Document:

EX-10.12H

 Exhibit 10.12H 

Execution Version 
  

 
  

NINTH 
 LOAN AND SECURITY AGREEMENT
SUPPLEMENT 
 among 
 SBA
PROPERTIES, LLC, 
 SBA SITES, LLC, 

SBA STRUCTURES, LLC, 
 SBA
INFRASTRUCTURE, LLC, 
 SBA MONARCH TOWERS III, LLC, 

SBA 2012 TC ASSETS PR, LLC, 
 SBA
2012 TC ASSETS, LLC, 
 SBA TOWERS IV, LLC, 

SBA MONARCH TOWERS I, LLC, 
 SBA
TOWERS USVI, INC., 
 SBA GC TOWERS, LLC, 

SBA TOWERS VII, LLC 
 SBA TOWERS V,
LLC 
 SBA TOWERS VI, LLC 
 as
Closing Date Borrowers, 
 and 

MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, 

as Servicer on behalf of Deutsche Bank Trust Company Americas, as Trustee 

dated as October 27, 2021 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  

	
	DEFINITIONS AND INCORPORATION BY REFERENCE	  

			
	 Section 1.01
	 	 Definitions
	  	 	2	 
	
	ARTICLE II	  

	
	2021-2C COMPONENT, 2021-3C COMPONENT AND 2021-3R COMPONENT DETAILS	  

			
	 Section 2.01
	 	 2021-2C Component,
2021-3C Component and 2021-3R Component Details
	  	 	4	 
	
	ARTICLE III	  

	
	MORTGAGE LOAN INCREASE	  

			
	 Section 3.01
	 	 Loan Increase
	  	 	5	 
	 Section 3.02
	 	 Use of Proceeds
	  	 	6	 
	
	ARTICLE IV	  

	
	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE BORROWERS	  

			
	 Section 4.01
	 	 Representations and Warranties
	  	 	7	 
	 Section 4.02
	 	 Amendments to Exhibits and Schedules to the Loan Agreement
	  	 	7	 
	
	ARTICLE V	  

	
	GENERAL PROVISIONS	  

			
	 Section 5.01
	 	 Governing Law
	  	 	7	 
	 Section 5.02
	 	 Severability
	  	 	7	 
	 Section 5.03
	 	 Counterparts
	  	 	8	 
	
	ARTICLE VI	  

	
	APPLICABILITY OF THE LOAN AGREEMENT	  

			
	 Section 6.01
	 	 Applicability
	  	 	8	 

  

  
 -i- 

 NINTH LOAN AND SECURITY AGREEMENT SUPPLEMENT 

NINTH LOAN AND SECURITY AGREEMENT SUPPLEMENT (this “Loan Agreement Supplement”), dated as of October 27, 2021,
and entered into by and among SBA PROPERTIES, LLC, a Delaware limited liability company (“SBA Properties”), SBA SITES, LLC, a Delaware limited liability company (“SBA Sites”), SBA STRUCTURES,
LLC, a Delaware limited liability company (“SBA Structures”), SBA INFRASTRUCTURE, LLC, a Delaware limited liability company (“SBA Infrastructure”), SBA MONARCH TOWERS III, LLC, a Delaware limited
liability company (“SBA Monarch III”), SBA 2012 TC ASSETS PR, LLC, a Delaware limited liability company (“SBA TC PR”), SBA 2012 TC ASSETS, LLC, a Delaware limited liability company
(“SBA TC”), SBA TOWERS IV, LLC, a Delaware limited liability company (“SBA Towers IV”), SBA MONARCH TOWERS I, LLC, a Delaware limited liability company (“SBA Monarch
I”), SBA TOWERS USVI, INC., a U.S. Virgin Islands corporation (“SBA USVI”), SBA GC TOWERS, LLC, a Delaware limited liability company (“SBA GC”), SBA TOWERS VII, LLC, a Delaware
limited liability company (“SBA Towers VII”), SBA TOWERS V, LLC, a Delaware limited liability company (“SBA Towers V”) and SBA TOWERS VI, LLC, a Delaware limited liability company (“SBA Towers
VI” and, collectively with SBA Properties, SBA Sites, SBA Structures, SBA Infrastructure, SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch I, SBA USVI, SBA GC, SBA Towers VII and SBA Towers V, the “Closing Date
Borrowers” and, each individually, a “Closing Date Borrower”), and MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as servicer (the “Servicer”), on behalf of DEUTSCHE
BANK TRUST COMPANY AMERICAS, as trustee (the “Trustee”) under that certain Amended and Restated Trust and Servicing Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Trust
Agreement”) dated as of October 15, 2014 among SBA DEPOSITOR LLC (the “Depositor”), the Servicer and the Trustee. 

RECITALS 
 WHEREAS,
the Closing Date Borrowers are the Borrowers under a Second Amended and Restated Loan and Security Agreement, dated as of October 15, 2014, as supplemented and amended by the First Loan and Security Agreement Supplement and Amendment, dated as
of October 14, 2015, the Second Loan and Security Agreement Supplement, dated as of July 7, 2016, the Third Loan and Security Agreement Supplement and Amendment, dated as of April 17, 2017, the Fourth Loan and Security Agreement
Supplement, dated as of March 9, 2018, the Fifth Loan and Security Agreement Supplement, dated as of September 13, 2019, the Sixth Loan and Security Agreement Supplement, dated as of July 14, 2020, the Seventh Loan and Security
Agreement Supplement, dated as of May 14, 2021 and the Eighth Loan and Security Agreement Supplement and Amendment, dated as of September 10, 2021 (the “Loan Agreement”), among the Closing Date Borrowers and the Servicer
on behalf of the Trustee; 
 WHEREAS, pursuant to Section 3.2 of the Loan Agreement, the Closing Date Borrowers desire to
effect a Loan Increase in an amount equal to $1,790,000,000 (the “Eighth Mortgage Loan Increase”), in the form of (i) one (1) component in an amount equal to $895,000,000 designated as the
2021-2C Component (the “2021-2C Component”), (ii) one (1) component in an amount equal to $895,000,000 designated as the 2021-3C Component (the “2021-3C Component”), and (iii) one (1) component in an amount equal to $94,300,000 designated as the
2021-3R Component (the “2021-3R Component”), and the Lender has agreed to the Eighth Mortgage Loan Increase and to advance the amount of the Eighth
Mortgage Loan Increase; 

  
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 WHEREAS, each of the 2021-2C Component, the 2021-3C Component and the 2021-3R Component constitutes a Component as defined in the Loan Agreement; 

WHEREAS, the Closing Date Borrowers and the Lender intend these recitals to be a material part of this Loan Agreement Supplement; and

