Document:

Exhibit 10.2

 

GARMIN LTD.

2011 NON-EMPLOYEE DIRECTORS’ EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

To:           _______________________ ("you" or the "Grantee")

 

Date of Grant:           _______________________

 

NOTICE OF GRANT:

 

You have been granted restricted stock units ("RSUs") relating to the shares, CHF 10 par value per share, of Garmin Ltd. ("Shares"), subject to the terms and conditions of the Garmin Ltd. 2011 Non-Employee Directors’ Equity Incentive Plan (the "Plan") and the Award Agreement between you and Garmin Ltd. (the "Company"), attached as Exhibit A.  Accordingly, provided you satisfy the conditions set forth in this Notice of Grant and Exhibit A, the Company agrees to pay you Shares as follows:

 

	
Number of RSUs Granted

	  	
Dates Payable

	  	
Date Grantee Must Be

a Director To Receive Award

	  	  	  	  	  
	
__________ Shares

	  	
__________, 2012

	  	
______________, 2012

	
__________ Shares

	  	
__________, 2013

	  	
______________, 2013

	
__________ Shares

	  	
__________, 2014

	  	
______________, 2014

In order to fully understand your rights under the Plan (a copy of which is attached) and the Award Agreement (the "Award Agreement"), attached as Exhibit A, you are encouraged to read the Plan and this document carefully.  Please refer to the Plan document for the definition of capitalized terms used in this Agreement.

 

By accepting these RSUs, you are also agreeing to be bound by Exhibit A.

 

	  	
GARMIN LTD.

	  
	  	  	  	  
	  	
By:

	
/s/  Min H. Kao

	  
	  	
Name: 

	
Min H. Kao

	  
	  	
Title:

	
Chairman and CEO

	  

 

	
Grantee:

	  
	  	     	  
	
 

	  
	  	  	  
	
Date:

	
 

	  

  

 

  

EXHIBIT A

 

AGREEMENT:

 

In consideration of the mutual promises and covenants contained herein and other good and valuable consideration paid by the Grantee to the Company, the Grantee and the Company agree as follows:

 

	
  

	
Section 1.

	
Incorporation of Plan

 

All provisions of this Award Agreement and the rights of the Grantee hereunder are subject in all respects to the provisions of the Plan and the powers of the Board therein provided.  Capitalized terms used in this Award Agreement but not defined shall have the meaning set forth in the Plan.

 

	
  

	
Section 2.

	
Grant of RSUs

 

As of the Date of Grant identified above, the Company grants to you, subject to the terms and conditions set forth herein and in the Plan, the opportunity to receive that number of unrestricted Shares identified below the heading "Number of RSUs Granted" on the Notice of Grant (the "RSUs").  Provided you are a member of the Company’s Board of Directors (and at all times since the Date of Grant have been a member of the Company’s Board of Directors) and unless your right to receive the RSUs has been forfeited pursuant to Section 3 below, then (subject to Section 11 below) you will be paid a number of unrestricted Shares equal to the aggregate number of your remaining RSUs on the dates above identified below the heading "Dates Payable" on the Notice of Grant.  If a date under “Dates Payable” is a Saturday or Sunday or any other non-business day, then you will be paid the Shares payable on that date on the next business day.

 

	
  

	
Section 3.

	
Effect of Termination of Affiliation

 

If you have a Termination of Affiliation for any reason, the effect of such Termination of Affiliation on all or any portion of the RSUs is as provided below.

 

	
  

	
(a)

	
If you have a Termination of Affiliation on account of death, Disability, retirement on or after attaining Mandatory Retirement Age, or your removal by the Company other than for Cause (including without limitation the Company’s decision not to slate you for reelection), your RSUs that were forfeitable immediately before such Termination of Affiliation, if any, shall thereupon become nonforfeitable and the Company shall, promptly settle all RSUs by delivery to you (or, after your death, to your personal representative or designated beneficiary) a number of unrestricted Shares equal to the aggregate number of your remaining RSUs.

 

	
  

	
(b)

	
If you have a Termination of Affiliation for Cause or for any reason other than under the circumstances described immediately above in Section 3(a) (including without limitation your failure to be reelected to the Company’s Board of Directors, your voluntary resignation or your failure to run for reelection to the Company’s Board of Directors), your RSUs, to the extent forfeitable immediately before such Termination of Affiliation, shall thereupon automatically be forfeited and you shall have no further rights under this Award Agreement.

 

  

2

  

	
  

	
Section 4.

