Document:

EXHIBIT 10.3.22

 

HCP, INC.
 2006 PERFORMANCE INCENTIVE PLAN
 AMENDED 2013 RESTRICTED STOCK AWARD AGREEMENT

 

THIS AMENDED 2013 RESTRICTED STOCK AWARD AGREEMENT  (this “Agreement”) is dated as of December 20, 2013 (the “Award Date”) by and between HCP, Inc., a Maryland corporation (the “Corporation”), and Lauralee E. Martin (the “Participant”).

 

W I T N E S S E T H

 

WHEREAS, the Corporation and Participant entered into an Employment Agreement, dated October 2, 2013 (the “Employment Agreement”), which provided for the grant of a make-whole restricted stock award with a fair value of Six Million dollars ($6,000,000), based on the closing stock price on October 2, 2013 that would vest in full on December 31, 2013.

 

WHEREAS, the Corporation and Participant has determined it to be in the best interests of the parties to (i) modify the vesting schedule to provide that the make-whole restricted stock award vest in equal quarterly installments over a three year period beginning December 31, 2013, and (ii) delete the applicability of the pro rata payment provisions upon a termination for Cause or a termination without Good Reason set forth in Section 3(c)(i) of the Employment Agreement.

 

WHEREAS, pursuant to the HCP, Inc. 2006 Performance Incentive Plan, as amended and/or restated from time to time (the “Plan”), the Corporation hereby grants to the Participant, effective as of the date hereof, an award of restricted stock under the Plan (the “Award”), upon the terms and conditions set forth herein and in the Plan in satisfaction of the Make-Whole Award (as defined in the Employment Agreement).

 

NOW THEREFORE , in consideration of services rendered and to be rendered by the Participant, and the mutual promises made herein and the mutual benefits to be derived therefrom, the parties agree as follows:

 

1.             Defined Terms.  Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Plan.

 

2.             Grant.  The  Corporation hereby grants to the Participant an Award with respect to an aggregate of 143,644 shares of the Corporation’s Common Stock (subject to adjustment as provided in Section 7.1 of the Plan) (the “Restricted Stock”).  The Restricted Stock shall be fully paid and nonassessable and shall be represented by a book-entry account registered in the name of the Participant with the Corporation’s registrar and stock transfer agent that will be subject to the restrictions hereinafter set forth until those shares have become transferable in accordance with Section 6.  The Award is subject to all of the terms and conditions set forth in this Agreement and is further subject to all of the terms and conditions of the Plan, as it may be amended from time to time, and any rules adopted by the Administrator, as such rules are in effect from time to time.

 

 

3.             Vesting.  Subject to Sections 4 and 7 below, the Award shall vest and become nonforfeitable with respect to 1/12th of the Restricted Stock (subject to adjustment under Section 7.1 of the Plan) at the end of each calendar quarter beginning December 31, 2013 and ending September 30, 2016.

 

4.             Continuance of Employment.  Subject to Section 7, the vesting schedule requires continued employment or service through the applicable vesting date as a condition to the vesting of the Award and the rights and benefits under this Agreement.  Employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle the Participant to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or services as provided in Section 7 below or under the Plan.

 

Nothing contained in this Agreement or the Plan constitutes an employment or service commitment by the Corporation, affects the Participant’s status as an employee at will who is subject to termination without cause, confers upon the Participant any right to remain employed by or in service to the Corporation or any of its Subsidiaries, interferes in any way with the right of the Corporation or any of its Subsidiaries at any time to terminate such employment or services, or affects the right of the Corporation or any of its Subsidiaries to increase or decrease the Participant’s other compensation or benefits.  Nothing in this paragraph, however, is intended to adversely affect any independent contractual right of the Participant without her consent thereto.

 

5.             Rights as a Stockholder.  Except as otherwise provided herein, the Participant shall have all of the rights of a stockholder with respect to the Restricted Stock, including the right to vote such Restricted Stock and receive any dividends that may be paid thereon; provided, however, that any additional shares of Common Stock or other securities that the Participant may become entitled to receive pursuant to a stock split, combination of shares, recapitalization, merger, consolidation, separation or reorganization or any other change in the capital structure of the Corporation shall be subject to the same restrictions as the Restricted Stock.  For the avoidance of doubt, any dividends paid in respect of the Restricted Stock shall not be subject to the provisions of Section 6 below.

