Document:

ex10-1.htm

Exhibit 10.1

 

STOCK TRANSFER AGREEMENT

This Stock Transfer Agreement (this “Agreement”) dated December __, 2012, is made by and among Oleg Firer, an individual (the “Firer”) and Kurt Neubauer, an individual (the “Neubauer”).

WHEREAS, Firer, Neubauer and certain third parties have previously entered into that certain Capital Stock Exchange Agreement dated November 29, 2012 (the “Exchange Agreement”), relating to the acquisition by Champion Entertainment, Inc., a Texas corporation of a controlling interest in the common stock of Acies Corporation, a Nevada corporation (“Acies”);

WHEREAS, a required term and condition of the Exchange Agreement, was the transfer by Firer, to Neubauer (the “Transfer”), of 1,000 shares of Series A Preferred Stock of Acies, held by Firer, providing the holder thereof, super majority voting rights (the “Series A Stock”);

WHEREAS, no physical certificate was ever issued by Acies or its Transfer Agent to evidence the Series A Stock, and instead the Series A Stock is currently held by Firer only in book entry, non-certificated form; and

WHEREAS, the parties desire to enter into this Agreement to provide for the Transfer of the Series A Stock, in connection with the Exchange Agreement, and pursuant to the terms and conditions of this Agreement

NOW, THEREFORE, in consideration of the mutual agreements contained herein, $10 and for other good and valuable consideration, the receipt and sufficiency of which Firer hereby acknowledges, Firer and Neubauer do hereby agree as follows:

	
1.

	
Series A Stock.

	
  

	
1.1.

	 	
Firer owns the Series A Stock beneficially and of record, free and clear of any lien, pledge, security interest or other encumbrance, and, upon Transfer of the Series A Stock as provided in this Agreement, Neubauer will acquire good and valid title to the Series A Stock, free and clear of any lien, pledge, security interest or other encumbrance.  The Series A Stock is not the subject of any voting trust or option agreement or other agreement relating to the voting thereof or restricting in any way the sale or transfer thereof except for this Agreement.  Firer has full right and authority to Transfer such Series A Stock pursuant to the terms of this Agreement.

	
  

	
1.2.

	 	
Immediately upon the parties’ execution of this Agreement, Firer shall be deemed to have automatically transferred ownership, right, title and interest of the Series A Stock to Neubauer, subject to the Exchange Agreement and subject to the Termination Rights below.

 

 

 

Stock Transfer Agreement

  

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1.3.

	 	
Acies and/or Acies’ Transfer Agent shall be authorized to take whatever action necessary, if any, following the parties’ entry into this Agreement, to reflect the Transfer of the Series A Stock, which shall not require the approval and/or consent of Firer (which approval and consent shall conclusively be established by Firer’s execution of this Agreement and the Exchange Agreement), and Firer hereby agrees to release Acies and Acies’ Transfer Agent from any and all liability whatsoever in connection with the Transfer of the Series A Stock.

	
  

	
1.4.

	 	
Notwithstanding the above, Firer covenants that he will, whenever and as reasonably requested by Acies and the Transfer Agent, at his sole cost and expense, do, execute, acknowledge and deliver any and all such other and further reasonable acts, deeds, assignments, transfers, conveyances, confirmations, powers of attorney and any instruments of further assurance, approvals and consents as Acies or the Transfer Agent may reasonably require in order to complete, insure and perfect the Transfer, if such may be reasonably required by Acies and/or Acies’ Transfer Agent.

 

 

	
2.

	
Termination Rights.

	
  

	
2.1.

	 	
As set forth in greater detail in the Exchange Agreement, in the event of the termination of the Exchange Agreement, pursuant to its terms (a “Termination”), Neubauer shall take prompt action to transfer the Series A Stock back to Firer (the “Termination Rights”).

	
  

	
2.2.

	 	
Acies and/or Acies’ Transfer Agent shall be authorized to take whatever action necessary, if any, following a Termination, to reflect the transfer of the Series A Stock to Firer, which shall not require the approval and/or consent of Neubauer (which approval and consent shall conclusively be established by Neubauer’s execution of this Agreement and the Exchange Agreement), and Neubauer hereby agrees to release Acies and Acies’ Transfer Agent from any and all liability whatsoever in connection with the transfer of the Series A Stock to Firer upon a Termination.

	
  

	
2.3.

