Document:

exh_102.htm

Exhibit 10.2

 

CONSULTING AGREEMENT

THIS CONSULTING AGREEMENT (“Agreement”) is entered into as of May __, 2012 by and between Dennis Horowitz (“Consultant”) and Superconductor Technologies Inc. (the “Company”), with reference to the following recitals:

A.           Consultant possess significant experience and skills in the Company’s line of business, including as a result of extensive service on the Company’s board of directors; and

B.           The Board of the Company (the “Board”) wishes to retain the services of Consultant on the terms set forth herein, commencing at the expiration of his current term as a director on May 22, 2012 (the “Commencement Date”).

IT IS THEREFORE AGREED THAT:

1.           Exclusive Services.  From the Commencement Date until March 31, 2013 (the “Term”), Consultant shall make himself reasonably available, during normal business hours, to consult with the Board regarding implementation of the actions taken and policies set by the Board of Directors of the Company from time to time (the “Services”).  The Services may also include advice on strategic or operational matters, reasonable cooperation on any litigation involving third parties, transition services to the Board’s audit committee and audit committee chairman, and other services as the parties may reasonably agree.  Because the Services are defined primarily by the experience and skill possessed by the Consultant rather than the amount of time spent by the Consultant, there is no minimum number of hours of Services to be provided hereunder.

Consultant will not, during the Term, intentionally provide strategic consulting services to any company that is a direct competitor with the Company’s current business focus on publicly disclosed commercial applications of 2G HTS wire.

2.           Compensation.  The sole compensation for the Services shall be as follows:

(a)           $8,750 on June 30, 2012, $8,750 on September 30, 2012, $8,750 on December 31, 2012 and $8,750 on March 31, 2013.

(b)           10,000 shares of unvested restricted stock under the Company’s 2003 Equity Incentive Plan, subject to the Consultant’s execution of the Company’s standard Restricted Stock Agreement.  Such restricted stock shall vest during the Term of this Agreement as follows: 2,500 shares on June 30, 2012; 2,500 shares on September 30, 2012; 2,500 shares on December 31, 2012 and 2,500 shares on March 31, 2013.

(c)           To the extent Services are requested, the Company will repay or reimburse Consultant for ordinary and necessary business expenses to the extent compatible with, and subject to the verification and substantiation documentation and procedures applicable under, the Company’s policies.

  

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3.           Confidentiality.  While Consultant was/is a director of the Company, as part of his fiduciary duties, he was/is subject to duties of confidentiality with respect to the Company’s confidential or proprietary information (the “Information”).  Consultant agrees, during and after the Term, to continue to abide by such duties with respect to the Information to the same extent as when he was a director.  If he learns additional Information during the Term, it shall be subject to the same limitation.  Without limiting the rights and remedies otherwise available to it, each party agrees that the other would be irreparably harmed by any breach or threatened breach of this Section 3 and accordingly that the other party shall be entitled to equitable relief by way of injunction.

It is acknowledged by both parties that as a public Company that Company is entitled to disclose and file this Agreement with the SEC to the extent necessary to comply with its legal obligations.

4.           Past Services.  Consultant agrees he is not entitled to any additional compensation (cash, equity or otherwise) for any services he previously rendered to the Company as a director or otherwise.  Consultant claims no ownership interest in any of the Company’s assets, properties, patents or technologies.

5.           Term.  This Agreement will expire at the end of the Term, except (a) if terminated earlier by the parties, acting mutually in writing, or (b) by any party at any time after the date hereof, if the other party materially breaches its obligations hereunder and does not cure such breach after a 15 day written notice reasonably describing such breach.  Sections 3 through 7 will survive the expiration or termination of this Agreement.

6.           Independent Contractor.  Consultant is being retained hereunder only for the purposes and to the extent set forth in this Agreement, and Consultant’s relationship to the Company will be that of an independent contractor.  Consultant will not be considered under this Agreement as having employee status. Consultant acknowledges that no federal or state withholding taxes, FICA, SDI, or other employee payroll taxes or deductions will be made with respect to compensation paid to Consultant pursuant to this Agreement.  Consultant is responsible for all such taxes, and agrees to report for federal and state income and any other tax purposes all such compensation, and to pay all taxes due thereon.  Consultant shall not be entitled to any benefits provided to employees of the Company or any of its affiliates, whether consisting of participation in an employee retirement, pension, supplemental compensation, defined contribution or similar plan; workers’ compensation; disability, termination or severance pay or other similar benefits; unemployment or other similar insurance or otherwise.

