Document:

Document

MICROCHIP TECHNOLOGY INCORPORATED 
MANAGEMENT INCENTIVE COMPENSATION PLAN 
(as amended by the Board of Directors on February 26, 2021)
1.Purposes of the Plan. The Plan is intended to increase shareholder value and the success of the Company by motivating our key management and senior technical employees to: (a) perform to the best of their abilities, and (b) achieve the Company’s objectives. The Plan’s goals are to be achieved by providing such personnel with incentive awards based on the achievement of goals relating to the performance of the Company, on the achievement of individual performance goals, retention-based bonuses, or nonrecurring awards for performance beyond that expected.
2.Definitions.
(a)“Award” means, with respect to each Participant, the award determined pursuant to Section 7(a) below for a Performance Period. Each Award is determined by a Payout Basis for a Performance Period, subject to the Committee’s authority under Section 7(a) to increase, eliminate or reduce the Award otherwise payable.
(b)“Base Salary” means as to any Performance Period, the Participant’s annualized salary rate on the first day of the Performance Period. Such Base Salary shall be before both (i) deductions for taxes or benefits, and (ii) deferrals of compensation pursuant to Company-sponsored plans.
(c)“Board” means the Board of Directors of the Company.
(d)“Cash Position” means the Company’s level of cash and cash equivalents.
(e)“Code” means the Internal Revenue Code of 1986, as amended.  Reference to a specific section of the Code or regulation thereunder will include such section or regulation, any valid regulation promulgated thereunder, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.
(f)“Committee” means the Compensation Committee of the Board, or a sub-committee of the Compensation Committee, which shall consist solely of two or more members of the Board who are not employees of the Company.
(g)“Company” means Microchip Technology Incorporated or any of its subsidiaries (as such term is defined in Code Section 424(f)).
(h)“Employee Committee” means a committee established pursuant to Section 3 of this Plan, which shall be comprised of the Company’s Executive Chair of the Board, the Chief Executive Officer and the Senior Vice President, Global Human Resources, as may be changed or modified from time to time by the Board.
(i)“Fiscal Quarter” means a fiscal quarter of the Company.
(j)“Fiscal Year” means a fiscal year of the Company.

    -1-

(k)“Participant” means an employee of the Company participating in the Plan for a Performance Period.
(l)“Payout Basis” means as to any Performance Period, the criteria established by the Committee pursuant to Section 5 in order to determine the Awards (if any) to be paid to Participants. The Payout Basis may contain discretionary elements to reward additional performance as recommended by the Company’s Chief Executive Officer (“CEO”) and approved by the Committee or the Employee Committee, as applicable. The criteria may differ from Participant to Participant, or between groups of Participants.
(m)“Performance Goals” means the goal(s) (or combined goal(s)) determined by the Committee (in its discretion) to be applicable to a Participant with respect to an Award. As determined by the Committee, the performance measures for any performance period will be any one or more of the following objective performance criteria, applied to either the Company as a whole or, except with respect to stockholder return metrics, to a region, business unit, affiliate or business segment, and measured either on an absolute basis or relative to a pre-established target, to a previous period's results to a designated comparison group, and/or to another Performance Goal and, with respect to financial metrics, which may be determined in accordance with United States Generally Accepted Accounting Principles (“GAAP”), in accordance with accounting principles established by the International Accounting Standards Board (“IASB Principles”) or which may be adjusted when established to exclude any items otherwise includable under GAAP or under IASB Principles: (i) cash flow (including operating cash flow or free cash flow) or cash flow margin, (ii) cash position, (iii) revenue (on an absolute basis or adjusted for currency effects) or end market demand, (iv) gross margin, (v) operating margin, (vi) operating expenses or operating expenses as a percentage of revenue, (vii) earnings (which may include, without limitation, earnings before interest and taxes, earnings before taxes and earnings before income, taxes, depreciation and amortization), (viii) earnings per share, (ix) operating income or operating income as a percentage of revenue, (x) net income, (xi) stock price, (xiii) return on equity, (xiii) total stockholder return, (xiv) growth in stockholder value relative to a specified publicly reported index (such as the S&P 500 Index), (xv) return on capital, (xvi) return on assets or net assets, (xvii) return on investment, (xviii) economic value added, (xix) market share, (xx) contract awards or backlog, (xxi) overhead or other expense reduction, (xxii) credit rating, (xxiii) objective customer indicators (including, without limitation, a customer satisfaction rating), (xxiv) new product invention or innovation, (xxv) attainment of research and development milestones, (xxvi) improvements in productivity, (xxvii) attainment of objective operating goals, and (xxviii) objective employee metrics. The Committee shall appropriately adjust any evaluation of performance under a Performance Goal to exclude (i) any extraordinary non-recurring items as described in FASB ASC 225-20 and/or in management’s discussion and analysis of financial conditions and results of operations appearing in the Company’s reporting with the Securities and Exchange Commission for the applicable year, or (ii) the effect of any changes in accounting principles affecting the Company’s or a business unit’s reported results.
(n)“Performance Period” means any Fiscal Quarter or Fiscal Year, or such other longer period as determined by the Committee in its sole discretion.
(o)“Plan” means this Management Incentive Compensation Plan.
(p)“Plan Year” means the Company’s fiscal year.

