Document:

Document

Exhibit 10.1

2021 BONUS PLAN
			
	
	

INTRODUCTION 

The 2021 Bonus Plan (this “Bonus Plan” or “Plan”) is intended to retain Plan Participants and motivate them in their respective positions to achieve priority objectives at GenMark.  The Bonus Plan is an annual plan with a single payout calculated according to Company performance levels achieved and individual performance. 

DEFINITIONS 

“Eligible Earnings” means (i) for employees in an exempt position, their annualized base salary at the end of the Performance Period while a Plan Participant; and (ii) for employees in non-exempt positions, their base hourly or salary wages annualized at the rate at the end of the Performance Period while a Plan Participant.  Other payments and forms of compensation such as overtime are excluded from Eligible Earnings. Prorated consideration will be given for partial year employment situations and leaves of absence.

“Performance Period” means, as applicable, GenMark’s fiscal year from January 1, 2021 to December 31, 2021. 

“Plan Participant” means an individual eligible to participate in this Plan (and, thus, to potentially receive bonus(es) under this Plan) if s/he satisfies each of the following conditions: 

•Is a regular employee of the Company (temporary and contract personnel are not eligible) and begins employment with the Company prior to October 1, 2021; 
•Is not a participant in any other GenMark bonus, incentive, variable or sales compensation plan; 
•Is provided with notice of eligibility to participate in this Plan, including his/her target bonus percentage opportunity under this Plan which is based on his/her position at GenMark; and
•Remains employed by GenMark in a position eligible to participate in this Plan through both the Performance Period and through the date bonuses are paid to participants under this Plan. 

Once an individual ceases to meet any of the above conditions, the employee ceases to be a Plan Participant and is not eligible to receive or keep any bonus under this Plan. 

HOW THIS PLAN WORKS 

This Plan is administered by the Compensation Committee of GenMark’s Board of Directors (the “Compensation Committee”), in its sole business judgment and discretion. The Compensation Committee intends to administer this Plan in accordance with the Performance Goals (as defined below), although it retains the legal right to full and absolute discretion and authority to administer the Plan differently, taking into account any other facts, factors and circumstances that may be relevant at the time bonus pool funding and bonus award determinations are made. Such other facts, factors and circumstances may prompt the Compensation Committee to administer this Plan differently than the Performance Goals may direct, although all of the factors covered by the Performance Goals below will be considered by the Compensation Committee in making bonus pool funding and bonus award determinations. 

At the conclusion of the Performance Period, once the Company’s financial results are determined, a bonus pool may be released based on identified criteria.  A bonus payout may be calculated based on GenMark’s performance as measured against Financial Goals, Product Development Goals, Organization Goals, Individual Goals, and/or such other goals as determined by the Compensation Committee, in each case as approved by the Compensation Committee during the first quarter of 2021 (collectively, the “Performance Goals”). Based on performance thresholds, payouts may occur between 0% and 150% of target.  During the Performance Period, a Plan Participants’ job performance may be assessed by their respective supervisors.  Payout calculations are reviewed and approved by the CEO and/or Board of Directors.

2021 BONUS PLAN
			
	
	

BONUS PAYMENTS

A Plan Participant’s actual bonus payout for the Performance Period will be determined based on his/her target bonus percentage, his/her Eligible Earnings for the Performance Period, and prorated as applicable for any partial year employment.  The Compensation Committee will approve the bonus payouts based on Company results achieved, and has the sole business judgment and discretion to make any adjustments to the bonus payout amounts and form of payment.

MISCELLANEOUS

1. Bonus Payments. All bonus payments will be subject to tax and other legally required withholdings and deductions, as well as those authorized by the Plan Participant under established Company plans. Bonus payments will be made in the Plan Participant’s local currency and as soon as administratively practicable following conclusion of the Performance Period, after GenMark’s financials are completed (and, as necessary, audited), but in no event later than 75 days following the end of the Performance Period. 

Absent any errors or mistakes by GenMark with respect to data, calculations and eligibility determinations resulting in a bonus payment under this Plan, bonuses paid under this Plan are earned when received by the Plan Participant. In the event of any such errors or mistakes by GenMark, a Plan Participant or former Plan Participant will not have earned the bonus and must repay any bonus amount received due to such error or mistake. 