7.           Miscellaneous.  This Agreement sets forth the entire agreement and understanding of the parties hereto in respect to the subject mater hereof, and supersedes all prior agreements, arrangements and understandings relating to the subject matter hereof and is not intended to confer upon any other person any rights or remedies hereunder; provided, nothing in this Agreement affects Consultant’s Directors and Officers Indemnity Agreement or rights to indemnification under the Company’s charter or bylaws, which remains in full force and effect.  There have been no representations or statements, oral or written, that have been relied on by any party hereto, except those expressly set forth in this Agreement.  This Agreement may not be amended, altered or modified except by a writing signed by the parties.  This Agreement may be executed simultaneously in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.  This Agreement shall be governed by the law of California, without regard to any conflicts of law provisions.

  

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IN WITNESS WHEREOF, this Agreement has been entered into as of the date first written above.

	 	
Superconductor Technologies Inc.

 

By: _____________________________________

Marty Kaplan, Chairman of the Board of Directors

 

	 	
Dennis Horowitz

 

__________________

Dennis Horowitz

 

 

 

 

3exh_101.htm

Exhibit 10.1

 

EXECUTION COPY

 

AMENDMENT NO. 2 TO

AMENDED AND RESTATED SECURITYHOLDER AGREEMENT

THIS Amendment No. 2 to the Amended and Restated Securityholder Agreement (this “Amendment”) is made as of May 4, 2012, among Thermon Group Holdings, Inc., a Delaware corporation (the “Company”), CHS Private Equity V LP, a Delaware limited partnership (the “Fund”), CHS Associates V, a Delaware general partnership (“CHS Associates V”), Thompson Street Capital Partners II, L.P., a Delaware limited partnership (“TSCP”), Crown Investment Series LLC–Series 4, a Delaware series limited liability company (“Crown”) (and together with TSCP, the “Co-Investors”).

R E C I T A L S:

A.           The Company, the Fund, CHS Associates V, the Co-Investors and certain other Securityholders who are signatories thereto are parties to that certain Amended and Restated Securityholder Agreement, dated as of April 30, 2010 (the “Securityholder Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Securityholder Agreement.

B.           Section 7.3 of the Securityholder Agreement provides that the Securityholder Agreement may be amended by the Company with the written consent of the Fund and the Securityholders (other than the Fund and any Fund Associate) owning a majority of shares of Common Stock then owned by such Securityholders, subject to certain exceptions as set forth therein.

C.           The Co-Investors own a majority of shares of Common Stock outstanding (other than shares held by the Fund and any Fund Associate) on the date hereof.

D.           The first anniversary of the Company’s listing on the New York Stock Exchange is May 5, 2012.

E.           The Company, the Fund, CHS Associates V and the Co-Investors desire to amend certain provisions of the Securityholder Agreement in connection with the first anniversary of the Company’s listing on the New York Stock Exchange.

A G R E E M E N T S:

Now, Therefore, in consideration of the mutual covenants and promises herein contained and other consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

  

  

  

	
1.  

	
Effective Date.  Notwithstanding anything contained in this Amendment to the contrary, this Amendment shall automatically and without any further action by the parties hereto become effective as of the close of business on May 4, 2012.

	
2.  

	
Board of Directors.

	
(a)  

	
Section 5.1 of the Securityholder Agreement is hereby amended and restated in its entirety to read as follows:

“5.1           Board of Directors.  At all times during the term of this Agreement, each Securityholder shall Vote its shares of Common Stock and take all other necessary or desirable actions within such Securityholder’s control or power (including attendance at meetings in person or by proxy for purposes of obtaining a quorum and execution of written consents in lieu of meetings) to cause the Board (and, if requested by the Fund, any board of directors, board of managers or similar governing body of any Subsidiary) to be comprised of the following Persons:

(a)           So long as the Fund and any Fund Associate collectively own at least five percent (5%) of the outstanding Shares, one director (the “Fund Director”) as designated by the Fund from time to time.  The Fund shall have the right to remove the Fund Director at any time, and to fill any vacancy arising from time to time with respect to the Fund Director.  In addition, so long as the Fund and any Fund Associate collectively own at least five percent (5%) of the outstanding Shares, the Fund shall have the right to designate an observer reasonably acceptable to the Company (the “Fund Observer”) to attend each meeting of the Board; provided, however, that the Fund Observer may be excluded from all or a portion of any such Board meeting if in the judgment of legal counsel to the Company Group, such exclusion is necessary to preserve the attorney-client privilege during such meeting or portion thereof.  The Fund Observer shall be entitled to receive notice of all Board meetings in the same manner and at the same time as the members of the Board and shall be entitled to participate in all Board meetings, but the Fund Observer shall not be entitled to vote on any matters submitted to the Board.  The appointment of the Fund Observer to the Board shall not limit the ability of the Board to take action without a meeting so long as such action is permissible under applicable law and this Agreement.  Each Fund Observer agrees to keep strictly confidential the topics and substance of discussions that occur at the Board meeting as well as any information presented or otherwise obtained at or in connection therewith.

