Document:

Exhibit 10.20

SECOND AMENDMENT

 

TO THE

 

PH Holding LLC Woodside Share Unit Plan

(As Amended and Restated Effective May 30, 2012)

 

THIS SECOND AMENDMENT to the PH Holding LLC Woodside Share Unit Plan (the “Plan”) is made by PH Holding LLC (the “Company”) and is effective as of February 14, 2013 (the “Effective Date”).

 

WITNESSETH:

 

WHEREAS, the Company presently sponsors and maintains the Plan, which was most recently restated effective as of May 30, 2012,and amended by the First Amendment to the PH Holding LLC Woodside Share Unit Plan with an effective date of September 21, 2012;

 

WHEREAS, the Company desires to amend the Plan to modify the terms of the Plan related to the definition of the term “Grant Price” in the Plan, and this modification is not intended to affect any Award Agreements that were executed or have a Grant Date prior to the Effective Date of this Second Amendment;

 

WHEREAS, under Section 9.1 of the Plan, the Board of Directors of the Company (the “Board”) may amend, alter or discontinue the Plan at any time except that any amendment that would materially impair the rights of a participant as set forth in an applicable award agreement may not be made with respect to such participant without his or her consent (unless the conditions of Section 9.1 of the Plan are otherwise met); and

 

WHEREAS, the Board has determined that no amendment made herein will materially impair the rights of a participant with respect to any awards made as of the Effective Date under the Plan.

 

NOW, THEREFORE, effective as the Effective Date and pursuant to Section 9.1 of the Plan, the Board hereby amends the Plan as follows:

 

1.                                      Section 2.15 of the Plan (definition of “Grant Price”) is amended and replaced in its entirety to read as follows:

 

1

 

“Grant Price” means the price stated as the “Grant Price” in an Award Agreement, and which shall be equal to the Fair Market Value of a Unit as of the Grant Date or such other value approved by the Board.

 

2.                                      For the avoidance of doubt and to give effect to the consummation of the New Unit Transaction which closed on September 25, 2012, all references to “9.5 million” or “9,500,000” Membership Units or similar references in the Plan shall refer to the actual number of Membership Units of the Company.  As of the Effective Date of this Second Amendment, the number of Company Membership Units is 18,453,366.99.

 

3.                                      In the event of a pending transaction that would be reasonably anticipated to result in a Change in Control of the Company, the Company shall place into an independent escrow account the amount required to be paid to the Participants under the Plan as a result of the Change in Control.  The Committee shall use commercially reasonable efforts to estimate the amount of payments that will be payable to all Participants, and shall direct such funds to be deposited in an independent escrow or other separated account with a major financial institution prior to the consummation of the transaction that would result in the Change in Control.  The Committee shall provide escrow instructions for the benefit of the Participants to provide for the payments of all amounts due to the Participants under the Plan as a result of the Change in Control.  Such instructions shall be consistent with the manner and timing of the payments required under the Plan, and shall have no contingencies for payment beyond those in the Plan and applicable Award Agreements.  If funds are placed in escrow pursuant to this paragraph, and the pending transaction that was anticipated to result in a Change in Control fails to be consummated, then the funds shall be released from escrow and returned to the general funds of the Company.

 

4.                                      In all other respects, the provisions of the Plan are hereby ratified and confirmed, and they shall continue in full force and effect.  In order to maintain the terms of the Plan in a single document, this Second Amendment may be incorporated into the most recent restatement of the Plan and the Table of Contents and any section numbers and section references or cross-references can be corrected and/or updated at any time.

 

2

 

IN WITNESS WHEREOF, by action taken by the Board on the 12th day of February, 2013, the Company has caused this Second Amendment to be executed by its duly authorized representative.

