Document:

Corindus Vascular Robotics, Inc. 10-K

    
        Exhibit 10.17 

    
         
    

    
        Corindus Vascular Robotics, Inc.
    

    
        Director Compensation Policy
    

    
        as Amended and Restated Effective February 1, 2019
    

    
         
    

    		
                I.
            	
                Overview
            

    
         
    

    
        The Board of Directors (the “Board”) of Corindus Vascular Robotics, Inc. (“Corindus” or the “Company”) has approved the following Director Compensation Policy (the “Policy”) to provide an inducement to attract and retain the services of qualified persons to serve as directors.
    

    
         
    

    		
                II.
            	
                Eligibility
            

    
         
    

    
        This Policy shall apply to each director of the Board who is not an employee of, or compensated consultant to, Corindus or any of its affiliates (a “Non-Employee Director”). Employees of Corindus and their affiliates are not eligible to receive compensation under this Policy.
    

    
         
    

    		
                III.
            	
                Director Compensation
            

    
         
    

    
        The following is a description of the compensation arrangements under which our Non-Employee Directors are compensated for their service as directors, including as members of the various committees of our Board, consisting of the cash retainers described in Section III.A and the annual equity award described in Section III.B.
    

    
         
    

    		
                A.
            	
                Cash Compensation
            

    
         
    

    
        Subject to Section III.A.2, each Non-Employee Director shall receive the following cash compensation on a quarterly basis for his or her service on the Board and committees of the Board:
    

    
         
    

    	
                Board Retainer
            	
                $5,000
            
	
                Additional Board Chair Retainer
            	
                $2,000
            
	
                Additional Audit Committee Chair Retainer
            	
                $2,000
            
	
                Additional Compensation Committee Chair Retainer
            	
                $1,500
            
	
                Additional Nominating Committee Chair Retainer
            	
                $1,000
            
	
                Additional Audit Committee Member Retainer
            	
                $1,000
            
	
                Additional Compensation Committee Member Retainer
            	
                $500
            
	
                Additional Nominating Committee Member Retainer
            	
                $500
            

    
         
    

    		
                1.
            	
                Terms for Cash Payment
            

    
         
    

    
        Cash payments to Non-Employee Directors shall be paid quarterly in arrears on the fifth business day following the end of the fiscal quarter to which service relates (each, a “Payment Date”).
    

    
         
    

    
    
         

    

    
         

    

    
    
         
    

    
        Each Non-Employee Director that is elected or appointed to the Board after the date hereof shall receive a prorated cash retainer for the portion of the fiscal quarter during which he or she begins serving on the Board or a committee of the Board (the “Prorated Retainer”). The Prorated Retainer shall be an amount equal to the product of (A) the aggregate amount payable in respect of such Non-Employee Director’s service for a full fiscal quarter multiplied by (B) a fraction, the numerator of which is (x) the number of days during which the Non-Employee Director serves on the Board or committees during his or her initial fiscal quarter and the denominator of which is (y) the total number of days during such fiscal quarter. The Prorated Retainer shall be paid on first Payment Date following such Non-Employee Director’s election or appointment to the Board.
    

    
         
    

    		
                2.
            	
                Election for Equity in Lieu of Cash Retainers
            

    
         
    

    
        Prior to the end of each calendar year, each Non-Employee Director shall make an annual election with respect to cash retainers for the following calendar year, indicating whether he or she elects to receive the retainers in cash, as described in Section III.A.1, or in Corindus’ common stock, $0.0001 par value per share (“Common Stock”), in lieu of the cash retainers. If no election has been made as of the first day of the year, the Non-Employee Director shall receive all retainers in cash as set forth in Section III.A.1 or, if a previous election has been made to receive Common Stock in lieu of the cash retainers, such election shall remain in effect for subsequent calendar years until such election is changed by the completion, signature and delivery to Corindus of a new election form, in accordance with the terms of this Policy. Each newly elected or appointed Non-Employee Director shall make an election prior to, or within 30 days of, his or her initial appointment or election to the Board, for the remainder of the year of such appointment or election, whether to receive the retainers in cash or in Common Stock.
    

    
         
    

    
        In the event an election is made to receive Common Stock in lieu of cash retainers, such director shall automatically be granted on the applicable Payment Date a number of shares of Common Stock having an aggregate fair market value equal to the aggregate amount of such Non-Employee Director’s cash retainer for such fiscal quarter, determined by dividing (A) the aggregate amount of the retainers by (B) the closing price of the Common Stock on NYSE American on the applicable Payment Date (rounded down to the nearest whole share) (the “Quarterly Retainer Award”).
    