-2-

3.Plan Administration.
(a)The Plan may be administered by different administrators with respect to different groups of Participants. The Committee shall be responsible for the general administration and interpretation of the Plan and for carrying out its provisions. The Committee may delegate its general administration and interpretation authority to a committee of employees as the Plan relates to Participants other than executive officers. The Committee may delegate specific administrative tasks to Company employees or others as appropriate for proper administration of the Plan, and the Committee has delegated to the Employee Committee the authority to determine which employees of the Company who are not “officers” as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended may participate in the Plan for a given Performance Period.  The Committee and its delegates (including the Employee Committee) shall have such powers as may be necessary to discharge their duties hereunder, including, but not by way of limitation, the following powers and duties, but subject to the terms of the Plan:
(i)discretionary authority to construe and interpret the terms of the Plan, and to determine eligibility, Awards and the amount, manner and time of payment of any Awards hereunder;
(ii)to prescribe forms and procedures for purposes of Plan participation and distribution of Awards; and
(iii)to adopt rules, regulations and bylaws and to take such actions as it deems necessary or desirable for the proper administration of the Plan.
(b)Any rule or decision by the Committee or its delegates (including the Employee Committee) that is not inconsistent with the provisions of the Plan shall be conclusive and binding on all persons, and shall be given the maximum deference permitted by law.
4.Eligibility. The employees eligible to participate in the Plan for a given Performance Period shall be those employees of the Company who are selected by the Committee or the Employee Committee, as applicable, and who, based on their individual position and Company criteria, have a significant impact on the Company’s performance as determined by the Committee or the Employee Committee, as applicable. No person shall be automatically entitled to participate in the Plan.
5.Performance Goal Determination. The CEO shall provide the Committee with recommendations as to the criteria underlying the Performance Goals. The CEO may make recommendations as to discretionary elements to reward additional performance. The Committee shall have complete authority to accept, modify or reject such recommendations, or to eliminate the Awards entirely.
6.Determination of Payout Basis. The Committee, in its sole discretion, shall establish a Payout Basis for purposes of determining the Award (if any) payable to each Participant. Unless otherwise determined by the Committee, each Payout Basis shall (a) be based on a comparison performance to the Performance Goals, and (b) provide for the payment of Awards if the Performance Goals for the Performance Period are achieved. Discretionary elements may be identified at the same time as the criteria underlying the Performance Goals are set, or they may be later determined at the discretion of the Committee or the Employee Committee. Awards may be a specific dollar amount, or a percentage of Base Salary.

