Document:

a101-birdxbirdusopcollcg

Execution Version  1  US-DOCS\137586120.8  THE INDEBTEDNESS EVIDENCED BY THIS INSTRUMENT OR AGREEMENT IS  SUBJECT TO THE SUBORDINATION AND INTERCREDITOR AGREEMENT, DATED AS  OF DECEMBER 30, 2022, BY AND AMONG, INTER ALIA, MIDCAP FINANCIAL TRUST  AND U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION AND  ACKNOWLEDGED BY BIRD GLOBAL, INC., BIRD RIDES INC., BIRD US OPCO, LLC,  BIRD US HOLDCO, LLC, BIRD RIDES INTERNATIONAL HOLDING, INC., 1393631 B.C.  UNLIMITED LIABILITY COMPANY, AND BIRD CANADA INC.  GUARANTEE  This GUARANTEE (the “Guarantee”), dated as of December 30, 2022, made by Bird US  OpCo, LLC (the “Guarantor”), is in favor of U.S. Bank Trust Company, National Association, as  Collateral Agent (the “Collateral Agent”), and the Purchasers (the “Purchasers” and collectively  with the Collateral Agent, the “Beneficiaries”) under the Note Purchase Agreement (as defined  below).  RECITALS  1. Bird Global, Inc., a Delaware corporation (the “Issuer”), and the Beneficiaries have  entered into the Note Purchase Agreement dated as of December 30, 2022 (as amended,  supplemented, or modified from time to time, the “Note Purchase Agreement”).  Capitalized terms  used herein and not otherwise defined herein shall have the meanings assigned to them in the Note  Purchase Agreement.  2. Prior to the Beneficiaries extending any credit to the Issuer under the Note Purchase  Agreement, the Issuer is required to provide the Beneficiaries with a guarantee duly executed by  the Guarantor, and this Guarantee is being delivered in satisfaction of such requirement.  3. The Guarantor, a wholly-owned Subsidiary of the Issuer, derives substantial direct  and indirect benefits from the extensions of credit contemplated by the Note Purchase Agreement.  GUARANTEE  As an inducement to the Beneficiaries to enter into the Note Purchase Agreement and for  other good and valuable consideration, the receipt and sufficiency of which are hereby  acknowledged, the Guarantor agrees as follows:  1. Guarantee.  The Guarantor hereby unconditionally and irrevocably guarantees (as  primary obligor and not merely as surety) to the Beneficiaries and their successors and permitted  assigns the punctual and complete payment of all amounts due and payable and performance of all  other Obligations (now or hereafter arising, by acceleration or otherwise) by the Issuer and the  other Note Parties under the Note Purchase Agreement and the other Note Documents (the  “Guaranteed Obligations”) without regard to any defense of any kind which the Guarantor may  have or assert, and without abatement, suspension, deferment, or diminution of any event or  condition whatsoever, provided, that, notwithstanding anything to the contrary hereunder, the  Guaranteed Obligations of the Guarantor shall be limited to an aggregate amount equal to the  

 

  2  US-DOCS\137586120.8  largest amount that would not render this Guarantee subject to avoidance under Section 548 of the  Bankruptcy Code or any comparable provisions of applicable law.  2. Guarantee Absolute and Unconditional.  The Guarantor hereby agrees that its  obligations shall be absolute, irrevocable, and unconditional and, without limiting the generality  of the foregoing, shall not be released, discharged, or otherwise affected by:  (a) any failure or delay to enforce the provisions of the Note Purchase Agreement or  the other Note Documents;   (b) the perfection, release or extent of any Collateral or Guarantor Collateral or any  failure to realize on any Collateral or Guarantor Collateral;  (c) any waiver, modification or consent to departure from, or amendment of the Note  Purchase Agreement or the other Note Documents;  (d) the invalidity, illegality or unenforceability of the Note Purchase Agreement or  the Guaranteed Obligations;  (e) any change in the corporate existence, structure, or ownership of the Issuer or the  other Note Parties; or   (f) any other circumstances (other than payment or conversion in full of the  Obligations or the Guaranteed Obligations) which may otherwise constitute a legal or  equitable discharge of a surety or guarantor.  This Guarantee constitutes a guarantee of payment when due and not of collection.  The  Beneficiaries have no duty or responsibility whatsoever to the Guarantor and make no  representation or warranty in respect of the management and maintenance of the Guaranteed  Obligations or any collateral therefor.  3. Waiver by Guarantor.  The Guarantor agrees that the Beneficiaries may at any time  and from time to time, either before or after the maturity thereof, without notice to or further  consent of the Guarantor, extend the time of payment of, exchange or surrender any collateral for,  or renew any of the Guaranteed Obligations, and may also make any agreement with the Issuer for  the extension, renewal, payment, compromise, discharge, or release thereof, in whole or in part,  for any modification of the terms thereof or of any agreement between any of the Beneficiaries  and the Issuer without in any way impairing or affecting this Guarantee.  The Guarantor hereby  waives notice of acceptance of this Guarantee, diligence, acceleration, presentment, notice of  default or demand of payment to or upon the Issuer or the Guarantor, filing of claims with a court  in the event of merger or bankruptcy of the Issuer, any right or requirement to proceed first against  the Issuer, any protest or notice with respect to the Note Purchase Agreement or the obligations  created or evidenced thereby and all demands whatsoever, any exchange, sale or surrender of, or  realization on, any other guarantee or any collateral, and any and all other notices and surety  defenses (other than payment in full) whatsoever.  The Beneficiaries shall not be obligated to file  any claim relating to the Guaranteed Obligations in the event that Issuer becomes subject to a  bankruptcy, reorganization or similar proceeding, and the failure of the Beneficiaries to so file  shall not affect the Guarantor’s obligations hereunder.  

