Document:

Exhibit 10.6

 

UNIT SUBSCRIPTION AGREEMENT 

 

This UNIT SUBSCRIPTION
AGREEMENT (this “Agreement”) is made as of the  day of  2020, by and between FTAC Olympus Acquisition
Corp., a Cayman Islands company (the “Company”), having its principal place of business at 2929 Arch Street,
Suite 1703, Philadelphia, PA 19104, and FTAC Olympus Sponsor, LLC (the “Subscriber”).

 

WHEREAS, the Company desires
to sell on a private placement basis (the “Offering”) an aggregate of 2,170,000 units (“Units”)
of the Company, each Unit comprised of one Class A ordinary share of the Company, par value $0.0001 per share (“Common
Shares”), and one third of one warrant to purchase one Class A ordinary share (“Warrant”), for a purchase
price of $21,700,000, or $10.00 per Unit. The Common Shares underlying the Warrants are hereinafter referred to as the “Warrant
Shares.”  The Common Shares underlying the Units (excluding the Warrant Shares) are hereinafter referred to
as the “Placement Shares.” The Warrants underlying the Units are hereinafter referred to as the “Placement
Warrants.”  The Units, Placement Shares, Placement Warrants and Warrant Shares, collectively, are hereinafter
referred to as the “Securities.”  Placement Warrants may be exercised only to the extent that, when
aggregated with other Placement Warrants being exercised, the exercise is for a whole share or whole shares; no fractional shares
shall be issuable. The exercise price for any Warrant Share shall be $11.50. Subject to the foregoing, the Placement Warrants are
exercisable during the period commencing on the later of (i) twelve (12) months from the date of the completion of the Company’s
initial public offering of units (the “IPO”) and (ii) 30 days following the consummation of the Company’s
initial business combination (the “Business Combination”), as such term is defined in the registration statement
filed in connection with the IPO, as amended at the time it becomes effective (the “Registration Statement”),
and expiring on the fifth anniversary of the consummation of the Business Combination; and

 

WHEREAS, the Subscriber
wishes to purchase the Units from the Company and the Company wishes to accept such subscription from the Subscriber.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and the Subscriber hereby agree as follows:

 

		1.	Agreement to Subscribe

 

1.1 Purchase and Issuance
of the Units. Upon the terms and subject to the conditions of this Agreement, the Subscriber hereby agrees to purchase from
the Company, and the Company hereby agrees to sell to the Subscriber, on the Closing Date (as defined below), 2,170,000 Units for
a purchase price of $21,700,000 (the “Purchase Price”).

 

1.2 Delivery of the
Purchase Price.  Upon execution of this Agreement, the Company is bound to fulfill its obligations hereunder and
the Subscriber hereby irrevocably commits to deliver either directly into a trust account (the “Trust Account”
) held at JP Morgan Chase Bank, N.A. or any other financial institution chosen by the Company, with Continental Stock Transfer &
Trust Company acting as trustee (“Continental”), or into an escrow account maintained by Ledgewood P.C. (“Ledgewood”),
counsel for the Company, the Purchase Price in immediately available funds by wire transfer or such other form of payment as shall
be acceptable to the Trustee, in its sole and absolute discretion, one (1) business day prior to the effective date of the Registration
Statement.

 

1.3 Closing. The
closing of the Offering (the “Closing”), shall take place at the offices of Ledgewood, simultaneously with the
closing of the IPO on or before December 31, 2020 (the “Closing Date”). On the Closing Date, if the Subscriber
has delivered the Purchase Price to Ledgewood as described in Section 1.2 above, Ledgewood shall wire the purchase price to Continental
for deposit in the Trust Account.

 

1.4 Termination.  This
Agreement and each of the obligations of the undersigned shall be null and void and without effect if the Closing does not occur
prior to December 31, 2020.

 

    -1- 

     

    

 

		2.	Representations and Warranties of Subscriber

 

The Subscriber represents
and warrants to the Company that:

 

2.1 No Government Recommendation
or Approval.  Subscriber understands that no federal or state agency has passed upon or made any recommendation or
endorsement of the Company or the Offering of the Securities.

