Document:

exv10w2

 

RESTRICTED COMMON UNIT GRANT NOTICE

     Martin Midstream Partners L.P., a Delaware limited partnership (the “Partnership”),
hereby grants to Holder the number of common units set forth below, which units represent limited
partnership interests in the Partnership (the “Units”), subject to the restrictions set forth
herein and to a substantial risk of forfeiture (such Units, as subject to such restrictions and
risk of forfeiture, are herein referred to as the “Restricted Units”). The purchase price, if any,
for such Restricted Units is set forth below. The Restricted Units are subject to all of the terms
and conditions as set forth herein and are being issued by the Partnership to Holder under and
pursuant to the Partnership’s Amended and Restated Long-Term Incentive Plan (the “Plan”).

	 	 	 
	Holder:
	 	 

	 
	 	 

	Date of Grant:
	 	 

	 
	 	 

	Number of Restricted Units:
	 	 

	 
	 	 

	Purchase Price (if any):
	 	$ 

	 
	 	 

	Vesting Schedule:
	 	The Restricted Units shall vest (only on the indicated dates specified below and
not on a prorata basis over the indicated annual periods specified below) in accordance with
the following schedule, subject to Holder’s continuous uninterrupted service as a member of
the Board of Directors (the “Board”) of Martin Midstream GP LLC, the Partnership’s general
partner (the “General Partner”), through the applicable vesting date:

	 
	 	 

	 	 	(i) 25% of the Restricted Units shall be vested on the first
anniversary of the Date of Grant;

	 
	 	 

	 	 	(ii) An additional 25% of the Restricted Units shall be vested on
the second anniversary of the Date of Grant;

	 
	 	 

	 	 	(iii) An additional 25% of the Restricted Units shall be vested on
the third anniversary of the Date of Grant; and

	 
	 	 

	 	 	(iv) An additional 25% of the Restricted Units shall be vested on
the fourth anniversary of the Date of Grant.

	 
	 	 

	 	 	Notwithstanding the above, in the event of a Change in Control
during Holder’s continuous membership on the Board, any Restricted
Units not previously vested shall vest immediately prior to such
Change in Control. For purposes of this Notice:

	 
	 	 

	 	 	“Change in Control” shall be deemed to have occurred upon the
occurrence of one or more of the following events: (i) any sale,

 

 

	 	 	 
	 	 	lease, exchange or other transfer (in one or a series of related
transactions) of all or substantially all of the assets of the
Partnership and it subsidiaries to any Person or its Affiliates,
other than the Partnership or its subsidiaries, the General Partner
or any of their Affiliates, (ii) any merger, reorganization,
consolidation or other transaction pursuant to which more than 50%
of the combined voting power of the equity interests in the
Partnership ceases to be owned by Persons who own such interests as
of the Date of Grant, or (iii) the General Partner ceasing to be at
least a majority owned subsidiary of Martin Resource Management
Corporation or its Affiliates.

	 
	 	 

	 	 	“Affiliate” means, with respect to any Person, any other Person that
directly or indirectly through one or more intermediaries controls,
is controlled by or is under common control with, the Person in
question. As used herein, the term “control” means the possession,
direct or indirect, of the power to direct or cause the direction of
the management and policies of a Person, whether through ownership of
voting securities, by contract or otherwise.

	 
	 	 

	 	 	“Person” means an individual or a corporation, limited liability
company, partnership, joint venture, trust, unincorporated
organization, association, government agency or political
subdivision thereof or other entity.

	 
	 	 

	Termination of
Service:
	 	In the event of Holder’s termination of service as a member
of the Board for any reason (i) all further vesting with
respect to any then unvested Restricted Units shall
immediately cease on the date of such termination and (ii)
any then unvested Restricted Units shall be deemed to have
been immediately forfeited by Holder on the date of such
termination for no consideration. Holder shall be entitled
to retain any then vested Restricted Units on the date of
such termination.

	 
	 	 

	83(b) Election:
	 	Under Section 83 of the Internal Revenue Code, as amended (the “Code”), the excess
of the fair farket value of the Restricted Units over the purchase price paid for such Units,
with such excess measured on the date any forfeiture restrictions applicable to such Units
lapse,will be reportable as ordinary income to Holder on the lapse date. For this purpose,
the term “forfeiture restrictions” includes the vesting provisions applicable to the
Restricted Units. Holder may elect under Section 83(b) of the Code to be taxed at the time
the Restricted Units are acquired, rather than when and as such Restricted Units cease to be
subject to such forfeiture restrictions. Such election must be filed with the Internal
Revenue Service within 30 days after the Date of Grant. Even if the fair

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	 	 	market value of the Restricted Units on the Date of Grant equals the
purchase price paid for such Units (and thus no income is then
recognized nor tax is payable), the election must be made to avoid
adverse tax consequences in the future. The form for making this
election is attached as Exhibit A hereto.