(b)           So long as Thompson Street Capital Partners II, L.P., a Delaware limited partnership and a Co-Investor (“TSCP”), owns at least five percent (5%) of the outstanding Shares, it shall have the right to designate an observer reasonably acceptable to the Company (the “TSCP

  

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Observer”) to attend each meeting of the Board; provided, however, that the TSCP Observer may be excluded from all or a portion of any such Board meeting if in the judgment of legal counsel to the Company Group, such exclusion is necessary to preserve the attorney-client privilege during such meeting or portion thereof.  The TSCP Observer shall be entitled to receive notice of all Board meetings in the same manner and at the same time as the members of the Board and shall be entitled to participate in all Board meetings, but the TSCP Observer shall not be entitled to vote on any matters submitted to the Board.  The appointment of the TSCP Observer to the Board shall not limit the ability of the Board to take action without a meeting so long as such action is permissible under applicable law and this Agreement.  Each TSCP Observer agrees to keep strictly confidential the topics and substance of discussions that occur at the Board meeting as well as any information presented or otherwise obtained at or in connection therewith.

 

Directors need not be residents of the State of Delaware.”

	
3.  

	
Effect on the Securityholder Agreement.  On and after the date hereof, each reference in the Securityholder Agreement to “this Agreement”, “herein”, “hereof”, “hereunder” or words of similar import shall mean and be a reference to the Securityholder Agreement as amended hereby.  Except as expressly modified and amended by this Amendment, all terms, covenants and conditions of the Securityholder Agreement shall remain in full force and effect in accordance with their terms, and the Securityholder Agreement, as amended by this Amendment, is hereby ratified and confirmed in all respects.”

	
4.  

	
Governing Law.   This Amendment shall be governed and controlled as to validity, enforcement, interpretation, construction, effect and in all other respects by the internal laws of the State of Delaware applicable to contracts made in that State.

	
5.  

	
Severability.  The invalidity of any provision of this Amendment or portion of a provision shall not affect the validity of any other provision of this Amendment or the remaining portion of the applicable provision.

	
6.  

	
Counterparts.  This Amendment may be executed in any number of counterparts, and by facsimile, photo or other electronic means, each of which shall be effective only upon delivery and thereafter shall be deemed to be an original, and all of which shall be taken to be one and the same instrument with the same effect as if each of the parties hereto had signed the same document.

[Signature Pages Follow]

 

  

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In Witness Whereof, the parties hereto have caused this Amendment to be executed on the date first written above.

	 	
THERMON GROUP HOLDINGS, INC.

 

	 	
By:

	  	
/s/ Jay Peterson

	 	
Name:

	  	
Jay Peterson

	 	
Title:

	  	
Chief Financial Officer

 

	 	
CHS PRIVATE EQUITY V LP

	 	  
	 	
By:

	  	
CHS Management V LP, its general partner

	 	  	  	  
	 	
By:

	  	
CHS Capital LLC, its general partner

	 	  	  	  
	 	
By:

	  	
/s/ Marcus J. George

	 	
Name:

	  	
Marcus J. George

	 	
Title:

	  	
Partner

 

	 	
CHS ASSOCIATES V

	 	  
	 	
By:

	  	
CHS Capital LLC, its managing general partner

	 	  	  	  
	 	
By:

	  	
/s/ Marcus J. George

	 	
Name:

	  	
Marcus J. George

	 	
Title:

	  	
Partner

 

	 	
THOMPSON STREET CAPITAL PARTNERS II, L.P.

	 	  
	 	
By:

	  	
Thompson Street Capital II GP, L.P.,

its general partner

	 	  	  	  
	 	
By:

	  	
Thompson Street Capital LLC,

its general partner

	 	  	  	  
	 	
By:

	  	
/s/ James A. Cooper

	 	
Name:

	  	
James A. Cooper

	 	
Title:

	  	
Manager

  

[Signature Page to Amendment No. 2 to Securityholder Agreement]

  

 

	 	
CROWN INVESTMENT SERIES LLC – SERIES 4

	 	  
	 	
By:

	  	
Longview Asset Management LLC,

its manager

	 	  	  	  
	 	
By:

	  	
/s/ Ben M. Graham

	 	
Name:

	  	
Ben M. Graham

	 	
Title:

	  	
Investment Manager

 

 

  

[Signature Page to Amendment No. 2 to Securityholder Agreement]

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