Document:

a101consultingagreement

1  MANAGEMENT CONSULTING AGREEMENT  U.S. Concrete, Inc. and Joseph C. Tusa, Jr.  THIS AGREEMENT is entered into as of the 1st day of July, 2017, by and between U.S. Concrete, Inc. (“Company”) and Joseph C. Tusa, Jr. (hereinafter referred to as the “Consultant”). For purposes of this Agreement, the term “Company Entities” means, collectively, the Company and its business and operating units and its direct and indirect subsidiaries and affiliates, as the same may exist now or in the future, including those corporations or other legal entities in which Company has a direct or indirect ownership or investment interest of 20% or more.  WHEREAS, Consultant is a former executive officer of the Company, having previously served in the role of Senior Vice President and Chief Financial Officer;  WHEREAS, the Company desires to retain the services of Consultant, and Consultant desires to render such services, all subject to and upon the terms set forth herein.    NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein, the Company and Consultant agree as follows:   1. Consulting Services.    a. Term of Service.  The Company hereby retains Consultant as a consultant and independent contractor to provide the services described in Paragraph 1.b. for a period of two (2) months, commencing on the date of this Agreement and ending August 31, 2017 (the “Term of Service”).  Both Parties acknowledge that this Agreement shall automatically terminate at the conclusion of the Term of Service or as otherwise terminated in accordance with Section 6 hereof and may only be extended for an additional period of time with the express written consent of both the Consultant and the Company.  b. Services to be Provided.  Consultant shall be available on an as-needed basis to render consulting and advisory services as may be reasonably requested by the Company’s President and Chief Executive Officer and the Board of Directors of the Company with respect to the conduct of the business of any Company Entity, including but not limited to consulting and advisory services relating to financial reporting, tax and accounting matters, capital markets, banking and finance matters, and business development, mergers and acquisitions (collectively, the “Services”).  Consultant’s principal contact at the Company during the Term of Service shall be the Company’s President and Chief Executive Officer.   c. Availability and Standard of Services.  Consultant hereby agrees that he will be available to provide Services for a maximum of 40 hours during any one week during the Term of Service.  Consultant agrees that he shall perform all of the Services in a timely and professional manner, in compliance with all policies and procedures of the Company, as well as all applicable 

 

2  laws, rules and regulations of the United States and any state in which his services are provided, with a level of care, skill and diligence that a prudent professional acting in a like capacity and familiar with such matters would use.    d. Work Location.  The Parties acknowledge that Consultant will have access to an office at the Company’s headquarters and that to the extent practicable, Consultant may work from his home office.  It is the intent and expectation of both parties that Consultant shall be required to travel as necessary to complete the consulting and advisory services contemplated by this Agreement.  e. Limitations.   Consultant acknowledges that without prior written consent of the Company, he shall not have the authority to act or make decisions for, give instructions to, or make commitments on behalf of any of the Company Entities and shall not hold himself out to any party as having any such authority.    f. Work Product.  All work product produced or created by Consultant during the Term of Service, in any form, is work for hire and is the sole property of the Company (collectively, “Work Product”); provided, however, Work Product shall not include: (i) general skills, know-how, methods or techniques or (ii) software licensed by Consultant from third-parties.  2. Independent Contractor.    a. Consultant shall have complete discretion to determine the details, methods and means by which Consultant provides the Services.  The parties agree that Consultant is retained only for the purposes and to the extent set forth in this Agreement, and Consultant’s relation to the Company shall be that of a consultant and an independent contractor.  As a consultant and an independent contractor, Consultant shall be free to use and dispose of such portion of Consultant’s time, energy and skill as Consultant is not obligated to devote hereunder to the Company Entities, in such manner as Consultant sees fit and to such persons, firms or corporations as Consultant deems advisable so long as same does not conflict with the provisions of this Agreement or any other agreements between Consultant and the Company Entities.  b. Consultant shall not be considered under the terms of this Agreement as having the status as an employee of the Company, nor shall Consultant be entitled to participate in any plans, arrangements, or distributions by the Company to any bonus, equity, health benefits, or any other benefits extended by the Company to its employees.  c. All payments, including the reimbursement for reasonable and actual expenditures, shall be included in Consultant’s compensation for Services rendered and accordingly reported on Consultant’s IRS Form 1099.  Consultant acknowledges that the Company shall not withhold nor pay any amounts for federal, state or local income tax, Social Security, Unemployment, or Workers’ Compensation, and that Consultant shall have full and exclusive responsibility for the payment of any taxes levied, assessed or resulting from any services Consultant shall perform pursuant to this Agreement.   

