Document:

Exhibit

Exhibit 10.1

STOCKHOLDERS AGREEMENT
STOCKHOLDERS AGREEMENT, dated as of September, 21, 2018 (this “Agreement”), among (a) Medici Ventures, Inc., a Delaware corporation (“Medici”) and (c) Patrick Byrne (“Byrne”) and (d) Medici Land Governance, Inc., a Delaware public benefit corporation (the “Company”).  Each of Medici and Byrne may be referred to herein as a “Stockholder” and, together with any other stockholders of the Company currently parties, or who become parties, to this Agreement, as the “Stockholders.”
RECITALS
A.    As of the date hereof, (a) Medici has been issued 510,000 shares of Common Stock, par value $0.01 per share, of the Company (the “Common Stock”), in consideration of (i) $8,800,000 of value contributed to the Company on or before the date hereof, constituting 57% of the outstanding shares of capital stock of the Company, and (b) Byrne has been issued 390,000 shares of Common Stock, in consideration of $6,700,000 contributed to the Company on or before the date hereof, constituting 43% of the outstanding shares of capital stock of the Company. All such issued and outstanding shares of Common Stock, together with any other shares of capital stock legally or beneficially owned by a party to this Agreement, are referred to in this Agreement as the “Shares.”
B.    The Stockholders desire to promote the interests of the Company and their mutual interests by setting forth certain rights, restrictions, and obligations in connection with the management, ownership and operation of the Company and the manner in which the Shares shall be held and disposed of, all as hereinafter set forth.
NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties agree as follows:
ARTICLE I

TRANSFERS OF SHARES

1.1    Restriction on Transfers, Generally.  (a)  Each of the Stockholders hereby agrees that it may not sell, transfer, pledge, hypothecate, assign or otherwise in any manner dispose of or encumber (each such act being referred to as a “Transfer”) any of its Securities (as defined below), in whole or in part, except in accordance with the terms and conditions set forth in this Article I.  Any transfer or purported Transfer by a Stockholder of any of its Securities (or portion thereof) not made in accordance with this Article I shall be null and void. “Securities” means any Shares or any other securities representing the right to acquire upon exercise, whether or not for additional consideration, shares of any class or series of capital stock of the Company. 

(b)    Notwithstanding any other provision of this Agreement and except as set forth in Section 4.2, a Stockholder may, at any time and from time to time, Transfer all or any part of its Securities upon the prior written approval of all other Stockholders.

1.2    Conditions to Any Transfer.  Without limitation of the provisions of this Article I:

(a)the Company shall not register any Securities for Transfer or register any proposed transferee as the legal or beneficial owner of Securities, unless the issuance or Transfer is in compliance with this Agreement and all applicable federal and state securities laws, as determined by counsel for the Company; and 

(b)no Transfer of all or any part of any Securities shall be permitted hereunder unless the proposed transferee, if not already a party to this Agreement, shall have become such by executing and delivering to the Company such documents, if any, as the Company may require in its reasonable discretion, to evidence the transferee’s (i) acceptance of all the terms and conditions of this Agreement, (ii) authority to enter into this Agreement, and (iii) agreement to the consents and waivers contained herein, and upon such execution and delivery and satisfaction of the other terms and conditions of this Article I, the transferee, will become a Stockholder.

    

1.3    Right of First Refusal.  (a)  If at any time a Stockholder (such Stockholder, a “Transferring Stockholder”) receives a bona fide offer from any Third Party Purchaser (as defined below) to purchase all or any portion of the Securities (the “ROFR Securities”) owned by the Transferring Stockholder and the Transferring Stockholder desires to Transfer the ROFR Securities, then the Transferring Stockholder must first offer the ROFR Securities to the Company (the “Company ROFR Rightholder”) and then to each other Stockholder (the “Other ROFR Rightholders” and together with the Company ROFR Rightholder, the “ROFR Rightholders”) in accordance with the provisions of this Section 1.3. A “Third Party Purchaser” shall mean any Person (as defined below) who, (i) immediately prior to the contemplated transaction, does not directly or indirectly own or have the right to acquire any outstanding Securities or (ii) is not an affiliate of the Stockholder. A “Person” shall mean an individual, corporation, partnership, joint venture, limited liability company, governmental authority, unincorporated organization, trust, association or other entity. 

(b)    The Transferring Stockholder shall, within five Business Days (as defined below) of receipt of the offer from the Third Party Purchaser, give written notice (the “Transferring Stockholder Notice”) to the ROFR Rightholders stating that it has received a bona fide offer from a Third Party Purchaser and specifying: (1) the number of ROFR Securities to be Transferred by the Transferring Stockholder; (2) the identity of the Third Party Purchaser; (3) the purchase price for each ROFR Security (which for the avoidance of doubt shall be payable solely in cash) and the other material terms and conditions of the Transfer; and (4) the proposed date, time and location of the closing of the Transfer, which shall not be less than 20 Business Days from the date of the Transferring Stockholder Notice. The Transferring Stockholder Notice shall constitute the Transferring Stockholder’s offer to Transfer the ROFR Securities to the ROFR Rightholders in consideration for the Aggregate ROFR Price (as defined below), which offer shall be irrevocable until the end of the applicable notice period in this Section 1.3(d) and 1.3(e). “Business Day” means a day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required to close. The “Aggregate ROFR Price” payable by any ROFR Rightholder shall be the applicable purchase price set forth in the Transferring Stockholder Notice, multiplied by the number of such ROFR Securities such ROFR Rightholder is acquiring hereunder. 

(c)By delivering the Transferring Stockholder Notice, the Transferring Stockholder represents and warrants to each ROFR Rightholder that: (i) the Transferring Stockholder has full right, title and interest in and to the ROFR Securities; (ii) the Transferring Stockholder has all the necessary power and authority and has taken all necessary action to Transfer such ROFR Securities as contemplated by this Section 1.3; and (iii) the ROFR Securities are free and clear of any and all liens, claims, encumbrances, restrictions, charges, options, warrants or rights, other than those arising as a result of or under the terms of this Agreement (“Liens”).

(d)Upon receipt of the Transferring Stockholder Notice, the Company shall  have ten Business Days (the “Company ROFR Notice Period”) to elect to purchase all or part of the ROFR Securities by delivering a written notice (the “Company ROFR Response Notice”) to the Transferring Stockholder and the Other ROFR Rightholders stating that it offers to purchase such number of ROFR Securities on the terms specified in the Transferring Stockholder Notice. 

(e)In the event the Company does not elect to purchase all the ROFR Securities, then the Stockholders shall, on a pro-rata basis, in accordance with their percentage ownership interest relative to all other interested Stockholders, have the next option to purchase all or part of the ROFR Securities not being purchased by the Company by delivery of written notice (an “Other ROFR Response Notice” and together with Company ROFR Response Notice, “ROFR Response Notice”) to the Transferring Stockholder stating (i) the number of ROFR Securities it is electing to purchase and (ii) that its offer to purchase such ROFR Securities is on the terms specified in the Transferring Stockholder Notice within ten Business Days after the earlier of (x) the expiration of the Company ROFR Notice Period, or (y) receipt of written notice from the Company that it has waived its intention to purchase the ROFR Securities (“Stockholder ROFR Notice Period”). 

