Document:

EX-10.1

   

  Exhibit 10.1

   

   

  BEACON ROOFING SUPPLY, INC.

  SECOND AMENDED AND RESTATED 2014 STOCK PLAN

    

  A25 RESTRICTED STOCK UNIT AWARD AGREEMENT

  (Performance and Time-based Vesting)

  	 

  Grant Information:

    

  		
	 
	 

	Name:
	  

	Grant Date:
	  

	Number of RSUs Granted:
	  

	Final Vesting Date1:
	 March 31, 2026

  1 Actual vesting subject to provisions found in Sections 5, 7 and 9 of this Agreement

    

  A Restricted Stock Unit (RSU) Award (the “Award”) granted by Beacon Roofing Supply, Inc., a Delaware corporation (the “Company”), to the employee named above (the “Grantee”), relating to the common stock, par value $.01 per share (the “Common Stock”), of the Company, shall be subject to the following terms and conditions and the provisions of the Beacon Roofing Supply, Inc. Second Amended and Restated 2014 Stock Plan (“Plan”), a copy of which is attached hereto and the terms of which are hereby incorporated by reference:

  1.	Acceptance by Grantee

  The receipt of the Award is conditioned upon its acceptance by the Grantee no later than 30 days from the date the Agreement was delivered, provided however, if the Grantee shall fail to accept this Award by the due date, the Grantee’s Award shall be deemed accepted by the Grantee unless the Grantee has notified the Company in writing prior to the due date that he or she declines to accept the Award.

  2.	Grant of RSUs

  The Company hereby grants to the Grantee the Award of RSUs, as set forth above.  An RSU is the right, subject to the terms and conditions of the Plan and this Agreement, to receive a distribution of a share of Common Stock for each RSU as described in Section 6 of this Agreement. The Award shall vest in accordance with Sections 5 and 9 of this Agreement.

  3.	RSU Account

  The Company shall maintain an account (“RSU Account”) on its books in the name of the Grantee which shall reflect the number of RSUs awarded to the Grantee and any dividend equivalents paid to the Grantee as described in Section 4.

  4.	Dividend Equivalents

  Upon the payment of any dividends on Common Stock occurring during the period preceding the date the RSUs are settled in Common Stock and distributed to the Grantee as described in Section 6, the Company shall credit the Grantee’s RSU Account with an amount equal in value to the dividends that the Grantee would have received had the Grantee been the actual owner of the number of shares of Common Stock represented by the RSUs in the Grantee’s RSU Account on that date.  Such amounts shall be paid to the 

  1

   

  

   

  Grantee in cash at the time and to the extent the RSUs are distributed to the Grantee.  Any dividend equivalents relating to RSUs that are forfeited shall also be forfeited.

  5.	Vesting

  (a)	Except as described in (b), (c) and (d) below, the Grantee shall become vested in the Award as set forth below if the Grantee remains in continuous employment with the Company or its affiliates until the applicable dates described below (the applicable dates on which vesting occurs shall each be a “Vesting Date”).

  (i)	If the performance goal set forth on Exhibit A is met on any date on or prior to March 31, 2024, then with respect to 25% of the Award, (A) 50% of such portion shall vest on the date the performance goal is met and (B) 50% of such portion shall vest on March 31, 2026.

  (ii)	If the performance goal set forth on Exhibit A is met on any date on or prior to March 31, 2025, then with respect to 25% of the Award, (A) 50% of such portion shall vest on the date the performance goal is met and (B) 50% of such portion shall vest on March 31, 2026.

  (iii)	If the performance goal set forth on Exhibit A is met on any date on or prior to March 31, 2026, then with respect to 25% of the Award, (A) 50% of such portion shall vest on the date the performance goal is met and (B) 50% of such portion shall vest on March 31, 2026.

  (iv)	If the performance goal set on Exhibit A is met on any date on or prior to March 31, 2026, then with respect to 25% of the Award, (A) 50% of such portion shall vest on the date the performance goal is met and (ii) 50% of such portion shall vest on March 31, 2026.

  (v)	If the performance goal for any portion of the Award described in (i) or (ii) above is not met by the specified date, and the performance goal for any other portion of the Award is subsequently met, then the prior unmet performance goal shall be deemed met, in which case (A) 50% of the portion of the Award that relates to the deemed met performance goal shall vest on the date the subsequent performance goal is met and (B) 50% of such portion of the Award shall vest on March 31, 2026.  No portion of an Award shall vest on or after the Final Vesting Date.