 

2.2 Accredited Investor.
Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under
the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges that the sale contemplated hereby
is being made in reliance, among other things, on a private placement exemption to “accredited investors” under the
Securities Act and similar exemptions under state law.

 

2.3 Intent.  Subscriber
is purchasing the Securities solely for investment purposes, for such Subscriber’s own account (and/or for the account or
benefit of its members or affiliates, as permitted, pursuant to the terms of an agreement (the “Letter Agreement”)
to be entered into with respect to the Securities between, among others, Subscriber and the Company, as described in the Registration
Statement), and not with a view to the distribution thereof and Subscriber has no present arrangement to sell the Securities to
or through any person or entity except as may be permitted under the Letter Agreement.  Subscriber shall not engage in
hedging transactions with regard to the Securities unless in compliance with the Securities Act.

 

2.4 Restrictions on
Transfer.  Subscriber acknowledges and understands the Units are being offered in a transaction not involving a public
offering in the United States within the meaning of the Securities Act.  The Securities have not been registered under
the Securities Act and, if in the future Subscriber decides to offer, resell, pledge or otherwise transfer the Securities, such
Securities may be offered, resold, pledged or otherwise transferred only (A) pursuant to an effective registration statement
filed under the Securities Act, (B) pursuant to an exemption from registration under Rule 144 promulgated under the Securities
Act, if available, or (C) pursuant to any other available exemption from the registration requirements of the Securities Act,
and in each case in accordance with any applicable securities laws of any state or any other jurisdiction. Notwithstanding the
foregoing, Subscriber acknowledges and understands the Securities are subject to transfer restrictions as described in Section
8 hereof.  Subscriber agrees that, if any transfer of its Securities or any interest therein is proposed to be made,
as a condition precedent to any such transfer Subscriber may be required to deliver to the Company an opinion of counsel satisfactory
to the Company with respect to such transfer. Absent registration or another available exemption from registration, Subscriber
agrees it will not transfer the Securities (unless otherwise permitted pursuant to the Letter Agreement, as described in the Registration
Statement).  Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available
to Subscriber for the resale of the Securities until the one year anniversary following consummation of the Business Combination,
despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.5 Sophisticated Investor.

 

  (i)  
Subscriber’s managers and members are individually accredited investors and are sophisticated in financial matters and able
to evaluate the risks and benefits of the investment in the Securities.

 

  (ii) Subscriber
is aware that an investment in the Securities is highly speculative and subject to substantial risks because, among other things,
(a) the Securities are subject to transfer restrictions and have not been registered under the Securities Act and therefore cannot
be sold unless subsequently registered under the Securities Act or an exemption from such registration is available and (b) Subscriber
has waived its redemption rights with respect to the Securities as set forth in Section 5 hereof, and the Securities held by Subscriber
are not entitled to, and have no right, interest or claim to any monies held in the Trust Account, and accordingly Subscriber may
suffer a loss of a portion or all of its investment in the Securities. Subscriber is able to bear the economic risk of its investment
in the Securities for an indefinite period of time.

    -2- 

     

    

 

2.6 Independent Investigation.  Subscriber,
in making the decision to purchase the Units, has relied upon an independent investigation of the Company and has not relied upon
any information or representations made by any third parties or upon any oral or written representations or assurances from the
Company, its officers, directors or employees or any other representatives or agents of the Company, other than as set forth in
this Agreement. Subscriber is familiar with the business, operations and financial condition of the Company and has had an opportunity
to ask questions of, and receive answers from the Company’s officers and directors concerning the Company and the terms and
conditions of the Offering and has had full access to such other information concerning the Company as Subscriber has requested.
Subscriber confirms that all documents that it has requested have been made available and that Subscriber has been supplied with
all of the additional information concerning this investment which Subscriber has requested.

 

2.7 Organization and
Authority.  Subscriber is duly organized, validly existing and in good standing under the laws of the State of Delaware
and it possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.8 Authority. This
Agreement has been validly authorized, executed and delivered by Subscriber and is a valid and binding agreement enforceable in
accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance,
moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and
remedies or by equitable principles of general application and except as enforcement of rights to indemnity and contribution may
be limited by federal and state securities laws or principles of public policy.

