Document:

Exhibit

Exhibit 10.1

AMENDMENT NO. 8

TO THE 

LAUNCH SERVICES AGREEMENT

NO. IS-10-008

BETWEEN

IRIDIUM SATELLITE LLC

AND

SPACE EXPLORATION TECHNOLOGIES CORP.
    

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.
Execution Copy        Iridium & Space Exploration Technologies Corp. Proprietary Information

PREAMBLE

This Amendment No. 8 (the “Amendment”) to the Contract for Launch Services No. IS-10-008, signed on March 19, 2010 between Iridium Satellite LLC and Space Exploration Technologies Corp. (as amended, the “Contract”) is entered into on this 6th day of September, 2018, by and between Iridium Satellite LLC, a limited liability company organized and existing under the laws of Delaware, having its office at 1750 Tysons Boulevard, Suite 1400, McLean, VA 22102 (“Customer”) and Space Exploration Technologies Corp., a Delaware corporation, having its office at 1 Rocket Road, Hawthorne, CA 90250 (“Contractor”). 

RECITALS

WHEREAS, Customer and Contractor have engaged in discussions relating to the possibility of using Pre-Flown Hardware to perform the seventh (7th) and final Firm Launch set forth in the Agreement at a reduced Launch Service Price; and

WHEREAS, Customer desires Contractor to perform the seventh (7th) and final Firm Launch under the Agreement using such Pre-Flown Hardware in exchange for a reduced Launch Service Price; and  

WHEREAS, as consideration for Customer’s agreement to use the Pre-Flown Hardware, Contractor agrees to reduce the Launch Service Price for the seventh (7th) and final Firm Launch by [***] US Dollars (US$[***]), from [***] US Dollars (US $[***]) to [***] US Dollars (US $[***]).

NOW, THEREFORE, in consideration of the foregoing, the agreements contained herein, the payments to be made by Customer to Contractor under the Agreement and other good and valid consideration, the receipt and adequacy of which are hereby expressly acknowledged, and intending to be legally bound, the Parties agree as follows:

Article 1:    Capitalized terms used but not defined in this Amendment shall have the meanings ascribed thereto in the Agreement.  

Article 2:    The definition of “Pre-Flown Hardware” set forth in Article 1 of the Contract is hereby deleted and replaced in its entirety with the following:

“Pre-Flown Hardware” means: (i) [***] first (1st) stage boosters of the Launch Vehicle for the fourth (4th) and fifth (5th) Firm Launches, or (ii) a [***] first (1st) stage booster of the Launch Vehicle for the seventh (7th) Firm Launch, and/or parts and components thereof that have been previously utilized by Contractor [***].    

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.
Execution Copy        Iridium & Space Exploration Technologies Corp. Proprietary Information                       2

Article 3:    Section 2.6 added by Amendment 7 to the Contract is hereby renumbered to read “2.7”.

Article 4:    Article 2.6 of the Contract is hereby deleted and replaced by the following:

”2.6    Subject to Section 11.1.2 (D), Contractor shall use Pre-Flown Hardware for the fourth (4th), fifth (5th) and seventh (7th) Firm Launches.”

Article 5:    Section 11.1.2(D) is hereby deleted and replaced in its entirety with the following:

“(D)    The Launch Vehicle shall be flight proven through a minimum of: (i) [***] to orbit using [***] first (1st) stage Pre-Flown Hardware prior to the fourth (4th) Firm Launch, and (ii) [***] to orbit using [***] first (1st) stage Pre-Flown Hardware prior to the seventh (7th) Firm Launch.”

Article 6:    Section 11.1.2(E) of the Contract is hereby deleted and replaced in its entirety with the following:

“(E) Contractor shall cooperate in good faith with Customer to resolve any reasonable question or concern Customer may have related to the qualification of the Pre-Flown Hardware to be used on the fourth (4th), fifth (5th) or seventh (7th) Firm Launch.”

Article 7:    Article 11 of the Contract is hereby amended by the addition of the following Section 11.1.2(G):

“If Contractor is unable use Pre-Flown Hardware to perform the seventh (7th) Firm Launch for reasons not attributable to Customer, Contractor shall, [***], use a new first (1st) stage booster for the seventh (7th) Firm Launch.”