 

  3  US-DOCS\137586120.8  4. Reinstatement in Certain Instances.  The Guarantor further agrees that if any  payment or delivery of any of the Guaranteed Obligations is subsequently rescinded or is  subsequently recovered from or repaid by the recipient thereof, in whole or in part, in any  bankruptcy, reorganization, insolvency or similar proceedings instituted by or against the Issuer,  or otherwise, the Guarantor’s obligations hereunder with respect to such Guaranteed Obligation  shall be reinstated at such time to the same extent as though the payment or delivery so recovered  or repaid had not been originally made.  5. Security Interest.  (a) As security for the performance by the Guarantor of all the terms, covenants and  agreements on the part of the Guarantor to be performed under this Guarantee and any  other Note Document, including all Guaranteed Obligations, the Guarantor hereby grants  to the Collateral Agent for its benefit and the ratable benefit of the other Secured Parties, a  continuing security interest in, all of the Guarantor’s right, title and interest in, to and under  all of the following, whether now or hereafter owned, existing or arising (collectively, the  “Guarantor Collateral”):   (i) all electronic scooter vehicles,   (ii) all other personal and fixture property or assets of the Guarantor of every  kind and nature including, without limitation, all goods (including inventory,  equipment and any accessions thereto), instruments (including promissory notes),  documents, accounts, chattel paper (whether tangible or electronic), deposit  accounts, securities accounts, securities entitlements, letter-of-credit rights,  commercial tort claims, securities and all other investment property, supporting  obligations, money, any other contract rights or rights to the payment of money,  insurance claims and proceeds, and all general intangibles (including all payment  intangibles) (each as defined in the UCC), and   (iii) all proceeds of, and all amounts received or receivable under any or all of,  the foregoing.  The Collateral Agent (for the benefit of the Secured Parties) shall have, with respect to all  the Guarantor Collateral, and in addition to all the other rights and remedies available to  the Collateral Agent (for the benefit of the Secured Parties), all the rights and remedies of  a secured party under any applicable UCC.  The Guarantor hereby authorizes the Collateral  Agent (at the direction of the Required Purchasers) to file financing statements describing  the collateral covered thereby as “all of the debtor’s personal property or assets” or words  to that effect, notwithstanding that such wording may be broader in scope than the collateral  described in this Guarantee.  Notwithstanding the foregoing, the Guarantor Collateral shall not include, and no lien shall  attach to, and no representation, warranty, or covenant contained herein or in any other  Note Document shall apply to, the Guarantor’s deposit account maintained with Silicon  Valley Bank with account number ending in x3275.  

 

  4  US-DOCS\137586120.8  (b) The Guarantor authorizes the Collateral Agent (at the direction of the Required  Purchasers) to perfect the Collateral Agent’s security interest in the Guarantor Collateral  by filing or authorizing the filing of, at the expense of the Guarantor, UCC-1 financing  statements (including fixture filings) naming the Collateral Agent as secured party and  describing the Guarantor Collateral in a manner that the Required Purchasrs reasonably  determine is necessary or advisable to perfect the security interest granted hereunder.  (c) At any time or from time to time upon the request of the Collateral Agent (at the  direction of the Required Purchasers), the Guarantor will, at its expense, promptly execute,  acknowledge, and deliver such further documents and do such other acts and things as the  Required Purchasers reasonably determine is necessary or advisable to perfect the security  interest granted hereunder.  (d) Upon the Obligations becoming immediately due and payable, the Collateral Agent  and the other Secured Parties shall have, in addition to the rights and remedies which they  may have under this Guarantee and the other Note Documents, all other rights and remedies  provided after default under the UCC and under other Applicable Law, which rights and  remedies shall be cumulative.  Any proceeds from liquidation of the Guarantor Collateral  shall be applied pursuant to the Intercreditor Agreement.  (e) Upon payment or conversion in full of the Obligations (other than inchoate  indemnity obligations), the Guarantor Collateral shall be automatically released from the  lien created hereby, and this Guarantee and all obligations (other than those expressly  stated to survive such termination) of the Guarantor shall terminate, all without delivery of  any instrument or performance of any act by any party, and all rights to the Guarantor  Collateral shall revert to the Guarantor  Upon any sale or other transfer of any Guarantor  Collateral in a transaction permitted under and in accordance with the terms of the Note  Purchase Agreement, or upon the effectiveness of any written consent of the Collateral  Agent to the release of the Liens granted hereby on any Guarantor Collateral, the Collateral  Agent’s Lien on such Guarantor Collateral shall be automatically released, and all rights  therein shall revert to the Guarantor.  Promptly following written request therefor by the  Guarantor delivered to the Collateral Agent following any such termination or release, and  at the expense of the Guarantor, the Collateral Agent shall execute and deliver to, and  authorize the filing by, the Guarantor all financing statement amendments or termination  statements and such other documents as the Guarantor shall reasonably request to evidence  such termination or release and the Collateral Agent shall promptly deliver to the Guarantor  all applicable Guarantor Collateral in its possession.  6. Representations and Warranties.  The Guarantor hereby represents and warrants to  the Beneficiaries that:  (a) The Guarantor (i) is a limited liability company duly organized, validly existing  and in good standing under the laws of the State of Delaware, (ii) has full power and  authority to own its properties and assets and to carry on its business as now being  conducted and as presently contemplated, and (iii) has full power and authority to execute,  deliver and perform its obligations under this Guarantee.  

