Document:

Exhibit 10.9

 

HOULIHAN LOKEY, INC.

 

AMENDED AND RESTATED

 

2006 INCENTIVE COMPENSATION PLAN

 

 

HOULIHAN LOKEY, INC.

 

SECOND AMENDED AND RESTATED

 

2006 INCENTIVE COMPENSATION PLAN

 

Table of Contents

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    
	
ARTICLE 1. DEFINITIONS AND   CONSTRUCTION
    	
1
    
	
 
    	
 
    	
 
    
	
1.1
    	
“Affiliate”
    	
2
    
	
1.2
    	
“Award”
    	
2
    
	
1.3
    	
“Award   Agreement”
    	
2
    
	
1.4
    	
“Board”
    	
2
    
	
1.5
    	
“Capital   Stock”
    	
2
    
	
1.6
    	
“Cash   Bonus Award”
    	
2
    
	
1.7
    	
“Code”
    	
2
    
	
1.8
    	
“Committee”
    	
2
    
	
1.9
    	
“Company   Subsidiary”
    	
2
    
	
1.10
    	
“Company   Service Provider”
    	
2
    
	
1.11
    	
“Eligible   Individual”
    	
2
    
	
1.12
    	
“Encumbrance”
    	
2
    
	
1.13
    	
“Employee”
    	
2
    
	
1.14
    	
“Fair   Market Value”
    	
3
    
	
1.15
    	
“Lock-Up   Agreement”
    	
3
    
	
1.16
    	
“ORIX”
    	
3
    
	
1.17
    	
“ORIX   LP”
    	
3
    
	
1.18
    	
“Participant”
    	
3
    
	
1.19
    	
“Person”
    	
3
    
	
1.20
    	
“Restricted   Stock”
    	
3
    
	
1.21
    	
“Securities   Act”
    	
3
    
	
1.22
    	
“Stock”
    	
3
    
	
1.23
    	
“Subsidiary”
    	
3
    
	
1.24
    	
“Transfer”
    	
3
    
	
1.25
    	
“Voting   Trust Agreement”
    	
4
    
	
 
    	
 
    	
 
    
	
ARTICLE 2. ELIGIBILITY AND   PARTICIPATION
    	
4
    
	
 
    	
 
    	
 
    
	
2.1
    	
Eligibility
    	
4
    
	
2.2
    	
Participation
    	
4
    
	
 
    	
 
    	
 
    
	
ARTICLE 3. [INTENTIONALLY   OMITTED]
    	
4
    
	
 
    	
 
    	
 
    
	
ARTICLE 4. CASH AWARDS
    	
4
    

 

i

 

	
4.1
    	
Cash   Bonus Awards
    	
4
    
	
4.2
    	
Form of   Payment
    	
4
    
	
 
    	
 
    	
 
    
	
ARTICLE 5. RESTRICTED   STOCK AWARDS
    	
4
    
	
 
    	
 
    	
 
    
	
5.1
    	
Number   of Shares
    	
4
    
	
5.2
    	
Stock   Distributed
    	
5
    
	
5.3
    	
Limitation   on Number of Shares Subject to Awards
    	
5
    
	
5.4
    	
[Reserved]
    	
5
    
	
5.5
    	
Other   Incentive Shares
    	
5
    
	
5.6
    	
Grant   of Restricted Stock
    	
5
    
	
5.7
    	
Purchase   Price
    	
5
    
	
5.8
    	
Issuance   and Restrictions
    	
5
    
	
5.9
    	
Forfeiture
    	
6
    
	
5.10
    	
Conditions   to Issuance of Stock
    	
6
    
	
5.11
    	
Uncertificated   Shares
    	
7
    
	
5.12
    	
Investment   Intent
    	
7
    
	
5.13
    	
Rights   as Stockholders
    	
7
    
	
5.14
    	
Section 83(b) Election
    	
7
    
	
5.15
    	
Award   Agreement
    	
7
    
	
 
    	
 
    	
 
    
	
ARTICLE 6. PROVISIONS   APPLICABLE TO AWARDS
    	
8
    
	
 
    	
 
    	
 
    
	
6.1
    	
Stand-Alone   and Tandem Awards
    	
8
    
	
6.2
    	
Limits   on Transfer
    	
8
    
	
6.3
    	
Arbitration
    	
8
    
	
 
    	
 
    	
 
    
	
ARTICLE 7. CHANGES IN   CAPITAL STRUCTURE
    	
9
    
	
 
    	
 
    
	
7.1
    	
Adjustments
    	
9
    
	
7.2
    	
No   Other Rights
    	
10
    
	
 
    	
 
    	
 
    
	
ARTICLE 8. ADMINISTRATION
    	
11
    
	
 
    	
 
    
	
8.1
    	
Committee
    	
11
    
	
8.2
    	
Action   by the Committee
    	
11
    
	
8.3
    	
Authority   of Committee
    	
11
    
	
8.4
    	
Decisions   Binding
    	
12
    
	
 
    	
 
    	
 
    
	
ARTICLE 9. EFFECTIVE AND   EXPIRATION DATE
    	
12
    
	
 
    	
 
    
	
9.1
    	
Effective   Date
    	
12
    
	
9.2
    	
Expiration   Date
    	
12
    
	
 
    	
 
    	
 
    
	
ARTICLE 10. AMENDMENT,   MODIFICATION, AND TERMINATION
    	
12
    
	
 
    	
 
    
	
10.1
    	
Amendment,   Modification, and Termination
    	
12
    

 

ii

 

	
10.2
    	
Awards   Previously Granted
    	
12
    
	
10.3
    	
Code   Section 409A
    	
12
    
	
 
    	
 
    	
 
    
	
ARTICLE 11. GENERAL   PROVISIONS
    	
13
    
	
 
    	
 
    	
 
    
	
11.1
    	
No   Rights to Awards
    	
13
    
	
11.2
    	
No   Stockholders Rights
    	
13
    
	
11.3
    	
Withholding
    	
13
    
	
11.4
    	
No   Right to Employment or Services
    	
13
    
	
11.5
    	
Unfunded   Status of Awards
    	
13
    
	
11.6
    	
Relationship   to other Benefits
    	
14
    
	
11.7
    	
Expenses
    	
14
    
	
11.8
    	
Titles   and Headings
    	
14
    
	
11.9
    	
Government   and Other Regulations
    	
14
    
	
11.10
    	
Governing   Law
    	
14
    

 

iii

 

HOULIHAN LOKEY, INC.
 AMENDED AND RESTATED
 2006 INCENTIVE COMPENSATION PLAN

 

The purpose of the Houlihan Lokey, Inc. Amended and Restated 2006 Incentive Compensation Plan (the “Plan”) is to promote the success and enhance the value of Houlihan Lokey, Inc. (the “Company”) by providing Eligible Individuals with a long-term performance incentive in order to generate superior returns for the Company’s stockholders and to further motivate and retain such individuals.  The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of key service providers upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent.

 

RECITALS

 

WHEREAS, Fram Holdings, Inc. (“Fram”) previously adopted the Fram Holdings, Inc. Second Amended and Restated 2006 Incentive Compensation Plan, as amended  (the “Original Plan”);

 

WHEREAS, in connection with the initial public offering of the shares of common stock of the Company (the “IPO”), Fram, ORIX (as defined herein) and the Company shall effect a corporate reorganization (the “Corporate Reorganization”), pursuant to which each holder of the Capital Stock of Fram (“Fram Stock”) shall receive Capital Stock of the Company having equivalent aggregate value to the Fram Stock previously held by such holder;

 

WHEREAS, in connection with the Corporate Reorganization, the Company assumed the Original Plan and, in connection therewith, the Company desires to amend and restate the Original Plan to effect the amendments described herein; and

 

WHEREAS, in connection with the initial public offering of the Company’s Class A common stock, the Company is adopting the Company 2016 Incentive Plan (the “2016 Plan”) and, upon the effectiveness of the 2016 Plan, no additional Awards shall be granted hereunder.

 

NOW, THEREFORE, in consideration of the foregoing, the Original Plan is amended and restated, effective as of the date on which the Corporate Reorganization occurs, as set forth herein:

 

ARTICLE 1.

 

DEFINITIONS AND CONSTRUCTION

 

Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise.  The singular pronoun shall include the plural where the context so indicates.

 

 

1.1                            “Affiliate” means, with respect to a specified Person, any Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, the specified Person.