  (b)	If prior to March 31, 2026, the Grantee’s employment with the Company and its affiliates terminates prior to a Vesting Date due to death, disability or retirement, then the portion of the Award for which the performance goal has been met but does not vest until March 31, 2026 shall become vested on the date of such termination of employment, and the remainder of the Award shall be forfeited.  For this purpose (i) “disability” means (as determined by the Committee in its sole discretion) the inability of the Grantee to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which is expected to result in death or disability or which has lasted or can be expected to last for a continuous period of not less than 12 months and (ii) “retirement” means termination of the Grantee’s employment for any reason other than cause (as determined by the Company in its sole discretion) on or after the Grantee’s attainment age of 65.

  (c)	If on or after March 31, 2025 and prior to March 31, 2026 the employment of a Grantee who is a party to an Executive Severance and Restrictive Covenant Agreement in the form filed as Exhibit 10.20 to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2020 (an “Executive 

  2

   

  

   

  Agreement”) with the Company is terminated by the Company or an affiliate without Cause or by the Executive for Good Reason (as such terms are defined in the Executive Agreement), then on March 31, 2026, the Grantee shall vest in the portion of the Award for which the performance goal has been met but does not vest until March 31, 2026, and the remainder of the Award shall be forfeited.  The provisions of this Section 5(c) shall replace and supersede the provisions of Section 7(d) of the Executive Agreement with respect to this Award.

  (d)	The unvested portion of the Award shall be forfeited to the Company upon the Grantee’s termination of employment with the Company and its affiliates for any reason other than the Grantee’s death, disability or retirement, or a Change in Control of the Company as described in Section 9 that occurs prior to the Final Vesting Date.  

  The foregoing provisions of this Section 5 shall be subject to the provisions of any written employment security agreement or severance agreement that has been or may be executed by the Grantee and the Company (other than Section 7(d) of the Executive Agreement, which shall no longer be of any force or effect with respect to this Award), and the provisions in such employment security agreement or severance agreement concerning the lapse of restrictions of an Award in connection with the Grantee’s termination of employment (other than Section 7(d) of the Executive Agreement) shall supersede any inconsistent or contrary provision of this Section 5.

  6.	Settlement of RSUs

  If a Grantee becomes vested in a portion of the Award in accordance with Section 5, the Company shall distribute to Grantee, or the Grantee’s personal representative, beneficiary or estate, as applicable, a number of shares of Common Stock equal to the number of vested RSUs subject to the vested portion of the Award. Such shares shall be delivered within 30 days following the date of vesting.

   

  7.	Forfeiture of Award

  Except as described in Sections 5(b) and 5(c) and Section 9, a Grantee’s unvested Award shall be forfeited to the Company if the Grantee does not remain in continuous employment with the Company or its affiliates until the Final Vesting Date.

   

  8.	Withholding Taxes

  The Grantee shall pay to the Company an amount sufficient to satisfy all minimum Federal, state and local withholding tax requirements prior to the delivery of any certificate for shares.  Payment of such taxes may be made by one or more of the following methods:  (a) in cash, (b) in cash received from a broker-dealer to whom the Grantee has submitted irrevocable instructions to deliver the amount of tax to the Company from the proceeds of the sale of shares subject to the Award, (c) by directing the Company to withhold a number of shares otherwise issuable pursuant to the Award with a Fair Market Value equal to the tax required to be withheld, (d) by delivery to the Company of other Common Stock owned by the Grantee that is acceptable to the Company, valued at its Fair Market Value on the date of payment, or (e) by certifying to ownership by attestation of such previously owned Common Stock.

    

  9.	Change in Control

  (a)	In the event of a Change in Control, as defined in the Plan, unless the Award is continued or assumed by a public company in an equitable manner, the portion of the Award for which a performance goal has already been met but does not vest until March 31, 2026 shall become fully vested immediately prior to the Change in 

  3

   

  

   

  Control and the portion of the Award for which a performance goal has not been met shall be forfeited.  The Award shall settle in accordance with Section 6.

  (b)	If the Award is continued or assumed by a public company in an equitable manner, then the Award shall continue to vest in accordance with its terms unless there is a Qualifying Termination within one-year following the Change in Control. If a Qualifying Termination occurs within one-year following the Change in Control, the portion of the Award for which a performance goal has already been met but does not vest until March 31, 2026 shall become fully vested immediately and be settled in accordance with Section 6 and the portion of the Award for which a performance goal has not been met shall be forfeited. 