(f)Any ROFR Response Notice shall be binding upon delivery and irrevocable by the applicable ROFR Rightholder. If more than one ROFR Rightholder, other than the Company, delivers a ROFR Response Notice, each such ROFR Rightholder (the “ROFR Purchasing Stockholder”) shall be allocated the number of shares equal to the product of (x) the total number of ROFR Securities being purchased by the Stockholders and (y) a fraction determined by dividing (A) the number of Common Stock owned (on a fully diluted basis) by such ROFR Purchasing Stockholder as of the date of the Transferring Stockholder Notice, by (B) the total number of Common Stock owned (on a fully diluted basis) by all of the ROFR Purchasing Stockholders as of such date.

(g)Notwithstanding the foregoing, the ROFR Rightholders shall have the right to purchase the ROFR Securities pursuant to this Section 1.3, and the Transferring Stockholder shall have the obligation to sell the ROFR Securities to the ROFR Rightholders pursuant to this Section 1.3, only if, after giving effect to all elections made under this Section 1.3, no less than all of the ROFR Securities will be purchased by the applicable ROFR Rightholders.

(h)Each ROFR Rightholder that does not deliver a ROFR Response Notice during the ROFR Notice Period shall be deemed to have waived all of such ROFR Rightholder’s rights to purchase the ROFR Securities under this Section 1.3 with respect to the applicable Transferring Stockholder Notice. 

(i)If no ROFR Rightholder delivers a ROFR Response Notice in accordance with Section 1.3(d), the Transferring Stockholder may, during the 60 Business Day period immediately following the expiration of the later of  (i) the Company ROFR Notice Period or (ii) the Stockholder ROFR Notice Period (“Transfer Period”), which period may be extended for a reasonable time not to exceed 15 Business Days to the extent reasonably necessary to obtain any government approvals (the “Waived ROFR Transfer Period”), Transfer all of the ROFR Securities to the Third Party Purchaser on terms and conditions no more favorable to the Third Party Purchaser than those set forth in the Transferring Stockholder Notice. If the Transferring Stockholder does not Transfer the ROFR Securities within such Transfer Period or, if applicable, such Transfer is not consummated within the Waived ROFR Transfer Period, the rights provided hereunder shall be deemed to be revived and the ROFR Securities shall not be Transferred to the Third Party Purchaser unless the Transferring Stockholder sends a new Transferring Stockholder Notice in accordance with, and otherwise complies with, this Section 1.3. 

(j)Each Stockholder and the Company, as reasonably requested by the other Stockholders or the Company, shall take all actions as may be reasonably necessary to consummate the Transfer contemplated by this Section 1.3, including entering into agreements and delivering certificates and instruments and consents.

(k)At the closing of any Transfer pursuant to this Section 1.3, the Transferring Stockholder shall deliver to the ROFR Purchasing Stockholders, and the Company, if applicable, the certificate or certificates representing the ROFR Securities to be sold (if any), accompanied by stock powers and all necessary stock transfer taxes paid and stamps affixed, if necessary, against receipt of the purchase price therefor from such ROFR Purchasing Stockholders or the Company, as the case may be, by certified or official bank check or by wire transfer of immediately available funds.

1.4    Death or Incapacity of Stockholder.  (a)   In the event of the death, Disability (as defined below) or retirement of a Stockholder (such event, an “Incapacity” and such Stockholder, an “Incapacitated Stockholder”), all of the Securities owned by such Stockholder shall be subject to purchase by the Company pursuant to the terms and conditions set forth in this Section 1.4 (the “Company Incapacity Purchase Option”). “Disability” means a Person's medically determinable mental incompetence or physical disability or incapacity as determined by a court of competent jurisdiction or a qualified physician or as otherwise judicially or administratively determined, which, with respect to such disability, results in such Person being unable to perform substantially all of his usual and customary duties for a period of 24 consecutive weeks or for shorter periods aggregating 36 weeks during any 52 week period. 

(b)    Primary Option to Purchase Upon Death or Incapacity of Stockholder.  The Company may elect to purchase all, but not less than all, of the Securities of such Incapacitated Stockholder subject to the Company Incapacity Purchase Option by delivery of written notice (the “Company Incapacity Purchase Notice”) to such Stockholder (or his or her estate), with a copy to each other Stockholder, within ninety (90) days after its receipt of notice, or otherwise becomes aware, of the Incapacity (the date upon which such ninety (90) day period expires is referred to herein as the “Incapacity Determination Date”). The Company Incapacity Purchase Notice shall set forth the number of the Securities to be acquired from such Stockholder (or his or her estate). If the Company elects to exercise the Company Incapacity Purchase Option, such Incapacitated Stockholder shall sell to the Company all of the Securities owned by such Stockholder, and the Incapacity Price (as defined below) shall be paid to such Stockholder (or his or her estate) as hereinafter provided.  

(c)    Secondary Option to Purchase Upon Death or Incapacity of Stockholder. In the event the Company does not exercise the Company Incapacity Purchase Option, then the remaining Stockholders shall, on a pro-rata basis, in accordance with their percentage ownership interest relative to all other interested Stockholders, have the next option to purchase all but not less than all of the shares of the Incapacitated Stockholder (the “Stockholder Incapacity Purchase Option”) by delivery of written notice (the “Stockholder Incapacity Purchase Notice”) to such Stockholder (or his or her estate) within thirty (30) days after the earlier of (i) the expiration of the Incapacity Determination Date, or (ii) receipt of written notice from the Company that it has waived the Company Incapacity Purchase Option and its intention to exercise the Company Incapacity Purchase Option. The Stockholder Incapacity Purchase Notice shall set forth the number of the Shares to be acquired from such Stockholder (or his or her estate). If a Stockholder so elects to exercise the Stockholder Incapacity Purchase Option, such Incapacitated Stockholder shall sell all of the Shares owned by such Stockholder, and the Incapacity Price shall be paid to such Stockholder (or his or her estate) as hereinafter provided.  

(d)    Settling Estate.  Subject to the provisions of this Section 1.4, if a Stockholder dies, his or her representative, or, if he or she is disabled or incapacitated, his or her committee, guardian or conservator, shall have all of the rights of a Stockholder solely for the purpose of settling or managing the estate and such power as the decedent or incompetent possessed to assign or Transfer all or any part of his, her or its Securities in accordance with the terms of this Agreement. 

(e)    Purchase Price. The parties shall negotiate the purchase price for the Securities subject to the Company Incapacity Purchase Option and the Stockholder Incapacity Purchase Option (the “Incapacity Price”). If the parties are unable to mutually agree upon the Incapacity Price within 20 days, the Incapacity Price shall be determined by an independent appraisal. If, within 20 days no such agreement has been reached, the Company or purchasing Stockholder, as the case may be, shall select an appraiser and the Incapacitated Stockholder shall also select an appraiser. The selected appraisers shall, within 60 days of being retained, provide their opinions of the fair market value of the Company (“Appraised Values”). In their determinations of their Appraised Values, the appraisers shall determine the fair market value of each of the Securities subject to purchase hereunder. If the two Appraised Values are within 10% of each other, the Incapacity Price shall be the average of the two Appraised Values. If the two Appraised Values are not within 10% of each other, the two selected appraisers shall mutually agree upon a third appraiser. The third appraisers will determine his opinion of Appraised Value. The Incapacity Price shall then be determined by the average of the third Appraised Value with that of the first two Appraised Values closest to it.

