Document:

Exhibit 10.1

 

PENNYMAC FINANCIAL SERVICES, INC.
 2013 EQUITY INCENTIVE PLAN

 

RESTRICTED STOCK UNIT

AWARD AGREEMENT

 

THIS AGREEMENT is dated as of [    ], 2013, between PennyMac Financial Services, Inc., a corporation organized under the laws of the State of Delaware (the “Company”), and the individual identified in the table below (the “Recipient”).

 

	
Recipient
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Number   of RSUs
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Grant   Date
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Vesting   Commencement Date
    	
 
    	
 
    

 

1.             Grant of Restricted Stock Units.  Subject to the terms and conditions of this Award Agreement and the Company’s 2013 Equity Incentive Plan, as the same may be amended, modified, supplemented or interpreted from time to time (the “Plan”), including without limitation the vesting provisions set forth in Section 2, the Company hereby grants to the Recipient the above indicated number of restricted stock units (the “RSUs”) to obtain, for each RSU, a fully paid and nonassessable share of Class A Common Stock, par value $0.0001 per share, in the Company (the “Stock”), with effect as of the Grant Date specified above.

 

2.             Vesting and Settlement.

 

2.1          Subject to Section 3, one-third (1/3) of the RSUs shall vest on each of the first, second, and third anniversaries of the Vesting Commencement Date specified above, with any fractions rounded down except on the final installment.

 

2.2          Until the RSUs vest and are issued pursuant to the terms of this Award Agreement, the Recipient shall have no rights as a stockholder, such as the right to vote or to receive dividends in respect of the Stock covered by this Award.  The shares of Stock earned as the RSUs vest will be transferred or issued to the Recipient (or his or her estate, in the event of his or her death) promptly after the date they vest but in any event not later than the 15th day of the third month following the end of the calendar year in which such RSUs become vested.

 

2.3          The Recipient’s name shall be entered as the stockholder of record on the books and records of the transfer agent for the Company with respect to the Stock issuable pursuant to Section 2.2 only upon compliance to the satisfaction of the Committee with all requirements under applicable laws or regulations in connection with such issuance and with the requirements of this Agreement and of the Plan.  The determination of the Committee as to such compliance shall be final and binding on the Recipient.  Notwithstanding anything to the contrary in this Agreement, no Stock shall be issued in settlement of vested RSUs if the issuance of such shares would constitute a violation of any applicable federal or state securities law or

 

 

other law or regulation.  As a condition to the issuance of Stock to the Recipient pursuant to Section 2.2, the Company may require the Recipient to make any representation or warranty to the Company at the time vested Stock becomes issuable to the Recipient as in the opinion of legal counsel for the Company may be required by any applicable law or regulation, including the execution and delivery of an appropriate representation statement.  Accordingly, the stock certificates for the Stock issued pursuant to this Award may bear appropriate legends restricting the transfer of the Stock.

 

3.             Effect of Termination.   Unless otherwise expressly provided herein, no RSUs shall vest following the date (the Recipient’s “Termination Date”), reasonably fixed and determined by the Committee, of the voluntary or involuntary termination of the Recipient’s service as a director of the Company, for any or no reason whatsoever, including death or disability and an entity ceasing to be an Affiliate of the Company; provided, however, that military or sick leave shall not be deemed a termination of employment or other association, if it does not exceed the longer of 90 days or the period during which the Recipient’s reemployment rights, if any, are guaranteed by statute or by contract.  As of the Recipient’s Termination Date, all of the then unvested RSUs shall be forfeited by the Recipient or any transferee.

 

4.             Restrictions on Transfer.  The RSUs may not be assigned or transferred (by operation of law or otherwise) except by will or the laws of descent and distribution.

 

5.             Miscellaneous.

 

5.1          No Special Service Rights.  Nothing contained in this Award Agreement shall confer upon the Recipient any right with respect to the continuation of his or her employment or other association with the Company (or any Affiliate), or interfere in any way with the right of the Company (or any Affiliate), subject to the terms of any separate employment or consulting agreement or provision of law or corporate articles or by-laws to the contrary, at any time to terminate such employment or consulting agreement or to increase or decrease, or otherwise adjust, the other terms and conditions of the Recipient’s employment or other association with the Company and its Affiliates.