 

	
ATTEST
    	
PH   HOLDING, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Rick Robideau
    	
 
    	
By: 
    	
/s/   David Barclay
    
	
 
    	
 
    	
 
    	
David   Barclay, Director and Compensation Committee Chairman
    
					

 

3Exhibit 10.21

 

PH HOLDING LLC

2011 Performance Share Units Award Agreement

 

PH Holding LLC, a Delaware limited liability company (the “Company”), hereby grants effective as of September 30, 2011 (“Grant Date”) to Joel Shine (the “Participant”), 190,000 Shine Incentive PSUs with a grant price of $0.00 on the following terms and conditions:

 

1.                                      Grant of Shine Incentive PSUs.  This Award is a grant by the Company to the Participant of 190,000 “Shine Incentive PSUs”, as defined in the PH Holding LLC 2011 Woodside Share Unit Plan (the “Plan”), and as specifically referenced in Section 4.6 of the Plan and as provided under this 2011 Performance Share Units Award Agreement (“Award Agreement”). The Shine Incentive PSUs are issued subject to the terms, conditions and restrictions described in the Plan and this Award Agreement.

 

2.                                      Governing Documents and Determinations.  The Performance Share Units are granted pursuant and subject to the Plan (as modified by this Award Agreement).  Capitalized terms not defined herein but defined in the Plan shall have the meanings contained in the Plan.  Except as set forth in this Award Agreement, determinations made in connection with the Performance Share Units pursuant to the Plan shall be governed by the Plan.  In the event of any conflict between the terms of this Award Agreement and the terms of the Plan, the terms of this Award Agreement shall prevail.

 

3.                                      Wages.  The Company and Participant acknowledge and agree that all payments hereunder to Participant are wages.

 

4.                                      Adjustment of Shine Incentive PSUs.  In the event that the Board increases the issued number of Membership Units to an amount in excess of 9,500,500, the Shine Incentive PSUs shall be adjusted in the same proportion, if any, that the Class A holders are affected by the increase in Membership Units.  For purposes of example only, (a) if such increase in the issued number of Membership Units results in 25% dilution to the interests of the Class A holders, then the Shine PSUs shall be adjusted such that the total number of Shine Incentive PSUs shall equal 1.5% of the maximum number of Membership Units, and (b) if such increase in the issued number of Membership Units is allocated to the existing holders of Membership Units such that the Class A holders maintain their existing overall ownership interests, then the total number of Shine Incentive PSUs shall equal 2.0% of the maximum number of Membership Units.  Regardless of the Grant Date, any additional Shine Incentive PSUs resulting from any such adjustment shall have a Grant Price of $0.00 and shall be subject to the vesting schedule set forth in Section 7, below.

 

5.                                      Other Awards.  The Performance Share Units granted hereunder are in addition to any Awards heretofore or hereafter granted to the Participant by the Company under the Plan, but a duplicate original of this Award Agreement shall not constitute the grant of additional Performance Share Units.

 

6.                                      No Performance Measures.  No Performance Goals, Performance Measures or Performance Periods shall be applicable to Participant.

 

 

7.                                      Vesting of Performance Share Units.  Subject to the terms and conditions of this Award Agreement, the Participant’s Performance Share Units shall become fully vested on the following vesting schedule:

 

	
Date
    	
 
    	
% of Performance
   Share Units Vested
    	
 
    	
Cumulative Vesting
    	
 
    
	
Grant Date
    	
 
    	
33   1/3
    	
%
    	
33   1/3
    	
%
    
	
January 1, 2012
    	
 
    	
33   1/3
    	
%
    	
66   2/3
    	
%
    
	
January 1, 2013
    	
 
    	
33   1/3
    	
%
    	
100
    	
%
    

 

In addition, in the event of a Termination of Employment due to the death, Disability or Hardship of Participant, a Termination of Employment by the Company or Woodside Group, LLC, a Nevada limited liability company and wholly-owned subsidiary of the Company (“Woodside”), without Cause, or by reason of the Participant’s resignation for Good Reason, or in connection with the expiration of the term of employment pursuant to the Company or Woodside giving notice of non-renewal of Participant’s Employment Agreement, that portion of the then unvested Performance Share Units that was eligible to vest on the next January 1 shall become vested Performance Share Units as of the date of such Termination of Employment; provided, however, that if the Company or any of its Affiliates (including all subsidiaries) enter into a definitive written agreement for a Change in Control not later than the date which is six months after such Termination of Employment due to death, Disability or Hardship, Termination of Employment by the Company or Woodside without Cause, or by reason of the Participant’s resignation for Good Reason, or in connection with the expiration of the term of employment pursuant to the Company or Woodside giving notice of non-renewal of the Employment Agreement and such Change in Control occurs (whether before, on or after such six month anniversary), all unvested Performance Share Units outstanding immediately prior to such Termination of Employment which did not become vested Performance Share Units upon such Termination of Employment shall be deemed to be vested Performance Share Units as of immediately prior to such Change in Control.  Upon the occurrence of a Change in Control prior to or concurrently with any Termination of Employment, all of the then unvested Performance Share Units shall become vested Performance Share Units.