-3-

7.Determination of Awards; Award Payment. 
(a)Determination and Certification. After the end of each Performance Period, the Committee shall determine the extent to which the Performance Goals applicable to each Participant for the Performance Period were achieved or exceeded. The Award for each Participant shall be determined by applying the Payout Basis to the level of actual performance that has been determined by the Committee, and adding any discretionary element that has been determined by the Committee or the Employee Committee, as applicable. Notwithstanding any contrary provision of the Plan, the Committee or the Employee Committee, as applicable, in their sole discretion, may increase, eliminate or reduce the Award payable to any Participant below that which otherwise would be payable under the Payout Basis.
(b)Right to Receive Payment. Each Award under the Plan shall be paid solely from the general assets of the Company. Nothing in this Plan shall be construed to create a trust or to establish or evidence any Participant’s claim of any right to payment of an Award other than as an unsecured general creditor with respect to any payment to which he or she may be entitled. Unless otherwise approved by the Committee or the Employee Committee, as applicable, a Participant needs to be employed by the Company from the beginning of the applicable Performance Period through the Award payment date to receive an Award payout hereunder.
(c)Form of Distributions. The Company shall distribute all Awards to the Participant in cash, restricted stock units or awards, or a combination thereof at the discretion of the Committee.
(d)Deferral. The Committee, in its sole discretion, may permit a Participant to defer receipt of the payment of cash that would otherwise be delivered to a Participant under the Plan. Any such deferral elections shall be made in a manner that complies with Code Section 409A, and shall be subject to such rules and procedures as shall be determined by the Committee in its sole discretion.
(e)Timing of Payment.  Except for any deferrals of Awards made pursuant to Section 7(d), payment of each Award shall be made as soon as practicable after the end of the Performance Period to which the Award relates and after the Award is approved by the Committee or the Employee Committee, as applicable, but in no event later than the later of (i) the fifteenth (15th) day of the third (3rd) month of the Fiscal Year immediately following the Fiscal Year in which the Participant’s Award is first no longer subject to a substantial risk of forfeiture, and (ii) March 15 of the calendar year immediately following the calendar year in which the Participant’s Award is first no longer is subject to a substantial risk of forfeiture.  It is the intent that this Plan be exempt from, or comply with, the requirements of Code Section 409A so that none of the payments to be provided hereunder will be subject to the additional tax imposed under Code Section 409A, and any ambiguities herein will be interpreted to be so exempt or so comply.  Each payment under this Plan is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).
8.Term of Plan. The Plan shall become effective October 1, 2006. The Plan shall continue until terminated under Section 9 of the Plan.
9.Amendment and Termination of the Plan. The Committee may amend, modify, suspend or terminate the Plan, in whole or in part, at any time, including the adoption of amendments deemed necessary or desirable to correct any defect or to supply omitted data or to reconcile any inconsistency in the Plan or in any Award granted hereunder. To the extent necessary or advisable under applicable law, Plan amendments shall be subject to shareholder approval. At no time before the actual distribution of 

-4-

funds to Participants under the Plan shall any Participant accrue any vested interest or right whatsoever under the Plan except as otherwise stated in this Plan.
10.Withholding. Distributions pursuant to this Plan shall be subject to all applicable federal and state tax and withholding requirements.
11.At-Will Employment. No statement in this Plan should be construed to grant any employee an employment contract of fixed duration or any other contractual rights, nor should this Plan be interpreted as creating an implied or an expressed contract of employment or any other contractual rights between the Company and its employees. The employment relationship between the Company and its employees is terminable at-will. This means that an employee or the Company may terminate the employment relationship at any time and for any reason or no reason.
12.Successors. All obligations of the Company under the Plan, with respect to awards granted hereunder, shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business or assets of the Company.
13.Indemnification. Each person who is or shall have been a member of the Committee, of the Board, or their delegates (including the Employee Committee) shall be indemnified and held harmless by the Company against and from (a) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or any award, and (b) from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless.
14.Nonassignment. The rights of a Participant under this Plan shall not be assignable or transferable by the Participant except by will or the laws of intestacy.
15.Governing Law. The Plan shall be governed by the laws of the State of Arizona, without regard to conflicts of law provisions thereunder.
16.Forfeiture Events.
(a)Clawback Policy; Applicable Laws.  All awards under the Plan will be subject to reduction, cancellation, forfeiture, or recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable laws.  In addition, the Committee may impose such other clawback, recovery or recoupment provisions with respect to an award under the Plan as the Committee determines necessary or appropriate, including without limitation a reacquisition right in respect of previously acquired cash, stock, or other property provided with respect to an award.  Unless this Section 16 is specifically mentioned and waived in a written agreement between a Participant 

