Document:

Exhibit

        

Exhibit 10.4

POST HOLDINGS, INC.
RESTRICTED STOCK UNIT AGREEMENT

POST HOLDINGS, INC. (the “Company”), hereby grants to the individual named below (the “Grantee”) an award of restricted stock units (the “Restricted Stock Units”) set forth below, effective on the Date of Grant set forth below, subject to the Grantee timely executing and delivering to the Company, pursuant to such procedures as the Company will establish from time to time, this Restricted Stock Unit Agreement (this “Agreement”).  The Restricted Stock Units shall vest and become payable as set forth below according to the vesting schedule described below, subject to earlier termination of the Restricted Stock Units, as provided in this Agreement and the terms and conditions of the Post Holdings, Inc. 2016 Long-Term Incentive Plan (the “Plan”).  Capitalized terms used but not defined in this Agreement shall have the same definitions as in the Plan.

Grantee:
Number of Restricted Stock Units:
Date of Grant:
Vesting Schedule: 

1.Grant Award.  Subject to Section 3, each Restricted Stock Unit represents the right to receive one Share with respect to each Restricted Stock Unit that vests as set forth in the vesting schedule above and in Section 2 (each such date, a “Vesting Date”, and the portion of the Restricted Stock Units that vests on such date is hereafter referred to as the “Vested Units”).  
2.Vesting and Forfeiture.
(a)    Time of Vesting.  The vesting of each installment of Restricted Stock Units on a Vesting Date is, in all cases, subject to the Grantee’s continued employment with the Company (or its Affiliates or Parent, as applicable) through the applicable Vesting Date.  All unvested Restricted Stock Units will become Vested Units as of the date of the Grantee’s death or Disability, if such events occur prior to the applicable Vesting Dates.  
(b)    Accelerated Vesting.  In addition to the accelerated vesting that may occur following a Change in Control pursuant to Section 6(g) of the Plan, in the event the Grantee’s employment with the Company or its Affiliates or Parent will terminate as a result of the Grantee being employed with a business unit or Subsidiary of the Company that is intended to be transferred to an unaffiliated person, and as a result such business unit or Subsidiary will cease to be a part or Affiliate of the Company or its Parent, and such unaffiliated person or its affiliates does not agree to assume in writing, on substantially the same terms, the Restricted Stock Units and the obligations hereunder, the unvested Restricted Stock Units shall become Vested Units as of immediately prior to the date such transfer is consummated and otherwise treated in accordance with the Agreement and the Plan and the requirements of Section 409A of the Code.
(c)    Forfeiture Upon Termination of Employment.  In the event that the Grantee’s employment terminates for any reason or no reason, with or without Cause, voluntarily or involuntarily, the Grantee shall forfeit all Restricted Stock Units which are not, as of the time of such termination (subject to accelerated vesting as expressly provided in Sections 2(a) and (b)), Vested Units, and the Grantee shall not be entitled to any payment or other consideration with respect thereto.  
3.Settlement of the Vested Units.  
(a)    Settlement.  Subject to all the terms and conditions set forth in this Agreement and the Plan, the Company shall issue to the Grantee a number of Shares equal to the number of Vested Units no later than sixty (60) days after the applicable Vesting Date.  Notwithstanding anything to contrary herein, the Company may, in its sole discretion, in lieu of delivering Shares, elect to settle some or all of the Restricted Stock Units granted pursuant to this Agreement in cash and, in the event the Company so elects, the Company shall deliver to the Grantee an amount in 