 

1.2                            “Award” means a Restricted Stock award or a Cash Bonus Award granted to a Participant pursuant to the Plan.

 

1.3                            “Award Agreement” means any written agreement, contract, or other instrument or document evidencing an Award, including any amendments, notices or addenda thereto (whether or not unilateral), in each case through electronic medium.

 

1.4                            “Board” means the Board of Directors of the Company.

 

1.5                            “Capital Stock” means:  (a) in the case of a corporation, corporate stock; (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (c) in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock.

 

1.6                            “Cash Bonus Award” has the meaning set forth in Section 4.1.

 

1.7                            “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 

1.8                            “Committee” means the Compensation Committee of the Board.

 

1.9                            “Company Subsidiary” means any Subsidiary of the Company.

 

1.10                    “Company Service Provider” means any director, officer, employee, leased employee, independent contractor or consultant of the Company or any of the Company Subsidiaries.

 

1.11                    “Eligible Individual” means any person who is eligible to receive a Restricted Stock award or a Cash Bonus Award, as set forth in Section 2.1.

 

1.12                    “Encumbrance” means a security interest, lien, charge, claim, community or other marital property interest, pledge, alienation, mortgage, option, hypothecation, encumbrance or similar collateral assignment by any other means, whether for value or no value and whether voluntary or involuntary (including, without limitation, by operation of law or by judgment, levy, attachment, garnishment, bankruptcy or other legal or equitable proceedings) or any other restriction on use, voting (including any proxy), transfer (including any right of first refusal or similar right), receipt of income or exercise of any other attribute of ownership.

 

1.13                    “Employee” means any officer or other employee (as defined in accordance with Section 3401(c) of the Code) of the Company, any Company Subsidiary, or ORIX LP.

 

2

 

1.14                    “Fair Market Value” means the value that a willing buyer would pay a willing seller, based on all of the relevant facts and circumstances, including factors such as discounts for non-marketability, minority interests, liquidation preferences, preferred distributions, restrictions on transferability and any additional discounts that are applicable due to the rights, powers and other traits or characteristics of the Stock.

 

1.15                    “Lock-Up Agreement” means a lock-up agreement containing restrictions on transfer, entered into by and between the Company and the Participant.

 

1.16                    “ORIX” means ORIX USA Corporation, a Delaware corporation.

 

1.17                    “ORIX LP” means ORIX USA, LP, a Delaware limited partnership.

 

1.18                    “Participant” means any Eligible Individual who has been granted an Award pursuant to the Plan.

 

1.19                    “Person” means and includes an individual, a general or limited partnership, a limited liability company, a joint venture, a corporation (including, without limitation, any nonprofit corporation), an estate, a trust, an unincorporated organization, an association, a government or any department or agency thereof or any entity similar to any of the foregoing.

 

1.20                    “Restricted Stock” means Stock awarded to a Participant pursuant to Article 5 that is subject to certain restrictions and may be subject to risk of forfeiture.

 

1.21                    “Securities Act” means the Securities Act of 1933, as amended from time to time.

 

1.22                    “Stock” means the Class B common stock, or any other class of shares of Company common stock to be issued for incentive purposes as determined by the Board from time to time and such other securities of the Company that may be substituted for Stock pursuant to Article 7.

 

1.23                    “Subsidiary” means, with respect to any specified Person:  (a) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); or (b) any partnership (i) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (ii) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

1.24                    “Transfer” means a sale, transfer, assignment, gift, bequest or disposition by any other means, whether for value or no value and whether voluntary or involuntary (including, without limitation, by realization upon any Encumbrance or by operation of law or by judgment, levy, attachment, garnishment, bankruptcy or other legal or equitable proceedings).

 

3

 

1.25                    “Voting Trust Agreement” means that certain Voting Trust Agreement dated as of [_______], 2015 by and among the Company and certain undersigned holders of shares of Class B common stock of the Company, Scott Beiser, Irwin Gold and Robert Holtz, as amended from time to time.

 

ARTICLE 2.

 

ELIGIBILITY AND PARTICIPATION

 

2.1                            Eligibility.

 

(a)                               Restricted Stock awards may be granted to Employees of the Company,  any Company Subsidiaries or ORIX LP (but only if the Employee of ORIX LP provides services primarily to the Company or one of its Subsidiaries), who are officers of any such entity.

 

(b)                              Cash Bonus Awards may be granted to Company Service Providers or other officers, directors, employees, leased employees or consultants of the Company or any of its Subsidiaries.

 

2.2                            Participation.  Subject to the provisions of the Plan, the Committee may, from time to time, select from among all Eligible Individuals, those to whom Awards shall be granted and shall determine the nature and amount of each Award.  No Eligible Individual shall have any right to be granted an Award pursuant to this Plan.

 

ARTICLE 3.

 

[INTENTIONALLY OMITTED]

 

ARTICLE 4.

 

CASH AWARDS

 

4.1                            Cash Bonus Awards.  Any Eligible Individual selected by the Committee may be granted one or more cash bonuses (each, a “Cash Bonus Award”) payable on a specified date or dates determined by the Committee.

 

4.2                            Form of Payment.  Payments with respect to any Cash Bonus Awards granted under this Article 4 shall be made in cash.

 

ARTICLE 5.

 

RESTRICTED STOCK AWARDS

 

5.1                            Number of Shares.

 

(a)                               Subject to Article 7, the maximum aggregate number of shares of Stock which may be issued or transferred pursuant to Awards under the Plan is the sum of (i)

 

4

 

25,892,500 shares and (ii) a number of shares equal to the quotient obtained by dividing $43,244,000 by the per share price of the Company’s Class A common stock in the IPO.  Notwithstanding the foregoing or anything else herein to the contrary, upon the effectiveness of the 2016 Plan, no additional Awards shall be granted under this Plan.

 

(b)                              The shares of Stock reserved for issuance or transfer pursuant to the Plan shall only be available for grant on one occasion and shall not return to the Plan and become available for subsequent grants (whether or not such shares of Stock are forfeited by the Participant or repurchased by the Company).

 

5.2                            Stock Distributed.  Any Stock distributed pursuant to a Restricted Stock award may consist, in whole or in part, of authorized and unissued Stock or treasury Stock.  Any Stock so distributed shall be duly and validly issued, fully paid and nonassessable.

 

5.3                            Limitation on Number of Shares Subject to Awards.  Except as provided otherwise by the Committee, the maximum aggregate number of shares of Stock subject to all Awards granted to all Persons in any fiscal year shall not exceed 150,000, subject to adjustment pursuant to Article 7.

 

5.4                            [Reserved].

 

5.5                            Other Incentive Shares.  The Board may authorize and issue shares of Stock with rights, powers and privileges completely different from the shares of Stock, and in the Committee’s sole discretion, the Stock subject to any Award may be shares of such new class of Stock.  The Board will not be required to adopt or apply to the new series or class of shares of Stock any of the terms, conditions, rights or privileges applicable to the shares of Stock.

 

5.6                            Grant of Restricted Stock.  The Committee is authorized to make awards of Restricted Stock to any Eligible Individual selected by the Committee in such amounts and subject to such terms and conditions as the Committee may determine to be appropriate, consistent with the terms of the Plan.

 

5.7                            Purchase Price.  The Committee shall establish the purchase price, if any, and form of payment for Restricted Stock; provided, however, that such purchase price shall be no less than the par value of the Stock to be purchased, unless otherwise permitted by applicable state law.  In all cases, legal consideration shall be required for each issuance of Restricted Stock.

 

5.8                            Issuance and Restrictions.  Restricted Stock shall be subject to such restrictions on transferability and other restrictions as the Board may impose (including, without limitation, limitations on the right to receive dividends on the Restricted Stock).  The Board may delegate all or any of the authority to provide for such restrictions to the Committee in its sole discretion other than with respect to the restrictions of the type included in the Voting Trust Agreement or an applicable Lock-Up Agreement or Award Agreement, which restrictions shall remain within the Board’s authority and cannot be delegated to any committee.  These restrictions may lapse separately or in combination at such times, pursuant to such circumstances, in such installments,

 

5

 

or otherwise, as the Board or the Committee, as applicable, determines at the time of the grant of the Award or thereafter.

 

5.9                            Forfeiture.  Upon termination of employment or service during the applicable restriction period, Restricted Stock that is at that time subject to forfeiture restrictions shall be forfeited; provided, however, that, the Committee may (a) provide in any Award Agreement that restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or in part in the event of terminations resulting from specified causes, and (b) at the time of grant or at any time thereafter, waive in whole or in part restrictions or forfeiture conditions relating to Restricted Stock.