	
Investment Intent

 

The Grantee agrees that the Shares acquired pursuant to the vesting of one or more tranches of RSUs shall be acquired for his/her own account for investment only and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act of 1933 (the "1933 Act") or other applicable securities laws. The Company may, but in no event shall be required to, bear any expenses of complying with the 1933 Act, other applicable securities laws or the rules and regulations of any national securities exchange or other regulatory authority in connection with the registration, qualification, or transfer, as the case may be, of this Award Agreement or any Shares acquired hereunder. The foregoing restrictions on the transfer of the Shares shall be inoperative if (a) the Company previously shall have been furnished with an opinion of counsel, satisfactory to it, to the effect that such transfer will not involve any violation of the 1933 Act and other applicable securities laws or (b) the Shares shall have been duly registered in compliance with the 1933 Act and other applicable state or federal securities laws. If this Award Agreement, or the Shares subject to this Award Agreement, are so registered under the 1933 Act, the Grantee agrees that he will not make a public offering of the said Shares except on a national securities exchange on which the shares of the Company are then listed.

 

	
  

	
Section 5.

	
Nontransferability of RSUs

 

No rights under this Award Agreement relating to the RSUs may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, including, unless specifically approved by the Company, any purported transfer to a current spouse or former spouse in connection with a legal separation or divorce proceeding. All rights with respect to the RSUs granted to the Grantee shall be available during his or her lifetime only to the Grantee.

 

	
  

	
Section 6.

	
Status of the Grantee

 

The Grantee shall not be deemed a shareholder of the Company with respect to any of the Shares subject to this Award Agreement until such time as the underlying Shares shall have been issued to him or her. The Company shall not be required to issue or transfer any Shares pursuant to this Award Agreement until all applicable requirements of law have been complied with and such Shares shall have been duly listed on any securities exchange on which the Shares may then be listed.  Grantee (a) is not entitled to receive any dividends or dividend equivalents, whether such dividends would be paid in cash or in kind, or receive any other distributions made with respect to the RSUs and (b) does not have nor may he or she exercise any voting rights with respect to any of the RSUs, in both cases (a) and (b) above, unless and until the actual Shares underlying the RSUs have been delivered pursuant to this Award Agreement.

 

	
  

	
Section 7.

	
No Effect on Capital Structure

 

This Award Agreement shall not affect the right of the Company to reclassify, recapitalize or otherwise change its capital or debt structure or to merge, consolidate, convey any or all of its assets, dissolve, liquidate, windup, or otherwise reorganize.

 

  

3

  

	
  

	
Section 8.

	
Adjustments

 

Notwithstanding any provision herein to the contrary, in the event of any change in the number of outstanding Shares effected without receipt of consideration therefor by the Company, by reason of a merger, reorganization, consolidation, recapitalization, separation, liquidation, stock dividend, stock split, share combination or other change in the corporate structure of the Company affecting the Shares, the aggregate number and class of Shares subject to this Award Agreement shall be automatically adjusted to accurately and equitably reflect the effect thereon of such change; provided, however, that any fractional share resulting from such adjustment shall be eliminated. In the event of a dispute concerning such adjustment, the decision of the Board shall be conclusive.

 

	
  

	
Section 9.

	
Amendments

 

This Award Agreement may be amended only by a writing executed by the Company and the Grantee which specifically states that it is amending this Award Agreement; provided that this Award Agreement is subject to the power of the Board to amend the Plan as provided therein.  Except as otherwise provided in the Plan, no such amendment shall materially adversely affect the Grantee's rights under this Award Agreement without the Grantee's consent.

 

	
  

	
Section 10.

	
Board Authority

 

Any questions concerning the interpretation of this Award Agreement, any adjustments required to be made under Sections 9 or 10 of this Award Agreement, and any controversy which arises under this Award Agreement shall be settled by the Board in its sole discretion.

 

	
  

	
Section 11.

	
Withholding

 

To the extent applicable under applicable tax laws, whenever Shares are to be delivered to you upon payment of this Award (the date such Shares are delivered to you is hereinafter referred to as the "Tax Date"), the Company shall be entitled to require and may accommodate your request if so requested, to satisfy all Federal and Cantonal withholding taxes, including Social Security taxes related thereto, by one or a combination of the following methods:

 

	
  

	
(a)

	
Your payment of an amount in cash equal to the amount to be withheld;

 

	
  

	
(b)

	
Withholding from those Shares that would otherwise be delivered to you under the Award a number of Shares having a Fair Market Value on the Tax Date equal to the amount to be withheld; or

 

	
  

	
(c)

	
Withholding from compensation otherwise due to you.

 

Any fractional share amount and any additional withholding not paid by the withholding or surrender of Shares must be paid in cash.  If no timely election is made, the Grantee must deliver cash to satisfy all tax withholding requirements.

