Document:

syke-ex101_154.htm

EXHIBIT 10.1

 

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (the “Agreement”), made effective as of May 13, 2020, between Sykes Enterprises, Incorporated, a Florida corporation (the “Corporation”), and ___________ (“Board Member”).

RECITALS

In consideration of services to be rendered by the Board Member it is in the best interests of the Corporation to make an award to the Board Member under the Sykes Enterprises, Incorporated 2019 Equity Incentive Plan (the “Plan”), which is incorporated herein by reference, consisting of restricted stock units relating to shares of the Corporation’s common stock, par value $.01 per share (“Restricted Stock Units”), which give the Board Member a contingent right to receive the number of shares of the Corporation’s Common Stock indicated in this Agreement, which shares the Board Member shall receive once the vesting requirements described in this Agreement have been satisfied. 

Unless otherwise provided herein, terms used herein that are defined in the Plan and not defined herein shall have the meanings attributable thereto in the Plan. 

NOW, THEREFORE, for and in consideration of the mutual promises, covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

1.Restricted Stock Units. The instruments granted herewith are Restricted Stock Units.  A Restricted Stock Unit is a bookkeeping entry that records the equivalent of one share of the Common Stock of the Corporation.  Upon the vesting of the Restricted Stock Units as provided herein, the Board Member shall be entitled to receive for each vested Restricted Stock Unit, one share of the Corporation’s Common Stock as set forth below.

1.1Grant of Restricted Stock Units.  The Corporation hereby grants to Board Member a total of _____ Restricted Stock Units (the “Employment Based Restricted Stock Units”) subject to the transfer restrictions and other conditions set forth in this Agreement (collectively, the “Restricted Stock Units”).  

	
 
	
1.2
	
Restrictions and Adjustments.

(a)Board Member shall not have the rights and privileges of a shareholder of the Corporation with respect to the Restricted Stock Units, such as voting rights and the right to receive dividends paid with respect to shares relating to such Restricted Stock Units.

(i)Board Member shall not be entitled to delivery of the certificate or certificates for any of the Common Stock until the restrictions imposed by this Agreement have lapsed with respect to those Restricted Stock Units, at the times defined in Section 1.3.

(ii)The Corporation shall retain custody of all distributions (“Retained Distributions”) made or declared with respect to the Restricted Stock Units (and such Retained Distributions will be subject to the same restrictions, terms and conditions as are applicable to the Restricted Stock Units) until such time, if ever, as the Restricted Stock Units with respect to which such Retained Distributions shall have been made, paid or 

 

 

declared shall have become vested.  Such Retained Distributions shall become vested and shall be distributed to the holder of the Restricted Stock Units promptly after such Restricted Stock Units vest (and in any event no later than the last day of the calendar year in which such Retained Distributions shall become vested).  Such Retained Distributions shall not bear interest or be segregated in separate accounts.

(iii)The Restricted Stock Units may not be sold, transferred, assigned, pledged or otherwise encumbered or disposed of by Board Member before these restrictions have lapsed pursuant to Section 1.3, except with the prior written consent of the Committee. Any attempt to dispose of Restricted Stock Units in a manner contrary to the restrictions set forth in the Plan or in this Agreement shall be ineffective.

(iv)The Restricted Stock Units and Retained Distributions shall be subject to forfeiture at the point in time a Board Member’s Service as a Board Member with the Corporation ends to the extent set forth in Section 1.6 below or upon the breach of any restrictions, terms or conditions of this Agreement. 

(b)Once any portion of Board Member’s Restricted Stock Unit award has become vested under Section 1.3, the Common Stock issued pursuant to such Restricted Stock Units shall not be subject to the preceding restrictions and shall not be considered to be restricted stock.

(c)In the event of any change in the outstanding Common Stock of the Corporation by reason of (a) any stock dividend, stock split, combination of shares, recapitalization or any other change in the capital structure of the Corporation, (b) any merger, consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial or complete liquidation or other distribution of assets, issuance of rights or warrants to purchase securities, or (c) any other corporate transaction or event having an effect similar to any of the foregoing, the number or kind of shares that may be issued under the Plan and the number of Units credited to a Board Member automatically shall be adjusted so that the proportionate interest of the Board Member shall be maintained as before the occurrence of such event. Such adjustment shall be conclusive and binding for all purposes with respect to the Plan.

