Document:

exv10w1

Exhibit 10.1

SUMMARY OF COMPENSATION FOR

THE BOARD OF DIRECTORS OF

STEELCASE INC.

     Effective December 1, 2011, non-employee directors are compensated annually as follows.

Annual Retainers

	 	 	 	 	 	 	 	 	 
	Type of Compensation	 	Director	 	Board Chair
	Board Annual Retainer
	 	$	110,000	 	 	$	190,000	 
	Committee Chair Annual Retainers:
	 	 	 	 	 	 	 	 
	Audit Committee
	 	$	10,000	 	 	 	 	 
	Compensation Committee
	 	$	10,000	 	 	 	 	 
	Nominating and Corporate Governance Committee
	 	$	5,000	 	 	 	 	 

     Board annual retainers and committee chair annual retainers shall be paid on a quarterly basis
in advance, 50% in cash and the remaining 50% in either:

	•	 	Steelcase Inc. Class A Common Stock issued under the Steelcase Inc. Incentive Compensation Plan or
	 
	•	 	A deemed investment in Steelcase Inc. Class A Common Stock under the Steelcase Inc. Non-Employee
Director Deferred Compensation Plan.

     Any director compensation that is paid in stock or a deemed investment in Steelcase Inc. Class
A Common Stock under the Steelcase Inc. Non-Employee Director Deferred Compensation Plan shall be
subject to the expectation that it will be held for the length of Board service.

     All shares granted to directors as part of their non-cash director compensation shall be
granted in the form of Steelcase Inc. Class A Common Stock, pursuant to the Steelcase Inc.
Incentive Compensation Plan. The number of shares of Class A Common Stock to be awarded shall be
calculated using the Fair Market Value, as defined in the Steelcase Inc. Incentive Compensation
Plan, of such shares on the date on which the quarterly payment is made.

Meeting Fees and Expenses

     Each director (including committee chairs but excluding the Board chair) will receive $1,500
per committee meeting attended, paid in cash. Additionally, all directors (including committee
chairs and the Board chair) will be reimbursed for out-of-pocket expenses incurred to attend Board
and committee meetings, paid in cash.

Payments

     Payments (of cash and stock) shall be made on or about the 10th day of the month of
March, June, September and December.

Deferred Compensation Plan

     Each non-employee director can participate in the Steelcase Inc. Non-Employee Director
Deferred Compensation Plan. Under this plan, directors may defer all or part of their retainer
and/or committee fees until they no longer serve on the Board of Directors. A participating
director may elect to have the deferred amount deemed as an investment in Steelcase Inc. Class A
Common Stock or invested in any of several investment funds.

Outside Director Benefit Plan

     Each non-employee director who is not a retiree of the Company is also eligible to participate
in the Steelcase Benefit Plan for Outside Directors which provides health, vision and group travel
accident benefits.

Employees and Officers

     Members of the Board of Directors who are employees or officers of the Company or any of its
subsidiaries do not receive any compensation for serving on the Board of Directors or any
committees thereof.

Last revised on October 11, 2011exv10w2

Exhibit 10.2

SECOND AMENDMENT TO TIME SHARE AGREEMENT

     This Second Amendment to Time Share Agreement (this “Amendment”) between STEELCASE INC.
(“Timesharer”) and JAMES P. HACKETT (“Timesharee”) is made this 9th day of November, 2011.

RECITALS

     WHEREAS, Timesharer and Timesharee entered into a certain Aircraft Time-Sharing Agreement
dated December 15, 2005, as amended (the “Time Share Agreement”) to allow Timesharee use of certain
designated aircraft owned or leased by Timesharer; and

     WHEREAS, Timesharer and Timesharee now wish to amend the Time Share Agreement to change the
definition of “Aircraft.”

     NOW THEREFORE, for and in consideration of the mutual promises set forth herein, and for good
and valuable consideration, the receipt of which is hereby acknowledged, the parties amend the Time
Share Agreement as follows:

	1.	 	All references to the “Aircraft” in the Time Share Agreement shall now mean that certain
Falcon 900EX aircraft bearing Federal Aviation Administration Registration No. N375SC and
Manufacturer’s Serial No. 215 and that certain Falcon 2000EX aircraft bearing Federal Aviation
Administration Registration No. N377SC Manufacturer’s
Serial No. 227, each currently owned or
leased by Timesharer.

	2.	 	Except to the extent modified by this Amendment, the Time Share Agreement is hereby ratified
and affirmed.

The parties have executed this Amendment as of the date set forth above.

	 	 	 	 	 
	 	TIMESHARER:

STEELCASE INC.