 

5.10                    Conditions to Issuance of Stock.  The Company shall not be required to issue any shares of Stock issuable pursuant to an Award prior to fulfillment of all of the following conditions:

 

(a)                               The completion of any registration or other qualification of such shares under any state or federal law, or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body which the Committee shall, in its discretion, deem necessary or advisable, or the receipt of such further representations as to the Participant’s investment intent (including, without limitation, any investment representation letter required pursuant to Section 5.11) or completion of other actions necessary to perfect exemptions from such registration or qualification requirements as the Committee may, in its discretion, deem necessary or advisable;

 

(b)                              The obtaining of any approval or other clearance from any state or federal governmental agency which the Committee shall, in its discretion, determine to be necessary or advisable;

 

(c)                               The Participant’s execution of such documentation (if any) as the Committee may deem necessary or advisable to evidence the Participant’s agreement to be bound by the terms of an applicable Lock-Up Agreement or the Voting Trust Agreement (or, in each case, a similar agreement approved by the Board specifically for holders of the Stock) and other agreements containing the provisions that the Board determines are necessary or advisable as a condition to grants, awards or issuances of such Stock;

 

(d)                             The lapse of such reasonable period of time (as may be established by the Committee from time to time for reasons of administrative convenience) following execution of an Award Agreement and such other documentation as the Committee may require consistent with the terms of the Plan (including, without limitation, any investment representation letter required pursuant to Section 5.12);

 

(e)                               The receipt by the Company of full payment for such shares (which may be in the form of past services or other lawful consideration), including payment of any applicable withholding tax; and

 

(f)                                The admission of such shares to listing on all stock exchanges on which such class of stock is then listed (if any).

 

6

 

5.11     Uncertificated Shares.  The shares of Stock shall not be represented by stock certificates.  No Participant will have any right to request from the Company a certificate representing the number of his or her shares of Stock registered in certificate form.  The Company shall have the right to update its books and records at any time and from time to time to reflect any change in the number of shares of Stock held by any Participant.

 

5.12     Investment Intent.  In addition to such other documentation as the Committee may require consistent with the terms of the Plan, the Committee may require a Participant to give written assurances satisfactory to the Committee as to (i) the Participant’s knowledge and experience in financial and business matters, (ii) the Participant’s capability of evaluating, alone or together with a professional advisor employed by the Participant, the merits and risks of acquiring such Stock, and (iii) the Participant’s investment intent (i.e., that the Participant is acquiring the Stock for the Participant’s own account and not with any present intention of selling or otherwise distributing the stock).  The Committee may in its sole discretion waive the requirements of this Section 5.12 if, as to any particular requirement, a determination is made by counsel for the Company that such requirement need not be met in the circumstances under the then applicable securities laws.  The provisions of this Section 5.12 shall be inapplicable if the shares to be issued have been registered under a then currently effective registration statement under the Securities Act.

 

5.13     Rights as Stockholders.  Subject to Sections 5.8 and 5.9, upon issuance of the shares of Restricted Stock to the Participant, the Participant shall have, unless otherwise provided by the Committee, all the rights of a stockholder with respect to said shares, subject to the restrictions, if any, in his or her Award Agreement or, as applicable, the Voting Trust Agreement, a Lock-Up Agreement or as may be determined by the Board or the Committee in its sole discretion, including the right to receive all dividends and other distributions paid or made with respect to the shares; provided, however, that in the discretion of the Committee, any extraordinary distributions with respect to the Stock shall be subject to the restrictions imposed pursuant to Sections 5.8 and 5.9.

 

5.14     Section 83(b) Election.  If a Participant makes an election under Section 83(b) of the Code, or any successor section thereto, to be taxed with respect to the Restricted Stock as of the date of transfer of the Restricted Stock rather than as of the date or dates upon which the Participant would otherwise be taxable under Section 83(a) of the Code, the Participant shall deliver a copy of such election to the Company immediately after filing such election with the Internal Revenue Service.

 

5.15     Award Agreement.  Restricted Stock awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations for each such Award, the provisions applicable in the event the Participant’s employment or service terminates, and the Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind an Award.

 

7

 

ARTICLE 6.

 

PROVISIONS APPLICABLE TO AWARDS

 

6.1       Stand-Alone and Tandem Awards.  Awards granted pursuant to the Plan may, in the discretion of the Committee, be granted either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan.  Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards.

 

6.2       Limits on Transfer.  To the fullest extent permitted by law, no Participant may Transfer or create an Encumbrance with respect to any Award (or beneficial interest therein) or any shares of Stock underlying any Award (or beneficial interest therein), except as may be permitted by the terms of the Voting Trust Agreement, an applicable Lock-Up Agreement or Award Agreement, or as may be determined by the Board or the Committee in its sole discretion.

 

6.3       Arbitration.  Any and all claims, grievances, demands, controversies, causes of action or disputes of any nature whatsoever (collectively, “Claims”), arising out of, in connection with, or in relation to any Award or the arbitrability of any Claims with respect to an Award under the Plan, will be resolved by final and binding arbitration administered by the Los Angeles, California offices of JAMS/Endispute in accordance with the then-existing JAMS/Endispute Arbitration Rules applicable to employment agreements.  The Participant and the Company will select a mutually acceptable neutral arbitrator from the panel of arbitrators serving with any of JAMS/Endispute’s offices, but in the event the parties cannot agree on an arbitrator, the Administrator of JAMS/Endispute will appoint an arbitrator from such panel (the arbitrator so selected or appointed, the “Arbitrator”).  The Arbitrator may provide all appropriate remedies (at law and equity) or judgments that could be awarded by a court of law in Delaware, and that, upon good cause shown, the Arbitrator will afford the parties adequate discovery, including deposition discovery.  Except as provided herein, the Federal Arbitration Act will govern the interpretation, enforcement and all actions pursuant to this Section 6.3.  The Arbitrator will be bound by and will strictly enforce the terms of this Section 6.3 and may not limit, expand or otherwise modify its terms.  The Arbitrator will make a good faith effort to apply the substantive law (and the law of remedies, if applicable) of the state of Delaware, or federal law, or both, as applicable, without reference to its conflicts of laws provisions.  The Arbitrator is without jurisdiction to apply any different substantive law.  The Arbitrator will be bound to honor claims of privilege or work-product doctrine recognized at law, but the Arbitrator will have the discretion to determine whether any such claim of privilege or work product doctrine applies.  The Arbitrator will render an award and a written, reasoned opinion in support thereof.  The Arbitrator will have power and authority to award any appropriate remedy (in law or equity) or judgment that could be awarded by a court of law in Delaware, which may include reasonable attorneys’ fees to the prevailing party.  The award rendered by arbitration will be final and binding upon the parties to arbitration, and judgment upon the award may be entered in any court having jurisdiction thereof.  Neither a party nor the Arbitrator will disclose the existence, content, or results of any arbitration hereunder without the prior written consent of all parties.  Adherence to this dispute resolution process will not limit the parties’ right to obtain any provisional remedy, including, without limitation, injunctive or similar relief, from any court of

 

8

 

competent jurisdiction as may be necessary to protect their rights and interests.  Notwithstanding the foregoing sentence, this dispute resolution procedure is intended to be the exclusive method of resolving any Claims arising out of or relating to Awards and the Plan.  Subject to the Arbitrator’s award, the Company will pay fees and expenses with respect to this dispute resolution process and any action related thereto.

 

ARTICLE 7.

 

CHANGES IN CAPITAL STRUCTURE

 

7.1       Adjustments.

 

(a)        In the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation, spin-off, recapitalization, reorganization or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of Stock or the share price of the Stock, the Committee will make such proportionate adjustments, if any, as the Committee in its discretion deems appropriate to reflect such change with respect to (i) the aggregate number and kind of shares that may be issued under the Plan (including, without limitation, adjustments of the limitations in Sections 5.1 and 5.3); and (ii) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto).

