Document:

Document

Exhibit 10.11

RESTRICTED STOCK AWARD AGREEMENT
(Manager Incentive Plan)

THIS RESTRICTED STOCK AGREEMENT (the “Agreement”), is made effective as of the date set forth on the signature page (the “Signature Page”) attached hereto (the “Date of Grant”), between Blackstone Mortgage Trust, Inc., a Maryland corporation (the “Company”) and the participant identified on the Signature Page attached hereto (the “Participant”). 
R E C I T A L S:
WHEREAS, the Company has adopted the Blackstone Mortgage Trust, Inc. Manager Incentive Plan (the “Plan”), the terms of which Plan are incorporated herein by reference and made a part of this Agreement, and capitalized terms not otherwise defined herein shall have the same meanings as in the Plan; and
WHEREAS, the Company has determined that it would be in the best interests of the Company and its stockholders to grant the restricted stock award provided for herein to the Participant pursuant to the Plan and the terms set forth herein;
NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows:
1.Grant of Restricted Stock.  Subject to the terms and conditions of the Plan and the additional terms and conditions set forth in this Agreement, the Company hereby grants to the Participant the number of shares of Restricted Stock appearing on the signature page attached hereto (the “Award”).  
2.Vesting of Restricted Stock.
(a)Vesting Schedule.  The Award shall initially be unvested.  Provided that a Termination has not occurred, the Award shall vest (i) with respect to one-sixth (1/6) of the Award on the date that is six months and one day following the Date of Grant (the “Initial Vesting Date”) and (ii) with respect to the rest of the Award, in substantially equal quarterly installments over the ten (10) quarters immediately following the Initial Vesting Date; provided that the exact amounts and dates of each installment vesting shall be determined by the Company.
(b)Termination. Upon a Termination or Qualifying Termination this Award shall be treated in accordance with the Plan.
3.Book Entry; Certificates.  The Company shall recognize the Participant’s ownership through uncertificated book entry.  If elected by the Company, certificates evidencing the Common Stock granted hereunder may be issued by the Company and any such certificates shall be registered in the Participant’s name on the stock transfer books of the Company promptly after the date hereof.  No certificates shall be issued for fractional shares.  
4.Rights as a Stockholder.  The Participant shall be the record owner of the shares of Restricted Stock until or unless such shares are forfeited pursuant to the terms of this Agreement, and as record owner shall be entitled to all rights of a common stockholder of the Company, including, without limitation, participating in gains and losses of the Company, voting rights and rights to dividends with respect to shares of Restricted Stock.   
    

1

5.Restrictions.  Any Common Stock issued to the Participant pursuant to the Award shall be subject to such stop transfer orders and other restrictions as the Committee (or its designee) may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Common Stock are listed and any applicable U.S. or non-U.S. federal, state or local laws, and the Committee (or its designee) may cause a notation or notations to be entered into the books and records of the Company to make appropriate reference to such restrictions. 
6.No Right to Continued Service.  Neither the Plan nor this Agreement nor the granting of the Award hereunder shall impose any obligation on the Company or any Affiliate of the Company to continue the engagement of the Participant.  
7.Transferability.  
(c)Shares of Restricted Stock may not, at any time prior to becoming vested pursuant to the terms of this Agreement, be Transferred and any such purported Transfer shall be void and unenforceable against the Company or any Affiliate of the Company; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.
(d)“Transfer” shall mean (in either the noun or the verb form, including with respect to the verb form, all conjugations thereof within their correlative meanings) with respect to any security, the gift, sale, assignment, transfer, pledge, hypothecation or other disposition (whether for or without consideration, whether directly or indirectly, and whether voluntary, involuntary or by operation of law) of such security or any interest therein.
8.Securities Laws; Cooperation.  Upon the vesting of the Award (or any portion thereof), the Participant will make or enter into such written representations, warranties and agreements as the Company may request in order to comply with applicable securities laws, the Plan or with this Agreement.
9.Notices.  Any notice necessary under this Agreement shall be addressed to the Company in care of its Secretary at the principal executive office of the Company and to the Participant at the address as set forth on the Signature Page or to either party at such other address as either party hereto may hereafter designate in writing to the other.  Any such notice shall be deemed effective upon receipt thereof by the addressee.
10.Choice of Law.  This Grant shall be governed by and construed in accordance with the laws of the state of Maryland without regard to conflicts of laws.
11.Restricted Stock Subject to Plan.  By entering into this Agreement, the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan.  Shares of Restricted Stock granted hereunder are subject to the Plan.  The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference.  In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.
12.Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
[Signatures on next page.]
    

2

    

3

IN WITNESS WHEREOF, the parties have caused this Agreement to be effective as of the date set forth on the Company’s signature page.

Participant

BXMT Advisors L.L.C.
By:
                    
Name:
Title:

Blackstone Mortgage Trust, Inc.