-5-

and the Company or other document, no recovery of compensation under a clawback policy will give the Participant the right to resign for “good reason” or “constructive termination” (or similar term) under any agreement with the Company.
(b)Additional Forfeiture Terms.  The Committee may specify when providing for an award under the Plan that the Participant’s rights, payments, and benefits with respect to the award will be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of specified events, in addition to any otherwise applicable vesting or performance conditions of the award.  Such events may include, without limitation, termination of the Participant’s status as an employee for “cause” or any act by a Participant, whether before or after the Participant’s status as an employee terminates, that would constitute “cause.”

-6-CONSULTING AGREEMENT

EXHIBIT 10.5

CONSULTING AGREEMENT

THIS AGREEMENT made this 1st day of August 2016, between Standard Premium Finance Holdings, Inc., a Florida corporation (the “Company”) and Bayshore Corporate Finance, LLC, a Florida limited liability company (the “Consultant”).

WITNESSETH:

WHEREAS, the Company desires to secure the benefit of the Consultant’s experience, skills, abilities, knowledge, and background to facilitate the Company’s business strategy and planning and to advise the Company in financial, mergers and acquisitions and other matters upon the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the premises, the agreements herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto agree as follows:

1.

Engagement. The Company hereby engages Consultant as a consultant (the “Engagement”) with respect to business strategy, corporate finance, mergers and acquisitions and general business consulting and Consultant hereby accepts the Engagement. Such consulting services shall be provided in Miami-Dade County, Florida, or other mutually acceptable times and places.   The relationship of Company and Consultant established by this Agreement is that of independent contractors, and nothing contained in this Agreement shall be construed to (i) give either party the power to direct and control the day-to-day activities of the other, (ii) constitute the parties as partners, joint ventures, co-owners or otherwise as participant in a joint undertaking, or (iii) allow Consultant to create or assume any obligation on behalf of Company for any purpose whatsoever. All financial and other obligations associated with Consultant’s business are the sole responsibility of Consultant.

2.

Services. During the term of the Engagement hereunder, Consultant will provide advice and counsel regarding Company’s strategic business plans, strategy and negotiations with potential strategic partners, corporate planning and financial consulting (the “Services”) as requested by the Company, such as the following:

2.1

Assist the Company in the development of a strategic growth plan and related communications materials such as an executive summary and investor presentation. Advise the Company in its strategy to become a holding company for Standard Premium Finance Management Corporation.

2.2

Advise the Company regarding mergers, acquisitions and strategic alliances. Introduce the Company to and assist the Company in reviewing potential acquisitions and alliances. Assist the Company in negotiating terms and structure, and conducting due diligence of mergers, acquisitions and alliances. The services provided by the Consultant in connection with mergers, acquisitions and strategic alliances shall not include providing fairness opinions stating whether any such transaction is fair from a financial point of view.

2.3

Review and assess various financing strategies and solutions with the Company. Suggest desirable financing amounts, terms, and structure. Assist the Company in achieving optimum capital structure. Identify broker/dealers or other sources of capital.

