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Filed by Automated Filing Services Inc. www.sedaredgar.com - Hemis Corp - Exhibit 10.1

 Exhibit 10.1

  2007 NON-QUALIFIED STOCK COMPENSATION PLAN

	
1. 		
PURPOSE OF PLAN

	
	 	 	 
		
1.1 		
This 2007 NON-QUALIFIED STOCK COMPENSATION PLAN (the "Plan") of Hemis Corporation, a Nevada corporation (the "Company") for employees, directors and consultants of the Company, is intended to advance the best interests of the
Company by providing those persons who have a substantial responsibility for its management and growth with additional incentive and by increasing their proprietary interest in the success of the Company, thereby encouraging them to maintain their
relationships with the Company. Further, the availability and offering of common stock under the Plan supports and increases the Company's ability to attract and retain individuals of exceptional talent upon whom, in large measure, the sustained
progress, growth and profitability of the Company depends.

	
	 	 	 
	
2. 		
DEFINITIONS

	
	 	 	 
		
2.1 		
For Plan purposes, except where the context might clearly indicate otherwise, the following terms shall have the meanings set forth below:

	
	 	 	 
			
"Board" shall mean the Board of Directors of the Company.

	
	 	 	 
			
"Committee" shall mean the Compensation Committee, or such other committee appointed by the Board, which shall be designated by the Board to administer the Plan, or the Board if no committees have been established. The Committee
shall be composed of one or more persons as from time to time are appointed to serve by the Board. Each member of the Committee, while serving as such, shall be a disinterested person with the meaning of Rule 16b-3 promulgated under the Securities
Exchange Act of 1934.

	
	 	 	 
			
"Common Shares" shall mean the Company's Common Shares, $.001 par value per share, or, in the event that the outstanding Common Shares are hereafter changed into or exchanged for different shares of securities of the Company,
such other shares or securities.

	
	 	 	 
			  "Company" shall mean Hemis Corporation,
        a Nevada corporation, and any parent or subsidiary corporation of Hemis
        Corporation.

	
	 	 	 
			
"Common Stock" shall mean shares of common stock which are issued by the Company pursuant to Section 5, below.

	
	 	 	 
			
"Common Stockholder" means the employee of, Consultant, or director of the Company or other person to whom shares of Common Stock are issued pursuant to this Plan.

	
	 	 	 
			
"Common Stock Agreement" means an agreement executed by a Common Stockholder and the Company as contemplated by Section 5, below, which imposes on the shares of Common Stock held by the Common Stockholder such restrictions as the
Board or Committee deem appropriate.

	
	 	 	 
			
“Consultant” means any person who is contracted to provide services to the Company as an independent contractor so long as such services are not

	

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intended to directly or indirectly promote or maintain a market for the Company’s securities.

	
	 	 	 
	
3. 		
ADMINISTRATION OF THE PLAN

	
	 	 	 
		
3.1 		
The Committee shall administer the Plan and accordingly, it shall have full power to grant Common Stock, construe and interpret the Plan, establish rules and regulations and perform all other acts, including the delegation of
administrative responsibilities, it believes reasonable and proper.

	
	 	 	 
		
3.2 		
The determination of those eligible to receive Common Stock, and the amount, type and timing of each grant and the terms and conditions of the Common stock agreements shall rest in the sole discretion of the Committee, subject to
the provisions of the Plan.

	
	 	 	 
		
3.3 		
The Board, or the Committee, may correct any defect, supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent it shall deem necessary to carry it into effect.

	
	 	 	 
		
3.4 		
Any decision made, or action taken, by the Committee or the Board arising out of or in connection with the interpretation and administration of the Plan shall be final and conclusive.

	
	 	 	 
		
3.5 		
Meetings of the Committee shall be held at such times and places as shall be determined by the Committee. A majority of the members of the Committee shall constitute a quorum for the transaction of business, and the vote of a
majority of those members present at any meeting shall decide any question brought before that meeting. In addition, the Committee may take any action otherwise proper under the Plan by the affirmative vote, taken without a meeting, of a majority of
its members.

	
	 	 	 
		
3.6 		
No member of the Committee shall be liable for any act or omission of any other member of the Committee or for any act or omission on his own part, including, but not limited to, the exercise of any power or discretion given to
him under the Plan, except those resulting from his own gross negligence or willful misconduct.

