Document:

Exhibit 10.22

 

 

 

ZHONG YUAN BIO-TECHNOLOGY 

HOLDINGS LIMITED

 

NOMINATION COMMITTEE CHARTER

 

PURPOSE:

 

The purpose of the Nomination Committee (the “Committee”)
of the Board of Directors (the “Board”) of Zhong Yuan Bio-Technology Holdings Limited (the “Company”)
shall be to review and make recommendations to the Board regarding matters concerning corporate governance; review the composition of
and evaluate the performance of the Board; recommend persons for election to the Board and evaluate director compensation; review the
composition of committees of the Board and recommend persons to be members of such committees; review and maintain compliance of committee
membership with applicable regulatory requirements; and review conflicts of interest of members of the Board and corporate officers. In
addition, the Committee will undertake those specific duties and responsibilities listed below and such other duties as the Board may
from time to time prescribe.

 

MEMBERSHIP:

 

The Committee shall consist of no fewer than two members
of the Board. All members of the Committee shall be appointed by a majority of the Board and shall be independent of the Company and its
affiliates, shall have no relationship to the Company or its affiliates that may interfere with the exercise of their independence, and
shall otherwise be deemed to be “independent directors” as defined in Rule 5605 (e)(2) of the NASDAQ Listing Rules. The Board
may designate one member of the Committee as its Chair. The Committee may form and delegate authority to subcommittees, consisting of
no fewer than two members of the Committee, when appropriate. No member of the Committee shall be removed except by a majority vote of
the independent directors then in office.

 

RESPONSIBILITIES:

 

The responsibilities and duties of the Committee shall
include:

 

Composition of the Board of Directors, Evaluation,
and Nomination Activities

 

	 	1.	Reviewing the composition and size of the Board and determining the criteria for membership of the Board, including issues of character, judgment, independence, diversity, age, expertise, corporate experience, length of service, and other commitments outside the Company.

	 	2.	Conducting an annual evaluation of the Board.

	 	3.	Identifying, considering, and recommending candidates to fill new positions or vacancies on the Board, and reviewing any candidates recommended by stockholders in accordance with the bylaws. In performing these duties, the Committee shall have the authority to retain any search firm to be used to identify candidates for the Board and shall have sole authority to approve the search firm’s fees and other retention terms.

	 	4.	Evaluating the performance of individual members of the Board eligible for re-election and recommending the director nominees by class for election to the Board by the stockholders at the annual meeting of stockholders.

	 	5.	Evaluating director compensation, consulting with outside consultants when appropriate, and making recommendations to the Board regarding director compensation.

	 	6.	Reviewing and making recommendations to the Board with respect to a Director Option Plan and any proposed amendments thereto, subject to obtaining stockholder approval of any amendments as required by law or NASDAQ Listing Rules or otherwise.

 

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	 	7.	Selection of New Directors.

	 	a.	Recommend to the Board criteria for Board and committee membership, which shall include a description of any specific, minimum qualifications that the Nomination Committee believes must be met by a Nomination Committee recommended nominee, and a description of any specific qualities or skills that the Nomination Committee believes are necessary for one or more of the Company’s directors to possess, and annually reassess the adequacy of such criteria and submit any proposed changes to the Board for approval.

	 	b.	Establish a policy regarding the consideration of director candidates recommended by stockholders.

	 	c.	Establish procedures to be followed by security holders in submitting recommendations for director candidates to the Nomination Committee. The current procedures to be followed by security holders are set forth below:

	 	i.	All security holder recommendations for director candidates must be submitted to the Secretary of the Company, who will forward all recommendations to the Nomination Committee.

	 	ii.	All security holder recommendations
    for director candidates must be submitted to the Secretary of the Company not less than 120 calendar days prior to the date on which
    the Company’s proxy statement was released to stockholders in connection with the previous year’s annual meeting.

	 	iii.	All security holder recommendations for director candidates must include the following information:

	 	1.	The name and address of record of the security holder.

	 	2.	A representation that the security holder is a record holder of the Company’s securities, or if the security holder is not a record holder, evidence of ownership in accordance with Rule 14a-8(b)(2) of the Securities Exchange Act of 1934.