(f)    Closing. The closing of any purchase transaction pursuant to this Section 1.4 shall take place (i) on the later to occur of: (A) the thirtieth (30th) day after the Incapacity Determination Date and (B) the date that the fair market value is determined, or (ii) such other date as determined by the Company but in no event later than one hundred eighty (180) days after the Company’s receipt of notice of the Incapacity (the “Incapacity Option Closing”). At the Incapacity Option Closing, the Company or any Stockholder purchasing, as applicable, shall pay the Incapacity Price to such Stockholder (or his or her estate) against delivery of a certificate, if any, evidencing the Securities being purchased by the Company, duly endorsed for Transfer. 

1.5    Transfer Free and Clear.  Upon the Transfer of any Securities by any Stockholder to the Company, another Stockholder or a Third Party Purchaser pursuant to the terms of this Article I, such Shares shall be transferred free and clear of any and all Liens.

1.6    Transferee Party to Agreement.  Each permitted transferee of Securities hereunder shall execute and deliver concurrently with such transfer a counterpart signature page to this Agreement evidencing that it is bound by the terms and provisions hereof as if an original signatory hereto.

ARTICLE II

PRE-EMPTIVE RIGHTS 
2.1    Pre-emptive Right.  (a)  The Company hereby grants to each Stockholder (each, a “Pre-emptive Stockholder”) the right to purchase its pro rata portion of any New Securities that the Company may from time to time propose to issue or sell to any party. “New Securities” shall mean any capital stock of the Company whether now authorized or not, and rights, options or warrants to purchase capital stock, and securities of any type whatsoever that are, or may become, convertible into or exchangeable for capital stock; provided, however, that the term “New Securities” does not include (A) securities offered to the public pursuant to a registration statement or document; (B) securities issued as a result of any stock split, stock dividend or reclassification of the capital stock of the Company, distributable on a pro rata basis to all holders of the class of capital stock subject to such stock split, stock dividend or reclassification; (C) the issuance of securities pursuant to the conversion or exercise of convertible or exercisable securities; (D) shares of Common Stock issued to officers, directors, employees or consultants of the Company pursuant to a stock option plan of the Company and the related underlying options; (E) shares of capital stock of the Company issuable upon exercise of any warrant outstanding as of the date hereof; or (F) New Securities issued as a purchase price in any acquisition or similar transaction, or New Securities issued for consideration other than cash. 

(b)    The Company shall give written notice (an “Issuance Notice”) of any proposed issuance or sale described in subsection (a) above to the Pre-emptive Stockholders within five Business Days following any meeting of the Board of Directors at which any such issuance or sale is approved. The Issuance Notice shall set forth the material terms and conditions of the proposed issuance, including: (1) the number of New Securities proposed to be issued and the percentage of the Company’s outstanding Common Stock, on a fully diluted basis, that such issuance would represent, (2) the proposed issuance date, which shall be at least 20 Business Days from the date of the Issuance Notice, and (3) the proposed purchase price per share.

(c)    Each Pre-emptive Stockholder shall for a period of 15 Business Days following the receipt of an Issuance Notice (the “Exercise Period”) have the right to elect irrevocably to purchase, at the purchase price set forth in the Issuance Notice, the amount of New Securities equal to the product of (x) the total number of New Securities to be issued by the Company on the issuance date and (y) a fraction determined by dividing (A) the number of shares of Common Stock owned (on a fully diluted basis) by such Pre-emptive Stockholder immediately prior to such issuance by (B) the total number of shares of Common Stock (on a fully diluted basis) outstanding on such date immediately prior to such issuance (the “Pre-emptive Pro Rata Portion”) by delivering a written notice to the Company. Such Pre-emptive Stockholder’s election to purchase New Securities shall be binding and irrevocable.

(d)    No later than five Business Days following the expiration of the Exercise Period, the Company shall notify each Pre-emptive Stockholder in writing of the number of New Securities that each Pre-emptive Stockholder has agreed to purchase (including, for the avoidance of doubt, where such number is zero) (the “Over-allotment Notice”). Each Pre-emptive Stockholder exercising its right to purchase its Pre-emptive Pro Rata Portion of the New Securities in full (an “Exercising Stockholder”) shall have a right such that if any other Pre-emptive Stockholder fails to exercise its right under this Section 2.1 to purchase its Pre-emptive Pro Rata Portion of the New Securities (each, a “Non-Exercising Stockholder”), such Exercising Stockholder may purchase all or any portion of such Non-Exercising Stockholder’s allotment (the “Over-allotment New Securities”) by giving written notice to the Company setting forth the number of Over-allotment New Securities that such Exercising Stockholder is willing to purchase within five Business Days of receipt of the Over-allotment Notice (the “Over-allotment Exercise Period”). Such Exercising Stockholder’s election to purchase Over-allotment New Securities shall be binding and irrevocable. If more than one Exercising Stockholder elects to exercise its right of over-allotment, each Exercising Stockholder shall have the right to purchase the number of Over-allotment New Securities it elected to purchase in its written notice; provided, that if the Over-allotment New Securities are over-subscribed, each Exercising Stockholder shall purchase its pro rata portion of the available Over-allotment New Securities based upon the relative Pre-emptive Pro Rata Portions of the Exercising Stockholders.

(e)    The Company shall be free to complete the proposed issuance or sale of New Securities described in the Issuance Notice with respect to any New Securities not elected to be purchased pursuant to Section 2.1(c) and Section 2.1(d) above in accordance with the terms and conditions set forth in the Issuance Notice (except that the amount of New Securities to be issued or sold by the Company may be reduced) so long as such issuance or sale is closed within 30 Business Days after the expiration of the Over-allotment Exercise Period (subject to the extension of such 30 Business Day period for a reasonable time not to exceed 60 Business Days to the extent reasonably necessary to obtain any government approvals). In the event the Company has not sold such New Securities within such time period, the Company shall not thereafter issue or sell any New Securities without first again offering such securities to the Stockholders in accordance with the procedures set forth in this Section 2.1. 

(f)    Upon the consummation of the issuance of any New Securities in accordance with this Section 2.1, the Company shall deliver to each Exercising Stockholder certificates (if any) evidencing the New Securities, which New Securities shall be issued free and clear of any Liens (other than those arising hereunder and those attributable to the actions of the purchasers thereof), and the Company shall so represent and warrant to the purchasers thereof, and further represent and warrant to such purchasers that such New Securities shall be, upon issuance thereof to the Exercising Stockholders and after payment therefor, duly authorized, validly issued, fully paid and non-assessable. Each Exercising Stockholder shall deliver to the Company the purchase price for the New Securities purchased by it by certified or official bank check or wire transfer of immediately available funds. Each party to the purchase and sale of New Securities shall take all such other actions as may be reasonably necessary to consummate the purchase and sale including entering into such additional agreements as may be necessary or appropriate.

