Document:

Exhibit 10.3

 

PROMISSORY
NOTE

 

	$150,000.00	As of September 14, 2020

 

Rotor
Acquisition Corp. (“Maker”) promises to pay to the order of Rotor Sponsor LLC or its/his successors or assigns (“Payee”)
the principal sum of up to One Hundred Fifty Thousand Dollars and No Cents ($150,000.00) in lawful money of the United States
of America, on the terms and conditions described below.

 

1. Principal
and Drawdowns. Maker and Payee agree that Maker may request up to One Hundred Fifty Thousand Dollars ($150,000) for costs
reasonably related to Maker’s initial public offering of its securities. The principal of this Note may be drawn down from
time to time up until the full amount has been drawn. The principal balance of this Note shall be repayable on the earlier of
(i) June 30, 2021, (ii) the date on which Maker consummates an initial public offering of its securities (“IPO”) or
(iii) the date on which Maker determines to not proceed with such IPO.

 

 2. Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

3. Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due
under this Note, including (without limitation) reasonable attorneys’ fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

 4. Events of Default. The following shall constitute Events of Default:

 

(a) Failure
to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following the
date when due.

 

(b) Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under the Federal Bankruptcy Code, as now constituted or hereafter
amended, or any other applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law,
or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator
(or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the
benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate
action by Maker in furtherance of any of the foregoing.

 

(c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of maker
in an involuntary case under the Federal Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or
state bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
(or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs,
and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

     

     

    

 

 5. Remedies.

 

(a) Upon
the occurrence of an Event of Default specified in Section 4(a), Payee may, by written notice to Maker, declare this Note to be
due and payable, whereupon the principal amount of this Note, and all other amounts payable thereunder, shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything
contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b) Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of, and all other sums
payable with regard to, this Note shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.

 

6. Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by
Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting
any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy
or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment;
and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of
execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

7. Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agree that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to them or affecting their liability hereunder.

 

8. Notices.
Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally
delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery,
(iv) sent by telefacsimile or (v) sent by e-mail, to the following addresses or to such other address as either party may designate
by notice in accordance with this Section:

 

If
to Maker:

 

Rotor
Acquisition Corp.

c/o Graubard Miller

405 Lexington Avenue

New York, NY 10174

 

    2

     

    

 

If
to Payee:

 

Rotor
Sponsor LLC

c/o Graubard Miller

405 Lexington Avenue

New York, NY 10174

 

Notice
shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission
confirmation, (iii) the date on which an e-mail transmission was received by the receiving party’s on-line access provider
(iv) the date reflected on a signed delivery receipt, or (vi) two (2) Business Days following tender of delivery or dispatch by
express mail or delivery service.

 

9. Construction.
This Note shall be construed and enforced in accordance with the domestic, internal law, but not the law of conflict of laws,
of the State of New York.

 

10. Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed the day and year first
above written.

 

	 	ROTOR ACQUISITION CORP.
	 	 
	 	By:	/s/ Brian Finn
	 	Name	Brian Finn
	 	Title	CEO

 

 

3EX-10.1

 Exhibit 10.1 

LIFE STORAGE, INC. 
 6467 Main
Street 
 Buffalo, New York 14221 

December 18, 2020 
  

 
  

RE: Long Term Incentive Restricted Stock Award Notice 
 Dear
[Name]: 
 The Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of Life Storage, Inc.
(the “Company”) has selected you to receive shares of restricted stock under the Company’s 2015 Award and Option Plan (the “Plan”). 

Your shares of restricted stock are described in the balance of this letter agreement between us. This letter constitutes your Award Notice
with respect to the shares of restricted stock described herein. 
 The Plan text governs the operation of the Plan as well as the terms and
conditions of your shares of restricted stock granted under the Plan, and is incorporated herein by reference. A copy of the Plan text is enclosed. Any term not defined in this letter agreement shall have the same meaning as it is defined in the
Plan. 
 AWARD OF RESTRICTED STOCK 
 You are hereby
awarded, effective December 18, 2020, [___________] shares of common stock, $.01 par value, of the Company subject to the restrictions set forth herein (“Restricted Stock”). 

VESTING OF RESTRICTED STOCK 
 Except as otherwise provided
herein or in the Plan, your shares of Restricted Stock shall vest in accordance with the following schedule: 
  

			
	*    	  	_______ shares of Restricted Stock (20% of the total shares under this award) shall vest on December 18, 2021;
		
	*	  	_______ shares of Restricted Stock (20% of the total shares under this award) shall vest on December 18, 2022;
		
	*	  	_______ shares of Restricted Stock (20% of the total shares under this award) shall vest on December 18, 2023;
		
	*	  	_______ shares of Restricted Stock (20% of the total shares under this award) shall vest on December 18, 2024;
		
	*	  	_______ shares of Restricted Stock (20% of the total shares under this award) shall vest on December 18, 2025.

 RESTRICTIONS 

Your shares of Restricted Stock may not be sold, transferred, assigned, pledged or otherwise disposed of unless and until they shall have
vested in accordance with the schedule set forth above. 
 The stock certificate(s) for your shares of Restricted Stock will be issued in
your name but held by the Company for your account, together with stock powers you will execute in favor of the Company, until the shares shall have vested. You shall execute stock power(s) in favor of the Company as a condition to receiving this
award of Restricted Stock. Except as otherwise provided herein, if and when your shares of Restricted Stock vest, the Company will deliver to you the certificates for such shares. 

