Document:

cie-ex1049_813.htm

Exhibit 10.49

COBALT INTERNATIONAL ENERGY, INC.

2015 LONG TERM INCENTIVE PLAN 

Restricted Stock Unit Award Agreement

[●] Grant

 

You have been granted an award of restricted stock units (this “Award”) on the following terms and subject to the provisions of Attachment A and the Cobalt International Energy, Inc. 2015 Long Term Incentive Plan (the “Plan”).  Unless defined in this Award Agreement (including Attachment A, this “Agreement”), capitalized terms will have the meanings assigned to them in the Plan.  In the event of a conflict among the provisions of the Plan, this Agreement and any descriptive materials provided to you, the provisions of the Plan will prevail. 

 

	
Participant
	
[●]

 

	
Number of Restricted Stock Units

 
	
[●] restricted stock units (the “RSUs”) are granted under this Agreement. In the discretion of the Committee, vested RSUs may be settled in Shares, the cash equivalent of Shares or a combination thereof. Each RSU shall correspond to a single Share.

 

	
Grant Date

 
	
[●] (the “Grant Date”)

	
Vesting
	
Subject to Section 4 and Section 5 of Attachment A, the RSUs shall vest with respect to one-third (1/3) of the underlying RSU Shares on each of: [●],[●] and [●] (each, a “Scheduled Vesting Date”) subject to satisfaction of the Service Condition (as such term is defined below).

 

 

	
Service Condition
	
The Service Condition shall be fully satisfied if the Participant does not experience a Termination of Service at any time prior to the applicable Scheduled Vesting Date (the “Service Condition”).

 

Please refer to Attachment A for special Service Condition provisions related to the Participant’s death or Disability or a Change in Control.

 

 

Attachment A 

 

Restricted Stock Unit Award Agreement

Terms and Conditions

 

Grant to: [●]

 

Section 1.  Grant of Award.  Subject to the terms and conditions of the Plan and this Agreement, the Company hereby grants this Award to the Participant on the Grant Date on the terms set forth on the cover page of this Agreement, as more fully described in this Attachment A.  This Award is granted under the Plan, which is incorporated herein by this reference and made a part of this Agreement. 

Section 2.  Settlement of Award.  On the applicable Scheduled Vesting Date or as set forth in Sections 4 or 5, to the extent that the RSUs have vested in accordance with the vesting provisions set forth in the grant notice and this Attachment A, the vested RSUs shall be settled and, as determined by the Committee in its sole discretion, shall be paid in the form of (i) Shares, (ii) cash in an amount equal to the then Fair Market Value of the number Shares corresponding to the number of vested RSUs on such vesting date, or (iii) a combination of Shares and cash, in each case, as soon as practicable, but in no event later than fourteen (14) days after such Scheduled Vesting Date.

Section 3.  Dividend Equivalents.  If a dividend is paid on Shares during the period commencing on the Grant Date and ending on the date on which vested RSUs are settled and paid to the Participant, the Participant shall be eligible to receive an amount equal to the amount of the dividend that the Participant would have received had the RSUs been settled and distributed in Shares to the Participant as of the record date for which such dividend is paid (any such amount a “Dividend Equivalent”); it being understood that no Dividend Equivalent shall be payable with respect to any RSUs that are forfeited.  Any Dividend Equivalent shall be paid to the Participant (i) in the same form (cash, Shares or other property) in which such dividend is paid to holders of Shares generally, or at the election of the Committee, in cash and (ii) at the time the Participant’s vested RSUs are settled and paid.  Any Shares that the Participant is eligible to receive pursuant to this Section 3 are referred to herein as “Dividend Shares”.

Section 4.  Termination of Service.  

(a)Death or Disability.  In the event of the Participant’s Termination of Service at any time due to the Participant’s death or Disability, the Service Condition applicable to the RSUs shall be deemed to be satisfied as of the date of such termination and the RSUs shall vest as of such date.  The RSUs will be settled and paid in Shares, a cash payment or a combination in respect thereof, as determined by the Committee in its sole discretion, and will be distributed to the 

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Participant (or, if applicable, the Participant’s estate) as soon as practicable, but in no event later than fourteen (14) days following the Participant’s Termination of Service.

(b)Any Other Termination of Service.  In the event of the Participant’s Termination of Service at any time for any reason (other than due to the Participant’s death or Disability or on or following a Change in Control as set forth in Section 5), any RSUs for which the Service Condition has not been satisfied will be forfeited as of the date of such termination without any payment to the Participant.

