Document:

Exhibit 10.5

 

Putnam letterhead

 

 

October 21, 2013

  

Global Eagle Entertainment Inc.

4353 Park Terrace Drive

Westlake Village, California 91361

 

To Whom It May Concern:

 

Putnam Investment Management,
LLC (“PIM”) is the investment manager to Putnam Capital Spectrum Fund (“Capital Spectrum”) and Putnam Equity
Spectrum Fund (“Equity Spectrum”), both series of Putnam Funds Trust, a Massachusetts business trust. Capital Spectrum
and Equity Spectrum hold shares of common stock, $0.0001 par value per share (“Shares”), of Global Eagle Entertainment
Inc. (“Global Eagle”). In addition, other funds, entities or accounts sponsored or managed on a discretionary basis
by PIM, Putnam Investments Limited or The Putnam Advisory Company, LLC and other officers, directors, and/or employees of PIM,
Putnam Investments Limited, or The Putnam Advisory Company, LLC (collectively, “Other Putnam Investors”) may own or
acquire securities issued by Global Eagle.

 

In the event that Shares
of Global Eagle, together with any other securities issued by Global Eagle that constitute “voting securities” (as
defined below) (”Global Eagle Voting Securities”), confer “voting rights” (as defined below) (“Global
Eagle Voting Rights”), in each case exercisable by Capital Spectrum, Equity Spectrum, and any Other Putnam Investors, exceeding,
in the aggregate, 4.99% of the total voting rights exercisable by outstanding Global Eagle Voting Securities (the portion of the
Global Eagle Voting Securities held by Capital Spectrum, Equity Spectrum, and Other Putnam Investors that confer Global Eagle Voting
Rights exceeding 4.99% of all voting rights exercisable by outstanding Global Eagle Voting Securities being referred to as the
“Excess Voting Securities”), Capital Spectrum, Equity Spectrum, and PIM (on behalf of each Other Putnam Investor) agree
to forego and to waive any and all voting rights they may have in respect of the Excess Voting Securities and any additional Global
Eagle Voting Securities (“Additional Voting Securities”) so that Global Eagle Voting Rights exercisable by Capital
Spectrum, Equity Spectrum, and Other Putnam Investors in the aggregate do not confer voting rights exceeding 4.99% of total voting
rights exercisable by all outstanding Global Eagle Voting Securities after subtracting from such total voting rights, in the calculation
of the total number of Global Eagle Voting Rights deemed to be outstanding, all Global Eagle Voting Rights exercisable by Excess
Voting Securities, Additional Voting Securities and any other Global Eagle Voting Securities held by other securityholders of Global
Eagle who have waived any or all voting rights. (In respect of PIM’s agreement on behalf of Other Putnam Investors, PIM has
or will obtain authority from each such other Putnam Investor to agree to the foregoing waiver on behalf of the Other Putnam Investor.)
The voting rights so foregone and waived will be apportioned among Capital Spectrum, Equity Spectrum, and Other Putnam Investors
on a pro rata basis based upon their relative Share holdings in Global Eagle at the time of the exercise of any vote. For
purposes of this agreement, “voting rights” are rights to vote for the election or removal of Global Eagle’s
directors, or rights deemed to be equivalent to the right to vote for the election or removal of a director, under applicable interpretations
of the term “voting security” under the Investment Company Act of 1940, as amended, by the Securities and Exchange
Commission or its staff.

 

    	 

    	 

    

 

This agreement to forego
and waive voting rights is irrevocable with respect to Capital Spectrum, Equity Spectrum, and any Other Putnam Investor that is
an investment company registered under the Investment Company Act of 1940, as amended, and is irrevocable with respect to Other
Putnam Investors until such time as Capital Spectrum, Equity Spectrum, and any Other Putnam Investor that is an investment company
registered under the Investment Company Act of 1940, as amended, is no longer an owner of any Shares in Global Eagle, at which
time this agreement will expire and the remaining Other Putnam Investors will be entitled to any and all voting rights pertaining
to their Shares. It is the intention of the undersigned that this letter be interpreted broadly to effect the desire that the Excess
Shares and Additional Shares be identical to that of a separate non-voting class.