 

6.             Restrictions on Transfer .  Neither the Award nor any interest therein or amount or shares payable in respect thereof (other than Restricted Stock withheld to satisfy tax withholding obligations or transaction costs or dividends paid in respect of Restricted Stock) may be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered (the “Transfer Restrictions”), either voluntarily or involuntarily, until December 31, 2020; provided, however, that the Transfer Restrictions shall immediately lapse in the event of the Participant’s death or Disability (as defined in the Employment Agreement), provided, further, in the event of the Participant’s termination of employment by the Corporation without Cause (as defined in the Employment Agreement)

 

 

or by the Participant for Good Reason (as defined in the Employment Agreement), the Transfer Restrictions shall lapse upon the later of (i) the second anniversary of the Participant’s termination date or (ii) December 31, 2018.  The Transfer Restrictions shall not apply to (a) transfers to the Corporation, or (b) transfers by will or the laws of descent and distribution.  Any purported transfer, encumbrance or other disposition of the Restricted Stock that is in violation of this Section 6 shall be null and void, and the other party to any such purported transaction shall not obtain any rights to or interest in the Restricted Stock.

 

7.             Effect of Termination of Employment or Services.  If the Participant ceases to be employed by or ceases to provide services to the Corporation or a Subsidiary (the date of such termination of employment or service is referred to as the Participant’s “Severance Date”), the  Restricted Stock shall be forfeited and shall revert to the Corporation to the extent the Restricted Stock has not become vested pursuant to Section 3 hereof upon the Severance Date regardless of the reason for the termination of the Participant’s employment or services; provided, however, that if the Participant’s employment is terminated as a result of the Participant’s death, Total Disability (as defined below) or Retirement (as defined below), the Participant’s Restricted Stock, to the extent such Restricted Stock is not then vested, shall become fully vested as of the Severance Date; provided, further, in the event the Participant’s employment is terminated pursuant to Section 8(c) of the Employment Agreement, subject to the provisions of Section 8(c)(ii) thereof, to the extent such Restricted Stock is not then vested, shall become fully vested as of the Severance Date.  If any unvested Restricted Stock is forfeited hereunder, such Restricted Stock shall automatically revert to the Corporation as of the applicable Severance Date without payment of any consideration by the Corporation and without any other action by the Participant, or the Participant’s beneficiary or personal representative, as the case may be.

 

For purposes of the Award, “Total Disability” means a “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code or as otherwise determined by the Administrator).  For purposes of the Award, “Retirement” means the Participant has attained age 65 and completed at least five (5) full years of service as an employee of the Corporation and its Subsidiaries.

 

8.             Adjustments Upon Specified Events; Change in Control Event.

 

(a)           Adjustments.  Upon the occurrence of certain events relating to the Corporation’s stock contemplated by Section 7.1 of the Plan (including, without limitation, an extraordinary cash dividend on such stock), the Administrator shall make adjustments in accordance with such section in the number of Restricted Stock then outstanding and the number and kind of securities that may be issued in respect of the Award.

 

 

(b)           Change in Control Event.  Upon the occurrence of an event contemplated by Section 7.2 of the Plan and notwithstanding any provision of Section 7.2 of the Plan to the contrary, the Award (to the extent outstanding at the time of such event) shall continue in effect in accordance with its terms following such event (subject to adjustment in connection with such event pursuant to Section 7.1 of the Plan); provided, however, that the Administrator shall determine, in its sole discretion, whether the vesting of the Restricted Stock will accelerate in connection with such event and the extent of any such accelerated vesting.