	 	3.	The name, age, business and residential address, educational background, current principal occupation or employment, and principal occupation or employment for the preceding five (5) full fiscal years of the proposed director candidate.

	 	4.	A description of the qualifications and background of the proposed director candidate which addresses the minimum qualifications and other criteria for Board membership approved by the Board from time to time and set forth in this Charter.

	 	5.	A description of all arrangements or understandings between the security holder and the proposed director candidate.

	 	6.	The consent of the proposed director candidate (i) to be named in the proxy statement relating to the Company’s annual meeting of stockholders and (ii) to serve as a director if elected at such annual meeting.

	 	7.	Any other information regarding the proposed director candidate that is required to be included in a proxy statement filed pursuant to the rules of the Securities and Exchange Commission.

	 	d.	Establish a process for identifying and evaluating nominees for the Board, including nominees recommended by security holders. The current process for identifying and evaluating nominees for the Board is as follows:

	 	i.	The Nomination Committee may solicit recommendations from any or all of the following sources: non-management directors, the Chief Executive Officer, other executive officers, third-party search firms, or any other source it deems appropriate.

	 	ii.	The Nomination Committee will review and evaluate the qualifications of any such proposed director candidate and conduct inquiries it deems appropriate.
	 	iii.	
    The Nomination Committee will evaluate all such proposed
    director candidates in the same manner, with no regard to the source of the initial recommendation of such proposed director candidate.

    In identifying and evaluating proposed director candidates,
    the Nomination Committee may consider, in addition to the minimum qualifications and other criteria for Board membership approved by the
    Board from time to time, all facts and circumstances that it deems appropriate or advisable, including, among other things, the skills
    of the proposed director candidate, his or her depth and breadth of business experience or other background characteristics, his or her
    independence and the needs of the Board.

 

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	 	e.	Upon identifying individuals qualified to become members of the Board, consistent with the minimum qualifications and other criteria approved by the Board from time to time, recommend that the Board select the director nominees for election at each annual meeting of stockholders; provided that, if the Company is legally required by contract or otherwise to provide third parties with the ability to nominate individuals for election as a member of the Board (pursuant, for example, to the rights of holders of preferred stock to elect directors upon a dividend default or in accordance with shareholder agreements or management agreements), the selection and nomination of such director nominees shall be governed by such contract or other arrangement and shall not be the responsibility of the Nomination Committee.

	 	f.	Consider recommendations in light of the requirement that a majority of the Board be comprised of directors who meet the independence requirements set forth in Rule 5605(a)(2) of the Listing Rules of the NASDAQ Stock Market LLC.

	 	g.	Recommend that the Board select the directors for appointment to committees of the Board.

	 	h.	Review all stockholder nominations and proposals submitted to the Company (including any proposal relating to the procedures for making nominations or electing directors), determine whether the nomination or proposal was submitted in a timely manner and, in the case of a director nomination, whether the nomination and the nominee satisfy all applicable eligibility requirements, and recommend to the Board appropriate action on each such nomination or proposal.

 

Committees of the Board of Directors

 

	 	1.	Periodically reviewing the composition of each committee of the Board and making recommendations to the Board for the creation of additional committees or the change in mandate or dissolution of committees.

	 	2.	Recommending to the Board persons to be members of the various committees and Committee Chairperson, annually.

 

Conflicts of Interest

 

	 	1.	Reviewing and monitoring compliance with the Company’s Code of Business Conduct and Ethics.

	 	2.	Considering questions of possible conflicts of interest of members of the Board and of corporate officers.

	 	3.	Reviewing actual and potential conflicts of interest of members of the Board and corporate officers and clearing any involvement of such persons in matters that may involve a conflict of interest.

