Document:

tvty-ex1047_503.htm

Exhibit 10.47

 

TIVITY HEALTH, INC.

SECOND AMENDED AND RESTATED 2014 STOCK INCENTIVE PLAN

DEFERRED STOCK UNIT AWARD AGREEMENT

(DIRECTORS)

 

This DEFERRED STOCK UNIT AWARD AGREEMENT (the "Agreement"), dated GRANT DATE (“Grant Date”), is by and between Tivity Health, Inc., a Delaware corporation (the "Company"), and PARTICIPANT NAME (the "Director"), under the Company's Second Amended and Restated 2014 Stock Incentive Plan (the "Plan") and is being made as a result of the Director’s election (the “Director Election”) under the Tivity Health, Inc. Director Deferred Compensation Program (the “Program”) to receive “Election RSUs” in lieu of the Director’s Cash Retainer.  Terms not otherwise defined herein shall have the meanings given to them in the Program.

 

Section 1.Deferred Stock Unit Award.  The Director is hereby granted NUMBER OF STOCK UNITS deferred stock units (the "Deferred Stock Units").  Each Deferred Stock Unit (and any Dividend Equivalent Units, as defined in Section 4) represents the right to receive one share of the Company's Common Stock, $.001 par value (the "Stock"), subject to the terms and conditions of this Agreement and the Plan.  

 

Section 2.Vesting and Settlement of the Award.  The Deferred Stock Units are one hundred percent vested as of the Grant Date. The Company shall issue one share of Stock to the Director for each Deferred Stock Unit and Dividend Equivalent Unit at the time set forth in the Director Election applicable to this Agreement (in the aggregate, such shares, the “Distributed Shares”).  The Distributed Shares shall be represented by a certificate or by a book-entry.

 

Section 3.[intentionally omitted]

Section 4.Voting Rights and Dividends.  The Director shall be credited with dividend equivalents in accordance with the terms set forth in the Program (if credited in additional Stock units, a “Dividend Equivalent Unit”) with respect to each Deferred Stock Unit and Dividend Equivalent Unit outstanding at the time of any payment of dividends to stockholders on a share of Stock.  The Director shall not have any voting rights with respect to the Stock underlying the Deferred Stock Units or Dividend Equivalent Units prior to the settlement thereof and the issuance of the Distributed Shares as set forth in Section 2.  A holder of Distributed Shares shall have full dividend and voting rights as a holder of Stock.

 

Section 5.Restrictions on Transfer; Change in Control.

 

5.1  General Restrictions.  The Deferred Stock Units (including any Dividend Equivalent Units) shall not be transferable by the Director (or his or her legal representative or estate) other than by will or by the laws of descent and distribution.  The terms of this Agreement shall be binding on the executors, administrators, heirs and successors of the Director. 

 

5.2  Change in Control.  Upon the occurrence of a Change in Control, so long as 

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Exhibit 10.47

 

such Change in Control constitutes a “change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company” within the meaning of Section 409A of the Code, all restrictions imposed on the Deferred Stock Units shall expire automatically and the Deferred Stock Units shall settle in accordance with Section 2 with the Distributed Shares related thereto being outstanding at the effective time of such Change in Control.

 

Section 6.Restrictive Agreement.  As a condition to the receipt of any Distributed Shares, the Director (or his or her legal representative or estate or any third party transferee), if the Company so requests, will execute an agreement in form satisfactory to the Company in which the Director or such other recipient of the shares represents that he or she is purchasing the shares for investment purposes, and not with a view to resale or distribution.  

 

Section 7.Adjustment.  In the event of any merger, reorganization, consolidation, recapitalization, extraordinary cash dividend, stock dividend, stock split or other change in corporate structure affecting the Stock, the number of Deferred Stock Units and Dividend Equivalent Units subject to this Agreement shall be equitably and proportionately adjusted (without duplication of Section 4) by the Committee in accordance with the Plan.

 

Section 8.[intentionally omitted]

 

Section 9.Plan.  This Agreement is made under and subject to the provisions of the Plan and the Program, and all of the provisions of the Plan and the Program are also provisions of this Agreement.  If there is a difference or conflict between the provisions of this Agreement and the provisions of the Plan or Program, the provisions of the Plan or Program, as the case may be, will govern.  By signing this Agreement, the Director confirms that he or she has received a copy of the Plan and the Program.