 

(b)        In the event of any transaction or event described in Section 7.1(a) or any unusual or nonrecurring transactions or events affecting the Company, any Affiliate of the Company, or the financial statements of the Company or any Affiliate, or of changes in applicable laws, regulations or accounting principles, the Committee, in its discretion, and on such terms and conditions as it deems appropriate, either by the terms of the Award or by action taken prior to the occurrence of such transaction or event and either automatically or upon the Participant’s request, is hereby authorized to take any one or more of the following actions whenever the Committee determines that such action is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to any Award under the Plan, to facilitate such transactions or events or to give effect to such changes in laws, regulations or principles:

 

(i)         To provide for the replacement of such Award with other rights or property selected by the Committee, provided that such other rights or property shall have a value (as determined by the Committee in its sole discretion) as of the date of replacement that is substantially equivalent to the value of the Award replaced (as determined by the Committee in its sole discretion and without regard to any appreciation in value of the Award that may occur after the replacement date);

 

(ii)        To provide that such Restricted Stock Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar rights or awards covering the stock or other interests of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares or other interests and prices;

 

9

 

(iii)       To provide that the Company’s obligations with respect to any such Cash Bonus Award shall be assumed by the successor or survivor corporation, or a parent or subsidiary thereof;

 

(iv)       To replace with other interests or to make adjustments in the number and type of shares of outstanding Restricted Stock and/or in the terms and conditions of (including, without limitation, the grant or purchase price), and the criteria included in, outstanding awards and awards which may be granted in the future;

 

(v)        To provide that any repurchase rights (or forfeiture restrictions) in favor of the Company with respect to the Restricted Stock are assigned to the successor or survivor corporation, or a parent or subsidiary thereof, or otherwise continued in effect;

 

(vi)       To provide that any repurchase rights (or forfeiture restrictions) applicable to one or more shares of Restricted Stock subject to a Restricted Stock award shall lapse immediately prior to the consummation of such event, notwithstanding anything to the contrary in the Plan or the applicable Award Agreement;

 

(vii)      To provide that such Award shall be payable, notwithstanding anything to the contrary in the Plan or the applicable Award Agreement;

 

(viii)     To provide that the Award cannot vest or become payable after such event; and

 

(ix)       To make such other adjustments to the shares of Stock and related agreements as the Committee deems appropriate.

 

(c)        Notwithstanding anything to the contrary in Section 7.1(a) or (b), in no event shall the Committee make any adjustment to a Cash Bonus Award pursuant to Section 7.1(a) or (b)(i), (ii), (iv), (v), (vi), (viii) or (ix), unless the amount or timing of any payment to be made pursuant to such Cash Bonus Awards is to be determined based in whole or in part upon the achievement of one or more performance targets or other criteria (other than the mere performance of services over a specified period of time).

 

7.2       No Other Rights.  Except as expressly provided in the Plan or an Award Agreement, neither the Plan nor any Award Agreement shall give the Participant any rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation.  Except as expressly provided in the Plan or an Award Agreement, or pursuant to any action of the Committee under the Plan, neither the Plan nor any Award Agreement, nor any action of the Committee under the Plan, shall give the Participant any rights by reason of an issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, and no adjustment by reason thereof shall be made with respect to the number of shares of Stock subject to an Award or the grant or purchase price of any Award.

 

10

 

ARTICLE 8.

 

ADMINISTRATION

 

8.1       Committee.  The Plan shall be administered by the Committee.  Appointment of Committee members shall be effective upon acceptance of appointment.  In its discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan.

 

8.2       Action by the Committee.  Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any Company Subsidiary, the Company’s independent certified public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan.

 

8.3       Authority of Committee.  The Committee has the exclusive power, authority and discretion to:

 

(a)        Designate Eligible Individuals to receive Awards;

 

(b)        Determine the type or types of Awards to be granted to each Participant;

 

(c)        Determine the class of shares of Stock to be granted to each Participant;

 

(d)       Determine the number of Awards to be granted and the number of shares of Stock to which an Award will relate;

 

(e)        Determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions, and accelerations or waivers thereof, based in each case on such considerations as the Committee in its discretion determines;

 

(f)        Determine whether, to what extent, and pursuant to what circumstances the purchase price for shares of Stock subject to an Award may be paid in cash, Stock, or other property, or an Award may be canceled, forfeited, or surrendered;

 

(g)        Prescribe the form of each Award Agreement, which need not be identical for each Participant;

 

(h)        Decide all other matters that must be determined in connection with an Award;

 

(i)         Establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan;

 

(j)         Interpret the terms of, and any matter arising pursuant to, the Plan or any Award; and

 

11

 

(k)        Make all other decisions and determinations that may be required pursuant to the Plan or as the Committee deems necessary or advisable to administer the Plan.

 

8.4       Decisions Binding.  The Committee’s interpretation of the Plan, any Awards granted pursuant to the Plan, and any Award Agreement, and all decisions and determinations by the Committee with respect to the Plan shall be final, binding, and conclusive on all parties.

 

ARTICLE 9.

 

EFFECTIVE AND EXPIRATION DATE

 

9.1       Effective Date.  The Plan (as amended and restated) is effective as of the effectiveness of the Corporate Reorganization.

 

9.2       Expiration Date.  The Plan will expire on, and no Award may be granted pursuant to the Plan after, the Expiration Date.  The “Expiration Date” means the date on which the Company’s registration statement relating to its initial public offering becomes effective.

 

ARTICLE 10.

 

AMENDMENT, MODIFICATION, AND TERMINATION

 

10.1     Amendment, Modification, and Termination.  The Committee or the Board may amend, modify or terminate the Plan at any time and from time to time by the affirmative vote of a majority of the members present at any meeting at which a quorum is present or by the unanimous written approval of the members of the Committee or the Board in lieu of a meeting; provided, however, that, except as may otherwise be required to comply with any applicable law (including, without limitation, any applicable labor law, tax law or securities law); and provided further that, with respect to a meeting of the Committee, the members of the Committee have been provided with forty-eight hours’ notice of any such meeting, and to the extent necessary and desirable to comply with any applicable law, regulation, or stock exchange rule, the Company shall obtain stockholder approval of any Plan amendment in such a manner and to such a degree as required.

 

10.2     Awards Previously Granted.  No termination, amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written consent of the Participant.

 

10.3     Code Section 409A.  To the extent that the Committee determines that any Award granted under the Plan is subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code.  To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date.  Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Committee determines that any Award may be subject to Section 409A of the Code and related Department of Treasury

 

12

 

guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Committee may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (a) exempt the Award from Section 409A of the Code or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance.

 

ARTICLE 11.

 

GENERAL PROVISIONS

 

11.1     No Rights to Awards.  No Eligible Individual or other person shall have any claim to be granted any Award pursuant to the Plan, and neither the Company nor the Committee is obligated to treat Eligible Individuals, Participants or any other persons uniformly.

 

11.2     No Stockholders Rights.  Except as otherwise provided herein, a Participant shall have none of the rights of a stockholder with respect to shares of Stock covered by any Award until the Participant becomes the record or beneficial owner of such shares of Stock.

 

11.3     Withholding.  The Company or any Company Subsidiary shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local and foreign taxes (including, without limitation, the Participant’s employment tax obligations) required by law to be withheld with respect to any taxable event concerning a Participant arising as a result of this Plan.  The Committee may in its discretion and in satisfaction of the foregoing requirement allow a Participant to elect to have the Company withhold shares of Stock otherwise issuable under an Award (or allow the return of shares of Stock) having a Fair Market Value equal to the sums required to be withheld.  Notwithstanding any other provision of the Plan, the number of shares of Stock which may be withheld with respect to the issuance, vesting or payment of any Award (or which may be repurchased from the Participant of such Award within six months (or such other period as may be determined by the Committee) after such shares of Stock were vested by the Participant from the Company) in order to satisfy the Participant’s federal, state, local and foreign income and payroll tax liabilities with respect to the issuance, vesting or payment of the Award shall be limited to the number of shares which have an aggregate Fair Market Value on the date of withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income.

 

11.4     No Right to Employment or Services.  Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right of the Company or any Company Subsidiary to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employ or service of the Company or any Company Subsidiary.

 

11.5     Unfunded Status of Awards.  The Plan is intended to be an “unfunded” plan for incentive compensation.  With respect to any payments not yet made to a Participant pursuant to

 

13

 

an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights that are greater than those of a general creditor of the Company or any Company Subsidiary.

 

11.6     Relationship to other Benefits.  No payment pursuant to the Plan shall be taken into account in determining any benefits pursuant to any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Company Subsidiary except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

 

11.7     Expenses.  The expenses of administering the Plan shall be borne by the Company and its Subsidiaries.

 

11.8     Titles and Headings.  The titles and headings of the Sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control.