 

GENERAL

 

The Nomination Committee may establish and delegate
authority to subcommittees consisting of one or more of its members, when the Nomination Committee deems it appropriate to do so in order
to carry out its responsibilities.

 

The Nomination Committee shall make regular reports
to the Board concerning areas of the Nomination Committee’s responsibility.

In carrying out its responsibilities, the Nomination
Committee shall be entitled to rely upon advice and information that it receives in its discussions and communications with management
and such experts, advisors, and professionals with whom the Nomination Committee may consult. The Nomination Committee shall have the
authority to request that any officer or employee of the Company, the Company’s outside legal counsel, the Company’s independent
auditor or any other professional retained by the Company to render advice to the Company attend a meeting of the Nomination Committee
or meet with any members of or advisors to the Nomination Committee. The Nomination Committee shall also have the authority to engage
legal, accounting, or other advisors to provide it with advice and information in connection with carrying out its responsibilities and
shall have sole authority to approve any such advisor’s fees and other retention terms.

The Nomination Committee may perform such other functions as may be requested by the Board from time to time.

 

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MEETINGS:

 

The Committee will meet at least once a year. The
Committee may establish its own meeting schedule, which it will provide to the Board. Special meetings may be convened as required. The
Committee, or its Chair, shall report to the Board on the results of these meetings. The Committee may invite to its meetings other Directors,
Corporate management, and such other persons, as the Committee deems appropriate in order to carry out its responsibilities. A majority
of the members of the Committee, present in person or by means of a conference telephone or other communications equipment by means of
which all persons participating in the meeting can hear each other, shall constitute a quorum.

 

The Committee will maintain written minutes of its
meetings, which shall be filed with the minutes of the meetings of the Board.

 

EVALUATION OF THE COMMITTEE’S PERFORMANCE:

 

The Committee shall, on an annual basis, evaluate
its performance under this Charter. The Committee shall address all matters that the Committee considers relevant to its performance.
The Committee shall deliver a report setting forth the results of its evaluation, including any recommended amendments to this Charter
and any recommended changes to the Board’s or the Company’s policies or procedures.

 

COMMITTEE RESOURCES:

 

The Committee may conduct or authorize investigations
into or studies of matters within the Committee’s scope of responsibilities, and may retain, at the Company’s expense, such
independent counsel, or other advisors as it deems necessary. The Committee shall have the sole authority to retain or terminate any search
firm to be used to identify director candidates, including sole authority to approve the search firm’s fees and other retention
terms, and such related fees are to be borne by the Company.

 

REPORTS:

 

The Committee will record its summaries of recommendations
to the Board in written form, which will be incorporated as a part of the minutes of the meeting of the Board at which those recommendations
are presented.

 

MINUTES:

 

The Committee will maintain written minutes of its
meetings, which minutes will be filed with the minutes of the meetings of the Board.

 

4EX-10.1

   

  Exhibit 10.1

   

  Grant ID: 

  RESTRICTED STOCK UNIT GRANT NOTICE
UNDER
FIRST ADVANTAGE CORPORATION
2021 OMNIBUS INCENTIVE PLAN

  First Advantage Corporation (the “Company”), pursuant to its 2021 Omnibus Incentive Plan, as it may be amended and restated from time to time (the “Plan”), hereby grants to the Participant set forth below the number of Restricted Stock Units set forth below.  The Restricted Stock Units are subject to all of the terms and conditions as set forth herein, in the Restricted Stock Unit Agreement (attached hereto or previously provided to the Participant in connection with a prior grant), and in the Plan, all of which are incorporated herein in their entirety.  Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan.

  		
	 
	 

	Participant:
	 

	Date of Grant:
	 

	Number of Restricted Stock Units:
	 

	Vesting Schedule:            
	Subject to the Participant’s continued service with the Company on each applicable vesting date, 1/3rd of the Restricted Stock Units shall vest on each of the first three anniversaries of the Date of Grant; provided, that 100% of any unvested Restricted Stock Units shall vest in full upon a Change in Control, subject to the Participant’s continued service with the Company upon such Change in Control.