 WHEREAS, all things necessary to make this Loan Agreement Supplement the valid and legally binding obligation of the Closing Date
Borrowers in accordance with its terms, for the uses and purposes herein set forth, have been done and performed. 
 NOW, THEREFORE,
it is mutually covenanted and agreed as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Definitions. All defined terms used herein and not defined herein shall have the meanings ascribed to such terms in
the Loan Agreement. All words and phrases defined in the Loan Agreement shall have the same meanings in this Loan Agreement Supplement, except as otherwise appears in this Article. In addition, the following terms have the following meanings in this
Loan Agreement Supplement unless the context clearly requires otherwise: 
 “2021-2
Anticipated Repayment Date” shall have the meaning ascribed to it in Section 2.01(a)(iv) hereof. 
 “2021-2C Component” shall have the meaning ascribed to it in the Recitals hereto. 
 “2021-2C Note” shall have the meaning ascribed to it in Section 3.01(b) hereof. 
 “2021-2C Securities” shall mean the Series 2021-2C securities issued by the SBA Tower Trust pursuant to the Trust Agreement corresponding to the 2021-2C Component. 
 “2021-3 Anticipated Repayment
Date” shall have the meaning ascribed to it in Section 2.01(a)(iv) hereof. 

“2021-3C Component” shall have the meaning ascribed to it in the Recitals hereto.

 “2021-3C Note” shall have the meaning ascribed to it in Section 3.01(b)
hereof. 
 “2021-3C Securities” shall mean the Series 2021-3C securities issued by the SBA Tower Trust pursuant to the Trust Agreement corresponding to the 2021-3C Component. 

  
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 “2021-3R Component” shall have the
meaning ascribed to it in the Recitals hereto. 
 “2021-3R Note” shall have the
meaning ascribed to it in Section 3.01(b) hereof. 
 “2021-3R Securities”
shall mean the Series 2021-3R securities issued by the SBA Tower Trust pursuant to the Trust Agreement corresponding to the 2021-3R Component. 

“Additional Closing Date” shall mean October 27, 2021. 

“Anticipated Repayment Date” shall have the meaning ascribed to it in Section 2.01(a)(iv) hereof. 

“Component Rate” shall mean, for each of the 2021-2C Component, the 2021-3C Component and the 2021-3R Component, the applicable rate per annum set forth in respect of such Component in Section 2.01(a)(i) hereof. 

“Eighth Mortgage Loan Increase” shall have the meaning ascribed to it in the Recitals hereto. 

“Loan Agreement” shall have the meaning ascribed to it in the Recitals hereto. 

“Maturity Date” shall mean the date set forth in Section 2.01(a)(iii) hereof. 

“Mortgage File” shall have the meaning ascribed to it in the Trust Agreement. 

“Post-ARD Additional Interest Rate” shall have the meaning ascribed to it in
Section 2.01(a)(ii) hereof. 
 “Yield Maintenance” shall have the meaning ascribed to it in Section 2.01(a)(iv)
hereof. 
 Words importing the masculine gender include the feminine gender. Words importing persons include firms, associations and
corporations. Words importing the singular number include the plural number and vice versa. Additional terms are defined in the body of this Loan Agreement Supplement. 

In the event that any term or provision contained herein with respect to the 2021-2C Component, the 2021-3C Component or the 2021-3R Component shall conflict with or be inconsistent with any term or provision contained in the Loan Agreement, the terms and provisions of this
Loan Agreement Supplement shall govern. 

  
 -3- 

 ARTICLE II 

2021-2C COMPONENT, 2021-3C COMPONENT AND 2021-3R COMPONENT DETAILS 
 Section 2.01 2021-2C
Component, 2021-3C Component and 2021-3R Component Details. (a) Except as otherwise set forth below, each of the 2021-2C
Component, the 2021-3C Component and the 2021-3R Component authenticated and delivered under this Loan Agreement Supplement shall consist of one (1) Component
having: 
 (i) The designation, the initial Component Principal Balance and the Component Rate set forth below. 

 

									
	 Component
	  	Initial Component
Principal Balance	 	  	Component
Rate	 
	 2021-2C Component
	  	$	895,000,000	 	  	 	1.840	% 
	 2021-3C Component
	  	$	895,000,000	 	  	 	2.593	% 
	 2021-3R Component
	  	$	94,300,000	 	  	 	4.090	% 

 (ii) With respect to the 2021-2C Component and the 2021-3C Component only, Post-ARD Additional Interest Rate determined by the Servicer to be the greater of (i) five percent (5%) and (ii) the amount, if any, by which
the sum of the following exceeds the Component Rate for such Component: (x) the yield to maturity (adjusted to a “mortgage equivalent basis” pursuant to the standards and practices of the Securities Industry Association) on the
Anticipated Repayment Date with respect to such Component, of the United States Treasury Security having a term closest to ten (10) years, plus (y) five percent (5%), plus (z) the “Spread” set forth below in the appropriate
row corresponding to such Component. No Post-ARD Additional Interest will accrue with respect to the 2021-3R Component. 

 

					
	 Component
	  	Spread	 
	 2021-2C
	  	 	0.80	% 
	 2021-3C
	  	 	1.00	% 

 (iii) (x) With respect to the 2021-2C Component, a
Maturity Date which is the Due Date occurring in October 2051 and (y) with respect to the 2021-3C Component and 2021-3R Component, a Maturity Date which is the Due
Date occurring in October 2056, in each case or such earlier date on which the final payment of principal of the Notes becomes due and payable as provided in the Loan Agreement, whether at such Maturity Date, by acceleration, or otherwise. 

(iv) With respect to the 2021-2C Component and
2021-3C Component only, Yield Maintenance in an amount equal to the excess, if any, of (i) the present value as of the date of prepayment (by acceleration or otherwise) of all future installments of
principal and interest that the Closing Date Borrowers would otherwise be required to pay on such Component (or portion thereof) on the related Due Date from the date of such prepayment 

  
 -4- 

 
to and including the first Due Date that occurs less than twelve months prior to the Anticipated Repayment Date for such Component absent such prepayment, assuming the entire unpaid Principal
Amount of such Component is required to be paid on such Due Date, with such present value determined by the use of a discount rate equal to the sum of (x) the yield to maturity (adjusted to a “mortgage equivalent basis” pursuant to
the standards and practices of the Securities Industry Association), on the Due Date relating to the date of such prepayment, of the United States Treasury Security having the maturity closest to the Distribution Date that occurs (a) with
respect to the 2021-2C Component, twelve months prior to the Assumed Final Distribution Date related to the Due Date in April 2027 (such date with respect to the 2021-2C
Component, the “2021-2 Anticipated Repayment Date”) and (b) with respect to the 2021-3C Component, eighteen months prior to the Assumed Final
Distribution Date related to the Due Date in October 2031 (such date with respect to each of the 2021-3C Component and the 2021-3R Component, the “2021-3 Anticipated Repayment Date”); each of the 2021-2 Anticipated Repayment Date and the 2021-3 Anticipated Repayment Date,
an “Anticipated Repayment Date”) plus (y) 0.50% over (ii) the Component Principal Balance of such Component (or portion thereof) on the date of such prepayment. No Yield Maintenance is payable in connection with any
prepayment of the 2021-2C Component or 2021-3C Component that occurs less than twelve months or eighteen months, as applicable, prior to the applicable Anticipated
Repayment Date for such Component. No Yield Maintenance is payable in connection with any repayment of the 2021-3R Component at any time. 

