Document:

ex_110436.htm

Exhibit 10.3

 

FORM OF DIRECTOR

RESTRICTED STOCK UNIT AWARD AGREEMENT

GULFMARK OFFSHORE, INC.

Management Incentive Plan

 

This Restricted Stock Unit Award Agreement (this “Agreement”) is made as of the [●] day of [●], 2018 (the “Grant Date”) between GulfMark Offshore, Inc. (the “Company”), and [●] (“Participant”), and is made pursuant to the terms of the GulfMark Offshore, Inc. Management Incentive Plan (the “Plan”). Any capitalized term used herein but not defined shall have the meaning set forth in the Plan.

 

Section 1.     Grant of Restricted Stock Units. The Company hereby grants to Participant a Restricted Stock Unit Award consisting of [●] restricted stock units (“Restricted Stock Units”), subject to the terms and conditions set forth in this Agreement and the Plan. Subject to the terms and conditions set forth in this Agreement and the Plan, each Restricted Stock Unit represents the right to receive one share of Common Stock.

 

Section 2.     Vesting of the Restricted Stock Units.

 

(a)     Generally.     Except as otherwise provided herein, the Restricted Stock Units shall vest as follows: [___]([each, a][the] “Vesting Date”), [in each case] subject to Participant’s continuous Service from the Grant Date through the [applicable] Vesting Date.

 

(b)     Qualified Liquidity Event.     Upon the occurrence of a Qualified Liquidity Event, the Restricted Stock Units that remain outstanding and unvested as of immediately prior to such Qualified Liquidity Event shall immediately vest, and the effective date of such Qualified Liquidity Event will be treated as the Vesting Date with respect to such Restricted Stock Units for purposes of Section 4. Any Restricted Stock Units that vest or become payable as a result of or in connection with a Qualified Liquidity Event may be subject to the same terms and conditions applicable to the proceeds realized by the Company or its shareholders, in connection therewith (including, without limitation, payment timing and any escrows, indemnities, payment contingencies or holdbacks), as determined by the Committee in its discretion, subject to compliance with Section 409A of the Code (“Section 409A”).

 

(c)     Replacement Award. A “Replacement Award” is an Award that (i) is of the same type as the Award that is replaced or adjusted by a Replacement Award (the “Replaced Award”) (i.e., restricted stock units); (ii) has a value at least equal to the value of the Replaced Award; (iii) relates to equity securities of the Company or its successor upon the Qualified Liquidity Event, or another entity that is affiliated with the Company or its successor upon the Qualified Liquidity Event; (iv) if Participant is subject to U.S. federal income tax under the Code, the tax consequences to Participant under the Code of the Replacement Award are not less favorable to Participant than the tax consequences of the Replaced Award; and (v) its other terms and conditions are not less favorable to Participant than the terms and conditions of the Replaced Award (including, but not limited to, the provisions that would apply in the event of a subsequent Qualified Liquidity Event). Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the Replaced Award if the requirements of the preceding sentence are satisfied. The determination of whether the requirements for a Replacement Award are satisfied will be made by the Committee, as constituted immediately before the Qualified Liquidity Event, in its sole discretion (taking into account the requirements of Treasury Regulation 1.409A-3(i)(5)(iv)(B) and compliance of the Replaced Award or Replacement Award with Section 409A).

 

 

 

 

Section 3.     Termination of Service.     Upon the occurrence of a termination of Participant’s Service, the Restricted Stock Units shall be treated as set forth below:

 

(a)     Death or Disability. Upon the occurrence of a termination of Participant’s Service by reason of Participant’s death or Disability, Participant will vest in all unvested Restricted Stock Units, and the date of such termination of Participant’s Service will be treated as the Vesting Date with respect to those Restricted Stock Units for purposes of Section 4.

 

(b)     Other Terminations of Service. Upon the occurrence of a termination of Participant’s Service for any reason other than as provided in Section 3(a) all unvested Restricted Stock Units shall be forfeited and cancelled, and Participant shall not be entitled to any compensation or other amount with respect thereto.

 

Section 4.     Settlement.  Any Restricted Stock Units that become vested and non-forfeitable pursuant to Section 2 or Section 3 (“Vested RSUs”) shall be settled within 30 days following the applicable Vesting Date; provided, however, that any Restricted Stock Units that vest immediately prior to a Qualified Liquidity Event pursuant to Section 2 hereof shall be settled immediately prior to the consummation of such Qualified Liquidity Event. Vested RSUs will be settled by the Company through the delivery to Participant of a number of shares of Common Stock equal to the number of Vested RSUs (rounded down to the nearest whole number). No fractional shares of Common Stock shall be issued with respect to any Vested RSUs.