1.3When Restrictions Lapse.  Subject to the limitations herein, 1⁄4 of the Restricted Stock Units shall vest and the restrictions on such Restricted Stock Units shall lapse on and after each of  May 14, 2020, August 14, 2020, November 14, 2020 and February 14, 2021, provided that Board Member continues to serve as a Board Member of the Corporation on each such date. 

1.4Change in Control. The foregoing notwithstanding, in the event of a Change in Control prior to the date the Restricted Stock Units vest, all unvested Restricted Stock Units granted hereunder shall be accelerated and immediately vest.  

1.5Settlement of Restricted Stock Units.  As soon as practicable after the date on which any Restricted Stock Units become vested, the Corporation shall deliver to the Board Member (or his or her personal representative) the number of shares of Common Stock equal to the number of Restricted Stock Units that have become vested (or, at the discretion of the Compensation Committee of the Corporation’s Board of Directors, cash with a value of such number of shares of Common Stock).

1.6Forfeiture on End of Service as a Board Member.  If the Board Member’s Service as a Board Member with the Corporation ends for any reason other than a Change of Control, either by the Corporation or Board Member, prior to the date on which the Restricted Stock Units have vested and the restrictions set forth in this Agreement have lapsed with respect to such Restricted Stock Units 

 

 

pursuant to Section 1.3, any Restricted Stock Units remaining subject to the restrictions imposed by this Agreement shall be forfeited.

2.Agreement Subject to the Plan.  This Agreement and the rights and obligations of the parties hereto are subject to and governed by the terms of the Plan as the same may be amended from time to time, including amendments made to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). This Agreement, and all awards and payments made under this Agreement, shall be administered, interpreted and applied in compliance with the requirements of Section 409A or an exemption thereto. Without limiting the generality of the foregoing, in order to comply with Section 409A, the determination of “Fair Market Value” of a share of Common Stock on any given date for purposes of this Agreement shall be, for so long as the Common Stock is readily tradable on an established securities market, the closing price on such date reported for the Common Stock by the securities market on which the Common Stock is admitted for trading, or, if such date is not a trading day, on the last trading day before such date.

3.Miscellaneous.

(a)This Agreement may be executed in one or more counterparts, all of which taken together will constitute one and the same instrument.

(b)The terms of this Agreement may only be amended, modified or waived by a written agreement executed by both of the parties hereto. However, the Corporation or the Committee may, without obtaining the written consent of the Board Member, amend this Agreement in any manner that it deems necessary or desirable to comply with the requirements of Section 409A or an exemption thereto.

(c)The validity, performance, construction and effect of this Agreement shall be governed by the laws of the State of Florida, without giving effect to principles of conflicts of law.

(d)This Agreement constitutes the entire agreement between the parties hereto with respect to the transactions contemplated herein.

(e)The headings contained in this Agreement are for purposes of convenience only and shall not affect the meaning or interpretation of this Agreement.

(f)Except as otherwise herein provided, this Agreement shall be binding upon and shall inure to the benefit of the Corporation, its successors and assigns, and of Board Member and Board Member’s personal representatives.

(g)This Agreement may be executed by either of the parties (the “Originating Party”) and transmitted to the other party (the “Receiving Party”) by facsimile, telecopy, telex or other form of written electronic transmission, and, upon confirmation of receipt thereof by the Receiving Party, this Agreement shall be deemed to have been duly executed by the Originating Party.  Upon the request of the Receiving Party, the Originating Party shall provide the Receiving Party with an executed duplicate original of this Agreement.

 

 

 

SYKES ENTERPRISES, INCORPORATED

 

 

 

By:___________________________________

James T. Holder

Chief Legal OfficerExhibit 10.1

 

SECURITIES
PURCHASE AGREEMENT

 

SECURITIES
PURCHASE AGREEMENT, dated as of the date set forth on the signature page hereto (the “Agreement”), between
by 1847 Asien Inc, a Delaware corporation (the “Buyer”), and Joerg Christian Wilhelmsen and Susan Kay Wilhelmsen,
as Trustees of the Wilhelmsen Family Trust, U/D/T dated May 1, 1992 (the “Seller,” and collectively with Company,
the “Parties”).