(v) Interest shall accrue on each of the (i) 2021-2C Component and the corresponding 2021-2C Note, (ii) 2021-3C Component and the corresponding 2021-3C Note, and (iii) 2021-3R
Component and the corresponding 2021-3R Note, from and including the Additional Closing Date. 
 (b)
There are no scheduled principal payments in respect of any of the 2021-2C Component, the 2021-3C Component or the 2021-3R
Component , and the Closing Date Borrowers shall not be required to pay any principal of the 2021-2C Component, the 2021-3C Component or the 2021-3R Component prior to the applicable Anticipated Repayment Date, other than after the occurrence and during the continuation of an Amortization Period or an Event of Default as provided in the Loan Agreement or
as otherwise required under the terms of the Loan Documents. 
 ARTICLE III 

MORTGAGE LOAN INCREASE 

Section 3.01 Loan Increase. (a) Pursuant to Section 3.2 of the Loan Agreement, the Lender and the Closing Date Borrowers
agree to the Eighth Mortgage Loan Increase corresponding to the 2021-2C Component, the 2021-3C Component and the 2021-3R
Component. 
 (b) On the Additional Closing Date, each Closing Date Borrower shall execute and deliver to the Trustee (i) a promissory
note payable to the order of the Trustee evidencing the 2021-2C Component, in the initial principal amount equal to $895,000,000 (the “2021-2C
Note”), (ii) a promissory note payable to the order of the Trustee evidencing the 2021-3C Component, in 

  
 -5- 

 
the initial principal amount equal to $895,000,000 (the “2021-3C Note”) and (iii) a promissory note payable to the order of the
Trustee evidencing the 2021-3R Component, in the initial principal amount equal to $94,300,000 (the “2021-3R Note”). Each of the 2021-2C Note, the 2021-3C Note and the 2021-3R Note shall bear interest on the unpaid principal amount thereof at the applicable
Component Rate set forth in respect of such Component in Section 2.01(a)(i) hereof and mature on the Maturity Date set forth in Section 2.01(a)(iii) hereof. 

(c) The Closing Date Borrowers hereby agree that they will deliver to and deposit with, or cause to be delivered to and deposited with, the
Servicer, on or before the Additional Closing Date (or, if any of the following items are not in the actual possession of the Closing Date Borrowers, as soon as reasonably practical, but in any event within 90 days after the Additional Closing
Date): (i) the documents with respect to the Eighth Mortgage Loan Increase required for the Mortgage File (other than the 2021-2C Note, the 2021-3C Note and the 2021-3R Note referred to in Section 3.01(b) hereof) and (ii) originals or copies of all other documents, certificates and opinions in the possession or under the control of the Closing Date Borrowers with
respect to the Eighth Mortgage Loan Increase that are necessary for the ongoing servicing and administration of the Loan. 
 (d) The Closing
Date Borrowers hereby represent and warrant to the Lender that each condition of Section 3.2 of the Loan Agreement in respect of the Eighth Mortgage Loan Increase has been satisfied, as of the Additional Closing Date, including the delivery to:

 (i) the Servicer of an opinion of counsel satisfying the requirements of Section 3.2(A)(vi) of the Loan Agreement;

 (ii) the Trustee of the list required to be delivered pursuant to Section 3.2(A)(x) of the Loan Agreement of the
Mortgaged Sites encumbered by Deeds of Trust being amended in connection with the Eighth Mortgage Loan Increase, identified by Site number, together with such other information with respect to such Mortgaged Sites as shall have been reasonably
requested by the Trustee; and 
 (iii) the Servicer of an Officer’s Certificate dated as of the Additional Closing Date
to the effect set forth in Section 3.2(B) of the Loan Agreement. 
 (e) The parties hereto agree that the Additional Closing Date is an
Allocated Loan Amount Determination Date, pursuant to Section 11.8 of the Loan Agreement, and the Servicer has determined the Allocated Loan Amounts for each Site after giving effect to the Eighth Mortgage Loan Increase, as described herein,
based on information provided to it by the Manager, and until any subsequent Allocated Loan Amount Determination Date, such Allocated Loan Amounts shall be as set forth on Exhibit A hereto. 

Section 3.02 Use of Proceeds. The proceeds from the sale of the 2021-2C Securities, the 2021-3C Securities and the 2021-3R Securities shall be used to fund the Eighth Mortgage Loan Increase and the proceeds of the Eighth Mortgage Loan Increase shall be used to
(i) if not already repaid, to prepay the 2013-2C Component, including accrued and unpaid interest thereon, (ii) pay all recording fees and taxes, reasonable out of pocket costs and expenses incurred
by the Lender, including reasonable legal fees and expenses of counsel to the Lender, and other costs and expenses approved by the Lender (which approval will not be unreasonably withheld or delayed) related to the
2021-2C Component, the 2021-3C Component and the 2021-3R Component; (iii) pay all fees and expenses incurred by the Closing
Date Borrowers; and (iv) make a cash distribution to the Guarantor. 

  
 -6- 

 ARTICLE IV 

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE BORROWERS 

Section 4.01 Representations and Warranties. (a) Each Closing Date Borrower hereby represents and warrants to the Lender
that, as to itself and its Sites, each of the representations and warranties set forth in Article IV of the Loan Agreement is true as of the Additional Closing Date. 

(b) Each of the Closing Date Borrowers hereby represents and warrants to the Lender that each condition of Section 3.2 of the Loan
Agreement and Section 3.25 of the Trust Agreement have been satisfied as of the Additional Closing Date. 
 Section 4.02
Amendments to Exhibits and Schedules to the Loan Agreement. 
 (a) The parties hereto agree that Exhibits B, C and
D of the Loan Agreement are hereby deleted in their entirety and replaced by Exhibits B, C and D hereto. 

(b) The parties hereto agree that Schedules 4.25, 4.26 and 4.27 of the Loan Agreement are hereby
deleted in their entirety and replaced by Schedules 4.25, 4.26 and 4.27, respectively, hereto. 