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cash equal to the Fair Market Value of a Share of the Company’s Stock as of the applicable Vesting Date multiplied by the number of Vested Units that the Company has elected to settle in cash, no later than sixty (60) days after the applicable Vesting Date.
(b)    Compliance with Laws.  The grant of the Restricted Stock Units and issuance of Shares or cash, if applicable, upon settlement of the Vested Units shall be subject to and in compliance with all applicable requirements of federal, state and foreign law with respect to such securities, other law or regulations and the requirements of any stock exchange or market system upon which the Stock may then be listed.  The Company’s inability to obtain permission or other authorization from any relevant regulatory body necessary to the lawful issuance of any Shares subject to or cash in respect of the Vested Units shall relieve the Company of any liability in respect of the failure to issue such Shares or cash as to which such requisite authority was not obtained.  As a condition to the settlement of the Vested Units, the Company may require the Grantee to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto.
(c)    Registration.  Shares issued in settlement of the Vested Units, if any, shall be registered in the name of the Grantee.  Such Shares may be issued either in certificated or book entry form.  In either event, the certificate or book entry account shall bear such restrictive legends or restrictions as the Company, in its sole discretion, shall require.
4.Incorporation of the Plan by Reference.  The award of Restricted Stock Units pursuant to this Agreement is granted under, and expressly subject to, the terms and provisions of the Plan, which terms and provisions are incorporated herein by reference.  The Grantee hereby acknowledges that a copy of the Plan has been made and remains available to the Grantee.  
5.Committee Discretion.  This Award has been made pursuant to a determination made by the Committee.  Notwithstanding anything to the contrary herein, the Committee shall have the authority as set forth in the Plan.
6.No Right to Continued Employment.  Nothing in this Agreement shall be deemed to create any limitation or restriction on such rights as the Company or its Affiliates or Parent otherwise would have to terminate the employment of the Grantee at any time for any reason.
7.Withholding of Taxes.  In addition to any rights the Company may have pursuant to Section 13(d) of the Plan, the Company shall make such provisions for the withholding or payment of taxes as it deems necessary under applicable law and shall have the right to deduct from payments of any kind otherwise due to the Grantee or alternatively to require the Grantee to remit to the Company an amount in cash, by wire transfer of immediately available funds, certified check or such other form as may be acceptable to the Company, sufficient to satisfy at the time when due any federal, state, or local taxes or other withholdings of any kind required by law to be withheld with respect to the Restricted Stock Units.
8.Entire Agreement.  This Agreement and the Plan contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements, understandings and negotiations between the parties with respect to the subject matter hereof.
9.Governing Law.  To the extent federal law does not otherwise control, this Agreement shall be governed by the laws of the State of Missouri, without giving effect to principles of conflicts of laws.  The Grantee shall be solely responsible to seek advice as to the laws of any jurisdiction to which he or she may be subject, and participation by the Grantee in the Plan shall be on the basis of a warranty by the Grantee that he or she may lawfully so participate without the Company being in breach of the laws of any such jurisdiction.
10.Not Assignable or Transferable.  Restricted Stock Units shall not be assignable or transferable other than by will or by the laws of descent and distribution.  Notwithstanding the foregoing, the Grantee may request authorization from the Committee to assign his or her rights with respect to the Restricted Stock Units granted herein to a trust or custodianship, the beneficiaries of which may include only the Grantee, the Grantee’s spouse or the Grantee’s lineal descendants (by blood or adoption), and, if the Committee grants such authorization, the Grantee may assign his 

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or her rights accordingly.  In the event of any such assignment, such trust or custodianship shall be subject to all the restrictions, obligations, and responsibilities as apply to the Grantee under the Plan and this Agreement and shall be entitled to all the rights of the Grantee under the Plan.
11.Specified Employee Delay and Separation.  Notwithstanding anything herein to the contrary, in the event that the Grantee is determined to be a specified employee within the meaning of Section 409A of the Code, payment on account of termination of employment shall be made on the earlier of the first payroll date which is more than six months following the date of the Grantee’s termination of employment, or the Grantee’s death, in any event only to the extent required to avoid any adverse tax consequences under Section 409A of the Code.  References to termination of employment and similar phrases or terms under this Agreement shall mean a “separation from service” within the meaning of Section 409A of the Code, to the extent necessary to comply with Section 409A of the Code.
IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf, and the Grantee has signed this Agreement to evidence his or her acceptance of the terms hereof, all as of the Date of Grant.
	
				
	Post Holdings, Inc.
	 
	Grantee

	 
	 
	 
	 

	By:
	 
	 
	 

	Name:
	 
	 
	[Name]

	Title:
	 
	 
	 

3Exhibit 10.1

 

AMENDED AND RESTATED

EXPENSE SUPPORT AND CONDITIONAL REIMBURSEMENT
AGREEMENT

 

This Amended and Restated Expense Support
and Conditional Reimbursement Agreement (the “Agreement”) is made this 9th day of November,
2016, by and between FREEDOM CAPITAL CORPORATION, a Maryland corporation (the “Company”), and FREEDOM
CAPITAL INVESTMENT ADVISORS LLC, a Delaware limited liability company (“Freedom Capital Investment Advisors”).

 

WHEREAS, the Company is a non-diversified,
closed-end management investment company that has elected to be regulated as a business development company under the Investment
Company Act of 1940, as amended (the “Investment Company Act”);

 

WHEREAS, Freedom Capital Investment Advisors
is the Company’s investment adviser;

 

WHEREAS, the Company and Freedom Capital
Investment Advisors have determined that it is appropriate and in the best interests of the Company to reduce the Company’s
operating expenses until the Company has achieved economies of scale sufficient to ensure that it bears a reasonable level of expense
in relation to its investment income (the “Operating Expense Objective”);

 

WHEREAS, the Company and Freedom Capital
Investment Advisors have determined that it is appropriate and in the best interests of the Company to ensure that no portion of
distributions made to the Company’s stockholders will be paid from offering proceeds or borrowings of the Company (the “Distribution
Objective”);

 

WHEREAS, the Company and Freedom Capital
Investment Advisors previously entered into that Expense Support and Conditional Reimbursement Agreement (the “Expense
Support Agreement”), dated March 20, 2015; and

 

WHEREAS, the Company and Freedom Capital
Investment Advisors seek to amend and restate the Expense Support Agreement.