 

  

4

  

	
  

	
Section 12.

	
Notice

 

Whenever any notice is required or permitted hereunder, such notice must be given in writing by (a) personal delivery, or (b) expedited, recognized delivery service with proof of delivery, or (c) United States Mail, postage prepaid, certified mail, return receipt requested, or (d) telecopy or email (provided that the telecopy or email is confirmed).  Any notice required or permitted to be delivered hereunder shall be deemed to be delivered on the date which it was personally delivered, sent to the intended addressee, or, whether actually received or not, on the third business day after it is deposited in the United States mail, certified or registered, postage prepaid, addressed to the person who is to receive it at the address which such person has theretofore specified by written notice delivered in accordance herewith. The Company or the Grantee may change, at any time and from time to time, by written notice to the other, the address specified for receiving notices.  Until changed in accordance herewith, the Company's address for receiving notices shall be Garmin Ltd., Attention: General Counsel, Vorstadt 40/42, 8200 Schaffhausen, Switzerland.  Unless changed, the Grantee's address for receiving notices shall be the last known address of the Grantee on the Company's records.  It shall be the Grantee's sole responsibility to notify the Company as to any change in his or her address.  Such notification shall be made in accordance with this Section 12.

	
  

	
Section 13.

	
Severability

 

If any part of this Award Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not serve to invalidate any part of this Award Agreement not declared to be unlawful or invalid.  Any part so declared unlawful or invalid shall, if possible, be construed in a manner which gives effect to the terms of such part to the fullest extent possible while remaining lawful and valid.

 

	
  

	
Section 14.

	
Binding Effect

 

This Award Agreement shall bind, and, except as specifically provided herein, shall inure to the benefit of the respective heirs, legal representatives, successors and assigns of the parties hereto.

 

	
  

	
Section 15.

	
Governing Law and Jurisdiction

 

This Award Agreement and the rights of all persons claiming hereunder shall be construed and determined in accordance with the laws of the State of Kansas without giving effect to the principles of the Conflict of Laws to the contrary.  Except as otherwise provided by mandatory forum requirements of the applicable law, the courts of the State of Kansas shall have exclusive jurisdiction with regard to any disputes under the Plan. The Company shall retain, however, in addition the right to bring any claim in any other appropriate forum.

 

  

5Unassociated Document

Exhibit 10.2

 

	 
RCF Management L.L.C.

1400 Sixteenth Street

Suite 200

Denver, Colorado 80202 USA

 

	
RESOURCE

CAPITAL FUNDS

Telephone:  720-946-1444

	 
 

 

Facsimile:  720-946-1450

E-mail:  rcf@rcflp.com

www.resourcecapitalfunds.com

 

May 16, 2011

PP IV Mountain Pass II, LLC

PPIV MP AIV 1 LLC

PPIV MP AIV 2, LLC

PP IV PM AIV 3, LLC

(“Pegasus Entities”)

505 Park Avenue

21st Floor

New York, NY 10022

TNA Moly Group LLC

(“Traxys Entity”)

825 Third Avenue

9th Floor

New York, NY 10022

Molycorp, Inc.

(“Molycorp”)

5619 Denver Tech Center Parkway

Suite 1000

Greenwood Village, CO 80111

Re:           Molycorp, Inc. – Registration Rights Agreement of April 15, 2010

Ladies and Gentlemen:

The Pegasus Entities, the Traxys Entities, Resource Capital Fund IV L.P. and Resource Capital Fund V L.P. (together “RCF”) and Molycorp are parties to the Registration Rights Agreement of April 15, 2010 (the “Registration Rights Agreement”) pursuant to which Molycorp has granted to each of the other parties (collectively, the “Initial Shareholders”) certain registration rights with respect to their shareholdings in Molycorp. Terms used but not defined herein will have the meanings given to them in the Registration Rights Agreement.

The Initial Shareholders wish to have Molycorp undertake an S-l Registration of certain of their Registrable Securities pursuant to Section 2(b) of the Registration Rights Agreement (the “Current Registration”). For purposes of the Registration Rights Agreement, the Traxys Entity will be deemed to be the Initial Requesting Holder with respect to the Current Registration, and each of the other Initial Shareholders wishing to have a portion of its share holdings in Molycorp included in the Current Registration will be deemed to be a Participating Holder.