	
	 	 	 
		
3.7 		
The Company shall furnish the Committee with such clerical and other assistance as is necessary in the performance of its duties hereunder and such other pertinent information as the Committee may require.

	
	 	 	 
	
4. 		
SHARES SUBJECT TO THE PLAN

	
	 	 	 
		
4.1 		
The total number of shares of the Company available for grants of Common Stock under the Plan shall be ten million (10,000,000) Common Shares, which shares may be either authorized but unissued or reacquired Common Shares of the
Company.

	
	 	 	 
	
5. 		
AWARD OF COMMON STOCK

	
	 	 	 
		
5.1 		
The Board or Committee from time to time, in its absolute discretion, may award Common Stock to employees of, consultants to, and directors of the Company, and such other persons as the Board or Committee may select. The owner of
such Common Stock shall hold such stock subject to such vesting schedule as the Board or Committee may impose, as determined in the discretion of the Board or Committee.

	

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5.2 		
Common Stock shall be issued only pursuant to a Common Stock Agreement, which shall be executed by the Common Stockholder and the Company and which shall contain such terms and conditions as the Board or Committee shall determine
consistent with this Plan, including such restrictions on transfer as are imposed by the Common Stock Agreement.

	
	 	 	 
		
5.3 		
Upon delivery of the shares of Common Stock to the Common Stockholder, below, the Common Stockholder shall have, unless otherwise provided by the Board or Committee, all the rights of a stockholder with respect to said shares,
subject to the restrictions in the Common Stock Agreement, including the right to receive all dividends and other distributions paid or made with respect to the Common Stock.

	
	 	 	 
		
5.4. 		
Notwithstanding anything in this Plan or any Common Stock Agreement to the contrary, no Common Stockholders may sell or otherwise transfer, whether or not for value, any of the Common Stock prior to the date on which the Common
Stockholder is vested therein.

	
	 	 	 
		
5.5 		
All shares of Common Stock issued under this Plan (including any shares of Common Stock and other securities issued with respect to the shares of Common Stock as a result of stock dividends, stock splits or similar changes in the
capital structure of the Company) shall be subject to such restrictions as the Board or Committee shall provide, which restrictions may include, without limitation, restrictions concerning voting rights, transferability of the Common Stock and
restrictions based on duration of employment with the Company, Company performance and individual performance; provided that the Board or Committee may, on such terms and conditions as it may determine to be appropriate, remove any or all of such
restrictions. Common Stock may not be sold or encumbered until all applicable restrictions have terminated or expire. The restrictions, if any, imposed by the Board or Committee or the Board under this Section 5 need not be identical for all Common
Stock and the imposition of any restrictions with respect to any Common Stock shall not require the imposition of the same or any other restrictions with respect to any other Common Stock.

	
	 	 	 
		
5.6 		
In the discretion of the Board or Committee, the Common Stock Agreement may provide that the Company shall have the a right of first refusal with respect to the Common Stock and a right to repurchase the vested Common Stock upon a
termination of the Common Stockholder's employment with the Company, the termination of the Common Stockholder's consulting arrangement with the Company, the termination of the Common Stockholder's service on the Company's Board, or such other
events as the Board or Committee may deem appropriate.

	
	 	 	 
		
5.7 		
The Board or Committee shall cause a legend or legends to be placed on certificates representing shares of Common Stock that are subject to restrictions under Common Stock Agreements, which legend or legends shall make appropriate
reference to the applicable restrictions.

	
	 	 	 
	
6. 		
AMENDMENT AND TERMINATION OF PLAN

	
	 	 	 
		
6.1 		
The Board may at any time, and from time to time, suspend or terminate the Plan in whole or in part or amend it from time to time in such respects as the Board may deem appropriate and in the best interest of the Company.

	

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7. 		
MISCELLANEOUS PROVISIONS

	
	 	 	 
		
7.1 		
No person shall have any claim or right to be granted Common Stock under the Plan, and the grant of Common Stock under the Plan shall not be construed as giving a Common Stockholder the right to be retained by the Company.

	
	 	 	 
		
7.2 		
Any expenses of administering this Plan shall be borne by the Company.

	
	 	 	 
		
7.3 		
Without amending the Plan, grants may be made to persons who are foreign nationals or employed outside the United States, or both, on such terms and conditions, consistent with the Plan's purpose, different from those specified in
the Plan as may, in the judgment of the Committee, be necessary or desirable to create equitable opportunities given differences in tax laws in other countries.

