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AMENDMENT NO. 5 TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT

    THIS AMENDMENT NO. 5 TO THE AMENDED AND RESTATED EMPLOYMENT AGREEMENT, AS PREVIOUSLY AMENDED (this “Amendment No. 5”) is executed this ___ day of April 2021 by Sinclair Broadcast Group, Inc., a Maryland corporation (“SBG”) (the “SBG Execution Date”) and is intended to be effective retroactive to January 1, 2021 (the “Effective Date”) on the date it is countersigned by Barry M. Faber (“Employee”) (the “Employee Execution Date”).  SBG and Employee are sometimes individually referred to in this Amendment No. 5 as a “Party” collectively as the “Parties.”
RECITALS
A.    SBG and Employee are parties to that certain Amended and Restated Employment Agreement dated November 11, 2011 (the “Original Agreement”).
B.    SBG and Employee previously entered into an Amendment No. 1 to the Original Agreement, effective as of August 28, 2015 (“Amendment No. 1”).
C.    SBG and Employee previously entered into an Amendment No. 2 to the Original Agreement, effective as of March 28, 2017 (“Amendment No. 2”).
D.    SBG and Employee previously entered into an Amendment No. 3 to the Original Agreement, effective as of April 5, 2019 (“Amendment No. 3”).
E.    SBG and Employee previously entered into an Amendment No. 4 to the Original Agreement, effective as of January 1, 2020 (“Amendment No. 4”).
F.    The Original Agreement, Amendment No. 1, Amendment No. 2, Amendment No, 3 and Amendment No. 4 are sometimes collectively referred in this Amendment No. 5 as the “Agreement.”
G.    The Parties desire to amend the Agreement pursuant to the terms and conditions of this Amendment No. 5 as of the Effective Date.
H.    As of the SBG Execution Date, SBG delivered this Amendment No. 5 to the Employee and intends and agrees that this Amendment No. 5 is binding and irrevocable on SBG through and including May 21, 2021 (the “Irrevocable Period”).
I.    Upon SBG’s receipt of this Amendment No. 5 countersigned and dated by the Employee on or before the expiration of the Irrevocable Period, this Amendment No. 5 will be in full force and effect retroactive to the Effective Date.
J.    Capitalized terms used in this Amendment No. 5 that are not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement.
NOW, THEREFOR, IN CONSIDERATION OF the mutual covenants herein contained, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Parties agree as follows:
1.    Section 4.1, Termination Events shall be modified by adding as a termination event the date of June 25, 2021, the date of the Employee’s announced and agree upon retirement date (the “Retirement Date).
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2.    Section 1.2, Full-time Employment shall be modified by adding the following sentence after the first sentence: “Notwithstanding anything to the contrary contained in this Agreement, beginning on Effective Date and continuing until the Retirement Date, SBG and the Employee agrees that the Employee may decrease his full-time employment, by working less than eight (8) hours per day and forty (40) hour per week to the extent the Employee, in the reasonable determination of SBG’s CEO and President, is able to do so without compromising the Employee’s duties and responsibilities to SBG under this Agreement.”
3.    Section 3.1, Compensation shall be modified by deleting in its entirety the Section 2 revision to Section 3.1 contained in Amendment No. 3 and replacing it with the following: “provided, Employee’s Base Salary shall be One Million Dollars ($1,000,000) during calendar year 2019, shall be One Million Thirty Thousand Dollars ($1,030,000) during calendar year 2020, and shall be an amount equal to a percentage (i.e., forty-eight and twenty-two one-hundredths percent (48.22%) calculated by dividing one hundred seventy-six (176) days by three hundred sixty-five (365) days) of an annualized Base Salary of One Million Thirty Thousand Dollars ($1,030,000) paid from January 1, 2021 through the Retirement Date (i.e., Four Hundred Ninety-Six Thousand Six Hundred Fifty-Eight Dollars ($496,658)).”
4.    Section 3.1, Compensation shall be modified by deleting any reference to a Discretionary Bonus with regard to calendar year 2021 and in lieu thereof including the following for calendar year 2021: “As long as the Employee does not quit without “Good Reason” prior to the Retirement Date and he is not fired by SBG for “Cause” prior to the Retirement Date, SBG agrees to grant the Employee Sinclair stock on and with a value on the Retirement Date of Six Hundred Thirty-Nine Thousand One Hundred Sixteen Dollars ($639,116), which shares shall be fully vested when granted.”

