Document:

gogo-ex1092_182.htm

Exhibit 10.9.2

 

June 15, 2020

 

To the Non-Employee Members of the Board of Directors of Gogo Inc. (the “Board”):

 

Amendment to Non-Employee Director Options

 

On April 29, the Compensation Committee of the Board resolved that (1) the terms of all outstanding stock options currently held by non-employee directors be amended to include, and (2) until the Compensation Committee determines otherwise, the terms of all future stock options granted to non-employee directors contain, new provisions regarding the exercise of such stock options following death, disability or retirement.  

 

This letter will serve as an amendment to the terms of the currently outstanding stock options issued by Gogo Inc. to you for your service as a non-employee member of the Board (your “Director Options”), as set forth in the Notice of Grant and Stock Option Agreements applicable to your Director Options (the “Award Agreements”) under the Amended and Restated Gogo Inc. 2016 Omnibus Incentive Plan and its predecessor omnibus equity plans (the “Plans”).

 

Notwithstanding anything to the contrary contained in the Award Agreements:

 

	
 
	
•
	
Exercisability Following Death, Disability or Retirement.  Following your death, Disability (as defined in the applicable Award Agreement, including by reference to a Plan) or Retirement (as defined below), each of your vested Director Options shall remain exercisable by you or your executor, administrator, legal representative, guardian or similar person until and including the earlier to occur of (i) the date which is five years after the date of your death or the effective date of your termination of service on the Board due to Disability or Retirement, as the case may be, and (ii) the originally scheduled expiration date of the Director Option; provided, however, that such extended exercisability shall not apply in the case of any voluntary Retirement by you that occurs prior to April 29, 2021 (it being understood and agreed that no Retirement by you at the request of the Board or following a decision by the Board not to re-nominate you to the Board shall be considered voluntary for this purpose), in which case the terms of the applicable Award Agreement before giving effect to this amendment shall apply.

	
 
	
•
	
Death Following Certain Terminations of Service.  In addition, if you die following your Disability, Retirement or termination of service on the Board for any reason other than your termination for Cause (as defined in the applicable Award Agreement), each of your vested Director Options that then remain outstanding and exercisable may thereafter be exercised by your executor, administrator, legal representative, guardian or similar person 

 

			
	
NYDOCS01/1787484.2
	
1
	
 

 

	
 
		
until and including the earlier to occur of (x) the date which is one year after the date of your death (or, if later, five years after the date of your Disability or Retirement, as applicable) and (y) the originally scheduled expiration date of the Director Option.

	
 
	
•
	
Definition of Retirement.  For purposes of the foregoing, the term “Retirement” shall mean your voluntary or involuntary termination of service on the Board, other than by reason of death, Disability or removal for Cause (as defined in the applicable Award Agreement), occurring on or after the date on which either (x) you reach the age of 65 or (y) your age plus years of service on the Board equal seventy-five (75).

	
 
	
•
	
Effective Date. This amendment is effective as of April 29, 2020.

 

		
	
 
	
/s/ Marguerite M. Elias

	
 
	
Marguerite M. Elias

	
 
	
Executive Vice President,

	
 
	
General Counsel and Secretarygogo-ex1093_181.htm

Exhibit 10.9.3

 

Temporary Director Compensation Policy Adjustment (adopted April 28, 2020)

 

In light of the COVID-19 outbreak and its impact on the Company’s business and financial condition, on April 28, 2020 the Board of Directors of the Company adopted resolutions reducing the total compensation of each director (including compensation paid with respect to services as a Board or Committee chair) by 30% for the second, third and fourth quarters of 2020.  Each director may determine whether his or her reduction comes out of cash, options or deferred stock; provided, however, that any director to whom cash compensation is being paid in 2020 shall reduce the cash component of his or her compensation by at least 30%.Exhibit 10.1

NORWEGIAN CRUISE LINE HOLDINGS LTD.
DIRECTORS’ COMPENSATION POLICY 
(Effective July 14, 2020)
Directors of Norwegian Cruise Line Holdings Ltd., a company organized under the laws of Bermuda (the “Company”), who are not employed by the Company or one of its subsidiaries (“non-employee directors”) are entitled to the compensation set forth below, effective as of July 14, 2020, for their service as a member of the Board of Directors (the “Board”) of the Company.  The Board has the right to amend this policy from time to time.
	Cash Compensation
	​

	Annual Cash Retainer
	$100,000

	Annual Chairperson Retainer
	$125,000

	Annual Audit Committee Chairperson Retainer
	$35,000

	Annual Compensation Committee Chairperson Retainer
	$25,000

	Annual Nominating and Governance Committee Chairperson Retainer
	$20,000

	Annual Technology, Environmental, Safety and Security (“TESS”) Chairperson Retainer
	$20,000