ARTICLE III

LEGEND

3.1    Legends on Certificates.  (a)  The Stockholders each agree that each certificate representing the Shares now or hereafter acquired by a Stockholder shall be imprinted with a legend in substantially the following form (in addition to any legend required under applicable state securities laws):

“THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN STOCKHOLDERS AGREEMENT BY AND BETWEEN THE STOCKHOLDER AND THE COMPANY.  A COPY OF SUCH STOCKHOLDERS AGREEMENT MAY BE REVIEWED BY THE RECORD HOLDER OF THIS CERTIFICATE AT THE OFFICES OF THE COMPANY DURING REGULAR BUSINESS HOURS UPON REASONABLE PRIOR WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.”
(b)    The Stockholders each agree that each certificate representing the Shares now or hereafter acquired by a Stockholder shall be imprinted with the additional legend in substantially the following form (in addition to any legend required under applicable state securities laws):

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF.  NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.  THE SHARES MAY BE FURTHER RESTRICTED PURSUANT TO APPLICABLE STATE SECURITIES LAWS.”  
3.2    Removal of Legend.  The Company shall be obligated to reissue promptly certificates (a) without the legend in Section 2.1(b) at the request of a Stockholder if the Stockholder shall have obtained an opinion of counsel (which counsel may be counsel to the Company) acceptable to the Company to the effect that the Shares proposed to be disposed of may lawfully be so disposed of without registration, qualification or legend, and (b) without the legend in Section 2.1(a) at the request of a Stockholder if any shares evidenced thereby cease to be Shares in accordance with this Agreement.

ARTICLE IV

GOVERNANCE

4.1    Board of Directors.

(a)    For so long as this Agreement remains in effect, each Stockholder shall vote any and all Shares held by it from time to time, and shall use its reasonable efforts, to the extent permitted by law, to cause the several members of the Company’s board of directors (the “Board of Directors”) to vote, so as to elect members of the Board of Directors, to maintain the membership of the Board of Directors, and to cause the Company to act or abstain from acting, in accordance with all the provisions of this Agreement.

(b)    The operations of the Company will be controlled by the Board of Directors, which will consist of the number of members up to five (5) but no fewer than three (3) as determined by the Board of Directors from time to time.

(c)    The Stockholders agree that each of Medici and Byrne shall be entitled to designate a director as a member of the Board of Directors, respectively (the “Designated Directors”) and each Stockholder shall vote its shares of capital stock in favor of the designees of Medici and Byrne. All other directors, not including the Designated Directors, shall be designated by Stockholders holding a majority of the Common Stock held by all Stockholders. As of the date hereof, (i) Medici designates Rob Hughes as a member of the Board of Directors, (ii) Byrne designates himself as a member of the Board of Directors; and (iii) Medici and Byrne, representing all stockholders, designate Ali El Husseini as the third member of the Board of Directors.

(d)    In addition to any vote or approval required or permitted by law, no removal of the Designated Directors shall be permitted without the prior written consent of the Stockholders who designated such Designated Director.  Any member of the Board of Directors may resign at any time by giving written notice to the Company.  The resignation of a director of the Company shall be effective upon receipt of such notice or at such later time as shall be specified in the notice.  The acceptance of the resignation shall not be necessary to make such resignation effective. In the event that a vacancy is created on the Board of Directors at any time by the death, disability, retirement, resignation or removal, or if for any other reason there shall exist or occur any vacancy on the Board of Directors, the Stockholder that originally designated the individual who previously filled such vacancy on the Board of Directors shall designate an individual to fill such vacancy and serve as director; provided, however, that such other individual so designated may not previously have been a director of the Company who was removed for cause.  

(e)    Except as may be required by law or as set forth in the Bylaws, all actions taken by the Board of Directors shall require the majority vote of the Board of Directors. 

4.2    Sale of Company. The Company shall not, and no Stockholder shall, take any actions to (i) sell the Company, (ii) sell all or substantially all of the Company’s assets, or (iii) merge or consolidate the Company with or into another Person (or engage in any transaction having substantially the same effect) without the written consent of the Stockholders owning no less than 75% of the shares of Common Stock (on a fully diluted basis).  

ARTICLE V

GENERAL

5.1    After‐Acquired Shares.  All of the provisions of this Agreement shall apply to all of the shares of stock of the Company now owned or which may be issued to or acquired by a Stockholder in consequence of any additional issuance (including without limitation, by exercise of an option or warrant), purchase, exchange, conversion or reclassification of stock, corporate reorganization, or another form of recapitalization, consolidation, mergers, stock split or stock dividend, or which are acquired by a Stockholder in any other manner.

5.2    Further Assurances.  From time to time, from and after the execution of this Agreement, the parties shall execute and deliver, or cause to be executed and delivered, any and all such further agreements, instruments, certificates and other documents, and shall take or cause to be taken any and all such further action, as any of the parties may reasonably deem necessary or desirable in order to carry out the intent and purposes of this Agreement.

5.3    Termination.  This Agreement shall terminate upon the written agreement of all the Stockholders.

5.4    Entire Agreement; Waivers.  This Agreement constitute the entire agreement among the parties pertaining to the subject matter hereof and thereof, and supersede all prior agreements or understandings as to such subject matter. No party hereto has made any representation or warranty or given any covenant to the other except as set forth in this Agreement.  No waiver of any of the provisions of this Agreement shall be deemed, or shall constitute, a waiver of any other provisions, whether or not similar, nor shall any waiver constitute a continuing waiver.  No waiver shall be binding unless executed in writing by the party making the waiver.  In the event of a conflict between the provisions of the Bylaws of the Company and this Agreement, the provisions of this Agreement shall control.

5.5    Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original and together shall constitute one and the same instrument.  Any signature delivered by .pdf or by facsimile shall have the legal effect of the original thereof.

5.6    Parties in Interest.  Nothing in this Agreement, whether expressed or implied, is intended to confer any rights or remedies under or by reason of this Agreement on any Persons other than the parties to it and their respective successors and permitted assigns, nor is anything in this Agreement intended to relieve or discharge the obligations or liability of any third Persons to any party to this Agreement, nor shall any provision give any third Persons any right of subrogation or action over or against any party to this Agreement.

5.7    Notices.  All notices and other communications provided for hereunder shall be in writing and deemed delivered (i) upon receipt if by hand, overnight courier or telecopy (provided a copy is mailed by certified mail, return receipt requested, postage prepaid) and (ii) three days after mailing by certified mail, return receipt requested, postage prepaid, to the Company at its principal place of business, and to a Stockholder at its address set forth in the books and records of the Company, or as to any Stockholder at such other address as shall be designated by such Person in a written notice to each other Person complying as to delivery with the terms of this Section.

5.8    Amendments and Modifications.  No amendment or modification of this Agreement shall be valid unless made in writing and signed by each of the parties hereto.

5.9    Remedies.  It is expressly understood that the equitable remedies of specific performance and injunction shall be available for the enforcement of the covenants and agreements herein, and that the availability of these equitable remedies shall not be deemed to limit any other right or remedy to which any party to this Agreement would otherwise be entitled.

5.10    Non‐Assignability; Binding Effect.  Except as otherwise provided in Article I, neither this Agreement, nor any of the rights or obligations of the parties hereunder, shall be assignable (by operation of law or otherwise) by any party 

hereto without the prior written consent of the other parties.  Otherwise, this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.

5.11    Severability.  If for any reason any provision or provisions hereof are determined to be invalid and contrary to any existing or future law, such invalidity shall not impair the operation of or effect those portions of this Agreement which are valid.

5.12    Section Titles.  The Section titles contained in this Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto.

5.13    Governing Law.  This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without giving effect to the conflict of law principles thereof.