 

2.9 No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by Subscriber of the transactions contemplated hereby
do not violate, conflict with or constitute a default under (i) Subscriber's charter documents, (ii) any agreement or
instrument to which Subscriber is a party or (iii) any law, statute, rule or regulation to which Subscriber is subject, or any
agreement, order, judgment or decree to which Subscriber is subject.

 

2.10 No Legal Advice
from Company.  Subscriber acknowledges it has had the opportunity to review this Agreement and the transactions contemplated
by this Agreement and the other agreements entered into between the parties hereto with Subscriber’s own legal counsel and
investment and tax advisors.  Except for any statements or representations of the Company made in this Agreement and
the other agreements entered into between the parties hereto, Subscriber is relying solely on such review, counsel and advisors
and not on any statements or representations of the Company or any of its representatives or agents for legal, tax or investment
advice with respect to this investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.

 

2.11 Reliance on Representations
and Warranties.  Subscriber understands the Units are being offered and sold to Subscriber in reliance on exemptions
from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations of various states,
and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and
understandings of Subscriber set forth in this Agreement in order to determine the applicability of such provisions.

 

2.12 No General Solicitation.  Subscriber
is not subscribing for the Units as a result of or subsequent to any general solicitation or general advertising, including but
not limited to any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media
or broadcast over television or radio, or presented at any seminar or meeting or in a registration statement with respect to the
IPO filed with the Securities and Exchange Commission (“SEC”).

 

2.13 Legend.  Subscriber
acknowledges and agrees the certificates evidencing each of the Securities shall bear a restrictive legend (the “Legend”),
in form and substance substantially as set forth in Section 4 hereof.

    -3- 

     

    

 

		3.	Representations, Warranties and Covenants of the Company

 

The Company represents
and warrants to, and agrees with, Subscriber that:

 

3.1 Valid Issuance of
Capital Stock. The total number of shares of all classes of ordinary and preferred shares which the Company has authority to
issue is 550,000,000 ordinary shares and 5,000,000 preference shares (“Preferred Shares”). As of the date hereof,
the Company has issued and outstanding 22,105,000 Class B ordinary shares (of which up to 2,812,500 shares are subject to forfeiture)
and no Preferred Shares. All of the issued ordinary shares of the Company have been duly authorized, validly issued, and are fully
paid and non-assessable.

 

3.2 Title to Securities.  Upon
issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement (as defined in Section 8.1), as
the case may be, each of the Units, Placement Shares, Placement Warrants and the Warrant Shares will be duly and validly issued,
fully paid and non-assessable. On the date of issuance of the Units, the Warrant Shares shall have been reserved for issuance.
Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, as the case may be, the
Subscriber will have or receive good title to the Units, Placement Shares and Placement Warrants, free and clear of all liens,
claims and encumbrances of any kind resulting from actions of, or any failure to act by, the Company, other than (i) transfer restrictions
hereunder and pursuant to the Letter Agreement and (ii) transfer restrictions under federal and state securities laws.

 

3.3 Organization and
Qualification. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the
State of Delaware and has the requisite corporate power to own its properties and assets and to carry on its business as now being
conducted.

 

3.4 Authorization; Enforcement.
(i) The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement
and to issue the Securities in accordance with the terms hereof, (ii) the execution, delivery and performance of this Agreement
by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary corporate
action, and no further consent or authorization of the Company or its Board of Directors or shareholders is required, and (iii) this
Agreement constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization,
or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by equitable principles
of general application and except as enforcement of rights to indemnity and contribution may be limited by federal and state securities
laws or principles of public policy.

 

3.5 No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated
hereby do not (i) result in a violation of the Company’s certificate of incorporation or by-laws, (ii) conflict
with, or constitute a default under any agreement or instrument to which the Company is a party or by which it is bound or (iii)
violate any law statute, rule or regulation to which the Company is subject or any agreement, order, judgment or decree to which
the Company is subject. Other than any SEC or state securities filings which may be required to be made by the Company subsequent
to the Closing, and any registration statement which may be filed pursuant thereto, the Company is not required under federal,
state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with,
any court or governmental agency or self-regulatory entity in order for it to perform any of its obligations under this Agreement
or issue the Units, Placement Shares, Placement Warrants or the Warrant Shares in accordance with the terms hereof.