2.4

Assist the Company with corporate governance structure involving its Board of Directors and committees. Consultant will also be available to assist with the development of executive and director compensation programs.

3.

No Brokerage. The parties acknowledge that Consultant is not licensed as a registered broker/dealer and does not engage in the sale of securities. Any sales of securities shall be undertaken directly by the Company or through registered broker/dealers. Consultant may provide services solely as a finder in connection with the Company’s sale of securities in accordance with applicable securities laws and regulations but will not undertake any activities in connection with any securities offered by the Company which would require registration as a broker/dealer. Consultant will receive no fees hereunder which will violate any laws or regulations, including those of stock markets or FINRA.

4.

Term. The initial term of the Engagement shall be the period commencing on the 

date hereof and ending one (1) year thereafter. The term of the Engagement shall automatically be renewed from year to year thereafter unless terminated by either party upon sixty (60) days

written notice of its intent not to renew to the other by registered or certified mail prior to the end of the initial term of the Engagement, or any renewal term thereof.

5.

Compensation. In consideration of the Services provided by Consultant herein, the Company shall pay Consultant as follows:

5.1

Retainer Fee. Company will pay an initial fee of $5,000.00 to Consultant upon entering into this agreement. Company will pay Consultant a monthly retainer fee of

$1,500.00 per month beginning 30 days from the date entering into this Agreement and on the same day of each successive month during the term of the Engagement.

5.2

Holding Company Success Fee. Upon the effective date of this Agreement, Company shall sell an aggregate 330,000 shares of its restricted common stock for the par value, $0.001 per share, to certain affiliates of Consultant as set forth in a separate list provided by Consultant to the Company. Such shares shall be restricted and shall vest and be delivered upon the consummation of the Company’s acquisition of at least a majority of the outstanding common stock of Standard Premium Finance Management Corporation thereby establishing the Company’s holding company strategy. In the event the holding company has not been established as aforesaid within one (1) year of the date of this Agreement, the unvested shares shall be returned to the Company for cancellation. Such shares shall not be registered under the Securities Act of 1933 or any other applicable securities laws and shall be subject to an investment letter satisfactory to the Company.

5.3

M&A Success Fee. If the Company consummates a sale, acquisition, divestiture, merger, or other business combination, or other similar buy or sell side transaction involving the Company and a party introduced by Consultant, or with which Consultant has assisted the Company in connection with such a transaction, during the term of the Engagement, then the Company shall pay Consultant a fee (the “M&A Success Fee”) in an amount as follows:

(a)

An amount equal to ten percent (10%) of the Total Consideration of the

transaction for its services in connection with such transaction if the Company or any of its subsidiaries is the acquired party in such transaction.

(b)

An amount equal to ten percent (10%) of the Total Consideration of the transaction for its services in connection with such transaction if the Company or any of its subsidiaries is the acquiring party in such transaction and no outside financing in excess of twenty percent (20%) of the Total Consideration is utilized by the Company in payment for the acquisition target, or if such outside financing is provided by sources identified by Consultant.

(c)

An amount equal to five percent (5%) of the Total Consideration of the transaction for its services in connection with such transaction if the Company or any of its subsidiares is the acquiring party in such transaction and outside financing in excess of twenty percent (20%) of the Total Consideration is utilized by the Company in payment for the acquisition target and such outside financing is provided by a source not identified by Consultant.

(d)

For purposes of this Agreement, “Total Consideration” shall mean the total value of all cash, securities, or other property paid at the closing of a transaction to or by the Company or its shareholders or to be paid in the future to them with respect to such transaction as provided below (other than payments of interest or dividends) in respect of (i) the assets of the acquired company and (ii) the capital stock of the acquired company (and any securities convertible into options, warrants or other rights to acquire such capital stock). Any amounts payable in connection with a non-competition agreement or any employment, consulting, licensing, supply or other agreement entered into in connection with the transaction, to the extent that such amounts payable are greater than what would customarily be paid on an arms-length basis to an employee, consultant, licensee or supplier who had not been acquired, shall be deemed to be part of the Total Consideration paid in the transaction. In the event a transaction is consummated in one or more steps, including without limitation, any additional consideration paid in any subsequent step in the transaction, including contingent, earn out payments or escrowed payments, shall be included in the definition of “Total Consideration” and the applicable M&A Success Fee shall be paid to Consultant when received or paid.