 

11.9     Government and Other Regulations.  The obligation of the Company to make payment of awards in Stock or otherwise shall be subject to all applicable laws, rules, and regulations, and to such approvals by government agencies as may be required.  The Company shall be under no obligation to register pursuant to the Securities Act any of the shares of Stock awarded pursuant to the Plan.  If the shares awarded pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act, then the Company may restrict the transfer of such shares in such manner as it deems advisable to ensure the availability of any such exemption.

 

11.10   Governing Law.  The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the State of Delaware without regard to otherwise governing principles of conflicts of law.

 

14

 

* * * * *

 

I hereby certify that the foregoing Houlihan Lokey, Inc. Amended and Restated 2006 Incentive Compensation Plan was duly adopted by the Board of Directors on [_____], 2015.

 

Executed on this [___] day of [______] 2015.

 

	
 
    	
 
    	
[________]
    
	
 
    	
 
    	
Corporate SecretaryExhibit 10.10

 

FRAM HOLDINGS, INC.
 SECOND AMENDED AND RESTATED

2006 INCENTIVE COMPENSATION PLAN

 

RESTRICTED STOCK AWARD GRANT NOTICE AND
  RESTRICTED STOCK AGREEMENT

 

Fram Holdings, Inc., a Delaware corporation (the “Company”), pursuant to its Second Amended and Restated 2006 Incentive Compensation Plan (as amended from time to time, the “Plan”), hereby grants to the individual listed below (“Participant”), the right to purchase the number of shares of the Company’s Series E Common Stock, par value $.000001 per share, set forth below (the “Restricted Shares”) at the purchase price set forth below.  This restricted stock award is subject to all of the terms and conditions as set forth herein and in the Restricted Stock Agreement attached hereto as Exhibit “A” (the “Restricted Stock Agreement”) and the Plan, each of which are incorporated herein by reference.  In addition, as a condition to the issuance of the Restricted Shares, if Participant is not already a party to such agreements, Participant must become a party to (a) the Third Amended and Restated Stockholders’ Agreement, dated as of February 17, 2009, by and among the Company and the stockholders of the Company (as amended from time to time, the “Stockholders’ Agreement”), attached hereto as Exhibit “C,” (b) the Voting Trust Agreement, dated as of April 10, 2007, by and among the Company and the Stockholders and Trustees identified therein (as amended from time to time, the “Series E Voting Trust Agreement”), attached hereto as Exhibit “D,” and (c) the Amended and Restated Rollover Holders Agreement dated as of January 1, 2009 by and among the Rollover Holders party thereto, the individuals who become parties thereto by joinder pursuant to Section 5 thereof and the individuals who became parties to the Rollover Holders Agreement dated as of January 1, 2006 by joinder (as amended, the “Rollover Holders Agreement”), attached hereto as Exhibit “H”.  The Stockholders’ Agreement contains certain Transfer restrictions, drag-along rights and share redemption and repurchase provisions applicable to the Restricted Shares.  Pursuant to the Series E Voting Trust Agreement, the Participant will deposit all of his or her Restricted Shares into a voting trust and, although the Restricted Shares are not entitled to vote, except as required by law, and do not have the right to consent to any amendment or waiver of the Stockholders’ Agreement, the voting trustees thereunder will be able to vote all of the Restricted Shares on the limited matters (if any) on which the Participant may be entitled to vote or consent.  Attached hereto as Exhibit “E” is a summary of certain of the terms and conditions applicable to the Restricted Shares, including the restrictions, rights and provisions applicable to the Restricted Shares under the Stockholders’ Agreement, the Series E Voting Trust Agreement and the Rollover Holders Agreement.  Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Restricted Stock Award Grant Notice and the Restricted Stock Agreement.

 

	
Participant:
    	
 
    	
[___________]
    
	
Grant   Date:
    	
 
    	
April 30,   2014
    
	
Purchase   Price per Share:
    	
 
    	
$.000001
    
	
Total   Number of Restricted Shares:
    	
 
    	
[______]   shares
    

 

 

	
Vesting Schedule:
    	
 
    	
As of the Grant Date, 100%   of the Restricted Shares shall be subject to the Restrictions (as defined in   the Restricted Stock Agreement). Subject to the terms and conditions of the   Plan, this Grant Notice and the Restricted Stock Agreement, the Restrictions   shall lapse as to:  

 

(i)                                  One-third (33   1/3%) of the Restricted Shares on the first anniversary of the Grant Date,    

 

(ii)                              One-third (33   1/3%) of the Restricted Shares on the second anniversary of the Grant Date, and    

 

(iii)                          One-third (33   1/3%) of the Restricted Shares on the third anniversary of the Grant Date.    

 

In no event, however,   shall the Restrictions lapse as to any additional Restricted Shares following   Participant’s Termination of Employment; provided, however, that the Restrictions as to one-third of the   Restricted Shares shall lapse immediately upon a Participant’s Termination of   Employment due to Participant’s death.
    

 

By his or her signature and the Company’s signature below, Participant agrees to be bound by the terms and conditions of the Plan, the Restricted Stock Agreement, this Grant Notice, the Stockholders’ Agreement, the Series E Voting Trust Agreement and the Rollover Holders Agreement.  Participant has reviewed the Plan, the Restricted Stock Agreement, this Grant Notice, the Stockholders’ Agreement, the Series E Voting Trust Agreement and the Rollover Holders Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, the Restricted Stock Agreement, this Grant Notice, the Stockholders’ Agreement, the Series E Voting Trust Agreement and the Rollover Holders Agreement.  Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator of the Plan upon any questions arising under the Plan, the Restricted Stock Agreement or the Grant Notice.  If Participant is married, his or her spouse has signed the Consent of Spouse attached to this Grant Notice as Exhibit “G”.

 

	
FRAM HOLDINGS, INC.:
    	
PARTICIPANT:
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
By:
    	
 
    
	
Print   Name:
    	
 
    	
 
    	
 
    	
[_____________]
    
	
Title:
    	
 
    	
 
    	
 
    
	
Address: 
    	
1717   Main Street, Suite 900

Dallas,   Texas 75201
    	
 
    	
 
    
							

 

2

 

EXHIBIT A 
 TO RESTRICTED STOCK AWARD GRANT NOTICE

 

RESTRICTED STOCK AGREEMENT

 

THIS RESTRICTED STOCK AGREEMENT (the “Agreement”), effective as of the Grant Date (the “Grant Date”) set forth in the Restricted Stock Award Grant Notice (the “Grant Notice”), is made by and between Fram Holdings, Inc., a Delaware corporation (the “Company”), and Participant:

 

WHEREAS, the Company wishes to carry out the Plan (as defined below) (the terms of which are hereby incorporated by reference and made a part of this Agreement);

 

WHEREAS, the Administrator of the Plan has determined that it would be to the advantage and best interest of the Company to issue the Restricted Shares provided for herein to Participant as an inducement to enter into or remain in the service of the Company, ORIX USA, LP, a Delaware limited partnership (“ORIX LP”), or the Company’s Subsidiaries and as an incentive for increased efforts during such service, and other good and valuable consideration provided for herein, and has advised the Company thereof and instructed the undersigned officer to issue said Restricted Shares; and

 

WHEREAS, as a condition to the purchase of the Restricted Shares, Participant has agreed to enter into (a) this Agreement, (b) that certain Third Amended and Restated Stockholders’ Agreement, dated as of February 17, 2009, by and among the Company and certain stockholders of the Company (as amended from time to time, the “Stockholders’ Agreement”), (c) that certain Voting Trust Agreement, dated as of April 10, 2007, by and among the Company and the Stockholders and Trustees identified therein (as amended from time to time, the “Series E Voting Trust Agreement”) and (d) that certain Amended and Restated Rollover Holders Agreement dated as of January 1, 2009 by and among the Rollover Holders party thereto, the individuals who become parties thereto by joinder pursuant to Section 5 thereof and the individuals who became parties to the Rollover Holders Agreement dated as of January 1, 2006 by joinder (as amended, the “Rollover Holders Agreement”), each of which sets forth the rights and obligations of the parties thereto with respect to the Restricted Shares to be issued hereunder.

 

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:

 

ARTICLE I.