 

Section 5.     Restrictions on Transfer. No Restricted Stock Units (nor any interest therein) may be transferred, pledged, assigned, hypothecated or otherwise disposed of in any way by Participant, except by will or by the laws of descent and distribution. In the event that Participant becomes legally incapacitated, Participant’s rights with respect to the Restricted Stock Units shall be exercisable by Participant’s legal guardian or legal representative. The Restricted Stock Units shall not be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Restricted Stock Units contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon any Restricted Stock Units, shall be null and void and without effect. Notwithstanding the foregoing, Participant may, with the prior written consent of the Committee, make transfers of Restricted Stock Units to immediate family members or to a trust, the sole beneficiaries of which are Participant or immediate family members, in each case solely for estate planning purposes, in all instances subject to compliance with any applicable spousal consent requirements and all other applicable laws.

 

Section 6.     Investment Representation. Upon any acquisition of the shares of Common Stock underlying the Restricted Stock Units at a time when there is not in effect a registration statement under the Securities Act relating to the shares of Common Stock, Participant hereby represents and warrants, and by virtue of such acquisition shall be deemed to represent and warrant, to the Company that such shares of Common Stock shall be acquired for investment and not with a view to the distribution thereof, and not with any present intention of distributing the same, and Participant shall provide the Company with such further representations and warranties as the Company may reasonably request in order to ensure compliance with applicable federal and state securities, blue sky and other laws. No shares of Common Stock shall be acquired in respect of the Restricted Stock Units unless and until the Company and/or Participant have complied with all applicable federal or state registration, listing and/or qualification requirements and all other requirements of law or of any regulatory agencies having jurisdiction, unless the Committee reasonably determines that Participant may acquire such shares pursuant to an exemption from registration under the applicable securities laws.

 

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Section 7.      Adjustments. The Restricted Stock Units granted hereunder shall be subject to the provisions of Section 4.2 of the Plan.

 

Section 8.     No Right of Continued Service. Nothing in the Plan or this Agreement shall confer upon Participant any right to continued Service.

 

Section 9.     Limitation of Rights; Dividend Equivalents. Participant shall not have any privileges of a stockholder of the Company with respect to any Restricted Stock Units, including, without limitation, any right to vote any shares of Common Stock underlying such Restricted Stock Units or to receive dividends or other distributions or payments of any kind in respect thereof or exercise any other right of a holder of any such securities, unless and until there is a date of settlement and issuance to Participant of the underlying shares of Common Stock. Notwithstanding the foregoing, the Restricted Stock Unit Award granted hereunder is hereby granted in tandem with corresponding dividend equivalents with respect to each share of Common Stock underlying the Restricted Stock Unit Award granted hereunder (each, a “Dividend Equivalent”), which Dividend Equivalent shall remain outstanding from the Grant Date until the earlier of the settlement or forfeiture of the Restricted Stock Unit to which it corresponds. Participant shall be entitled to accrue payments equal to dividends declared, if any, on the Common Stock underlying the Restricted Stock Unit to which such Dividend Equivalent relates, payable in cash and subject to the vesting of the Restricted Stock Unit to which it relates, at the time the Common Stock underlying the Restricted Stock Unit is settled and delivered to Participant pursuant to Section 4; provided, however, if any dividends or distributions are paid in shares of Common Stock, the shares of Common Stock shall be deposited with the Company, shall be deemed to be part of the Dividend Equivalent, and shall be subject to the same vesting requirements, restrictions on transferability and forfeitability as the Restricted Stock Units to which they correspond. Dividend Equivalents shall not entitle Participant to any payments relating to dividends declared after the earlier to occur of the settlement or forfeiture of the Restricted Stock Units underlying such Dividend Equivalents.

 

Section 10.     Construction. The Restricted Stock Unit Award granted hereunder is granted pursuant to the Plan and is in all respects subject to the terms and conditions of the Plan. Participant hereby acknowledges that a copy of the Plan has been delivered to Participant, the terms and provisions of which are incorporated herein by reference. In the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of the Plan, the Plan will govern and prevail. The construction of and decisions under the Plan and this Agreement are vested in the Committee, whose determinations shall be final, conclusive and binding upon Participant.