  *            *            *

  FIRST ADVANTAGE CORPORATION

    

  
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By:
Title:                              

  THE UNDERSIGNED PARTICIPANT ACKNOWLEDGES RECEIPT OF THIS RESTRICTED STOCK UNIT GRANT NOTICE, THE RESTRICTED STOCK UNIT AGREEMENT AND THE PLAN, AND, AS AN EXPRESS CONDITION TO THE GRANT OF RESTRICTED STOCK UNITS HEREUNDER, AGREES TO BE BOUND BY THE TERMS OF THIS RESTRICTED STOCK UNIT GRANT NOTICE, THE RESTRICTED STOCK UNIT AGREEMENT AND THE PLAN.

  PARTICIPANT1

  
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By:
Date:                             

  		
	1 
	To the extent that the Company has established, either itself or through a third-party plan administrator, the ability to accept this award electronically, such acceptance shall constitute the Participant’s signature hereto.

   

   

   

  

   

  RESTRICTED STOCK UNIT AGREEMENT
UNDER
FIRST ADVANTAGE CORPORATION
2021 OMNIBUS INCENTIVE PLAN

  Pursuant to the Restricted Stock Unit Grant Notice (the “Grant Notice”) delivered to the Participant (as defined in the Grant Notice), and subject to the terms of this Restricted Stock Unit Agreement (this “Restricted Stock Unit Agreement”) and First Advantage Corporation 2021 Omnibus Incentive Plan, as it may be amended and restated from time to time (the “Plan”), First Advantage Corporation (the “Company”) and the Participant agree as follows.  Capitalized terms not otherwise defined herein shall have the same meaning as set forth in the Plan

  1.  Grant of Restricted Stock Units.  Subject to the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Participant the number of Restricted Stock Units provided in the Grant Notice (with each Restricted Stock Unit representing an unfunded, unsecured right to receive one share of Common Stock).  The Company may make one or more additional grants of Restricted Stock Units to the Participant under this Restricted Stock Unit Agreement by providing the Participant with a new Grant Notice, which may also include any terms and conditions differing from this Restricted Stock Unit Agreement to the extent provided therein.  The Company reserves all rights with respect to the granting of additional Restricted Stock Units hereunder and makes no implied promise to grant additional Restricted Stock Units.

  2.  Vesting.  Subject to the conditions contained herein and in the Plan, the Restricted Stock Units shall vest as provided in the Grant Notice.

  3.  Settlement of Restricted Stock Units.  Subject to any election by the Committee pursuant to Section 9(d)(ii) of the Plan, the Company will deliver to the Participant, without charge, as soon as reasonably practicable (and, in any event, within two and one-half months) following the applicable vesting date, one share of Common Stock for each Restricted Stock Unit (as adjusted under the Plan, as applicable) which becomes vested hereunder and such vested Restricted Stock Unit shall be cancelled upon such delivery.  The Company shall either (a) deliver, or cause to be delivered, to the Participant a certificate or certificates therefor, registered in the Participant’s name or (b) cause such shares of Common Stock to be credited to the Participant’s account at the third party plan administrator.  Notwithstanding anything in this Restricted Stock Unit Agreement to the contrary, the Company shall have no obligation to issue or transfer any shares of Common Stock as contemplated by this Restricted Stock Unit Agreement unless and until such issuance or transfer complies with all relevant provisions of law and the requirements of any stock exchange on which the Company’s shares of Common Stock are listed for trading.

  4.  Treatment of Restricted Stock Units Upon Termination.  Except as otherwise provided in the Grant Notice or as otherwise may be provided by the Committee, in the event of a Participant’s Termination for any reason prior to the time that such Participant’s Restricted Stock Units have vested, (A) all vesting with respect to such Participant’s Restricted Stock Units shall cease and (B) unvested Restricted Stock Units shall be forfeited to the Company by the Participant for no consideration as of the date of such Termination.