ARTICLE V 
 GENERAL
PROVISIONS 
 Section 5.01 Governing Law. THIS LOAN AGREEMENT SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK. THE CLOSING DATE BORROWERS IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT
OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THE LOAN AGREEMENT, THIS LOAN AGREEMENT SUPPLEMENT OR THE OTHER LOAN DOCUMENTS. 

Section 5.02 Severability. In case any provision in this Loan Agreement Supplement shall be invalid, illegal or unenforceable, the
validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  
 -7- 

 Section 5.03 Counterparts. This Loan Agreement Supplement may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Loan
Agreement Supplement in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart of this Loan Agreement Supplement. The parties agree that this Loan Agreement
Supplement or any amendment hereto or any other document necessary for the consummation of the transaction contemplated by this Loan Agreement Supplement may be accepted, executed or agreed to through the use of an electronic signature in accordance
with the Electronic Signatures in Global and National Commerce Act, Title 15, United States Code, Sections 7001 et seq., the Uniform Electronic Transaction Act and any applicable state law. Electronic signature shall mean any electronic symbol or
process attached to, or associated with, a contract or other record and adopted by a person with the in-tent to sign, authenticate or accept such contract or record and shall be the same as handwritten
signatures for the purposes of validity, enforceability and admissibility. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Loan Agreement Supplement or
any document to be signed in connection with this Loan Agreement Supplement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form. 

ARTICLE VI 

APPLICABILITY OF THE LOAN AGREEMENT 

Section 6.01 Applicability. The provisions of the Loan Agreement are hereby ratified, approved and confirmed, as supplemented and
amended by this Loan Agreement Supplement. The representations, warranties and covenants contained in the Loan Agreement (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully set forth herein and made
again as of the Additional Closing Date. 
 [SIGNATURE PAGE FOLLOWS] 

  
 -8- 

 IN WITNESS WHEREOF, the Closing Date Borrowers and the Servicer on behalf of the Trustee
have caused this Loan Agreement Supplement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written. 
  

											
	SBA PROPERTIES, LLC, as Closing Date Borrower	  	SBA SITES, LLC, as Closing Date Borrower
				
	By:	 	 /s/ Thomas P. Hunt
	  	By:	  	 /s/ Thomas P. Hunt

		 	Name:	  	Thomas P. Hunt	  		  	Name:	  	Thomas P. Hunt
		 	Title:	  	Executive Vice President and General Counsel	  		  	Title:	  	Executive Vice President and General Counsel
		
	SBA STRUCTURES, LLC, as Closing Date Borrower	  	SBA INFRASTRUCTURE, LLC, as Closing Date Borrower
				
	By:	 	 /s/ Thomas P. Hunt
	  	By:	  	 /s/ Thomas P. Hunt

		 	Name:	  	Thomas P. Hunt	  		  	Name:	  	Thomas P. Hunt
		 	Title:	  	Executive Vice President and General Counsel	  		  	Title:	  	Executive Vice President and General Counsel
		
	SBA MONARCH TOWERS III, LLC, as Closing Date Borrower	  	SBA 2012 TC ASSETS PR, LLC, as Closing Date Borrower
				
	By:	 	 /s/ Thomas P. Hunt
	  	By:	  	 /s/ Thomas P. Hunt

		 	Name:	  	Thomas P. Hunt	  		  	Name:	  	Thomas P. Hunt
		 	Title:	  	Executive Vice President and General Counsel	  		  	Title:	  	Executive Vice President and General Counsel
		
	SBA 2012 TC ASSETS, LLC, as Closing Date Borrower	  	SBA TOWERS IV, LLC, as Closing Date Borrower
				
	By:	 	 /s/ Thomas P. Hunt
	  	By:	  	 /s/ Thomas P. Hunt

		 	Name:	  	Thomas P. Hunt	  		  	Name:	  	Thomas P. Hunt
		 	Title:	  	Executive Vice President and General Counsel	  		  	Title:	  	Executive Vice President and General Counsel

 Signature Page for Ninth Loan Supplement 

											
	SBA MONARCH TOWERS I, LLC, as Closing Date Borrower	  	SBA TOWERS USVI, INC., as Closing Date Borrower
				
	By:	 	 /s/ Thomas P. Hunt
	  	By:	  	 /s/ Thomas P. Hunt

		 	Name:	  	Thomas P. Hunt	  		  	Name:	  	Thomas P. Hunt
		 	Title:	  	Executive Vice President and General Counsel	  		  	Title:	  	Executive Vice President and General Counsel
		
	SBA GC TOWERS, LLC, as Closing Date Borrower	  	SBA TOWERS VII, LLC, as Closing Date Borrower
				
	By:	 	 /s/ Thomas P. Hunt
	  	By:	  	 /s/ Thomas P. Hunt

		 	Name:	  	Thomas P. Hunt	  		  	Name:	  	Thomas P. Hunt
		 	Title:	  	Executive Vice President and General Counsel	  		  	Title:	  	Executive Vice President and General Counsel
		
	SBA TOWERS V, LLC, as Closing Date Borrower	  	SBA TOWERS VI, LLC, as Closing Date Borrower
				
	By:	 	 /s/ Thomas P. Hunt
	  	By:	  	 /s/ Thomas P. Hunt

		 	Name:	  	Thomas P. Hunt	  		  	Name:	  	Thomas P. Hunt
		 	Title:	  	Executive Vice President and General Counsel	  		  	Title:	  	Executive Vice President and General Counsel

 Signature Page for Ninth Loan Supplement 

					
	MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as Servicer
		
	By:	 	 /s/ David A. Eckels

		 	Name:	 	David A. Eckels
		 	Title:	 	Senior Vice President

 Signature Page for Ninth Loan Supplementex_296372.htm

Exhibit 10.3.6

 

Note: Do not sign and return this document to the Company. By clicking on the “ACCEPT” box, you acknowledge that you have read the information below and agree to be bound by the terms of the Plan and this Agreement. Please provide such acceptance within ninety (90) days of the Grant Date.

 

Mesa Laboratories, Inc.

2021 Equity Incentive Plan 

 

CEO Special Performance Stock Unit Award Agreement

 

 

October 28, 2021

 

Gary Owens

[Address 1]

[Address 2]

 

 

Dear Mr. Owens:

 

We are pleased to inform you that Mesa Laboratories, Inc. (the “Company”) has made an award of performance stock units to you (the “Performance Stock Units”) as indicated in this Performance Stock Unit Award Agreement (this “Award Agreement”). The Performance Stock Units are issued pursuant to the Company’s 2021 Equity Incentive Plan (the “Plan”) and are subject to and governed by the Plan generally. All capitalized terms not defined herein shall have the meanings given to such terms in the Plan.