5.    A new Section 9.2, Retirement Consulting shall be added to the Agreement, and read as follows: “Employee agrees to be available as an independent contractor for the provision of specified consulting services (the “Services”) on behalf of SBG on a month-by-month basis for a period beginning on the day following the Retirement Date and ending on September 4, 2022 (the “Consulting Period”).  SBG agrees to hire the Employee to perform the Services during the Consulting Period and to pay the Employee for the provision of such Services rendered at the rate of One Thousand Fifty Dollars ($1,050) per hour for each hour that the Services are performed during the Consulting Period and SBG (i) guarantees to pay the Employee for a minimum of twenty (20) hours per month for each month of the Consulting Period (prorated for partial months); and (ii) agrees that, should the Employee elect to continue his health insurance coverage (including family coverage) with SBG (under COBRA) after the Retirement Date, SBG shall pay for such COBRA coverage or, at the election of the Employee, shall reimburse the Employee for any cost and expense actually incurred by the Employee for such COBRA coverage during the time the Employee is rendering Services during the Consulting Period.  In addition, SBG agrees to fully release the Employee from, and to fully indemnify Employee against, any and all claims, damages, liabilities, costs and expenses, including reasonable outside counsel fees, arising from Employee’s work related to the Services, except to the extent that any such claims, damages, liabilities, costs and expenses are due to employee’s intentional misconduct.  SBG shall have the option to extend the Consulting Period on the same terms and conditions as above described for the Consulting Period (i.e., same hourly rate, guarantee of twenty (20) hours per month and continued provision of health insurance) for one additional year (i.e., from September 5, 2022 through September 4, 2023) (the “Extended Consulting Period”) by giving the Employee written notice of its intent to do so no later than July 1, 2022.  Notwithstanding anything contained in this Agreement to the contrary, there shall not be during the Extended Consulting Period: (i) an extension of the COBRA coverage beyond eighteen (18) months from the Retirement Date (the “Applicable COBRA Period”), or (ii) any obligation by SBG to 
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pay for any COBRA coverage or reimburse the Employee for such COBRA coverage beyond the Applicable Cobra Period; provided, during the portion of the Extended Consulting Period that extends past the Applicable Cobra Period, SBG agrees to reimburse Employee for any cost incurred by Employee to secure and maintain equivalent health insurance above and beyond the cost the Employee would have incurred as an employee were he (and his wife) covered under SBG’s health insurance plan. In addition, SBG shall pay Employee any amounts necessary to compensate Employee for any additional tax obligation incurred by Employee as a result of the obligations related to health insurance set forth in this Section 9.2 (including, without limitation, under this sentence).  

6.    Employee agrees to extend Employee’s Non-Competition/Non-Hire/Non-Solicitation covenants contained in Section 5.2 of the Agreement for a period equal to Consulting Period, as such Consulting Period may be extended pursuant to this Agreement.”

7.    SBG covenants and agrees that it cannot and will not take any action that will revoke or rescind this Amendment No. 5 or revise (or attempt to revise) any provisions of this Amendment No. 5 during the Irrevocable Period.

8.    SBG represents and warrants that SBG has all necessary authority and approvals to  execute, deliver and perform this Amendment No. 5 and upon execution and delivery by Employee at any time prior to the end of the Irrevocable Period, this Amendment No. 5 will be a legally binding obligation of SBG enforceable in accordance with its terms.

9.    Except as expressly modified by this Amendment No. 5, the Agreement shall continue in full force and effect.

10.    The term “this Agreement” as used in the Agreement, means the Original Agreement as amended and modified by the terms of all subsequent amendments and restatements thereof (including Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No, 4 and this Amendment No. 5) unless the context clearly indicates or dictates a contrary meaning.

11.    This Amendment No. 5 may be executed in two counterparts, both of which when taken together shall constitute one agreement.

(The Signatures of the Parties appear on the Immediately Following Page.)

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the dates indicated below intending same to be effective in all respects as of the Effective Date.

                        SINCLAIR BROADCAST GROUP, INC.