 

9.             Tax Withholding.  Upon vesting of the Restricted Stock, the Participant may irrevocably elect, in such manner and at such time or times prior to the applicable tax date as may be permitted or required under Section 8.5 of the Plan and rules established by the Administrator, to have the Corporation reduce the number of Restricted Stock to be delivered by (or otherwise reacquire) the appropriate number of whole shares of Restricted Stock, valued at their then fair market value to satisfy any withholding obligations of the Corporation or its Subsidiaries with respect to such distribution of shares at the minimum applicable withholding rates; provided, however, that in the event that the Corporation cannot legally satisfy such withholding obligations by such reduction of shares of Restricted Stock, or in the event of a cash payment or any other withholding event in respect of the Restricted Stock, the Corporation (or a Subsidiary) shall be entitled to require a cash payment by or on behalf of the Participant and/or to deduct from other compensation payable to the Participant any sums required by federal, state or local tax law to be withheld with respect to such distribution or payment.

 

10.          Notices.  Any notice to be given under the terms of this Agreement shall be in writing and addressed to the Corporation at its principal office to the attention of the Secretary, and to the Participant at the Participant’s last address reflected on the Corporation’s payroll records.  Any notice shall be delivered in person or shall be enclosed in a properly sealed envelope, addressed as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or branch post office regularly maintained by the United States Government.  Any such notice shall be given only when received, but if the Participant is no longer an Eligible Person, shall be deemed to have been duly given five (5) business days after the date mailed in accordance with the foregoing provisions of this Section 10.

 

11.          Plan.  The Award and all rights of the Participant under this Agreement are subject to the terms and conditions of the provisions of the Plan, incorporated herein by reference, except as otherwise expressly provided in this Agreement.  The Participant agrees to be bound by the terms of the Plan and this Agreement.  The Participant acknowledges having read and understanding the Plan, the Prospectus for the Plan and this Agreement.  Unless otherwise expressly provided in other sections of this Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not (and shall not be deemed to) create any rights in the Participant unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan after the date hereof.

 

 

12.          Entire Agreement.  This Agreement and the Plan together constitute the entire agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof.  The Plan and this Agreement may be amended pursuant to Section 8.6 of the Plan.  Any such amendment must be in writing and signed by the Corporation.  Any such amendment that materially and adversely affects the Participant’s rights under this Agreement requires the consent of the Participant in order to be effective with respect to the Award.  The Corporation may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Participant hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof.  The Participant acknowledges receipt of a copy of this Agreement, the Plan and the Prospectus for the Plan.  In the event of any conflict between the provisions of the Employment Agreement and this Agreement relating to the Award, the provisions of this Agreement shall control.

 

13.          Limitation on Participant’s Rights.  Participation in the Plan confers no rights or interests other than as herein provided.  This Agreement creates only a contractual obligation on the part of the Corporation as to amounts payable and shall not be construed as creating a trust.  The Award has been granted to the Participant in addition to, and not in lieu of, any other form of compensation otherwise payable or to be paid to the Participant.

 

14.          Counterparts  This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

 

15.          Section Headings.  The section headings of this Agreement are for convenience of reference only and shall not be deemed to alter or affect any provision hereof.

 

16.          Governing Law.  This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Maryland without regard to conflict of law principles thereunder.

 

17.          Construction.  It is intended that the terms of the Award will not result in the imposition of any tax liability pursuant to Section 409A of the Code.  This Agreement shall be construed and interpreted consistent with that intent.

 

18.          Clawback Policy.  The Restricted Stock is subject to the terms of the Corporation’s recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require repayment or forfeiture of the Restricted Stock or other cash or property received with respect to the Restricted Stock (including any value received from a disposition of the Restricted Stock).

 

19.          Employment Agreement Amendment.  The third and fourth sentences of Section 3(c)(i) of the Employment Agreement relating to payment of a pro rata portion of the Award are hereby deleted in full.

 

 

YOUR ACCEPTANCE OF THE AWARD THROUGH THE ELECTRONIC STOCK PLAN AWARD RECORDKEEPING SYSTEM MAINTAINED BY THE CORPORATION OR ITS DESIGNEE CONSTITUTES YOUR AGREEMENT TO THE TERMS AND CONDITIONS HEREOF, AND THAT THE AWARD IS GRANTED UNDER AND GOVERNED BY THE TERMS AND CONDITIONS OF THE PLAN AND THIS AGREEMENT.

