Document:

ex_114412.htm

Exhibit 10.3

 

INDUCEMENT STOCK OPTION AWARD AGREEMENT

 

THIS INDUCEMENT STOCK OPTION AGREEMENT (the “Agreement”), made as of May 7, 2018 (the “Grant Date”), by and between InfuSystem Holdings, Inc. (the “Company”) and Gregory Schulte (“Optionee”).

 

RECITALS

 

WHEREAS, the Board has determined to offer employment to Optionee;

 

WHEREAS, as an inducement to accept such employment offer, the Board has determined to offer Optionee the options (the “Options”) to purchase an aggregate of One Hundred and Twenty-Five Thousand (125,000) shares of the Company’s common stock (“Shares”) under the terms and conditions set forth herein.

 

WHEREAS, all capitalized terms in this Agreement, to the extent not otherwise defined herein, shall have the meaning assigned to them in the Plan.

 

NOW, THEREFORE, it is hereby agreed as follows:

 

The Company hereby grants to Optionee, as of the Grant Date, Options to purchase up to One Hundred and Twenty-Five Thousand (125,000) Shares of common stock, par value $0.0001.

 

1.     Option Price. The exercise price is $2.55 for each Share, being 100% or more of the Market Value of the Shares on the Grant Date.

 

2.     Expiration Date. The expiration date for the Option is the 5th anniversary of the Grant Date.

 

3.     Vesting. This Option shall become vested and exercisable, subject to the provisions of Section 4 below, as follows: (i) one-fourth (25%) of the Options shall vest on the anniversary of the first Grant Date beginning on May 7, 2019 and (ii) the remaining three-fourths (75%) of the Options shall vest in a series of thirty-six (36) equal monthly installments upon Optionee’s completion of each month of service after the first Grant Date.

 

All further vesting shall cease upon termination of Optionee’s service as an employee or director of the Company and its Subsidiaries.

 

4.     Exercise.

 

(a)     Method of Exercise. This Option shall be exercisable by a written notice which shall:

 

(i)     state the election to exercise the Option, the number of Shares with respect to which it is being exercised, the person in whose name the stock certificate or certificates for such Shares is to be registered, and his address and Social Security Number (or if more than one, the names, addresses and Social Security Numbers of such persons);

 

 

 

 

(ii)     contain such representations and agreements as to the holder’s investment intent with respect to the Shares to be acquired upon exercise as required by the Committee;

 

(iii)     be signed by the person or persons entitled to exercise the Option and, if the Option is being exercised by any person or persons other than the Optionee, be accompanied by proof, satisfactory to the Committee, of the right of such person or persons to exercise the Option; and

 

(iv)     be delivered in person or by certified mail to the Treasurer of the Company or his or her designee.

 

(b)     Payment of Exercise Price. Payment of the exercise price for the Shares with respect to which the Option is exercised shall be made in full in one of the following forms:

 

(i)     Certified or bank cashier’s or teller’s check; or

 

(ii)     Delivery to the Company of shares of Common Stock that are free and clear of any liens, encumbrances, claims or security interests, having an aggregate Market Value, as of the date of exercise, equal to the aggregate exercise price for the Shares being acquired upon exercise of the Option;

 

(iii)     Withholding by the Company the number of whole Shares, rounded down, to be acquired upon exercise of this Option, with an aggregate Market Value, equal to or less than the exercise price, with the Optionee paying any remaining exercise price in such other manner as specified in this Section 4(b); or

 

(iv)     In the Committee’s sole discretion, by the Optionee authorizing a third party to sell Shares acquired upon exercise of the Option, and to remit to the Company the amount equal to the aggregate exercise price for the Shares being acquired.

 

(c)     Restrictions on Exercise. This Option may be exercised during Optionee’s lifetime only by the Optionee and shall not be assignable or transferable otherwise than by will or by the laws of descent and distribution. As a condition to the exercise of this Option, the Company may require the person exercising this Option to make any representation and warranty to the Company as the Company determines may be required by any applicable law or regulation.

 

(d)     Exercise Term. This Option may not be exercised until six (6) months after the Grant Date, and will expire and may not be exercised after the earliest of the following:

 

(i)      the expiration date set out in Section 2 above; or

 

 

 

 

(ii)     three (3) months after the date Optionee ceased to be an employee or director of the Company and its Subsidiaries, unless Optionee’s status ended due to death, in which case this Option will expire and may not be exercised more than one (1) year following the date of death.