    
         
    

    
        All Common Stock granted to Non-Employee Directors under this Policy shall be (i) granted under Corindus’ Amended and Restated 2014 Stock Award Plan or any successor plan (the ”Plan”) and will be subject to the terms and conditions set forth in the Plan and (ii) subject to a resale restriction ending on the earlier of such Non-Employee Director’s termination of service as a Non-Employee Director and the three (3)-year anniversary of the Payment Date, as set forth in the Non-Employee Director Compensation Election Form.
    

    
         
    

    		
                B.
            	
                Equity Compensation
            

    
         
    

    		
                1.
            	
                Annual Equity Award
            

    
         
    

    
    
        
            2
            
             

    

    
         

    

    
    
         
    

    
        Each Non-Employee Director will automatically be granted, without any further action by the Board, on the date (the “Grant Date”) of the annual meeting of the Board coincident with or immediately following Corindus’ annual meeting of stockholders (the ”Annual Stockholders Meeting”), a number of restricted stock units (“RSUs”) (each RSU relating to one (1) shares of Common Stock) having an aggregate fair market value equal to $60,000, determined by dividing (A) $60,000 by (B) the closing price of the Common Stock on NYSE American on the Grant Date (rounded down to the nearest whole share) (the “Annual Award”). The Annual Awards shall become vested in full upon the one year anniversary of the applicable Grant Date, vesting in four successive equal quarterly installments on the quarterly anniversary of the Grant Date (rounded down to the nearest whole share), provided that the Non-Employee Director is a director of the Company on the applicable vesting date. All RSUs granted to Non-Employee Directors under this Section III.B.1 shall vest in full immediately upon a Change in Control (as defined in the Plan).
    

    
         
    

    		
                2.
            	
                Off-Cycle Equity Award
            

    
         
    

    
        If a Non-Employee Director is initially elected or appointed to the Board other than at the Annual Stockholders Meeting or the annual meeting of the Board coincident with or immediately following the Annual Stockholders Meeting, such Non-Employee Director will automatically be granted on his election or appointment date, without any further action by the Board, a number of RSUs having an aggregate fair market value equal to the product of (A) $60,000 multiplied by (B) a fraction, the numerator of which is (x) the number of days between such Non-Employee Director’s initial election or appointment to the Board and the date that is 12 months following the Annual Stockholders Meeting preceding such Non-Employee Director’s initial election or appointment to the Board and the denominator of which is (y) 365 days (the “Prorated Annual Award Amount”), determined by dividing (A) the Prorated Annual Award Amount by (B) the closing price of the Common Stock on NYSE American on the date of grant (rounded down to the nearest whole share) (an “Off-Cycle Award”). The Off-Cycle Awards shall become vested in full upon the one year anniversary of the applicable grant date, vesting in four successive equal quarterly installments on the quarterly anniversary of the grant date (rounded down to the nearest whole share), provided that the Non-Employee Director is a director of the Company on the applicable vesting date. All RSUs granted to Non-Employee Directors under this Section III.B.2 shall vest in full immediately upon a Change in Control (as defined in the Plan).
    

    
         
    

    
        All Annual Awards and Off-Cycle Awards granted to Non-Employee Directors under this Policy shall be granted under the Plan, and will be subject to the terms and conditions set forth in the Plan and the form of Restricted Stock Unit Agreement approved by the Board on December 15, 2017 (a “Restricted Stock Unit Agreement”). All Annual Awards and Off-Cycle Awards will be subject to a resale restriction ending on the earlier of such Non-Employee Director’s termination of service as a Non-Employee Director and the three (3)-year anniversary of the date of grant, as provided in the applicable Restricted Stock Unit Agreement.
    

    
         
    

    
    
        
            3
            
             

    

    
         

    

    
    
         
    

    		
                C.
            	
                Expense Reimbursement
            

    
         
    

    
        Upon presentation of documentation of such expenses reasonably satisfactory to Corindus, each Non-Employee Director shall be reimbursed for his or her reasonable out-of-pocket business expenses incurred in connection with attending meetings of the Board and its committees or in connection with other business related to the Board. Each Non-Employee Director shall also be reimbursed for his or her reasonable out-of-pocket business expenses authorized by the Board or one of its committees that are incurred in connection with attendance at meetings with Corindus’ management. Each Non-Employee Director shall abide by Corindus’ travel and other policies applicable to company personnel.
    

    
         
    

    		
                IV.
            	
                Policy Review / Amendments 
            

    
         
    

    
        The Compensation Committee or the Board shall review this Policy from time to time to assess whether any amendments in the type and amount of compensation provided herein should be adjusted in order to fulfill the objectives of this Policy. This Policy may only be amended by the Board.
    