	 
	 	 

	 	 	HOLDER ACKNOWLEDGES THAT IT IS HOLDER’S SOLE RESPONSIBILITY, AND NOT
THE PARTNERSHIP’S, TO FILE A TIMELY ELECTION UNDER SECTION 83(b) OF
THE CODE, EVEN IF HOLDER REQUESTS THE PARTNERSHIP OR ITS
REPRESENTATIVES TO MAKE THIS FILING ON HIS BEHALF.

	 
	 	 

	 	 	THE DISCUSSION ABOVE IS INTENDED ONLY AS A SUMMARY AND DOES NOT
PURPORT TO BE A COMPLETE DISCUSSION OF ALL POTENTIAL TAX EFFECTS
RELEVANT TO HOLDER. IT IS STRONGLY RECOMMENDED THAT HOLDER CONSULT
WITH HOLDER’S OWN TAX ADVISOR CONCERNING THE TAX CONSEQUENCES OF THE
GRANT OF RESTRICTED UNITS HEREUNDER AND ANY RELATED TRANSACTIONS WITH
RESPECT TO HOLDER’S PERSONAL TAX CIRCUMSTANCES.

	 
	 	 

	Additional Terms:
	 	The Restricted Units shall be subject to the following additional terms:

	 	•	 	The Restricted Units granted hereunder shall be registered in
Holder’s name on the books of the Partnership, but the
certificates, if any, evidencing such Restricted Units shall be
retained by the Partnership while the Restricted Units remain
unvested. Concurrently with the execution of this Grant Notice
by Holder, Holder shall execute an Assignment Separate from
Certificate (in the form attached hereto as Exhibit B) with
respect to such Restricted Units. The Partnership will release
to Holder the applicable certificates representing then vested
Restricted Units on each vesting date.
	 
	 	•	 	Upon vesting of the Restricted Units (or at such other time
as the Restricted Units might be taken into Holder’s income),
Holder will be required to satisfy applicable withholding and
all other tax obligations. The Company will not fund, advance
or pay on behalf of Holder any such tax obligations.

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	 	•	 	In addition to any other restrictions set forth in this Grant
Notice, until such time as the Restricted Units have vested
pursuant to the terms hereof and then only in compliance with
applicable federal and state securities laws, Holder shall not
be permitted to sell, transfer, pledge or otherwise encumber or
dispose of the Restricted Units (including by operation of law
or the laws of descent and distribution). Notwithstanding
anything contained herein to the contrary, the Partnership in
its sole discretion shall have the authority to remove any or
all of the restrictions on the Restricted Units whenever it may
determine that, by reason of changes in applicable laws arising
after the Date of Grant, such action is appropriate.
	 
	 	•	 	This Grant Notice does not confer upon Holder any right to
continue as a member of the Board and such membership may be
terminated at any time.
	 
	 	•	 	This Grant Notice shall be construed and interpreted in
accordance with the laws of the State of Texas, without regard
to the principles of conflicts of law thereof.

	 	 	 
	Representations,
Warranties and Additional
Agreements of
Holder:
	 	Holder hereby represents and warrants to, and
covenants and agrees with, the Partnership as
follows:

	 	•	 	Holder is an “accredited investor” as that term is defined
under the Securities Act of 1933, as amended (the “Securities
Act”).
	 
	 	•	 	Holder is taking the Restricted Units for investment purposes
and not with a view to their distribution in violation of
applicable federal and state securities laws and Holder is
prepared to retain and hold such Units for an indefinite period
of time.
	 
	 	•	 	Holder understands and agrees that the Restricted Units have
not been registered under the Securities Act of 1933, as amended
(the “Securities Act”), nor qualified under any state securities
laws, and that they are being issued to Holder pursuant to an
exemption from such registration and qualification based in part
upon such Holder’s representations contained herein.

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	 	•	 	Holder understands and agrees that the Restricted Units are
“restricted securities” under the Securities Act and applicable
state securities laws and may not be sold, transferred, pledged
or otherwise encumbered or disposed of (including by operation
of law or the laws of descent and distribution) unless such
Units are first registered under the Securities Act, and
qualified under applicable state securities laws, or unless an
exemption from such registration and qualification is available.
	 