 

RECITALS

 

The
Buyer desires to purchase from the Seller, and Seller desires to sell to the Buyer, 415,000 common shares of 1847 Holdings LLC
(“Holdings”), that, in the aggregate, have a value as mutually agreed by the Parties that is equal to Eight
Hundred Thirty Thousand Dollars ($830,000) (the “Shares”), which are all of the common shares of Holdings that
are held by the Seller.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the mutual conditions and covenants contained in this Agreement, and for other good and valuable
consideration, the sufficiency and receipt of which is hereby acknowledged, it is hereby stipulated, consented to, and agreed
by and between the Parties as follows:

 

1. Purchase
and Sale of Shares. The Seller hereby sells, transfers, conveys and delivers unto the Buyer the Shares, and the Buyer hereby
acquires and purchases from the Seller the Shares.

 

2. Issuance
of Note. As consideration for the Shares, the Buyer is issuing to the Seller a two-year, 6% amortizing promissory note in
the aggregate principal amount of One Million, Thirty-Seven Thousand, Five Hundred Dollars ($1,037,500), in the form attached
hereto as Exhibit A (the “Note”).

 

3. The
Closing. The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place
by exchange of documents among the Parties by electronic mail, fax or courier, as appropriate, on the date hereof.

 

4. Representations
and Warranties of Seller. The Seller represents and warrants to the Buyer as follows:

 

(a) The
Seller has the power and authority to execute, deliver and perform its obligations under this Agreement and to sell, assign, transfer
and deliver to the Buyer the Shares as contemplated hereby. No permit, consent, approval or authorization of, or declaration,
filing or registration with any governmental or regulatory authority or consent of any third party is required in connection with
the execution and delivery by Seller of this Agreement and the consummation of the transactions contemplated hereby.

 

(b) Neither
the execution and delivery of this Agreement, nor the consummation of the transactions contemplated hereby or compliance with
the terms and conditions hereof by the Seller, will violate or result in a breach of any term or provision of any agreement to
which the Seller is bound or is a party, or be in conflict with or constitute a default under, or cause the acceleration of the
maturity of any obligation of the Seller under any existing agreement or violate any order, writ, injunction, decree, statute,
rule or regulation applicable to the Seller or any properties or assets of the Seller.

 

     

     

    

 

(c)
This Agreement has been duly and validly executed by the Seller, and constitutes the valid and binding obligation of the Seller,
enforceable against the Seller in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency
or other laws affecting creditors' rights generally or by limitations, on the availability of equitable remedies.

 

(d)
The Seller owns the Shares free and clear of all liens, charges, security interests, encumbrances, claims of others, options,
warrants, purchase rights, contracts, commitments, equities or other claims or demands of any kind (collectively, “Liens”),
and upon delivery of the Shares to the Buyer, the Buyer will acquire good, valid and marketable title thereto free and clear of
all Liens. The Seller is not a party to any option, warrant, purchase right, or other contract or commitment that could require
the Seller to sell, transfer, or otherwise dispose of any capital stock or other securities of Holdings (other than pursuant to
this Agreement). The Seller is not a party to any voting trust, proxy, or other agreement or understanding with respect to the
voting of any capital stock of Holdings.

 