 

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[The remainder of this page is intentionally left blank.]Exhibit 10.65

 

CONSULTING AGREEMENT

 

THIS AGREEMENT is made effective as of January 1, 2014

 

BY AND BETWEEN

 

(1)                                 Huntsman International LLC, a Delaware Limited Liability Company, (the “Company”); and

 

(2)                                 Jon M. Huntsman, Jr., an individual (the “Consultant”)

 

WHEREAS, the Consultant entered into a Consulting Agreement effective as of May 1, 2012 which terminated as of December 31, 2013;

 

WHEREAS, the Company is a global manufacture of differentiated organic chemical products and of inorganic chemical products, with significant operations in the Asia Pacific region;

 

WHEREAS, the Consultant has extensive business experience, as well as experience in government affairs, both in the United States and in the Asia Pacific region, and has served as the Governor of the State of Utah and U.S. Ambassador to both Singapore and China.

 

WHEREAS, the Company would like to continue to avail itself of the experience and knowledge of the Consultant for the benefit of the Company.

 

NOW AND THEREFORE, the Company and the Consultant have agreed the following terms and conditions on which the Consultant will provide services to the Company for the purposes of its business.

 

1.                                      DEFINITIONS

 

In this Agreement and the Schedules hereto:

 

“Services” means the consultancy services described in Schedule 1.

 

“Termination Date” means the date on which this Agreement terminates.

 

2.                                      THE SERVICES AND OBLIGATIONS OF THE CONSULTANT

 

2.1                               The Company agrees to engage the Consultant for the benefit of the Company and the Consultant agrees to supply the Services to the Company under the terms of this Agreement and the Schedules hereto.

 

2.2                               The Consultant will provide the Services diligently and in a timely and professional manner, and using all necessary care and skill in doing so.

 

2.3                               In addition, the Consultant agrees to:

 

(a)                                 keep the Designated Managers, as specified/defined in Schedule 1, informed of the progress of all assignments on which he is working; and

 

(b)                                 comply with all reasonable and lawful requests of the Company and to work and co-operate with its personnel or personnel of the Company.

 

 

3.                                      COMMENCEMENT, DURATION AND RENEWAL

 

This Agreement will be deemed to have commenced on the commencement date specified in Schedule 1 and subject to the parties’ right to terminate pursuant to Clause 8 below, will continue for the period specified in Schedule 1. Notwithstanding the foregoing and Schedule 1, the Company may renew this Agreement for continuing two year terms by providing the Consultant with notice of such renewal.

 

4.                                      THE CONSULTANT’S FEE

 

4.1                               In consideration of the provision of the Services, the Company will pay to the Consultant a fee as specified in Schedule 1. All fees are payable in accordance with the timescales specified in Schedule 1,

 

4.2                               The Consultant shall be entitled to reimbursement of any reasonable expenses incurred on its own behalf in the course of providing the Services unless otherwise agreed between the parties. Expenses submitted for reimbursement shall be supported by satisfactory receipts.

 

4.3                               The Consultant will not be entitled to any fees or other payments for consulting services save as expressly stated in this Clause 4.

 

5.                                      CONFIDENTIAL INFORMATION

 

5.1                               The Consultant agrees to keep secret and confidential any of the trade secrets or other confidential, technical or commercial information of the Company or its subsidiaries or joint ventures whenever received or obtained by the Consultant and in whatever capacity, including the content and any results of the discussions and evaluations carried out under this Agreement and/or the Arbitration, and shall not use the same for any purpose whatsoever other than for the purpose of providing the Services. It is understood by the parties that the undertakings contained in this paragraph shall continue in force in perpetuity unless superseded and replaced by any formal agreement subsequently entered into by the parties.

 

6.                                      STATUS

 

6.1                               The relationship of the Consultant to the Company shall be that of contractors dealing at arm’s length. Nothing in this Agreement will render the Consultant an employee or partner of the Company and the Consultant will not hold himself out as such.

 

7.                                      TAX

 

7.1                               The Consultant will account to the appropriate authorities for all taxes, liabilities, charges and duties arising from the performance of the Services in relation to the Consultant.