TERMINATION OF EMPLOYMENT 
 Except as
otherwise provided in the Plan, on termination of your employment with the Company or a Subsidiary for any reason other than death, Disability (as defined below), or for a reason approved by the Committee, in its sole discretion, your then unvested
shares of Restricted Stock shall be deemed forfeited and canceled. 
 On termination of your employment with the Company or a Subsidiary by
reason of your death, Disability (as defined below), or for a reason approved by the Committee, in its sole discretion, your then unvested shares of Restricted Stock shall be deemed vested and all restrictions thereon shall lapse. 

For purposes of your Restricted Stock and this letter agreement, the term “Disability” means total disability entitling you to
benefits under the Company’s long-term disability plan, as in effect from time to time. 
 RIGHTS AS A STOCKHOLDER 

You shall be entitled to vote your shares of Restricted Stock and to receive cash dividends as and when paid, to the same extent as any other
holder of Common Stock of the Company which are not subject to restrictions. 
 ADDITIONAL SHARES SUBJECT TO RESTRICTIONS 

In the event that, as a result of a stock dividend, stock split, recapitalization, combination of shares, or other adjustment in the capital
stock of the Company or otherwise, or as a result of a merger, consolidation, or other reorganization, the Common Stock of the Company shall be increased, reduced, or otherwise changed, and by virtue of any such change you shall in your capacity as
owner of shares of Restricted Stock be entitled to new or additional or different shares of stock or securities (other than rights or warrants to purchase securities) (“Adjustment Shares”), the certificates representing the Adjustment
Shares, together with a stock power executed by you in favor of the Company shall also be delivered to and held by the Company. Any Adjustment Shares shall be Restricted Stock for all purposes of this Award Notice, subject to the same restrictions
and vesting schedule as were applicable to the shares of Restricted Stock to which they relate. 

 If you shall receive rights or warrants in respect of any shares of Restricted Stock or any
Adjustment Shares, such rights or warrants may be held, exercised, sold or otherwise disposed of by you, and any shares or other securities acquired by you as a result of the exercise of such rights or warrants likewise may be held, sold, or
otherwise disposed of by you free and clear of any restrictions. 
 ADMINISTRATION OF THE PLAN; AUTHORITY OF THE COMMITTEE 

The Plan shall be administered by the Committee. The Committee has the authority, in its sole discretion, to interpret the Plan and all awards
of restricted stock thereunder, to establish, amend and rescind rules and regulations relating to the Plan, and to make any determination it believes necessary or advisable for the administration of the Plan. The scope of the Committee’s
authority is more fully described in the Plan. All decisions of the Committee in the administration of the Plan are conclusive and binding on you. 

FORFEITURE 
 If (1) in the opinion of
the Committee, you, without the written consent of the Company, engage directly or indirectly in any manner or capacity as principal, agent, partner, officer, director, employee, owner, promoter or otherwise, in any business or activity competitive
with the business conducted by the Company or any Subsidiary, or (2) you perform any act or engage in any activity which in the opinion of the Committee is inimical to the best interests of the Company, your unvested shares of Restricted Stock
shall be deemed forfeited and canceled. 
 MISCELLANEOUS 

You have no right to assign, sell, transfer, pledge or encumber your unvested shares of Restricted Stock, except by will, or by the laws of
descent and distribution. 
 Nothing in this letter agreement, the Plan or your Restricted Stock confers on you any right to continue in the
employment of the Company or a Subsidiary or restricts the right of the Company or a Subsidiary to terminate your employment. 
 At the time
you are taxable with respect to your Restricted Stock, the Company may deduct and withhold from amounts payable to you under the Plan or from any payment of any kind otherwise due to you, an amount sufficient to satisfy all Federal, state and/or
local income and employment tax withholding requirements. In accordance with Section 14(b) of the Plan, you may elect to have the withholding obligation satisfied by authorizing the Company to hold back shares of Common Stock to be issued that
have a Fair Market Value as of the date withholding is effected sufficient to satisfy the withholding amount due, or by transferring to the Company shares of Common Stock having a Fair Market Value as of the date withholding is effected sufficient
to satisfy such withholding amount; provided, however, that if you are subject to Section 16(b) of the Securities Exchange Act of 1934 you may do so only in compliance with the additional requirements set forth in Section 14(b)(i)-(v) of
the Plan. 

 This letter agreement shall be binding on and inure to the benefit of the Company (and its
successors and assigns) and you (and your estate). 
 This letter agreement shall be governed, construed and enforced in accordance with the
Plan and with the laws of the State of New York. 
 ACCEPTANCE 

If the foregoing is acceptable to you, kindly acknowledge your acceptance and agreement by signing the enclosed copy of this letter and
returning it to _____________ of the Company. 
  

									
	 Very truly yours,
	 		 		 	
				
	 LIFE STORAGE, INC.
	 		 		 	
					
	 By
	 	          
	 		 	By	 	  

				
	 AGREED TO AND ACCEPTED

this __th day of December, 2020

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