 

A copy of the Agreement
and Declaration of Trust of each of the Putnam Funds is on file with the Secretary of the Commonwealth of Massachusetts and notice
is hereby given that this instrument is executed on behalf of the Trustees of each Putnam Fund as Trustees and not individually
and that the obligations of this instrument are not binding on any of the Trustees or officers or shareholders individually, but
are binding only on the assets or property of each Putnam Fund with respect to its obligations hereunder. Furthermore, notice is
given that the assets and liabilities of each series of each Putnam Fund that is a series company are separate and distinct and
that the obligations of or arising out of this instrument are several and not joint and are binding only on the assets or property
of each series with respect to its obligations hereunder. In addition, although multiple Putnam Funds may be party hereto, each
Putnam Fund is entering into this instrument individually (and not jointly or jointly and severally) and is not liable for any
matter relating to any other Putnam Fund.

 

Very truly yours,

 

    	-2-

    	 

    

 

Putnam Investment Management, LLC

For itself and as investment manager for Putnam Capital Spectrum
Fund and Putnam Equity Spectrum Fund, each a series of Putnam Funds Trust

 

 

	By:  	/s/ Brian Lendhardt	 
	 	Brian Lenhardt, Authorized Person	 

 

    	-3-

    	 

    

 

	Accepted and Agreed to:	 
	 	 	 
	Global Eagle Entertainment Inc.	 
	 	 	 
	 	 	 
	By:  	/s/ Michael Pigott	 
	 	Michael Pigott	 

 

    	-4-RESEARCH SOLUTIONS, INC.

 

STOCK OPTION AGREEMENT

 

Unless otherwise defined
herein, the terms defined in this Stock Option Agreement (“Agreement”) shall have the same defined meanings as in the
2007 Equity Compensation Plan (“Plan”) of Research Solutions, inc. (the “Company”).

 

		I.	NOTICE OF STOCK OPTION GRANT

 

Name: Name 

 

Address: Address

 

You (the “Optionee”)
have been granted an option to purchase common stock of the Company, subject to the terms and conditions of the Plan and this Agreement.
The terms of your grant are set forth below:

 

Grant Date: Unknown

 

Vesting: Unknown  

 

Commencement Date: Unknown

 

Exercise Price per Share (“Exercise Price”):  unknown

 

Total Number of Shares Granted (“Shares”):  unknown

 

Total Exercise Price:  unknown

 

Type of Option: Incentive Stock Option (“ISO”)  

 

Term/Expiration Date: Ten Years

 

		II.	AGREEMENT

 

1.Grant of Option.
The Company hereby grants to the Optionee a Stock Option to purchase the Shares as set forth in the Notice of Stock Option Grant
(“Notice of Grant”) above, at the Exercise Price set forth in the Notice of Grant. Notwithstanding anything to the
contrary anywhere else in this Agreement, this grant of a Stock Option is subject to the terms, definitions, and provisions of
the Plan adopted by the Company, which is incorporated herein by reference.

 

If designated in the
Notice of Grant as an ISO, this Stock Option is intended to qualify as an ISO as defined in Section 422 of the Code; provided,
however, that to the extent that the aggregate fair market value of Stock with respect to which ISOs, including the Stock Option,
are exercisable for the first time by the Optionee during any calendar year (under the Plan and all other incentive stock option
plans of the Company or any Subsidiary) exceeds $100,000, such options shall be treated as not qualifying under Code Section 422,
but rather shall be treated as NSOs to the extent required by Code Section 422. The rule set forth in the preceding sentence shall
be applied by taking options into account in the order in which they were granted. For purposes of these rules, the Fair Market
Value of Stock shall be determined as of the time the Stock Option with respect to such Stock is granted.

 

    	1

    	 

    

 

2.Exercise of
Option. This Stock Option is exercisable as follows:

 

(a)Right to Exercise.