 

  5  US-DOCS\137586120.8  (b) The execution, delivery and performance by the Guarantor of its obligations under  this Guarantee will not (i) violate or conflict with (x) any provision of law, order,  judgment, or decree of any court or other agency or government, (y) any provision of its  constitutional documents, or (z) any agreement or other instrument to which the  Guarantor is a party or is bound; (ii) result in a breach of, or constitute (with due notice  or lapse of time or both) a default under any contractual provision to which it is bound;  or (iii) result in the creation or imposition of any lien, charge or encumbrance of any  nature whatsoever upon any of the property or assets of the Guarantor pursuant to any  indenture, agreement or instrument (other than pursuant to this Guarantee), except in the  case of each of the foregoing clauses (i) through (iii) to the extent that any such conflict,  breach, default, lien, charge, encumbrance, or violation as applicable, could not  reasonably be expected to have a Material Adverse Effect.  (c) Except where the failure to obtain or make such consent, approval or authorization  could not reasonably be expected to have a Material Adverse Effect, all consents,  approvals, or authorizations from any Governmental Authority that are required to be  obtained in connection with or as a condition to the execution, delivery or performance  of this Guarantee have been obtained or made and are in full force and effect.  (d) The Guarantor is Solvent.  (e) The Guarantor is not contemplating either a filing of a petition under any state or  federal bankruptcy law, or the liquidating of all or a major portion of its property; and  the Guarantor has no knowledge of any person contemplating the filing of such petition  against it.  (f) Perfection Representations.  (i) This Guarantee creates a valid and continuing security interest (as defined  in the applicable UCC) in the Guarantor’s right, title and interest in, to and under  the Guarantor Collateral which (A) security interest has been perfected and is  enforceable against the Guarantor and (B) will be free of all Adverse Claims in  such Guarantor Collateral, except for Permitted Liens.  (ii) The Guarantor owns and has good and marketable title to the Guarantor  Collateral free and clear of any Lien of any Person other than Liens permitted to  exist under the Note Purchase Agreement.  (iii) All appropriate financing statements, financing statement amendments  and continuation statements have been delivered to the proper filing office in the  appropriate jurisdictions under Applicable Law in order to perfect (and continue  the perfection of) the grant by the Guarantor of a security interest in the Guarantor  Collateral to the Collateral Agent pursuant to this Guarantee.  (iv) Other than the security interest granted to the Collateral Agent pursuant to  this Guarantee, the Guarantor has not pledged, assigned, sold, granted a security  interest in, or otherwise conveyed any of the Guarantor Collateral except as  permitted by the Note Documents.  The Guarantor has not authorized the filing of  

 

  6  US-DOCS\137586120.8  and, except as otherwise notified to the Collateral Agent in writing, is not aware  of any financing statements filed against the Guarantor that include a description  of collateral covering the Guarantor Collateral other than any financing statement  (i) in favor of the Collateral Agent, (ii) evidencing a Permitted Lien, or (iii) that  has been terminated.  The Guarantor is not aware of any judgment lien, ERISA  lien or tax lien filings against the Guarantor that are not permitted by this  Guarantee and the other Note Documents.  (v) Notwithstanding any other provision of this Guarantee or any other Note  Document, the representations contained in this Section 6(f) shall be continuing  and remain in full force and effect until payment or conversion in full of the  Obligations (other than inchoate indemnity obligations).  7. Subrogation.  The Guarantor shall be subrogated to all rights of the Beneficiaries  against the Issuer in respect of any amounts paid or deliveries made by the Guarantor pursuant to  the provisions of this Guarantee, provided, however, that the Guarantor shall not be entitled to  enforce, or to receive any payments arising out of or based upon, such right of subrogation until  payment in full of all of the Guaranteed Obligations.  8. Expenses of Enforcement.  The Guarantor further agrees to pay all reasonable and  documented out-of-pocket costs and expenses, including reasonable attorneys’ fees, which are  incurred by any of the Beneficiaries in any effort to collect or enforce any provision of this  Guarantee.  9. Set-Off.  Upon the Guaranteed Obligations becoming due and payable (by  acceleration or otherwise) under the Note Purchase Agreement or any other applicable Note  Document, each Beneficiary is hereby authorized to setoff, appropriate and apply (without  presentment, demand, protest or other notice which are hereby expressly waived) any deposits and  any other indebtedness held or owing by such Beneficiary (including by any branches or agencies  of such Beneficiary) to, or for the account of, the Guarantor against amounts owing by the  Guarantor hereunder (even if contingent or unmatured); provided, that such Beneficiary shall  notify the Guarantor promptly following such setoff.  10. Incorporation by Reference.  The provisions of Sections 10.8 and 13.14 and  Exhibit D of the Note Purchase Agreement are incorporated herein by reference mutatis mutandis,  as if fully set forth herein, with each reference to “Issuer” being deemed to be a reference to the  Guarantor.  11. Governing Law; Submission to Jurisdiction.  THIS GUARANTEE AND, TO THE  FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ALL MATTERS ARISING OUT  OF OR RELATING IN ANY WAY TO THIS GUARANTEE SHALL BE GOVERNED BY,  AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK  (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF  THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF  LAW PROVISIONS THEREOF, EXCEPT TO THE EXTENT THAT THE PERFECTION, THE  EFFECT OF PERFECTION OR PRIORITY OF THE INTERESTS OF COLLATERAL AGENT  OR ANY PURCHASER IN THE COLLATERAL IS GOVERNED BY THE LAWS OF A  

