Document:

PerformanceShareAwardAgreement_For Performance Period Beginning January 1,2015

Exhibit 10.1

FAIRPOINT COMMUNICATIONS, INC.
PERFORMANCE SHARE AWARD AGREEMENT
FOR PERFORMANCE PERIOD
BEGINNING JANUARY 1, 2015

THIS PERFORMANCE SHARE AWARD AGREEMENT (this “Agreement”), made and entered into this 22nd day of January, 2015, by and between FairPoint Communications, Inc. (the “Company”) and <<Name>> (the “Participant”).

W I T N E S S E T H:

WHEREAS, the Compensation Committee of the Board of Directors of the Company (the “Committee”) desires to award the Participant Performance Shares under the Company’s Amended and Restated 2010 Long Term Incentive Plan (the “Plan”) for the Performance Period beginning January 1, 2015 and ending December 31, 2017 (the “Performance Period”); and

WHEREAS, the Company and the Participant desire to enter into a written agreement that sets forth the terms and provisions of the Participant’s Performance Share award.

NOW, THEREFORE, in consideration of the premises and the mutual promises contained herein, the Company and the Participant hereby agree as follows:

1.    The Participant acknowledges that the Performance Share award is governed by this Agreement and the terms of the Plan.  The terms of the Plan are incorporated into this Agreement in their entirety and made a part hereof by reference.  Unless otherwise defined herein, capitalized terms used herein shall have the meanings set forth in the Plan.  In the event of any conflict between the terms of the Plan and this Agreement, the terms of the Plan shall govern and control.

2.    The Participant is awarded _______ Performance Shares.  The Performance Shares that shall be earned by the Participant shall be based on the achievement of the Performance Measures during the Performance Period as set forth on Exhibit A attached hereto.  The determination of the achievement of the Performance Measures and the number, if applicable, of Performance Shares earned by the Participant shall be conclusively determined by the Compensation Committee of the Board of Directors.

3.    Except as provided in Paragraph 6 below, one Share of the Company’s Common Stock will be distributed to the Participant for each whole Performance Share earned by the Participant.  

4.    Any Shares to be distributed in respect of the Performance Shares earned by the Participant will be delivered to the Participant as soon as practicable after December 31, 2017, but no later than March 15, 2018 (the date Shares are delivered, the “Payment Date”).  If the Participant’s employment with the Company terminates prior to the Payment Date for any reason other than (i) the Participant’s death, Disability or Retirement or (ii) by the Company without Cause, the Participant shall forfeit the Performance Shares and any Shares distributable in respect of such 

CLT:50540.02

Performance Shares.  If a Participant’s employment with the Company terminates during the Performance Period due to (i) the Participant’s death, Disability or Retirement or (ii) termination by the Company without Cause, the Performance Shares awarded to the Participant shall remain outstanding and be earned by the Participant as set forth in Exhibit A attached hereto; provided, however, the number of Shares to be distributed to the Participant in respect of the Performance Shares earned by the Participant will be determined by multiplying such number of earned Performance Shares by a fraction, the numerator of which is the number of completed calendar months during the Performance Period that the Participant was employed, and the denominator of which is the total number of calendar months in the Performance Period.

5.    Subject to the provisions of Paragraph 4 above, in the event a Change in Control occurs before the end of the Performance Period, Shares for one hundred percent (100%) of the Performance Share award made hereunder to the Participant shall be distributed to the Participant and shall be effective immediately prior to the Change in Control.

6.    Unless prohibited by the Committee, the Participant may advise the Company to deduct from any Shares otherwise distributable to the Participant that number of Shares having a value equal to the amount of any taxes required by law to be withheld from awards made under the Plan.

7.    The Performance Shares awarded hereunder to the Participant shall not entitle the Participant to any rights as a shareholder of the Company.  Dividends on the Shares underlying the Performance Shares will not accrue or be paid during the Performance Period.