        
Name: Katharine Keenan
Title: Chief Executive Officer

Dated: ______________
Participant Address:

						
	Number of Shares of Restricted Stock	/$AwardsGranted$/
	Date of Grant	/$GrantDate$/Document

Execution Version

FIRST SUPPLEMENTAL INDENTURE

FIRST SUPPLEMENTAL INDENTURE, dated as of July 25, 2022 (this “First Supplemental Indenture”), to the Indenture (defined below) by and between Plantronics, Inc., a Delaware corporation (the “Company”), Polycom, Inc., a Delaware corporation (the “Guarantor”), and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), a national association under the laws of the United States, as trustee (the “Trustee”).

WITNESSETH:

WHEREAS, the Company and the Guarantor have heretofore executed and delivered to the Trustee an Indenture, dated as of March 4, 2021 (the “Indenture”), under which the Company has issued the 4.750% Senior Notes due 2029 (the “Notes”);

WHEREAS, on March 25, 2022, the Company entered into a definitive agreement (the “Merger Agreement”) with HP Inc., a Delaware corporation (“HP”), pursuant to which a subsidiary of HP will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of HP (the “Merger”). 
 
WHEREAS, in connection with the Merger, HP has offered to exchange (the “Exchange Offer”) any and all outstanding Notes for up to $500,000,000 aggregate principal amount of new notes to be issued by HP and cash, upon the terms and subject to the conditions set forth in the confidential exchange memorandum and consent solicitation statement dated June 27, 2022 (as amended and supplemented from time to time, the “Offering Memorandum and Consent  Solicitation Statement”); 

WHEREAS, in connection with the Merger and on behalf of the Company, HP has also solicited consents (the “Consent Solicitation” and, together with the Exchange Offer, the “Exchange Offer and Consent Solicitation”) from the Holders of the Notes to certain proposed amendments (the “Proposed Amendments”) to the Indenture as described in the Offering Memorandum and Consent Solicitation Statement and set forth in Article II of this First Supplemental Indenture, with the operation of such Proposed Amendments being subject to the satisfaction or waiver, where permissible, by HP of the conditions to the Exchange Offer and Consent Solicitation and the acceptance for purchase by the Company of the Notes validly tendered and not withdrawn pursuant to the Exchange Offer and Consent Solicitation; 

WHEREAS, Section 9.02 of the Indenture provides, among other things, that, subject to certain exceptions noted therein, the Indenture or the Notes may be amended with the written consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes; 

WHEREAS, the Company has received and caused to be delivered to the Trustee evidence of the consents from Holders of at least a majority of the outstanding aggregate principal amount of Notes to effect the Proposed Amendments under the Indenture (the “Requisite Consent Condition”);

WHEREAS, the Company is undertaking to execute and deliver this First Supplemental Indenture to delete or amend, as applicable, certain provisions and covenants in the Indenture in connection with the Exchange Offer and Consent Solicitation;

WHEREAS, the Company has requested that the Trustee execute and deliver this First Supplemental Indenture; and

WHEREAS, the execution and delivery of this First Supplemental Indenture has been duly authorized by the Company and the Guarantor, and all other acts and requirements necessary to make this First Supplemental Indenture a valid and binding supplement to the Indenture effectively amending the Indenture as set forth herein (including satisfaction of the Requisite Consent Condition) have been duly taken.

NOW, THEREFORE, for and in consideration of the premises contained herein, each party agrees for the benefit of each other party and for the equal and ratable benefit of the Holders, as follows:

ARTICLE ONE

  DEFINITIONS

Section 1.01    Capitalized Terms.
  
Capitalized terms used but not defined in this First Supplemental Indenture shall have the meanings ascribed to them in the Indenture, as applicable.

ARTICLE TWO

AMENDMENTS TO THE INDENTURE

Section 2.01    Proposed Amendments to the Indenture.

(a)    The Indenture shall hereby be amended by deleting the following Sections or Clauses of the Indenture and all references and definitions related solely thereto in their entirety, except to the extent otherwise provided below, and these Sections and Clauses shall be of no further force and effect, and shall no longer apply to the Notes, and the words “[INTENTIONALLY DELETED]” shall be inserted, in each case, in place of the deleted text:

Section 4.02 (Reports)

Section 4.05 (Limitation on Restricted Payments)

Section 4.07 (Limitation on Incurrence of Indebtedness)

Section 4.08 (Limitation on Transactions with Affiliates)

Section 4.09 (Limitation on Liens)

2

Section 4.11 (Limitation on Dividends and Other Payment Restrictions Affecting Subsidiaries)

Section 4.13 (Change of Control)

Section 4.14 (Limitation on Asset Sales)

Section 4.15 (Future Subsidiary Guarantors)

Section 4.18 (Limitation on Creation of Unrestricted Subsidiaries)

Section 4.19 (Further Assurances)

Section 5.01 (Merger, Consolidation and Sales of Assets)

Section 6.01(a)(iii), (iv), (v), (vi), (vii) and (viii) (Events of Default)

(b)    The failure to comply with the terms of any of the Sections or Clauses of the Indenture set forth in clause (a) above shall no longer constitute a default or Event of Default under the Indenture and shall no longer have any consequence under the Indenture.