Article 8:    Article 15.8 of the Contract is hereby deleted and replaced in it entirety with the following:

“15.8 Assistance With Insurance Related to Pre-Flown Hardware.  If Contractor’s use of Pre-Flown Hardware to perform the fourth (4th), fifth (5th) and/or seventh (7th) Firm Launch directly results in an increase to Customer’s related Launch and In Orbit Insurance costs, Contractor shall provide [***] assistance to minimize the increase to Customer’s insurance costs.”

Article 9:    Milestone Success Criteria (h), added to [***] in Appendix C, Table C-2, of the SOW by Amendment 7 to the Contract for the fourth (4th) and fifth (5th) Firm Launch, shall also apply to the seventh (7th) Firm Launch and shall be delivered to Customer [***].

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.
Execution Copy        Iridium & Space Exploration Technologies Corp. Proprietary Information                       3

Article 10:    The event “[***]” added to the [***] of [***] in Appendix C, Table C-2, of the SOW by Amendment 7 shall also apply to the seventh (7th) Firm Launch.

Article 10:    The recurring Milestone Payments [***] applicable to the final Firm Launch set forth in Exhibit C Table C.3 of the Contract are hereby deleted and replaced in their entirety with the following Milestone Payments. 

[***]

Article 11:    This Amendment may be executed and delivered (including via facsimile or other electronic means) in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement.

IN WITNESS WHEREOF, the Parties have executed this Amendment by their duly authorized officers as of the date set forth in the Preamble. 
For Customer    For Contractor

	
					
	IRIDIUM SATELLITE LLC
	 
	SPACE EXPLORATION
TECHNOLOGIES CORP.

	Signature:
	/s/ S. Scott Smith
	

	Signature:
	/s/ Gwynne E. Shotwell

	 
	 
	 
	 
	 

	Name:
	S. Scott Smith
	 
	Name:
	Gwynne Shotwell

	Title:
	Chief Operating Officer
	 
	Title:
	President

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.
Execution Copy        Iridium & Space Exploration Technologies Corp. Proprietary Information                       4ex_125824.htm

Exhibit 10.3

 

SUPERIOR GROUP OF COMPANIES, INC.

STOCK APPRECIATION RIGHTS AGREEMENT

 

THIS AGREEMENT, by Superior Group of Companies, Inc., a Florida corporation (the “Company”), and  (NAME), an employee of the Company or an Affiliate (the “Participant”), sets forth the terms and conditions of the Stock Appreciation Rights (“SAR”) granted to the Participant under the Superior Group of Companies, Inc. 2013 Incentive Stock and Awards Plan (the “Plan”).

 

1.            Grant of SAR. The Compensation Committee of the Board of Directors of the Company (the “Committee”) has awarded to Participant an SAR with respect to the Common Stock of the Company, subject to the terms and conditions of this Agreement and the Plan.

 

2.            General Terms of Participant’s SAR.

 

The number of Shares subject to this SAR (the “SAR Shares”) is:

 

The “Exercise Price” of each SAR Share is: $_____ per share, which may not be less than one hundred percent (100%) of the Fair Market Value of the Common Stock on the Grant Date.

 

The “Grant Date” of this SAR is: ___________

 

The “Expiration Date” of Participant’s right to exercise a SAR Share is 5:00 p.m. (Eastern Time) on the fifth (5th) anniversary of the Grant Date. However, Participant’s right to exercise this SAR may terminate before the Expiration Date as discussed in Section 4 of this Agreement.

 

3.            Conditions of Exercise.

 

	 	
			a.

				
			Conditions of Exercise. Subject to the provisions of the Plan and this Agreement, Participant may exercise the SAR only after the SAR Shares are vested, and only before the Expiration Date or the termination date described in Section 4 of this Agreement.

			

 

	 	
			b.

				
			Vesting of SAR. Subject to the termination provisions of paragraph 4, the Participant's SAR Shares vest upon ___________.

			

 

4.           Termination of Employment. The following paragraphs apply in the event of Participant’s termination of employment from the Company or an Affiliate prior to the Expiration Date. In no event, however, will the periods described in this Section 4 extend the term of the SAR beyond its Expiration Date or beyond the date the SAR is otherwise cancelled pursuant to the terms of the Plan.

 

	 	
			a.