2. Plan Administration. This Plan is discretionary. No employee or Plan Participant is entitled to receive any bonus under this Plan regardless of GenMark’s financial performance, bonus funding, Plan Participant performance or bonus recommendation under the Performance Goals set forth herein or otherwise. This Plan is administered by the Compensation Committee, which, along with the Board of Directors, has the sole authority and discretion to interpret, make exceptions to, make determinations under, change and terminate this Plan at any time in its sole business judgment and discretion. Moreover, nothing about this Plan is intended to be, nor shall be construed as, an employment contract between GenMark and any employee or Plan Participant for employment or continued employment for any period, or in any GenMark position. 

3. Governing Law. 
The Plan shall be construed and interpreted in accordance with the laws of the state of California (but not its conflict of laws provisions) and, to the extent required by local law, the laws of the jurisdiction in which the Plan Participant is or was employed by the Company during the period of eligibility to participate in the Plan.Document

EXHIBIT 4.8

DESCRIPTION OF COMMON STOCK
NMI Holdings, Inc. (“NMIH”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended:  NMIH’s Class A common stock, $0.01 par value per share (“Class A common stock” or “common stock”).  
The following description of NMIH’s common stock is a summary and does not purport to be complete.  This description is qualified in its entirety by reference to NMIH’s Second Amended and Restated Certificate of Incorporation (“Certificate of Incorporation”) and Third Amended and Restated Bylaws (“Bylaws”), each of which is incorporated by reference as an exhibit to NMIH’s Annual Report on Form 10-K of which this Exhibit 4.8 is a part. The terms of NMIH’s Certificate of Incorporation and Bylaws are more detailed than the general information provided below. NMIH encourages you to read its Certificate of Incorporation and Bylaws and the applicable provisions of the General Corporation Law of the State of Delaware (“DGCL”) for additional information. 
Authorized and Outstanding Capital Stock
NMIH’s Certificate of Incorporation authorizes NMIH to issue 250,000,000 shares of Class A common stock, 250,000 shares of Class B non-voting common stock, $0.01 par value per share, and 10,000,000 shares of preferred stock, $0.01 per share.
In 2012, NMIH sold all 250,000 authorized shares of its Class B non-voting common stock to Bradley M. Shuster and another of its founders for nominal consideration. Since that time, each share of Class B non-voting common stock issued and outstanding was automatically converted into, and became entitled to the rights set forth herein, or that otherwise may exist at law, associated with, one fully paid and non-assessable share of Class A common stock without any action by the holder or by NMIH. Pursuant to NMIH’s Certificate of Incorporation, the shares of Class B non-voting common stock that have been converted have been retired and may not be reissued.
Description of Common Stock
Voting Power. Except as otherwise required by law or as otherwise provided in any certificate of designation for any series of preferred stock, the holders of NMIH common stock possess all voting power for the election of NMIH’s directors and all other matters requiring stockholder action. Each holder of NMIH common stock is entitled to one vote for each share on all matters to be voted upon by the stockholders, and there are no cumulative voting rights. Except as otherwise provided by law, NMIH’s Certificate of Incorporation or Bylaws or in respect of the election of directors, all matters to be voted on by NMIH stockholders must be approved by a majority of the shares present in person or by proxy at the meeting and entitled to vote on the subject matter. In the case of an election of directors, where a quorum is present, a plurality of the votes cast shall be sufficient to elect each director.
Dividends. Holders of common stock are entitled to receive ratably the dividends, if any, as may be declared from time to time by the board of directors out of funds legally available therefor. In no event will any stock dividends or stock splits or combinations of stock be declared or made on NMIH’s common stock unless all shares of common stock at the time outstanding are treated equally and identically.
Liquidation. If NMIH liquidates, dissolves or winds up, (i) the rights of the holders of any outstanding shares of preferred stock will first be satisfied; and (ii) thereafter, the holders of common stock will be entitled to receive all of NMIH’s remaining assets of whatever kind available for distributions to such holders.
Preemptive or Other Rights. Holders of common stock have no preemptive or conversion rights or other subscription rights, and there are no redemption or sinking fund provisions applicable to the common stock. The rights, preferences and privileges of the holders of common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock which NMIH may designate in the future.
Certain Anti-Takeover Provisions
Special Meetings of Stockholders. NMIH’s Bylaws generally provide that special meetings of stockholders may be called only by the chairman of the board, the president or by resolution of NMIH’s board of directors. Stockholders are not permitted to call a special meeting or require NMIH’s board of directors to call a special meeting. At any special meeting of NMIH’s stockholders, only such business will be conducted as has been 

