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f8kuhcdavisrsa062011ex102.htm - Generated by SEC Publisher for SEC Filing

 

EXHIBIT 10.2

 

RESTRICTED STOCK AGREEMENT

Amendment No. 1

 

This Amendment No. 1 (“Amendment”), dated as of June 17, 2011, amends the vesting provisions of that certain Restricted Stock Agreement, dated January 31, 2011 (the “RS Agreement”), by and between Umpqua Holdings Corporation (the “Company”) and Raymond P. Davis (“Recipient”), pursuant to the Company’s 2003 Stock Incentive Plan (the “Plan”).  Unless otherwise defined herein, capitalized terms in this Amendment shall have the meanings as defined in the RS Agreement.

 

WHEREAS, the RS Agreement awards the Recipient 35,000  shares of the Company’s common stock subject to the terms of the RS Agreement, including time-based vesting conditions, and the Plan; and

 

WHEREAS, the Committee, with the full support of the Recipient, desires to modify the RS Agreement in respect of all 35,000  shares to amend the vesting schedule to link the vesting conditions to the Company’s total shareholder return;

 

NOW THEREFORE, in consideration of the mutual promises made herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by all parties, the parties hereby agree as follows:

 

1.          The Vesting Schedule attached to the RS Agreement is hereby replaced in its entirety with the following:

 

RESTRICTED STOCK AGREEMENT

Schedule A – Vesting Schedule

 

Grant Shares Awarded under the Restricted Stock Agreement to which this Schedule A is attached shall vest in accordance with the following conditions.  Grant Shares that have not yet vested in accordance with the vesting schedule set forth herein, are referred to in the Restricted Stock Agreement as “Unvested Shares.” 

 

Performance-Based and Accelerated Vesting.  Under the Restricted Stock Agreement to which this Vesting Schedule is attached, Grant Shares shall vest only in accordance with the following provisions:

 

A.         For the purposes of this Vesting Schedule, the terms below have the following meanings:

 

“Final Closing Price” means in the case of the Company the closing price of a share of the Company’s common stock, and in the case of the KRXTR the closing price of the KRXTR (symbol “KRXTR”).

 

“Initial Closing Price” means, in the case of the Company $10.97, and in the case of the KRXTR $70.51 (using the symbol “KRXTR”).

 

“KRXTR” means the KBW Regional Banking Total Return Index, or such other similar index as selected by the Committee should the KBW Regional Banking Total Return Index cease to be available.

 

                                                                             

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“Retirement” means termination of employment after becoming eligible for retirement by reaching age 62 and having 5 years of continuous service.

 

“TSR” means the cumulative total shareholder return as measured by dividing the sum of the cumulative amount of dividends for the TSR Period, assuming dividend reinvestment, and the difference between the Initial Closing Price and the Final Closing Price, by the Initial Closing Price.

 

“TSR Performance” compares the Company’s TSR to the KRXTR TSR, each converted into a fixed investment, stated in dollars, assuming $100.00 was invested at the Initial Closing Price at the commencement of TSR Period.  

 

TSR Performance, for the purposes of determining vesting, is the quotient resulting from dividing Company TSR Performance by KRXTR TSR Performance.

 

Company TSR Performance and KRXTR TSR Performance are calculated in the same manner as the performance of the Company’s common stock in the Stock Performance Graph presented in the Company’s Annual Report on Form 10-K as required by Item 201(e) of SEC Regulation S-K except that the measurement period is three years for the purposes of this Agreement and five years for the Stock Performance Graph.  

 

“TSR Period” means the three-year period ending on January 31, 2014.