 

Section 10.Miscellaneous.

 

10.1Entire Agreement.  This Agreement, the Program and the Plan contain the entire understanding and agreement between the Company and the Director concerning the Deferred Stock Units granted hereby, and supersede any prior or contemporaneous negotiations and understandings.  The Company and the Director have made no promises, agreements, conditions, or understandings relating to the Deferred Stock Units, either orally or in writing, that are not included in this Agreement or the Plan.

 

10.2Captions.  The captions and section numbers appearing in this Agreement are inserted only as a matter of convenience.  They do not define, limit, construe, or describe the scope or intent of the provisions of this Agreement.

 

10.3Counterparts.  This Agreement may be executed in counterparts, each of which when signed by the Company and the Director will be deemed an original and all of which together will be deemed the same Agreement.

 

10.4Notice.  All notices required to be given under this Agreement shall be 

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Exhibit 10.47

 

deemed to be received if delivered or mailed as provided for herein, to the parties at the following addresses, or to such other address as either party may provide in writing from time to time.

 

To the Company:Tivity Health, Inc.

701 Cool Springs Blvd

Franklin, Tennessee 37067

 

		
	
To the Director:
	
PARTICIPANT NAME

	
(Director name and address)
	
Address on File

	
 
	
at the Company

	
 
	
 

 

10.5Amendment.  Subject to the restrictions contained in the Plan and the Program, the Committee may amend the terms of this Agreement, prospectively or retroactively, but, subject to Section 7 above, no such amendment shall impair the rights of the Director hereunder without the Director's consent.

 

10.6Governing Law.  This Agreement shall be governed and construed exclusively in accordance with the law of the State of Delaware applicable to agreements to be performed in the State of Delaware to the extent it may apply.

 

10.7Validity; Severability.  If, for any reason, any provision hereof shall be determined to be invalid or unenforceable, the validity and effect of the other provisions hereof shall not be affected thereby.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.  If any court determines that any provision of this Agreement is unenforceable but has the power to reduce the scope or duration of such provision, as the case may be, such provision, in its reduced form, shall then be enforceable.

 

10.8  Interpretation; Resolution of Disputes.  It is expressly understood that the Committee is authorized to administer, construe and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be binding upon the Director.  Any dispute or disagreement which may arise under, or as a result of, or in any way related to, the interpretation, construction or application of this Agreement shall be determined by the Board.  Any determination made hereunder shall be final, binding and conclusive on the Director and the Company for all purposes.

 

10.9Successors in Interest.  This Agreement shall inure to the benefit of and be binding upon any successor to the Company.  This Agreement shall inure to the benefit of the Director’s legal representative and permitted assignees.  All obligations imposed upon 

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the Director and all rights granted to the Company under this Agreement shall be binding upon the Director's heirs, executors, administrators, successors and assignees.

 

 

 

[remainder of page intentionally left blank; signature page follows]

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Exhibit 10.47

 

IN WITNESS WHEREOF, the parties have caused the Deferred Stock Unit Agreement to be duly executed as of the day and year first written above.

 

 

			
	
 
	
 
	
TIVITY HEALTH, INC.

	
 
	
 
	
 

/s/ Adam Holland

Name:Adam Holland

Title:Chief Financial Officer

 

	
 
	
 
	
 

 

DIRECTOR: PARTICIPANT NAME 

 

Online Grant Acceptance Satisfies

Signature Requirement

 

 

 

 

 

 

 

 

5EX-10.7

 Exhibit 10.7 

THIS DEED OF ASSIGNMENT AND ASSUMPTION is dated 24 June, 2020 and made between: 

 

	(1)	 NAVIOS SOUTH AMERICAN LOGISTICS INC., a company incorporated in the Marshall Islands and having its
registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the Assignor); 

  

	(2)	 GRIMAUD VENTURES S.A., a company incorporated in the Marshall Islands and having its registered office
at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the Assignee); 

  

	(3)	 NAVIOS MARITIME HOLDINGS, INC. a company incorporated in the Marshall Islands and having its registered
office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the Borrower); and 

  

	(4)	 ANEMOS MARITIME HOLDINGS INC., a company incorporated in the Marshall Islands and having its registered
office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the Shareholder). 