 

DEFINITIONS

 

Whenever the following terms are used in this Agreement they shall have the meaning specified below unless the context clearly indicates to the contrary.  The masculine pronoun shall include the feminine and neuter, and the singular the plural, where the context so indicates.  All capitalized terms used herein without definition shall have the meaning ascribed to such terms in the Plan and the Grant Notice.

 

 

Section 1.1                       “Administrator” shall mean the Committee, except that, if the Board elects to exercise any rights or duties of the Committee, the term “Administrator” shall mean the Board as to those rights or duties exercised by the Board.

 

Section 1.2                       “Affiliate” shall mean, with respect to a specified Person, any Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, the specified Person.

 

Section 1.3                       “AMEX” shall mean the American Stock Exchange.

 

Section 1.4                       “Board” shall mean the Board of Directors of the Company.

 

Section 1.5                       “Capital Stock” shall mean:  (a) in the case of a corporation, corporate stock; (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (c) in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock.

 

Section 1.6                       “Change in Control” shall mean any of the following:

 

(a)                               the sale of all or substantially all of the assets of the Company and its Subsidiaries to another Person (other than to an Affiliate of ORIX USA Corporation) in any single transaction or series of related transactions;

 

(b)                              any merger, consolidation or business combination of the Company or an ORIX USA Subsidiary into or with another corporation or entity (other than an Affiliate of ORIX USA) in which holders of the voting securities of the Company or such ORIX USA Subsidiary immediately prior to the consummation of the transaction hold, directly or indirectly, immediately following the consummation of the transaction, securities or other equity interests in the surviving entity in such transaction possessing less than a majority of the outstanding voting power of the surviving entity;

 

(c)                               any other transaction, including the sale by the Company or an ORIX USA Subsidiary of new shares of its capital stock or new equity interests or a transfer of existing shares of capital stock or existing equity interests of the Company or such ORIX USA Subsidiary, the result of which is that a third party not an Affiliate of ORIX USA Corporation (or “group” of third parties not an Affiliate of ORIX USA Corporation) directly or indirectly acquires or holds securities or other equity interests of the Company or such ORIX USA Subsidiary representing a majority of the Company’s or such ORIX USA Subsidiary’s outstanding voting power; or

 

(d)                             stockholder approval of the liquidation, dissolution or winding up of the Company.

 

2

 

Without limiting any other rights or powers of the Administrator, the Administrator shall have full and final authority, which shall be exercised in its sole discretion, to determine conclusively whether a Change in Control has occurred pursuant to the above definition, and the date of occurrence of such Change in Control and any incidental matters relating thereto.

 

Section 1.7                       “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

 

Section 1.8                       “Committee” shall mean the Compensation Committee of the Board.

 

Section 1.9                       “Company” shall mean Fram Holdings, Inc., a Delaware corporation.

 

Section 1.10               “Encumbrance” shall mean a security interest, lien, charge, claim, community or other marital property interest, pledge, alienation, mortgage, option, hypothecation, encumbrance or similar collateral assignment by any other means, whether for value or no value and whether voluntary or involuntary (including, without limitation, by operation of law or by judgment, levy, attachment, garnishment, bankruptcy or other legal or equitable proceedings) or any other restriction on use, voting (including any proxy), transfer (including any right of first refusal or similar right), receipt of income or exercise of any other attribute of ownership.

 

Section 1.11               “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

Section 1.12               “Nasdaq” shall mean, as applicable, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market.

 

Section 1.13               “NYSE” shall mean the New York Stock Exchange.

 

Section 1.14               “ORIX USA Subsidiary” shall mean any of the intermediate Subsidiaries between ORIX USA Corporation and the Company, in each case, that directly or indirectly holds shares of any class or series of common stock of the Company.

 

Section 1.15               “Person” shall mean and includes an individual, a general or limited partnership, a limited liability company, a joint venture, a corporation (including, without limitation, any nonprofit corporation), an estate, a trust, an unincorporated organization, an association, a government or any department or agency thereof or any entity similar to any of the foregoing.

 

Section 1.16               “Plan” shall mean the Fram Holdings, Inc. Second Amended and Restated 2006 Incentive Compensation Plan, as amended from time to time.

 

Section 1.17               “Restricted Shares” shall be as defined in the Restricted Stock Award Grant Notice to which this Agreement is an exhibit.

 

Section 1.18               “Restrictions” shall mean the Forfeiture Restriction and the restrictions on sale or other transfer of the Restricted Shares and other restrictions as set forth in Sections 3.4 and 3.5.  Any restrictions applicable to the Series E Common Stock under the Stockholders’ 

 

3

 

Agreement or the Company’s certificate of incorporation shall not be deemed to be “Restrictions” hereunder.

 

Section 1.19               “Secretary” shall mean the Secretary of the Company.

 

Section 1.20               “Securities Act” shall mean the Securities Act of 1933, as amended from time to time.

 

Section 1.21               “Series E Common Stock” shall mean Series E Common Stock, par value $.000001 per share, of the Company.

 

Section 1.22               “Subsidiary” shall mean, with respect to any specified Person:  (a) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); or (b) any partnership (i) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (ii) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

Section 1.23               “Termination of Employment” shall mean the time when the employee-employer relationship between Participant and the Company, ORIX LP or any of the Company’s Subsidiaries is terminated for any reason, with or without cause, including, but not by way of limitation, a termination by resignation, discharge, death, disability or retirement; but excluding terminations where there is a simultaneous reemployment or continuing employment of Participant by the Company, ORIX LP (when it is anticipated that the Participant’s services as an employee of ORIX LP will be provided primarily to the Company or any of its Subsidiaries) or any of the Company’s Subsidiaries. Notwithstanding the foregoing, a “Termination of Employment” shall be deemed to have occurred on the date on which the Participant gives or is given notice of termination, even if the Participant is entitled to gardening leave or the Participant’s last day in the office or last day on payroll occurs on a later date.  The Administrator, in its sole discretion, shall determine the effect of all matters and questions relating to Termination of Employment, including, but not by way of limitation, all questions regarding the nature and reasons for a Termination of Employment, and all questions of whether particular leaves of absence constitute a Termination of Employment.

 

Section 1.24               “Transfer” shall mean a sale, transfer, assignment, gift, bequest or disposition by any other means, whether for value or no value and whether voluntary or involuntary (including, without limitation, by realization upon any Encumbrance or by operation of law or by judgment, levy, attachment, garnishment, bankruptcy or other legal or equitable proceedings).

 

4

 

ARTICLE II.

 

ISSUANCE OF RESTRICTED STOCK

 

Section 2.1     - Issuance of Restricted Stock; Book Entry Form.

 

In consideration of the recitals, Participant’s agreement to remain in the employ of the Company, ORIX LP or the Company’s Subsidiaries, and for other good and valuable consideration, effective as of the Grant Date, the Company agrees to and does hereby issue to Participant the number of shares of Series E Common Stock set forth in the Grant Notice upon the terms and conditions set forth in the Plan, the Grant Notice and this Agreement.  The Restricted Shares will be issued in uncertificated form, with the Restricted Shares recorded in Participant’s name (or the name of any relevant Qualified Living Trust, as defined in the Stockholders’ Agreement) in the books and records of the Company (or its transfer agent).  Participant hereby waives any right to request from the Company a certificate representing his or her Restricted Shares registered in certificate form.

 

Section 2.2     - Purchase Price.

 

The purchase price of the Restricted Shares shall be as set forth in the Grant Notice without commission or other charge, now due and payable by Participant in cash or by check, receipt of which is acknowledged.

 

Section 2.3     - Stockholders’ Agreement; Series E Voting Trust Agreement; Rollover Holders Agreement.

 

The Restricted Shares to be issued hereunder shall be subject to the Stockholders’ Agreement, the Series E Voting Trust Agreement and the Rollover Holders Agreement.  As a condition to the issuance of the Restricted Shares, if the Participant has not done so already, Participant shall execute, deliver and deposit with the Secretary of the Company, or such other person designated by the Company, the Joinder to Stockholders’ Agreement, Series E Voting Trust Agreement and Rollover Holders Agreement attached as Exhibit “F” to the Grant Notice.  Notwithstanding anything to the contrary in this Agreement, following the lapse of the Restrictions, the Restricted Shares will remain subject to the terms of the Stockholders’ Agreement, the Series E Voting Trust Agreement and the Rollover Holders Agreement.  Such terms include, without limitation, certain Transfer restrictions, drag-along rights and share redemption and repurchase provisions, which are summarized in Exhibit “E” attached hereto.