	 	•	 	Holder understands and agrees that the certificates
representing the Restricted Units will include on the face
thereof restrictive legends pertaining to applicable federal and
state securities laws and the other relevant terms and
provisions of the Partnership’s governing partnership agreement.
	 
	 	•	 	Holder understands and agrees that the Restricted Units are
being issued to him in accordance with, and subject to the Plan,
as well as the other terms and conditions specified in this
Grant Notice.

THE UNDERSIGNED HOLDER ACKNOWLEDGES RECEIPT OF THIS GRANT NOTICE AND THE PLAN, AND, AS AN EXPRESS
CONDITION TO THE GRANT OF RESTRICTED UNITS HEREUNDER, AGREES TO BE BOUND BY THE TERMS OF THIS GRANT
NOTICE AND THE PLAN.

	 	 	 	 	 	 	 
	MARTIN MIDSTREAM PARTNERS L.P.,	 	HOLDER	 	 
	 
	 	 
	 	 	 	 
	By:
	 	Martin Midstream GP LLC,

its general partner
	 	 	 	 
	 
	 	 
	 	 	 	 
	By:
	 	 

	 	By:	 	 
	 	 	 

	 	 	 	 
	 
	 	 
	 	 	 	 
	Name:
	 	 

	 	Name:	 	 
	 	 	 

	 	 	 	 
	 
	 	 
	 	 	 	 
	Title:
	 	 

	 	Date:	 	 
	 	 	 

	 	 	 	 
	 
	 	 
	 	 	 	 
	Date:
	 	 
	 	 	 	 
	 	 	 
	 	 	 	 

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EXHIBIT A

TO THE

RESTRICTED UNIT GRANT NOTICE

ELECTION TO INCLUDE VALUE OF RESTRICTED PROPERTY IN

GROSS INCOME IN YEAR OF TRANSFER UNDER CODE § 83(b)

     The undersigned hereby elects pursuant to § 83(b) of the Internal Revenue Code with respect to
the property described below and supplies the following information in accordance with the
regulations promulgated thereunder:

     1. The name, address and taxpayer identification number of the undersigned are:

	 	 	 	 	 
	Name:

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Address:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	SS#:
	 	 	 	 
	 

	 	 	 	 

     2. Description of property with respect to which the election is being made:

     The undersigned has received ___Common Units of Martin Midstream Partners L.P. (the
“Partnership”).

     3. The date on which property was transferred is _________, ___.

     4. The taxable year to which this election relates is calendar year ___.

     5. The nature of the restriction(s) to which the property is subject is:

     The property is subject to vesting requirements based upon the taxpayer’s
employment with the issuer or one of its affiliates.

     6. Fair market value:

     The aggregate fair market value at time of transfer (determined without regard to any
restrictions other than restrictions which by their terms will never lapse) of the property with
respect to which this election is being made is $___.

     7. Amount paid for property:

     The amount paid by taxpayer for the property is $___.

     8. Furnishing statement to employer:

     A copy of this statement has been furnished to the Partnership, the employer of the
undersigned.

	 	 	 	 	 
	Dated:
	 	 
	 	 
	 	 	 

	 	 
	 	 	 

	 	Taxpayer’s Signature

 

 

ASSIGNMENT

     FOR VALUE RECEIVED    
                        
              hereby sell(s), assign(s) and transfer(s) unto Martin
Midstream Partners L.P. (the “Partnership”),                
                     
     (                 
   ) Common Units of the Partnership
standing in his name on the books of the Partnership and do(es) hereby irrevocably constitute and
appoint                    
                
      Attorney to transfer the said Common Units on the books of the
Partnership with full power of substitution in the premises.

Dated:                                                             

Signature:                                                             

Instruction: Please do not fill in any blanks other than the signature line.

1exv10w1

 

Amendment agreement to Shareholders Agreement

Dated as of 1 September 2004

Imation Corp.

(Imation)

Moser Baer India Ltd.

(MBI)

Global Data Media FZ-LLC

(the Company)

MBI International FZ-LLC

(International)

MBII India Marketing Pvt. Ltd.