	
	 	 	 
		
7.4 		
In addition to such other rights of indemnification as they may have as members of the Board or the Committee, the members of the Committee shall be indemnified by the Company against all costs and expenses reasonably incurred by
them in connection with any action, suit or proceeding to which they or any of them may be party by reason of any action taken or failure to act under or in connection with the Plan thereunder, and against all amounts paid by them in settlement
thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except a judgment based upon a finding of bad faith; provided
that upon the institution of any such action, suit or proceeding a Committee member shall, in writing, give the Company notice thereof and an opportunity, at its own expense, to handle and defend the same, before such Committee member undertakes to
handle and defend it on his own behalf.EXECUTION COPY

 

AMENDMENT NO. 1 TO ASSIGNMENT AND ASSUMPTION AGREEMENT

This AMENDMENT NO. 1 TO ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of February 26, 2007 (this “Amendment”), is among RESIDENTIAL FUNDING COMPANY, LLC, a Delaware limited liability company (“RFC”), DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, in its capacity as trustee for the RALI Series 2006-QO8 Trust and grantor trust trustee for RALI Grantor Trust I-A1A, Series 2006-QO8, RALI Grantor Trust I-A2A, Series 2006-QO8, and RALI Grantor Trust I-A5A, Series 2006-QO8 (the “Trustee”), and RESIDENTIAL ACCREDIT LOANS, INC., a Delaware corporation (the “Company”).  Capitalized terms used in this Agreement and not otherwise defined will have the
meanings assigned to them in the Assignment and Assumption Agreement dated as of October 30, 2006 (the “Existing Agreement”), between RFC and the Trustee, in its capacity as trustee for the RALI Series 2006-QO8 Trust and grantor trust trustee for RALI Grantor Trust I-A1A, Series 2006-QO8, RALI Grantor Trust I-A2A, Series 2006-QO8, and RALI Grantor Trust I-A5A, Series 2006-QO8, as assignee of the Company. 

Recitals

A.    RFC and the Company entered into the Existing Agreement, and the Company assigned its rights under the Existing Agreement to the Trustee for the benefit of the Certificateholders pursuant to the Pooling and Servicing Agreement dated as of October 30, 2006, among RFC, the Company and the Trustee.

B.           A Certificateholder has requested that RFC, the Company and the Trustee amend the Existing Agreement to provide for additional representations and warranties from RFC, and RFC has agreed to provide such additional representations and warranties.

C.           RFC, the Company and the Trustee desire to amend the Existing Agreement as set forth below.

NOW, THEREFORE, the parties hereto agree as follows:

	
             
 	
            SECTION 1.
 	
            Amendments.
 

 

(a)          Section 4 of the Existing Agreement is hereby amended by inserting the following after clause (rr) of Section 4:

(ss)  With respect to each Group II Loan, no borrower obtained a prepaid single-premium credit-life, credit disability, credit unemployment or credit property insurance policy in connection with the origination of the Group II Loan.

(tt)  No refinance or purchase money Group II Loan in the trust has an annual percentage rate or total points and fees that exceed the thresholds set by the Home Ownership and Equity Protection Act of 1994 (“HOEPA”) and its implementing regulations, including 12 CFR § 226.32(a)(1)(i) and (ii).

 

 

 

(b)          The last paragraph of Section 4 of the Existing Agreement is hereby amended by replacing such last paragraph in its entirety with the following:

Upon discovery by RFC or upon notice from the Company or the Trustee of a breach of the foregoing representations and warranties in respect of any Mortgage Loan which materially and adversely affects the interests of any holders of the Certificates or of the Company in such Mortgage Loan or upon the occurrence of a Repurchase Event (hereinafter defined), notice of which breach or occurrence shall be given to the Company by RFC, if it discovers the same, RFC shall, within 90 days after the earlier of its discovery or receipt of notice thereof, either cure such breach or Repurchase Event in all material respects or, either (i) purchase such Mortgage Loan from the Trustee or the Company, as the case may be, at a price equal to the Purchase Price for such Mortgage Loan or (ii) substitute a Qualified Substitute Mortgage Loan or Loans for such Mortgage Loan in the manner and
subject to the limitations set forth in Section 2.04 of the Pooling and Servicing Agreement.  Notwithstanding the foregoing, it is understood by the parties hereto that a breach of the representations and warranties made in any of clause (bb), (cc), (dd), (ee) and (gg) through (tt) of this Section 4 with respect to any Group II Loan will be deemed to materially and adversely affect the interests of the Holders of the Certificates in the related Mortgage Loan.  If the breach of representation and warranty that gave rise to the obligation to repurchase or substitute a Mortgage Loan pursuant to this Section 4 was the representation and warranty set forth in clause (k) of this Section 4, then RFC shall pay to the Trust Fund, concurrently with and in addition to the remedies provided in the preceding sentence, an amount equal to any liability, penalty or expense that was actually incurred and paid out of or on behalf of the Trust Fund, and that directly resulted from such breach, or if
incurred and paid by the Trust Fund thereafter, concurrently with such payment.

	
             
 	
            SECTION 2.
 	
            Effect of Amendment.
 

 

Upon execution of this Amendment, the Existing Agreement shall be, and be deemed to be, modified and amended in accordance herewith and the respective rights, limitations, obligations, duties, liabilities and immunities of the parties thereto shall hereafter be determined, exercised and enforced subject in all respects to such modifications and amendments, and all the terms and conditions of this Amendment shall be deemed to be part of the terms and conditions of the Existing Agreement (as applicable) for any and all purposes.  Except as modified and expressly amended by this Amendment, the Existing Agreement is in all respects ratified and confirmed, and all the terms, provisions and conditions thereof shall be and remain in full force and effect.

	
             
 	
            SECTION 3.
 	
            Binding Effect.
 

 

The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto (and any Certificateholder) and each of their respective successors and assigns.

 

 

 

	
             
 	
            SECTION 4.
 	
            Governing Law.
 

 

This Amendment shall be governed by and construed in accordance with the laws of the State of New York and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws.

	
             
 	
            SECTION 5.
 	
            Severability of Provisions.
 

 

If any one or more of the covenants, agreements, provisions or terms of this Amendment shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Amendment and shall in no way affect the validity or enforceability of the other provisions of this Amendment or of the Certificates or the rights of the Certificateholders.

	
             
 	
            SECTION 6.
 	
            Section Headings.
 

 

The section headings herein are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

	
             
 	
            SECTION 7.
 	
            Counterparts.
 

 

This Amendment may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

	
             
 	
            SECTION 8.
 	
            Trustee Capacity.
 

 

It is expressly understood and agreed by the parties hereto that (i) this Amendment is executed and delivered by the Trustee, not individually or personally but solely in its capacity as Trustee in the exercise of the powers and authority conferred and vested in it as the assignee of the Company under the Existing Agreement, (ii) each of the representations, undertakings and agreements by Trustee is made and intended for the purpose of binding only the RALI Series 2006-QO8 Trust, RALI Grantor Trust I-A1A, Series 2006-QO8, RALI Grantor Trust I-A2A, Series 2006-QO8, and RALI Grantor Trust I-A5A, Series 2006-QO8 (together, the “Trusts”), (iii) nothing herein contained shall be construed as creating any liability for Trustee, individually or personally, to perform any covenant (either express or implied) contained herein, and all such
liability, if any, is hereby expressly waived by the parties hereto, and such waiver shall bind any third party making a claim by or through one of the parties hereto, and (iv) under no circumstances shall Trustee be personally liable for the payment of any indebtedness or expenses of the Trusts, or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trusts under this Amendment, the Pooling and Servicing Agreement or any related document.

 

[Signature Pages Follow]

 

 

IN WITNESS WHEREOF, RFC, the Company and the Trustee have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written.

	
             
 	
            RESIDENTIAL FUNDING COMPANY, LLC

 

 

By:      /s/ Jeffrey Blaschko                       

Name:  Jeffrey Blaschko

Title:    Associate
 
	
             
 	
            RESIDENTIAL ACCREDIT LOANS, INC.

 

 

 

By:      /s/ Heather Anderson                  

Name:   Heather Anderson
 Title:     Vice President

 

 
 
	
             
 	
            DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee

 

 

By:      /s/ Karlene Benvenuto                 

Name:   Karlene Benvenuto

Title:     Authorized Signer

By:        /s/ Marion Hogan                      

Name:   Marion Hogan

Title:     Associate

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