5.14    Construction.  The parties have participated jointly in the negotiation and drafting of this Agreement.  In the event that an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 
	
		
	 
	MEDICI VENTURES, INC.

By: /s/ Jonathan E. Johnson III   
   Name: Jonathan E. Johnson III
   Title: President

	 
	 

	 
	By: /s/ Patrick M. Byrne   

	 
	 

	 
	MEDICI LAND GOVERNANCE, INC.

By: /s/ Ali El Husseini   
   Name: Ali El Husseini
   Title: CEOExhibit

Exhibit 10(f)(3)

LONG TERM PERFORMANCE SHARE AWARD AGREEMENT 
PURSUANT TO THE 
COMTECH TELECOMMUNICATIONS CORP. 
2000 STOCK INCENTIVE PLAN
 
THIS LONG TERM PERFORMANCE SHARE AWARD AGREEMENT (this “Agreement”), made effective as of [GRANT DATE], by and between Comtech Telecommunications Corp. (the “Company”) and [PARTICIPANT NAME] (the “Participant”).

WHEREAS, the Board of Directors of the Company (the “Board”) adopted, and the stockholders of the Company approved, the Comtech Telecommunications Corp. 2000 Stock Incentive Plan (Amended and Restated Effective March 6, 2018) (as amended and/or restated from time to time, the “Plan”);

WHEREAS, pursuant to Section 3.3 of the Plan, the Committee appointed by the Company’s Board of Directors to administer the Plan (the “Committee”) has adopted the Guidelines for Deferrable Long Term Performance Shares Granted under the Plan, as amended and in effect at the date hereof (the “Guidelines”);

WHEREAS, the Company, through the Committee under the Plan, wishes to grant to the Participant a Performance Share Award under Article IX of the Plan that, following the achievement of the specified levels of performance, as set forth on the document titled “Performance Goals and Corresponding Earned Shares” attached hereto as Appendix A (the “Performance Goals”), and, subject to the Participant’s continuing service with the Company or an Affiliate through the applicable Annual Certification Date (as defined below), may provide for the issuance of a number of shares of the Company’s Common Stock corresponding to the level of achievement of the Performance Goals (subject to accelerated earning, vesting and payment of such shares as specifically provided herein);

WHEREAS, the Performance Goals are intended to constitute “Performance Goals,” as set forth under the Plan; and

WHEREAS, such shares of Common Stock, when issued to the Participant, shall be subject to the terms of this Agreement.

NOW, THEREFORE, the Company and the Participant agree as follows

1. Grant of Performance Share Award.  Subject to the restrictions, terms and conditions of the Plan, the Guidelines and this Agreement, on [GRANT DATE] (the “Grant Date”) the Company awarded and granted to the Participant an award under Article IX of the Plan with the designated target number of [TARGET PERFORMANCE SHARES] Performance Shares (the “Target Performance Shares”), and providing to the Participant a conditional right to earn the Target Performance Shares, or a number of Performance Shares for each Applicable Performance Period (as defined below) ranging from 70% (at each applicable Threshold Performance level) to 200% (at each applicable Maximum Performance level) of the Target Performance Shares, by achievement of the designated levels of performance of each performance criteria as specified in the Performance Goals attached hereto as Appendix A, the earning of which would entitle the Participant to receive for each Performance Share earned, in accordance with Section 2 below, one share of Common Stock, subject to the provisions of Sections 3 and 4 below (the “Performance Share Award”).  The Performance Shares granted under the Performance Share Award are 

Deferrable Performance Shares under the Guidelines, and the payment of shares of Common Stock following vesting of Earned Shares (as defined below) in accordance with the terms and conditions of this Agreement may be deferred by the Participant in accordance with Section 4.2 of the Guidelines.  If the Participant desires to defer the payment of Earned Shares, the Participant must complete an election form prescribed by the Committee and deliver it to the Company no later than six months before the end of the Applicable Performance Period (as defined in Section 2) or, if earlier, the date the number of Performance Shares to be earned has become readily ascertainable within the meaning of Treasury Regulation Section 1.409A-2(a)(8).

2.  Certification; Vesting Date.  Subject to the Participant’s not incurring a Termination of Employment prior to the applicable Annual Certification Date (except as otherwise specifically set forth in this Agreement), upon the Committee determining and certifying the achievement of the Applicable Performance Goals on each of the applicable Annual Certification Dates with respect to the performance period beginning on August 1, 2018 and ending on July 31, 2021 (the “Full Three-Year Performance Period”), the performance period commencing on August 1, 2018 and ending on July 31, 2019, or the performance period beginning on August 1, 2018 and ending on July 31, 2020 (each an “Applicable Performance Period”), the Participant shall vest in the right to receive one share of Common Stock for each Performance Share earned based on the level of attainment of the applicable Performance Goals for the Applicable Performance Period in accordance with Appendix A (“Earned Shares”) during the Applicable Performance Period, subject to the Participant remaining employed through the applicable Annual Certification Date, except as otherwise provided in Section 3.  The Committee shall certify the level of achievement of each of the Performance Goals no later than seventy-five (75) days following the end of the Applicable Performance Period (the date of each such certification the “Annual Certification Date”, and the date of the Annual Certification Date following the Full Three-Year Performance Period, the “Final Certification Date”), at which time a number of Earned Shares calculated in accordance with this Section 2 and Appendix A hereto shall become earned and vested.  All Performance Shares that do not become Earned Shares following the Committee’s certification on the Final Certification Date under the terms hereof shall be forfeited on such Final Certification Date.

3.  Death or Disability/Change in Control before the Final Certification Date; Effect of Terminations of Employment.

3.1. Death, Disability and Termination of Employment.  

		
	(i)
	In the event of the Participant’s death or Disability prior to the Final Certification Date and prior to forfeiture of the Performance Shares, the Performance Goals for the Full Three-Year Performance Period shall be deemed to be satisfied at a level equal to the greater of the designated Target Performance level or the Projected Performance Level (as defined in Appendix A) as of the date of such death or Disability, and the resulting number of Earned Shares less any Earned Shares earned and vested for a prior completed Applicable Performance Period (if any), shall become fully vested and shall (subject to Plan Section 17.13) be distributed to the Participant or his or her beneficiary within sixty (60) days following the end of the fiscal quarter in which the Participant’s death or Disability occurs.  The term “Disability” shall have the meaning as set forth in Plan Section 2.14 treating the Performance Shares as being subject to Code Section 409A, provided that a “Disability” shall be deemed to have occurred only if it qualifies as a disability within the meaning of Treasury Regulation Section 1.409A-1(e)(1).

		
	(ii)
	In the event of the Participant’s Termination of Employment without Cause (and other than due to death or Disability) on a date that is both prior to the Final Certification Date and 

prior to a 409A Change in Control occurring, the Participant shall earn for each Applicable Performance Period not completed on the date of the Termination of Employment a number of Earned Shares (which shall not be less than zero) in an amount equal to: (I) the product of (x) the number of Performance Shares the Participant would have earned based on the projected achievement of each of the Performance Goals for the Applicable Performance Period which shall be calculated utilizing the actual achievement of the applicable portion of the Performance Goals and assuming the same level of performance through the end of the Applicable Performance Period, measured on the last day of the fiscal quarter in which the Termination of Employment without Cause occurs, times (y) a fraction, the numerator of which is the number of days during the Applicable Performance Period in which the Participant was employed, and the denominator of which is the number of days in the Applicable Performance Period; less (II) any Earned Shares earned and vested for any previously completed Applicable Performance Periods.  The resulting number of Earned Shares (if any) shall become fully vested and shall (subject to Plan Section 17.13) be distributed to the Participant (i) with respect to the previously vested Earned Shares described in clause (II) above, within sixty (60) days following the Participant’s Termination of Employment without Cause and (ii) with respect to the remaining Earned Shares, within sixty (60) days following the end of the fiscal quarter in which the Participant’s Termination of Employment without Cause occurs.