 

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Section 11.     Notices. Any notice hereunder by Participant shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the chief executive officer of the Company at the Company’s principal executive offices. Any notice hereunder by the Company shall be given to Participant in writing at the most recent address as Participant may have on file with the Company.

 

Section 12.     Governing Law. This Agreement shall be construed and enforced in accordance with, the laws of the State of Delaware, without giving effect to the choice of law principles thereof.

 

Section 13.     Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.

 

Section 14.     Binding Effect. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns.

 

Section 15.     Section 409A. This Agreement is intended to comply with Section 409A or an exemption thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision of the Plan or this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A shall be excluded from Section 409A to the maximum extent possible. The Restricted Stock Units granted hereunder shall be subject to the provisions of Section 13.3 of the Plan. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A, and in no event shall the Company or any of its Subsidiaries or Affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Participant on account of non-compliance with Section 409A or otherwise.

 

Section 16.     Entire Agreement. Participant acknowledges and agrees that this Agreement and the Plan constitute the entire agreement between the parties with respect to the subject matter hereof and thereof, superseding any and all prior agreements whether verbal or otherwise, between the parties with respect to such subject matter.

 

Section 17.     Clawback. The Restricted Stock Unit Award will be subject to recoupment in accordance with any clawback or recoupment policy of the Company, including, without limitation, any clawback or recoupment policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law.

 

Section 18.      Taxes. If required by law, the Company will withhold or cause to be withheld in accordance with Section 13.4 of the Plan federal, state and/or local income or any other applicable taxes in connection with the settlement or vesting of the Restricted Shares. Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains Participant’s responsibility and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant or vesting of the Restricted Shares or the subsequent sale of any shares and (b) does not commit to structure the Restricted Shares to reduce or eliminate Participant’s liability for Tax-Related Items.

 

 

 

 

(SIGNATURES ON FOLLOWING PAGE)

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the date first above written.

 

	 	GULFMARK OFFSHORE, INC.
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

	 	PARTICIPANT
	 	 	 
	 	 	 
	 	 	 
	 	Name:	 
	 	Date:	 

 

- 5 -Exhibit 10.18

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT
AGREEMENT (the “Agreement”) effective as of February 1, 2017 (the “Effective Date”) is entered
into by and between ALLIANCE MMA, INC., a Delaware corporation (the “Company”) and James Byrne, an individual
and resident of the State of New York (the “Executive”).

 

In consideration of the mutual covenants
and undertakings herein contained, the parties, each intending to be legally bound, agree as follows:

 

1.          Employment.
Upon the terms and subject to the conditions set forth in this Agreement, the Company employs Executive as the Company’s
Chief Marketing Officer, and Executive accepts such employment.

 

2.          Position.
As Chief Marketing Officer the Executive shall accountable for planning, developing and executing the Company’s branding
strategy. Reporting directly to the Chief Executive Officer, and working in close collaboration with the Company’s President
and Chief Financial Officer, the Executive’s primary responsibility is to maximize shareholder value by creating global
brand awareness that directly results in achieving the Company’s stated revenue and profitability goals. The Executive shall
perform such duties as are commensurate with such office, including but not limited to those set forth on Schedule A. The
Executive will devote substantially all his business time and efforts to the Company and the Company’s business and will
not engage in other business activities without the Company’s prior consent, whether or not such business activity is pursued
for profit, gain or other pecuniary advantage.

 

3.          Term.
The term of this Agreement will begin on the Effective Date and will end on the three-year anniversary of such date (the “Term”).
After such initial three-year period, the Term will renew for renewal periods of one year each unless either party gives the other
written notice of intent not to renew at least sixty (60) days prior to such date. The parties hereto agree that, upon the expiration
of the Term, the Executive’s employment with the Company will terminate and the Executive will not be entitled to any further
compensation, except as otherwise expressly provided in this Agreement. The Company will be under no obligation whatsoever to
renew or continue the employment of the Executive beyond the Term.