 

B.         The vesting of Grant Shares shall be conditioned upon the satisfaction of a performance vesting requirement based on TSR Performance.  Unless earlier vested in accordance with Sections C and D of this Vesting Schedule, Grant Shares shall become vested, provided Recipient is employed by the Company at the end of the TSR Period and upon the written certification by the Committee, or its delegate, of the achievement of the performance goal of TSR Performance, in accordance with the applicable Vesting Percentage specified for TSR Performance in the following schedule: 

 

	

   TSR Performance
	

    
	

   Vesting Percentage

	

    

   Lower than 60%

    
	

    
	

    

   0%

	

   60%
	

    
	

   25%

    

	

   between 60% and 100%
	

    
	

   **

    

	

   100% (the Company TSR Performance equals or exceeds the KRX TSR Performance)
	

    
	

   100%

	

    
	

    
	

    

	

   **   When TSR Performance is between 60% and 100%, such results will be interpolated on a straight-line basis to determine the applicable vesting percentage.  For example, 80% TSR Performance represents the midpoint of TSR Performance and would result in the midpoint of the Vesting Percentage, or 62.5%.

 

 

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C.         Notwithstanding Section B of this Vesting Schedule, upon the consummation of a Change of Control Transaction, as such term is defined in the Plan, all of the Grant Shares that remain unvested shall become vested.

 

D.         Notwithstanding Section B of this Vesting Schedule, upon Retirement by the Recipient, death or Disability of the Recipient, or a termination of employment by the Recipient for “good reason” (as defined in the Recipient’s Employment Agreement with the Company) prior to the end of the TSR Period, a percentage of the unvested Grant Shares, rounded to the nearest whole share, shall vest as of the date of such termination and become exercisable, with such percentage equal to the number of months of service by the Recipient during the TSR Period divided by 36.

 

Notwithstanding the foregoing: (i) no additional Grant Shares will vest after the occurrence of any Repurchase Event; and (ii) the number of Grant Shares vesting above shall automatically be adjusted as appropriate to reflect any stock dividend, stock-split, combination of shares or other similar event as referred to in Section 10.1 of the Plan.

 

2.         The Vesting Schedule is amended to remove the following language from the paragraph starting with “Notwithstanding the foregoing”:

 

“(ii) no additional Grant Shares will vest while the Grantee is on leave; (iii) any vesting dates referred to above shall automatically be extended by the duration of any leave of absence that is without pay.”

 

3.          The RS Agreement is amended to provide that the Restricted Stock Grant is subject to forfeiture or “clawback” to the extent required by law or pursuant to such forfeiture or clawback policy as may be adopted by the Company’s Board of Directors or the Committee from time to time, which policy may include any requirement to reimburse the Company for all or any portion of any award, terminate any outstanding, unexpired or unpaid award, rescind delivery pursuant to an award or recapture any shares (whether restricted or unrestricted) or proceeds from the sale of shares issued pursuant to an award.

 

4.          The parties agree that, except as specifically amended hereby, all provisions of the RS Agreement remain in full force and effect.

 

5.          Recipient acknowledges that he or she has reviewed the Plan, the RS Agreement and this Amendment in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Amendment and fully understands all provisions of the Plan, the RS Agreement and this Amendment.

 

RECIPIENT:

 

 

                                                                  

 

COMPANY:

UMPQUA HOLDINGS CORPORATION

 

 

By:                                                            

Name:   Peggy Y. Fowler                         

Title:     Board of Directors, Compensation Committee Chair         

 

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                                                                                                                                          Exhibit 4.1

EXECUTION VERSION

 

SECOND SUPPLEMENTAL INDENTURE

 

 

Second Supplemental Indenture, dated as of June 20, 2011 (this "Supplemental Indenture"), among Merge Healthcare Incorporated, a Delaware corporation (the "Issuer"), the Guarantors (as defined in the Indenture referred to herein) and The Bank of New York Mellon Trust Company, N.A., a national banking association, as Trustee and as Collateral Agent (the "Trustee").