8.    The Participant’s award under this Agreement and the Plan may not be assigned or alienated.  Subject to any limitations under the Plan on transferability, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.  Neither the Plan, nor this Agreement, nor any action taken under the Plan or this Agreement shall be construed as giving to the Participant the right to be retained in the employ of the Company.

9.    Any distribution of Shares may be delayed until the requirements of any applicable laws or regulations or any stock exchange requirements are satisfied.  The Shares distributed to the Participant shall be subject to such restrictions and conditions on disposition as counsel for the Company shall determine to be desirable or necessary under applicable law.

10.    The Participant may designate a beneficiary or beneficiaries to receive all or part of the Shares to be distributed to the Participant under this Agreement in the event of the Participant’s death.  If no beneficiary is designated, such Shares shall be paid to the estate of the Participant.

11.    This Agreement and the Plan constitute the entire understanding of the parties with respect to the award of Performance Shares to the Participant for the Performance Period.  Except with respect to modifications of the Plan as provided therein, this Agreement can be amended only in writing executed by the Participant and a duly authorized officer of the Company. 

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CLT:50540.02

12.    This Agreement shall be governed by the laws of the State of Delaware to the extent not preempted by applicable federal law.

IN WITNESS WHEREOF, the parties hereto have executed or caused this Agreement to be executed as of the date first above written.

FAIRPOINT COMMUNICATIONS, INC.

By:    

    

PARTICIPANT

    
<<Name>>

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CLT:50540.02

EXHIBIT A

PERFORMANCE MEASURES
FOR THE
PERFORMANCE PERIOD BEGINNING JANUARY 1, 2015 AND ENDING DECEMBER 31, 2017

Growth Revenue.  If the Company’s Growth Revenue at December 31, 2017 is 33% or more of the Company’s Total Revenue, 60% of the Performance Shares shall be earned.  If the Company’s Growth Revenue at December 31, 2017 is less than 33% of the Company’s Total Revenue, none of the Performance Shares associated with this Performance Measure shall be earned.

Total Shareholder Return.  If the Company’s Total Shareholder Return for the Performance Period is positive and exceeds the median Total Shareholder Return of the Telecommunications Peer Group, 40% of the Performance Shares shall be earned.  If the Company’s Total Shareholder Return for the Performance Period is not positive or fails to exceed the median Total Shareholder Return of the Telecommunications Peer Group, none of the Performance Shares associated with this Performance Measure shall be earned.

Definitions:

“Growth Revenue” means the aggregate consolidated revenue recognized by the Company from growth-based, strategic revenues, including but not limited to the provision of the following services: (i) retail and wholesale Ethernet, such as Fiber to the Tower, (ii) managed and advanced services, such as hosted voice and data center and (iii) broadband and business. 

“Telecommunications Peer Group” means all of the companies included in the Integrated Telecommunication Services Sub-Industry of the Telecommunications Services Sector of the Global Industry Classification Standard on both the first and last day of the Performance Period, excluding the top 5% and the bottom 25% of such companies when ranked on the basis of Total Shareholder Return for the Performance Period.

“Total Revenue” means the aggregate consolidated revenue reported by the Company in accordance with generally accepted accounting principles.

“Total Shareholder Return” means, with respect to a company for the Performance Period, the percentage determined by dividing the sum of Amount A plus Amount B by Amount C where:

Amount A is (i) the average of the closing prices for one share of such company’s common stock during the 20 trading days period immediately preceding the expiration of the Performance Period minus (ii) the average of the closing prices for one share of such stock during the 20 trading days period immediately preceding the beginning of the Performance Period. 

CLT:50540.02

Amount B is (i) the number of shares of such company’s common stock that would have been purchased during the Performance Period if all dividends paid during the Performance Period had been reinvested in such stock multiplied by (ii) the average of the closing prices for one share of such company’s common stock during the 20 trading days period immediately preceding the expiration of the Performance Period.