(MB3I)

 

 

	 	 	 	 	 
	Contents
	 	 	 	 
	 
	 	 	 	 
	1. Definitions and interpretation

	 	 	4	 
	 
	 	 	 	 
	2. Amendment to Shareholders Agreement

	 	 	4	 
	 
	 	 	 	 
	3. Effective Date

	 	 	4	 
	 
	 	 	 	 
	4. Boilerplate clauses

	 	 	4	 

2

 

Amendment
Agreement

Dated as of 1 September 2004 (the Agreement)

Between

	(1)	 	Imation Corp. (Imation) a company incorporated in the State of Delaware, USA having
its principal office at Imation Place, Oakdale, Minnesota, USA;

	(2)	 	Moser Baer India Ltd. (MBI) a company incorporated in India with registered number
15431 having its registered office at 43A, Okhla Industrial Estate, Phase-III, New
Delhi — 110020, India;

	(3)	 	Global Data Media FZ-LLC (the Company) a free zone limited liability company
incorporated in the Dubai Internet City under licence number 19599 and having its registered
office at Office No. 119/120, Building 14, First Floor, Dubai Internet City, Dubai, United
Arab Emirates;

	(4)	 	MBI International FZ-LLC (International) a free zone limited liability company
incorporated in the Dubai Internet City under licence number 19612 and having its registered
office at Office No. 119/120, Building 14, First Floor, Dubai Internet City, Dubai, United
Arab Emirates; and

	(5)	 	MBII India Marketing Pvt. Ltd. (MB3I) a company incorporated in India having its
registered office at 43B Okhla Industrial Estate, Phase-III, New Delhi — 110020, India.

Imation, MBI, the Company, International and MB3I are collectively referred to as the Parties and
individually each as a Party.

Recitals

	A	 	Imation, MBI, the Company and International entered into a
Shareholders Agreement dated 25 February 2003 regulating the
relationship of Imation and MBI as shareholders in, and the
management of, the Company and its subsidiaries (the Shareholders
Agreement) and pursuant thereto in terms thereof Glyphics Media,
Inc. (Glyphics) and MB3I became parties to the Shareholders
Agreement by executing a deed of adherence agreeing to be bound by
the terms thereof.
	 
	B	 	The Parties have agreed to amend the Shareholders Agreement on
the terms of this Agreement with effect on and from 1 September
2004.

It is agreed

3

 

	1	 	Definitions and interpretation
	 
	1.1	 	Definitions

     Capitalized terms used but not defined herein shall have the meaning ascribed to such terms
in the respective agreement to which the amendment relates.

	1.2	 	Interpretation

In this Agreement:

headings are for ease of reference only and shall not be taken into account in construing
this Agreement;

references to this Agreement or any other document shall be construed as references to this
Agreement or that other document, as amended, varied, novated, supplemented or
replaced from time to time; and

unless otherwise stated, references to any recital, Clause, paragraph or Schedule are to
those contained in this Agreement and all Schedules to this Agreement are an integral
part of this Agreement.

	2   	  	Amendment to Shareholders Agreement

	2.1	 	Recital C

     The Parties agree to amend Recital C to the Shareholders Agreement to delete the words
“(excluding in India)” from the second line.

	2.2	 	Clause 1.1 — definition of Territory

     The Parties agree to amend the definition of Territory in Clause 1.1 of the Shareholders
Agreement to delete the words “excluding the Republic of India”.

	2.3	 	No other amendments

     Save as amended by this Clause 2, the Parties agree that the Shareholders Agreement shall
continue in full force and effect in accordance with its terms.

	3   	  	Effective Date

     The Parties agree that the effective date of this Agreement is 1 September 2004.

	4	 	Boilerplate clauses
	 
	4.1	 	Applicability of Shareholders Agreement

     Clauses
10, 14, 15, 16 and 17 of the Shareholders Agreement shall apply to
this Agreement mutatis mutandis.

4

 

Signed by the Parties or their duly authorised representatives with effect on and from 1 September
2004.

	 	 	 	 	 
	Signed by

duly authorized for and

on behalf of

Imation

	 	)

)

)

)
	 	/s/ Paul R. Zeller
	 

	 	 	 	 
	 
	 	 	 	 
	Signed by

duly authorized for and

on behalf of

MBI

	 	)

)

)

)
	 	/s/ Ratul Puri
	 

	 	 	 	 
	 
	 	 	 	 
	Signed by

duly authorized for and

on behalf of

The Company

	 	)

)

)

)
	 	/s/ Joseph V. Gote
	 

	 	 	 	 
	 
	 	 	 	 
	Signed by

duly authorized for and

on behalf of

International

	 	)

)

)

)
	 	/s/ Thomas W. Foyer
	 

	 	 	 	 
	 
	 	 	 	 
	Signed by

duly authorized for and

on behalf of

MB3I

	 	)

)

)

)
	 	/s/ Rakesh Govil
	 

	 	 	 	 

5

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