(c)Committee Discretion.  Notwithstanding the foregoing, in the event of the Participant’s Termination of Service other than by the Company for Cause, the Committee may, in its sole discretion, accelerate the vesting or waive any term or condition of this Agreement, subject to such terms and conditions as the Committee deems appropriate, with respect to all or a portion of the Award.

Section 5.  Change in Control.  Upon a Change in Control “double trigger event” (as defined in Section 12(b) of the Plan) the Service Condition applicable to the RSUs shall be deemed to be satisfied as of the date of such Change in Control “double trigger event” and the RSUs shall vest as of such date.  The RSUs will be settled and paid in Shares, a cash payment or a combination in respect thereof, as determined by the Committee in its sole discretion, and will be distributed to the Participant as soon as practicable, but in no event later than fourteen (14) days after such Change in Control “double trigger event.”

Section 6.  Additional Terms and Conditions. 

(a)Issuance of Shares.  Upon settlement and payment of vested RSUs in the form of Shares and, if applicable, payment of any Dividend Shares, such Shares shall be evidenced by book-entry registration; provided, however, that the Committee may determine that such Shares shall be evidenced in such other manner as it deems appropriate, including the issuance of a stock certificate or certificates.  

(b)Stockholder Rights.  The Participant shall not have any rights of a stockholder, including voting rights, with respect to the Award until vested RSUs have been distributed to the Participant on the form of Shares.

(c)Transferability.  Unless and until RSUs and, if applicable, any Dividend Shares are distributed to the Participant, this Award shall not be assigned, sold, transferred or otherwise be subject to alienation by the Participant, or as set forth in Section 13(d) of the Plan.

(d)Section 409A.  

(i)If any provision of this Agreement fails to comply with Section 409A of the Code or the regulations or Treasury guidance 

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promulgated thereunder, or would result in a recognition of income for United States federal income tax purposes with respect to any amount payable under this Agreement before the date of payment, or the imposition of interest or additional tax pursuant to Section 409A of the Code, the Company reserves the right to reform such provision; provided that the Company shall maintain, to the maximum extent practicable, the original intent of the applicable provision without violating the provisions of Section 409A of the Code.

(ii)Notwithstanding anything else in this Agreement, if the Board considers the Participant to be one of the Company’s “specified employees” under Section 409A of the Code at the time of the Participant’s Termination of Service, any distribution that otherwise would be made to the Participant with respect to this Award as a result of such termination shall not be made until the date that is six months after such termination, except to the extent that earlier distribution would not result in the Participant’s incurring interest or additional tax under Section 409A of the Code.

(e)Withholding.  The Company may withhold any tax (or other governmental obligation) that becomes due with respect to the Award upon vesting and conversion (as applicable), or any dividend or distribution thereon, and the Participant shall make arrangements satisfactory to the Company to enable the Company to satisfy all such withholding requirements.  Notwithstanding the foregoing, the Committee may permit, in its sole discretion, the Participant to satisfy (at the Participant’s election) any such withholding requirement by transferring to the Company pursuant to such procedures as the Committee may require, effective as of the date on which a withholding obligation arises, a number of vested Shares owned and designated by the Participant having an aggregate fair market value as of such date necessary to satisfy applicable tax or other withholding obligations that is equal to no less than the minimum amount required to be withheld and/or cash in such amount and no greater than the maximum amount required to be withheld and/or cash in such amount.  If the Committee permits the Participant (at the Participant’s election) to satisfy any such withholding requirement pursuant to the preceding sentence, the Company shall remit to the Internal Revenue Service and appropriate state and local revenue agencies, for the credit of the Participant, an amount of cash withholding equal to the fair market value of the Shares and/or cash transferred to the Company as provided above.

Section 7.  Miscellaneous Provisions.  

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(a)Notices.  All notices, requests and other communications under this Agreement shall be in writing and shall be delivered in person (by courier or otherwise), mailed by certified or registered mail, return receipt requested, or sent by facsimile transmission, as follows: 

if to the Company, to: 

Cobalt International Energy, Inc.