    -4- 

     

    

 

		4.	Legends 

 

4.1 Legend. The
Company will issue the Units, Placement Shares and Placement Warrants, and, when issued, the Warrant Shares, purchased by Subscriber
in the name of Subscriber. The Securities will bear the following Legend and appropriate “stop transfer” instructions:

 

“THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE SECURITIES LAWS AND NEITHER THESE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

 

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER PURSUANT TO A LETTER AGREEMENT AMONG FTAC OLYMPUS ACQUISITION
CORP. AND THE OTHER PARTIES THERETO AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF DURING THE TERM
THEREOF PURSUANT TO THE TERMS SET FORTH IN THE LETTER AGREEMENT.”

 

4.2 Subscriber’s
Compliance. Nothing in this Section 4 shall affect in any way Subscriber’s obligations and agreements to comply
with all applicable securities laws upon resale of the Securities.

 

4.3 Company’s
Refusal to Register Transfer of the Securities.  The Company shall refuse to register any transfer of the Securities
if, in the sole judgment of the Company, such purported transfer would not be made (i) pursuant to an effective registration
statement filed under the Securities Act, or (ii) pursuant to an available exemption from the registration requirements of
the Securities Act and applicable state securities laws and (iii) in compliance herewith and with the Letter Agreement.

 

4.4 Registration Rights.  The
Subscriber will be entitled to certain registration rights which will be governed by a registration rights agreement (“Registration
Rights Agreement”) to be entered into between, among others, Subscriber and the Company, on or prior to the effective
date of the Registration Statement. 

 

		5.	Waiver of Liquidation Distributions.

 

In connection with the
Securities purchased pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any
kind in or to any distributions with respect to the Securities in connection with (i) the exercise of redemption rights in connection
with the Company’s consummation of the Business Combination, or (ii) upon the Company’s redemption of shares of Common
Stock upon the Company’s failure to consummate the Business Combination within 24 months from the completion of the IPO or
the liquidation of the Company prior to the expiration of such 24 month period.  In the event any Subscriber purchases
shares of Common Stock in the IPO or in the aftermarket (“Public Shares”), Subscriber hereby waives any and
all right, title, interest or claim of any kind in or to any distributions with respect to any Public Shares in connection with
the exercise of redemption rights in connection with the Company’s consummation of the Business Combination. For the avoidance
of doubt, Subscriber shall be eligible to redeem any Public Shares upon the same terms offered to all other purchasers of Common
Stock in the IPO in the event the Company fails to consummate the Business Combination, or liquidates, within 24 months from the
completion of the IPO.

    -5- 

     

    

 

		6.	Termination of Placement Warrants.

 

6.1 Failure to Consummate
Business Combination. The Placement Warrants shall be terminated upon the dissolution of the Company or in the event that the
Company does not consummate the Business Combination within 24 months from the completion of the IPO.

 

6.2 Termination of Rights
as Holder. If the Placement Warrants are terminated in accordance with Section 6.1, then after such time, Subscriber (or
its successor in interest) shall no longer have any rights as a holder of such Placement Warrants and the Company shall take such
action as is appropriate to cancel such Placement Warrants. The Subscriber hereby irrevocably grants the Company a limited power
of attorney for the purpose of effectuating the foregoing and agrees to take any and all measures reasonably requested by the Company
necessary to effect the foregoing.

 

		7.	Rescission Right Waiver and Indemnification.

 

7.1 The Subscriber
understands and acknowledges an exemption from the registration requirements of the Securities Act requires there be no general
solicitation of purchasers of the Units. In this regard, if the IPO were deemed to be a general solicitation with respect to the
Units, the offer and sale of such Units may not be exempt from registration and, if not, the Subscriber may have a right to rescind
its purchases of the Units. In order to facilitate the completion of the Offering and in order to protect the Company, its shareholders
and the amounts in the Trust Account from claims that may adversely affect the Company or the interests of its shareholders, Subscriber
hereby agrees to waive, to the maximum extent permitted by applicable law, any claims, right to sue or rights in law or arbitration,
as the case may be, to seek rescission of its purchase of the Units. The Subscriber acknowledges and agrees this waiver is being
made in order to induce the Company to sell the Units to Subscriber. The Subscriber agrees the foregoing waiver of rescission rights
shall apply to any and all known or unknown actions, causes of action, suits, claims or proceedings (collectively, “Claims”)
and related losses, costs, penalties, fees, liabilities and damages, whether compensatory, consequential or exemplary, and expenses
in connection therewith, including reasonable attorneys’ and expert witness fees and disbursements and all other expenses
reasonably incurred in investigating, preparing or defending against any Claims, whether pending or threatened, in connection with
any present or future actual or asserted right to rescind the purchase of the Units hereunder or relating to the purchase of the
Units and the transactions contemplated hereby.