		
	(iii)
	In the event of any Termination of Employment (other than a Termination of Employment without Cause or due to death or after Disability) prior to the Final Certification Date, except as otherwise provided in Section 3.2 (with respect to Alternative Performance Shares following a 409A Change in Control), all Performance Shares, other than vested Earned Shares, shall be forfeited on the date of such Termination of Employment, and the vested Earned Shares shall (subject to Plan Section 17.13) be distributed to the Participant in accordance with Section 4 hereof, subject to Participant’s timely execution and non-revocation of a release, in a form requested by the Company.  

3.2.   409A Change in Control.  In the event of a 409A Change in Control prior to the Final Certification Date, the Performance Goal shall be deemed to be satisfied at a level equal to the greater of the designated Target Performance level or the Projected Performance Level (as defined in Appendix A) as of the date of such 409A Change in Control, and the resulting number of earned Performance Shares, less any previously vested Earned Shares, shall be deemed to be Earned Shares, shall become fully vested as of the 409A Change in Control (including in the case of a Participant whose employment terminated between the time of the 409A Change in Control and the Assumption Deadline (as defined below)) and all vested Earned Shares shall (subject to Plan Section 17.13) be distributed to the Participant within sixty (60) days following the end of the fiscal quarter in which the 409A Change in Control occurs, provided, that, notwithstanding the foregoing, the Committee may reasonably determine in good faith but subject to and only in accordance with Section 409A of the Code, prior to the Assumption Deadline, that any Performance Shares that are not Earned Shares shall be honored or assumed, or new awards substituted therefor (each such honored, assumed or substituted Performance Share hereinafter called an "Alternative Performance Share"), by Participant's employer (or the parent or a subsidiary of such employer) by the Assumption Deadline, no acceleration of earning or vesting shall occur with respect to the Performance Shares solely due to such event, provided that such Alternative Performance Shares must meet the following criteria:

		
	(i)
	Each Alternative Performance Share must be based on stock which is traded on an established securities market, or which will be so traded within 30 days after the 409A Change in Control, or provide for a cash payment not less than the cash value of the 

Performance Share based on the highest consideration per share received by a holder of Common Stock in the transaction or series of transactions that gave rise to the 409A Change in Control;

		
	(ii)
	The Alternative Performance Shares must provide such Participant with rights, terms, conditions and entitlements substantially equivalent to or better than the rights, terms, conditions and entitlements applicable under the Performance Shares, including, but not limited to, an identical or better vesting schedule than applied prior to the 409A Change in Control;

(iii)The Alternative Performance Share must have economic value substantially equivalent to the value of each Performance Share (such equivalent values to be determined as of the time of the 409A Change in Control); 

		
	(iv)
	In furtherance of clause (ii) above, the performance goal applicable to the Alternative Performance Shares (the “Alternative Performance Goal”) and the corresponding level at which Alternative Performance Shares shall be earned must be determined by the Committee to be not less probable of being achieved than the Performance Goal immediately prior to the 409A Change in Control (assuming the 409A Change in Control had not occurred and assuming that the Company had incurred no expense in connection with the 409A Change in Control);

		
	(v)
	The Alternate Performance Shares must be structured in a manner intended to comply with Section 409A of the Code to avoid any adverse tax consequences thereunder, to the extent applicable;

		
	(vi)
	The Alternative Performance Shares shall provide that, in the event that, within two years following the 409A Change in Control and prior to the Final Certification Date, either the Participant has a Termination of Employment by his or her employer other than for Cause (with the result that immediately thereafter the Participant is not employed by such employer or its parent or other affiliates or that the Alternative Performance Shares otherwise would be forfeited under their terms but for this provision), or if the Participant would be paid a CIC Payment under Section 3(b)(i) of the Company’s Change-in-Control Agreement upon a Termination of Employment by the Participant for “Good Reason” (however designated), or under any other agreement with the employer or its parent or other affiliates and Participant effects a Termination of Employment for such Good Reason, then the Alternative Performance Goal for the Full Three-Year Performance Period shall be deemed to be satisfied at the Maximum Performance level as of the date of such Termination of Employment, and the resulting number of earned Alternative Performance Shares less any Performance Shares previously earned for a completed Applicable Performance Period, which together with Earned Shares previously earned and vested for previously completed Applicable Performance Periods (if any) shall be the resulting Earned Shares (or awarded cash), shall become fully vested (to the extent not vested prior thereto) and shall be distributed to the Participant within five business days thereafter. 

		
	(vii)
	Any changes after the 409A Change in Control to the businesses the performance of which is measured under the Alternative Performance Goal, including but not limited to asset sales or dispositions, reorganizations, restructurings, acquisitions, or discontinuations of operations, that will or could have an adverse effect on the performance criteria under the Alternative Performance Goal during the Full Three-Year Performance Period shall be accompanied by adjustments to the Alternative Performance Goal so that such changes do 

not reduce the probability of the Performance Goal being achieved at the level that would have been obtained in the absence of such changes.

For purposes of this Section 3.2, the “Assumption Deadline” shall be the date of the 409A Change in Control if the Company had at least 20 days’ advance notice that the 409A Change in Control was anticipated to occur, and otherwise the Assumption Deadline shall be the date ten business days after the 409A Change in Control.  

The provisions of this Agreement supersede Plan Section 14.1(a).

4.  Distribution of Earned Shares. Vested Earned Shares shall be distributed to the Participant on the Final Certification Date; provided, that in the event the Participant has made a valid deferral election in accordance with Section 4.2 of the Guidelines the vested Earned Shares shall be distributed to the Participant in accordance with such deferral election and the Guidelines (a “Deferral Election”).

Except as otherwise provided herein, there shall be no proportionate or partial vesting in the periods prior to the applicable Annual Certification Dates and all vesting shall occur only on the applicable Annual Certification Dates. 

5. Dividend Equivalents.  In the event that the Company declares and pays ordinary cash dividends on its outstanding Common Stock the record date for which is on or after the Grant Date and on or before the date of distribution of Earned Shares (including during any period of deferral at the election of the Participant), the Participant shall be credited, as of the dividend payment date, for each Performance Share that is potentially earnable under this Agreement, a cash amount equivalent to the cash amount paid at that date on one share of Common Stock, under Section 9.2(d) of the Plan.  Such credited cash amount of dividend equivalents shall be earned and vested if and only if the related Performance Share becomes earned and vested (i.e., it is forfeitable to the same extent as the related Performance Share).  No interest will be credited on accrued dividend equivalents.  Dividend equivalents will be distributable at such time as the Earned Shares resulting from the earning and vesting of the Performance Shares to which the dividend equivalents relate are distributed; provided, however, that the Company may withhold cash dividend equivalents to satisfy then applicable tax withholding obligations relating to Earned Shares (to minimize the number of Earned Shares being withheld to satisfy tax obligations) under Section 12. 