Cobalt Center

920 Memorial City Way, Suite 100

Houston, TX 77024

Attention: General Counsel 

Facsimile: 713-579-9184

 

if to the Participant, to the address that the Participant most recently provided to the Company, 

or to such other address or facsimile number as such party may hereafter specify for the purpose by notice to the other parties hereto.  All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a business day in the place of receipt.  Otherwise, any such notice, request or communication shall be deemed received on the next succeeding business day in the place of receipt.

(b)Entire Agreement.  This Agreement, the Plan, and any other agreements referred to herein and therein and any schedules, exhibits and other documents referred to herein or therein, constitute the entire agreement and understanding between the parties in respect of the subject matter hereof and supersede all prior and contemporaneous arrangements, agreements and understandings, both oral and written, whether in term sheets, presentations or otherwise, between the parties with respect to the subject matter hereof.

(c)Amendment; Waiver.  No amendment or modification of any provision of this Agreement shall be effective unless signed in writing by or on behalf of the Company and the Participant, except that the Company may amend or modify this Agreement without the Participant’s consent in accordance with the provisions of the Plan or as otherwise set forth in this Agreement.  No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition whether of like or different nature.  Any amendment or modification of or to any provision of this Agreement, or any waiver of any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which made or given.

(d)Assignment.  Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Participant.

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(e)Successors and Assigns; No Third Party Beneficiaries.  This Agreement shall inure to the benefit of and be binding upon the Company and the Participant and their respective heirs, successors, legal representatives and permitted assigns.  Nothing in this Agreement, expressed or implied, is intended to confer on any person other than the Company and the Participant, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.   

(f)Counterparts.  This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

(g)Participant Undertaking.  The Participant agrees to take whatever additional action and execute whatever additional documents the Company may deem necessary or advisable to carry out or give effect to any of the obligations or restrictions imposed on either the Participant or this Award pursuant to the provisions of this Agreement. 

(h)Plan.  The Participant acknowledges and understands that material definitions and provisions concerning this Award and the Participant’s rights and obligations with respect thereto are set forth in the Plan.  The Participant has read carefully, and understands, the provisions of the Plan.

(i)Governing Law.  The Agreement shall be governed by the laws of the State of Delaware, without application of the conflicts of law principles thereof.

(j)No Right to Continued Service.  The granting of the Award evidenced hereby and this Agreement shall impose no obligation on the Company or any Affiliate to continue the service of the Participant and shall not lessen or affect the right that the Company or any Affiliate may have to terminate the service of such Participant.  

(k)Jurisdiction.  The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby (whether brought by any party or any of its affiliates or against any party or any of its affiliates) shall be brought in the Delaware Chancery Court or, if such court shall not have jurisdiction, any federal court located in the State of Delaware or other Delaware state court, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  Process in any such suit, action or proceeding may be served on each party anywhere in the world, whether within or without the jurisdiction of 

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any such court.  Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 7(a) shall be deemed effective service of process on such party.

(l)WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

[Signature Page Follows]

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

 

			
	
COBALT INTERNATIONAL ENERGY, INC.

	
By:
	
 

	
 
	
Name:
	
Jeffrey A. Starzec

	
 
	
Title:
	
Executive Vice President and General Counsel 

 

			
	
 
	
 

	
 
	
[●]
	
 

	
 
	
 
	
 

 

8Unassociated Document

 

EMPLOYMENT CONTRACT

BETWEEN: Wuhan Aoxin Tianli Enterprise Investment Management Co., Ltd., a company legally incorporated under the laws of People’s Republic of China (mailing address: Suite K, 12th Floor, Building A, Jiangjing Mansion, 228 Yanjiang Ave., Jiang’an District, Wuhan City, Hubei Province) acting and represented herein by Mrs. Hanying Li, chairwoman of the board, declaring duly authorized, (hereinafter called the "AOXIN TIANLI")

 

AND:   Mrs. Hanying Li, residing at No.3-5-1903, Binjiangyuan, Yanjiang Ave., Jiang’an District, Wuhan City, Hubei, China. (Hereinafter referred to "Mrs. Hanying Li"), Chinese Identification number: 420104195104273620.

 

(AOXIN TIANLI and Hanying Li hereinafter collectively called "Parties")

 

1. PREAMBLE

The preamble is an integral part of this contract.