 

(i)This Stock Option
shall be exercisable cumulatively according to the vesting schedule set out in the Notice of Grant. For purposes of this Agreement,
Shares subject to this Stock Option shall vest based on continued employment of or consulting services by the Optionee with the
Company.

 

(ii)This Stock
Option may not be exercised for a fraction of a Share.

 

(iii)In the event
of the Optionee’s death, Disability, or other termination of the employment or consulting relationship, the exercisability
of the Stock Option is governed by Sections 7, 8, and 9 below.

 

(iv)In no event
may this Stock Option be exercised after the date of expiration of the term of this Stock Option as set forth in the Notice of
Grant.

 

(b)Method of Exercise.
This Stock Option shall be exercisable by written notice in the form attached as Exhibit A (“Exercise Notice”).
The Exercise Notice must state the number of Shares for which the Stock Option is being exercised, and such other representations
and agreements with respect to such shares of common stock as may be required by the Company pursuant to the provisions of the
Plan. The Exercise Notice must be signed by the Optionee and shall be delivered in person or by certified mail to the Secretary
of the Company. The Exercise Notice must be accompanied by payment of the Exercise Price, including payment of any applicable withholding
tax. This Stock Option shall be deemed to be exercised upon receipt by the Company of such written Exercise Notice accompanied
by the Exercise Price and payment of any applicable withholding tax.

 

No Shares shall be
issued pursuant to the exercise of a Stock Option unless such issuance and such exercise comply with all relevant provisions of
law and the requirements of any stock exchange upon which the Shares may then be listed. Assuming such compliance, for income tax
purposes the Shares shall be considered transferred to the Optionee on the date on which the Stock Option is exercised with respect
to such Shares.

 

3.Method of
Payment. Payment of the Exercise Price shall be by any of the following, or a combination thereof, at the election of the Optionee:

 

(a)cash, check, bank
draft, or postal or express money order;

 

(b)with the consent
of the Committee, surrendered Shares issuable upon the exercise of the Stock Option having a Fair Market Value on the date of exercise
equal to the aggregate Exercise Price of the Stock Option or exercised portion thereof, surrender of such shares to be evidenced
by delivery of the certificate(s) representing such shares in such manner, and endorsed in such form, or accompanied by stock powers
endorsed in such form, as the Committee may determine;

 

(c)the proceeds of
a loan from an independent broker-dealer whereby the loan is secured by the Stock Option or the Stock to be received upon exercise
of the Stock Option;

 

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(d)by
electing to receive upon such exercise the “Net Number” of Shares determined according to the following formula (the
“Cashless Exercise”):

 

Net Number = (A x B) - (A x C)

      B

 

For purposes of the foregoing
formula:

 

A = the total number of Shares with respect to which
this Stock Option is then being exercised.

 

B = the Closing Bid Price of the common stock of the
Company on the date of exercise of the Stock Option.

 

C = the Exercise Price then in effect for the applicable
Shares at the time of such exercise; or

 

(e)any combination
of the foregoing.

 

4.Restrictions
on Exercise. If the issuance of Shares upon such exercise or if the method of payment for such shares would constitute a violation
of any applicable federal or state securities or other law or regulation, then the Stock Option may not be exercised. The Company
may require the Optionee to make any representation and warranty to the Company as may be required by any applicable law or regulation
before allowing the Stock Option to be exercised.

 

5.Termination
of Relationship. 

 

(a)In the case
of an ISO grant, if the Optionee’s employment with the Company is terminated other than by Disability or death, the
terms of this Stock Option shall extend for a period ending on the earlier of the date on which this Stock Option would otherwise
expire or three months after such termination of employment, and this Stock Option shall be exercisable to the extent it was exercisable
as of such last date of employment.

 

(b)In the case of a NSO grant, if the
Optionee’s employment with the Company is terminated, a Director Optionee ceases to be a Director, or a Consultant Optionee
ceases to be a Consultant, other than by reason of Disability or death, the terms of any then outstanding NSO held by the Optionee
shall extend for a period ending on the earlier of the date established by the Committee at the time of grant or three months after
the Optionee’s last date of employment or cessation of being a Director or Consultant, and such Stock Option shall be exercisable
to the extent it was exercisable as of the date of termination of employment or cessation of being a Director or Consultant.

