Document:

ex10-2.htm

 

 

Exhibit 10.2

 

LEASE TERMINATION AGREEMENT

THIS LEASE TERMINATION AGREEMENT (“Agreement”) is made as of this 4th day of June, 2015, by and between TECHPRECISION CORPORATION (“Tenant”), a Delaware Corporation and CLA Building Associates, L.P. (“Landlord”), a Delaware Limited Partnership.

WHEREAS, Tenant and Landlord are parties to a certain Lease Agreement dated March 15, 2015 (the “Lease”) whereby Landlord leases to Tenant approximately 4,000 rentable square feet (the “Demised Premises”) on the second floor of the building known as “CLA Building” located at 2 Campus Boulevard in Newtown Square, Pennsylvania (the “Building”) as more particularly described in the Lease; and

WHEREAS, Tenant and Landlord now wish to terminate the Lease on the terms and conditions provided herein.

NOW THEREFORE, in consideration of the mutual covenants contained herein and intending to be legally bound, Tenant and Landlord agree as follows:

 

1.    Recitals.  The foregoing recitals are incorporated herein by reference.

 

2.    Lease Termination.  Landlord and Tenant hereby agree that notwithstanding anything in the Lease to the contrary, the Term shall expire on June 30, 2015 (the “Termination Date”) as though such date were the date originally set forth in the Lease as the Expiration Date (including, without limitation, with respect to Section 2.1(g) of the Lease) and Tenant shall vacate the Demised Premises on or before the Termination Date in the condition required under the Lease.  In accordance with Section 5 of the Lease, Landlord currently holds a security deposit in the form of cash from Tenant in the amount of Two Thousand Four Hundred Dollars ($2,400.00).   Landlord and Tenant have agreed that Landlord will retain the security deposit as Landlord’s sole and full payment of rent for the final month the Tenant occupies the Premises.

3.           Cooperation with New Tenant.  Tenant hereby consents to Landlord’s new incoming tenant for the Demised Premises (the “Incoming Tenant”) accessing the Demised Premises upon reasonable prior notice to Tenant on and after June 15, 2015 to prepare the Demised Premises for its occupancy.  Notwithstanding the foregoing, Tenant shall have no liability for any actions or omissions of the Incoming Tenant and/or its contractors, agents, or employees in the Demised Premises with respect to the same.

 

4.           Representations and Warranties.  Landlord represents and warrants to Tenant that (i) Landlord has the full power and authority to enter into this Agreement and to perform its obligations hereunder without the authorization or consent of any person or entity which has not already been obtained, and (ii) to Landlord’s knowledge, Tenant is not in default of the Lease as of the date hereof.  Tenant represents and warrants to Landlord that (i) Tenant has the full power and authority to enter into this Agreement and to perform its obligations hereunder without the authorization or consent of any person or entity which has not already been obtained, and (ii) to Tenant’s knowledge, Landlord is not in default of the Lease as of the date hereof.

 

 

 

 

  

  

  

 

5.           Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and each of their respective successors and assigns.

 

6.           Entire Agreement.  This Agreement constitutes the entire agreement between the parties and supersedes any prior agreements, representations, negotiations, or statements of the parties, in each case in relation to the subjects covered by this Agreement.

 

7.           Capitalized Terms.  Unless otherwise defined herein, all capitalized terms used in this Agreement shall have the meanings ascribed to such terms in the Lease.

 

8.           Effect of Lease.  Except as expressly modified by the terms of this Agreement, all of the agreements, covenants, terms and conditions of the Lease shall remain in full force and effect and are hereby restated and ratified by Landlord and Tenant.

 

9.           Severability. If any provision of this Agreement, the deletion of which would not adversely affect the receipt of any material benefit by either party hereunder, shall be held invalid or unenforceable to any extent, the remaining provisions of this Agreement shall not be affected thereby and each of said provisions shall be valid and enforceable to the fullest extent permitted by law.

10.           Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original hereof, but all of which shall constitute one and the same Agreement.

IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Agreement as of the date first above written.

 

	  	
LANDLORD:

	  	  
	  	
CLA Building Associates, L.P.