(e) The
Seller acknowledges that it is a sophisticated entity or individual (as applicable) familiar with transactions similar to those
contemplated by this Agreement and is aware of the Holding’s business, affairs and financial condition and has received
all the information that it considers material, necessary or appropriate in determining whether to sell the Shares and further
acknowledges that such information is sufficient to allow the Seller to reach an informed decision to sell the Shares. The Seller
hereby represents that it has had an opportunity to ask questions and receive answers from Holdings and its employees regarding
the business, properties, prospects and financial condition of Holdings, including, without limitation, any strategic transaction,
public securities offering, private financing transaction (whether equity or debt), merger, consolidation, recapitalization, reclassification,
reorganization, change of control transaction, sale of assets or securities, liquidation or similar transaction which have been,
are being or may be contemplated by Holdings. The Seller hereby acknowledges that any future sales of Holdings’ capital
stock could be at a premium or a discount to the consideration paid hereunder for the Shares, and such sale could occur at any
time or not at all. The Seller represents that it has not relied on the Buyer for any information, including without limitation,
any information regarding Holdings or the value of the Shares, and the Seller further acknowledges that except for the express
representations and warranties made by the Buyer in Section 5, the Buyer has not made any representation or warranty to the Seller
with respect to the transactions contemplated herein or otherwise. The Seller acknowledges that neither the Buyer, Holdings, nor
any of their respective affiliates is acting as a fiduciary or financial or investment adviser to the Seller for purposes of the
sale of the Shares, and has not given the Seller any investment advice, opinion or other information on whether the sale of the
Shares is prudent.

 

    	 	- 2 -	 

     

    

 

(f) The
Seller acknowledges that (i) Buyer currently may have, and later may come into possession of, information with respect to Holdings
that is not known to the Seller and that may be material to a decision to sell the Shares (“Seller Excluded Information”),
(ii) the Seller has determined to sell the Shares notwithstanding its lack of knowledge of the Seller Excluded Information and
(iii) Buyer shall have no liability to the Seller, and the Seller waives and releases any claims that it might have against Buyer
whether under applicable securities laws or otherwise, with respect to the Buyer of Seller Excluded Information in connection
with the sale of the Shares and the transactions contemplated by this Agreement. The Seller has had a reasonable opportunity to
consult with legal counsel of its own choosing (as well as tax and financial advisors of its own choosing) regarding this Agreement
and the transactions contemplated hereby. The Seller has had an opportunity to review with its tax advisors the federal, state
and local tax consequences of the transactions contemplated by this Agreement. The Seller is relying solely on its own legal counsel
and advisors and not on any statements or representations of any of (x) Holdings or of any of Holdings’ affiliates, officers,
directors, stockholders, agents, representatives, legal counsel or advisors; and (y) the Buyer or of any of the Buyer’s
affiliates, officers, directors, stockholders, agents, representatives, legal counsel or advisors. The Seller understands that
it (and not Holdings) shall be responsible for the Seller’s tax liability and any related interest and penalties that may
arise as a result of the transactions contemplated by this Agreement. The Seller understands that Buyer will rely on the accuracy
and truth of the representations set forth herein, and the Seller hereby consents to such reliance.

 

(g) The
Seller is an “accredited investor” as such term is defined in Regulation D promulgated under the Securities Act.

 

(h) At
no time was the Seller presented with or solicited by any publicly issued or circulated form of general advertising or solicitation
in connection with the Shares.

 

5. Representations
and Warranties of the Buyer. The Buyer represents and warrants to the Seller as follows:

 

(a) The
Buyer has full power and authority to enter into this Agreement and to carry out the transactions contemplated hereby. This Agreement
constitutes a valid and binding obligation of the Buyer enforceable in accordance with its terms, except as (i) the enforceability
hereof may be limited by bankruptcy, insolvency or similar laws affecting the enforceability of creditor's rights generally and
(ii) the availability of equitable remedies may be limited by equitable principles of general applicability.

 

(b) Neither
the execution and delivery of this Agreement, nor the consummation of the transactions contemplated hereby or compliance with
the terms and conditions hereof by the Buyer, will violate or result in a breach of any term or provision of any agreement to
which the Buyer is bound or is a party, or be in conflict with or constitute a default under, or cause the acceleration of the
maturity of any obligation of the Seller under any existing agreement or violate any order, writ, injunction, decree, statute,
rule or regulation applicable to the Seller or any properties or assets of the Seller.

 

    	 	- 3 -	 

     

    

 

(c) The
Buyer is acquiring the Shares for its own account for investment and not for the account of any other person and not with a view
to or for distribution, assignment or resale in connection with any distribution within the meaning of the Securities Act of 1933,
as amended. The Buyer agrees not to sell or otherwise transfer the Shares unless they are registered under applicable federal
and state securities laws, or an exemption or exemptions from such registration are available.