  5.  Conditions to Issuance of Common Stock. The Company shall not be required to record the ownership by the Participant of shares of Common Stock issued upon the settlement of vested Restricted Stock Units prior to fulfillment of all of the following conditions: (i) the obtaining of approval or other clearance from any federal, state, local or non-U.S. governmental agency which the Committee shall, in its reasonable and good faith discretion, determine to be necessary;  (ii) the lapse of such reasonable period of time following the settlement of the vested Restricted Stock Units as may otherwise be required by applicable law; and (iii) the execution and delivery to the Company, to the extent not so previously executed and delivered, of such other documents and instruments as may be reasonably required by the Committee.

  6.  Participant. Whenever the word “Participant” is used in any provision of this Restricted Stock Unit Agreement under circumstances where the provision should logically be construed to apply to the executors, the administrators, or the person or persons to whom the Restricted Stock Units may be transferred in accordance with Section 14(b) of the Plan, the word “Participant” shall be deemed to include such person or persons.

  7.  Non-Transferability.  The Restricted Stock Units are not transferable by the Participant except to Permitted Transferees in accordance with Section 14(b) of the Plan. Except as otherwise provided herein, no assignment or transfer of the Restricted Stock Units, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise, shall vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or transfer the Restricted Stock Units shall terminate and become of no further effect.

  8.  Rights as Shareholder.  The Participant or a Permitted Transferee of the Restricted Stock Units shall have no rights as a shareholder with respect to any share of Common Stock underlying a Restricted Stock Unit unless and until the Participant shall have become the holder of record or the beneficial owner of such share of Common Stock, and no adjustment shall be made for dividends or distributions or other rights in respect of such share of Common Stock for which the record date is prior to the date upon which the Participant shall become the holder of record or the beneficial owner thereof. 

   

  

   

  9.  Tax Withholding.  The Participant may be required to pay to the Company and the Company shall have the right and is hereby authorized to withhold, any applicable withholding taxes in respect of the Restricted Stock Units, their vesting or settlement or any payment or transfer with respect to the Restricted Stock Units at the minimum applicable statutory rates, and to take such action as may be necessary in the opinion of the Committee to satisfy all obligations for the payment of such withholding taxes.  The Committee may, in its sole discretion, permit the Participant to satisfy such withholding tax obligations, in whole or in part, by delivering shares of Common Stock, including shares of Common Stock received upon settlement of Restricted Stock Units pursuant to this Restricted Stock Unit Agreement. 

  10.  Notice.  Every notice or other communication relating to this Restricted Stock Unit Agreement between the Company and the Participant shall be in writing, and shall be mailed to or delivered to the party for whom it is intended at such address as may from time to time be designated by such party in a notice mailed or delivered to the other party as herein provided; provided, that, unless and until some other address be so designated, all notices or communications by the Participant to the Company shall be mailed or delivered to the Company at its principal executive office, to the attention of the Company’s Compensation Department, and all notices or communications by the Company to the Participant may be given to the Participant personally or may be mailed to the Participant at the Participant’s last known address, as reflected in the Company’s records.  Notwithstanding the above, all notices and communications between the Participant and any third-party plan administrator shall be mailed, delivered, transmitted or sent in accordance with the procedures established by such third-party plan administrator and communicated to the Participant from time to time.

  11.  No Right to Continued Service. This Restricted Stock Unit Agreement does not confer upon the Participant any right to continue as an employee or other service provider to the Company or any of its Subsidiaries.

  12.  Binding Effect.  This Restricted Stock Unit Agreement shall be binding upon the heirs, executors, administrators and successors of the parties hereto.

  13.  Waiver and Amendments. Except as otherwise set forth in Section 13 of the Plan, any waiver, alteration, amendment or modification of any of the terms of this Restricted Stock Unit Agreement shall be valid only if made in writing and signed by the parties hereto; provided, that any such waiver, alteration, amendment or modification is consented to on the Company’s behalf by the Committee.  No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver.