	  	  
	  	
By: CLA Building Associates, L.P.

its general partner

	  	
By: /s/ John A. Raimondo

	  	
    John A. Raimondo

	  	  
	  	
TENANT:

	  	  
	  	
TECHPRECISION CORPORATION

	  	  
	  	
By: /s/ Richard F. Fitzgerald

	  	
    Richard F. Fitzgerald, CFO

	  	  

 

 

 

2EX-10.1

 Exhibit 10.1 

SEACHANGE INTERNATIONAL, INC. 

Restricted Stock Unit Agreement 
 SeaChange
International, Inc., a Delaware corporation (the “Company”), hereby grants as of the award date below (“Award Date”) to the person named below (the “Recipient”), and the Recipient hereby accepts, an award
(“Award”) of Restricted Stock Units (“RSU”) that will vest as described in the Vesting Schedule, such Award to be subject to the terms and conditions specified in the attached Exhibit A. 

Recipient Name: 
 Award Date:

 Award Number: 
 Number of
RSUs: 
 Vesting Schedule: 
  

			
	 Vesting Date
		 Number of RSUs

By signing this Agreement, the Recipient acknowledges receipt of a copy of this Agreement and a copy of the Plan (as defined below) and the Prospectus related
thereto. 
 This Agreement will be effective only upon execution by the Recipient and delivery of such signed Agreement to the Company.

 IN WITNESS WHEREOF, the Company and the Recipient have caused this instrument to be executed as of the Award Date set forth above.

  

							
	  
 (Recipient Signature)
				 SEACHANGE INTERNATIONAL, INC.
  

				
	 				By:		 
	(Street Address)				 Name:
 Title:
		 Anthony Dias
 Chief Financial Officer, Senior
Vice President Finance & Administration and Treasurer

	  
 (City/State/Zip Code)
						

 Exhibit A 

Restricted Stock Unit Agreement 

Terms and Conditions 

1. Award. The Recipient is hereby granted an Award of RSUs, effective as of the date set forth on the cover page attached hereto (the
“Award Date”), subject to the terms and condition set forth herein (collectively with the cover page, the “Agreement”), and subject to and governed by the Company’s Amended and Restated 2011 Equity Compensation and Incentive
Plan (the “Plan”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Plan. Each RSU represents the right to receive one share of the Company’s Common Stock upon the satisfaction of terms
and conditions set forth in this Agreement and the Plan. 
 2. Vesting. Except as set forth in Section 5 herein, the RSUs will
remain restricted and may not be sold, assigned, exchanged, pledged or otherwise transferred by the Recipient until the RSUs have become vested pursuant to the terms of this Agreement. The RSUs will vest as provided on the cover page hereto. Each
date on which a portion of the Award vests shall be referred to herein as a “Vesting Date.”  
 3. Distribution of the
Award; Taxes; Dividend Equivalents. As soon as reasonably practicable following each Vesting Date, the Company will release the portion of the Award that has become vested as of such Vesting Date in the form of shares of the Company’s
Common Stock. 
 Upon the vesting of such RSUs, the Company will provide irrevocable instructions to a broker on behalf of the Recipient to
sell a number of shares equal in value to reasonably satisfy any applicable withholding taxes, FICA contributions, or the like under any national, federal, state, local or other statute, ordinance, rule, or regulation in connection with the vesting
of the RSUs (the “Taxes”). The proceeds from such sale will be remitted to the Company to pay the Taxes on behalf of the Recipient. By accepting this RSU award, the Recipient is hereby authorizing the Company to provide such instructions
regarding the settlement of the RSUs and the payment of the Taxes. 
 The Recipient shall have the right to receive dividend equivalent
payments with respect to the Common Stock subject to the Award as provided in this paragraph. Upon each Vesting Date, Recipient shall be entitled to receive a dividend equivalent payment in respect of the shares of Common Stock covered by the Award
that are not vested on the record date for each dividend payment, if any, made by the Company on its Common Stock for which the record date occurred (i) on or after the Award Date or the immediately preceding Vesting Date, as the case may be,
and (ii) prior to the applicable Vesting Date, in an amount in cash equal to the amount of any dividend which otherwise would have been paid to the Recipient if such unvested shares had been issued for the benefit of the Recipient on the record
dates for such dividend payments, subject to any applicable withholding for Taxes. Such dividend equivalent payments may be settled by the Company subject to such other conditions or terms that the Committee may establish. Except for dividend
equivalent payments, the Recipient shall have no rights as a stockholder, including voting rights, with respect to the RSUs. 
 4.
Termination of Relationship with the Company. If the Recipient ceases to be employed by the Company or a Subsidiary, or to be a Director of the Company, for any reason, any portion of the Award that has not become vested on or prior to the date
of such cessation shall thereupon be forfeited. 