Amount C is the average of the closing prices for one share of such company’s common stock during the 20 trading days period immediately preceding the beginning of the Performance Period.

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CLT:50540.02Exhibit 10.52

 

THIS INSTRUMENT
IS SUBJECT TO THE TERMS OF A SUBORDINATION AGREEMENT (JL PROPERTIES) DATED AS OF APRIL 30, 2015 IN FAVOR OF MIDCAP FUNDING X TRUST,
A DELAWARE STATUTORY TRUST, ADMINISTRATIVE AGENT, WHICH SUBORDINATION AGREEMENT (JL PROPERTIES) (AS AMENDED IN ACCORDANCE WITH
ITS TERMS) IS INCORPORATED HEREIN BY REFERENCE.

 

THIS INSTRUMENT
IS SUBJECT TO THE TERMS OF A SUBORDINATION AGREEMENT (JL PROPERTIES) DATED AS OF APRIL 30, 2015 IN FAVOR OF PENTA MEZZANINE SBIC
FUND I, L.P., A DELAWARE LIMITED PARTNERSHIP, AS THE SENIOR LENDER, WHICH SUBORDINATION AGREEMENT (JL PROPERTIES) (AS AMENDED IN
ACCORDANCE WITH ITS TERMS) IS INCORPORATED HEREIN BY REFERENCE.

 

THIS INSTRUMENT
IS SUBJECT TO THE TERMS OF A SUBORDINATION AGREEMENT (JL PROPERTIES) DATED AS OF APRIL 30, 2015 IN FAVOR OF JL-BBNC MEZZ UTAH,
LLC, AN ALASKA LIMITED LIABILITY COMPANY, AS THE SENIOR LENDER, WHICH SUBORDINATION AGREEMENT (JL PROPERTIES) (AS AMENDED IN ACCORDANCE
WITH ITS TERMS) IS INCORPORATED HEREIN BY REFERENCE.

 

REIMBURSEMENT AGREEMENT

 

THIS REIMBURSEMENT
AGREEMENT (this “Agreement”), dated as of April 30, 2015, is made by and between TWINLAB CONSOLIDATED HOLDINGS,
INC., a Nevada corporation (“Parent”), TWINLAB CONSOLIDATION CORPORATION, a Delaware corporation (“TCC”),
and JL PROPERTIES, INC., an Alaska corporation (“JL Properties”).

 

WHEREAS, Parent and
TCC are parties to that certain Office Lease Agreement, dated April 7, 2015, among Parent and TCC, as tenant (collectively, the
“Tenant”), and First Central Tower, Limited Partnership (including its successors or assigns, “Landlord”),
as landlord, as may be amended from time to time (the “Lease”).

 

WHEREAS, Tenant is
obligated under the Lease to provide Landlord a security deposit in the amount of $1,000,000 in the form of cash or an unconditional,
irrevocable, transferable, and negotiable commercial letter of credit (the “Security Deposit”).

 

WHEREAS, Tenant has
requested that JL Properties cause an unconditional, irrevocable, transferable, and negotiable commercial letter of credit in the
amount of $1,000,000 to be issued in favor of Landlord or NXT Capital Funding, LLC, Landlord’s mortgagee (“Landlord’s
Mortgagee”), as directed by Landlord, from Wells Fargo Bank, National Bank (the “Bank”) to satisfy
Tenant’s obligation to provide the Security Deposit under the Lease.