 

6.Disability
of Optionee.

 

(a)In the case
of an ISO grant, if the Optionee’s employment with the Company is terminated by reason of Disability, the terms of
this Stock Option shall extend for a period ending on the earlier of the date on which this Stock Option would otherwise expire
or twelve months after such termination of employment, and this Stock Option shall be exercisable to the extent it was exercisable
as of such last date of employment.

 

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(b)In
the case of a NSO grant, if the Optionee’s employment is terminated by reason of Disability, a Director Optionee ceases to
be a Director by reason of Disability or a Consultant Optionee ceases to be a Consultant by reason of Disability, the term of any
then outstanding NSO held by the Optionee shall extend for a period ending on the earlier of the date on which such Stock Option
would otherwise expire or twelve months after the Optionee’s last date of employment or cessation of being a Director or
Consultant, and such Stock Option shall be exercisable to the extent it was exercisable as of such last date of employment or cessation
of being a Director or Consultant.

 

7.Death
of Optionee. 

 

(a)In the case
of an ISO grant, if the Optionee’s employment with the Company is terminated by reason of death, the representative
of his estate or beneficiaries thereof to whom this Stock Option has been transferred shall have the right during the period ending
on the earlier of the date on which this Stock Option would otherwise expire or twelve months after such date of death, to exercise
any then outstanding portion of this Stock Option in whole or in part. If the Optionee dies without having fully exercised any
of this Stock Option, the representative of his estate or beneficiaries thereof to whom this Stock Option has been transferred
shall have the right to exercise this Stock Option in whole or in part.

 

(b)In the case of a NSO grant, if the
Optionee’s employment is terminated by reason of death, a Director Optionee ceases to be a Director by reason of death or
a Consultant Optionee ceases to be a Consultant by reason of death, the representative of his estate or beneficiaries thereof to
whom the Stock Option has been transferred shall have the right during the period ending on the earlier of the date on which such
Stock Option would otherwise expire or twelve months following his death to exercise any then outstanding NSO in whole or in part.
If the Optionee dies without having fully exercised any then outstanding NSO, the representative of his estate or beneficiaries
thereof to whom the Stock Option has been transferred shall have the right to exercise such Stock Options in whole or in part.

 

8.Non-Transferability
of Option. During the Optionee’s lifetime, the Option shall be exercisable only by the Optionee and shall not
be transferable except in case of the death of the Optionee or by will or the laws of descent and distribution.

 

9.Term of Option.
This Stock Option may be exercised only within the term set out in the Notice of Grant.

 

10.Tax Consequences.
Set forth below is a brief summary as of the date of this Stock Option of some of the federal income tax consequences of exercise
of this Stock Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS
ARE SUBJECT TO CHANGE. THE OPTIONEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THIS STOCK OPTION OR DISPOSING OF THE SHARES.

 

(a)Exercise of
ISO. If this Stock Option qualifies as an ISO, there will be no regular federal income tax liability upon the exercise of the
Stock Option, although the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price
will be treated as an adjustment to the alternative minimum tax for federal tax purposes and may subject the Optionee to the alternative
minimum tax in the year of exercise.

 

(b)Exercise of
ISO Following Disability. If the Optionee’s continuous status as an employee of, or consultant to, the Company terminates
as a result of disability that is not total and permanent disability as defined in Code Section 22(e)(3), to the extent permitted
on the date of termination, the Optionee must exercise an ISO within 90 days of such termination for the ISO to be qualified as
an ISO.

 

    	4

    	 

    

 

(c)Exercise of
NSO. There may be a regular federal income tax liability upon the exercise of an NSO. The Optionee will be treated as having
received compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the Fair Market Value of the
Shares on the date of exercise over the Exercise Price. If the Optionee is an employee of the Company, the Company will be required
to withhold from the Optionee’s compensation or collect from the Optionee and pay to the applicable taxing authorities an
amount equal to a percentage of this compensation income at the time of exercise. If the Optionee is subject to Section 16
of the Securities Act of 1934, as amended, the date of income recognition may be deferred for up to six months.