WHEREAS, AOXIN TIANLI requires the services of Hanying Li as President and CEO;

 

WHEREAS, Hanying Li agreed to provide AOXIN TIANLI her full-time services as President and CEO;

 

WHEREAS the parties wish to confirm their agreement in writing;

 

WHEREAS the parties have the capacity and quality of exercise all the rights necessary for the conclusion and implementation of the agreement found in this contract;

 

THEREFORE THE FOREGOING, THE PARTIES AGREE AS FOLLOWS:

 

2. PURPOSE

 

2.1 Services

Hanying Li agrees to assume full-time for AOXIN TIANLI (minimum of forty (40) hours per week) the role of president and CEO during the entire duration of the contract;

 

2.2 Term

This contract is for an initial term of 24 months (From September 10, 2015 to September 9, 2017), renewable for an additional period of 24 months unless either party terminates it in writing at least three (3) months before the expiration of the initial term;

 

  

  

  

 

3. CONSIDERATION

3.1 Service Awards

In consideration of the provision of services, AOXIN TIANLI to pay Hanying Li, as compensation:

The gross amount of RMB 600,000 ($92,308 US dollars) annually and it is calculated at the rate of twelve (12) equal monthly installments consecutively of RMB 50,000 ($7,692 US dollars) each, less withholding taxes applicable.

The Year-end award shall only be paid and performed under the Incentive Plan submitted by the management team and approved by the Compensation Committee of the Board.

3.2 Expenditure incurred

AOXIN TIANLI will reimburse Hanying Li all reasonable expenses incurred in connection with this Agreement, upon presentation of appropriate documentation;

 

3.3 Terms and conditions of payment

3 .3.1 The price payable by AOXIN TIANLI to Hanying Li is as follows:

3.3.2 The sum of RMB 50,000 ($7,692 US dollars) shall be paid on the 10th day of each month from October, 2015.

3.3.3 The sum of Year-end award shall be paid in terms of the Company’s incentive plan.

3.3.4 Expenses will be reimbursed on presentation of an expense account on the 24th of each month.

 

4. SPECIAL PROVISIONS

 

4.1 Obligations of AOXIN TIANLI

 

AOXIN TIANLI agrees and undertakes to HANYING LI as follows:

 

AOXIN TIANLI to bring HANYING LI collaboration and will provide information necessary to ensure the full and faithful discharge of services to be rendered.

 

4.2 Obligation to HANYING LI

 

HANYING LI agrees and undertakes to AOXIN TIANLI to the following: The services must be made full time in a professional manner, according to the rules generally accepted by industry.

 

4.3 Commitment to confidentiality and nondisclosure

 

HANYING LI recognizes that certain disclosures to be provided by AOXIN TIANLI have or may have considerable strategic importance, and therefore represent trade secrets for purposes of this contract. During the term of this Contract and for a period of 36 months following the end of it, HANYING LI is committed to AOXIN TIANLI to:

 

	
a)

	
keep confidential and not disclose the information;

	
b)

	
take and implement all appropriate measures to protect the confidentiality of the information;

 

	
c)

	
not disclose, transmit, exploit or otherwise use for its own account or for others, elements of information.

 

  

  

  

 

4.4 Exclusivity of service provider

 

During the term of this Contract and for a period of 24 months following the end of it, HANYING LI is committed to AOXIN TIANLI not render services to or for direct or indirect competitors of AOXIN TIANLI.

 

4.5 Responsibilities

 

4.5.1 Board Administration and Support -- Supports operations and administration of Board by advising and informing Board members, interfacing between Board and staff, and supporting Board's evaluation of chief executives;

 

4.5.2 Program, Product and Service Delivery: Oversees design, marketing, promotion, delivery and quality of programs, products and services;

 

4.5.3 Financial, Tax, Risk and Facilities Management:  Recommends yearly budget for Board approval and prudently manages organization's resources within those budget guidelines according to current laws and regulations;

 

4.5.4 Human Resource Management: Effectively manages the human resources of the organization according to authorized personnel policies and procedures that fully conform to current laws and regulations;

 

4.5.5 Community and Public Relations: Assures the organization and its mission, programs, products and services are consistently presented in strong, positive image to relevant stakeholders;

 

4.5.6 Fundraising (nonprofit-specific):Oversees fundraising planning and implementation, including identifying resource requirements, researching funding sources, establishing strategies to approach funders, submitting proposals and administrating fundraising records and documentation.

 

4.6 Relationship between the parties

 

Neither party may bind the other in any way whatsoever to anyone, except in accordance with the provisions of this contract.