6.  Detrimental Activity.  In the event the Participant engages in Detrimental Activity prior to, or during the one year period following the earlier of the Participant’s Termination of Employment or the Final Certification Date, the Committee may direct (at any time within one year thereafter) that all Performance Shares shall be immediately forfeited to the Company and that the Participant shall pay over to the Company an amount equal to the gain realized at the time of vesting and distribution of any Earned Shares. 

7.  Restrictions on Transfer.  The Participant shall not sell, negotiate, transfer, pledge, hypothecate, assign, encumber, anticipate or otherwise dispose of the Performance Share Award or Performance Shares, and such Performance Share Award and Performance Shares shall not be subject to attachment or garnishment by creditors of Participant or Participant’s beneficiaries (if any), except as specifically permitted by the Plan and this Agreement, and only to the extent permitted under Code Section 409A.  Any attempted Transfer in violation of this Agreement and the Plan shall be void and of no effect. 

8.  Issuance Restrictions.  The Company is not obligated to issue any securities if, in the opinion 

of counsel for the Company, the issuance of such Common Stock shall constitute a violation by the Participant or the Company of any provisions of any law or of any regulations of any governmental authority or any national securities exchange.

9.  Securities Representations.  The shares of Common Stock will be issued to the Participant and this Agreement is being made by the Company in reliance upon the following express representations and warranties of the Participant.  The Participant acknowledges, represents and warrants that:

9.1.  The Participant has been advised that the Participant may be an “affiliate” within the meaning of Rule 144 under the Securities Act and in this connection the Company is relying in part on the Participant’s representations set forth in this section;

9.2.  The Common Stock must be held indefinitely by the Participant unless (i) an exemption from the registration requirements of the Securities Act is available for the resale of such Common Stock or (ii) the Company files an additional registration statement (or a “re-offer prospectus”) with regard to the resale of such Common Stock and the Company is under no obligation to continue in effect a Form S-8 Registration Statement or to otherwise register the resale of the Common Stock (or to file a “re-offer prospectus”);

9.3. The exemption from registration under Rule 144 will not be available under current law unless (i) a public trading market then exists for the Common Stock, (ii) adequate information concerning the Company is then available to the public, and (iii) other terms and conditions of Rule 144 or any exemption therefrom are complied with and that any sale of the Common Stock may be made only in limited amounts in accordance with such terms and conditions.

10.  Not an Employment Agreement.  Neither the execution of this Agreement nor the issuance of the Performance Share Award or the Common Stock hereunder constitute an agreement by the Company to employ or to continue to employ the Participant during the entire, or any portion of, the term of this Agreement, including but not limited to any period during which any shares of Common Stock are outstanding.

11.  Power of Attorney.  The Company, its successors and assigns, is hereby appointed the attorney-in-fact, with full power of substitution, of the Participant for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instruments which such attorney-in-fact may deem necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest.  The Company, as attorney-in-fact for the Participant, may in the name and stead of the Participant, make and execute all conveyances, assignments and transfers of Common Stock and property provided for herein, and the Participant hereby ratifies and confirms that which the Company, as said attorney-in-fact, shall do by virtue hereof.  Nevertheless, the Participant shall, if so requested by the Company, execute and deliver to the Company all such instruments as may, in the judgment of the Company, be advisable for this purpose.

12.  Withholding.  The Participant acknowledges that the Participant is solely responsible for all applicable foreign, federal, state, and local taxes with respect to the Performance Share Award and the payments thereunder; provided, however, that at any time the Company is required or permitted to withhold any such taxes (including, without limitation, any employment taxes), the Participant shall pay, or make arrangements to pay, in a manner satisfactory to the Company, an amount equal to the amount of all applicable federal, state and local or foreign taxes that the Company is required or permitted to withhold at any time, including, if then permitted by the Company, by electing to 

reduce the number of shares of Common Stock otherwise then deliverable to the Participant under this Agreement.  Unless the Participant has informed the Company of the Participant’s intent to make alternate arrangements to satisfy the Participant’s withholding obligations satisfactory to the Company within either sixty (60) days in advance of the applicable tax date or at a time when the participant is not otherwise precluded from trading Common Stock under the Company’s insider trading policies (unless otherwise determined by the Company) and relevant amounts are actually paid, the Company or one of its Affiliates shall have the automatic right to withhold such taxes from any amounts payable to the Participant (including salary, wages and other compensation), including, but not limited to, the right to withhold shares of Common Stock otherwise deliverable to the Participant under this Agreement. The Company will withhold taxes (e.g., federal, state and local taxes, including payroll taxes) in an amount at least equal to the statutory minimum taxes required to be withheld; provided, however, at the Participant’s advance election the participant may request the Company withhold additional amounts up to the Participant’s maximum individual tax rate in each relevant jurisdiction applicable to the Participant at such time of withholding, so long as the withholdings do not result in this Performance Share Award being classified as a liability-based award in accordance with applicable accounting standards.

13.  Miscellaneous.

13.1. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, personal legal representatives, successors, trustees, administrators, distributees, devisees and legatees.  The Company may assign to, and require, any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company or any affiliate by which the Participant is employed to expressly assume and agree in writing to perform this Agreement.  Notwithstanding the foregoing, the Participant may not assign this Agreement other than with respect to shares of Common Stock Transferred in compliance with the terms hereof.

13.2.  This award of the Performance Share Award and the issuance of Common Stock thereunder shall not affect in any way the right or power of the Board or stockholders of the Company to make or authorize an adjustment, recapitalization or other change in the capital structure or the business of the Company, any merger or consolidation of the Company or subsidiaries, any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock, the dissolution or liquidation of the Company, any sale or transfer of all or part of its assets or business or any other corporate act or proceeding.  Performance Shares and Earned Shares shall be subject to adjustment in accordance with Section 4.2(b) of the Plan, including during any period in which payment of the Award is deferred at the election of Participant.  For clarity, ordinary dividends on Common Stock will not trigger adjustments to Performance Shares and Earned Shares, and any adjustments to Performance Shares and Earned Shares shall take into account dividend equivalents credited thereon under Section 5.

13.3.  The Participant agrees that the award of the Performance Share Award under this Agreement and the issuance of Common Stock thereunder is special incentive compensation and that the Performance Share Award (even if treated as compensation for tax purposes) will not be taken into account as “salary” or “compensation” or “bonus” in determining the amount of any payment under any pension, retirement or profit-sharing plan of the Company or any life insurance, disability or other benefit plan of the Company.

13.4. No modification or waiver of any of the provisions of this Agreement shall be effective unless in writing and signed by the party against whom it is sought to be enforced.

13.5. The failure of any party hereto at any time to require performance by another party of any provision of this Agreement shall not affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right under this Agreement.

13.6.  The headings of the sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or modify any of the terms or provisions hereof.

13.7. All notices, consents, requests, approvals, instructions and other communications provided for herein shall be in writing and validly given or made when delivered, or on the second succeeding business day after being mailed by registered or certified mail, whichever is earlier, to the persons entitled or required to receive the same, at the addresses set forth at the heading of this Agreement or to such other address as either party may designate by like notice.  Notices to the Company shall be addressed to the Compensation Committee of the Board.

