Document:

EX-10.8

 Exhibit 10.8 
  

 
 11/16/2015 
 Jack Dorsey 

c/o Square, Inc. 
 1455 Market Street, Suite 600 

San Francisco, CA 94103 
 Re: Confirmatory Employment Letter

 Dear Jack: 
 As discussed, you and Square, Inc., a
Delaware corporation (the “Company”) have agreed to the terms of this letter agreement (the “Agreement”) to confirm the current terms and conditions of your employment. This Agreement is effective as of the date you sign this
letter, as indicated below. 
  

	1.	Position. Your position will continue to be Chief Executive Officer, and you will continue to report to the Company’s Board of Directors, with responsibilities as defined in the job description
previously provided to you or as otherwise reasonably assigned to you by your supervisor. During your employment with the Company, you will perform your duties faithfully and to the best of your ability and will devote your full business efforts and
time to the Company, other than with respect to your work with Twitter, Inc. in accordance with guidelines that may be developed by the Company’s Board of Directors from time to time. 

 

	2.	Compensation. 

  

	 	a.	Base Salary: Your current base salary is $6,000.00 annually, payable on the Company’s regular payroll dates and subject to the usual, required withholdings and deductions. Your base salary will be subject to
review and adjustments will be made based upon the Company’s normal performance review practices. 

  

	 	b.	Benefits: You will continue to be eligible to participate in all of the Company benefit plans as available, including group health insurance and paid time off, based on policies in effect during your employment.
The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time. 

  

	3.	Severance. You will be eligible to enter into a Change of Control and Severance Agreement (the “Severance Agreement”) applicable to you based on your senior position within the Company. The
Severance Agreement will specify the severance payments and benefits you would be entitled to in connection with a change of control transaction and certain terminations of employment. These protections will supersede all other severance or other
benefits you would otherwise be entitled to under any plan, program or policy that the Company may have in effect from time to time. 

  

	4.	Employment Relationship. Your employment with the Company continues to be for no specific period of time and is “at will,” meaning that either you or the Company may terminate your employment at
any time and for any reason, without prior notice and with or without cause. Any contrary representations which may have been made to you are superseded by this offer. This is the full and complete agreement between you and the Company on this term.
Further, your participation in any equity-based or benefit program is not to be regarded as assuring you of continuing employment for any particular period of time. Although your job duties, title, compensation and benefits, as well as the
Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and the Company’s Chief Financial Officer.

  

	5.	Other Agreements. As an employee of the Company, you will continue to have access to certain confidential information of the Company and you may, during the course of your employment, develop certain
information or inventions that will be the property of the Company. To protect the interests of the Company, your acceptance of this letter confirms that the terms of the Company’s Confidential Information and Invention Assignment Agreement
(the “Confidentiality Agreement”) and other compliance agreements that you executed when you joined the Company. 

	6.	Outside Activities. While you render services to the Company, you agree that you will not engage in any other employment, consulting or other business activity without the written consent of the Company.
In addition, while you render services to the Company, you will not assist any person or entity in competing with the Company, in preparing to compete with the Company or in hiring any employees or consultants of the Company. 

 

	7.	Arbitration. You and the Company shall submit to mandatory and exclusive binding arbitration of any controversy or claim arising out of, or relating to, this Agreement or any breach hereof, provided,
however, that the parties retain their right to, and shall not be prohibited, limited or in any other way restricted from, seeking or obtaining equitable relief from a court having jurisdiction over the parties. Such arbitration shall be governed by
the Federal Arbitration Act and conducted through the American Arbitration Association in the State of California, San Francisco County, before a single neutral arbitrator, in accordance with the National Rules for the Resolution of Employment
Disputes of the American Arbitration Association in effect at that time. The parties may conduct only essential discovery prior to the hearing, as defined by the AAA arbitrator. The arbitrator shall issue a written decision that contains the
essential findings and conclusions on which the decision is based. You shall bear only those costs of arbitration you would otherwise bear had you brought a claim covered by this Agreement in court. Judgment upon the determination or award rendered
by the arbitrator may be entered in any court having jurisdiction thereof. 

  

	8.	Entire Agreement. This Agreement, along with the Confidentiality Agreement and Severance Agreement, constitute the entire agreement between you and the Company regarding the subject matters discussed
herein, and they supersede all prior negotiations, representations or agreements between you and the Company. This Agreement may only be modified by a written agreement signed by you and the Company’s Chief Financial Officer. 

If you wish to accept the terms of this Agreement, please sign and date in the space indicated below and return it to me. 