 

(d) No
permit, consent, approval or authorization of, or declaration, filing or registration with any governmental or regulatory authority
or the consent of any third party is required in connection with the execution and delivery by the Buyer of this Agreement and
the consummation of the transactions contemplated hereby.

 

(e) The
Buyer (i) is an “accredited investor” as defined in Rule 501(a) under the Securities Act of 1933, as amended, and
(ii) has such experience in business and financial matters that it is capable of evaluating the merits and risks of an investment
in the Securities. The Buyer acknowledges that an investment in the Securities is speculative and involves a high degree of risk.

 

6. Post-Closing
Covenants. The Parties agree that if at any time after the Closing any further action is necessary or desirable to carry out
the purposes of this Agreement, each of the Parties will take such further action (including the execution and delivery of such
further instruments and documents) as any other Party may reasonably request, all at the sole cost and expense of the requesting
Party.

 

7. Fees
and Expenses. Each party shall be responsible for his or its own attorneys’ fees and costs.

 

8. Reliance.
The Parties acknowledge and represent that: (a) they have read the Agreement and the Note; (b) they clearly understand the Agreement
and the Note and each of their respective terms; (c) they fully and unconditionally consent to the terms of this Agreement and
the Note; (d) they have had the benefit and advice of counsel of their own selection; (e) they have executed this Agreement and
the Note, freely, with knowledge, and without influence or duress; (f) they have not relied upon any other representations, either
written or oral, express or implied, made to them by any person; and (g) the consideration received by them has been actual and
adequate.

 

9. Entire
Agreement. This Agreement and other agreements referred to herein contain the entire agreement and understanding concerning
the subject matter hereof between the Parties and supersedes and replaces all prior negotiations, proposed agreement and agreements,
written or oral. Each of the Parties hereto acknowledges that none of the Parties hereto, agents or counsel of any Party, has
made any promise, representation or warranty whatsoever, express or implied, not contained herein concerning the subject hereto,
to induce it to execute this Agreement and acknowledges and warrants that it is not executing this Agreement in reliance on any
promise, representation or warranty not contained herein.

 

    	 	- 4 -	 

     

    

 

10. Amendments.
This Agreement may not be modified or amended in any manner except by an instrument in writing specifically stating that it is
a supplement, modification or amendment to the Agreement and signed by each of the Parties hereto against whom such modification
or amendment shall be claimed to be effective.

 

11. Enforceability.
Should any provision of this Agreement be declared or be determined by any court or tribunal to be illegal or invalid, the validity
of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision
shall be severed and deemed not to be part of this Agreement.

 

12. Governing
Law. This Agreement shall be governed, interpreted, and construed in accordance with the laws of the State of California.

 

13. Counterparts.
This Agreement may be executed in facsimile counterparts, each of which, when all parties have executed at least one such counterpart,
shall be deemed an original, with the same force and effect as if all signatures were appended to one instrument, but all of which
together shall constitute one and the same Agreement.

 

[Signature
Page Follows]

 

    	 	- 5 -	 

     

    

 

IN
WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first indicated above.

 

BUYER:

 

1847
Asien Inc.

 

	By:	/s/ Robert D. Patterson	 
	Name:	Robert Patterson Dated: 7/29/20	 
	Title:	Chief Executive Officer	 

 

SELLER:

 

Joerg
Christian Wilhelmsen and Susan Kay Wilhelmsen, as Trustees 

of
the Wilhelmsen Family Trust, U/D/T dated May 1, 1992

 

	By:	/s/ Joerg Christian Wilhelmsen	 	 	 
	Name:	Joerg Christian Wilhelmsen	 	Dated:	7/24/20
	Title:	Trustee	 	 	 
	 
	By:	/s/ Susan K. Wilhelmsen	 	 	 
	Name:	Susan Kay Wilhelmsen	 	Dated:	7/24/20
	Title:	Trustee	 	 	 

 

    	 	- 6 -	 

     

    

 

EXHIBIT
A

 

PROMISSORY
NOTE

 

(See
attached)

 

 

-7 -

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