13.8. This Agreement shall be construed, interpreted and governed and the legal relationships of the parties determined in accordance with the internal laws of the State of Delaware without reference to rules relating to conflicts of law.

13.9. The right to receive each payment of Earned Shares shall be treated as a separate award for purposes of Section 409A of the Code.

14.  Rights as a Stockholder.  The Participant shall have no rights as a stockholder with respect to any shares of Common Stock covered by the Performance Share Award unless and until the Participant has become the holder of record of the shares of Common Stock.  

15.  Provisions of Plan Control.  This Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and as may be in effect from time to time.  The Plan is incorporated herein by reference.  A copy of the Plan has been delivered to the Participant.  If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, unless this Agreement expressly provides otherwise, the Plan shall control, and this Agreement shall be deemed to be modified accordingly.  Unless otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan.  This Agreement contains the entire understanding of the parties with respect to the subject matter hereof (other than any other documents expressly contemplated herein or in the Plan) and supersedes any prior agreements between the Company and the Participant.

16.  Agreement and Grant Not Effective Unless Accepted.  By signing below the Participant agrees (i) to enter into this Agreement, and (ii) to the terms and conditions of the Agreement. Until the Participant signs below and the Agreement is countersigned by the Company, this Performance Share Award shall not be effective and, if the Participant does not sign below and return to the Company within 14 days from the date the Agreement is made available to the Participant, this Performance Share Award shall be null and void.

IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first above written.

	
					
	 
	COMTECH TELECOMMUNICATIONS CORP.

	Employee’s Signature
	 

	Social Security No.
	 
	 

	 
	By:
	 

	Home Address:
	 
	 
	Authorized Officer

	 
	Street
	 

	 
	 
	 

	 
	City State Zip Code
	 

APPENDIX A

LONG TERM PERFORMANCE SHARE AWARD AGREEMENT
Performance Goal and Corresponding Earned Shares
Under the Comtech Telecommunications Corp.
2000 Stock Incentive Plan, as Amended and Restated March 6, 2018

Fiscal 2019 - 2021 Performance Period

The Participant shall earn Performance Shares in accordance with the provisions set forth below, with any earned Performance Shares constituting Earned Shares under the Participant’s Long Term Performance Share Award Agreement of which this Appendix is a part (the “Performance Share Agreement”).  Capitalized terms in this Appendix shall have the meanings as defined in the Performance Share Agreement. 

Participant’s Target Performance Shares will be allocated to the Performance Goals (as defined below) as follows:  
(i)    GAAP Shares.  50% of the Participant’s Target Performance Shares will be allocated to the Company’s achievement of GAAP Revenue (as defined below) (“GAAP Shares”); and
(ii)    EBITDA Shares.  50% of the Participant’s Target Performance Shares will be allocated to the Company’s achievement of Adjusted EBITDA (as defined below) (“EBITDA Shares”).

The number of Performance Shares earned by Participant for the Full Three-Year Performance Period shall be determined as of July 31, 2021 as follows:  
		
	•
	The GAAP Shares may be earned based on the Company’s cumulative GAAP revenues in fiscal 2019 -2021 as reflected in the Company’s annual financial statement for the Applicable Performance Period (“GAAP Revenue”);and

		
	•
	The EBITDA Shares may be earned based on the Company’s cumulative adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”, as defined below and together with GAAP Revenue, the “Performance Goals”) for fiscal 2019 -2021;

determined based on the following grid (in thousands):

	
				
	Performance Criteria for Full Three-Year Performance Period
	Threshold (000s)
	Target (000s)
	Maximum (000s)

	Fiscal 2019 - 2021 GAAP Revenue 
	$[Ÿ]
	$[Ÿ]
	$[Ÿ]

	Fiscal 2019 - 2021 Adjusted EBITDA 
	$[Ÿ]
	$[Ÿ]
	$[Ÿ]

Notwithstanding the foregoing, the earning of the Performance Shares shall accelerate (reducing the number of unearned Performance Shares) prior to the end of the Full Three-Year Performance Period determined as of July 31, 2019 and July 31, 2020, respectively, as follows:

33% of the GAAP Shares and 33% of the EBITDA Shares shall be subject to accelerated earning based on the following grid (in thousands): 

	
				
	Performance Criteria for First Applicable Performance Period
	Threshold (000s)
	Target (000s)
	Maximum (000s)

	Fiscal 2019 GAAP Revenue 
	$[Ÿ]
	$[Ÿ]
	$[Ÿ]

	Fiscal 2019 Adjusted EBITDA 
	$[Ÿ]
	$[Ÿ]
	$[Ÿ]

Up to a total of 66% of the GAAP Shares and up to a total of 66% of the EBITDA Shares shall be subject to accelerated earning based on the following grid (in thousands):
 
	
				
	Performance Criteria for Second Applicable Performance Period
	Threshold (000s)
	Target (000s)
	Maximum (000s)

	Fiscal 2019-2020 GAAP Revenue 
	$[Ÿ]
	$[Ÿ]
	$[Ÿ]

	Fiscal 2019-2020 Adjusted EBITDA 
	$[Ÿ]
	$[Ÿ]
	$[Ÿ]

Participant shall earn 70% of the applicable percentage of eligible Target Performance Shares for “Threshold Performance,” 100% of the applicable percentage of eligible Target Performance Shares for “Target Performance,” and 200% of the applicable percentage of eligible Target Performance Shares for “Maximum Performance.”  In the event of achievement of a Performance Goal between performance levels, the number of Earned Shares will be determined based upon linear interpolation.

For purposes of the Performance Shares, “Adjusted EBITDA” shall be calculated as earnings before interest, income taxes, depreciation and amortization of intangibles, stock-based compensation, costs associated with exit or disposal activities under FASB ASC Topic 420, impairment loss on goodwill or long-lived intangibles under FASB ASC Topics 350 and 360, expenses relating to a potential or actual Change in Control (as defined in Section 14.2 of the 2000 Plan), including expenses associated with an actual or potential proxy contest, expenses in connection with a potential or actual purchase business combination, including the write-off of purchased in-process research and development under FASB ASC Topic 805, or other related accounting literature, expenses associated with termination of employees under FASB ASC Topics 420, 712, or 715, or other related accounting literature, any adjustment to income before provision of income taxes as required by adoption of a new accounting standard, and any extraordinary item. Adjusted EBITDA shall be calculated in a manner consistent with the adjusted EBITDA non-GAAP operating metric used by management in assessing the Company's operating results.

In connection with the death or Disability of the Participant or 409A Change in Control of the Company during the Full Three-Year Performance Period, the Committee shall (if required by the Performance Share Agreement) calculate a “Projected Performance Level” as the level of performance that would have been achieved over the Full Three-Year Performance Period if the rate of performance of each performance criteria from the beginning of the Full Three-Year Performance Period through the end of the fiscal quarter in which the Participant’s death or Disability or the 409A Change in Control occurred had been sustained through the remaining fiscal quarters of the Full Three-Year Performance Period.  If such death or Disability of the Participant or 409A Change in Control occurs after the Full Three-Year Performance Period but prior to the Final Certification Date, the Projected Performance Level shall be the actual performance level achieved for the Full Three-Year Performance Period.

Determinations of the Committee regarding the level of achievement of the GAAP Revenue goals and the Adjusted EBITDA goals, and the resulting Performance Shares earned, and related matters, will be final and binding on the Participant.

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