  For purposes of this Section:  (1) “Qualifying Termination” means the termination of a Grantee’s employment (a) by the employer for any reason other than Cause; or (b) by a Grantee who was an officer of the Company immediately prior to the Change in Control for Good Reason; (2) “Cause” means (unless otherwise expressly provided in the Grantee’s employment agreement) the termination of the Grantee’s employment following the occurrence of any one or more of the following:  (a) the Grantee’s conviction of, or plea of guilty or nolo contendere to, a felony; (b) the Grantee’s willful and continual failure to substantially perform the Grantee’s duties after written notification; (c) the Grantee’s willful engagement in conduct that is materially injurious to the employer, monetarily or otherwise; (d) the Grantee’s commission of an act of gross misconduct in connection with the performance of the Grantee’s duties; or (e) the Grantee’s material breach of any employment, confidentiality, or other similar agreement with the employer that, if capable of cure, remains uncured 10 days after written notice thereof; (3) “Good Reason” means, without the Grantee’s consent, (a) a material reduction in the position, duties, or responsibilities of the Grantee from those in effect immediately prior to such change; (b) a 

  reduction in the Grantee’s base salary; (c) a relocation of the Grantee’s primary work location to a distance of more than 50 miles from its location as of immediately prior to such change; or (d) a material breach by the Grantee’s employer of any employment agreement between such employer and the Grantee provided, however, in all cases, a Grantee must give the Company written notice of the circumstances giving rise to the Good Reason event and 30 days to cure such circumstance.

   

  10.	Rights as Stockholder

  The Grantee shall not be entitled to any of the rights of a stockholder of the Company with respect to the Award, including the right to vote and to receive dividends and other distributions, until and to the extent the Award is settled in shares of Common Stock.

   

  11.	Award Not Transferable

  The Award may not be transferred other than by will or the applicable laws of descent or distribution or pursuant to a qualified domestic relations order.  The Award shall not otherwise be assigned, transferred, or pledged for any purpose whatsoever and is not subject, in whole or in part, to attachment, execution or levy of any kind.  Any attempted assignment, transfer, pledge, or encumbrance of the Award, other than in accordance with its terms, shall be void and of no effect.

   

  12.	Share Delivery

  Delivery of shares pursuant to Section 6 will be by book-entry credit to an account in the Grantee’s name established by the Company with the Company’s transfer agent; provided that the Company shall, upon written request from the Grantee (or the Grantee’s estate or personal representative, as the case may be), issue certificates in the name of the Grantee (or the Grantee’s estate or personal representative) representing such shares.

   

  4

   

  

   

  13.	Recoupment

  The Grantee acknowledges and agrees that the Award shall be subject to the Company’s Incentive Compensation Recoupment Policy as in effect from time to time.

   

  14.	Administration

  The Award shall be administered in accordance with such regulations as the Committee shall from time to time adopt.

   

  15.	Governing Law

  This Agreement, and the Award, shall be construed, administered and governed in all respects under and by the laws of the State of Delaware.

   

  By accepting this Agreement, the Grantee agrees to be bound by the terms hereof.

   

   

  		
	 
	BEACON ROOFING SUPPLY, INC.

	 
	 

	 
	 

	 
	 

   

   

   

  5

   

  

   

   

  Exhibit A 

   

  The Award is subject to the following goals:

   

  		
	Performance Period
	Common Stock Price*

	 
	 

	From Grant Date through 
3/31/2024 (Section 5(a)(i)) 
  
	≥ $70.00

	From Grant Date through 3/31/2025  (Section 5(a)(ii))
 
	≥ $82.50

	From Grant Date through 3/31/2026  (Section 5(a)(iii))
 
	≥ $95.00

	From Grant Date through 3/31/2026  (Section 5(a)(iv))
	≥ $107.50

   

  *  Based on a rolling 90 calendar day average closing price.

   

   

   

    

  6Exhibit 10.11

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED
OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY
IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: $594,466.50	Dated as of May 11, 2021

 

AGBA Acquisition Limited,
a British Virgin Islands company (the “Maker”), promises to pay to the order of AGBA Holding Limited or its registered
assigns or successors in interest (the “Payee”) the principal sum of Five Hundred and Ninety-Four Thousand, Four Hundred
and Sixty-Six U.S. Dollars and Fifty Cents ($594,466.50) in lawful money of the United States of America, on the terms and conditions
described below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined
by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this
Note.

 

		1.	Principal.
The principal balance of this Promissory Note (this “Note”) shall be payable promptly after the date on which
the Maker consummates an initial business combination (a “Business Combination”) with a target business (as described
in its initial public offering prospectus dated May 14, 2019 (the “Prospectus”)). In the event that a Business Combination
does not close prior to August 16, 2021 or as extended, this Note shall be deemed to be terminated and no amounts will thereafter be
due from Maker to Payee under the terms hereof. The principal balance may not be prepaid without the consent of the Payee.

 

 

		2.	Conversion Rights. The Payee has the right, but not the obligation, to convert this Note, in whole or in part, into private units (the “Units”) of the Maker, as described in the Prospectus, by providing the Maker with written notice of its intention to convert this note at least one business day prior to the closing of a Business Combination. The number of Units to be received by the Payee in connection with such conversion shall be an amount determined by dividing (x) the sum of the outstanding principal amount payable to such Payee by (y) $10.00.

