Document:

schn-ex103_8.htm

Exhibit 10.3

Fiscal 2021 Annual Performance Bonus Program

for the President & Chief Executive Officer

 

The Amended and Restated Employment Agreement between the Company and Tamara L. Lundgren provides for an annual cash bonus under a bonus program to be developed by the Compensation Committee (the “Committee”), with bonuses payable based on Company financial performance and achievement of management objectives as determined by the Committee at the beginning of each fiscal year.  The annual bonus program for Ms. Lundgren for fiscal 2021 has two components.  The first component consists of an award with a cash payout based on achievement of Company financial performance targets established by the Committee.  The second component consists of an award with a cash payout based on the achievement of management objectives established by the Committee.  The two components of the annual performance bonus program shall operate independently, and the Committee shall make determinations with respect to the second component without regard to the outcomes under the first component.

 

Company Financial Performance Targets

 

Calculation of Financial Performance Targets.  For fiscal 2021, the Company’s financial performance targets shall be the Company’s earnings before interest, taxes, depreciation and amortization (“EBITDA”) and earnings per share (“EPS”). The Committee shall specify the weight to be assigned to each target.  The cash payout to the participant under this component of the bonus program shall be determined based on the level of achievement of the performance target.  The Committee has established performance targets for EBITDA and EPS and corresponding payouts as a percentage of the participant’s target amount.  Payouts begin at a positive level of EBITDA and EPS.

 

Participant’s Target Amount.  The target amount for the Company financial performance component shall be 75% of Ms. Lundgren’s annual base salary as in effect on August 31, 2021, with the maximum bonus under this target not to exceed three times her target amount under this component.  

 

EBITDA.  The EBITDA goal for fiscal 2021 shall be based on the Adjusted EBITDA for that year.  Adjusted EBITDA for fiscal 2021 shall mean the Company’s earnings before interest, taxes, depreciation and amortization for that fiscal year before extraordinary items and the cumulative effects of changes in accounting principles, if any, as set forth in the audited consolidated financial statements of the Company and its subsidiaries for that fiscal year,  adjusted to eliminate the impact of such other items as the Committee shall specify. 

 

EPS.  The EPS goal for fiscal 2021 shall be based on the Adjusted EPS for that year.  Adjusted EPS for fiscal 2021 shall mean the Company’s diluted earnings per share attributable to SSI for that fiscal year before extraordinary items and the cumulative effects of changes in accounting principles, if any, as set forth in the audited consolidated financial statements of the Company and its subsidiaries for that fiscal year, adjusted to eliminate the impact of such other items as the Committee shall specify. 

 

 

 

Change in Accounting Principle.  If the Company implements a change in accounting principle during fiscal 2021 either as a result of issuance of new accounting standards or otherwise, and the effect of the accounting change was not reflected in the Company’s business plan at the time of approval of this award, then EBITDA and EPS shall be adjusted to eliminate the impact of the change in accounting principle.

 

Management Objectives

 

The second component of the annual bonus program is based on the achievement of the management objectives determined by the Committee. The Committee shall establish the management objectives and specify the weight to be assigned to each objective.  Following the end of the fiscal year, the Committee shall evaluate Ms. Lundgren’s performance against the management objectives, determine the extent to which each objective has been met and determine the amount of the bonus to be paid.  The target bonus amount for this component of the bonus program shall be 75% of Ms. Lundgren’s annual base salary as in effect on August 31, 2021, and the maximum bonus under this component may not exceed three times her target amount under this component.  

 

General Provisions

 

Certification.  Following the end of fiscal 2021 and prior to the payment of any bonus, the Committee shall certify in writing the level of attainment of each performance target for the year and the calculation of the bonus amount.  The bonus payout shall be made in cash as soon as practicable after October 31, 2021 following certification by the Committee.

 

Conditions to Payment.  Subject to the terms of her employment agreement and change in control agreement, Ms. Lundgren must be employed by the Company on August 31, 2021 to receive the annual bonus.

 

 Negative Discretion. The Committee reserves the right in its sole discretion to reduce the bonus payout for Ms. Lundgren from the amounts determined as set forth above prior to payment on such terms as the Committee may determine.

 

Recoupment Policy.  All bonuses or incentive awards paid or payable under this plan or program are subject to the terms and conditions of the Company’s Executive Officer Incentive Compensation Recovery Policy, as the same may be amended from time to time or any replacement policy thereto, or as may be required by any applicable law (including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder).