 

 

W I T N E S S E T H:

 

WHEREAS, the Issuer and each of the Guarantors have heretofore executed and delivered to the Trustee an indenture, dated as of April 28, 2010, as amended and supplemented by the First Supplemental Indenture, dated as of June 14, 2011, (together, the "Indenture"), that governs the Issuer’s existing outstanding $200,000,000 aggregate principal amount of 11.75% Senior Secured Notes due 2015 (the "Initial Notes");

 

WHEREAS, Section 2.01 of the Indenture provides that the Issuer shall be entitled, subject to its compliance with Section 4.09 of the Indenture, to issue Additional Notes (as defined in the Indenture) ranking pari passu with the Initial Notes without notice to or consent of the Holders (as defined in the Indenture) having the same terms and conditions as the Initial Notes;

WHEREAS, the execution and delivery of this Supplemental Indenture has been duly authorized and all conditions and requirements necessary to make this Supplemental Indenture a valid and binding agreement of the Issuer and the Guarantors have been duly performed and complied with;

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture;

WHEREAS, the Issuer and the Guarantors, pursuant to the foregoing authority, propose in and by this Supplemental Indenture to amend the Indenture, and request that the Trustee join in the execution of this Supplemental Indenture;

WHEREAS, pursuant to Section 9.02 of the Indenture, the Issuer has delivered a resolution of its Board of Directors stating that the execution and delivery of this Supplemental Indenture has been authorized by the Board of Directors of the Issuer, and in accordance with Section 9.06 and Section 14.04 of the Indenture have delivered an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that this Supplemental Indenture is authorized or permitted by the Indenture, that all conditions precedent to its execution have been complied with, that this Supplemental Indenture is the legal, valid and binding obligation of the Issuer and the Guarantors subject to customary exceptions, and that this Supplemental Indenture complies with the provisions of the Indenture; and

WHEREAS, pursuant to Section 9.02 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

  

  

  

 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Issuer, the Guarantors and the Trustee mutually covenant and agree for the benefit of each other and the equal and ratable benefit of the Holders of the Initial Notes as follows:

 

1. Capitalized Terms.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2. New Notes.  Pursuant to Section 2.01 of the Indenture, the Issuer hereby creates and issues $52,000,000 in aggregate principal amount of 11.75% Senior Secured Notes due 2015 (the “New Notes”) as Additional Notes under the Indenture. The New Notes will be consolidated to form a single series with the Initial Notes or any Exchange Notes previously issued, to which the New Notes are identical in all terms and conditions except as to (i) the date of issue and (ii) interest on the New Notes shall accrue from May 1, 2011. The first interest payment date of the New Notes will be November 1, 2011. The New Notes will, when issued, be considered notes issued pursuant to the Indenture for all purposes thereunder and will be subject to and take benefit of all the terms, conditions and provisions of the Indenture and the Security Documents.

 

3. Authentication of New Notes. The Trustee shall, pursuant to an authentication order, authenticate the New Notes.

 

4. Ratification of Indenture; Supplemental Indenture Part of Indenture.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

 

5. Severability.  In case any provision in this Supplemental Indenture, the Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

6. Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

7. Counterparts.  The parties hereto may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.

 

8. Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction hereof.

 

9. The Trustee.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Issuers and the Guarantors. This Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with

 

  

  

  

respect hereto. In entering into this Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the liability or affording protection to the Trustee, whether or not elsewhere herein so provided.

 

10. Successors.  This Supplemental Indenture shall be binding on the Issuer, the Guarantors, the Trustee and the Holders and their respective successors and assigns, and shall inure to the benefit of the such parties and their respective successors and assigns.

 

 [Remainder of Page Intentionally Blank]

  

  

  

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written.

 

ISSUER:

MERGE HEALTHCARE INCORPORATED

By:         /s/ Justin Dearborn                                                     

Name:          Justin Dearborn

Title:            President and Chief Financial Officer

GUARANTORS:

MERGE ASSET MANAGEMENT CORP.

MERGE ECLINICAL INC.

MERGE HEALTHCARE SOLUTIONS INC.

REQUISITE SOFTWARE INC.

STRYKER IMAGING CORPORATION

By:                     /s/ Justin Dearborn                                                

Name:          Justin Dearborn

Title:            President

CONFIRMA EUROPE LLC

By:                   Merge Healthcare Solutions Inc., its sole Manager

By:                     /s/ Justin Dearborn                                                

Name:          Justin Dearborn

Title:            President

  

  

  

TRUSTEE:

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee and as Collateral Agent

By:       /s/ Yolanda Ash                                                          

Name: Yolanda Ash

Title:    Associate

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