BACKGROUND 
  

	(A)	 The Assignor is the lender under an up to USD70,000,000 facility agreement with the Borrower dated
25 April 2019 (as amended by a supplemental agreement dated 2 December 2019, Facility Agreement). 

  

	(B)	 The Assignor has advanced monies to the Borrower under the Facility Agreement, and the Borrower owes the
Assignor the Debt (as defined below). 

  

	(C)	 The Assignor has agreed to assign all its legal and beneficial right, title and interest in the Debt, the
Facility Agreement and the Security to the Assignee on the terms and conditions set out below. 

 AGREED TERMS 

 

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 The terms listed in this Clause 1 or otherwise defined in the recitals or the body of this deed, shall have the
respective meanings set forth in this deed: 

 Assigned Documents: the Facility Agreement and each Security. 

Assignment Amount: an amount equal to the outstanding principal amount of the loan under the Facility Agreement together with all interest, fees and
other amounts payable to the Lender accrued but unpaid under the Facility Agreement to and including the Assignment Date. 
 Assignment Date: the
date of this deed or any later date agreed in writing by the parties to this deed. 
 Debt: any present or future liability (actual or contingent)
payable or owing by the Borrower to the Assignor under or in connection with the Facility Agreement and the Security. 
 Obligors: the Borrower and
the Shareholder. 
 Security: the documents listed in Schedule 1 creating or purporting to create Security Interests over certain assets of the
Obligors in favour of the Assignor. 
 Security Interest: any mortgage, charge (whether fixed or floating, legal or equitable), pledge, lien,
assignment by way of security or other security interest securing any obligation of any person, or any other agreement or arrangement having a similar effect. 
  

	1.2	 Clause and Schedule headings shall not affect the interpretation of this deed. 

  
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	1.3	 A reference to a person shall include a reference to an individual, firm, company, corporation,
partnership, unincorporated body of persons, government, state or agency of a state or any association, trust, joint venture or consortium (whether or not having separate legal personality). 

 

	1.4	 Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall
include the singular. 

  

	1.5	 This deed shall be binding on, and enure to the benefit of, the parties to this deed and their respective
personal representatives, successors and permitted assigns, and references to a party shall include that party’s successors, permitted assigns and permitted transferees. 

 

	1.6	 A reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time and shall include all subordinate legislation made from time to time under that statute or statutory provision. 

 

	1.7	 An obligation on a party not to do something includes an obligation not to allow that thing to be done.

  

	1.8	 A reference to this deed (or any provision of it) or to any other agreement or document referred to in
this deed is a reference to this deed, that provision or such other agreement or document as amended (in each case, other than in breach of the provisions of this deed) from time to time. 

 

	1.9	 Unless the context otherwise requires, a reference to a clause or Schedule is to a clause of, or Schedule to,
this deed. 

  

	1.10	 Any words following the terms including, include, in particular, for example or any
similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms. 

 

	1.11	 A reference to an amendment includes a novation, re-enactment,
supplement or variation (and amended shall be construed accordingly). 

  

	1.12	 A reference to assets includes present and future properties, undertakings, revenues, rights and benefits of
every description. 

  

	1.13	 A reference to an authorisation includes an approval, authorisation, consent, exemption, filing,
licence, notarisation, registration and resolution. 

  

	1.14	 A reference to continuing in relation to an Event of Default means an Event of Default that has not been
remedied or waived. 

  

	1.15	 This Deed is intended to take effect as a deed notwithstanding the fact a Party may only execute this Deed
under hand. 

  

	2.	 ASSIGNMENT AND ASSUMPTION 

 

	2.1	 In consideration for the payment of the Assignment Amount (or any such other settlement arrangement or set-off arrangement agreed between the Assignor and the Assignee), the Assignor with immediate effect on the Assignment Date, hereby unconditionally, irrevocably and absolutely assigns to the Assignee all of the
Assignor’s rights, title, interest and obligations present and future in, to, under and in respect of the Debt and the Assigned Documents together with the benefit of its rights, claims and remedies in, to, under and in respect of such Debt and
the Assigned Documents. 