 

4.          Salary;
Bonus. (a) Executive will receive a salary during the Term of One Hundred and Fifty Thousand and no/100 dollars ($150,000.00)
per year (“Base Compensation”), pro-rated for partial years, payable at regular intervals in accordance with
the Company’s normal payroll practices in effect from time to time. Executive’s Base Compensation will be reviewed
annually by the Company’s Board of Directors and Executive will be eligible for consideration for merit-based increases
to Base Compensation and bonuses as determined by the Board of Directors in its sole discretion. The Executive will be entitled
to performance based cash and equity based bonuses as determined by the Board of Directors of Buyer from time to time. The Executive
will also receive a one time Ten Thousand and no/100 dollar ($10,000.00) signing bonus on the Effective Date.

 

(b)        In addition to the compensation provided
in Section 4(a) above, the Executive will be awarded Incentive Stock Options (“ISOs) to purchase 100,000 shares of Common
Stock under the Company’s 2016 Equity Incentive Plan (the “Plan”). The exercise price of the ISOs will be at
100% of Fair Market Value in accordance with the Plan and will be deemed fully vested on the date of grant. As used in this Section
4(b) terms appearing in initial capital form and not otherwise defined shall have the meaning ascribed to them in the Plan.

 

     

     

    

 

5.          Benefit
Programs. During the Term, Executive will be entitled to participate in or receive group medical and other benefits commensurate
with the benefits offered by the Company to other employees based on tenure and position. All benefits will be pursuant to programs
or arrangements made available by the Company on the date of this Agreement and from time to time in the future to the Company’s
other employees on a basis consistent with the terms, conditions and overall administration of its plans, programs or arrangements
and with respect to which Executive is otherwise eligible to participate or receive benefits. Executive acknowledges such benefits
are subject to change as and when changed by the Company generally.

 

6.          General
Policies. (a) So long as the Executive is employed by the Company pursuant to this Agreement, Executive will receive reimbursement
from the Company, as appropriate, for all reasonable business expenses incurred by Executive in accordance with Company policies
and in the course of his employment by the Company, upon submission to the Company of written vouchers and statements for reimbursement.

 

(b)        During the Term, the Executive will
be entitled to 24 paid-time-off or “PTO” days per year.

 

(c)        All other matters relating to the employment
of Executive by the Company not specifically addressed in this Agreement will be subject to the general policies regarding employees
of the Company in effect from time to time.

 

7.          Termination
of Employment. Subject to the respective continuing obligations of the parties, including but not limited to those set forth
in Sections 8 and 9 hereof, Executive’s employment by the Company may be terminated prior to the expiration of the
Term of this Agreement by either the Executive or the Company by delivering a written notice of termination two weeks in advance
of such termination (the end of such two week period being the “Date of Termination”).

 

8.          Termination
of Employment. (a) In the event of termination of the Executive’s employment pursuant to (i) expiration of the Term,
(ii) the death or Disability (as defined below) of Executive, (iii) termination by Executive or (iv) termination by the Company
with Cause (as defined below), compensation (including Base Compensation) will continue to be paid, and the Executive will continue
to participate in the employee benefit and compensation plans and other perquisites as provided in Sections 4 and 5 hereof, until
the Date of Termination in a manner consistent with the applicable terms of the governing plan documents.

 

(b)        In
the event of termination of Executive’s employment by the Company without Cause, (i) compensation (including Base Compensation)
will continue to be paid until the Date of Termination, (ii) the Executive will continue to participate in the employee benefit
and compensation plans and other perquisites as provided in Sections 4 and 5 hereof, until the Date of Termination, and
(iii) after the Date of Termination, Company will pay Executive an amount per month equal to the Base Compensation divided by
twelve (12) (pro-rated for partial months) until the end of the Term.

 

(c)        The following Terms will have the following
meanings for purposes of this Agreement:

 

(i)        “Cause” means termination
of the Executive by the Company for:

 

    	 	2	 

     

    

 

(A) the commission of a felony
or a crime involving moral turpitude or the commission of any other act or omission involving dishonesty or fraud with respect
to the Company;

 

(B) conduct which brings the Company
into public disgrace or disrepute;

 

(C) willful misconduct with respect
to the Company;

 

(D) breach of a fiduciary duty
to the Company;

 

(E) a breach
of Section 9 of this Agreement.

 

(ii)        “Disability” means the
physical or mental incapacity of Executive for a period of more than ninety (90) consecutive days, the determination of which by
the Company will be conclusive on the parties hereto.