 

 

 

2Exhibit 4.1

 

	NUMBER	UNITS
	U-	 

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

CUSIP 11374E 203

 

BROOKLINE CAPITAL ACQUISITION CORP.

 

UNITS CONSISTING OF ONE SHARE OF COMMON
STOCK AND ONE-HALF OF ONE WARRANT,

EACH WHOLE WARRANT ENTITLING THE HOLDER
TO PURCHASE ONE SHARE OF COMMON STOCK

 

THIS CERTIFIES THAT
                     is the
owner of          Units.

 

Each Unit (“Unit”)
consists of one (1) share of common stock, par value $0.0001 per share (“Common Stock”), of Brookline
Capital Acquisition Corp., a Delaware corporation (the “Company”), and one-half of one redeemable warrant
(the “Warrant”). Each whole Warrant entitles the holder to purchase one (1) share (subject
to adjustment) of Common Stock for $11.50 per share (subject to adjustment). Each Warrant will become exercisable thirty
(30) days after the Company’s completion of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or other similar business combination with one or more businesses (each a “Business Combination”), and
will expire unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years after the date on which
the Company completes its initial Business Combination, or earlier upon redemption or liquidation (the “Expiration
Date”). The Common Stock and Warrants comprising the Units represented by this certificate are not transferable
separately prior to            , 2021, unless Ladenburg Thalmann &
Co. Inc. elects to allow separate trading earlier, subject to the Company’s filing of a Current Report on Form 8-K
with the Securities and Exchange Commission containing an audited balance sheet reflecting the Company’s receipt of the
gross proceeds of the Company’s initial public offering and issuing a press release announcing when separate trading will
begin. The terms of the Warrants are governed by a Warrant Agreement, dated as of             
, 2021, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the
terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance
hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 1 State Street, 30th Floor,
New York, New York 10004, and are available to any Warrant holder on written request and without cost.

 

This certificate is
not valid unless countersigned by the Transfer Agent and Registrar of the Company.

 

This certificate shall
be governed by and construed in accordance with the internal laws of the State of New York.

 

Witness the facsimile
signature of a duly authorized signatory of the Company.

 

	 	 	 
	Authorized Signatory	 	Transfer Agent

 

     

     

    

 

Brookline Capital Acquisition Corp. 

 

The Company will furnish
without charge to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating,
optional or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or
restrictions of such preferences and/or rights.

 

The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according
to applicable laws or regulations: 

 

	TEN COM     —    as tenants in common	 	UNIF GIFT MIN ACT	 	—	 	 	 	Custodian	 	 
	TEN ENT      —    as tenants by the entireties	 	 	 	 	 	    (Cust)    	 	 	 	      (Minor)      
	 	 	 	 
	JT TEN          —     as joint tenants with right of survivorship and not as tenants in common	 	 	 	under Uniform Gifts to Minors Act
	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	(State)

 

Additional abbreviations may also be used
though not in the above list.

 

For value received,                     
hereby sell, assign and transfer unto                     

 

(PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE)

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING
ZIP CODE, OF ASSIGNEE)

 

Units represented
by the within Certificate, and do hereby irrevocably constitute and appoint

 

Attorney to transfer the said
Units on the books of the within named Company with full power of substitution in the premises.

 

Dated

 

	 	 
	 	 
	 	Notice: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

	Signature(s) Guaranteed:	 
	 	 
	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED
BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN
APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR RULE).	 

 

In each case, as more fully described in
the Company’s final prospectus dated                   ,
2021, the holder(s) of this certificate shall be entitled to receive a pro-rata portion of certain funds held in the trust
account established in connection with its initial public offering only in the event that (i) the Company redeems the shares
of common stock sold in the Company’s initial public offering and liquidates because it does not consummate an initial business
combination within the time period set forth in the Company’s amended and restated certificate of incorporation, as the same
may be amended from time to time (such date being referred to herein as the “Last Date”), (ii) the Company redeems
the shares of common stock sold in its initial public offering in connection with a stockholder vote to amend the Company’s
amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem
100% of the common stock if it does not consummate an initial business combination by the Last Date, or (iii) if the holder(s) seek(s) to
redeem for cash his, her or its respective shares of common stock in connection with a tender offer (or proxy solicitation, solely
in the event the Company seeks stockholder approval of the proposed initial business combination) setting forth the details of
a proposed initial business combination. In no other circumstances shall the holder(s) have any right or interest of any kind
in or to the trust account.

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