  
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 5. Award Not Transferable. The Award will not be assignable or transferable by the
Recipient, except by will or the laws of descent and distribution. 
 6. Transferability of Award Shares. Until registered under the
Securities Act of 1933, as amended, or any successor statute (the “Securities Act”), the shares of Common Stock represented by the RSUs will be of an illiquid nature and will be deemed to be “restricted securities” for purposes
of the Securities Act. Accordingly, such shares must be sold in compliance with the registration requirements of the Securities Act or an exemption therefrom. The Company reserves the right to place restrictions required by law on any shares of the
Company’s Common Stock received by the Recipient pursuant to the Award. 
 7. Conformity with the Plan. The Award is intended to
conform in all respects with, and is subject to applicable provisions of, the Plan. To the extent that any provision of this Agreement conflicts with the express terms of the Plan, it is hereby acknowledged and agreed that the terms of the Plan
shall control and, if necessary, the applicable provisions of this Agreement shall be deemed to be amended so as to carry out the purpose and intent of the Plan. By the Recipient’s acceptance of this Agreement, the Recipient agrees to be bound
by all of the terms of this Agreement and the Plan. Notwithstanding any other provision of this Section 7, in the event that the provisions of this Agreement are subject to Section 409A of the Internal Revenue Code of 1986, as amended, and
the Treasury Regulations promulgated thereunder (“Section 409A”), the provisions of this Agreement shall comply with, and shall be interpreted in a manner consistent with, Section 409A. 

8. No Rights to Continued Employment. Nothing in this Agreement confers any right on the Recipient to continue as an employee or
Director of the Company or a Subsidiary or affects in any way the right of any of the Company or a Subsidiary to terminate any such relationship of the Recipient. 

9. Miscellaneous. 

(a) Notices. All notices hereunder shall be in writing and shall be deemed given when sent by certified or registered
mail, postage prepaid, return receipt requested, if to the Recipient, to the address set forth above or at the address shown on the records of the Company, and if to the Company, to the Company’s principal executive offices, attention of the
Corporate Secretary. 
 (b) Entire Agreement; Modification. This Agreement, together with the Plan, 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 Agreement. The Company may amend,
suspend or terminate the Plan, this Agreement and the Award granted hereunder at any time; provided, however, that no such amendment, suspension or termination may materially impair any Award without the Recipient’s written consent. 

(c) Fractional Shares. If the shares under this Award become issuable for a fraction of a share because of the
adjustment provisions contained in the Plan, such fraction shall be rounded down to the nearest whole share. 

  
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 (d) Severability. The invalidity, illegality or unenforceability of any
provision of this Agreement shall in no way affect the validity, legality or enforceability of any other provision. 
 (e)
Successors and Assigns. Except as provided herein, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, subject to the limitations set forth in Section 5 hereof.

 (f) Governing Law. Participants and the Company agree to resolve issues that may arise out of or relate to the Plan
or the same subject matter by binding arbitration in Boston, Massachusetts in accordance with the rules of the American Arbitration Association. The Plan and Award granted hereunder, including the Agreement, shall be governed by and construed in
accordance with the laws of the Commonwealth of Massachusetts, excluding its conflicts or choice of law rules or principles that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.

 (g) Data Protection Waiver. The Recipient understands and consent to the Company or its agents or independent
contractors appointed to administer the Plan obtaining certain of the Recipient’s personal employment information required for the effective administration of the Plan and that such information may be transmitted outside of the country of the
Recipient’s employment and/or residence. 
  
  

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