 

WHEREAS, JL Properties
has agreed to do so subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the promises and the mutual agreements contained in this Agreement, and subject to the terms and conditions set
forth herein, each party hereto hereby agrees as follows:

 

    	-1-

    	 

    

 

1.Issuance of
LOC. On or before May 1, 2015, JL Properties will cause the Bank or such other letter of credit issuer as permitted under Section
4.03 of the Lease (the “LOC Issuer”) to issue an unconditional, irrevocable, transferable, and negotiable commercial
letter of credit in the amount of $1,000,000 (or such lesser amount as permitted under the Lease), which letter of credit shall
automatically renew on an annual basis for a period of five (5) years, with an expiration date of April 30, 2020 (the “Expiration
Date”), in favor of Landlord or Landlord’s Mortgagee, as directed by Landlord, to satisfy Tenant’s obligation
to provide the Security Deposit under the Lease (the “LOC”). The LOC shall be in the form attached hereto as
Exhibit A or such other form as is acceptable to the LOC Issuer and Landlord. The LOC shall comply with the requirements
of Section 4.03 of the Lease. On or after the Expiration Date (or sooner if the LOC is returned to JL Properties or surrendered
to the LOC Issuer), JL Properties shall have no further obligation to provide the LOC and Tenant shall be solely responsible for
satisfying the obligations with respect to the LOC and the Security Deposit under the Lease. After the Expiration Date, Tenant
shall use its best efforts to have the Landlord or the Landlord's mortgagee return the LOC to JL Properties or surrender it to
the LOC Issuer.

 

2.Issuance
of Warrants. In consideration of JL Properties causing the issuance and maintenance of the LOC during the term of the Lease,
on or before May 1, 2015, Parent shall issue to JL Properties a warrant in the aggregate amount of 465,880 shares of common stock
of Parent exercisable at the purchase price of $0.01 in the aggregate (the “Penny Warrant”) and a warrant in
the aggregate amount of 86,962 shares of common stock of Parent exercisable at the purchase price of $1.00 per share (the “Dollar
Warrant” and with the Penny Warrant, the “Warrants”). The Penny Warrant shall be substantially in
the form attached hereto as Exhibit B and shall be exercisable into the common stock of the Parent as provided therein.
The Dollar Warrant shall be substantially in the form attached hereto as Exhibit C and shall be exercisable into the common
stock of the Parent as provided therein. Parent and JL Properties, by their execution and delivery of this Agreement, expressly
agree to the terms and provisions of the Warrants and to be bound thereby.

 

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3.Reimbursement
Obligations. Except as set forth in the last paragraph of this Section 3, in the event that Landlord draws upon the LOC, Tenant
shall reimburse JL Properties for the amount of such draw (each such draw, a “Draw Amount”) as follows:

 

a.Commencing
on the first (1st) day of the sixth (6th) month anniversary of the date that Landlord draws on the LOC, the Draw Amount shall be
paid in semi-annual installments of fifty percent (50%) of the Draw Amount (each semi-annual installment, an "Installment
Amount") plus interest. A final payment of the entire Draw Amount and accrued interest shall be due and payable on the first
(1st) anniversary of the date that Landlord draws on the LOC.

 

b.The
interest rate shall be the greater of (i) federal interest rate for mid-term obligations published by the Internal Revenue Service
as of the date Landlord draws upon the LOC or (ii) the federal interest rate that JL Properties is required to pay to the LOC Issuer
in connection with the draw on the LOC. Interest shall be computed on the basis of a 360-day year for the actual number of days
outstanding.

 

c.Tenant
may prepay a Draw Amount, in whole or in part, at any time without premium or penalty. Any partial prepayment shall be applied
to the last installment coming due.

 