 

NOW, THEREFORE, in consideration of the
premises and for other good and valuable consideration, the parties hereby agree as follows:

 

	 	1.	Freedom Capital Investment Advisors Expense Payments to the Company

 

(a) On a quarterly basis, Freedom Capital
Investment Advisors shall reimburse the Company for operating expenses and stockholder distributions in an amount sufficient to
meet the Operating Expense Objective and/or the Distribution Objective. For purposes of this Agreement, “Operating
Expenses” means all costs and expenses paid or incurred by the Company, as determined under generally accepted accounting
principles, including, without limitation, advisory fees payable pursuant to the Investment
Advisory and Administrative Services Agreement dated as of March 5, 2015 between Freedom Capital Investment Advisors and the Company
(the “Advisory Agreement”), interest on indebtedness for such period, organizational and offering
expenses (as defined by Conduct Rule 2310(a)(12) of the Financial Industry Regulatory Authority) (“Organization Expenses”),
and expenses incurred in connection with the Company’s ongoing public offering of its common stock (“Offering
Expenses”). Any payments required to be made by Freedom Capital Investment Advisors pursuant to this Section 1(a)
shall be referred to herein as an “Expense Payment.”

 

     

     

    

 

(b) Freedom Capital Investment Advisors’
obligation to make an Expense Payment shall automatically become a liability of Freedom Capital Investment Advisors and the right
to such Expense Payment shall be an asset of the Company no later than the last business day of the applicable calendar quarter.
The Expense Payment for any calendar quarter shall be paid by Freedom Capital Investment Advisors to the Company in any combination
of cash or other immediately available funds, and/or offset against amounts due from the Company to Freedom Capital Investment
Advisors, including amounts due to Freedom Capital Investment Advisors that have become a liability of the Company pursuant to
any other agreement between the Company and Freedom Capital Investment Advisors, no later than the earlier of (i) the date on which
the Company closes its books for such calendar quarter and (ii) forty-five days after the end of such calendar quarter.

 

(c) For purposes of this Agreement, “Available
Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term
capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net
long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on
account of preferred and common equity investments in portfolio companies (to the extent such amounts listed in clause (iii) are
not included under clauses (i) and (ii) above).

 

(d) For purposes of this Agreement, “Reimbursable
Expenses” means all costs and expenses paid or incurred by the Company, as determined under generally accepted accounting
principles, that are: (i) reimbursable pursuant to the Advisory Agreement and (ii) paid or accrued by Freedom Capital Investment
Advisors on behalf of the Company and not otherwise already reimbursable pursuant to Section 1(d)(i) above.

 

	 	2.	Reimbursement of Expense Payments by the Company

 

(a) Following any calendar quarter in which
Available Operating Funds exceed the cumulative distributions paid by the Company in such calendar quarter and such excess that
is intended to be used to pay expenses qualifying as a Reimbursable Expense (the amount of such excess being hereinafter referred
to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof,
in accordance with Sections 2(b) and 2(c), as applicable, to Freedom Capital Investment Advisors, or accrue such Excess Operating
Funds as a liability, until such time as all Expense Payments made by Freedom Capital Investment Advisors to the Company have been
reimbursed or waived. Any payments required to be made by the Company pursuant to this Section 2(a) shall be referred to herein
as a “Reimbursement Payment.”

 

(b) Subject to Section 2(c), the amount
of the Reimbursement Payment for any calendar quarter shall equal the lesser of (i) the Excess Operating Funds in such quarter
and (ii) the aggregate amount of all Expense Payments made by Freedom Capital Investment Advisors to the Company within three years
prior to the last business day of such calendar quarter that have not been previously reimbursed by the Company to Freedom Capital
Investment Advisors.

 

     

     

    

 