				
			Retirement, Death or Disability. If Participant: (i) dies while employed by the Company or an Affiliate or within the period when an SAR could have otherwise been exercised by Participant; (ii) terminates his or her employment with the Company or an Affiliate by reason of “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code); or (iii) terminates his or her employment with the Company or an Affiliate as a result of Participant’s retirement, provided that the Company or Affiliate has consented in writing to Participant’s retirement, then, in each such case, Participant, or Participant’s duly authorized representatives, shall have the right, at any time within three (3) months after Participant’s death, disability or retirement, as the case may be, and prior to the termination of the SAR pursuant to Section 3 above, to exercise any SAR to the extent such SAR was exercisable by Participant immediately prior to Participant’s death, disability or retirement. In the discretion of the Committee, the three-month period referenced in the immediately preceding sentence may be extended for a period of up to one year.

			

 

 

 

 

	 	
			b.

				
			Termination of Employment. During Participant’s life, an SAR shall be exercisable only by Participant and only before the date of the termination of the Participant’s employment with the Company or an Affiliate, other than by reason of Participant’s death, permanent disability or retirement with the consent of the Company or an Affiliate as provided in Section 4(a) above, but only if and to the extent the SAR was exercisable immediately prior to such termination, and subject to the provisions of Section 4(c) below.

			

 

	 	
			c.

				
			Limitations on Exercise of SAR. In no event may the SAR be exercised, in whole or in part, after five (5) years following the Grant Date.

			

 

5.           Exercise of SAR. Participant may exercise the SAR, to the extent the SAR Shares are vested, by delivering written notice to the Secretary of the Company, in the form for such purpose promulgated by the Company, specifying the whole number of vested SAR Shares to which the notice relates.

 

Upon delivery of the notice of exercise, Participant will be entitled to a payment from the Company of an amount equal to the number of SAR Shares specified in the notice multiplied by: (a) the Fair Market Value of a share of Common Stock (determined as of the date the Company receives Participant’s notice of exercise form), reduced by (b) the Exercise Price for an SAR Share.

 

Payment will be made as soon as practicable after the Company processes Participant’s exercise. Payment will be made in shares of Common Stock having a Fair Market Value (determined as of the date the Company receives Participant’s notice of exercise form) equal to the amount of the payment due. Any fractional shares will be paid in cash. Participant’s payment may be reduced by an amount the Company or an Affiliate deems necessary to satisfy its liability to withhold federal, state or local income taxes or other taxes due by reason of the exercise. Alternatively, the Company or an Affiliate may reduce compensation that is otherwise payable to Participant by the amount the Company or an Affiliate deems necessary to satisfy its liability to withhold federal, state or local income taxes or other taxes due by reason of the exercise.

 

6.           Adjustments and Change of Control. The number and type of shares subject to this SAR and the Exercise Price may be adjusted, or this SAR may be assumed, cancelled or otherwise changed, in the event of certain transactions, as provided in Section 14 of the Plan. Upon a change of control, as defined in the Plan, the Participant shall have the rights specified in Section 14 of the Plan.

 

7.           Failure to Enforce Not a Waiver. The failure of the Company to enforce at any time any provision of this SAR Agreement shall in no way be a waiver of such provision or of any other provision hereof.

 

8.           Participant Bound by Plan. Participant hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof. The terms of the Plan are expressly incorporated into this Agreement by reference and in the event of any conflict between this Agreement and the Plan, the Plan shall govern. Any capitalized terms not defined herein will have the meanings given in the Plan. This Agreement is subject to all of the terms, conditions and provisions of the Plan, including, without limitation, the Plan’s amendment provisions, and to such rules, regulations and interpretations relating to the Plan or this Agreement as are adopted by the Committee and in effect from time to time. By signing below, Participant agrees and accepts on behalf of himself or herself, and Participant’s heirs, legatees and legal representatives, that all decisions or interpretations of the Committee with respect to the Plan or this Agreement are binding, conclusive and final.

 

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9.           Governing Law. This Agreement shall be governed by the internal laws of the state of Florida as to all matters, including but not limited to matters of validity, construction, effect, performance and remedies. Any legal action or proceeding with respect to the Plan or this SAR may only be brought and determined in a court sitting in the County of Hillsborough, or the Federal District Court for the Middle District of Florida sitting in the County of Hillsborough, in the State of Florida. The Company may require that the action or proceeding be determined in a bench trial.

 

IN WITNESS WHEREOF, the parties have executed this Stock Appreciation Rights Agreement on the ___ day of ______________.

 

	 	SUPERIOR GROUP OF COMPANIES, INC.:
	 	 	 
	 	 	 
	 	 	 
	 	By	 
	 	 	Michael Benstock
	 	 	Chief Executive Officer
	 	 	 
	 	PARTICIPANT:
	 	 
	 	 

 

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