Very truly yours, 
  

							
	Square, Inc.	  		  	Accepted and agreed:
				
	By:	  	 /s/ Aditya K. Roy
	  		  	 /s/ Jack Dorsey

		  	Aditya K. Roy	  		  	Jack Dorsey
		  	People LeadEX-10.14(A)

 Exhibit 10.14A 

October 30, 2015 
 J.P. Morgan Securities LLC 

383 Madison Avenue 
 New York, NY 10179 

Attn: Kathleen Milazzo & Diana Kolar 
 Ladies and
Gentlemen: 
 Goldman Sachs Lending Partners LLC (“GS Lending Partners” or “we”) hereby refers to the Summary of Terms and Conditions
for Square, Inc. (the “Borrower”) dated October 2015 for the $350,000,000 Senior Secured Revolving Credit Facility referenced therein. Subject to completion of documentation satisfactory to GS Lending Partners, we are pleased, on behalf of
our self and our lending affiliates (collectively, “Goldman Sachs”) (a) to commit up to $75,000,000 to the Facility and (b) subject to customary terms and conditions, if a Qualifying Capital Raise is consummated on or before
April 29, 2016 and commitments under the Facility are increased to no less than $375,000,000 on or before April 29, 2016, to commit up to an additional $25,000,000 to the Facility. 

Our commitment is made on the understanding that at closing of the Facility, Goldman Sachs will receive an upfront fee that is at least equal to the upfront
fee paid to any other lender whose offered commitment amount is equal to or less than that of ours. 
 Our decision to issue this commitment is based on
Goldman Sachs’ independent investigation of the financial condition, creditworthiness, affairs and status of the Borrower as Goldman Sachs has deemed appropriate and not in reliance on you or your affiliates, or any material or information
provided to Goldman Sachs by you or any of your affiliates, which, if so furnished, is hereby acknowledged by us to have been for informational purposes only and without representation or warranty by you or your affiliates. We acknowledge that you
have no duty or responsibility, either initially or on a continuing basis, to provide Goldman Sachs with any credit or other information with respect to the Borrower, whether such information came into your possession before we issued this
commitment or at any time thereafter. 
 We acknowledge and agree that no secondary selling or offers to purchase the loans will occur until such time as
you declare the primary syndication to be complete, subject to such period not extending beyond thirty days from the closing of the Facility; provided that syndication shall be deemed to be complete upon the making of allocations by the arranger and
the arranger freeing the Facility to trade. Furthermore, we represent that this commitment represents a commitment from Goldman Sachs only, and does not in any way include a commitment or other arrangement from any other affiliated or non-affiliated
institution. In addition, Goldman Sachs’ commitment will terminate if the Facility does not close on or before November 30, 2015. 
 This letter
shall be governed by the laws of the State of New York. 
 Sincerely, 

/s/ Rebecca Kratz 
 Authorized Officer: Rebecca Kratz 

Title: Authorized Signatory 
 Lender: Goldman Sachs Lending
Partners LLCex10-1.htm

Exhibit 10.1

 

RESTRICTED STOCK AWARD AGREEMENT

UNDER THE EAGLE BULK SHIPPING INC.

2014 EQUITY INCENTIVE PLAN

 

This Restricted Stock Award Agreement (the “Restricted Stock Award Agreement”) dated as of September [●], 2015 (the “Date of Grant”), is made by and between Eagle Bulk Shipping Inc., a Republic of the Marshall Islands company (the “Company”), and Gary Vogel (the “Participant”). Capitalized terms not defined herein shall have the meaning ascribed to them in the Eagle Bulk Shipping Inc., 2014 Equity Incentive Plan (the “Plan”). Where the context permits, references to the Company shall include any successor to the Company.

 

1.     Grant of Restricted Stock. The Company hereby grants to the Participant 325,000 shares of restricted Common Stock (the “Restricted Stock”), subject to all of the terms and conditions of this Restricted Stock Award Agreement and the Plan. 

 

 

2.     Vesting. Subject to Section 4, the Restricted Stock shall vest, and have the forfeiture restrictions applicable thereto lapse, as follows: 100% of the Restricted Stock will vest on September 1, 2018 (the “Vesting Date”), subject to the Participant’s continued employment with the Company or any of its Affiliates on the Vesting Date; provided, however, that in the event that the Participant’s employment with the Company is terminated by the Company without Cause or by the Participant for Good Reason (as defined below) prior to the Vesting Date, then, notwithstanding anything herein to the contrary, the Participant shall become vested in a number of shares of the Restricted Stock as set forth below: 

 

	
Date of Termination
	
Vested Restricted Shares (#)

	
Prior to September 1, 2016
	
108,333

	
On or after September 1, 2016 but prior to September 1, 2017
	
216,666

	
On or after September 1, 2017
	
325,000

 

For purposes of the foregoing, “Good Reason” shall have the meaning set forth in the Employment Agreement by and among the Company, Eagle Shipping International (USA) LLC and the Participant, dated July 6, 2015.

 

 

3.     Restrictions. The Restricted Stock granted hereunder may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of or encumbered, and shall be subject to a risk of forfeiture as described in Section 2 and until any additional requirements or restrictions contained in this Restricted Stock Award Agreement have been otherwise satisfied, terminated or expressly waived by the Company in writing.