	Annual Audit Committee Member Retainer
	$15,000

	Out-of-Country Meeting Attendance Fee
	$10,000

	​
	​

	Equity Compensation
	​

	Annual Equity Award
	$155,000

​
Cash Compensation 
Each non-employee director will be entitled to an annual cash retainer while serving on the Board in the amount set forth above (the “Annual Cash Retainer”).  A non-employee director who serves as the Chairperson of the Board will be entitled to an additional annual cash retainer while serving in that position in the amount set forth above (the “Annual Chairperson Retainer”).  A non-employee director who serves as the Chairperson of the Audit Committee will be entitled to an additional annual cash retainer while serving in that position in the amount set forth above (the “Annual Audit Committee Chairperson Retainer”).  A non-employee director who serves as the Chairperson of the Compensation Committee will be entitled to an additional annual cash retainer while serving in that position in the amount set forth above (the “Annual Compensation Committee Chairperson Retainer”).  A non-employee director who serves as the Chairperson of the Nominating and Governance Committee will be entitled to an additional annual cash retainer while serving in that position in the amount set forth above (the “Annual Nominating and Governance Committee Chairperson Retainer”).  A non-employee director who serves as the Chairperson of the TESS Committee will be entitled to an additional annual cash retainer while serving in that position in the amount set forth above (the “Annual TESS Committee Chairperson Retainer”).  A non-employee director who serves as a member of the Audit Committee (other than the Chairperson of the Audit Committee) will be entitled to an additional annual cash retainer while serving in that position in the amount set forth above (the “Annual Audit Committee Member Retainer”).  A non-employee director who attends in person a Board or committee meeting located outside of their country of residence will be entitled to a fee for attendance at the meeting in the amount set forth above (an “Out-of-Country Meeting Attendance Fee”), provided that the director will only be entitled to one Out-of-Country Meeting Attendance Fee if multiple Board or committee meetings are held on the same day or over consecutive days.  Except for the Out-of-Country Meeting Attendance Fee, no non-employee director will be entitled to a meeting fee for attending in-person or telephonically any other Board or committee meetings.
The amounts of the Annual Cash Retainer, Annual Chairperson Retainer, Annual Audit Committee Chairperson Retainer, Annual Compensation Committee Chairperson Retainer, Annual Nominating and Governance Committee Chairperson Retainer, Annual TESS Committee Chairperson Retainer and Annual Audit Committee Member Retainer are expressed as annualized amounts.  These retainers will be paid on a quarterly basis, at the end of each quarter in arrears, and will be pro-rated if a non-employee director serves (or serves in the corresponding position, as the case may be) for only a portion of the quarter (with the proration based on the number of calendar 

1

​

​

days in the quarter that the director served as a non-employee director or held the particular position, as the case may be).  Out-of-Country Meeting Attendance Fees for attendance at meetings that occur in a particular quarter will be paid at the end of the quarter.
Equity Awards
Annual Equity Awards for Continuing Board Members 
On the first business day of each calendar year, each non-employee director then in office will automatically be granted an award of restricted share units of the Company (an “Annual Restricted Share Unit Award”) determined by dividing (1) the Annual Equity Award grant value set forth above by (2) the per-share closing price of an Ordinary Share on the first business day of that year (rounded down to the nearest whole share).  Subject to the non-employee director’s continued service, each Annual Restricted Share Unit Award will vest in one installment on the first business day of the calendar year following the calendar year of the grant.
For each new non-employee director appointed or elected to the Board after the first business day of the calendar year, on the date that the new non-employee director first becomes a member of the Board, the new non-employee director will automatically be entitled to a pro-rata portion of the Annual Restricted Share Unit Award (a “Pro-Rata Annual Restricted Share Unit Award”) determined by dividing (1) a pro-rata portion of the Annual Equity Award grant value set forth above by (2) the per-share closing price of an Ordinary Share on the date the new non-employee director first became a member of the Board (rounded down to the nearest whole share).  The pro-rata portion of the Annual Equity Award grant value for purposes of a Pro-Rata Annual Restricted Share Unit Award will equal the Annual Equity Award grant value set forth above multiplied by a fraction (not greater than one), the numerator of which is 12 minus the number of whole months that as of the particular grant date had elapsed since the first business day of the year, and the denominator of which is 12.  Subject to the non-employee director’s continued service, each Pro-Rata Annual Restricted Share Unit Award will vest in one installment on the first business day of the calendar year following the year the award was granted.
Elective Grants of Equity Awards
Non-employee directors may elect, prior to the start of each applicable calendar year, to convert all or a portion of their Annual Cash Retainer (but not any Annual Chairperson Retainer, Annual Audit Committee Chairperson Retainer, Annual Compensation Committee Chairperson Retainer, Annual Nominating and Governance Committee Chairperson Retainer, Annual TESS Committee Retainer, Annual Audit Committee Member Retainer or Out-of-Country Meeting Attendance Fees) payable with respect to the particular calendar year into the right to receive an award of restricted share units of the Company (an “Elective Restricted Share Unit Award”). The Elective Restricted Share Unit Award shall automatically be granted on the first business day of each calendar year in an amount determined by dividing (1) the amount of the Annual Cash Retainer elected to be so converted by (2) the per-share closing price of an Ordinary Share on the first business day of the year (rounded down to the nearest whole share).  Subject to the non-employee director’s continued service, each Elective Restricted Share Unit Award will vest in one installment on the first business day of the calendar year following the year the award was granted.
In order to elect to receive an Elective Restricted Share Unit Award, non-employee directors must complete an election form in such form as the Board may prescribe from time to time (an “Election Form”), and file such completed form with the Company prior to the start of the applicable calendar year (i.e. if a director wants to convert his or her Annual Cash Retainer payable for the 2020 calendar year, the Election Form must be filed prior to December 31, 2019).  Once an Election Form is validly filed with the Company, it shall automatically continue in effect for future calendar years unless the non-employee director changes or revokes his or her Election Form prior to the beginning of any such future calendar years.
Provisions Applicable to All Equity Awards
Each award of restricted share units will be made under and subject to the terms and conditions of the Company’s Amended and Restated 2013 Performance Incentive Plan (the “2013 Plan”) or any successor equity compensation plan approved by the Company’s stockholders and in effect at the time of grant, and will be evidenced 