(e)

If all or a portion of the Total Consideration paid in the Transaction is other than cash or negotiable securities then the value of such non-cash consideration shall be the fair market value thereof on the date the transaction is consummated as mutually agreed upon in good faith by the Company and the Consultant. If such non-cash consideration consists of common stock, convertible preferred stock or other convertible security, options, warrants or other rights for which a public trading market for such security or underlying security existed prior to consummation of the Transaction, then the value of such securities shall be determined by the closing or last sales price of such security or underlying security prior to the date of the consummation of the Transaction. If no public market exists for the common stock, options, warrants or rights issued in the Transaction, then the value of such securities shall be as mutually agreed upon in good faith by the Company and the Consultant. If the Company and the Consultant are unable to reach such an agreement on valuation within the ten (10) days after the consummation of the transaction, such value shall be determined by an investment banker or other person experienced in valuing such stock, equity securities or non-cash consideration mutually acceptable to Company and the Consultant. Such determination of such investment banker or other person shall be binding upon Company and the Consultant, and Company and the Consultant shall each be responsible for paying one-half of the fees of such investment banker or other person.

(f)

No success fee shall be payable on the Company’s acquisition of Standard

Premium Finance Management Corporation, except as provided in Section 5.2.

5.4

Financing Success Fee. For its services in assisting the Company in financing matters as set forth in Section 2.3, Consultant shall be paid a success fee as follows:

(a)

An amount equal to five percent (5%) of the net proceeds of equity or debt financing received by the Company upon closing of each such financing.

(b)

An amount equal to twenty five (25%) percent of the lender’s upfront

commitment fee of any bank credit facility entered into by Company during the term of this agreement payable upon initial closing under such credit facility, but not less than 0.5% of the

aggregate credit facility. To avoid any misunderstanding such success fee shall not be paid on any credit facility provided by BB&T and shall be paid on any credit facility provided by Bank United, including credit facilities provided to Standard Premium Credit Management Corporation.

(c)

All such financing shall be on terms and amounts acceptable to the Company, such acceptance to be evidenced by the acceptance of such financing by the Company.

5.4

Expenses. The Company will reimburse Consultant for actual travel and other out-of-pocket expenses reasonably incurred in connection with the performance of services hereunder. Any such expenses individually or in the aggregate in excess of $1,000.00 must be approved in advance by the written consent of the Company.

5.5

Collection Costs. Company will not seek to avoid or evade payment of any consideration due Consultant pursuant to this Agreement and Company will pay all costs incurred by Consultant, including reasonable attorneys’ fees and costs, in the event any such payments are not made when due or in the event of any other default by Company under this Agreement. Any payments due Consultant which are not paid when due shall accrue interest at 10% per annum  until paid.

6.

Furnishing Information and Confidential Treatment.

6.1

During the term of the Engagement the Company shall provide the Consultant with such information as it shall request concerning the Company, its business and operations, financial statements, plans, forecasts and projections. Such information shall be true and correct and Consultant may rely upon any such information furnished by the Company without independent verification.

6.2

Consultant agrees to obtain the written consent of the Company prior to contacting any potential party to a merger, acquisition or strategic alliance and will not contact any such party to which Company has objected in writing.