ARTICLE THREE

  MISCELLANEOUS

Section 3.01    References. 

References in this First Supplemental Indenture to article and section numbers shall be deemed to be references to article and section numbers of this First Supplemental Indenture unless otherwise specified.

Section 3.02    Ratification of Indenture.

The Indenture, as supplemented by this First Supplemental Indenture, is in all respects ratified and confirmed, and this First Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided.  To the extent not expressly amended or modified by this First Supplemental Indenture, the Indenture shall remain in full force and effect.

Section 3.03    Governing Law.

THIS FIRST SUPPLEMENTAL INDENTURE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THE INDENTURE, THIS FIRST SUPPLEMENTAL INDENTURE, OR THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.  The Company submits to the jurisdiction of the courts of the State of New York sitting in the Borough of Manhattan, City of New York, and of the United States District Court for the Southern District of New York, in any action or proceeding to enforce any of its obligations 
3

under the Indenture, this First Supplemental Indenture, or the Notes, and agrees not to seek a transfer of any such action or proceeding on the basis of inconvenience of the forum or otherwise (but the Company shall not be prevented from removing any such action or proceeding from a state court to the United States District Court for the Southern District of New York).  The Company agrees that process in any such action or proceeding may be served upon it by registered mail or in any other manner permitted by the rules of the court in which the action or proceeding is brought.

Section 3.04    Severability.

In case any provision in this First Supplemental Indenture shall be invalid, illegal, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 3.05    Successors.

All agreements of the Company and the Guarantor in the Indenture, this First Supplemental Indenture, and the Notes shall bind their successors.  All agreements of the Trustee in the Indenture and this First Supplemental Indenture shall bind its successors. 

Section 3.06    Effectiveness and Operative Date.

This First Supplemental Indenture shall become effective and binding upon execution by all parties hereto. Notwithstanding the foregoing sentence, the Proposed Amendments to the Indenture set forth in Section 2.01 hereof shall become operative only upon the consummation and settlement of the Exchange Offer and Consent Solicitation in accordance with the terms and conditions set forth in the Offering Memorandum and Consent Solicitation Statement (such date, the “Operative Date”), including the condition that the Merger shall have been consummated. The Company shall promptly provide the Trustee with written notice (which can be by email) of the occurrence of the Operative Date or, in the alternative, the termination of the First Supplemental Indenture in the event the Exchange Offer and Consent Solicitation is terminated or withdrawn after the date hereof. 

Section 3.07    Endorsement and Change of Form of Notes.

Any Notes authenticated and delivered after the close of business on the date that this First Supplemental Indenture becomes effective may be affixed to, stamped, imprinted, or otherwise legended by the Trustee, with a notation as follows: 

“The First Supplemental Indenture, under which certain restrictive covenants in the Indenture are (or will be) eliminated and certain other provisions are (or will be) eliminated or modified as set forth therein, is effective as of July 25, 2022.  Reference is hereby made to said First Supplemental Indenture, copies of which are on file with the Trustee, for a description of the amendments made therein.”

4

Section 3.08    Counterparts.

The parties may sign any number of copies of this First Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. This First Supplemental Indenture may be executed in counterparts, each of which will be deemed an original, but all of which taken together will constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this First Supplemental Indenture by facsimile or other electronic transmission shall be effective as delivery of a manually signed counterpart. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this First Supplemental Indenture hereby shall be deemed to include Electronic Signatures (as defined below), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be. “Electronic Signatures” means any electronic symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. The Company and Guarantor each agrees to assume all risks arising out of the use of using Electronic Signatures and electronic methods to submit communications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties, other than risks relating to or arising from the gross negligence or willful misconduct of the Trustee.

Section 3.09    Waiver of Jury Trial.

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THIS FIRST SUPPLEMENTAL INDENTURE, THE NOTES, OR THE TRANSACTION CONTEMPLATED HEREBY.

Section 3.10    Trustee. 

The Trustee assumes no duties, responsibilities or liabilities under this First Supplemental Indenture other than as set forth in the Indenture. The Trustee makes no representation as to the validity or sufficiency of this First Supplemental Indenture.

[Signature pages follow]

5

IN WITNESS WHEREOF, the parties to this First Supplemental Indenture have caused it to be duly executed as of the day and year first above written.

PLANTRONICS, INC.

By:      /s/ Charles D. Boynton                                   
Name:  Charles D. Boynton
Title:    Executive Vice President, Chief Financial
Officer

GUARANTOR:

POLYCOM, INC.

By:      /s/ Charles D. Boynton                                   
Name:  Charles D. Boynton 
Title:    Chief Financial Officer, Treasurer and
Director

[Signature Page to First Supplemental Indenture]

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

By       /s/ David Jason                                   
Name: David Jason 
Title:   Vice President

[Signature Page to First Supplemental Indenture]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]