Document:

Exhibit 10.3

 

KIRBY CORPORATION

 

Nonemployee Director Compensation Program

 

Annual Director Fee

 

1.              Each director will receive an annual fee of $75,000, payable in four equal quarterly payments to be made at the end of each calendar quarter, unless the director elects to receive (a) a stock option for shares of Kirby common stock or (b) restricted shares of Kirby common stock, in lieu of all or part of the cash fee.  The fee will be prorated for any director elected between annual stockholder meetings.

 

2.             The election to receive a stock option or restricted stock in lieu of director fees will be made annually.  Except as provided in the next sentence, any director who elects to receive a stock option or restricted stock in lieu of all or part of the annual fee for the year following any annual meeting of stockholders must give written notice of that election to Kirby no later than the December 31 preceding such annual meeting.  A newly elected director must give written notice of his or her election to receive a stock option or restricted stock in lieu of all or part of the annual fee no later than 30 days after the date of his or her first election as a director.

 

3.              The stock option shall be issued on the following terms:

 

(a)            The number of shares of stock subject to the option will be equal to (i) the portion of the annual fee that a director elects to receive in the form of a stock option divided by (ii) the fair market value of a share of stock on the date of grant multiplied by (iii) 3, with the result then rounded to the nearest whole share.

 

(b)            The exercise price per share will be the fair market value on the date of grant.  The fair market value of a share of stock means the closing price on the New York Stock Exchange on the date of reference.

 

(c)            The option will vest one-fourth on the first quarterly payment date, one-fourth on the second quarterly payment date, one-fourth on the third quarterly payment date and one-fourth on the fourth quarterly payment date or, in the case of a director elected between annual stockholder meetings, in equal parts on the remaining quarterly payment dates prior to the first anniversary of the most recent annual meeting of stockholders.

 

(d)            The option will be subject to the terms of the plan under which it is issued, including without limitation provisions relating to vesting, exercise, termination and transferability.

 

4.              The restricted stock shall be issued on the following terms:

 

(a)            The number of shares of restricted stock will be equal to (i) the portion of the annual fee that a director elects to receive in the form of restricted stock divided by (ii) the fair market value of a share of stock on the date of grant multiplied by (iii) 1.2, with the result then rounded to the nearest whole share.

 

(b)            The fair market value of a share of stock means the closing price on the New York Stock Exchange on the date of reference.

 

(c)            The restricted stock will vest one-fourth on the first quarterly payment date, one-fourth on the second quarterly payment date, one-fourth on the third quarterly payment date and one-fourth on the fourth quarterly payment date or, in the case of a director elected between annual stockholder meetings, in equal parts on the remaining quarterly payment dates prior to the first anniversary of the most recent annual meeting of stockholders.

 

(d)            The restricted stock will be subject to the terms of the plan under which it is issued, including without limitation provisions relating to vesting and transferability.

 

5.              Except as provided in the next sentence, the date of grant of an option or restricted stock granted in lieu of the annual fee means the second business day after Kirby’s first quarter earnings conference call following the election by the director to receive the fee in the form of a stock option or restricted stock instead of cash.  For a newly elected director, the date of grant means the date of his or her election to receive a stock option or restricted stock in lieu of cash fees.

 

6.              The quarterly payment of cash fees and vesting of stock options and restricted stock are contingent on a director's continuing to serve in that capacity on each such quarterly payment or vesting date.

 

Annual Committee Chairman and Presiding Director Fees

 

1.              The Chairman of the Audit Committee will receive an annual fee of $20,000.  The Chairman of the Compensation Committee will receive an annual fee of $15,000.  The Chairman of the Governance Committee will receive an annual fee of $10,000.  The director selected to be the presiding director at executive sessions of non-management directors will receive an annual fee of $20,000.  In addition, each director will receive an annual fee of $7,500 for each committee of the board on which he or she serves.  All of such fees will be payable in four equal quarterly payments to be made at the end of each calendar quarter.  The committee chairman, presiding director and committee member fees will be prorated for any director who is elected to such position between annual meetings of the board of directors.

 

2.              The quarterly payment of the committee chairman, presiding director and committee member fees is contingent on a director’s continuing to serve in such position on each such quarterly payment date.