  

	2.2	 On and from the Assignment Date: 

 

	(a)	 the Assignee agrees to pay the Assignment Amount in full on the Assignment Date (or enter into such other
settlement arrangement or set-off arrangement agreed between the Assignee and Assignor); 

  
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	(b)	 the Assignee irrevocably accepts the assignment by the Assignor of, and hereby assumes all of the
Assignor’s rights, title and interest present and future in, to, under and in respect of the Debt and the Assigned Documents and further accepts the assignment by the Assignor of, and hereby assumes, the benefit of the Assignor’s rights,
claims and remedies in, to, under and in respect of the Debt and the Assigned Documents; 

  

	(c)	 the Assignor is released from all its obligations and liabilities under the Assigned Documents and, with
respect to the Debt, all associated obligations and liabilities under Facility Agreement; and 

  

	(d)	 the Assignee becomes a party to the Assigned Documents as the “Lender” and assumes the
Assignor’s obligations and liabilities under the Assigned Documents and, with respect to the Debt, all associated obligations and liabilities under the Facility Agreement, in each case equivalent to those from which the Assignor is released
under Clause 2.2(c). 

  

	2.3	 The Assignee hereby gives notice to the Borrower of, and the Borrower hereby acknowledges and (and in
compliance with, and for the purposes of, clause 15.3 (Assignment by Lender) of the Facility Agreement) unconditionally consents without any objection to, as evidenced by its signature to this deed, the assignment and assumption of the rights,
title, interests and obligations present and future in, to, under and in respect of the Debt and the Assigned Documents pursuant to Clause 2.1 and Clause 2.2 and upon the terms and conditions set out in this deed. The Borrower further hereby
acknowledges that the rights of the Assignor under the Debt and the Assigned Documents will be exercisable by, the liabilities and obligations of the Assignor under the Assigned Documents have been assumed by, and any notices in connection therewith
must be given to, the Assignee. Other than as set out above, the Debt and the Assigned Documents shall continue on its existing terms in all other respects. 

  

	2.4	 The Assignee hereby gives notice to the Shareholder of, and the Shareholder hereby acknowledges and (and in
compliance with, and for the purposes of, clause 13.7 (Assignment by Lender) of each agreement constituting the Security) unconditionally consents without any objection to, as evidenced by its signature to this deed, the assignment and assumption of
the rights, title, interests and obligations present and future in, to, under and in respect of the Security pursuant to Clause 2.1 and Clause 2.2 and upon the terms and conditions set out in this deed. The Shareholder further hereby acknowledges
that the rights of the Assignor under the Security will be exercisable by, the liabilities and obligations of the Assignor under the agreements constituting the Security have been assumed by, and any notices in connection therewith must be given to,
the Assignee. Other than as set out above, the Security shall continue on its existing terms in all other respects. 

  

	3.	 INVESTIGATION AND RELIANCE 

 

	3.1	 The Assignee confirms to the Assignor that it has received such information as it deems appropriate under the
circumstances (however obtained), concerning the financial condition, creditworthiness, status or nature of any Obligor, to make an informed decision regarding the assignment referred to in Clause 2.1. 

 

	3.2	 The Assignee agrees that it has made its own independent analysis and decision to enter into the assignment and
assumption referred to in Clause 2.1, based on such information as it has deemed appropriate under the circumstances, and without reliance on the Assignor. 

  

	3.3	 On the date of this deed and the Assignment Date the Assignor and the Assignee each represents and warrants to
the other that: 

  

	(a)	 it is a duly incorporated limited liability company validly existing under the law of its jurisdiction of
incorporation; and 

  

	(b)	 it has the power and authority to enter into, deliver and perform, and has taken all necessary action to
authorise the entry into, delivery and performance of this deed and the transactions contemplated by hereby. 

  

	3.4	 On the date of this deed and the Assignment Date the Assignor represents and warrants to the Assignee that:

  
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	(a)	 it is the sole legal and beneficial owner and has good title to: 

 

	 	(i)	 the Debt; and 

  

	 	(ii)	 the rights and benefits under or in respect of each Assigned Document; 

 

	(b)	 no Security Interest or other encumbrance (including any rights of set off) exists, or may exist as a result of
any arrangement or agreement, over the Debt or the rights and benefits of the Assignor under or in respect of any Assigned Document; 

  

	(c)	 no Event of Default has occurred, is continuing or will occur as a result of the assignment to be effected by
this deed and no decision has been taken by the Assignor to accelerate or enforce its rights under any Assigned Document; and 

  

	(d)	 all rights, benefits and obligations which the parties have agreed to assign or transfer to the Assignee under
this deed are capable of being assigned or transferred. 