	 	
Notwithstanding the above, Neubauer covenants that he will, whenever and as reasonably requested by Acies and the Transfer Agent, at his sole cost and expense, do, execute, acknowledge and deliver any and all such other and further acts, deeds, assignments, transfers, conveyances, confirmations, powers of attorney and any instruments of further assurance, approvals and consents as Acies or the Transfer Agent may reasonably require in order to complete, insure and perfect the transfer to Firer of the Series A Stock upon a Termination, if such may be reasonably required by Acies and/or Acies’ Transfer Agent.

 

 

 

Stock Transfer Agreement

  

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2.4.

	 	
Until the closing of all of the transactions contemplated by the Exchange Agreement, Neubauer shall not sell, agree to sell, provide any option in connection therewith, transfer, hypothecate, pledge or otherwise encumber the Series A Preferred Stock.

	
3.

	
Representations and Warranties of Neubauer. Neubauer represents the following to Firer and Acies:

	
  

	
3.1.

	 	
The Series A Stock will be acquired for investment for Neubauer’s own account, not as a nominee or agent, and not with a view to the public resale or distribution thereof, and Neubauer has no present intention of selling, granting any participation in, or otherwise distributing the same.

 

	
  

	
3.2.

	 	
Neubauer understands the Series A Stock is characterized as “restricted securities” under the Securities Act of 1933, as amended (the “1933 Act”) inasmuch as it is being acquired in a transaction not involving a public offering and that under the 1933 Act and applicable regulations thereunder such securities may be resold without registration under the 1933 Act only in certain limited circumstances.  In this connection, Neubauer represents that he is familiar with Rule 144 promulgated under the 1933 Act, and understands the resale limitations imposed thereby and by the 1933 Act.

 

	
  

	
3.3.

	 	
Neubauer understands that the certificate representing the Series A Stock,  will have placed upon it the following, or similar legend, as well as a legend relating to the Termination Rights:

 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933. THEY MAY NOT BE TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS THE TRANSFEROR FIRST SATISFIES THE ISSUER THAT THE PROPOSED TRANSFER, IN THE MANNER PROPOSED, DOES NOT VIOLATE THE REGISTRATION REQUIREMENTS OF SAID ACT.

 

	
  

	
3.4.

	 	
Neubauer acknowledges that the Series A Stock has not been registered under the 1933 Act and that such securities may not be resold unless subsequently registered or an exemption from such registration is available.  In addition, Neubauer acknowledges that (a) Neubauer has been granted the opportunity to ask questions of, and receive answers from, representatives of Acies concerning Acies and the terms and conditions of the acquisition of the Series A Stock and to obtain any additional information Neubauer deems necessary; (b) Neubauer’s knowledge and experience in financial business matters is such that Neubauer is capable of evaluating the merits and risks of the investment in the Series A Stock; and (c) Neubauer has carefully reviewed the terms and provisions of this Agreement and the Exchange Agreement and has evaluated the restrictions and obligations contained herein.

 

 

Stock Transfer Agreement

  

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3.5.

	 	
Neubauer acknowledges that he is an “accredited investor” as such term is defined in Rule 501 under the 1933 Act.

	
4.

	
Further Assurances.   Firer and Neubauer agree that, from time to time, each of them will take such other action and to execute, acknowledge and deliver such contracts, deeds, or other documents (a) as may be reasonably requested and necessary or appropriate to carry out the purposes and intent of this Agreement; or (b) to effect or evidence the transfer of the Series A Stock, both from Firer to Neubauer upon execution of this Agreement, or, in connection with the Termination Rights, from Neubauer to Firer.

	
5.

	
Miscellaneous.

	
  

	
5.1.

	 	
This Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto and their successors and permitted assigns.

	
  

	
5.2.

	 	
Nothing in this Agreement shall be deemed to create any right in any creditor or other person not a party hereto and this Agreement shall not be construed in any respect to be a contract in whole or in part for the benefit of any third party, provided that Acies shall be able to rely on this Agreement and the representations herein for any and all purposes.

	
  

	
5.3.

	 	
No amendment, modification, restatement or supplement of this Agreement shall be valid unless the same is in writing and signed by the parties hereto.  No waiver of any provision of this Agreement shall be valid unless in writing and signed by the party against whom that waiver is sought to be enforced.

	
  

	
5.4.

	 	
Should any clause, sentence, paragraph, subsection, Section or Article of this Agreement be judicially declared to be invalid, unenforceable or void, such decision will not have the effect of invalidating or voiding the remainder of this Agreement, and the parties agree that the part or parts of this Agreement so held to be invalid, unenforceable or void will be deemed to have been stricken herefrom by the parties, and the remainder will have the same force and effectiveness as if such stricken part or parts had never been included herein.

	
  

	
5.5.