 

5.2          Entire Agreement; Counterparts.  This Award Agreement, including the Plan, constitute the entire agreement of the parties with respect to the subject matter hereof.  This Award Agreement may be executed in any number of counterparts, each of which shall be an original and all of which, taken together, shall constitute one and the same instrument.  In making proof of this Award Agreement it shall not be necessary to produce or account for more than one such counterpart.

 

5.3          Tax Consequences.   The Company makes no representation or warranty as to the tax treatment to the Recipient of receipt of these RSUs, and does not warrant to the Recipient that all compensation paid or delivered to him or her for his or her services will be exempt from, or paid in compliance with, Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder.  The Recipient should rely on his or her own tax advisors for all such advice.

 

 

5.4          Community Property.  To the extent the Recipient resides in a jurisdiction in which community property rules apply, without prejudice to the actual rights of the spouses as between each other, for all purposes of this Award Agreement, the Recipient shall be treated as agent and attorney-in-fact for that interest held or claimed by the Recipient’s spouse with respect to these RSUs and the parties hereto shall act in all matters as if the Recipient was the sole owner of these RSUs.  This appointment is coupled with an interest and is irrevocable.

 

6.             Receipt of Plan.  The RSUs were awarded under the Plan, to which this Award Agreement is subject in all respects, including without limitation the adjustment and tax withholding provisions therein.  All capitalized terms used in this Award Agreement and not otherwise defined shall have the meanings ascribed thereto in the Plan. The Recipient has reviewed and understands the Plan and this Award Agreement in their entirety, and has had an opportunity to obtain the advice of counsel prior to executing this Award Agreement.  The Recipient hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Award Agreement.

 

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IN WITNESS WHEREOF, the Recipient and the Company have entered into this Award Agreement as of the date first set forth above.

 

 

PENNYMAC FINANCIAL SERVICES, INC.

 

	
By:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Signature of Recipient
    
	
 
    	
 
    	
 
    	
 
    
	
Title:Exhibit 10.1

 

TERMINATION AGREEMENT

 

This TERMINATION AGREEMENT (this “Agreement”) is entered into as of May 14, 2013 by and between Hanlong (USA) Mining Investment, Inc., a Delaware corporation (“Lender”), and General Moly, Inc., a Delaware corporation (“Borrower”).  Each of Lender and Borrower shall be referred to as a “Party” and collectively as the “Parties.”

 

RECITALS

 

Whereas, Lender and Borrower are parties to that certain Subordinated Loan Agreement dated as of October 26, 2012 (the “Loan Agreement”);

 

Whereas, as of the date hereof, no money has been lent pursuant to the Loan Agreement;

 

Whereas, in connection with the execution of the Loan Agreement, Borrower issued to Lender that certain Common Stock Purchase Warrant, dated as of October 26, 2012 (the “Warrant”);

 

Whereas, as of the date hereof, the Warrant has not been exercised;

 

Whereas, pursuant to the terms of the Loan Agreement, including without limitation Section 9.3(c) of the Loan Agreement, Borrower and Lender have mutually agreed and consented to terminate the Loan Agreement as of the date hereof (the “Termination Date”); and

 

Whereas, in connection with the termination of the Loan Agreement, Borrower and Lender have additionally agreed to terminate the Warrant as of the Termination Date.

 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the Parties covenant and agree as follows:

 

AGREEMENT

 

1.              Affirmation.  Lender hereby acknowledges and affirms that, since the Signing Date (as defined in the Loan Agreement), no monies have been borrowed by Borrower under the Loan Agreement.

 

2.              Termination.

 

a.              Loan Agreement.  Lender and Borrower hereby terminate the Loan Agreement and acknowledge and agree that the Loan Agreement is deemed to have no further force or effect.

 

b.              Warrant.  Lender and Borrower hereby terminate the Warrant and acknowledge and agree that the Warrant is deemed to have no further force or effect.

 

c.               Security Interests.  Lender and Borrower hereby terminate (i) any security interest in any asset of Borrower granted under the Loan Agreement, and (ii) any related documents contemplated in connection with the creation of any such security interest granted under the Loan Agreement, including, but not limited to, any security agreement, mortgage, and/or Uniform Commercial Code security filing that may currently exists.  In addition, Lender and Borrower and acknowledge and agree that any such security interest and/or related document is deemed to have no further force or effect, with all parties thereto being hereby released from any and all liability and obligation thereunder.

 

d.              Arrangement Fee.  Borrower shall have no obligation to pay to Lender the arrangement fee contemplated by Section 2.5 of the Loan Agreement (the “Arrangement Fee”).