 

Meeting Fees

 

1.             Each director will receive a fee of $3,000 for each board meeting attended, in person or by telephone, in excess of 6 meetings in any one calendar year.

 

2.             Each member of a committee of the board will receive a fee of $3,000 for each committee meeting attended, in person or by telephone, in excess of 10 meetings in any one calendar year in the case of the Audit Committee, in excess of 8 meetings in any one calendar year in the case of the Compensation Committee and in excess of 8 meetings in any one calendar year in the case of the Governance Committee.

 

Automatic Restricted Stock Grants

 

1.              Each director will receive $167,500 in value of restricted shares of Kirby common stock following each annual meeting of stockholders, except that a director elected between annual stockholder meetings will receive a prorated dollar value of restricted stock for the year in which he or she is first elected.

 

2.              The restricted stock shall be issued on the following terms:

 

(a)            The number of shares of restricted stock will be equal to (i) the dollar value divided by (ii) the fair market value of a share of stock on the date of grant multiplied by (iii) 1.2, with the result then rounded to the nearest whole share.

 

(b)            The fair market value of a share of stock means the closing price on the New York Stock Exchange on the date of grant, which shall be the second business day after Kirby’s first quarter earnings conference call, except that for a director elected between annual stockholder meetings, the date of grant for the initial prorated grant shall be determined as follows:

 

(i)            If the director is elected at a regular quarterly meeting of the Board of Directors, the date of grant shall be the second business day after Kirby’s earnings conference call for the immediately preceding quarter.

 

(ii)            If the director is elected at any other time, the date of grant shall be the date of his or her election.

 

(c)            The restricted stock will vest six months after the date of grant.

 

(d)            The restricted stock will be subject to the terms of the plan under which it is issued, including without limitation provisions relating to vesting and transferability.

 

Discretionary Stock Option and Restricted Stock Grants

 

1.         The Compensation Committee or the Board of Directors, as applicable, may, in its discretion, grant options and restricted stock to directors as permitted by and subject to the terms of the plan under which such grants are issued, including without limitation provisions relating to vesting, exercise, termination and transferability.

 

General

 

1.              This compensation program may be amended, modified or terminated by the board at any time.

 

2.              This compensation program applies only to directors of Kirby who are not employees of Kirby or any of its subsidiaries.

 

3.             This compensation program is effective April 28, 2015 and amends and restates in its entirety the Nonemployee Director Compensation Program previously in effect.Converted by EDGARwiz

ACQUISITION AGREEMENT

This Agreement is effective as of May 11, 2015 by and among Global Boatworks, LLC, a Florida Limited Liability Company ("Global LLC"), Global Boatworks Holdings, Inc. (“Global Boatworks”), and the persons listed on the signature page hereto who own 100% of the outstanding securities of Global Boatworks, LLC., (the “Holders”).

WHEREAS, Global Boatworks, desires to acquire 100% of the securities of Global LLC from the Holders solely in exchange for shares of Global Boatworks’ common stock at $.0001 par value (the “Common Shares”), as set forth on Exhibit A hereto, (the “Acquisition”);

WHEREAS, upon execution hereof, the Holders will sell the Global LLC securities to Global Boatworks solely in exchange for the Global Boatworks Common Shares;

WHEREAS, upon completion of the transactions contemplated by the Acquisition, Global LLC shall become a wholly-owned subsidiary of Global Boatworks

NOW THEREFORE, in consideration of the mutual promises, covenants, representations and warranties contained herein, and other good and valuable consideration, each of the parties hereto agrees as follows:

1.  Upon execution hereof, Global Boatworks shall acquire 100% of Global LLC’s issued and outstanding securities from the Holders solely in exchange for the Global Boatworks’ Common Shares and Global LLC shall become a wholly owned subsidiary of Global Boatworks

2. The transactions contemplated by this Agreement shall be effective as of May 11, 2015 (the “Closing”).

3. At the Closing, the following shall occur: (i) Each Holder shall sell to Global Boatworks 100% of his or her Global LLC securities to make Global Boatworks the sole holder thereof; and (ii) Global Boatworks shall deliver to the Holders, certificates representing the Common Shares issued as set forth on Exhibit A hereto.