	 	
This Agreement may be executed in several counterparts, each of which is an original.  It shall not be necessary in making proof of this Agreement or any counterpart hereof to produce or account for any of the other counterparts.  A copy of this Agreement signed by one Party and faxed to another Party shall be deemed to have been executed and delivered by the signing party as though an original.  A photocopy of this Agreement shall be effective as an original for all purposes.

 

Stock Transfer Agreement

  

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5.6.

	 	
The parties agree that the covenants and obligations contained in this Agreement relate to special, unique and extraordinary matters and that a violation of any of the terms hereof or thereof would cause irreparable injury in an amount which would be impossible to estimate or determine and for which any remedy at law would be inadequate.  As such, the parties agree that if either party fails or refuses to fulfill any of its obligations under this Agreement or to make any payment or deliver any instrument required hereunder or thereunder, then the other party shall have the remedy of specific performance, which remedy shall be cumulative and nonexclusive and shall be in addition to any other rights and remedies otherwise available under any other contract or at law or in equity and to which such party might be entitled.

	
  

	
5.7.

	 	
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

	
  

	
5.8.

	 	
Each of the parties hereby: (a) irrevocably submits to the non-exclusive personal jurisdiction of any Texas court, over any claim arising out of or relating to this Agreement and irrevocably agrees that all such claims may be heard and determined in such Texas court; and (b) irrevocably waives, to the fullest extent permitted by applicable law, any objection it may now or hereafter have to the laying of venue in any proceeding brought in a Texas court.

	
  

	
5.9.

	 	
This Agreement sets forth all of the promises, agreements, conditions, understandings, warranties and representations among the Parties with respect to the transactions contemplated hereby and thereby, and supersedes all prior agreements, arrangements and understandings between the Parties, whether written, oral or otherwise.

IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the day and year first above written.

 

	
FIRER:

	
 NEUBAUER:

	
        

	  
	 	 
	/s/ Oleg Firer                                                           	/s/ Kurt Neubauer                                                 
	
Oleg Firer

	
Kurt Neubauer

	  	  
	 	 
	December 5, 2012                                                  	December 5, 2012                                                  
	
Date:

	
Date:

 

 

Stock Transfer Agreement

  

Page 5 of 5EX-10.1

Exhibit 10.1

F.N.B. CORPORATION

RESTRICTED STOCK AGREEMENT

(Pursuant to 2007 Incentive Compensation Plan)

This Restricted Stock Award Agreement (the “Agreement”) is made and entered into effective as
of December 19, 2012 (the “Award Date”) between F.N.B. CORPORATION, a Florida corporation (the
“Company”), and Vincent J. Delie, Jr. (the “Executive”).

W I T N E S S E T H T H A T:

WHEREAS, at a meeting of the Compensation Committee (the “Committee”) of the Board of
Directors of the Company (the “Board”) held on the Award Date, the Committee, pursuant to the
F.N.B. Corporation 2007 Incentive Compensation Plan, as amended (the “Plan”), awarded to the
Executive shares of the Company’s Common stock, par value $0.01 per share (the “Stock”);

WHEREAS, the terms of the Plan are incorporated herein by reference, including the definitions
of terms contained in the Plan and unless otherwise specified herein or the context indicates
differently, all references in this Agreement to the “Company” and its direct and indirect
subsidiaries and Affiliates; and

WHEREAS, the preamble recitals to this Agreement are incorporated into and made part of this
Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and
intending to be legally bound hereby, each of the parties covenants and agrees as follows:

1. Award of Restricted Stock. Subject to the terms and conditions of the Plan and
this Agreement, the Company, pursuant to the Plan, which is incorporated herein by reference
thereto and made a part hereof as though set forth in full herein (refer to Section 5 herein for a
copy of the Plan), hereby confirms the award to the Executive, on the date first written above, of
an aggregate of 45,621 shares of Stock (the “Shares”).

2. Terms and Conditions. The award of Shares to the Executive is subject to the
following terms and conditions:

(a) Vesting and Forfeiture. The Executive’s right to the Shares will vest
(together with all dividends and/or shares of stock purchased on account of such Shares
under the Company Dividend Reinvestment and Voluntary Stock Purchase Plan (“DRP”)) and the
Shares will become freely transferable in accordance with the vesting schedule set forth
below, provided, the Executive has been continuously employed by the Company from the Award
Date through the Vesting Period set forth below, or upon accelerated vesting of the Shares
pursuant to Section 2(b), (c) and (d) hereof. For purposes of this Agreement, the period
between the Award Date and the final Vesting Date on January 16, 2016, shall be referred to
as the “Vesting Period.”