 

Notice of Award

 

	
			Grant Date

				
			October 28, 2021

			
	 	 
	
			Target Performance Stock Units

				
			40,000 (“Target PSUs”)

			
	 	 
	
			Maximum Performance Stock Units

				
			40,000 (“Max PSU”)

			
	 	 
	
			Performance Period

				
			April 1, 2021 through March 31, 2024

			
	 	 
	
			Overview

				
			This award of Performance Stock Units entitles you to earn shares of Common Stock based on the satisfaction of the performance goals set forth in Appendix A and your Continuous Service (defined below) thereafter through the Time-Vesting Dates set forth in the “Time-Vesting” section below.

			

 

 

 

 

	
			General Vesting and Payment Provisions

				
			The actual number of shares of Common Stock earned, if any, is equal to the number of Performance Stock Units that become vested (“Vested PSUs”), determined as follows (except as otherwise set forth herein):

			 

			●     First, at the end of the Performance Period, the Company will determine the number of Performance Stock Units that are eligible to vest (the “Conditional PSUs”) by applying the formula(s) in Appendix A taking into account the level of achievement of the relevant performance goals and the Target PSUs awarded to you. For avoidance of doubt, if performance is at or less than the “Threshold” level with respect to a performance goal, there shall be no Conditional PSUs credited with respect to such Performance Goal.

			 

			●     Next, the Conditional PSUs, if any, shall become Vested PSUs based on your Continuous Service with the Company or its Subsidiaries following the end of the Performance Period through the Time-Vesting Dates set forth in the “Time-Vesting” section below. The Company shall issue you one share of Common Stock for each Vested PSU, as described in the “Payment” section below.

			 

			You have no rights as a stockholder of the Company pursuant to this Agreement until such time, if any, as shares of Common Stock are issued to you.

			
	 	 
	
			Award Determination

				
			The Company shall determine the number of your Conditional PSUs as soon as practicable following the end of the Performance Period, and in all events within sixty (60) days following the last day of the Performance Period.

			
	 	 
	Time-Vesting	The Conditional PSUs shall become Vested PSUs based on your Continuous Service with the Company or Subsidiaries from the Grant Date through the “Time-Vesting Dates” as set forth in the following table:

 

	 	Time-Vesting Date	
			Conditional PSUs that become 

			Vested PSUs on the applicable 

			Time-Vesting Date

			
	 	 	 
	 	October 27, 2024	1/3rd of the Conditional PSUs
	 	 	 
	 	October 27, 2025	1/3rd of the Conditional PSUs
	 	 	 
	 	October 27, 2026	1/3rd of the Conditional PSUs

 

2

 

 

	 	
			For purposes of this Agreement, the term “Continuous Service” shall mean your uninterrupted service to the Company or any Subsidiary as an employee, non-employee director, or consultant. The Administrator shall determine in its discretion whether and when your Continuous Service has ended (including as a result of any leave of absence); provided, however, that your Continuous Service shall not be deemed to have ended in the event you retire or otherwise terminate as an employee but continue to perform services for the Company as a non-employee director or consultant.

			
	 	 
	
			Termination of Continuous Service

				
			Termination for Cause or Voluntary Termination

			 

			In the event that your Continuous Service with the Company or its Subsidiaries is terminated by the Company for Cause or by you voluntarily (i.e. without Good Reason, as defined in your Employment Agreement) prior to the last Time-Vesting Date, then all then-outstanding Performance Stock Units shall be terminated and cancelled in full without payment, and you shall thereafter cease to have any rights with respect to such forfeited Performance Stock Units.

			 

			Termination Without Cause or by you for “Good Reason”

			 

			Prior to the End of Performance Period. 

			 

			In the event that your Continuous Service with the Company or its Subsidiaries is terminated during the Performance Period by the Company without Cause or by you for Good Reason (as defined in your Employment Agreement), then (i) the Company shall calculate the number of Conditional PSUs, if any, in accordance with Appendix A based on actual performance over the Performance Period, and (ii) the Conditional PSUs, if any, that would vest on the first Time-Vesting Date shall become Vested PSUs. Such Vested PSUs, if any, shall be payable as set forth in the “Payment” section below. The foregoing accelerated vesting is contingent upon you executing and not revoking a customary release of claims in a form to be provided by the Company promptly following termination, and such release becoming effective and irrevocable no later than thirty (30) days following termination. All other Conditional PSUs, if any, shall be terminated and cancelled in full without payment, and you shall thereafter cease to have any rights with respect to such forfeited Performance Stock Units.

			

 

3

 

 

	 	
			On or After the End of the Performance Period.

			 

			In the event that your Continuous Service with the Company or its Subsidiaries is terminated by the Company without Cause or by you for Good Reason following the end of the Performance Period but prior to the last Time-Vesting Date, your Conditional PSUs, if any, scheduled to vest on the next Time-Vesting Date following your termination of Continuous Service shall immediately become Vested PSUs. Such Vested PSUs, if any, shall be payable as set forth in the “Payment” section below. The foregoing accelerated vesting is contingent upon you executing and not revoking a customary release of claims in a form to be provided by the Company promptly following termination, and such release becoming effective and irrevocable no later than thirty (30) days following termination. All other Conditional PSUs, if any, shall be terminated and cancelled in full without payment, and you shall thereafter cease to have any rights with respect to such forfeited Performance Stock Units.

			 

			Disability

			 

			Prior to the End of Performance Period. 

			 

			In the event that your Continuous Service with the Company or its Subsidiaries is terminated during the Performance Period as a result of Disability, then you shall be entitled to receive a number of Vested PSUs equal to the Max PSUs. Vested PSUs shall be payable as set forth in the “Payment” section below.

			 

			On or After the End of the Performance Period.

			 

			In the event that your Continuous Service with the Company or its Subsidiaries is terminated following the end of the Performance Period and prior to the last Time-Vesting Date as a result of Disability, your remaining Conditional PSUs, if any, shall immediately become Vested PSUs. Such Vested PSUs, if any, shall be payable as set forth in the “Payment” section below.

			 

			Death

			 

			Prior to the End of Performance Period. 

			 

			In the event that your Continuous Service with the Company or its Subsidiaries is terminated during the Performance Period as a result of your death, then you shall be entitled to receive a number of Vested PSUs equal to the Max PSUs. Such Vested PSUs, if any, shall be payable within 90 days of your death, as set forth in the “Payment” section below.

			

 

4

 

 

	 	
			On or After the End of the Performance Period.

			 

			In the event that your employment with the Company or its Subsidiaries is terminated following the end of the Performance Period and prior to the last Time-Vesting Date as a result of your death, your remaining Conditional PSUs, if any, shall immediately become Vested PSUs. Such Vested PSUs, if any, shall be payable within 90 days of your death, as set forth in the “Payment” section below.

