Holder.

 

7.           Dilution.  Nothing in the Plan or this agreement will restrict or limit in any way the right of the Board of Directors of the Corporation to issue or sell stock of the Corporation (or securities convertible into stock of the Corporation) on such terms and conditions as it deems to be in the best interests of the Corporation, including, without limitation, stock and securities issued or sold in connection with mergers and acquisitions, stock issued or sold in connection with any stock option or similar plan, and stock issued or contributed to any stock bonus or employee stock ownership plan.

 

8.           Bound by Plan.  The Holder hereby agrees to be bound by all of the terms and provisions of the Plan, a copy of which is available to him upon request.

 

  

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9.           Notices.  Any notice hereunder to the Corporation shall be addressed to it c/o Pershing Gold Corporation, Attention: Chief Executive Officer, and any notice hereunder to the Holder shall be addressed to the Holder at the last known home address shown in the records of the Corporation, subject to the right of any party hereto to designate another address at any time hereafter in writing.

 

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

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

  

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IN WITNESS WHEREOF, the Corporation caused this agreement to be executed by a duly authorized officer.

 

	
Dated: _____________, 2012

 

	
PERSHING GOLD CORPORATION

 

By:  ______________________________

Name:

Title:

 

	  	  
	
ACCEPTED AND ACKNOWLEDGED:

	  
	  	  
	  	  
	
By:

	  	  
	
 

 

 

Dated:

	
Print Name:

 

 

__________________, 2012

	  

 

 

 

 

 

  

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Stock Power

 

FOR VALUE RECEIVED, ____________________ hereby sells, assigns and transfers unto ________________________________, _______________ (_____) shares of the Common Stock of PERSHING GOLD CORPORATION, a Nevada corporation, standing in the undersigned’s name on the books of said corporation represented by Certificate No. ______ and constitutes and appoints the secretary of said corporation as the undersigned’s agent and attorney-in-fact to transfer the said stock on the books of the said corporation with full power of substitution in the premises.

 

	  	  
	
Dated:                                                          

	___________________________________
	  	  

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