Date Executed: April 20, 2021        By:    /s/ Christopher S. Ripley                            
                        Name:    Christopher S. Ripley
                        Title:    Chief Executive Officer/President

Date Executed: May 21, 2021            EMPLOYEE

                        /s/ Barry M. Faber                                    
                        Barry M. Faber
4ex_268017.htm

Exhibit 10.11

 

INCENTIVE AGREEMENT

FOR THE GRANT OF RESTRICTED STOCK UNITS

UNDER THE

TIDEWATER INC. 2021 STOCK INCENTIVE PLAN

 

THIS AGREEMENT (this “Agreement”) is entered into as of [________________] (the “Date of Grant”) by and between Tidewater Inc., a Delaware corporation (“Tidewater” and, together with its subsidiaries, the “Company”), and [________________], who serves as a non-employee director of the Company (the “Director”). Capitalized terms used, but not defined, in this Agreement have the respective meanings provided in the Tidewater Inc. 2021 Stock Incentive Plan (the “Plan”).

 

NOW, THEREFORE, in consideration of the mutual promises and covenants contained in this Agreement, it is agreed by and between the parties as follows:

 

I.   Restricted Stock Units

 

1.1    Restricted Stock Units. Effective on the Date of Grant, Tidewater hereby grants to the Director under the Plan a total of [___________] restricted stock units (the “RSUs”), subject to the terms, conditions, and restrictions set forth in the Plan and in this Agreement.

 

1.2    Award Restrictions. Except as otherwise provided by the Plan, the RSUs may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, whether voluntarily or involuntarily. The Director shall have no rights, including, but not limited to, voting and dividend rights, in the shares of Common Stock underlying the RSUs unless and until such shares are issued to the Director, or as otherwise provided in the Plan or this Agreement.

 

1.3    Vesting Terms.

 

(a)    Upon vesting under the terms and conditions of the Plan and this Agreement, each RSU represents the right to receive from Tidewater one share of Common Stock, free of any restrictions, and any amounts, securities, and property notionally credited to his or her Account (as defined in Section 2.1) with respect to such RSU.

 

(b)    The RSUs shall vest on the first anniversary of the Date of Grant, if, except as provided in Section 1.4, the Director continues to serve on the Board on such date.

 

1.4    Effect of Termination of Service.

 

(a)    Upon the Director’s death or termination of service due to disability (as determined by the Committee in accordance with Section 409A of the Code), any unvested RSUs shall immediately vest.

 

(b)    If, prior to the vesting of the RSUs, the Director is willing and able to serve another term of office but is either not re-nominated or not reelected to serve another term, any unvested RSUs shall immediately vest on the date that he or she no longer serves as a member of the Board.

 

(c)    Except as otherwise expressly provided in this Section 1.4 or as otherwise determined by the Committee in its sole discretion, termination of board service shall result in forfeiture of all unvested RSUs.

 

II.   Dividend Equivalents and the Issuance of Shares Upon Vesting

 

2.1    Restricted Stock Unit Account and Dividend Equivalents. Tidewater shall maintain an account (the “Account”) on its books in the name of the Director. Such Account shall reflect the number of RSUs awarded to the Director, as such number may be adjusted under the terms of the Plan and this Agreement, as well as any additional RSUs, cash, or other securities or property credited as a result of dividend equivalents, administered as follows:

 

(a)    The Account shall be for recordkeeping purposes only, and no assets or other amounts shall be set aside from Tidewater’s general assets with respect to such Account.

 

(b)    To the extent permitted by the Plan, in the event that Tidewater declares a cash dividend, or any other securities or other property are distributed to stockholders, between the Date of Grant and the date the RSUs settle under this Agreement, the Director’s Account will be credited with a cash amount equal to the fair market value of such dividend or distribution or, at the Committee’s discretion, the securities or property comprising such dividend or distribution. Any cash amount or securities or other property credited to a Director’s Account pursuant to this Section 2.1(b) shall vest and be paid to the Director, or be forfeited, at the same time and on the same terms as the RSUs to which they relate.

 

(c)    To the extent permitted by the Plan, in the event that dividends are declared and paid in the form of shares of Common Stock rather than cash, then the Director’s Account will be credited with one additional RSU for each share of Common Stock that would have been received as a dividend had the Director’s outstanding RSUs been shares of Common Stock on such date. Such additional RSUs credited shall vest and be paid to the Director, or be forfeited, at the same time and on the same terms as the RSUs to which they relate.