 

  7  US-DOCS\137586120.8  JURISDICTION OTHER THAN THE STATE OF NEW YORK).  With respect to any suit, action  or proceedings relating to this Guarantee (“Proceedings”), the Guarantor irrevocably: (a) submits  to the exclusive jurisdiction of the courts of the State of New York and the United States District  Court located in the Borough of Manhattan in New York City and irrevocably agrees to designate  any Proceedings brought in the courts of the State of New York as “commercial” on the Request  for Judicial Intervention seeking assignment to the Commercial Division of the Supreme Court;  and (b) waives any objection which it may have at any time to the laying of venue of any  Proceedings brought in any such court, waives any claim that such Proceedings have been brought  in an inconvenient forum and further waives the right to object, with respect to such Proceedings  that such court does not have any jurisdiction over the Guarantor.  Nothing in this Guarantee  precludes the Beneficiaries from bringing Proceedings in any other jurisdiction in order to enforce  any judgment obtained in any Proceedings referred to in the preceding sentence.  12. Waiver of Jury Trial.  EACH PARTY HERETO HEREBY WAIVES, TO THE  MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY  JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER  (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING  OUT OF, RELATED TO, OR CONNECTED WITH THIS GUARANTEE OR ANY OTHER  NOTE DOCUMENT.  13. Successor and Assigns.  This Guarantee shall continue in full force and effect and  be binding upon the Guarantor and the successors and permitted assigns of the Guarantor,  provided, however, that the Guarantor may not assign or otherwise transfer this Guarantee or any  obligations hereunder without the prior written consent of the Required Purchasers and any such  assignment or transfer without such consent shall be void.  The Beneficiaries may, concurrently  with any assignment of their rights and obligations in accordance with the Note Purchase  Agreement, assign this Guarantee or any rights or powers hereunder, with any or all of the  underlying liabilities or obligations, the payment of which is guaranteed hereunder, in each case,  subject to and in accordance with the terms and conditions of the Note Purchase Agreement.  14. Entire Agreement; Amendments and Waivers.  This Guarantee supersedes any  prior negotiations, discussions, or communications between the Beneficiaries and the Guarantor  and constitutes the entire agreement between the Beneficiaries and the Guarantor with respect to  the Note Purchase Agreement and this Guarantee.  No provision of this Guarantee may be  amended, modified, or waived without the prior written consent of the Required Purchasers.  15. Notices.  All notices or other communications to the Guarantor and the  Beneficiaries shall be delivered pursuant to the requirements set forth in Section 10 of the Note  Purchase Agreement (the Guarantor’s address and email address for notices and other  communications shall be the same as that of the Issuer).  16. Intercreditor Agreement.  Notwithstanding anything herein to the contrary, the  Guaranteed Obligations, pursuant to this Guarantee and the exercise of any right or remedy by the  Collateral Agent and the other Secured Parties hereunder are subject to the provisions of the  Intercreditor Agreement.  In the event of any conflict or inconsistency between the provisions of  the Intercreditor Agreement and this Guarantee, the provisions of the Intercreditor Agreement shall  govern and control.  

 

  8  US-DOCS\137586120.8  [SIGNATURE PAGE FOLLOWS]  

 

  [Signature Page to Guarantee]  IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be executed by one  of its duly authorized representatives or officers.  BIRD US OPCO, LLC  By: /s/ Shane Torchiana  Name: Shane Torchiana  Title: Chief Executive Officer  

 

  [Signature Page to Guarantee]  U.S. BANK TRUST COMPANY, NATIONAL  ASSOCIATION  By: /s/ Brandon Bonfig  Name: Brandon Bonfig  Title: Vice Presidentex_459737.htm

Exhibit 10.1

 

CABLE ONE, INC.

2022 OMNIBUS INCENTIVE COMPENSATION PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT 

(SERVICE-BASED VESTING)

 

RESTRICTED STOCK UNIT AWARD AGREEMENT, between Cable One, Inc. (the “Company”), a Delaware corporation, and [NAME].

 

This Restricted Stock Unit Award Agreement (the “Award Agreement”) sets forth the terms and conditions of an award of [NUMBER] restricted stock units (the “Award”), each with respect to one share of the Company’s common stock, $0.01 par value per share (each, a “Share”), that are being granted to you under the Cable One, Inc. 2022 Omnibus Incentive Compensation Plan (the “Plan”) as of [DATE] (the “Grant Date”) and that are subject to the terms and conditions specified herein (each restricted stock unit subject to this Award Agreement, a “RSU”). Subject to the terms of this Award Agreement and the Plan, this Award provides you with an unfunded and unsecured promise of the Company, to deliver (or cause to be delivered) to you, the Shares as set forth in Section 3 of this Award Agreement.