2

 ​

​

by, and subject to the terms and conditions of, an award agreement in the form approved by the Board to evidence such type of grant pursuant to this policy.
Financing Committee Cash Compensation
The Board created a special committee (the “Financing Committee”) to evaluate potential financing arrangements for the Company due to the impacts of the COVID-19 coronavirus on the Company. For their service on the Financing Committee, the Chairperson of the Financing Committee will receive a one-time $100,000 retainer and each other member of the Financing Committee will receive a one-time $25,000 retainer. Each such retainer will be paid in a lump sum in cash following the Company’s, or its subsidiary’s, entry into such financing arrangements.
Sail Safe Global Health and Wellness Council Oversight Cash Compensation
Due to the unique challenges posed by the COVID-19 coronavirus, the Board has requested that the Chairperson of the TESS Committee participate in the Company’s Sail Safe Global Health and Wellness Council as a liaison between the Sail Safe Global Health and Wellness Council and the Board in order to more closely oversee the management team’s response to COVID-19. As compensation for the additional work performed by the Chairperson of the TESS Committee in this role, the Chairperson of the TESS Committee will receive a $75,000 annual retainer paid on a quarterly basis, at the end of each quarter in arrears, which will be pro-rated if the Chairperson of the TESS Committee serves for only a portion of the quarter (with the proration based on the number of calendar days in the quarter that the director held the particular position).
Expense Reimbursement 
All directors will be entitled to reimbursement from the Company for their reasonable travel (including airfare and ground transportation), lodging and meal expenses incident to meetings of the Board or committees thereof or in connection with other Board related business. 
Product Familiarization 
It being in the interest of the Company for non-employee directors of its Board to review and assess the Company’s products, the non-employee directors of the Board are encouraged to take one cruise with one of the Company’s brands annually.  Accordingly, the Company will annually provide to each non-employee director one cabin for an up to 14-night cruise with the Company brand of their choice.  Non-employee directors and a guest of their choice will be accommodated in a penthouse level (or Haven equivalent) cabin with such accommodation to be assigned by the Company’s revenue management department.  The non-employee director will be responsible for taxes, port fees and fuel supplements as well as all onboard spending and transportation to and from the ship (other than any transportation that would otherwise be included in the ticket price of the cruise).
If a Board meeting is held on a cruise, the Company will absorb the cost of the cruise fare for each non-employee director and any guests traveling with such non-employee director in his or her stateroom.  The non-employee director will be responsible for all onboard spending during such cruise.
In addition, non-employee directors and their immediate families are entitled to participate in any Company discount program in effect that is generally available to all Company employees for any additional cruises they may wish to take.
The Chairperson of the Compensation Committee of the Board may approve certain exceptions to the “Product Familiarization” section of this policy.

3

 ​

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00312-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00312-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00312-of-00352.parquet"}]]