			
	 	 
	
			Payment

				
			General

			 

			The Company shall issue to you one share of Common Stock for each Vested PSU hereunder. Issuance of such Common Stock shall occur on the Time-Vesting Date applicable to such Vested PSUs (regardless of whether the Performance Stock Units became Vested PSUs prior to such date), unless otherwise set forth below under the headings entitled “Death” and “Change of Control.”   

			 

			Death

			 

			In the event you terminate Continuous Service as a result of your death, issuance of Common Stock for any Performance Stock Units that became Vested PSUs as a result of your death shall occur within 90 days after the date of your death; provided, however, that in the event such 90-day period spans more than one taxable year, the issuance of Common Stock shall occur in the later taxable year.

			
	 	 
	
			Change of Control

				
			The provisions of Section 8.2 of the Plan shall apply upon the occurrence of a Change of Control on the same terms that apply to all other Participants in the Plan (i.e., that all unvested equity awards held by all Participants vest immediately on Change of Control and as otherwise set forth in Section 8.2 of the Plan).

			
	 	 
	
			Employment Agreement

				
			The terms of this Performance Stock Unit Award, including the provisions above regarding your termination of Continuous Service, shall override the terms of your First Amended and Restated Executive Employment Agreement with the Company, dated September 29, 2021 (the “Employment Agreement”), and the terms of your Employment Agreement shall have no force or effect with respect to this Performance Stock Unit Award.

			
	 	 
	
			Other Terms and Conditions

				
			Are set forth in the accompanying Performance Stock Unit Award Terms and Conditions and the Plan.

			

 

 

Online Acceptance of Performance Stock Unit Award Agreement

 

By your online acceptance, you and the Company agree that the Performance Stock Units granted hereby are granted under and governed by the terms and conditions of this Performance Stock Unit Award Agreement and the accompanying Performance Stock Unit Award Terms and Conditions (the “Award Documents”), and the terms of the Plan. You hereby represent and acknowledge that you have been provided the opportunity to review the Plan and the Award Documents in their entirety, and you hereby agree to accept as binding, conclusive, and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and the Award Documents.

 

5

 

 

Appendix A

Performance Goals

 

Calculation of Conditional PSUs. The number of Conditional PSUs, if any, shall be determined based on the Company’s performance over the Performance Period as measured by the following two metrics: Cumulative Revenues (as defined below) and Cumulative Adjusted Operating Income (“Cumulative AOI”) (also defined below). Thirty percent of the Target PSUs shall be assigned to Cumulative Revenues, and 70% of the Target PSUs shall be assigned to Cumulative Adjusted Operating Income, and the amount earned as a result of each metric shall be calculated separately, in accordance with the tables below. The total Conditional PSUs, if any, shall be the sum of the Conditional PSUs earned in respect of each performance metric.

 

	 	
			Cumulative Revenues 

			(thousands of $)

				
			Cumulative Revenues 

			Achievement

				
			Cumulative Revenues

			Conditional PSUs

			
	
			Above Target

				
			In Excess of 642,540

				
			100%

				
			12,000

			
	
			Target

				
			 $           642,540

				
			100%

				
			12,000

			
	 	
			                629,689

				
			98%

				
			10,800

			
	 	
			                616,838

				
			96%

				
			9,600

			
	 	
			                603,988

				
			94%

				
			8,400

			
	 	
			                591,137

				
			92%

				
			7,200

			
	 	
			                578,286

				
			90%

				
			6,000

			
	 	
			                565,435

				
			88%

				
			4,800

			
	 	
			                552,584

				
			86%

				
			3,600

			
	 	
			                539,734

				
			84%

				
			2,400

			
	 	
			                526,883

				
			82%

				
			1,200

			
	
			Threshold

				
			                514,032

				
			80%

				
			                                   -

			
	
			Below Threshold

				
			                514,031 or less

				
			0%-79%

				
			                                   -

			

 

	 	
			Cumulative AOI 

			(thousands of $)

				
			Cumulative AOI 

			Achievement

				
			Cumulative AOI

			Conditional PSUs

			
	
			Above Target

				
			In Excess of 163,070

				
			100%

				
			                          28,000

			
	
			Target

				
			 $           163,070

				
			100%

				
			                          28,000

			
	 	
			                159,809

				
			98%

				
			                          25,200

			
	 	
			                156,547

				
			96%

				
			                          22,400

			
	 	
			                153,286

				
			94%

				
			                          19,600

			
	 	
			                150,024

				
			92%

				
			                          16,800

			
	 	
			                146,763

				
			90%

				
			                          14,000

			
	 	
			                143,502

				
			88%

				
			                          11,200

			
	 	
			                140,240

				
			86%

				
			                            8,400

			
	 	
			                136,979

				
			84%

				
			                            5,600

			
	 	
			                133,717

				
			82%

				
			                            2,800

			
	
			Threshold

				
			                130,456

				
			80%

				
			                                   -

			
	
			Below Threshold

				
			                130,455 or less

				
			0%-79%

				
			                                   -

			

 

6

 

 

If the Company’s performance during the Performance Period falls between any of the percentages in the tables above, the Cumulative Revenues Conditional PSUs or Cumulative AOI Conditional PSUs, as applicable, shall be calculated using linear interpolation (e.g. if Cumulative Revenues for the Performance Period are 95% of the “Target,” the result would be 9,000 Cumulative Revenues Conditional PSUs).

 

Definitions

 

Cumulative Revenues: Cumulative Revenues is defined as GAAP revenues earned by the company over the Performance Period from April 1, 2021 through March 31, 2024. The number will be calculated by summing the GAAP revenues reported on Form 10-K for fiscal years ending March 31, 2022, March 31, 2023, and March 31, 2024. For the avoidance of doubt, results of acquisitions during the Performance Period will be included in the final calculation of Cumulative Revenues.

 

Cumulative Adjusted Operating Income: Cumulative Adjusted Operating Income is defined as adjusted operating income1 earned by the company over the Performance Period from April 1, 2021 through March 31, 2024. The number will be calculated by summing the adjusted operating income reported in the company’s Form 10-K for the fiscal year ending March 31, 2022, March 31, 2023, and March 31, 2024. The number will then be adjusted to exclude acquisition costs attributable to the Agena Bioscience, Inc. acquisition, the inventory step-up related to inventory acquired from Agena Bioscience, Inc. and identifiable integration costs attributable to the Agena Bioscience, Inc. acquisition. For the avoidance of doubt, results of acquisitions during the Performance Period will be included in the final calculation of Cumulative Adjusted Operating Income.

 

1 Adjusted Operating Income is a non-GAAP financial measure, which is defined to exclude the non-cash impact of amortization of intangible assets, stock-based compensation expense, and impairment loss on goodwill and intangible assets (if applicable to the period).