 

Section 2.4     - Adjustments in Restricted Shares.

 

The Administrator may adjust the Restricted Shares and make other adjustments to the terms and conditions of this Agreement in accordance with the provisions of Section 7.1 of the Plan.

 

Section 2.5     - Participant’s Representations and Warranties.

 

In connection with the acquisition of the Restricted Shares, Participant represents and warrants to the Company and agrees and acknowledges that:

 

5

 

(a)                               Participant is acquiring the Restricted Shares for his or her own account, for investment purposes only and not with a present view toward the distribution thereof or with any present intention of distributing or reselling any such Restricted Shares in violation of the Securities Act or any state securities laws and that, irrespective of any other provisions of this Agreement or the Stockholders’ Agreement, any Transfer of the Restricted Shares by Participant shall be made only in compliance with all applicable federal and state securities laws, including, without limitation, the Securities Act.

 

(b)                              The Restricted Shares are not registered under the Securities Act or qualified under the securities laws of any other jurisdiction and must be held by Participant until the Restricted Shares are registered under the Securities Act and qualified under such laws or an exemption from such registration and qualification is available.  The Company shall have no obligation to take any action that may be necessary to make available any exemption from registration or qualification under the Securities Act or the securities laws of any other jurisdiction.

 

(c)                               Participant has had the opportunity to ask questions and receive answers concerning the terms and conditions of the offering of the Restricted Shares.  Participant has had full access to such information and materials concerning the Company as Participant has requested.  The Company has answered all inquiries that Participant has made to the Company relating to the Company or the sale of the Restricted Shares.  Participant has carefully reviewed and understands the risks of and other considerations relating to an investment in the Restricted Shares.

 

(d)                             Participant has such knowledge and experience in financial and business matters such that Participant is capable of evaluating the merits and risks of investment in the Restricted Shares and of making an informed investment decision with respect thereto or has consulted with advisors who possess such knowledge and experience.

 

(e)                               Participant is able to bear the economic risk of his or her investment in the Restricted Shares for an indefinite period of time.

 

(f)                                Participant is an “accredited investor” as that term is defined under Regulation D of the Securities Act.

 

ARTICLE III.

 

RESTRICTIONS

 

Section 3.1     -             Forfeiture Restriction.

 

Subject to the provisions of Section 3.2, if Participant has a Termination of Employment for any or no reason, all of the Unreleased Shares (as defined in Section 3.3) shall thereupon be forfeited immediately and without any further action by the Company (the “Forfeiture Restriction”) or any further consent of the Participant.  Upon the occurrence of such a forfeiture, the Company shall become the legal and beneficial owner of the Unreleased Shares being forfeited and all rights and interests therein or relating thereto, and the Company shall have the right to 

 

6

 

retain and transfer to its own name the number of Unreleased Shares being forfeited by Participant.  Participant acknowledges, consents to and agrees to raise no objection to such forfeiture, with or without any prior notice from the Company, and authorizes the Company to update its books and records at any time and from time to time to reflect the resulting change in the number of Restricted Shares held by Participant pursuant to the terms and conditions of Section 7.1 of the Plan or this Section 3.1 or Section 5.6(b) of this Agreement.

 

Section 3.2     -             Release of Shares from Restrictions.

 

(a)                               Subject to the terms and conditions of the Plan, the Restricted Shares shall be released from the Restrictions as indicated in the Grant Notice; provided however, that if on any scheduled date of release or vesting date, the Participant is “on probation” or is otherwise not in good standing with the Company, ORIX LP or any of the Company’s Subsidiaries, as evidenced by the Participant’s personnel files, the Restricted Shares shall not vest, or be released from the Restrictions, unless and until the Participant satisfies his or her conditions of probation or the Participant’s status returns to satisfactory.

 

(b)                              Notwithstanding anything to the contrary in this Agreement, including, without limitation, Section 3.2(a), following the lapse of the Restrictions, the Restricted Shares will remain subject to the terms of the Stockholders’ Agreement, the Series E Voting Trust Agreement and the Rollover Holders Agreement.  Such terms include, without limitation, the Transfer restrictions, drag-along rights and share redemption and repurchase provisions set forth therein, which are summarized in Exhibit “E” attached hereto.

 

Section 3.3     -             Unreleased Shares.

 

Any of the Restricted Shares which, from time to time, have not yet been released from the Forfeiture Restriction are referred to herein as “Unreleased Shares.”  Unreleased Shares shall deemed to be “Unvested Incentive Shares” (as defined in the Stockholders’ Agreement) for all purposes under the Stockholders’ Agreement.

 

Section 3.4     -             Restrictions on Transfer.

 

Unless otherwise permitted by the Administrator pursuant to the Plan, no Unreleased Shares or any dividends or other distributions thereon or any interest or right therein or part thereof, shall be liable for the debts, contracts or engagements of Participant or his or her successors in interest or shall be subject to Transfer, whether voluntary or involuntary or by operation of law, by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted Transfer thereof shall be null and void and of no effect.  Notwithstanding anything to the contrary in the Stockholders’ Agreement, Participant hereby waives any right to Transfer or sell any Unreleased Shares under Section 4.4 of the Stockholders’ Agreement.

 

Section 3.5     - Restrictions on Distributions, etc.

 

In the event of any dividend or other distribution (including extraordinary cash dividends, and whether in the form of Series E Common Stock, other securities, or other property),

 

7

 

recapitalization, reclassification, stock split, reverse stock split, reorganization, merger, consolidation, split-off, spin-off, combination, repurchase, liquidation, dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or exchange of Series E Common Stock or other securities of the Company, or issuance of warrants or other rights to purchase Series E Common Stock or other securities of the Company, or other similar transaction or event, then any new or additional or different shares or securities or property (including cash) which is paid, issued, exchanged or distributed in respect of Restricted Shares then subject to Restrictions shall be considered to be Restricted Shares and shall be subject to all of the Restrictions, unless the Administrator shall, in its sole discretion, otherwise provide.  The Administrator may require any new or additional or different shares or securities or property (including cash) considered to be Restricted Shares pursuant to this Section 3.5 to be deposited with the Secretary, or any other person designated by the Company as escrow agent, as Participant’s attorney-in-fact to sell, assign and transfer unto the Company, such new or additional or different shares or securities or property (including cash) that is considered to be Restricted Shares pursuant to this Section 3.5, if any, forfeited pursuant to Section 3.1 or deemed to be tendered to the Company pursuant to Section 5.6(b).  Notwithstanding the foregoing, nothing herein shall limit the ability of the Administrator to adjust Restricted Shares or make other adjustments to the terms and conditions of this Agreement in accordance with the provisions of Section 7.1 of the Plan.

 

Section 3.6     -             Notice of Restrictions.

 

In accordance with Sections 151(f) and 202(a) of the General Corporation Law of the State of Delaware, as amended, the Participant is hereby notified that:

 

THE SECURITIES GOVERNED BY THIS AGREEMENT ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND FORFEITURE RESTRICTIONS AS SET FORTH IN THIS AGREEMENT.  SUCH TRANSFER RESTRICTIONS AND FORFEITURE RESTRICTIONS ARE BINDING ON TRANSFEREES OF THESE SHARES.

 

THE SECURITIES GOVERNED BY THIS AGREEMENT HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT, AND APPLICABLE STATE SECURITIES OR BLUE SKY LAWS AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION AND QUALIFICATION OR AN EXEMPTION THEREFROM.

 

THE SECURITIES GOVERNED BY THIS AGREEMENT ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER, REDEMPTIONS OF THE SECURITIES AND OTHER RESTRICTIONS SET FORTH IN THE STOCKHOLDERS’ AGREEMENT.  SUCH TRANSFER RESTRICTIONS AND OTHER RESTRICTIONS ARE BINDING ON TRANSFEREES OF THESE SECURITIES.

 

8

 

THE SECURITIES GOVERNED BY THIS AGREEMENT ARE SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN THE SERIES E VOTING TRUST AGREEMENT.

 

The Company shall furnish without charge to Participant, if he or she so requests, a statement of the powers, designations, preferences and relative, participating, options or other special rights of the Series E Common Stock and the qualifications, limitations or restrictions of such preferences and/or rights.

 

ARTICLE IV.