 

9.          Non-Competition
and Confidentiality Covenants. Executive and Company are party to that certain Non-Competition and Non-Solicitation Agreement,
dated as of even date herewith and attached hereto as Exhibit A (the “Non-Competition Agreement”), which
is incorporated herein by reference. The Non-Competition Agreement contains, among other things, covenants of Executive respecting
non-competition, non-solicitation and non-disclosure. Any breach of the Non-competition Agreement that is not cured as permitted
therein shall be deemed a breach of this Section 9. The Non-Competition Agreement shall survive the termination of this Agreement
pursuant to its terms.

 

10.        Notices.
For purposes of this Agreement, notices and all other communications provided for herein will be in writing and will be deemed
to have been given when delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

 

	If to the Executive:	James Byrne 
	 	105 West 55th Street, Apt 7A 
	 	New York, New York 10019 
	 	Phone: (917) 587-5423 
	 	Email: james@gloryofcommerce.com 
	 	 
	If to the Company:	Alliance MMA, Inc. 
	 	590 Madison Avenue, 21st Floor 
	 	New York, New York 10022 
	 	Attention: Paul K. Danner, III 
	 	Phone: (212) 739-7825 

 

or to such other address as either party hereto may have furnished
to the other party in writing in accordance herewith, except that notices of change of address will be effective only upon receipt.

 

11.        Governing
Law. The validity, interpretation, and performance of this Agreement will be governed by the laws of the State of Delaware,
without reference to the choice of law principles or rules thereof, except to the extent that federal law will be deemed to apply.

 

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12.        Modification.
No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to
in a writing signed by the Company and the Executive. No waiver by any party hereto at any time of any breach by another party
hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party will be deemed
a wavier of dissimilar provisions or conditions at the same or any prior subsequent time. No agreements or representation, oral
or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth
expressly in this Agreement.

 

13.        Validity.
The invalidity or unenforceability of any provisions of this Agreement will not affect the validity or enforceability of any other
provisions of this Agreement which will remain in full force and effect.

 

14.        Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed an original but all of which together
will constitute one and the same agreement.

 

15.        Assignment.
This Agreement is personal in nature and Executive may not, without consent of the Company, assign or transfer this Agreement
or any rights or obligations hereunder.

 

16.        Document
Review. The Company and the Executive hereby acknowledge and agree that each (i) has read this Agreement in its entirety prior
to executing it, (ii) understands the provisions and effects of this Agreement, (iii) has consulted with such attorneys, accountants
and financial and other advisors as it or he has deemed appropriate in connection with their respective execution of this Agreement,
and (iv) has executed this Agreement voluntarily and knowingly.

 

17.        Entire
Agreement This Agreement together with any understanding or modifications thereof as agreed to in writing by the parties,
will constitute the entire agreement between the parties hereto.

 

[Signature Page to Executive Employment
Agreement Follows]

 

    	 	4	 

     

    

 

[Signature Page to Executive Employment
Agreement]

 

IN WITNESS WHEREOF, the parties have caused
the Agreement to be executed and delivered as of the date first set forth above.

 

	COMPANY: 	 
	 	 
	ALLIANCE MMA, INC. 	 
	 	 
	By: 	/s/ Paul K. Danner, III 	 
	Name: Paul K. Danner, III 	 
	Title: CEO 	 
	 	 
	EXECUTIVE: 	 
	 	 
	By: 	/s/ James Byrne	 
	    James Byrne	 

 

    	 	5	 

     

    

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

Schedule A

 

Design and execute effective tactics to maximize brand exposure,
with consistent messaging, across the full spectrum of multichannel outlets including print, digital, online, streaming, social
media, television, crowd sourcing and others.

 

Coordinate marketing-related oversight of the Company’s
ticketing platform, video library, event production, product management, marketing, and sales/business development functions.

 

Leverage brand-side media contacts in the sports and entertainment
industry.

 

Direct the Company’s initiatives in the sports promotion,
entertainment, and experiential space.

 

Manage and coordinate the activities and performance of independent
marketing services providers, as well as third-party agency relationships including advertising, promotions, public relations and
SEC-compliant investor relations.

 

Utilize data analytics to develop market intelligence, segmentation,
lead generation, strategic communication and market development aimed at revenue growth, each of which includes quantifiable objectives
to measure results.

 

Drive growth in revenue and profit, by developing and measuring
key metrics around the Company’s business including fan acquisition, product penetration, engagement rates and overall customer
satisfaction.

 

Take the lead in developing effective corporate ID, including
design of a recognizable logo that clearly communicates the Company’s image, and can be readily applied across the broad
spectrum of marketing and promotion requirements.

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