 

Except as set forth above, upon any Termination of Employment (including without limitation for Cause) of Participant, any unvested Performance Share Unit which does not vest as a consequence of such Termination of Employment (or subsequent Change in Control) shall be deemed to be forfeited as of the close of business on the first business day after the date of such Participant’s Termination of Employment.  Participant’s unvested Performance Share Units shall not otherwise be subject to any forfeiture.  Participant’s vested Performance Share Units shall not be subject to forfeiture under any circumstances whatsoever.

 

For purposes of this Agreement, (x) Termination of Employment shall occur if the Participant separates from service within the meaning of Code Section 409A, which shall occur when it is reasonably anticipated that the Participant’s level of services has been permanently reduced to no more than 20 percent of the Participant’s average level of services over the prior 36-month period (or such period in which the Participant has performed services if less than 36 months), (y) “Change in Control” shall mean any event described in Section 2.7(ii) of the Plan

 

2

 

occurring with respect to the Company and/or Woodside, and (z) the terms “Disability”, “Cause” and “Good Reason” shall have the meanings set forth in Participant’s Employment Agreement.

 

For avoidance of doubt, the provisions of Sections 6.3 and 6.5 of the Plan shall not be applicable to Participant.

 

8.                                      Payment of Performance Share Units.  Upon a Termination of Employment or Change in Control, Participant shall be paid in cash within ninety (90) days after the occurrence of such event in full redemption of the vested Shine Incentive PSUs an amount equal to the Agreed Value.  (If after such payment, the amount payable to Participant hereunder shall increase as a result of a Change in Control or otherwise, the Company shall pay to Participant any such additional amount not later than thirty (30) days after the occurrence of the event causing such increase in the payment due to Participant.)

 

9.                                      Agreed Value.

 

(a)                                 The “Agreed Value” of the Shine Incentive PSUs means an amount equal to (A) 2.0% (or if additional Membership Units are issued by the Company resulting in dilution as described in Section 4 of this Agreement, then such lower percentage as is consistent with Section 4) of the sum of the Market Value as of the date (“Valuation Date”) of a Termination of Employment or Change in Control, as applicable, plus (B) the Applicable Percentage of the amount of all dividends, distributions and similar payments paid to or accrued in favor of members of the Company (“Members”) from January 1, 2010 through and including the Valuation Date.  The “Applicable Percentage” means 2.0% except that if additional Membership Units are issued by the Company resulting in dilution as described in Section 4 of this Agreement, then such lower percentage as is consistent with Section 4 shall be the Applicable Percentage with respect to dividends, distributions and similar payments made in time periods after such dilution.  In no event shall the Agreed Value be less than the value indicated by any outstanding marketable securities of the Company.

 

(b)                                 The Market Value shall be determined as follows: (i) In the event of a Change in Control, the Market Value shall be the fair market value of the entire equity of the Company based on the Company and its Affiliates (including all subsidiaries) being valued as a whole on a going concern basis; calculated in connection with such Change in Control if such Change in Control generates a readily determinable Market Value (for purposes of example only, if the Company and its Affiliates were acquired at a value based upon a multiple of book value [such as three (3) x book value], then the Market Value shall be determined on the basis of such multiple of book value), or otherwise pursuant to the following provisions of subsection 9(b)(ii); or (ii) in the event of a Termination of Employment, the Market Value shall be the fair market value of the entire equity of the Company based on the Company and its Affiliates (including all subsidiaries) being valued as a whole on a going concern basis, as of the date of the Termination of Employment, determined as follows: the Company shall deliver to the Participant not later than fifteen (15) days after the date of the Termination of Employment a written notice of its determination of the Market Value, as determined in good faith by the Board.  In the event that the Participant (which for the purposes of this section shall include the executor, conservator or personal representative of the Participant) is not satisfied with such written determination, the Participant may, by written notice delivered to the Company within fifteen (15) days after receipt

 