 

7

 

 

Performance Stock Unit Award Terms and Conditions

 

The following terms and conditions apply to the Performance Stock Units granted to you by the Company, as specified in the accompanying Performance Stock Unit Award Agreement (the “Award Agreement”).

 

1.          Award of Performance Stock Units. The Company has issued to you the Performance Stock Units set forth above in the Award Agreement, effective on the Grant Date, and subject to the terms and conditions set forth in the Award Agreement and the Performance Stock Unit Award Terms and Conditions (together, the “Award Documents”), and the Plan (which is incorporated herein by reference).

 

2.         Performance Stock Units Non-Transferable. Performance Stock Units (and related rights) may not be sold, assigned, alienated, transferred by gift or otherwise, pledged, hypothecated, or otherwise disposed of, by operation of law or otherwise. Any attempt to assign, alienate, transfer, pledge, sell or otherwise dispose of the Performance Stock Units or its related rights shall be ineffective and, if any such attempt is made, the Performance Stock Units will be forfeited and all of your rights under the Plan and the Award Documents shall immediately terminate without any payment or consideration by the Company.

 

3.         Vesting. Unless otherwise provided in the Plan, your Performance Stock Units shall vest and become Vested PSUs in accordance with the terms and conditions of the Award Agreement.

 

4.         Payment. Payment in respect of Vested PSUs shall be made at the time(s) and in the form(s) set forth in the Award Agreement. Any distribution or delivery to be made to you under the Award Documents will, if you are then deceased, be made to the administrator or executor of your estate. Any such administrator or executor must furnish the Company or its designated agent with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company or its designated agent to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.

 

5.          Stockholder Rights. You and your estate or heirs shall not have any rights as a stockholder of the Company until you become the holder or record of any Shares issued as payment pursuant to Section 4, above, and no adjustments shall be made for dividends or other distributions or other rights as to which there is a record date prior to the date you become the holder of record of such Shares unless specifically provided otherwise in the Plan.

 

6.         Additional Requirements. The transfer of any Shares hereunder shall be effective only at such time as the company shall have determined that the issuance and delivery of such Shares is in compliance with all applicable laws and the requirements of any securities exchange on which the Shares are then traded. You acknowledge that Shares acquired as payment pursuant to Section 4, above, may bear such legends as the Company deems appropriate to comply with applicable federal, state or foreign securities laws. In connection therewith and prior to the issuance of the Shares, you may be required to deliver to the Company such other documents as may be reasonably necessary to ensure compliance with applicable law.

 

8

 

 

7.         Termination of Employment; Forfeiture. Upon the termination of your continued employment or service for any reason, any Performance Stock Units that have not become or are not eligible to become Vested PSUs in accordance with Section 3 and the Award Agreement shall immediately be forfeited. Upon forfeiture, you shall have no further rights with respect to such Performance Stock Units.

 

8.       Tax Treatment; Section 409A. You may incur tax liability as a result of the receipt of Performance Stock Units and payments thereunder. You should consult your own tax adviser for tax advice. You acknowledge that the Administrator, in the exercise of its sole discretion and without your consent, may amend or modify the Award Documents in any manner, and delay the payment of any amounts thereunder, to the minimum extent necessary to satisfy the requirements of Section 409A. The Company will provide you with notice of any such amendment or modification. This Section 6 does not, and shall not be construed so as to, create any obligation on the part of the Company to adopt any such amendments or to take any other actions or to indemnify you for any failure to do so.

 

9.         Tax Withholding. You shall make appropriate arrangements with the Company’s agent to provide for payment of any federal, state, local or foreign taxes of any kind required by law to be withheld in respect of your Performance Stock Units. Such arrangements may include, but are not limited to, the payment of the withholding amount by you in cash, withholding from proceeds of the sale of Shares acquired as payment for the PSUs either through a voluntary sale or through a mandatory sale arranged by the Company’s agent (on your behalf pursuant to this authorization without further consent), non-discretionary withholding by the Company’s agent of Shares that would otherwise be issuable to you as payment in respect of your Performance Stock Units, or voluntary share withholding as described below. Voluntary Share withholding is subject to the prior approval of the Administrator, which may be withheld by the Administrator in its sole discretion. If approved, you may elect to satisfy the statutory withholding obligations, in whole or in part, by having the Company’s agent withhold Shares otherwise issuable to you hereunder. The Shares delivered or withheld shall have an aggregate fair market value not in excess of the maximum statutory tax rates in your applicable jurisdictions. The fair market value of the Shares used to satisfy the withholding obligation shall be determined by the Company’s agent as of the date on which taxation occurs. Shares used to satisfy any tax withholding obligation must be vested and cannot be subject to any repurchase, forfeiture, or other similar requirements. Any election by you to have Shares withheld shall be irrevocable, made in writing (or electronically), signed by you (including electronically), and shall be subject to any restrictions or limitations that the Administrator, in its sole discretion, deems appropriate. Further, if you become subject to tax in more than one jurisdiction between the Grant Date and the date of any relevant taxable or tax withholding event, as applicable, you acknowledge that the Company and/or its Subsidiaries (or former employer, as applicable) may be required to withhold or account for federal, state, local or foreign taxes of any kind in more than one jurisdiction.

 

10.         Acknowledgements. If you reside outside the U.S., the following additional provisions shall apply:

 

a.         the Performance Stock Units and the Shares issuable pursuant to the Performance Stock Units are not intended to replace any pension rights;

 

9

 

 

b.         no claim or entitlement to compensation or damages shall arise from forfeiture of the Performance Stock Units resulting from termination of your employment or services by the Company or its Subsidiaries (whether or not in breach of employment laws in the country where you resides and whether or not later found to be invalid) and in consideration of the Performance Stock Units to which you are otherwise not entitled, you irrevocably agree never to institute any claim against the Company or its Subsidiaries, waive your ability, if any, to bring any such claim, and releases the Company and its Subsidiaries from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claims;

 

c.         in the event of termination of your Continuous Service (regardless of the reason for such termination and whether or not in breach of employment laws in the country where you reside or are employed or provide services or the terms of your employment agreement, if any, and whether or not later found to be invalid), your right to vest in the Performance Stock Units under the Plan, if any, will terminate effective as of the date that you are no longer actively providing services and will not be extended by any notice period mandated under employment laws in the country where you reside or are employed or provide services (e.g., active employment would not include any contractual notice period or any period of “garden leave” or similar period mandated in the country in which you reside or are employed or provide services or the terms of your employment agreement, if any); the Administrator shall have the exclusive discretion to determine when you are no longer actively providing services for purposes of the Performance Stock Units (including whether or not you may still be considered as actively providing services while on an approved leave of absence);

 

d.        the Performance Stock Units and the Shares issuable pursuant to the Performance Stock Units are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or you, and are outside the scope of your employment or service contract, if any; and

 

e.         neither the Company nor any Subsidiary or Affiliate shall be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the Performance Stock Units or of any amount due to you pursuant to this Award or upon the subsequent sale of Shares acquired hereunder.