 

7.2 The Subscriber
agrees not to seek recourse against the Trust Account for any reason whatsoever in connection with its purchase of the Units or
any Claim that may arise now or in the future.

 

7.3 The Subscriber
acknowledges and agrees that the shareholders of the Company are and shall be third-party beneficiaries of this Section 7. 

 

7.4 The Subscriber
agrees that, to the extent any waiver of rights under this Section 7 is ineffective as a matter of law, Subscriber has offered
such waiver for the benefit of the Company as an equitable right that shall survive any statutory disqualification or bar that
applies to a legal right. The Subscriber acknowledges the receipt and sufficiency of consideration received from the Company hereunder
in this regard.

 

		8.	Terms of the Units and Placement Warrant

 

The Units and their component
parts are substantially identical to the units to be offered in the IPO except that: (i) the Units and their component parts will
be subject to transfer restrictions, except in limited circumstances, until 30 days following the consummation of the Business
Combination, (ii) the Placement Warrants will be non-redeemable so long as they are held by Subscriber (or any of its permitted
transferees), and will be exercisable on a “cashless” basis if held by a Subscriber or its permitted transferees
and (iii) the Units and their component parts are being purchased pursuant to an exemption from the registration requirements of
the Securities Act and will become freely tradable only after they are registered or an exemption from registration is available,
and the restrictions described above in clause (i) have expired.

    -6- 

     

    

 

		9.	Governing Law; Jurisdiction; Waiver of Jury Trial

 

This Agreement shall be
governed by and construed in accordance with the laws of the State of New York for agreements made and to be wholly performed within
such state. The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement
and the transactions contemplated hereby.

 

		10.	Assignment; Entire Agreement; Amendment

 

10.1 Assignment.
Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by a Subscriber to
a person agreeing to be bound by the terms hereof, including the waiver contained in Section 7 hereof.

 

10.2 Entire Agreement.
This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter hereof and merges
and supersedes all prior discussions, agreements and understandings of any and every nature among them.

 

10.3 Amendment.
Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or
terminated other than by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge
or termination is sought.

 

10.4 Binding upon Successors.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal representatives,
successors and permitted assigns. 

 

		11.	Notices

 

11.1 Notices. Unless
otherwise provided herein, any notice or other communication to a party hereunder shall be sufficiently given if in writing and
personally delivered or sent by facsimile or other electronic transmission with copy sent in another manner herein provided or
sent by courier (which for all purposes of this Agreement shall include Federal Express or other recognized overnight courier)
or mailed to said party by certified mail, return receipt requested, at its address provided for herein or such other address as
either may designate for itself in such notice to the other.  Communications shall be deemed to have been received when
delivered personally, on the scheduled arrival date when sent by next day or 2nd-day courier service, or if sent by facsimile upon
receipt of confirmation of transmittal or, if sent by mail, then three days after deposit in the mail. If given by electronic transmission,
such notice shall be deemed to be delivered (a) if by electronic mail, when directed to an electronic mail address at which
the shareholder has consented to receive notice; (b) if by a posting on an electronic network together with separate notice
to the stockholder of such specific posting, upon the later of (1) such posting and (2) the giving of such separate notice;
and (c) if by any other form of electronic transmission, when directed to the shareholder.

 

		12.	Counterparts

 

This Agreement may be
executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall
become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both
parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail
delivery of a “pdf” format data file, such signature shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof.

 

		13.	Survival; Severability

 

13.1 Survival. The
representations, warranties, covenants and agreements of the parties hereto shall survive the Closing.