 

  

  

  

 

RESOURCE

CAPITAL FUNDS

The Initial Shareholders agree that if after the Current Registration any Initial Shareholder (expressly including the Traxys Entities) wishes to request from Molycorp an additional Demand Registration in accordance with Section 2 of the Registration Rights Agreement (a “Subsequent Registration”), (a) such Initial Shareholder will first consult with the other Initial Shareholders, (b) if after such consultation such  Initial Shareholder wishes to persist with a request to Molycorp for an additional Demand Registration, such Initial Shareholder will give notice thereof to the other Initial Shareholders, and (c) the Pegasus Entities will request such registration by Molycorp as the Initial Requesting Holder and each of the other Initial Shareholders desiring to participate therein will be deemed to be a Participating Holder.

The Initial Shareholders further agree that if after the first Subsequent Registration any Initial Shareholder (expressly including the Traxys Entities and the Pegasus Entities) wishes to request from Molycorp an additional Demand Registration in accordance with Section 2 of the Registration Rights Agreement, (a) such Initial Shareholder will first consult with the other Initial Shareholders, (b) if after such consultation such Initial Shareholder wishes to persist with a request to Molycorp for an additional Demand Registration, such Initial Shareholder give notice thereof to the other Initial Shareholders, and (c) RCF will request such registration by Molycorp as the Initial Requesting Holder with respect to the second Subsequent Registration and each of the other Initial Shareholders desiring to participate therein will be deemed to be a Participating Holder.

Unless the Initial Shareholders agree otherwise at the time of any Subsequent Registration, each Initial Shareholder will be entitled to participate pro rata with the other Requesting Holders in each Subsequent Registration based on the unregistered shareholdings of each Initial Shareholder in Molycorp at the time of such Subsequent Registration. In the event any Subsequent Registration is unsuccessful the costs of the Registration shall be borne pro rata by the Initial Shareholders who are deemed Participating Holders in proportion to the number of Registrable Shares included in such Registration Statement. All fees and expenses of each Initial Shareholder’s own counsel in connection with such registration shall be borne and paid by such Initial Shareholder (other than one counsel to all of the Initial Shareholders) unless the Initial Shareholders agree among themselves otherwise, and in any event such fees and expenses shall not be borne or paid by Molycorp.

Please confirm our agreement concerning the foregoing matters by executing a copy hereof in the space provided below and returning it to RCF. Nothing herein shall be deemed to amend or modify the Registration Rights Agreement, the terms of which are confirmed by each of the parties hereto as remaining in full force and effect. For the avoidance of doubt, this agreement does not obligate any of the Initial Shareholders to dispose, hold or vote any Registrable Securities. This agreement may be executed in counterparts. Upon receipt of signed copies from all Initial Shareholders, RCF will distribute a fully executed copy hereof to all of the Initial Shareholders.

  

  

  

 

RESOURCE

CAPITAL FUNDS

Yours sincerely,

	
RESOURCE CAPITAL FUND IV L.P.

	 	
RESOURCE CAPITAL FUND V L.P.

	  
	
By Resource Capital Associates IV L.P.

	 	
By Resource Capital Associates V L.P.

	  
	
General Partner

	 	
General Partner

	  
	
By RCA IV GP L.L.C. General Partner

	 	
By RCA V GP Ltd., General Partner

	  
	  	 	  	  
	
By /s/

	 	
By  /s/

	  
	
     Partner

	 	
       Partner

	  

  

  

  

 

RESOURCE

CAPITAL FUNDS

Agreement confirmed this 16th day of May, 2011

PP IV MOUNTAIN PASS II, LLC

By: Pegasus Investors IV, L.P.

Managing Member

By:           /s/ Alec Machiels                                

Name: Alec Machiels

Title: Authorized Person

PP IV MP AIV 1, LLC

By: Pegasus Investors IV, L.P.

Managing Member

By:            /s/ Alec Machiels                                

Name: Alec Machiels

Title: Authorized Person

PP IV MP AIV 2, LLC

By: Pegasus Investors IV, L.P.

Managing Member

By:            /s/ Alec Machiels                                

Name: Alec Machiels

Title: Authorized Person

PP IV MP AIV 3, LLC

By: Pegasus Investors IV, L.P.

Managing Member

By:           /s/ Alec Machiels                                

Name: Alec Machiels

Title: Authorized Person

  

  

  

 

RESOURCE

CAPITAL FUNDS

Agreement confirmed this 17th day of May, 2011

TNA Moly Group LLC

By:            /s/ Mark Kristoff                                        

Name: Mark Kristoff

Title:

Executed by Molycorp, Inc. for purposes of indicating its receipt of notice and acceptance of the cooperative arrangements agreed among the Initial Shareholders concerning the exercise of certain of their respective rights under the Registration Rights Agreement.

MOLYCORP, INC.

By           /s/ Mark A. Smith                                        Date:  May 17, 2011

[Name] Mark A. Smith

[Title] CEO

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