 

11.         Personal Information. The Company and its Subsidiaries may collect, store, disclose, use, or otherwise process certain personal information about you for the purpose of managing and administering the Plan, such as your name, home address and telephone number, date of birth, social security number or other employee identification number, e-mail address, salary, nationality, job title, any shares or directorships held in the Company, details of all Performance Stock Units and other equity awards or any other entitlement to shares awarded, canceled, purchased, vested, unvested or outstanding in your favor (“Data”). The Company and/or its Subsidiaries may disclose Data among themselves as necessary for the purpose of implementation, administration and management of your participation in the Plan and the Company and/or any of its Subsidiaries may each further disclose Data to any third parties assisting the Company in the implementation, administration and management of the Plan, including the Company’s stock plan administrative agent and the Plan recordkeeper. These recipients may be located throughout the world, including the United States. You understand and agree that these parties may receive, possess, use, retain, transfer, and otherwise process the Data, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer or disclosure of such Data as may be required for the administration of the Plan and/or the subsequent holding of shares on your behalf to a broker or other third party with whom you may elect to deposit any shares acquired pursuant to the Plan. Notwithstanding anything to the contrary in this Section 8, you acknowledge and agree that the Company and its Subsidiaries may also collect, store, use, disclose, and otherwise process your Data where such processing is necessary to comply with a legal obligation, for the Company or its Subsidiaries’ legitimate business purposes, or with your consent if applicable law requires consent. You may, at any time, request to access, correct, delete or restrict processing of your Data by contacting the Company in writing. Applicable law may allow or require the Company to refuse to provide you with access to, delete, or restrict processing of some or all of the Data that the Company or its Subsidiaries hold about you, or the Company or its Subsidiaries may have destroyed, erased, or made such Data anonymous in accordance with applicable record retention obligations and practices. If the Company cannot provide you with access to, delete or restrict processing of your Data, the Company will inform you of the reasons why, subject to any legal or regulatory restrictions. For more information on the processing of your Data, contact your human capital representative.

 

10

 

 

12.       Other Employee Benefits. Except as specifically provided otherwise in any relevant employee benefit plan, program, or arrangement, the Performance Stock Units evidenced hereby are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

 

13.         Electronic Delivery. BY YOUR ELECTRONIC ACCEPTANCE OF THIS AWARD, YOU HEREBY CONSENT TO ELECTRONIC DELIVERY OF THE PLAN, AND ANY DISCLOSURE OR OTHER DOCUMENTS RELATED TO THE PLAN, INCLUDING FUTURE AWARD DOCUMENTS (COLLECTIVELY, THE “PLAN DOCUMENTS”). THE COMPANY (THROUGH ITS’ STOCK PLAN ADMINISTRATIVE AGENT) MAY DELIVER THE PLAN DOCUMENTS ELECTRONICALLY TO YOU BY E-MAIL, BY POSTING SUCH DOCUMENTS ON THE AGENT’S WEBSITE OR BY ANOTHER MODE OF ELECTRONIC DELIVERY AS DETERMINED BY THE COMPANY’S AGENT IN ITS SOLE DISCRETION. YOU ACKNOWLEDGE THAT YOU ARE ABLE TO ACCESS, VIEW AND RETAIN AN E-MAIL ANNOUNCEMENT INFORMING YOU THAT THE PLAN DOCUMENTS ARE AVAILABLE IN EITHER HTML, PDF OR SUCH OTHER FORMAT AS THE COMPANY’S AGENT DETERMINES IN ITS SOLE DISCRETION.

 

14.         Notices. Any notice required or permitted to be given hereunder shall be in writing and shall be given by hand delivery, by e-mail, by facsimile, or by first class registered or certified mail, postage prepaid, addressed, if to the Company, to its Corporate Secretary, and if to you, to your address now on file with the Company, or to such other address as either may designate in writing. Any notice shall be deemed to be duly given as of the date delivered in the case of personal delivery, e-mail, or facsimile, or as of the second day after enclosed in a properly sealed envelope and deposited, postage prepaid, in a United States post office, in the case of mailed notice.

 

15.         Amendment. Except as provided herein, the Award Documents may not be amended or otherwise modified unless evidenced in writing and signed by the Company and you.

 

11

 

 

16.         Relationship to Plan. Nothing in the Award Documents shall alter the terms of the Plan. If there is a conflict between the terms of the Plan and the terms of the Award Documents, the terms of the Plan shall prevail.

 

17.      Construction; Severability. The section headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of the Award Documents. The invalidity or unenforceability of any provision of the Award Documents shall not affect the validity or enforceability of any other provision hereof, and each other provision hereof shall be severable and enforceable to the extent permitted by law.

 

18.        Waiver. Any provision contained in the Award Documents may be waived, either generally or in any particular instance, by the Administrator appointed under the Plan, but only to the extent permitted under the Plan.

 

19.         Binding Effect. The Award Documents shall be binding upon and inure to the benefit of the Company and to you and your respective heirs, executors, administrators, legal representatives, successors and assigns.

 

20.      Rights to Employment or Service. Nothing contained in the Award Documents shall be construed as giving you any right to be retained in the Continuous Service of the Company or any of its Subsidiaries and the Award Documents are limited solely to governing your rights and obligations with respect to the Performance Stock Units.

 

21.         Governing Law. The Award Documents shall be governed by and construed in accordance with the laws of the State of Colorado, without regard to the choice of law principles thereof.

 

22.        Company Policies to Apply; Potential Clawback. The sale of any shares of Common Stock received as payment under the Performance Stock Units is subject to the Company’s policies regulating securities trading by employees, all relevant federal and state securities laws and the listing requirements of any stock exchange on which the shares of the Company’s Common Stock are then traded. In addition, participation in the Plan and receipt of remuneration as a result of the Performance Stock Units is subject in all respects to any laws, rules, and regulations or policy of the Company related to the clawback of compensation that may be in effect from time to time.

 

23.         Section 409A Compliance. The Performance Stock Units granted hereunder are intended to comply with or be exempt from the requirements of Section 409A, and the Award Documents shall be interpreted and administered in a manner consistent with such intent. You shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on you in connection with the Performance Stock Units granted hereunder (including any taxes and penalties under Section 409A), and neither the Company nor any of its Affiliates shall have any obligation to indemnify or otherwise hold you harmless from any or all of such taxes or penalties.

 

12

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