3

 

of such written determination, request the appointment of an independent appraiser.  The Board and the Participant shall thereafter in good faith appoint a mutually acceptable independent appraiser to determine Market Value as of the date of the Termination of Employment; provided, that if the Board and the Participant are unable to agree upon a mutually acceptable independent appraiser within fifteen (15) days after receipt by the Company of the Participant’s request, either the Board or the Participant may request the Chief Judge of the Los Angeles County Superior Court to appoint an independent appraiser; and such independent appraiser so appointed shall determine Market Value as of the date of the Termination of Employment.  For avoidance of doubt, the appraiser shall not include any illiquidity, minority or other discount.  The determination of Market Value as of the date of Termination of Employment by such independent appraiser shall be final and binding upon the Company and the Participant; provided, however, that if the Company or any of its Affiliates (including all subsidiaries) enter into a definitive written agreement for a Change in Control prior to the date which is six months after a Termination of Employment and the fair market value of the entire equity of the Company based on the Company and its Affiliates (including all subsidiaries) being valued as a whole on a going concern basis, calculated in connection with such Change in Control is greater than the value determined by the appraiser, the Market Value shall be increased to be the fair market value of the entire equity of the Company based on the Company and its Affiliates (including all subsidiaries) being valued as a whole on a going concern basis, calculated in connection with such Change in Control.  The Company and Participant shall evenly split the cost of the appraiser.

 

10.                               Non-Contingent.  Any payments to which the Participant is entitled on account of the Performance Share Units shall not be (a) offset against any claims of Company or Woodside or their Affiliates under the Employment Agreement or otherwise, or (b) made contingent upon the Participant executing any releases in favor of the Company, Woodside or their Affiliates or upon the non-existence of any defaults under Participant’s Employment Agreement; provided, that such payments to the Participant shall not be construed as a waiver by the Company or Woodside or their Affiliates of any claims against the Participant with respect to any such defaults.

 

11.                               Non-transferability of Performance Share Units.  The Shine Incentive Units may not be sold, assigned, margined, transferred, encumbered, conveyed, gifted, alienated, hypothecated, pledged or otherwise disposed of.

 

12.                               Provision of Documentation to Participant.  By signing this Award Agreement the Participant acknowledges receipt of a copy of this Award Agreement and a copy of the Plan.

 

13.                               Miscellaneous.

 

(a)                                 Notices.  All notices hereunder shall be in writing and shall be deemed given when delivered by reputable overnight courier or sent by certified or registered mail, postage prepaid, return receipt requested, to the addresses set forth below.  The addresses for such notices may be changed from time to time by written notice given in the manner provided for herein.

 

4

 

(b)                                 Entire Agreement, Modification.  This Award Agreement (together with the Plan and any and all annexes and exhibits thereto) constitutes the entire agreement between the parties relative to the subject matter hereof, and supersedes all proposals, written or oral, and all other communications between the parties relating to the subject matter of this Award Agreement.  This Award Agreement may be modified, amended or rescinded only with the written approval of both the Company and Participant.

 

(c)                                  Severability.  The invalidity, illegality or unenforceability of any provision of this Award Agreement shall in no way affect the validity, legality or enforceability of any other provision.

 

(d)                                 No Change to Terms of Employment.  This Award Agreement does not change the terms of employment of the Participant or his or her status as an at-will employee of the Company or its subsidiaries.

 

[signatures commence on following page]

 

5

 

IN WITNESS WHEREOF, the Company and the Participant have caused this Award Agreement to be executed below:

 

	
COMPANY:
    	
PARTICIPANT:
    
	
 
    	
 
    
	
PH   HOLDING LLC
    	
 
    
	
a   Delaware limited liability company
    	
 
    	
/s/   Joel Shine
    
	
 
    	
JOEL   SHINE
    
	
 
    	
 
    
	
By:
    	
/s/   David Barclay
    	
 
    	
Date: 
    	
October 17,   2011
    
	
Its:
    	
Compensation   Committee Chair
    	
 
    	
 
    
	
Date:
    	
October 17,   2011
    	
 
    	
Address:
    
	
 
    	
 
    
	
 
    	
 
    
	
Address: 
    	
 
    
	
39 East   Eagleridge Drive, Suite 102
    	
 
    
	
North   Salt Lake, UT  84054
    	
 
    
						

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}]]