 

2.2    Issuance of Shares of Common Stock. As soon as practicable following the date any RSUs vest under this Agreement, but no later than 30 days after such date, the number of shares of Common Stock to which the Director is entitled under this Agreement shall be transferred to the Director or his or her nominee via book entry free of restrictions. Notwithstanding the foregoing, if the Director has made a timely election under another Tidewater plan to defer receipt of such shares, the timing of the issuance of shares of Common Stock will be made in accordance with the terms and conditions of that plan (including the Director’s election). Upon issuance of such shares, the Director is free to hold or dispose of such shares, subject to applicable securities laws and any internal company policy then in effect and applicable to the Director, such as Tidewater’s Policy Statement on Insider Trading and Director Stock Ownership Guidelines.

 

III.   Binding Effect

 

This Agreement shall inure to the benefit of and be binding upon the parties to this Agreement and their respective heirs, executors, administrators, and successors.

 

IV.   Amendment, Modification or Termination

 

The Committee may amend, modify, or terminate any RSUs at any time prior to vesting in any manner not inconsistent with the terms of the Plan. Notwithstanding the foregoing, no amendment, modification, or termination may materially impair the rights of the Director under this Agreement without his or her consent.

 

V.   Inconsistent Provisions

 

The RSUs granted hereby are subject to the provisions of the Plan, as in effect on the Date of Grant and as it may be amended. In the event any provision of this Agreement conflicts with such a provision of the Plan, the Plan provision shall control. The Director acknowledges that a copy of the Plan was distributed to the Director and that the Director was advised to review such Plan prior to entering into this Agreement. The Director waives the right to claim that the provisions of the Plan are not binding upon the Director and the Director’s heirs, executors, administrators, legal representatives, and successors.

 

VI.   Governing Law

 

This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

 

VII.   Severability

 

If any term or provision of this Agreement, or the application thereof to any person or circumstance, shall at any time or to any extent be invalid, illegal, or unenforceable in any respect as written, the Director and the Company intend for any court construing this Agreement to modify or limit such provision so as to render it valid and enforceable to the fullest extent allowed by law. Any such provision that is not susceptible of such reformation shall be ignored so as to not affect any other term or provision of this Agreement, and the remainder of this Agreement, or the application of such term or provision to persons or circumstances other than those as to which it is held invalid, illegal, or unenforceable, shall not be affected thereby and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law.

 

VIII.   Electronic Delivery and Execution of Documents

 

8.1    Tidewater may, in its sole discretion, deliver any documents related to the Director’s current or future participation in the Plan or any other compensation plan of Tidewater by electronic means or request Director’s consent to the terms of an award by electronic means. Such documents may include the plan, any grant notice, this Agreement, the plan prospectus, and any reports of Tidewater provided generally to Tidewater’s stockholders. In addition, the Director may deliver any grant notice or award agreement to Tidewater or to such third party involved in administering the applicable plan as Tidewater may designate from time to time. By accepting the terms of this Agreement, the Director also hereby consents to participate in such plans and to execute agreements setting the terms of participation through an on-line or electronic system established and maintained by Tidewater or a third party designated by Tidewater.

 

8.2    The Director acknowledges that the Director has read Section 8.1 of this Agreement and consents to the electronic delivery and electronic execution of plan documents as described in Section 8.1. The Director acknowledges that he or she may receive from Tidewater a paper copy of any documents delivered electronically at no cost to the Director by contacting Tidewater by telephone or in writing.

 

IX.   Entire Agreement; Modification

 

The Plan and this Agreement constitute the entire agreement between the parties with respect to the subject matter contained herein. This Agreement may not be modified without the approval of the Committee and the Director, except as provided in the Plan, as it may be amended from time to time in the manner provided therein, or in this Agreement, as it may be amended from time to time. Any oral or written agreements, representations, warranties, written inducements, or other communications with respect to the subject matter contained herein made prior to the execution of this Agreement shall be void and ineffective for all purposes.

 

* * * * * * * * * * * * *

 

By clicking the “Accept” button, the Director represents that he or she is familiar with the terms and provisions of the Plan, and hereby accepts this Agreement subject to all of the terms and provisions thereof. The Director has reviewed the Plan, this Agreement, and the prospectus in their entirety and fully understands all provisions of this Agreement. The Director agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee upon any questions arising under the Plan or this Agreement.

 

PLEASE PRINT AND KEEP A COPY FOR YOUR RECORDS

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