Vesting Date Percent (%) of Shares Vested

1. December 19, 2012 25%

2. January 16, 2014 50%

3. January 16, 2015 75%

4. January 16, 2016 100%

(b) Termination of Employment; Accelerated Vesting; and Forfeiture of Shares.

	 	(1)	 	All restrictions placed upon Executive’s Shares
shall lapse and the Shares shall automatically vest immediately in the
event Executive’s employment with Company (or the Affiliate by which
the Executive is employed) is terminated during the Vesting Period by
reason of the:

	 	a.	 	Executive’s death; or

	 	b.	 	Executive becomes a “Disabled
Participant,” as that term is defined in the Plan; or

	 	c.	 	“Change in Control” of Company as
that term is defined in the Plan.

	 	(2)	 	Upon the effective date of the termination of
Executive’s employment with the Company (or the Affiliate that employs
the Executive), other than as set forth in Section (d)(1) above, all
Shares subject to a risk of forfeiture (together with all dividends
and/or shares of stock purchased under the DRP on account of such
Shares) immediately shall be forfeited and returned to the Company by
the administrator of the DRP without consideration or further action
being required of the Company.

(c) Enrollment of Shares in DRP. All Shares shall be enrolled in the
Executive’s name in the Company’s DRP and must remain enrolled in the DRP throughout the
Vesting Period applicable to such Shares. On the date on which the transfer restrictions on
any Shares lapse, the Company shall notify the DRP Administrator as to the name of the
Executive and the number of the Executive’s Shares as to which the restrictions have lapsed.
The Executive shall be entitled to exercise all rights to the unrestricted Shares,
including the right to withdraw such Shares from the DRP, in accordance with the terms of
the DRP. On the Vesting Date the Company shall require Executive to remit to the Company an
amount sufficient to satisfy any tax withholding requirements prior to the delivery or sale
of any certificate for the unrestricted Shares, or the Company shall withhold an appropriate
amount from the unrestricted Shares to be delivered or sold sufficient to satisfy all or a
portion of such tax withholding requirements.

(d) Voting and Dividend Rights. The Executive shall have full voting rights
with respect to all Shares, including the Shares that have not yet vested, unless and until
such Shares are forfeited to the Company. In addition, the Executive shall have full cash
and stock dividend rights with respect to all Shares; provided that (i) all such dividends
or other distributions as to Shares enrolled in the DRP shall be credited to the Executive’s
account in the DRP and, in the case of cash dividends, used to purchase shares of Stock
pursuant to the DRP; and (ii) all Shares credited to the Executive as a result of such cash
or stock dividends shall be subject to the same restrictions on transferability and the same
risk of forfeiture as the Shares that are the basis for the dividend.

(e) Transfer Restrictions. The Executive may not transfer any Shares awarded
hereunder during the Vesting Period applicable to such Shares, that is, until the
Executive’s right to such Shares has vested and such Shares are no longer subject to a risk
of forfeiture. The Executive may, from time to time, name any beneficiary or beneficiaries
to whom any benefit under this Agreement is to be paid in case of his or her death before he
or she receives any or all of such benefit. Each designation will revoke all prior
designations by the Executive, shall be in a form prescribed by the Committee and will be
effective only when filed by the Executive in writing with the Company during his or her
lifetime. In the absence of any such designation, benefits remaining unpaid at the
Executive’s death shall be paid to his or her estate, subject to the terms of the Plan.

(f) No Right to Continued Employment. This Agreement shall not confer upon
the Executive any right with respect to continuance of employment by the Company or an
Affiliate,

or shall it interfere in any way with the right of his/her employer to terminate his/her
employment at any time.

(g) Compliance With Laws and Regulations. The award of Shares evidenced
hereby shall be subject to all applicable federal and state laws, rules, and regulations and
to such approvals by any government or regulatory agency as may be required. The Company
shall not be required to issue or deliver any certificates for shares of stock prior to (i)
the listing of such shares on any stock exchange on which the Stock may then be listed and
(ii) the effectiveness of any registration statement with respect to such shares that
counsel for the Company deems necessary or appropriate.

(h) Plan Clawback Provision. Nothing in this Agreement will limit the
Company’s rights pursuant to Section 12.14 of the Plan and the Shares subject to this Award
will be subject to recoupment by the Company pursuant to the F.N.B. Corporation Compensation
Recoupment Policy.

3. Investment Representation. The Committee may require the Executive to furnish to
the Company, prior to the issuance of any Shares, an agreement (in such form as the Committee may
specify) in which the Executive represents that the Shares acquired by him or her are being
acquired for investment and not with a view to the sale or distribution thereof.