d.In
the event that Tenant fails to pay all or any portion of an Installment Amount within fifteen (15) days after notice of such failure
from JL Properties to Tenant (each an, "Unpaid Installment"), JL Properties shall have the option (such option being
specified in the notice of default relating to the Unpaid Installment) to require that Parent issue to JL Properties a warrant
in the aggregate amount of "XX" shares of common stock of Parent exercisable at the purchase price of $0.01 in the aggregate,
such warrant being substantially in the form of the Penny Warrant, and a warrant in the aggregate amount of "YY" shares
of common stock of Parent exercisable at the purchase price of $1.00 per share, such warrant being substantially in the form of
the Dollar Warrant, and Parent shall issue such warrants within fifteen (15) days of receipt of notice from JL Properties; provided,
however, that Parent shall have no obligation to issue additional warrants under this Section 3(d) so long as Tenant’s failure
to pay arises out of a prohibition to pay, and JL Properties’ preclusion to accept, an Installment Payment under the terms
of that certain Subordination Agreement (JL-Properties), dated as of April 30, 2015, by and between JL Properties and MidCap Funding
X Trust, that certain Subordination Agreement (JL-Properties), dated as of April 30, 2015, by and between JL Properties and Penta
Mezzanine SBIC Fund I, L.P. or that certain Subordination Agreement (JL-Properties), dated as of April 30, 2015, by and between
JL Properties and JL-BBNC Mezz Utah, LLC. For purposes of the warrants issued under this Section 3(d), (i) "XX" shall
mean the applicable Unpaid Installment divided by $1,000,000, multiplied by 465,880 and further multiplied by two and (ii) "YY"
shall mean the applicable Unpaid Installment divided by $1,000,000, multiplied by 86,962 and further multiplied by two. The warrants
issued under this Section 3(d) are in full satisfaction of Tenant's obligation to pay the Unpaid Installments for which such warrants
are issued.

 

    	-3-

    	 

    

  

Notwithstanding the foregoing, if Landlord
draws upon the LOC solely as a result of the LOC Issuer’s determination not to renew the LOC at an annual renewal
during the term of the LOC, and JL Properties fails to replace the LOC with a substitute LOC acceptable to the Landlord, Tenant
shall not have an obligation to reimburse JL Properties under this Section 3; provided, however, that if the Landlord thereafter
uses or applies the proceeds thereof in accordance to the terms of the Lease applicable to the Security Deposit, Tenant, to the
extent Landlord uses or applies the proceeds of the LOC, shall be required to reimburse JL Properties in accordance with this Section
3. Further, if Landlord draws upon the LOC as a result of the LOC Issuer's failure to renew the LOC prior to the Expiration Date,
the proceeds of the LOC held as the Security Deposit shall be considered the property of JL Properties’ and not Tenant's.
Promptly after the Expiration Date, JL Properties shall receive, directly or indirectly from Tenant, the balance of the proceeds
held as the Security Deposit, less any prior reimbursements received from Tenant, and Tenant shall be solely responsible for satisfying
the LOC and Security Deposit obligations under the Lease.

 

4.Copy of Lease
and Notices of Amendment to Lease. JL Properties acknowledges receipt of a fully executed copy of the Lease. Subject to Section
6 below, Tenant agrees to provide JL Properties with copies of each amendment or modification to the Lease promptly (but in any
event within 10 business days) of the effective date of such amendment or modification.

 

5.Notices of
Default Under Lease. Tenant agrees to provide JL Properties copies of all notices of default given by Landlord to Tenant under
the Lease promptly (but in any event within 2 business days) of receipt.

 

6. Amendment
to Section 4.03 of Lease. Tenant shall not amend or modify, or permit any amendment or modification of, Section 4.03 of the
Lease without first obtaining the written consent of JL Properties, such consent not to be unreasonably withheld or delayed.

 

7.Rights and
Obligations Under Lease. Tenant shall undertake all reasonably required or requested actions to enforce its rights and Landlord’s
obligations under Article IV of the Lease, including without limitation those provisions of such Section 4.03 regarding the return
of the LOC to JL Properties, and shall fully cooperate and coordinate with JL Properties in connection therewith.

 

8.Continuing
Agreement. This Agreement is a continuing agreement and will remain in full force and effect until the later of (a) surrender
of the LOC to the LOC Issuer (b) the expiration or termination of the LOC or (c) full payment of all reimbursement obligations
by Tenant under Section 3.