 

THIS AWARD IS SUBJECT TO ALL TERMS AND CONDITIONS OF THE PLAN AND THIS AWARD AGREEMENT, INCLUDING THE DISPUTE RESOLUTION PROVISIONS SET FORTH IN SECTION 11 OF THIS AWARD AGREEMENT AND THE RESTRICTIVE COVENANT, CLAWBACK AND RECOUPMENT PROVISIONS SET FORTH IN SECTION 5 OF THIS AWARD AGREEMENT AND IN THE CLAWBACK POLICY. BY ELECTRONICALLY ACCEPTING THIS AWARD AGREEMENT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 16, YOU WILL HAVE CONFIRMED YOUR ACCEPTANCE OF THE TERMS AND CONDITIONS OF THIS AWARD AGREEMENT AND THE CLAWBACK POLICY.

 

SECTION 1. The Plan. This Award is made pursuant to the Plan, all the terms of which are hereby incorporated in this Award Agreement. In the event of any conflict between the terms of the Plan and the terms of this Award Agreement, the terms of the Plan shall govern.

 

SECTION 2. Definitions. Capitalized terms used in this Award Agreement that are not defined in this Award Agreement have the meanings as used or defined in the Plan. As used in this Award Agreement, the following terms have the meanings set forth below:

 

“Business Day” means a day that is not a Saturday, a Sunday or a day on which banking institutions are legally permitted to be closed in the City of New York.

 

 

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“Cause” shall mean the occurrence of any of the following events: (a) your fraud, misappropriation, dishonesty, theft, embezzlement or intentional misuse of Company funds or property; (b) your failure to substantially perform your duties to the Company; (c) your conviction of, or entry of a plea of guilty or nolo contendere to, a felony or a crime involving moral turpitude; (d) any willful act, or failure to act, by you in bad faith to the material detriment of the Company; (e) your material noncompliance with Company policies and guidelines, including misconduct, or the grossly negligent failure to supervise an employee who engaged in misconduct, that resulted in a material violation of Company policies and guidelines for which there was a significant negative impact on the Company’s financial or operating results, market capitalization, Share price or reputation; or (f) your material breach of any term of this Award Agreement or any agreement between you and the Company; provided that in cases where the Company, in its sole discretion, determines that a cure opportunity is appropriate, you shall first be provided a 15-day cure period. If, subsequent to your termination of employment with the Company or one of its Affiliates for any reason other than for Cause, the Company determines in good faith that your employment could have been terminated by the Company or applicable Affiliate for Cause, then, at the election of the Company, your employment will be deemed to have been terminated for Cause as of the date the events giving rise to Cause occurred.

 

“Clawback Policy” means the Clawback Policy of the Company adopted by the Board effective January 1, 2019, as may be amended from time to time.

 

“Disability” means your absence from employment due to a physical or mental condition, illness or injury for a period of 180 consecutive Business Days.

 

“Good Reason” means the occurrence, without your written consent, of any of the following events or circumstances: (a) a material reduction in your annual base salary or target bonus opportunity; (b) a material diminution in your title, duties or responsibilities; (c) a relocation of your principal work location by more than 50 miles; or (d) any material breach of this Award Agreement by the Company; provided that Good Reason shall not exist unless you give the Company notice specifically detailing the event you believe gives rise to Good Reason within 60 days of the date you have knowledge of such event. In cases where cure is possible, the Company shall be provided a 90-day cure period after such notice is given in accordance with Section 12 of this Award Agreement; if such circumstances are not cured by the expiration of such cure period, you may resign for Good Reason within three months following the end of the cure period, but if such circumstances are cured within the cure period or if you do not resign for Good Reason within three months following the end of the cure period, such circumstances will not be deemed to constitute Good Reason.

 

“Pro-Ration Fraction” means a fraction, (a) the numerator of which is the number of days elapsed from the Grant Date through the date of termination of employment and (b) the denominator of which is 1,095.

 

“Restrictive Covenants” means the restrictive covenants set forth in the appendix of the Clawback Policy, which are incorporated herein by reference.

 

“Section 409A” means Section 409A of the Code and the regulations and other interpretive guidance promulgated thereunder, as in effect from time to time.

 

 

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SECTION 3. Vesting.      (a) Service-Based Vesting.     (i) Except as otherwise determined by the Committee in its sole discretion, or as otherwise provided in this Section 3, the RSUs shall become vested thirty-three and one-third percent (33 1⁄3%) per year for three years commencing on the first anniversary of the Grant Date and on each anniversary thereafter (each such date, a “Vesting Date”), subject to your continued employment with the Company or an Affiliate through the applicable Vesting Date. The vesting of the RSUs shall equal one hundred percent (100%) on the third anniversary of the Grant Date. If the foregoing vesting schedule would produce a fractional Share on a Vesting Date on a cumulative basis, then the number of Shares that shall become vested on such Vesting Date shall be rounded up to the nearest whole Share. In addition, except as otherwise provided in Section 3(a)(ii) – (iv), if your employment with the Company or an Affiliate terminates at any time before the applicable Vesting Date, any unvested RSUs shall be immediately forfeited as of the date of termination and you will not be entitled to any further payments or benefits with respect to such forfeited RSUs.