 

5.     Non-transferability of Option. This Option may not be transferred in any manner otherwise than by will or the laws of descent and distribution and may be exercised during the lifetime of Optionee only by Optionee. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of Optionee.

 

6.     Change in Control. Notwithstanding anything herein to the contrary, in the event of a Change in Control (as defined below), the Committee will take or cause to be taken one or more of the following actions to be effective as of the date of such Change in Control:

 

(a)     provide that the Option shall be assumed, or equivalent options shall be substituted (“Substitute Options”) by the acquiring or succeeding corporation (or an affiliate thereof), provided that: the shares of stock issuable upon the exercise of such Substitute Options shall constitute securities registered in accordance with the Securities Act of 1933, as amended (the “1933 Act”), or such securities shall be exempt from such registration in accordance with Sections 3(a)(2) or 3(a)(5) of the 1933 Act (collectively, “Registered Securities”), or in the alternative, if the securities issuable upon the exercise of such Substitute Options shall not constitute Registered Securities, then the Optionee will receive upon consummation of the Change in Control transaction a cash payment for the Option surrendered equal to the difference between (1) the fair market value of the consideration to be received for each Share in the Change in Control transaction times the number of Shares subject to the surrendered Option, and (2) the aggregate exercise price of the surrendered Option; or

 

(b)     in the event of a transaction under the terms of which the holders of the Shares of the Company will receive upon consummation thereof a cash payment (the “Merger Price”) for each Share exchanged in the Change in Control transaction, to make or to provide for a cash payment to Optionee equal to the difference between (A) the Merger Price times the number of Shares under the Option (to the extent then exercisable at prices not in excess of the Merger Price) and (B) the aggregate exercise price of all such Shares under the Option in exchange for such Shares under the Option.

 

For purposes of this Agreement, the term “Change in Control” shall mean (A) the sale of all or substantially all of the assets of the Company; (B) the merger or recapitalization of the Company whereby the Company is not the surviving entity; or (C) the acquisition, directly or indirectly, of the beneficial ownership (within the meaning of that term as it is used in Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder) of fifty (50%) or more of the outstanding voting securities of the Company by any person, trust, entity or group.

 

7.     Securities Law Compliance. Notwithstanding anything herein to the contrary, the Option may not be exercised unless the Shares issuable upon such exercise are then registered under the Securities Act of 1933, as amended, or, if such Shares are not so registered, the Committee has determined that such exercise and issuance would be exempt from the registration requirements of such Act. The exercise of the Option also must comply with other applicable laws and regulations governing the Option, and the Option may not be exercised if the Company determines that such exercise would not be in material compliance with such laws and regulations.

 

 

 

 

8.     Withholding. The exercise of the Option in whole or in part constitutes authorization for the Company to withhold from payroll and other amounts due Optionee, including, if elected by Optionee, from Shares otherwise issuable upon exercise of the Option, any amounts required to satisfy any federal, state or local tax withholding obligations that may arise in connection with the Option. The Option may not be exercised unless all such tax withholding obligations are satisfied. Optionee may elect to have the Company reduce the number of Shares otherwise issuable upon exercise of the Option by the number of whole Shares, rounded down, with a Market Value equal to or less than the amount of the withholding tax due. The Company will withhold any remaining withholding tax due from other payments owed to the undersigned.

 

9.     Related Matters. Notwithstanding anything herein to the contrary, additional conditions or restrictions related to the Option may be contained in the Plan.

 

 

 

	 	 	INFUSYSTEM HOLDINGS, INC.
	 	 	 
	 	 	 
	 	 	 
	Grant Date:      May 7, 2018	 	By:   /s/ Richard DiIorio                                                        
	 	 	 
	 	 	 
	 	 	         /s/ Gregory Schulte                                                         
	 	 	                                       Gregory Schulte, Optioneeck0001711929-ex101_139.htm

Exhibit 10.1

 

STARWOOD REAL ESTATE INCOME TRUST, INC.

 INDEPENDENT DIRECTOR COMPENSATION POLICY

 

 

Effective Date

 

On March 29th, 2018 (the “Effective Date”), the Board of Directors (the “Board”) of Starwood Real Estate Income Trust, Inc. (the “Company”) adopted this Independent Director Compensation Policy, to be effective on the Effective Date.  This policy supersedes in its entirety that policy approved by the Board on November 28, 2017 (the “Prior Policy”).  As of the Effective Date, no grants of Class I Restricted Stock (as outlined below), had been paid pursuant to the Prior Policy.  Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Starwood Real Estate Income Trust, Inc. Independent Director Restricted Share Plan (the “Plan”).