 

9.Notices.
Any notice or other communication required or permitted under this Agreement shall be in writing and personally delivered,
mailed by registered or certified mail (return receipt requested and postage prepaid), sent by facsimile (with a confirming copy
sent by regular mail), or sent by prepaid overnight courier service, and addressed to the relevant party at its address set forth
below, or at such other address as such party may, by written notice, designate as its address for purposes of notice under this
Agreement:

 

If to JL Properties, at:

 

JL Properties, Inc.

P.O. Box 202845

Anchorage, AK 99520-2845

Attention: Jonathan B. Rubini

Facsimile: (907) 279-8066

 

with a copy to:

 

Landye Bennett Blumstein LLP

701 West 8th Avenue, Suite 1200

Anchorage, Alaska 99501

Attention: Joshua D. Hodes, Esq.

Facsimile: (907) 276-8433

 

If to Tenant, at:

 

c/o Twinlab Consolidation Corporation

632 Broadway, Suite 201

New York, New York 10012

Facsimile: (212) 505-5413

E-mail: rneuwirth@twinlab.com

Attention: General Counsel

 

    	-4-

    	 

    

 

If mailed, notice shall
be deemed to be given three (3) days after being sent, and if sent by personal delivery, facsimile or prepaid courier, notice shall
be deemed to be given when delivered.

 

10.Successors
and Assigns. This Agreement shall inure to the benefit of, and shall be binding upon, the respective successors and assigns
of Tenant and JL Properties; provided, however, that no party may assign this Agreement in whole or in part without the
prior written consent of each other party (such consent not to be unreasonably withheld or delayed).

 

11.Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which together
shall constitute one and the same instrument, but in making proof hereof, it shall only be necessary to produce one such counterpart
containing signatures pages signed by each party. Delivery of an executed counterpart of a signature page of this Agreement by
facsimile or electronic mail shall be equally effective as delivery of a manually executed counterpart of this Agreement.

 

12.Severability.
In the event that any provision of this Agreement is deemed to be invalid, illegal or unenforceable by reason of the operation
of any law or by reason of the interpretation placed thereon by any court or governmental authority, the validity, legality and
enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby, and the affected
provision shall be modified to the minimum extent permitted by law so as most fully to achieve the intention of this Agreement.

 

13.Governing
Law. This Agreement shall be governed by and shall be construed and enforced in accordance with the internal laws of the State
of New York, without regard to conflicts of law principles.

 

14.Amendment.
This Agreement shall not be amended except by a writing signed by all the parties.

 

15.Entire Agreement.
This Agreement and the Warrants constitute the entire agreement and supersedes all other prior agreements and understandings, both
written and oral, among the parties with respect to the subject matter hereof.

 

[SIGNATURES APPEAR ON FOLLOWING PAGE]

 

 

 

    	-5-

    	 

    

 

IN WITNESS WHEREOF,
intending to be legally bound, and intending that this Agreement constitute an instrument executed and delivered under seal, the
parties have caused this Agreement to be executed as of the date first written above.

 

	 	JL PROPERTIES, INC.
	 	 	 
	 	By: 	/s/ Jonathan B. Rubini
	 	Name:	 Jonathan B. Rubini
	 	Title:	 Chief Executive Officer

 

	TWINLAB CONSOLIDATED HOLDINGS, INC.	 
	 	 	 
	 	 	 
	By:	/s/ Thomas A. Tolworthy	 
	Name:	Thomas A. Tolworthy	 
	Title:	Chief Executive Officer and President	 
	 	 
	 	 
	TWINLAB CONSOLIDATION CORPORATION	 
	 	 
	 	 
	By: 	/s/ Thomas A. Tolworthy	 
	Name:	Thomas A. Tolworthy	 
	Title:	Chief Executive Officer and President	 

 

    	-6-

    	 

    

 

EXHIBIT A

LETTER OF CREDIT

 

 

    	-7-

    	 

    

 

EXHIBIT B

FORM OF PENNY WARRANT

 

 

    	-8-

    	 

    

 

EXHIBIT C

FORM OF DOLLAR WARRANT

 

 

    	-9-

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