 

(ii) Termination Without Cause or for Good Reason. In the event that your employment is terminated by the Company without Cause or by you for Good Reason anytime on or after the first anniversary of the Grant Date, except as otherwise set forth in Section 3(a)(iv)(A), then a portion of your RSUs determined by multiplying the number of RSUs granted hereunder by the applicable Pro-Ration Fraction (rounded down to the nearest whole Share) and then subtracting the number of RSUs that had vested prior to your termination shall immediately vest and any other RSUs shall be forfeited immediately upon such termination of employment. For the avoidance of doubt, if such termination of employment occurs before the first anniversary of the Grant Date, then all then outstanding RSUs shall be immediately forfeited as of the date of termination and you will not be entitled to any further payments or benefits with respect to such forfeited RSUs.

 

(iii) Death or Disability. In the event that your employment is terminated due to death or Disability on or after the first anniversary of the Grant Date, the service requirements shall no longer apply and you or your estate or applicable beneficiary, as the case may be, shall immediately vest in a portion of your RSUs determined by multiplying the number of RSUs granted hereunder by the applicable Pro-Ration Fraction (rounded up to the nearest whole Share) and then subtracting the number of RSUs that had vested prior to your termination. Any RSUs that do not vest pursuant to this Section 3(a)(iii) will be immediately forfeited as of the date of termination and you will not be entitled to any further payments or benefits with respect to such forfeited RSUs.

 

(iv) Change of Control.  (A) Except as otherwise provided in this Section 3(a)(iv)(A) or in Section 3(a)(iv)(B) below, following a Change of Control, the unvested RSUs shall remain outstanding and subject to service requirements through the applicable Vesting Date; provided that in the event that your employment terminates on or after a Change of Control but before the applicable Vesting Date under any of the circumstances described in Section 3(a)(ii) above, (I) if such date of termination is also within 18 months following such Change of Control, all unvested RSUs then outstanding shall immediately vest and (II) if such date of termination is after the date that is 18 months following such Change of Control, then upon your date of termination, a portion of your then outstanding unvested RSUs shall immediately vest, determined in a manner consistent with the pro-ration provided in Section 3(a)(ii).

 

 

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(B) Notwithstanding the foregoing, in the event of a Change of Control before the applicable Vesting Date, unless (I) the unvested but outstanding RSUs remain outstanding following such Change of Control in accordance with Section 3(a)(iv)(A) above and (II) the material terms and conditions of such RSUs as in effect immediately prior to the Change of Control are preserved following the Change of Control (including with respect to the vesting schedules), any outstanding unvested RSUs will automatically vest and all forfeiture provisions related thereto will lapse as of such date.

 

SECTION 4. Settlement. Subject to Section 3, 5, and 8 of this Award Agreement, the Company shall deliver or cause to be delivered to you one or more unlegended, freely-transferable stock certificates or book entry credits in respect of the Shares underlying the RSUs subject to this Award and any accrued cash dividends related thereto within 30 days following the applicable Vesting Date.

 

SECTION 5. Forfeiture of RSUs.  (a) For the avoidance of doubt, except as otherwise provided in Section 3(a)(ii) – (iv), if your employment with the Company or an Affiliate terminates at any time before the applicable Vesting Date, any unvested RSUs shall be immediately forfeited as of the date of termination and you will not be entitled to any further payments or benefits with respect to such forfeited RSUs.

 

(b) Notwithstanding anything to the contrary in this Award Agreement, in the event that you incur a termination of employment by the Company without Cause or due to Disability or by you for Good Reason, in order for the RSUs to vest as provided in Section 3(a)(ii) or (iii), you must sign a customary release of claims in favor of the Company and its Affiliates that is acceptable to the Company, and such release must become effective and irrevocable on or before the 65th day following your termination of employment. In the event you do not sign such release or revoke such release before it becomes effective, you will forfeit all rights to any unvested RSUs. In addition, in the event that (i) you violate the Restrictive Covenants, (ii) you engage in any conduct constituting Cause, (iii) a “Forfeiture Event” (as defined in the Clawback Policy) with respect to you occurs or (iv) you otherwise violate the Clawback Policy or any other recoupment or clawback policy adopted by the Company, as may be amended from time to time, to the extent necessary to address the requirements of applicable law (including Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as codified in Section 10D of the Exchange Act, Section 304 of the Sarbanes-Oxley Act of 2002 or any other applicable law), all outstanding RSUs shall be forfeited and canceled. In addition, you acknowledge and agree that this Award, including all Shares delivered to you, if any, pursuant to this Award and any dividend amounts paid pursuant to Section 6 and any other “Incentive Compensation” (as defined in the Clawback Policy) granted, paid, delivered, awarded or otherwise provided to you are subject to all terms and conditions of the Clawback Policy or any other recoupment or clawback policy adopted by the Company, as may be amended from time to time. For the avoidance of doubt, to the extent permitted by applicable law, this Section 5(b) will cease to be effective as a basis for forfeiture, clawback or recoupment of any portion of this Award from and after a Change of Control.