 

		(a)	Fractional
Shares. No fractional Units will be issued upon conversion of this Note. In lieu of any fractional Units to which Payee would otherwise
be entitled, Maker will pay to Payee in cash the amount of the unconverted principal balance of this note that would otherwise be converted
into such fractional share.

 

     

     

    

 

		(b)	Effect
of Conversion. If the Maker timely receives notice of the Payee’s intention to convert this note at least one business day
prior to the closing of a Business Combination, this Note shall be deemed to be converted on the date the Business Combination closes.
At its expense, the Maker will, as soon as practicable after receiving this Note for cancellation after the closing of a Business Combination
(assuming receipt of timely notice of conversion), issue and deliver to Payee, at Payee’s address set forth on the signature page
hereto or such other address requested by Payee, a certificate or certificates for the number of Units to which Payee is entitled upon
such conversion (bearing such legends as are customary pursuant to applicable state and federal securities laws), including a check payable
to Payee for any cash amounts payable as a result of any fractional shares as described herein.

 

		3.	Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

		4.	Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note.

 

		5.	Events of Default. The following shall constitute an event of default (“Event of Default”):

 

	 	(a)	Failure to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following the date when due.

 

	 	(b)	Voluntary Liquidation, Etc. The commencement by Maker of a proceeding relating to its bankruptcy, insolvency, reorganization, rehabilitation or other similar action, or the consent by it to the appointment of, or taking possession by, a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

	 	(c)	Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of maker in an involuntary case under any applicable bankruptcy, insolvency or similar law, for the appointing of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) for Maker or for any substantial part of its property, or ordering the winding-up or liquidation of the affairs of Maker, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

		6.	Remedies.

 

	 	(a)	Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

    2

     

    

 

	 	(b)	Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

 

		7.	Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

		8.	Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

		9.	Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery or (iv) sent by facsimile or (v) to the following addresses or to such other address as either party may designate by notice in accordance with this Section:

 

If to Maker:

 

AGBA Acquisition Limited

 

Room 1108, 11th Floor, Block B

 

New Mandarin Plaza, 14 Science Museum Road

 

Tsimshatsui East, Kowloon, Hong Kong

 

Attn: Gordon Lee

 

If to Payee:

 

AGBA Holding Limited

Room 1108, 11th Floor, Block B

 

New Mandarin Plaza, 14 Science Museum Road

 

Tsimshatsui East, Kowloon, Hong Kong

Attn: Samuel Chan

 

    3

     

    

 

Notice shall be deemed given
on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission confirmation, (iii) the date
reflected on a signed delivery receipt, or (iv) two (2) Business Days following tender of delivery or dispatch by express mail or delivery
service.

 

		10.	Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

		11.	Jurisdiction. The courts of New York have exclusive jurisdiction to settle any dispute arising out of or in connection with this agreement (including a dispute relating to any non-contractual obligations arising out of or in connection with this agreement) and the parties submit to the exclusive jurisdiction of the courts of New York.

 

		12.	Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

		13.	Trust Waiver. Payee has read the Prospectus and understands that Maker has established the trust account described in the Prospectus, initially in an amount of $46 million for the benefit of the public stockholders and the underwriters of Maker’s initial public offering (the “Underwriters”) and that, except for certain exceptions described in the Prospectus, Maker may disburse monies from the trust account only: (i) to the public stockholders in the event of the conversion of their shares or the liquidation of Maker; or (ii) to Maker and the Underwriters after consummation of a Business Combination.

Notwithstanding anything herein to the
contrary, Payee hereby agrees that it does not have any right, title, interest or claim of any kind in or to any monies in the trust account
(the “Claim”) and hereby waives any Claim it may have in the future as a result of, or arising out of, any negotiations,
contracts or agreements with Maker and will not seek recourse against the trust account for any reason whatsoever.

 

		14.	Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

 

		15.	Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.

 

		16.	Further Assurance. The Maker shall, at its own cost and expense, execute and do (or procure to be executed and done by any other necessary party) all such deeds, documents, acts and things as the Payee may from time to time require as may be necessary to give full effect to this Promissory Note.

 

    4

     

    

 

IN WITNESS WHEREOF, Maker, intending to be legally
bound hereby, has caused this Note to be duly executed by its Chief Executive Officer the day and year first above written.

 

	 	AGBA ACQUISITION LIMITED
	 	 	 
	 	By:	/s/ Gordon Lee
	 	Name: 	Gordon Lee
	 	Title:	Chief Executive Officer

 

Accepted and Agreed:

 

	AGBA HOLDING LIMITED	 
	 	 	 
	By:	/s/ Samuel Chan	 
	Name: 	Samuel Chan	 
	Title:	Director	 

 

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00341-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00341-of-00352.parquet"}]]