 

13.2 Severability.
In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall
be effective if it materially changes the economic benefit of this Agreement to any party.

 

		14.	Headings.

 

The titles and subtitles
used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

[remainder of page intentionally left blank]

 

 

    -7- 

     

    

Accepted and agreed on the date set forth above.

 

	 	FTAC OLYMPUS ACQUISITION CORP. 
	 	 	 
	 	By:	  
	 	 	Name:  Ryan M. Butler
	 	 	Title:    President and Chief Executive Officer

 

Accepted and agreed on the date set forth above.

 

	 	
        SUBSCRIBER:

         

        FTAC OLYMPUS SPONSOR, LLC

	 	 	 
	 	By:	  
	 	 	Name:  Betsy Z. Cohen
	 	 	Title:    Manager
	 	 

 

 

 

    -8-Exhibit 10.1
FORM OF NON-EMPLOYEE DIRECTOR
RESTRICTED STOCK AWARD AGREEMENT
THIS AWARD AGREEMENT (the “Agreement”), made as of this [____] day of [_____], 20[___], between International Seaways, Inc. (the “Company”), a Marshall Islands corporation, and [_____________] (the “Participant”).
WHEREAS, the Company has adopted the International Seaways, Inc. 2020 Non-Employee Director Incentive Compensation Plan (the “Plan”) to promote the interests of the Company and its shareholders by providing certain non-employee directors of the Company, who are largely responsible for the management, growth and protection of the business of the Company, with incentives and rewards to encourage them to continue in the service of the Company; and
​
WHEREAS, Section 7 of the Plan provides for the grant of Other Stock-Based Awards, including restricted stock, to Participants in the Plan.
​
NOW THEREFORE, in consideration of the promises and the mutual covenants hereinafter set forth, the parties hereto hereby agree as follows:
1.Award of Restricted Stock.  Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby awards to the Participant [_____] shares of Common Stock of the Company (the “Restricted Stock”), which may not be transferred, pledged, assigned or otherwise encumbered until vested (the “Transfer Restrictions”).
2.Grant Date.  The Grant Date of the Restricted Stock hereby awarded is [______], 20[___].
3.Incorporation of the Plan.  All terms, conditions and restrictions of the Plan are incorporated herein and made part hereof as if stated herein. If there is any conflict between the terms and conditions of the Plan and this Agreement, the terms and conditions of the Plan shall govern. Unless otherwise indicated herein, all capitalized terms used herein shall have the meanings given to such terms in the Plan.
4.Vesting Date.  The Restricted Stock shall vest only in accordance with the provisions of this Agreement.  Subject to Participant having continuously served on the Board of Directors through such date, all of the shares of Restricted Stock shall become vested on [_____________] (the “Vesting Date”).
5.Forfeiture.
(a) In the event that the Participant’s service on the Board of Directors of the Company terminates prior to the Vesting Date, all of the shares of Restricted Stock shall be forfeited on the date of such termination without payment of any consideration therefore.
(b) Additionally, in the event that the Participant attempts to transfer, pledge, assign or otherwise encumber shares of Restricted Stock prior to the Vesting Date in violation of the Transfer Restrictions, such transfer, pledge, assignment or encumbrance shall be null and void and the Participant’s shares of Restricted Stock shall be forfeited without payment of any consideration therefor.
6.Share Certificates.  The shares representing the Restricted Stock will be held in the Participant’s name in book-entry format by the Company’s transfer agent, Computershare Trust Company, N.A.  Upon vesting of the shares of Restricted Stock on the Vesting Date, the Participant shall have the right to choose to have a certificate issued in the Participant’s name, to have the shares transferred to a brokerage account of the Participant’s choice or to continue to hold the shares in book-entry format with the transfer agent.