4. Income Taxes. Except as provided in the next sentence, the Company shall withhold
and/or re-acquire a number of Shares having a Fair Market Value equal to the taxes that the Company
determines it is required to withhold under applicable tax laws with respect to the Shares (with
such withholding obligation determined based on any applicable minimum statutory withholding
rates), in connection with the vesting of the Shares. In the event the Company cannot (under
applicable legal, regulatory, listing or other requirements) satisfy such tax withholding
obligation in such method, the Executive makes a Section 83(b) election pursuant to Section 4(a)
below, or the parties otherwise agree in writing, then the Company may satisfy such withholding by
any one or combination of the following methods: (i) by requiring the Executive to pay such amount
in cash or check; (ii) by deducting such amount out of any other compensation otherwise payable to
the Executive; and/or (iii) by allowing the Executive to surrender shares of Common Stock of the
Company which (a) in the case of shares initially acquired from the Company (upon exercise of a
stock option or otherwise), have been owned by the Executive for such period (if any) as may be
required to avoid a charge to the Company’s earnings, and (b) have a Fair Market Value on the date
of surrender equal to the amount required to be withheld. For these purposes, the Fair Market
Value of the Shares to be withheld or repurchased, as applicable, shall be determined on the date
that the amount to be withheld is to be determined.

(a) Section 83(b) Election. The Executive hereby acknowledges that he may file
an election pursuant to Section 83(b) of the Code to be taxed currently on the fair market
value of the Shares of Restricted Stock (less any purchase price paid for the Shares),
provided that such election must be filed with the Internal Revenue Service not later
than thirty (30) days after Award Date. The Executive will seek the advice of his or
her own tax advisors as to the advisability of making such a Section 83(b) election, the
potential consequences of making such an election, the requirements for making such an
election, and the other tax consequences of the Award of the Shares under federal, state,
and any other laws that may be applicable. The Company and its affiliates and agents have
not and are not providing any tax advice to the Executive.

5. Executive Bound by Plan. The Executive hereby acknowledges receipt of an e-mail
from the Company which includes attachments containing copies of (a) the Plan, (b) the Prospectus
relating to the Plan in connection with the registration of the Shares under the Securities Act of
1933, as amended, and (c) the Company’s current Prospectus relating to the DRP, and the Executive
agrees to be bound by all the terms and provisions thereof. The Executive may request a hard copy
of these documents by requesting a copy from the Company’s Human Resources Department. To the
extent of any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan
shall govern. All capitalized terms used herein and not defined herein shall have the meanings
ascribed to such terms in the Plan.

6. Notices. Any notice hereunder to the Company shall be addressed to it at its
office, Attention: F.N.B. Corporation, 3015 Glimcher Blvd., Hermitage, Pennsylvania 16148, c/o
Human Resources Department, and any notice hereunder to the Executive shall be addressed to him at
his address provided to the Company from time to time, subject to the right of either party to
designate at any time hereafter in writing some other address.

7. Construction and Dispute Resolution. This Agreement shall be governed by and
construed in accordance with the internal laws of the Commonwealth of Pennsylvania, without giving
effect to principles of conflict of laws. All headings in this Agreement have been inserted solely
for convenience of reference only, are not to be considered a part of this Agreement, and shall not
affect the interpretation of any of the provisions of this Agreement. In the event of any dispute
or claim relating to or arising out of this Agreement, the Executive and the Company agree that all
such disputes shall be fully and finally resolved by binding arbitration conducted by the American
Arbitration Association (“AAA”) in Mercer County, Pennsylvania in accordance with the AAA’s
National Rules for the Resolution of Employment Disputes. The Executive acknowledges that by
accepting this arbitration provision he is waiving any right to a jury trial in the event of a
covered dispute. The arbitrator may, but is not required, to order that the prevailing party shall
be entitled to recover from the losing party its attorneys’ fees and costs incurred in any
arbitration arising out of this Agreement.

8. Counterparts. This Agreement may be executed in two counterparts, each of which
shall be deemed an original, but both of which together shall constitute one and the same
instrument.

IN WITNESS WHEREOF, F.N.B. Corporation has caused this Restricted Stock Award Agreement to be
executed on its behalf by its authorized officer and the Executive has executed this Restricted
Stock Award Agreement, both as of the day and year first above written.

F.N.B. CORPORATION

By: /s/Vincent J. Calabrese

Vincent J. Calabrese, Chief Financial Officer

EXECUTIVE

By: /s/Vincent J. Delie, Jr.

Vincent J. Delie, Jr., Chief Executive Officer

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