 

Eligibility

 

This policy shall apply to directors of the Company who meet the requirements set forth for an “independent director” in the Company’s Charter.

 

Compensation

 

Each Independent Director shall receive an annual retainer of $65,000 and the chairperson of the Company’s audit committee shall receive an additional annual retainer of $10,000 (the “Compensation”).  The Compensation shall remain in effect until changed by the Board.

 

Payment Timing and Form

 

The Company will pay the Compensation in quarterly installments of which 75% shall be paid in cash in arrears, as soon as possible following the end of the calendar quarter to which the Compensation relates, and the remaining 25% shall be paid in the form of restricted shares of the Company’s Class I common stock (“Class I Restricted Stock”). 

 

Terms and Conditions of Class I Restricted Stock  

 

	
 
	
•
	
Class I Restricted Stock shall be granted under, and subject to the terms and conditions of, the Plan, and the award certificate evidencing such grant.

 

	
 
	
•
	
The Class I Restricted Stock shall be granted on the third (3rd) business day following the date that the annual meeting of shareholders (“Annual Meeting”) is held (or, if the person becomes an Independent Director at any time other than at an Annual Meeting, the third business day following the effective date on which the person becomes an independent director) (in either case, a “Grant Date”).  Notwithstanding the foregoing, (i) each Independent Director serving on the Board as of January 16, 2018 shall receive a grant of Class I Restricted Stock on the third (3rd) business day following the Effective Date, prorated assuming the Company were to hold an Annual Meeting on May 1, 2018, and (ii) on May 4, 2018, each Independent Director then serving on the Board shall receive a grant of Class I Restricted Stock, assuming the Company held an Annual Meeting on May 1, 2018.

 

	
 
	
•
	
The number of shares of Class I Restricted Stock granted shall be determined by (A) dividing 

	
 
		
twenty-five percent (25%) the Compensation due, taking into account any required proration as described below, by the then-current per share NAV of the Company’s Class I common stock as of the last day of the calendar quarter immediately preceding the Grant Date, and (B) rounding to the nearest whole number.  Notwithstanding the foregoing, during the escrow period for the Company’s initial public offering, the number of shares of Class I Restricted Stock granted shall be calculated using a per share NAV of $20.00.

 

 

	
 
	
•
	
Unless and until provided otherwise by the Board, the Class I Restricted Stock granted pursuant to this Policy shall vest and become non-forfeitable on the one-year anniversary of the Grant Date, provided, in each case, that the Independent Director is providing services to the Company as a director on each such vesting date.  Notwithstanding the foregoing vesting schedule, the shares of Restricted Stock shall become fully vested on the earlier occurrence of: (i) the termination of the Independent Director’s service as a director of the Company due to his or her death or Disability; or (ii) a Change in Control of the Company.   If the Independent Director’s service as a director of the Company terminates other than as described in clause (i) of the foregoing sentence, then the Independent Director shall forfeit all of his or her right, title and interest in and to any unvested shares of Restricted Stock as of the date of such termination from the Board and such Restricted Stock shall be reconveyed to the Company without further consideration or any act or action by the Independent Director.

 

Proration

 

	
 
	
•
	
If an Independent Director is newly appointed or elected to the Board at the Annual Meeting, then his or her cash Compensation shall be prorated to reflect his or her full calendar months of service (e.g. if the Annual Meeting is in May, then the first quarterly cash payment will be with respect to service during June of such quarterly service period).  

 

	
 
	
•
	
If an Independent Director is newly appointed or elected to the Board at any time other than at an Annual Meeting, then (i) his or her first quarterly cash payment will be prorated to reflect the number of full calendar months of service between the effective date of the Independent Director’s appointment or election through the last day of the respective quarterly calendar period (e.g. if an Independent Director is appointed to the Board on January 15, then his or her first quarterly payment will be with respect to service during February and March of such quarterly calendar period), and (ii) his or her Class I Restricted Stock grant shall be prorated to reflect the number of calendar months between the date of his or her appointment or election to the Board and the next regularly scheduled Annual Meeting (e.g., if an Independent Director is appointed to the Board on November 28, then his or her first Class I Restricted Stock grant shall be prorated to reflect five months of service, assuming an Annual Meeting date in May).  

 

	
 
	
•
	
If an Independent Director is not newly appointed or re-elected at the Annual Meeting, then he or she will not receive payment for services during the month of such Annual Meeting.

 

 

 

 

 

- 2 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00283-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00283-of-00352.parquet"}]]