 

 

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SECTION 6. Voting Rights; Dividends. Prior to the date on which Shares are delivered to you in settlement of the RSUs pursuant to this Award Agreement, you shall not have any rights of a stockholder with respect to the Shares underlying the RSUs (including any voting rights or rights with respect to dividends). Instead, if the Company declares and pays (or sets a record date with respect to) ordinary cash dividends on Shares on or after the Grant Date and prior to the settlement of the RSUs, subject to Section 5 above and 8 below, an amount equal to the ordinary cash dividends that would have been payable to you with respect to the Shares underlying the RSUs as if those Shares had been issued and outstanding as of the applicable dividend payment dates shall be held by the Company or an escrow agent that is designated by the Company and shall be paid (less any taxes required to be withheld) at the time the corresponding RSUs are paid (it being understood that the provisions of this sentence shall not apply to any extraordinary dividends or distributions). For the avoidance of doubt, dividends shall not be payable with respect to any RSUs that do not vest in accordance with their terms.

 

SECTION 7. Non-Transferability of RSUs. Unless otherwise provided by the Committee in its discretion or transferred pursuant to a qualified domestic relations order as defined in the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, this Award and the RSUs may not be sold, assigned, alienated, transferred, pledged, attached or otherwise encumbered except as provided in Section 10(a) of the Plan. Any purported sale, assignment, alienation, transfer, pledge, attachment or other encumbrance of the Award or any RSUs in violation of the provisions of this Section 7 and Section 10(a) of the Plan shall be void.

 

SECTION 8. Withholding, Consents and Legends.  (a) Withholding. The delivery of Shares pursuant to Section 4 of this Award Agreement is conditioned on satisfaction of any applicable withholding taxes in accordance with this Section 8(a) and Section 10(d) of the Plan. In the event that there is withholding tax liability in connection with the vesting or settlement of RSUs and any accrued dividends related thereto, you may satisfy, in whole or in part, any withholding tax liability: (i) by cash payment of an amount equal to such withholding liability; or (ii) by having the Company withhold a number of Shares you would otherwise be entitled to receive upon settlement of the RSUs having a fair value equal to such withholding tax liability in accordance with the Company’s share withholding procedures.

 

(b) Consents. Your rights in respect of the RSUs are conditioned on the receipt to the full satisfaction of the Committee of any required consents that the Committee may determine to be necessary or advisable (including your consenting to the Company’s supplying to any third-party recordkeeper of the Plan such personal information as the Committee deems advisable to administer the Plan).

 

SECTION 9. Successors and Assigns of the Company. The terms and conditions of this Award Agreement shall be binding upon and shall inure to the benefit of the Company and its successors and assigns.

 

SECTION 10. Committee Discretion. Subject to the terms of the Plan and this Award Agreement, the Committee shall have discretion with respect to any actions to be taken or determinations to be made in connection with this Award Agreement, and its determinations shall be final, binding and conclusive.

 

 

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SECTION 11. Dispute Resolution.  (a) Jurisdiction and Venue.  (i) This Award Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws that could cause the application of the law of any jurisdiction other than the State of Delaware.

 

(ii) Subject to the provisions of Section 11(a)(iii), any controversy or claim between you and the Company or its Affiliates arising out of or relating to or concerning the provisions of any Award Agreement or the Plan shall be finally settled by arbitration in Phoenix, Arizona, before, and in accordance with the rules then obtaining of the American Arbitration Association (the “AAA”) in accordance with the commercial arbitration rules of the AAA.

 

(iii) In addition to its right to submit any dispute or controversy to arbitration, the Company or one of its Affiliates may bring an action or special proceeding in a state or Federal court of competent jurisdiction sitting in Phoenix, Arizona, whether or not an arbitration proceeding has theretofore been or is ever initiated, for the purpose of temporarily, preliminarily or permanently enforcing the provisions of the Plan, the Restrictive Covenants, or to enforce an arbitration award, and, for the purposes of this Section 11(a)(iii), you (A) expressly consent to the application of Section 11(a)(iv) to any such action or proceeding, (B) agree that proof shall not be required that monetary damages for breach of the provisions of the Restrictive Covenants or this Award Agreement would be difficult to calculate and that remedies at law would be inadequate, and (C) irrevocably appoint the General Counsel of the Company as your agent for service of process in connection with any such action or proceeding, who shall promptly advise you of any such service of process by notifying you at the last address on file in the Company’s records.

 

(iv) You and the Company hereby irrevocably submit to the exclusive jurisdiction of any state or Federal court located in Phoenix, Arizona, over any suit, action or proceeding arising out of, relating to or in connection with this Award Agreement or the Plan that is not otherwise required to be arbitrated or resolved in accordance with the provisions of Section 11(a)(ii). This includes any suit, action or proceeding to compel arbitration or to enforce an arbitration award. You and the Company acknowledge that the forum designated by this Section 11(a)(iv) has a reasonable relation to this Award Agreement, and to your relationship to the Company. Notwithstanding the foregoing, nothing herein shall preclude you or the Company from bringing any action or proceeding in any other court for the purpose of enforcing the provisions of Sections 11(a)(i), 11(a)(ii) or this Section 11(a)(iv). The agreement of you and the Company as to forum is independent of the law that may be applied in the action, and you and the Company agree to such forum even if the forum may under applicable law choose to apply nonforum law. You and the Company hereby waive, to the fullest extent permitted by applicable law, any objection which you or the Company now or hereafter may have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding in any court referred to in this Section 11(a)(iv). You and the Company undertake not to commence any action arising out of, or relating to or in connection with this Award Agreement in any forum other than a forum described in this Section 11(a)(iv), or, to the extent applicable, Section 11(a)(ii). You and the Company agree that, to the fullest extent permitted by applicable law, a final and nonappealable judgment in any such suit, action or proceeding in any such court shall be conclusive and binding upon you and the Company.