4. Upon execution thereof, Global LLC will deliver all of its business and corporate records to Global Boatworks, including but not limited to correspondence, files, bank statements, income tax returns, checkbooks, savings account books, minutes of managers’ meetings, financial statements, Global LLC securities ownership records, agreements and contracts.

5. Each Holder understands that Global Boatworks Common Shares have not been registered under the Securities Act of 1933 (the "1933 Act"). Each Holder represents he or she is acquiring Global Boatworks Common Shares for investment without a view towards distribution.  

6. Each Holder represents that he or she is, and at Closing will be, the holder of Global LLC securities as set forth ion Exhibit A hereto.

7. Each Holder represents that he or she has, and at Closing will have, valid title to his or her Global LLC securities and acquired such Global LLC securities in a lawful transaction in accordance with the laws of the state of Florida. Global LLC securities will be, at closing, free and clear of all liens, security interests, pledges, charges, claims, encumbrances and restrictions of any kind. None of Global LLC securities are or will be subject to any voting trust or agreement. No person holds or has the right to receive any proxy or similar instrument with respect to such shares and, except as provided in this Agreement, no Holder isa 

party to any agreement which offers or grants to any person the right to purchase or acquire any of Global LLC securities.

8. This Agreement is subject to the terms of all applicable federal, state, and municipal laws, regulations, and decisions, whether existing or enacted hereafter, including the regulations and actions of all governmental administrative agencies and commissions having jurisdiction.

9. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior negotiations and understandings which are deemed to have been merged herein.  No representations were made or relied upon by either party, other than those expressly set forth herein.

10.  The failure of any party to object to, or to take affirmative action with respect to, any conduct of any other party which is in violation of the terms of this Agreement shall not be construed as a waiver of such violation or breach, or of any future breach, violation, or wrongful conduct.  No delay or failure by any party to exercise any right under this Agreement, and no partial or single exercise of that right, shall constitute a waiver or exhaustion of that or any other right, unless otherwise expressly provided herein.  

11. All notices or other communications to be sent as provided for by this Agreement shall be in writing and shall be sent by certified mail, return receipt requested, postage prepaid, to the persons and addresses set forth at the beginning of this Agreement, or such other persons and/or addresses as may hereafter be designated in writing by the parties.

12.  The provisions of this Agreement shall be binding upon and inure to the benefit of each of the parties and their respective successors and assigns.

IN WITNESS WHEREOF, intending to be legally bound, the parties have executed this Agreement the day and year first above written.

Global Boatworks, LLC

By: /s/Robert Rowe                

 Robert Rowe, Manager

Global Boatworks Holdings, Inc.

By:/s/ Robert Rowe                 

Robert Rowe, Chief Executive Officer, President & Sole Director

    

Exhibit A

			
	NAME

	SHARES

	DATE

	Robert Rowe

	4,370,000

	6/12/14

	Michael Silveri

	30,000

	6/12/14

	Leah Rowe

	100,000

	6/12/14

	Michael Athanas

	10,000

	4/10/15

	Robert Athanas

	10,000

	4/9/15

	Vincent Beatty

	50,000

	2/12/15

	Louis Bowzeres

	20,000

	4/3/15

	Cheryl E. Bramos

	15,000

	2/19/15

	Luke A. Bramos

	10,000

	2/19/15

	Richy C. Bramos

	100,000

	2/20/15

	Robert A. Bramos

	10,000

	2/20/15

	Ronny A. Bramos

	100,000

	2/19/15

	Tina M. Bramos

	15,000

	2/20/15

	Ashley Hall

	50,000

	2/15/15

	Heather Hall

	100,000

	2/12/15

	Madison Hall

	50,000

	2/12/15

	Robert Hall

	100,000

	2/16/15

	Brenda Hamilton

	100,000

	2/18/15

	Mike Kiernan

	100,000

	2/19/15

	Nancy Kiernan

	30,000

	2/20/15

	Oceanside Equities

	1,000,000

	6/12/14

	Lisa Rogers

	110,000

	1/23/15

	Santo J. Ruma

	10,000

	1/26/15

	Gertrude Scamadella

	20,000

	4/10/15

	James C. Stavrojohn

	10,000

	2/20/15

	Michael Weir

	10,000

	2/11/15

	Steven Weiss

	100,000

	3/31/15

	TOTAL

	6,630,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00248-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00248-of-00352.parquet"}]]