(c) On the date mutually agreed to by the
Company and Freedom Capital Investment Advisors for reimbursement of a specified Expense Support Payment (the “Reimbursement
Date”),the Company hereby agrees to reimburse Freedom Capital Investment Advisors, as promptly as possible, in an
amount equal to such specified Expense Support Payment, provided that (i) the Operating Expense Ratio as of such Reimbursement
Date is equal to or less than the Operating Expense Ratio as of the Expense Support Payment Date attributable to such specified
Expense Support Payment; (ii) the Annualized Distribution Rate as of such Reimbursement Date is equal to or greater than the Annualized
Distribution Rate as of the Expense Support Payment Date attributable to such specified Expense Support Payment; (iii) such Reimbursement
Date is not later than three years following such specified Expense Support Payment Date; and (iv) the Expense Support Payment
does not cause the Company’s Other Operating Expenses to exceed 1.75% of the Company’s net assets attributable to common
shares (as such term is used in the Registration Statement), after taking such reimbursement into account. For purposes of this
Agreement, “Other Operating Expenses” means the Company’s total Operating Expenses (as defined
in Section 1(a) herein), excluding base management fees, incentive fees, organization and offering expenses, financing fees and
costs, interest expense, brokerage commissions and extraordinary expenses. “Operating Expense Ratio”
means Other Operating Expenses, as of the applicable period, expressed as a percentage of the net assets of the Company as of the
relevant measurement date. “Annualized Distribution Rate” means the per share amount of all regular cash
distributions paid to stockholders of the Company, but excluding special cash distributions or the effect of any stock dividends
paid by the Company, as of the applicable period, expressed as a percentage of the Company’s public offering price per share
as of the relevant measurement date.

 

(d) The Company’s obligation to make
a Reimbursement Payment shall automatically become a liability of the Company and the right to such Reimbursement Payment shall
be an asset of Freedom Capital Investment Advisors no later than the last business day of the applicable calendar quarter. The
Reimbursement Payment for any calendar quarter shall be paid by the Company to Freedom Capital Investment Advisors in any combination
of cash or other immediately available funds as promptly as possible following such calendar quarter and in no event later than
forty-five days after the end of such calendar quarter. Any Reimbursement Payments shall be deemed to have reimbursed Freedom Capital
Investment Advisors for Expense Payments in chronological order beginning with the oldest Expense Payment eligible for reimbursement
under this Section 2.

 

(e) All Reimbursement Payments hereunder
shall be deemed to relate to the earliest unreimbursed Expense Payments made by Freedom Capital Investment Advisors to the Company
within three years prior to the last business day of the calendar quarter in which such Reimbursement Payment obligation is accrued.

 

	 	3.	Termination and Survival

 

(a) This Agreement shall become effective
as of the date of this Agreement.

 

(b) This Agreement may be terminated at
any time, without the payment of any penalty, by the Company or Freedom Capital Investment Advisors at any time, with or without
notice.

 

     

     

    

 

(c) This Agreement shall automatically terminate
in the event of (i) the termination by the Company of the Advisory Agreement or (ii) the board of directors of the Company makes
a determination to dissolve or liquidate the Company.

 

(d) Sections 3 and 4 of this Agreement shall
survive any termination of this Agreement. Notwithstanding anything to the contrary, Section 2 of this Agreement shall survive
any termination of this Agreement with respect to any Expense Payments that have not been reimbursed by the Company to Freedom
Capital Investment Advisors.

 

	 	4.	Miscellaneous

 

(a) The captions of this Agreement are included
for convenience only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

 

(b) This Agreement contains the entire agreement
of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

 

(c) Notwithstanding the place where this
Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State
of Delaware. For so long as the Company is regulated as a business development company under the Investment Company Act, this Agreement
shall also be construed in accordance with the applicable provisions of the Investment Company Act. In such case, to the extent
the applicable laws of the State of Delaware or any of the provisions herein conflict with the provisions of the Investment Company
Act, the latter shall control. Further, nothing in this Agreement shall be deemed to require the Company to take any action contrary
to the Company’s Articles of Amendment and Restatement or Bylaws, as each may be amended or restated, or to relieve or deprive
the board of directors of the Company of its responsibility for and control of the conduct of the affairs of the Company.

 

(d) If any provision of this Agreement shall
be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected
thereby and, to this extent, the provisions of this Agreement shall be deemed to be severable.

 

(e) The Company shall not assign this Agreement
or any right, interest or benefit under this Agreement without the prior written consent of Freedom Capital Investment Advisors.

 

(f) This Agreement may be amended in writing
by mutual consent of the parties. This Agreement may be executed by the parties on any number of counterparts, delivery of which
may occur by facsimile or as an attachment to an electronic communication, each of which shall be deemed an original, and all of
said counterparts taken together shall be deemed to constitute one and the same instrument.

  

 

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blank.]

  

     

     

    

  

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

 

 

 

	FREEDOM CAPITAL CORPORATION	 
	
         

         
	 
	By:	  /s/ Jeffrey McClure	 	 
	Name:  Jeffrey McClure	 
	Title:  CEO	 
	 	 
	FREEDOM CAPITAL INVESTMENT ADVISORS LLC	 
	
         

         
	 
	By:	  /s/ Jeffrey McClure	 	 
	Name:  Jeffrey McClure	 
	Title:  CEO	 

 

 

 

 

[Signature Page to Amended and Restated

Expense Support and Conditional Reimbursement
Agreement]

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