 

4.7 Representations and Warranties HANYING LI

 

HANYING LI represents and warrants to AOXIN TIANLI that:

 

a)    She has the capacity required to undertake under this contract, such capacity was not limited by any commitment to another person;

 

b)    She has the expertise and experience required to execute and complete the its obligations under this contract; 

 

	
c)

	
She will make services efficient and professional manner, according to the rules generally accepted by industry;

 

  

  

  

 

4.8 Termination of Contract

 

Either party may terminate this contract at any time, upon presentation of a 60-day notice given to the other party. Amounts due and options purchases of shares will be delivered when calculated on a pro-rata to the time elapsed since the last payment or the last delivery of stock options.

 

5. GENERAL PROVISIONS

 

Unless specific provision to the contrary in this Agreement, the following provisions apply.

 

5.1 Force Majeure

 

Neither party can be considered in default under this contract if the performance of its obligations in whole or in part is delayed or prevented by following a force majeure situation. Force majeure is an external event, unforeseeable, irresistible and it absolutely impossible to fulfill an obligation.

 

5.2 Severability

 

The possible illegality or invalidity of an article, a paragraph or provision (or part of an article, a paragraph or provision) does not in any way affect the legality of other items, paragraphs or provisions of this contract, nor the rest of this article, this paragraph or provision unless a contrary intention is evident in the text.

 

5.3 Notices

 

Any notice to a party is deemed to have been validly given if in writing and sent by registered or certified mail, by bailiff or by courier to such party at the address listed at the beginning of this contract or any other address that the party may indicate a similar notice to another party. A copy of any notice sent by mail must be sent by one mode of delivery mentioned above.

 

5.4 Titles

 

The headings used in this contract are only for reference and convenience only. They do not affect the meaning or scope of the provisions they designate.

 

5.5 No Waiver

 

The inertia, neglect or delay by any party to exercise any right or remedy under this Agreement shall in no way be construed as a waiver of such right or remedy.

 

  

  

  

 

 

5.6 Rights cumulative and not alternative

 

All the rights mentioned in this Agreement are cumulative and not alternative. The waiver of a right should not be construed as a waiver of any other right.

 

5.7 Totality and entire agreement

 

This contract represents the full and entire agreement between the parties. No statement, representation, promise or condition not contained in this agreement can and should be allowed to contradict, modify or affect in any manner whatsoever the terms thereof.

 

5.8 Contract Amendment

 

This contract may be amended only by a writing signed by all parties.

 

5.9 Gender and Number

 

All words and terms used in this agreement shall be interpreted as including the masculine and feminine and singular and plural as the context or meaning of this contract.

 

5.10 Assignable

 

Neither party may assign or otherwise transfer to any third party or of his rights in this contract without the prior written permission of the other party to that effect.

 

5.11 Computation of time

 

In computing any period fixed by the contract:

 

a) the day that marks the starting point is not counted, but the terminal is;

 

b) non-juridical days (Saturdays, Sundays and holidays) are counted;

 

c) when the last day is not legal, the deadline is extended to the next juridical day.

 

5.12 Currencies

 

All sums of money under this contract refer to US Dollars.

 

5.13 Applicable Laws

 

This contract is subject to the laws of the People’s Republic of China.

 

5.14 Election of domicile

 

The parties agree to elect domicile in the judicial district of Wuhan P.R.China, and chose it as the appropriate district to hear any claim arising from the interpretation, application, and performance, the entry into force, validity and effect of this contract.

 

  

  

  

 

5.15 Copies

 

When initialed and signed by all parties, each copy of this contract shall be deemed an original, but these examples do not reflect all one and the same agreement.

 

5.16 Scope of Contract

 

This contract binds the parties and their successors, heirs and assigns, respectively.

 

5.17 Solidarity

 

If a party consists of two or more persons, they are forced and severally liable to the other party.

 

5.18 Time is of Essence

 

If a party must fulfill an obligation under this contract within a specified time, the passage of time will effectively be part of this notice.

 

6. EFFECTIVE DATE OF CONTRACT

 

This Agreement shall enter into force September 10, 2015.

 

SIGNED BY THREE (2) copies,

 

IN THE CITY OF WUHAN, HUBEI PROVINCE, 

DATED September 10, 2015.

 

Wuhan Aoxin Tianli Enterprise Investment Management Co., Ltd.,

 

 

Hanying Li /s/

Hanying Li

Chairwoman & CEO

 

 

Hanying Li /s/

HANYING LI

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