 

  

4.     Termination of Employment. Except as provided above in Section 2, upon the Participant’s termination of employment for any reason, any portion of Restricted Stock which has not vested as of the date of such termination shall be forfeited.

 

 

1

 

  

5.     Voting; Dividends. The Participant shall have the right to vote the Restricted Stock prior to vesting. Except as provided in Section 1.5(c)(iv) of the Plan, the Participant shall receive payment of dividends with respect to the Restricted Stock; provided, that dividends in respect of the portion of the Restricted Stock that has not vested on or prior to the date dividends are paid shall be accumulated, held back ad paid to the Participant if and when such portion of the Restricted Stock becomes vested. 

 

 

6.     Notification of Election Under Section 83(b) of the Code. If the Participant makes an election under Section 83(b) of the Code (to include in gross income in the year of transfer the amounts specified in Section 83(b) of the Code), the Participant shall notify the Administrator of such election within ten days of filing notice of the election with the U.S. Internal Revenue Service, in addition to any filing and notification required pursuant to regulations issued under Section 83(b) of the Code.

 

 

7.     Restricted Stock Award Agreement Subject to Plan. This Restricted Stock Award Agreement is made pursuant to all of the provisions of the Plan, which is incorporated herein by this reference, and is intended, and shall be interpreted in a manner, to comply therewith. In the event of any conflict between the provisions of this Restricted Stock Award Agreement and the provisions of the Plan, the provisions of this Restricted Stock Award Agreement shall govern.

 

 

8.     No Rights to Continuation of Employment. Nothing in the Plan or this Restricted Award Agreement shall confer upon Participant any right to continue in the employ of the Company or any Subsidiary thereof or shall interfere with or restrict the right of the Company or its shareholders (or of a Subsidiary or its shareholders, as the case may be) to terminate Participant’s employment at any time for any reason whatsoever, with or without Cause.

 

 

9.     Tax Withholding. The Company shall be entitled to withhold the amount of applicable withholding taxes in any manner provided in Section 3.4(a) of the Plan, including, at the election of the Participant, by having the Company deduct from any shares delivered upon vesting of the Restricted Stock Award such shares having a value equal to the amount of minimum tax required to be withheld. Such shares shall be valued at their Fair Market Value as of the date on which the amount of tax to be withheld is determined. Fractional share amounts shall be settled in cash. Such a withholding election may be made by the Participant with respect to all or any portion of the shares to be delivered pursuant to the Restricted Stock Award.

 

 

10.     Governing Law. This Restricted Stock Award Agreement shall be governed by, interpreted under, and construed and enforced in accordance with the internal laws, and not the laws pertaining to conflicts or choices of laws, of the State of New York applicable to agreements made and to be performed wholly within the State of New York.

 

 

11.     Restricted Stock Award Agreement Binding on Successors. The terms of this Restricted Stock Award Agreement shall be binding upon Participant and upon Participant’s heirs, executors, administrators, personal representatives, transferees, assignees and successors in interest, and upon the Company and its successors and assignees, subject to the terms of the Plan.

 

 

2

 

  

12.     No Assignment. Notwithstanding anything to the contrary in this Restricted Stock Award Agreement, neither this Restricted Stock Award Agreement nor any rights granted herein shall be assignable by Participant.

 

 

13.     Necessary Acts. Participant hereby agrees to perform all acts, and to execute and deliver any documents that may be reasonably necessary to carry out the provisions of this Restricted Stock Award Agreement, including but not limited to all acts and documents related to compliance with federal and/or state securities and/or tax laws.

 

 

14.     Entire Restricted Stock Award Agreement. This Restricted Stock Award Agreement and the Plan contain the entire agreement and understanding among the parties as to the subject matter hereof.

 

 

15.     Headings. Headings are used solely for the convenience of the parties and shall not be deemed to be a limitation upon or descriptive of the contents of any such Section.

 

 

16.     Counterparts. This Restricted Stock Award Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.

 

 

17.     Amendment. No amendment or modification hereof shall be valid unless it shall be in writing and signed by all parties hereto.

 

 

 

[signature page follows]

 

 

3

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Restricted Stock Award Agreement as of the date set forth above.

 

	
 
	
 
	
 

	
 
	
 
	
EAGLE BULK SHIPPING INC.
	
 

	 	 	 	 
	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Paul Leand, Jr
	
 

	
 
	
Name:
	
Paul Leand, Jr
	
 

	
 
	
Title: 
	
Chairman
	
 

 

 

 

 

The undersigned hereby accepts and agrees to all the terms and provisions of the foregoing Restricted Stock Award Agreement.

 

	
 
	
 
	
 

	
 
	
 
	
PARTICIPANT
	
 

	 	 	 	 
	
 
	
 
	
 
	
 

	
 
	
 
	
/s/ Gary Vogel
	
 

	
 
	
 
	
Name: Gary Vogel

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