 	 
	 	By:  	/s/ Steve Waugh
 	 
	 	 	Steven M. Waugh 	 
	 	 	Its: Assistant Treasurer 	 
	 
	 	TIMESHAREE:

 	 
	 	/s/ James P. Hackett
 	 
	 	James P. Hackettex10-1.htm

 

Exhibit 10.1

United States Department of the Treasury

1500 Pennsylvania Avenue, NW

Washington, D.C. 20220

December 28, 2011

Ladies and Gentlemen:

Reference is made to that certain Letter Agreement incorporating the Securities Purchase Agreement – Standard Terms (the “Securities Purchase Agreement”), dated as of the date set forth on Schedule A hereto, between the United States Department of the Treasury (the “Investor”) and the company set forth on Schedule A hereto (the “Company”).  Capitalized terms used but not defined herein shall have the meanings assigned to them in the Securities Purchase Agreement.  Pursuant to the Securities Purchase Agreement, at the Closing, the Company issued to the Investor the number of shares of the series of its preferred stock set forth on Schedule A hereto (the “Preferred Shares”) and a warrant to purchase the number of shares of the series of its preferred stock set forth on Schedule A hereto (such shares, the “Warrant Shares”), which was exercised by the Investor at Closing.

 

In connection with the consummation of the repurchase (the “Repurchase”) by the Company from the Investor, on the date hereof, of the number of Preferred Shares listed on Schedule A hereto (the “Repurchased Preferred Shares”) and the number of Warrant Shares listed on Schedule A hereto (the “Repurchased Warrant Shares”), as permitted by the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009:

 

(a)           The Company hereby acknowledges receipt from the Investor of the share certificate(s) set forth on Schedule A hereto representing the Preferred Shares;

 

(b)           The Investor hereby acknowledges receipt from the Company of a wire transfer for the account of the Investor in immediately available funds of the aggregate purchase price set forth on Schedule A hereto, representing payment in full for the Repurchased Preferred Shares at a price per share equal to the Liquidation Amount per share, together with any accrued and unpaid dividends to, but excluding, the date hereof;

 

(c)           The Company hereby acknowledges receipt from the Investor of the share certificate(s) set forth on Schedule A hereto representing the Warrant Shares; and

 

(d)           The Investor hereby acknowledges receipt from the Company of a wire transfer for the account of the Investor in immediately available funds of the aggregate purchase price set forth on Schedule A hereto, representing payment in full for the Repurchased Warrant Shares at a price per share equal to the Liquidation Amount per share, together with any accrued and unpaid dividends to, but excluding, the date hereof.

 

 

 

  

  

  

 

 

 

This letter agreement will be governed by and construed in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State.

This letter agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement.  Executed signature pages to this letter agreement may be delivered by facsimile and such facsimiles will be deemed sufficient as if actual signature pages had been delivered.

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In witness whereof, the parties have duly executed this letter agreement as of the date first written above.

 

	  	
UNITED STATES DEPARTMENT OF

	  	
THE TREASURY

	  	  	  
	  	  	  
	  	
By:

	/s/ Timothy G. Massad
	  	  	
Name: Timothy G. Massad

	  	  	
Title: Assistant Secretary for Financial Stability

	  	  	  
	  	  	  
	  	
COMPANY: CUSTOMERS BANCORP, INC.

	  	  	  
	  	
By:

	/s/ Thomas R. Brugger
	  	  	
Name: Thomas R. Brugger

	  	  	
Title: Chief Financial Officer and Executive Vice President

	  	  	  

 

 

 

  

  

  

 

 

 

SCHEDULE A

	
General Information:

 

	  
	
Date of Letter Agreement incorporating the Securities Purchase Agreement:

 

	
September 16, 2011

	
Name of the Company:

 

	
Customers Bancorp, Inc.

	
Corporate or other organizational form of the Company:

 

	
Corporation

	
Jurisdiction of organization of the Company:

 

	
Pennsylvania

	
Number and series of preferred stock issued to the Investor at the Closing (Preferred Shares):

 

	
2,892 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A

	
Number and series of preferred stock underlying the Warrant issued to the Investor at the Closing (Warrant Shares):

 

	
145 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series B

	
Terms of the Repurchase of the Preferred Shares:

 

	  
	
Number of Preferred Shares purchased by the Company:

 

	
2,892

	
Share certificate number (representing the Preferred Shares previously issued to the Investor at the Closing):

 

	
0001

	
Per share Liquidation Amount of Preferred Shares:

 

	
$1,000

	
Accrued and unpaid dividends on Preferred Shares:

 

	$17,271.67
	
Aggregate purchase price for Repurchased Preferred Shares:

 

	$2,909,271.67
	
Terms of the Repurchase of the Warrant Shares:

 

	  
	
Number of Warrant Shares purchased by the Company:

 

	
145

	
Share certificate (representing the Warrant Shares previously issued to the Investor at the Closing):

 

	
0001

	
Per share Liquidation Amount of Warrant Shares:

 

	
$1,000

	
Accrued and unpaid dividends on Warrant Shares:

 

	$1,558.75
	
Aggregate purchase price for Repurchased Warrant Shares:

 

	$146,558.75

 

 

 

 

  

  

  

 

 

 

 

 

	  	  
	
Aggregate purchase price for Repurchased Preferred Shares and Repurchased Warrant Shares:

 

	$3,055,830.42
	
Investor wire information for payment of purchase price:

	
ABA Number:  021000018

Bank:  The Bank of New York Mellon

Account Name:  BETA EESA Preferred Account

Account Number:   GLA/111567

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