    
         
    

    
    
        
            4Exhibit 10.1

 

SUPPORT AGREEMENT

by and between

HUNT COMPANIES FINANCE TRUST, INC.

and

HUNT INVESTMENT MANAGEMENT, LLC

Dated as of March 18, 2019

 

This SUPPORT AGREEMENT
is dated as of March 18, 2019 (the “Effective Date”), by and between Hunt Companies Finance Trust, Inc., a Maryland
corporation (the “Company”), and Hunt Investment Management, LLC, a Delaware limited liability company (the
“Manager”).

 

W I T N E S S E T H:

 

WHEREAS, the Company
was formed as a Maryland corporation and elected to, and intends to continue to, be treated as a real estate investment trust for
U.S. federal income tax purposes;

 

WHEREAS, the Company
and the Manager entered into that certain Management Agreement, dated as of January 18, 2018 (the “Management Agreement”);

 

WHEREAS, the Manager
has dedicated significant time and resources to the Company and desires to provide further support and assistance to the Company;
and

 

WHEREAS, the Company
and the Manager desire enter into this Agreement on the terms and conditions set forth herein.

 

NOW THEREFORE, in consideration
of the premises and agreements hereinafter set forth, the parties hereto hereby agree as follows:

 

Section 1.               
Definitions.

 

(a)              
The following terms shall have the meanings set forth in this Section 1(a):

 

“Agreement”
means this Support Agreement, as amended, restated, supplemented or otherwise modified from time to time.

 

“Board of Directors”
means the board of directors of the Company.

 

“Claims”
has the meaning set forth on Schedule 1(a) hereto.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended.

 

     

     

    

  

“Company”
has the meaning set forth in the introductory paragraph of this Agreement.

 

“Effective Date”
has the meaning set forth in the introductory paragraph of this Agreement.

 

“Independent
Director” means a member of the Board of Directors who is not an officer or employee of the Manager or any Affiliate
thereof and who otherwise is “independent” in accordance with the rules of the NYSE or such other securities exchange
on which the Common Shares may be listed.

 

“IRS”
means the United States Internal Revenue Service.

 

“Management
Agreement” has the meaning set forth in the recitals of this Agreement.

 

“Manager”
has the meaning set forth in the introductory paragraph of this Agreement.

 

“NYSE”
means the New York Stock Exchange, Inc., together with its successors.

 

“REIT”
means a “real estate investment trust” as defined under the Code.

 

“Special Board
Approval” means the approval of a majority of the Independent Directors.

 

“Support Amount”
means an amount equal to twenty-five percent (25%) of the Reimbursement Cap during each fiscal year; provided, that, the
Support Amount shall not exceed Five Hundred Sixty-Eight Thousand Dollars ($568,000) in any fiscal year; provided, further,
that, the Manager may, in its discretion, reduce the Support Amount for any applicable fiscal year to the extent the Manager determines
that such reduction is necessary or appropriate to limit (i) any adverse effect on the qualification of the Company or any of its
Subsidiaries as a REIT under the Code or (ii) the amount of any fees, penalties or taxes which may be payable to the IRS.

 

“Support Cap”
shall be an amount equal to the aggregate taxes, penalties and interest paid by the Company to the IRS (including the amount paid
in accordance with Section 875(b)(5) of the Code plus any related penalties, interest and additional amounts that may be paid by
the Company to the IRS in connection therewith) for the Company’s failure to satisfy the 75% gross income REIT test for the
taxable year ended December 31, 2018 (the “75% REIT Test”).

 

(b)              
Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Management Agreement.

 

(c)              
The words “hereof,” “herein” and “hereunder” and words of similar import when used in
this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references
are to this Agreement unless otherwise specified.

 

     

     

    

 

(d)              
The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.
The words “include,” “includes” and “including” shall be deemed to be followed by the phrase
“without limitation.”

 

Section 2.               
Manager Support and Assignment.

 

(a)              
Subject to Section 2(b), the Manager and the Company agree that the Manager shall support the Company by agreeing
to limit the Manager’s right to reimbursement under Section 8 of the Management Agreement by reducing the Reimbursement
Cap applicable for any fiscal year under the Management Agreement by an amount equal to the Support Amount for such fiscal year.

 

(b)              
The aggregate support provided by the Manager pursuant to this Agreement including Section 2(a) shall not exceed
the Support Cap.

 

(c)              
The Manager shall include the applicable Support Amount in any computation or written statement prepared pursuant to Sections
8(c) and/or 8(d) of the Management Agreement.