6.3

Consultant agrees that, during the term of the Engagement and for a period

of three (3) years thereafter, it will not, without the written consent of the Company, use, disclose

or authorize or permit anyone under its direction to use or disclose to anyone not properly entitled thereto, any confidential information relative to the business, sales, financial condition and results, customers, strategic plans and prospects, forecasts and projections of the Company or any subsidiary or affiliate thereof. For purposes of the preceding sentence, persons properly entitled to such information shall include such parties to whom such information is reasonably furnished in connection with Consultant’s services hereunder and who have signed a confidentiality agreement in form approved by the Company prior to such disclosure.

7.

Non-Circumvention. The Company agrees that all third parties introduced to it by the Consultant represent significant efforts by and are the work product of the Consultant. For a period of three (3) years following the termination of the Engagement, Company and its subsidiaries, affiliates, successors, assigns, employees and agents shall not contact or conduct business with any financial institution, investor, target companies, resource or placement agent introduced by Consultant to the Company without first obtaining written consent from Consultant and entering into a written agreement with Consultant for just compensation payable to Consultant, to the extent that compensation payable to Consultant is not otherwise covered by this Agreement.

8.

Scope of Responsibility. Neither Consultant nor any of its affiliates (nor any of their respective control persons, directors, officers, employees or agents) shall be liable to the Company or to any other person claiming through the Company for any claim, loss, damage, liability, cost or expense suffered by the Company or any such other person arising out of or related to the Engagement hereunder except for a claim, loss or expense that arises primarily out of or is based primarily upon any action or failure to act by Consultant, other than an action or failure to act undertaken at the request or with the consent of the Company, that is determined to constitute bad faith, willful misconduct or gross negligence on the part of Consultant.

9.

Miscellaneous.

9.1

This Agreement is a personal consulting contract and Consultant may not assign its obligations or rights pursuant to this Agreement without the prior written consent of the Company.

9.2

The provisions hereof shall inure to the benefit of and be binding upon the successors and assigns of the Company.

9.3

This Agreement, which contains the entire contractual understanding between the parties, may not be changed orally but only by a written instrument signed by the parties hereto.

9.4

This Agreement shall be governed by and construed in accordance with the laws of the State of Florida.

9.5

The waiver or breach of any term or condition of this Agreement shall not be deemed to constitute the waiver of any other breach of the same or any other term or condition.

9.6

Any notices, requests or other communications required or permitted hereunder shall be sufficiently given if sent by registered mail, postage prepaid, and if to the Consultant, addressed to it at: 13590 SW 134th Avenue, Suite 215, Miami, FL 33186, and if to the Company, addressed to it at: 13590 SW 134th Avenue, Suite 214, Miami, FL 33186, attention

of the President, or such other address as shall have been specified in writing by either party to

the other, and any such notice or communication shall be deemed to have been given as of the date so mailed.

9.7

Any dispute or controversy arising out of or relating to this Agreement, any document or instrument delivered pursuant to, in connection with, or simultaneously with this Agreement, or any breach of this Agreement or any such document or instrument shall be settled by binding arbitration before one arbitrator to be held in Miami-Dade County, Florida in accordance with the commercial arbitration rules then in effect of the American Arbitration Association or any successor thereto. The arbitrator may grant injunctions or other relief in such dispute or controversy. The decision of the arbitrator shall be final, conclusive, and binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. In any such arbitration, the parties waive personal service of any process or other papers and agree that service thereof may be made in accordance with Section 9.6. The losing party in such arbitration shall pay all the costs and expenses of such arbitration, including the reasonable attorneys’ fees and expenses of the winning party as determined by the arbitrator.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective duly authorized officers as of the date first above written.

			
	 
	STANDARD PREMIUM FINANCE HOLDINGS, INC.

	 
	 

	 

	 
	By:  

	/s/ William J. Koppelmann

	 
	 
	William J. Koppelmann, President 

	 
	  

	 

	 
	BAYSHORE CORPORATE FINANCE, LLC

	 
	 

	 
	By:  

	/s/ Anthony Leavitt

	 
	 
	Managing Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00322-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00322-of-00352.parquet"}]]