 

(d)Disposition
of Shares. In the case of an NSO, if the Shares are held for the minimum long-term capital gain holding period in effect at
the time of disposition, any gain realized on disposition of the Shares will be treated as long-term capital gain for federal income
tax purposes. In the case of an ISO, if the Shares transferred pursuant to the Stock Option are held for the minimum long-term
capital gain holding period in effect at the time of disposition (and provided such holding period comprises at least one year
after exercise of the Stock Option) and are disposed of at least two years after the date of grant, any gain realized on disposition
of the Shares will also be treated as long-term capital gain for federal income tax purposes. If the Shares purchased under an
ISO are disposed of after such one-year period following exercise, but before the expiration of the minimum long-term capital gain
holding period in effect at the time of disposition, then gain realized on such disposition may be taxed as a short-term capital
gain, which may or may not be equivalent to taxation as compensation income (taxable at ordinary income rates). If the Shares purchased
under an ISO are disposed of within such one-year period or within two years after the date of grant, any gain realized on such
disposition will be treated as compensation income to the extent of the difference between the Exercise Price and the lesser of
(1) the Fair Market Value of the Shares on the date of exercise, or (2) the sale price of the Shares.

 

(e)Notice of Disqualifying
Disposition of ISO Shares. If the Stock Option granted to the Optionee herein is an ISO, and if the Optionee sells or otherwise
disposes of any of the Shares acquired pursuant to the ISO on or before the later of (1) the date two years after the date
of grant, or (2) the date one year after the date of exercise, the Optionee shall immediately notify the Company in writing
of such disposition. The Optionee agrees that the Optionee may be subject to income tax withholding by the Company on the compensation
income recognized by the Optionee.

 

[Signature page follows]

 

    	5

    	 

    

 

This Agreement may
be executed in two or more counterparts, each of which shall be deemed an original and all of which shall constitute one document.

 

	RESEARCH SOLUTIONS, INC.	 
	 	 
	By:  	               	 
	 	 
	Name: 	 
	 	 
	Title:   	 

 

The foregoing Option is hereby accepted
on the terms and conditions set forth herein. The undersigned acknowledges that the Option is expressly subject to all the provisions
set forth in the Company’s 2007 Equity Compensation Plan, and acknowledges receipt of a copy of such Plan.

 

	 	OPTIONEE:
	 	 
	 	 
	 	Signature
	 	 
	 	 
	 	Print Name

 

    	6

    	 

    

 

EXHIBIT A

 

RESEARCH SOLUTIONS, INC.

2007 EQUITY COMPENSATION PLAN

 

EXERCISE NOTICE

 

	To: Research Solutions, inc.	Date:____________________

 

		1.	The undersigned hereby irrevocably elects to purchase __________ shares of the common stock of Research Solutions, inc. pursuant
to provisions of the attached Stock Option Agreement.

 

		2.	[The undersigned is delivering to the Company, with this Notice of Exercise, payment for the aggregate purchase price of the
foregoing number of shares (“Shares”), computed in accordance with the Stock Option Agreement.] [or]

 

		2.	[The undersigned elects to exercise the Cashless Exercise provision in accordance with the Stock Option Agreement.]

 

		3.	In exercising the Option, the undersigned hereby confirms and acknowledges that the Shares are being acquired solely for the
account of the undersigned and not a nominee for any other party, and for investment, and that the undersigned will not offer,
sell, or otherwise dispose of any such Shares except under circumstances that will not result in a violation of the Securities
Act of 1993, as amended, or any applicable state securities laws.

 

		3.	Please issue a certificate representing said Shares in the name of the undersigned.

 

	 	OPTIONEE:
	 	 
	 	 
	 	Signature
	 	 
	 	 
	 	Print Name
	 	 
	 	 
	 	Address
	 	 
	 	 
	 	Social Security Number

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