 

(d)              
The Company and the Manager agree that, subject to Special Board Approval, the form and nature of the support provided pursuant
to this Agreement, but not the Support Amount, may be adjusted to take such other mutually acceptable form.

 

(e)              
Effective as of the date hereof and in consideration for the support set forth in this Section 2, the Company does
hereby irrevocably assign, transfer, convey and deliver to the Manager, and the Manager hereby accepts from the Company, all of
the Company’s rights, title and interest in and to any Claims.

 

Section 3.               
Term. This Agreement shall become effective on the Effective Date and shall continue in operation until the earlier
of (i) such time as the aggregate Support Amounts provided hereunder equal the Support Cap (except for Section 2(e), which shall
survive the termination of this Agreement), (ii) termination of the Management Agreement in accordance with the terms thereof and
(iii) an automatic termination pursuant to Section 4 of this Agreement.

 

Section 4.               
Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto
and their respective successors and permitted assigns. This Agreement shall not be assignable by the Company, directly or indirectly,
in whole or in part, without the prior written consent of the Manager, and shall terminate automatically in the event of any purported
assignment by the Company in violation of this Section 4(a); provided that nothing in this Agreement shall preclude any
assignment to lenders for collateral purposes.

 

     

     

    

 

Section 5.               
Miscellaneous.

 

(a)              
Notices. Except as otherwise expressly provided herein, any notice or other communication required or permitted hereunder
shall be in writing, and shall be given either personally or by overnight express courier (such as FedEx), addressed as set forth
below (or to such other address as may be hereafter notified by the respective parties hereto in accordance with this Section 5).
Notices given as aforesaid shall be deemed given and received upon actual delivery.

 

	The Company:	Hunt Companies Finance Trust, Inc.
	  	230 Park Avenue, 19th Floor
	 	New York, NY 10169
		Attention:	Chairman, Audit Committee,
	 	 	 Board of Directors
	 		 
	The Manager:	Hunt Investment Management, LLC
	 	230 Park Avenue, 19th Floor
	 	New York, NY 10169
	 	Attention:	Paul Donnelly, General Counsel
	 	Email:	paul.donnelly@huntcompanies.com
	 	 	 
	with a copy to:	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	 	1285 Avenue of the Americas
	 	New York, New York 10019-6064
	 	Attention: 	Ross A. Fieldston
	 	Email: 	rfieldston@paulweiss.com
	 	Facsimile:	(212) 492-0075

 

(b)              
Binding Nature of Agreement; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective personal representatives, successors and permitted assigns as provided herein. None
of the provisions of this Agreement are intended to be, nor shall they be construed to be, for the benefit of any third party.

 

(c)              
Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect
to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions,
express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof
and thereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof
and thereof.

 

(d)              
Amendments. Neither this Agreement, nor any terms hereof, may be amended, supplemented or modified except in an instrument
in writing executed by the parties hereto.

 

(e)              
GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS
OF LAW EXCEPT THOSE GIVING EFFECT TO THIS CHOICE OF LAW. EACH OF THE PARTIES HERETO CONSENTS AND SUBMITS TO THE JURISDICTION OF
ANY COURT OF RECORD OF THE FIRST DEPARTMENT OF THE STATE OF NEW YORK OR THE U.S. FEDERAL COURTS LOCATED IN THE SOUTHERN DISTRICT
OF NEW YORK.

 

     

     

    

  

(f)               
WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY
OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT.

 

(g)              
No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of a party hereto,
any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of
any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by law.

 

(h)              
Section Headings. The section and subsection headings in this Agreement are for convenience of reference only
and shall not be deemed to alter or affect the interpretation of any provisions hereof.

 

(i)                
Costs and Expenses. Each party hereto shall bear its own costs and expenses (including the fees and disbursements
of counsel and accountants) incurred in connection with the negotiations and preparation of and the closing under this Agreement
and all matters incident thereto.

 

(j)                
Counterparts. This Agreement may be executed by the parties to this Agreement on any number of separate counterparts
(including by facsimile or pdf), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

(k)              
Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

[signature pages follow]

 

     

     

    

 

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

 

	 	HUNT COMPANIES FINANCE TRUST, INC.	 
	 	 	 
	 	By:	/s/ Michael Larsen	 
	 	Name:	Michael Larsen	 
	 	Title:	President	 

 

     

     

    

 

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

 

	 	HUNT INVESTMENT MANAGEMENT, LLC	 
	 	 	 
	 	By:	/s/ Paul Donnelly	 
		Name:	Paul Donnelly	 
	 	Title:	EVP / General Counsel

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