specified in the notice of meeting given by or at the direction of the NMIH board of directors or otherwise properly brought before the special meeting by or at the direction of the board of directors. 
No Cumulative Voting. The DGCL provides that stockholders are not entitled to the right to cumulative voting in the election of directors unless a corporation’s certificate of incorporation provides otherwise. NMIH’s Certificate of Incorporation does not provide for cumulative voting in the election of directors.
Advance Notice Requirements for Stockholder Proposals and Director Nominations. NMIH’s Bylaws provide that stockholders seeking to bring business before a meeting of stockholders, or to nominate candidates for election as directors at a meeting of stockholders, must provide timely notice of their intent in writing. To be timely, a stockholder’s notice must be delivered to NMIH’s principal executive offices, in the case of an annual meeting, no fewer than 90 days nor more than 120 days prior to the anniversary date of the annual meeting in the preceding year, subject to changes if the annual meeting date is advanced more than 30 days before or delayed more than 60 days after the anniversary date of the preceding year’s annual meeting, or, in the case of a special meeting, no fewer than 90 days nor more than 120 days prior to the special meeting, subject to changes if the first public announcement of the date of such special meeting is less than 100 days prior to the date of such special meeting. NMIH’s Bylaws also specify certain requirements as to the form and content of a stockholder’s notice, including the stockholder’s ownership of NMIH, synthetic equity transactions engaged in by the stockholder related to NMIH, any proxies or voting agreements pursuant to which such stockholder has a right to vote shares of NMIH, any stock borrowing agreements entered into by the stockholder related to NMIH, any performance related fees the stockholder is entitled to based upon changes in the value of NMIH and any other information that would be required to be made in connection with a solicitation of proxies by such stockholder pursuant to Section 14(a) of the Exchange Act. NMIH’s Bylaws also provide that such stockholder must provide information concerning each item of business proposed by the stockholder and individuals nominated for election as a director, as applicable. These provisions may preclude NMIH’s stockholders from bringing matters before an NMIH annual meeting of stockholders or from making nominations for directors at NMIH’s annual meeting of stockholders.
No Stockholder Action by Written Consent. NMIH’s Certificate of Incorporation provides that, subject to the rights of the holders of any series of preferred stock with respect to such series of preferred stock, any action required or permitted to be taken by NMIH’s stockholders must be effected at a duly called annual or special meeting of NMIH’s stockholders and may not be effected by any consent in writing by such stockholders.
Bylaw Amendments. NMIH’s Bylaws may be adopted, amended, altered or repealed by stockholders only upon approval of at least two-thirds of the voting power of all the then outstanding shares of common stock. Additionally, NMIH’s Bylaws may be amended, altered or repealed by the NMIH board of directors by a majority vote.
Authorized but Unissued Shares. NMIH’s authorized but unissued shares of common stock (other than shares of Class B non-voting common stock that have been converted to shares of Class A common stock) are available for future issuances without stockholder approval, subject to applicable stock exchange rules, and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved common stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.
Section 203 of the DGCL. NMIH is subject to Section 203 of the DGCL. Subject to certain exceptions, Section 203 of the DGCL prohibits a public Delaware corporation from engaging in a “business combination” (as defined in such section) with an “interested stockholder” (defined generally as any person who beneficially owns 15% or more of the outstanding voting stock of such corporation or any person affiliated with such person) for a period of three years following the time that such stockholder became an interested stockholder, unless: (a) prior to such time the board of directors of such corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder; (b) upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of such corporation at the time the transaction commenced, excluding for purposes of determining the voting stock of such corporation outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (i) by persons who are directors and also officers of such corporation and (ii) by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the 

plan will be tendered in a tender or exchange offer; or (c) on or subsequent to such time, the business combination is approved by the board of directors of such corporation and authorized at a meeting of stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock of such corporation not owned by the interested stockholder.
Restrictions on Ownership Under Insurance Laws. The application of various state insurance laws could be a significant deterrent to any person or persons acting in concert interested in acquiring control of NMIH. The insurance and insurance holding company laws of each of the jurisdictions in which NMIH’s insurance subsidiaries are incorporated or commercially domiciled govern any acquisition of control of NMIH’s insurance subsidiaries or of NMIH. In general, these laws provide that no person or entity (or persons acting in concert) may directly or indirectly acquire control of an insurance company unless that person or entity has received the prior approval of the insurance regulatory authorities. An acquisition of control would be presumed in the case of any person or entity who purchases or controls 10% or more of NMIH’s outstanding common stock or the outstanding common stock of such insurance company, unless a request for an exemption from the acquisition of control is filed by the acquirer and subsequently approved by all of the applicable insurance regulatory authorities.
Transfer Agent and Registrar
The transfer agent and registrar for the common stock is American Stock Transfer & Trust Company.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00322-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00322-of-00352.parquet"}]]