  

	3.5	 Subject to Clause 3.3 and Clause 3.4 the Assignor does not make, and the Assignee does not rely upon, any
representation, warranty or condition (express or implied) about, and the Assignor shall have no liability or responsibility to the Assignee for: 

  

	(a)	 the effectiveness, validity or enforceability of the Assigned Documents delivered by the Assignor to the
Assignee, or any of the terms or conditions contained in the Assigned Documents; 

  

	(b)	 any non-performance by any party to the Assigned Documents; or

  

	(c)	 the financial condition, creditworthiness, status or nature of any Obligor. 

 

	4.	 NOTICE 

  

	4.1	 All notices and other communications hereunder shall take effect on receipt and be by letter, email or
facsimile transmission. Such notices shall be sent to the relevant party at such address, email address or fax number set out below its signature to this deed or such other address, email address or fax number as it may notify to the other parties
from time to time. 

  

	4.2	 All future correspondence, dealings, and deliveries in respect of the Assigned Documents or the Debt should be
made to the Assignee whose details are as follows: 

 GRIMAUD VENTURES S.A. 

c/o Navios South American Logistics Inc. 
 Aguada Park Free Zone

 Paraguay 2141, Of. 1603 
 Montevideo, Uruguay 

Fax no: +598 2927-2219 
  

	5.	 INDEMNITY 

  

	5.1	 The Assignee shall indemnify and hold the Assignor harmless against any losses, damages or costs the Assignor
suffers or incurs arising out of, relating to, or in connection with the Debt and the Assigned Documents (whether before or after the Assignment Date). 

  

	5.2	 This indemnity shall not cover the Assignor to the extent that a claim under it results from the
Assignor’s gross negligence or wilful misconduct. 

  

	6.	 COSTS 

  

	6.1	 Subject to Clause 6.2, each party shall pay its own costs and expenses incurred in connection with the
negotiation, preparation, execution and performance of this deed (and any documents referred to in it). 

  
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	6.2	 The Assignee shall pay any stamp duty and other similar duties and taxes (if any) to which this deed
(and any documents referred to in it) may be subject or may give rise or which may otherwise be payable in connection with the assignment of the rights, title, interest and benefits in and to the Debt and the Assigned Documents.

  

	7.	 FURTHER ASSURANCE 

At its own expense, each party shall promptly execute and deliver such documents and perform such acts as may be required for the purpose of giving full effect
to this deed. 
  

	8.	 THIRD PARTY RIGHTS 

Except as expressly provided elsewhere in this deed, a person who is not a party to this deed (other than a permitted successor or assign) has no right under
the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this deed. This does not affect any right or remedy of a third party which exists, or is available, apart from that Act. 

 

	9.	 GOVERNING LAW AND JURISDICTION 

 

	9.1	 This deed and any dispute or claim (including non-contractual disputes
or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with English law. 

  

	9.2	 Each party irrevocably agrees that the courts of England shall have exclusive jurisdiction to settle any
dispute or claim (including non-contractual disputes or claims) arising out of or in connection with this deed or its subject matter or formation. 

This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it. 

  
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 SCHEDULE 1 

SECURITY 
  

					
	Description of security	  	 Chargor/Pledgors
	  	 Date

	Charge over Shares re: Rider Shipmanagement Inc.	  	Anemos Maritime Holdings Inc.	  	25 April 2019
	Charge over Shares re: Talia Shiptrade S.A.	  	Anemos Maritime Holdings Inc.	  	25 April 2019
	Charge over Shares re: Thalassa Marine S.A.	  	Anemos Maritime Holdings Inc.	  	25 April 2019
	Charge over Shares re: Asteroid Shipping S.A.	  	Anemos Maritime Holdings Inc.	  	25 April 2019
	Charge over Shares re: Cloud Atlas Marine S.A.	  	Anemos Maritime Holdings Inc.	  	25 April 2019
	Borrower Pledge over Collateral Account	  	Navios Maritime Holdings, Inc.	  	25 April 2019
	Account Control Agreement	  	Navios Maritime Holdings, Inc.	  	25 April 2019

  
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