 

PARTICIPATION IN INITIAL PUBLIC OFFERING

 

If, prior to a Change in Control, both the Company’s Series A Common Stock and Series C Common Stock (or the series or class of common stock into which they may be converted) become publicly traded on the NYSE, Nasdaq or AMEX as a result of an underwritten initial public offering of such shares pursuant to the Securities Act, Participant shall be given the opportunity to participate in such offering on terms and conditions determined by the Board, in its sole discretion.

 

ARTICLE V.

 

MISCELLANEOUS

 

Section 5.1     - Administration.

 

The Administrator shall have the power to interpret the Plan, the Grant Notice and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules.  All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon Participant, the Company and all other interested persons.  No member of the Administrator shall be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan or the Restricted Shares.

 

Section 5.2     - Conditions to Issuance of Stock.

 

The Restricted Shares may be either previously authorized but unissued shares or issued shares which have then been reacquired by the Company.  Such shares shall be fully paid and nonassessable.  The Company shall not be required to issue or deliver any Restricted Shares or other stock pursuant to this Agreement prior to fulfillment of all of the following conditions:

 

(a)                               The completion of any registration or other qualification of such shares under any state, federal or foreign law, or under rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body which the Administrator shall, in its sole discretion, deem necessary or advisable, or the receipt of such further representations as to the Participant’s investment intent (including, without limitation, any investment representation letter that may be required from the Participant pursuant to Section 5.12 of the Plan) or completion of other actions necessary to perfect exemptions from such registration or 

 

9

 

qualification requirements as the Administrator may, in its sole discretion, deem necessary or advisable;

 

(b)                              The obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its sole discretion, determine to be necessary or advisable;

 

(c)                               The execution of such documentation, if any, by the Participant or the Participant’s spouse, if applicable, as the Administrator may deem necessary or advisable to evidence the agreement of the Participant or the Participant’s spouse, as applicable, to be bound by the terms of the Stockholders’ Agreement, the Series E Voting Trust Agreement and the Rollover Holders Agreement;

 

(d)                             The lapse of such reasonable period of time (as may be established by the Administrator from time to time for reasons of administrative convenience) following execution of the Agreement and such other documentation as the Administrator may require consistent with the terms of the Plan (including, without limitation, any investment representation letter required from the Participant pursuant to Section 5.12 of the Plan);

 

(e)                               The receipt by the Company of full payment for such shares (which may be in the form of past services or other lawful consideration), including payment of any applicable withholding tax in accordance with Section 5.6 below; and

 

(f)                                The admission of such shares to listing on all stock exchanges on which such class of stock is then listed, if any.

 

Section 5.3     - Rights as Stockholder.

 

Except as otherwise provided herein (including, without limitation, in Section 3.5) and subject to the Stockholders’ Agreement, upon the issuance of the Restricted Shares to Participant, Participant shall have all the rights of a holder of Series E Common Stock provided in the Company’s certificate of incorporation, including the right to receive all dividends or other distributions paid or made with respect to the Series E Common Stock, but subject to the terms and conditions of the Stockholders’ Agreement, the Series E Voting Trust Agreement, the Rollover Holders Agreement and any other provisions governing the Series E Common Stock.

 

Section 5.4     -  Section 83(b) Election.

 

Participant shall be permitted, if he or she chooses, to make an election under Code Section 83(b) to be taxed with respect to the Restricted Shares as of the date of issuance of the Restricted Shares rather than as of the date on which Participant would otherwise be taxed under Code Section 83(a).

 

If Participant makes an election under Code Section 83(b), Participant shall deliver a copy of such election to the Company, and shall pay to the Company in cash the full amount of all federal and state withholding or other employment taxes applicable to the taxable income and wages of Participant resulting from such election, immediately after filing such election.  

 

10

 

Participant acknowledges that it is Participant’s responsibility to consult with his or her personal tax advisor as to whether or not to make such an election.

 

PARTICIPANT ACKNOWLEDGES THAT IT IS PARTICIPANT’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY AN ELECTION UNDER CODE SECTION 83(B).  PARTICIPANT FURTHER ACKNOWLEDGES THAT PARTICIPANT AND HIS OR HER PERSONAL TAX ADVISOR, AND NOT THE COMPANY, ARE RESPONSIBLE FOR ASSURING THAT ANY SUCH ELECTION COMPLIES WITH THE REQUIREMENTS OF CODE SECTION 83(B).

 

Section 5.5     - No Representations.

 

No representation is being made by the Company, ORIX LP or any of the Company’s Subsidiaries, or any Affiliate of the Company, ORIX LP or any of the Company’s Subsidiaries, regarding the present or future value of the Restricted Shares, and no person has been authorized by the Company, ORIX LP or any of the Company’s Subsidiaries, or any Affiliate of the Company, ORIX LP or any of the Company’s Subsidiaries, to make any representation regarding the present or future value of the Restricted Shares.

 

Section 5.6     - Tax Withholding.

 

(a)                               The Company shall be entitled to require payment of any sums required by federal, state, local or foreign tax law to be withheld with respect to the issuance of the Restricted Shares or the lapse of the Restrictions with respect to the Restricted Shares, or any other taxable event related thereto.  The Company may require such payment to be made by the deduction of such amount from other compensation payable to Participant, such as cash incentive bonus payments, or, in the Company’s discretion, the Company may require Participant to make all or any portion of such payment in one or more of the other forms specified below:

 

(i)                                                                                  by cash or check made payable to the Company;

 

(ii)                                                                              by tendering Restricted Shares which are not subject to the Restrictions and which have a then current Fair Market Value not greater than the amount necessary to satisfy the Company’s withholding obligation based on the minimum statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes; or

 

(iii)                                                                          in any combination of the foregoing.

 

(b)                              In the event Participant fails to provide timely payment of all sums required by the Company pursuant to Section 5.6(a), the Company shall have the right and option, but not obligation, to treat such failure as an election by Participant to provide all or any portion of such required payment by means of tendering Restricted Shares in accordance with Section 5.6(a)(ii) above.

 

11

 

Section 5.7     - Notices.

 

Any notice or communication to be given by Participant under the terms of this Agreement shall be addressed to the Secretary or his or her office.  Any notice to be given to Participant shall be addressed to him or her at the address specified for Participant in the Company’s records.  Any notice which is required to be given to Participant shall, if Participant is then deceased, be given to Participant’s personal representative if such representative has previously informed the Company of his or her status and address by written notice under this Section.  Any notice shall be deemed duly given upon personal delivery or when enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.

 

Section 5.8     - Not a Contract of Employment.

 

Nothing in this Agreement, the Grant Notice, the Plan or the Stockholders’ Agreement shall confer upon Participant any right to continue in the employ or service of the Company, ORIX LP or any of the Company’s Subsidiaries, or shall interfere with or restrict in any way the rights of the Company, ORIX LP or any of the Company’s Subsidiaries, which rights are hereby expressly reserved, to discharge Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between Participant and the Company, ORIX LP or any of the Company’s Subsidiaries.

 

Section 5.9     - Further Instruments.

 

Participant agrees, upon request, to execute any further documents or instruments that the Administrator, in its sole discretion, determines to be necessary or desirable to carry out the purposes or intent of this Agreement (including, without limitation, Section 3.5 and Section 5.6).

 

Section 5.10   - Titles.

 

Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

 

Section 5.11   - Construction.

 

This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware without regard to otherwise governing principles of conflicts of law.

 

Section 5.12   - Conformity to Securities Laws.

 

Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of all applicable federal and state laws, rules and regulations (including, without limitation, the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder) and to such rules, regulations and other requirements of any listing, regulatory or other governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith.  Notwithstanding anything herein to the contrary, the Plan and this Agreement shall be 

 

12

 

administered, and the Restricted Shares are granted, only in such a manner as to conform to such laws, rules and regulations.  To the extent permitted by applicable law, the Plan, this Agreement and the Restricted Shares shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

 

Section 5.13   - Amendments.

 

This Agreement and the Plan may be wholly or partially amended or otherwise modified at any time and from time to time by either the Company or the Administrator without the consent of Participant, provided that such amendment shall not impair any rights of Participant under this Agreement without his or her written consent unless the Administrator determines, in its sole discretion, that such amendment is necessary (a) to cure any ambiguity or to correct or supplement any provision herein which may be inconsistent with the Plan or any other provision herein or (b) to correct, supplement or modify any provision herein to eliminate, mitigate or reflect the effect of any change in Generally Accepted Accounting Principles that occurs after the Grant Date.

 

13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00248-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00248-of-00352.parquet"}]]