7.Shareholder’s Rights.  Subject to the terms of this Agreement, prior to the Vesting Date the Participant shall have, with respect to any of the shares of Restricted Stock, all rights of a shareholder of the Company, including the right to vote such shares and the right to receive all dividends paid with respect to such shares of Restricted Stock at the same time as Shareholders generally; provided, that the right to vote and receive dividends shall terminate immediately with respect to any shares of Restricted Stock upon forfeiture of those shares pursuant to Section 5 hereof.
8.Non-Assignability.  Except as expressly provided herein, the shares of Restricted Stock and any rights with respect thereto shall not be assigned, transferred, pledged or encumbered, and any purported assignment, transfer, pledge or encumbrance shall be null and void; provided, that the shares of Restricted Stock may be transferred by will or by the laws of descent and distribution subject to the Committee’s receipt of such documents as may be requested by the Committee from time.
9.Modification and Waiver.  Neither this Agreement nor any provision hereof can be changed, modified, amended, discharged, terminated or waived orally or by any course of dealing or purported course of dealing, but only by an agreement in writing signed by the Participant and the Company.  No such agreement shall extend to or affect any provision of this Agreement not expressly changed, modified, amended, discharged, terminated or waived or impair any right consequent on such a provision.  The waiver of or failure to enforce any breach of this Agreement shall not be deemed to be a waiver or acquiescence in any other breach thereof.
10.83 (b) Election.  If the Participant intends to make an election under Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”), the Participant must contact the Chief Financial Officer of the Company (who is Jeffrey D. Pribor as of the date of this Agreement) within 30 calendar days of the date of this Agreement and must timely provide to the Company a copy of any such election.  A form of such election is attached hereto as Exhibit A.  The Participant acknowledges that such notification and provision of a copy to the Company does not constitute a valid Section 83(b) election, and that it is the Participant’s sole responsibility, and not that of the Company, to file timely the election in accordance with the requirements of Section 83 of the Code, even if the Participant requests that the Company or its representatives make the filing on the Participant’s behalf.  The Participant acknowledges and agrees that the Company shall have no liability to the Participant or otherwise as a result of the Participant making, or failing to make, a proper Section 83(b) election.
11.Governing Law.  This Agreement and all rights under this Agreement shall be construed and enforced in accordance with the laws of the State of Delaware without regard to the provisions governing conflict of laws.
12.Participant Acknowledgment.  The Participant hereby acknowledges that all decisions, determinations and interpretations of the Committee or the Company in respect of this Agreement shall be final, conclusive and binding.
13.Entire Agreement.  This Agreement, together with the Plan, represents the final, complete and total agreement of the parties hereto respecting the shares of Restricted Stock and the matters discussed herein and this Agreement supersedes any and all previous agreements and understandings, whether written, oral or otherwise, relating to the shares of Restricted Stock and such matters.
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IN WITNESS WHEREOF, International Seaways, Inc. has caused this Agreement to be duly executed by its duly authorized officer and said Participant has hereunto signed this Agreement on his own behalf, THEREBY REPRESENTING THAT HE OR SHE HAS CAREFULLY READ AND UNDERSTANDS THIS AGREEMENT AND THE PLAN, as of the day and year first above written.
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	INTERNATIONAL SEAWAYS, INC.

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By: ​ ​
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By: ​ ​

	Name:  
	Name:  
Title:     

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Exhibit A
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Internal Revenue Service Center at
___________________________
___________________________
___________________________
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Election to Include the Value of Restricted Property in Income in the Year of Transfer Pursuant to Code Sec. 83(b)
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Name:  _________________________
Address:  _______________________
    _______________________
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Social Security Number:   ____________________

Tax Year End: [___]
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Pursuant to Code Sec. 83(b), I hereby elect to include the value of the restricted property identified below in my taxable income for the tax year ending 2020, the year of the transfer.
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In accordance with Treasury Regulation §1.83-2(e), the following information is provided for the property that is subject to this election:
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		1.	Property Transferred:  _________ shares of Common Stock of International Seaways, Inc. (the “Company”).

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		2.	Date on which property was transferred:  [______], 20[__].

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		3.	Fair market value of property at time of transfer (determined without regard to any restrictions other than nonlapse restrictions):  $______ per share of Common Stock.

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		4.	Total amount paid for the property:  $0 per share of Common Stock.

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		5.	Nature of Restriction:  Unvested shares may not be transferred, pledged, assigned or otherwise encumbered and are subject to forfeiture in the event of termination of services for any reason.  All shares vest fully on [____________________] (the “Vesting Date”).

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A copy of this election statement has been furnished to International Seaways, Inc., the entity for which I perform services.
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________________________________________         Date: ____________________
Name:

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