 

 

7

 

(v) You and the Company acknowledge that this Award Agreement evidences a transaction involving interstate commerce. Notwithstanding anything to the contrary in this Award Agreement, including Section 11(a)(i) with respect to governing law, any arbitration conducted pursuant to the terms of this Award Agreement shall be governed by the Federal Arbitration Act (9 U.S.C. §§ 1-16), as amended, modified or supplemented from time to time (the “FAA”). For the avoidance of doubt, any issue concerning the extent to which any controversy or claim arising out of or relating to or concerning the provisions of any Award Agreement or the Plan is subject to arbitration, or concerning the applicability, interpretation or enforceability of the procedures set forth in this Section 11, including any contention that all or part of these procedures are invalid or unenforceable, shall be governed by the FAA and resolved by the arbitrator(s) named through the procedures set forth in Section 11(a)(ii).

 

(b) Waiver of Jury Trial. You and the Company hereby waive, to the fullest extent permitted by applicable law, any right either of you may have to a trial by jury in respect to any litigation directly or indirectly arising out of, under or in connection with this Award Agreement or the Plan.

 

(c) Confidentiality. You hereby agree to keep confidential the existence of, and any information concerning, a dispute described in this Section 11, except that you may disclose information concerning such dispute to the court that is considering such dispute or to your legal counsel (provided that such counsel agrees not to disclose any such information other than as necessary to the prosecution or defense of the dispute).

 

(d) General. This Award Agreement is not intended to, and shall be interpreted in a manner that does not, limit or restrict you from exercising any legally protected whistleblower rights (including pursuant to Rule 21F under the Securities Exchange Act of 1934).

 

 

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SECTION 12. Notice.     All notices, requests, demands and other communications required or permitted to be given under the terms of this Award Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or three Business Days after they have been mailed by U.S. registered mail, return receipt requested, postage prepaid, addressed to the other party as set forth below:

 

	
			If to the Company:

				
			Cable One, Inc.

			210 E. Earll Drive

			Phoenix, AZ 85012

			Attn: General Counsel

			 

			
	
			If to you:

				
			To your address as most recently supplied to the Company and set forth in the Company’s records

			

 

The parties may change the address to which notices under this Award Agreement shall be sent by providing written notice to the other in the manner specified above.

 

SECTION 13. Headings and Construction. Headings are given to the Sections and subsections of this Award Agreement solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Award Agreement or any provision thereof. Whenever the words “include”, “includes” or “including” are used in this Award Agreement, they shall be deemed to be followed by the words “but not limited to”.

 

SECTION 14. Amendment of this Award Agreement. The Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate this Award Agreement prospectively or retroactively; provided, however, that any such waiver, amendment, alteration, suspension, discontinuance, cancelation or termination that would materially and adversely impair your rights under this Award Agreement shall not to that extent be effective without your consent (it being understood, notwithstanding the foregoing proviso, that this Award Agreement and the RSUs shall be subject to the provisions of Section 5(b) of the Plan).

 

SECTION 15. Severability. If any provision of this Award Agreement is held by a court of competent jurisdiction to be illegal, void or unenforceable, such provision shall have no effect; however, the remaining provisions shall be enforced to the maximum extent possible. Further, if a court should determine that any portion of this Award Agreement is overbroad or unreasonable, such provision shall be given effect to the maximum extent possible by narrowing or enforcing in part that aspect of the provision found overbroad or unreasonable.

 

SECTION 16. Electronic Delivery and Acceptance. The Company may deliver any documents related to current or future participation in the Plan (including any notice given pursuant to Section 12) by electronic means. You hereby consent to receive such documents by electronic delivery, and agree to participate in the Plan and be bound by the terms and conditions of this Award Agreement, through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. Your electronic acceptance is required and this Award will be cancelled if you fail to comply with the Company’s acceptance requirement within one year of the Grant Date.

 

 

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SECTION 17. Section 409A. (a) It is intended that the provisions of this Award Agreement comply with Section 409A, and all provisions of this Award Agreement shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A.

 

(b)    Neither you nor any of your creditors or beneficiaries shall have the right to subject any deferred compensation (within the meaning of Section 409A) payable under this Award Agreement to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as permitted under Section 409A, any deferred compensation (within the meaning of Section 409A) payable to you or for your benefit under this Award Agreement may not be reduced by, or offset against, any amount owing by you to the Company or any of its Affiliates.

 

(c)     If, at the time of your separation from service (within the meaning of Section 409A), (i) you shall be a specified employee (within the meaning of Section 409A and using the identification methodology selected by the Company from time to time) and (ii) the Company shall make a good faith determination that an amount payable hereunder constitutes deferred compensation (within the meaning of Section 409A) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A in order to avoid taxes or penalties under Section 409A, then the Company shall not pay such amount on the otherwise scheduled payment date but shall instead pay it, without interest, on the first business day after such six-month period.

 

(d)    Notwithstanding any provision of this Award Agreement to the contrary, in light of the uncertainty with respect to the proper application of Section 409A, the Company reserves the right to make amendments to this Award Agreement as the Company deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A. In any case, you shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on you or for your account in connection with this Award Agreement (including any taxes and penalties under Section 409A), and neither the Company nor any of its Affiliates shall have any obligation to indemnify or otherwise hold you harmless from any or all of such taxes or penalties.

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