 

8.                                      TERMINATION

 

8.1                               This Agreement may be terminated by either party at any time upon written notice.

 

8.2                               In the event of the termination of this Agreement, the Company shall only be liable to the Consultant in respect of fees and expenses due for the Services provided up to the date of termination.

 

9.                                     COMPETITION AND SOLICITATION

 

The Consultant shall not during the Duration of the Agreement, as specified/defined in Schedule 1, and for a period of 12 months immediately following the Termination Date, supply services of a type

 

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similar to those to be supplied under this Agreement, to any existing client or competitor of the Company.

 

10.                               NO ASSIGNMENT

 

No assignment of this Agreement or any of the rights or obligations of this Agreement shall be valid without the prior written consent of the other party, except that the Company may assign this Agreement or its rights and obligations under this Agreement, in whole or in part, to any subsidiary, affiliate, or successor.

 

11.                               EFFECT OF AGREEMENT

 

11.1                        This Agreement and the Schedules hereto supersede any previous agreement between the parties in relation to the matters dealt with in them and represent the entire understanding between the parties.

 

11.2                        Each party acknowledges and agrees that it has not entered into this Agreement in reliance on any representation, warranty or undertaking which is not set out or referred to in this Agreement and the Schedules.

 

12.                               NOTICES

 

12.1                        Any notice or other formal communication given under this Agreement must be in writing (which includes fax and email) and may be delivered in person, or sent by post or e-mail to the party to be served at the following address:

 

(a)                                 to the Company at:

 

Huntsman International LLC

500 Huntsman Way

Salt Lake City, Utah 84108

Facsimile: (801) 584-5782

Email:

 

(b)                                 to the Consultant at:

 

Jon M. Huntsman, Jr.

500 Huntsman Way

Salt Lake City, Utah 84108

Facsimile:

E-mail:

 

or at such other address or email address as he/it may notify to the other party under this clause. Any notice or other document sent by post shall be sent by overnight courier.

 

12.2                        This Agreement may not be modified by any oral agreement, either express or implied. All amendments or modifications of this Agreement must be in writing and be signed by both parties.

 

13.                               FORCE MAJEURE

 

Neither party shall be considered in default in the performance of its obligations hereunder to the extent that the performance of any such obligation is prevented or delayed by any cause, existing or future, which is beyond the reasonable control of such party. In such event, the schedule and compensation for the performance of the Services shall be equitably adjusted.

 

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14.                               GOVERNING LAW AND ARBITRATION

 

14.1                        This Agreement will be governed by and construed in accordance with the law of State of Utah.

 

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THIS AGREEMENT has been signed on behalf of the Company and by the Consultant on the date set out at the beginning.

 

 

	
/s/ Wade Rogers
    	
 
    	
 
    
	
SIGNED by Wade Rogers
    	
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for and on behalf of Huntsman International   LLC
    	
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Date: February 7, 2014
    	
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/s/ Jon M. Huntsman, Jr.
    	
 
    	
 
    
	
SIGNED by Jon M. Huntsman, Jr.
    	
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as Consultant
    	
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Date: February 6, 2014
    	
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Signature Page

 

 

SCHEDULE 1

 

	
1.         Description of the Services to be performed
    	
 
    	
·                  Provide strategic advice to senior management of the Company on   political, economic and business matters, particularly in connection with   markets and opportunities in Asia;

·                  Participate from time to time in negotiations and discussions with   business leaders and dignitaries;

·                  Participate in such other meetings or discussions as may be requested   by senior management of the Company upon reasonable notice.
    
	
 
    	
 
    	
 
    
	
2.         Designated Managers
    	
 
    	
Jon M. Huntsman and Peter R. Huntsman
    
	
 
    	
 
    	
 
    
	
3.         Commencement date
    	
 
    	
January 1, 2014
    
	
 
    	
 
    	
 
    
	
4.         Duration of Agreement
    	
 
    	
December 31, 2015 (subject to renewal   per Clause 3)
    
	
 
    	
 
    	
 
    
	
5.         Fee
    	
 
    	
$27,500 per month to be paid monthly
    
	
 
    	
 
    	
 
    
	
Any special conditions to be met before   payment is due
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
6.         Special requirements or conditions (if any)

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