 

 

3.              Releases.  Borrower does hereby forever release and discharge Lender from all duties, obligations and Claims arising from or relating to the Loan Agreement and any other documents or agreements entered into expressly in connection with the Loan Agreement or the loan transactions contemplated with respect thereto . Lender does hereby forever release and discharge Borrower from all duties, obligations and Claims arising from or relating to the Loan Agreement and the Warrant and any other documents, instruments or agreements entered into expressly in connection with the Loan Agreement or the loan transactions contemplated with respect thereto, including without limitation, the Arrangement Fee.  For purposes of this Agreement, the term “Claims” means any and all possible claims, demands, causes of action, fees, costs, expenses and liabilities whatsoever, contingent or fixed, known or unknown, at law or in equity, originating in whole or in part, on or before the date of this Agreement, which such Party, or any of its officers, directors, partners, limited partners, members, shareholders, agents or employees, may now or hereafter have against the other Party and irrespective of whether such Claims arise out of contract, tort, violation of laws or regulation, or otherwise

 

4.                                      Further Assurances.  Lender further agrees to furnish to Borrower, at Lender’s expense, any additional releases and/or termination statements and such other and further documents, instruments and agreements as may be reasonably requested by Borrower, in order to effect the transactions contemplated by this Agreement and to effect the release of any collateral of Borrower subject to a security interest of Lender and/or effect and evidence more fully the matters covered hereby.  Lender hereby irrevocably and unconditionally authorizes Borrower (or its designee) to file at any time and from time to time all Uniform Commercial Code in lieu financing statements, releases and/or terminations as Borrower deems necessary or desirable in order to release the any collateral of Borrower subject to a security interest of Lender and/or effectuate the purposes and intents of Section 1 hereof, including, without limitation, UCC Financing Statement Amendments that terminate all existing financing statements filed by or on behalf of Lender (or its predecessors) as secured party and Borrower as debtor.

 

5.                                      Delivery of Warrant.  Lender agrees to deliver to Borrower for cancellation, upon the effectiveness hereof, (a) the original Warrant; or (b) in the event that Lender cannot locate the original Warrant, an executed affidavit certifying the loss of the Warrant and agreeing to indemnify and hold harmless Borrower and all assignees of the Warrant against any losses or liability which Borrower may incur as a result of Lender’s inability to deliver the original Warrant to Borrower.

 

6.                                      Authority.  Each Party hereby represents and warrants to the other Party as follows:  Such Party has the requisite power and authority to deliver this Agreement, perform it’s respective obligations herein, and consummate the transactions contemplated hereby.  Such Party has duly executed and delivered this Agreement and has obtained the necessary authorization to execute and deliver this Agreement and to perform such Party’s respective obligations herein and to consummate the transactions contemplated hereby.  This Agreement is a valid, legal, and binding obligation of such Party, enforceable against such Party in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors rights generally and subject to general principles of equity (regardless of whether such enforcement is considered in a proceeding at law or in equity).

 

7.                                      Entire Agreement.  This Agreement, including exhibits or other documents referred to herein or that specifically indicate that they were delivered in connection with this Agreement, embodies the entire agreement and understanding between the Parties with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof.  No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

 

8.                                      Governing Law; Language.  This Agreement and the rights and obligations of the Parties hereunder shall be construed in accordance with and governed by the laws of the State of New York, including Section 5-1401 of the New York General Obligation Law, applicable to agreements made and to be performed

 

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entirely within the State of New York, without giving effect to the conflict of law principles thereof that would cause the application of the laws of any jurisdiction other than the State of New York.  This Agreement has been negotiated and executed by the Parties in English.  In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall govern.

 

9.                                      Severability.  In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect.  In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless remain in full force and effect.

 

10.                               Fees and Expenses.  Each of the Parties shall pay its own fees and expenses (including the fees of any attorneys, accountants, or others engaged by such Party) in connection with this Agreement and the transactions contemplated hereby.

 

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IN WITNESS WHEREOF, Borrower and Lender have caused this Agreement to be executed by their duly authorized officers effective as of the day and year first above written.

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
GENERAL MOLY, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Bruce D. Hansen
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Bruce   D. Hansen
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Chief   Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
LENDER:
    
	
 
    	
 
    
	
 
    	
HANLONG (USA) MINING INVESTMENT, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Nelson Feng Chen
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Nelson   Feng Chen
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Managing   Director

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