  14.  Clawback; Forfeiture.  Notwithstanding anything to the contrary contained herein or in the Plan, if the Participant has engaged in or engages in any Detrimental Activity, then the Committee may, in its sole discretion, take actions permitted under the Plan, including: (a) canceling the Restricted Stock Units, or (b) requiring that the Participant forfeit any gain realized on the disposition of any shares of Common Stock received in settlement of any Restricted Stock Units, and repay such gain to the Company.  In addition, if the Participant receives any amount in excess of what the Participant should have received under the terms of this Restricted Stock Unit Agreement for any reason (including without limitation by reason of a financial restatement, mistake in calculations or other administrative error), then the Participant shall be required to repay any such excess amount to the Company. Without limiting the foregoing, all Restricted Stock Units shall be subject to reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with applicable law. “Detrimental Activity” means any, offset of the following: (i) unauthorized disclosure of any confidential or proprietary information of any member of the Company Group; (ii) any activity that would be grounds to terminate the Participant’s employment or service with the Company for Cause; (iii) a breach by the Participant of any restrictive covenant by which such Participant is bound, including, without limitation, any covenant not to compete or not to hire or solicit, in any agreement with any member of the Company Group; or (iv) fraud, gross negligence  or conduct contributing to any financial restatements or irregularities, as determined by the Committee in its sole discretion.

  15.  Governing Law; Venue.  This Restricted Stock Unit Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, without regard to the principles of conflicts of law thereof.  Notwithstanding anything contained in this Restricted Stock Unit Agreement, the Grant Notice or the Plan to the contrary, if any suit or claim is instituted by the Participant or the Company relating to this Restricted Stock Unit Agreement, the Grant Notice or the Plan, the Participant hereby submits to the exclusive jurisdiction of and venue in the courts of Atlanta, Georgia.

  16.  Award Subject to Plan. The Restricted Stock Units granted hereunder, and the shares of Common Stock issued to the Participant upon settlement of vested Restricted Stock Units, are subject to the Plan and the terms of the Plan are hereby incorporated into this Restricted Stock Unit Agreement. By accepting the Restricted Stock Units, the Participant acknowledges that the Participant has received and read the Plan and agrees to be bound by the terms, conditions, and restrictions set forth in the Plan, this Restricted Stock Unit Agreement, and the Company’s policies, as in effect from time to time, relating to the Plan. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. The provisions of this Restricted Stock Unit Agreement shall survive the termination of this Award to the extent consistent with, or necessary to carry out, the purposes thereof.

   

  

   

  17.  Section 409A.  It is intended that the Restricted Stock Units granted hereunder shall be exempt from Section 409A of the Code pursuant to the “short-term deferral” rule applicable to such section, as set forth in the regulations or other guidance published by the Internal Revenue Service thereunder.

  18.  Imposition of Other Requirements.  The Company reserves the right to impose other requirements on the Participant’s participation in the Plan, on the Restricted Stock Units and on any shares of Common Stock acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

  19.  Transmission Acknowledgement. To the extent necessary, the Participant authorizes, agrees and unambiguously consents to the transmission by the Company or any other member of the Company Group of any of the Participant’s personal data related to the Award for legitimate business purposes (including, without limitation, the administration of the Plan). The Participant confirms and acknowledges that the Participant gives this authorization and consent freely.

  20.  Electronic Delivery and Acceptance.  The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means.  The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. In the event that any information regarding the Restricted Stock Units provided to the Participant through the third-party stock plan administrator’s web portal or otherwise conflicts with any of the terms and conditions of this Restricted Stock Unit Agreement or the Plan  (collectively, the “Restricted Stock Unit Governing Documents”), the Restricted Stock Unit Governing Documents shall control.

  21.  Entire Agreement.  The Restricted Stock Unit Governing Documents constitute the entire agreement of the parties hereto in respect of the subject matter contained herein and supersede all prior agreements and understandings of the parties, oral and written, with respect to such subject matter.

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