 

3  3. Compensation.  For all services rendered by Consultant, the Company shall compensate Consultant as follows:  a. Fee.  Company shall pay Consultant a monthly fee of $32,687.92; or an aggregate of $65,395.84 for the Term of Service.  Unless otherwise agreed to in writing between Consultant and the Company, this fee will be paid to Consultant by direct deposit to an account designated by Consultant no later than the last day of each month during the Term of Service.   b. Expenses.  Consultant shall be entitled to reimbursement for all business, travel and other reasonable, actual out-of-pocket expenses incurred by Consultant in the performance of Consultant’s Services pursuant to this Agreement (“Expenses”); provided, however, all expenses over $250 must be pre-approved by the President and Chief Executive Officer of the Company.  All Expenses must be appropriately documented and in a format consistent with the Company’s expense reporting policy.  Company will pay Consultant for all properly documented Expenses within 30 days after Consultant submits the applicable expense report.  4. Non-Disclosure.    a. Consultant acknowledges that during the course of his duties for the Company he may be furnished or become aware of Confidential Information.  "Confidential Information" shall mean information which is (i) proprietary to or created by any Company Entity; (ii) not typically disclosed to non-employees by the Company Entities; or (iii) designated as Confidential Information by a Company Entity.  Notwithstanding any of the foregoing, Confidential Information shall also be deemed to include the trade secrets, designs, business plans, pricing schedules, and customer lists.  b. Consultant further acknowledges and agrees that all Confidential Information shall be the exclusive and confidential property of the Company and shall be regarded, treated and protected as such.  Consultant shall not use, copy or transfer Confidential Information other than as is necessary in carrying out his duties pursuant to this Agreement.  5. Return of Company Property.  a. All materials, correspondence, reports, records, charts, data, software, hardware, designs, business plans, acquisition plans, financial statements, manuals, memoranda, lists, and documents, including without limitation those containing or pertaining to any Confidential Information, delivered to or compiled by Consultant by or on behalf of the Company Entities that pertain to the business, activities or future plans of the Company Entities shall be and remain the exclusive property of the Company.    b. All Company property that is collected or held by Consultant shall be delivered promptly to the Company, without request, upon termination of this Agreement, without regard to the cause or reasons for such termination.   6. Termination.  This Agreement may be terminated prior to the completion of the Term of Service in any one of the following ways: 

 

4   a. Death.  The death of Consultant shall immediately terminate this Agreement.  b. By Company or Consultant.  At any time prior to the expiration of the Term of Service, either the Company or Consultant may, for any reason, terminate this Agreement and Consultant’s engagement as a Consultant upon providing 14 days advance written notice to the other Party.  c. Upon termination of this Agreement pursuant to this Paragraph 6, Company shall pay to Consultant the fees earned and Expenses incurred by Consultant pursuant to Paragraph 3 through the termination date, and all rights and obligations of the Company and Consultant under this Agreement shall cease as of the termination date, except that Consultant’s obligations under Paragraphs 4 and 5, and Company’s obligations under Paragraph 8, shall survive such termination in accordance with their terms.  7. Assignment.   a. In the event that Company, or any corporation or other entity resulting from any merger or consolidation referred to in this section, merges or consolidates into or with any other entity or entities, or in the event that substantially all of the assets of Company are sold or otherwise transferred to another entity, the provisions of this Agreement shall be binding upon and inure to the benefit of the entity resulting from such merger or consolidation or to which such assets are sold or transferred.  b. This Agreement shall not be assignable by Company or by any entity resulting from any merger or consolidation or to which such assets are sold or transferred, except (i) to the continuing entity in, or the entity resulting from and as an incident of any such merger or consolidation, or (ii) to the entity to which such assets are sold or transferred, and as an incident of such sale or transfer.   c. Neither this Agreement nor any rights hereunder shall be assignable by Consultant.  8. General Indemnity.     a. The Company shall indemnify, defend and hold harmless the Consultant from and against any and all losses, liability or expense based on or attributable to any claim or threatened claim by a Third Party arising out of or in connection with any service performed under this Agreement.     b. Notwithstanding the foregoing, the Company’s indemnification obligation to Consultant shall not apply to any liability arising from or caused by bad faith, willful or reckless conduct or intentional misconduct of Consultant.       

 

5 9. Governing Law. a. This Agreement shall be interpreted in accordance with and governed by the laws of the State of Texas, without regard to conflict of law principles. It is conclusively deemed that this Agreement was entered into in the State of Texas. b. If any provision of this Agreement is unenforceable under applicable law, it shall not affect the validity or enforceability of the remaining provisions. To the extent that any provision of this Agreement is unenforceable as stated, such provision shall not be void but rather shall be modified to the extent required by applicable law to permit such provision to be enforced to the maximum extent permitted by applicable law. 10. Complete Agreement.  This Agreement is the final, complete and exclusive statement of the agreement for the Services between the Company and Consultant, and supersedes all proposals, oral or written, and negotiations, conversations, discussions, or agreements between the parties relating to the Services to be provided hereunder.  For the avoidance of doubt, the terms and conditions of this Agreement are unrelated to and have no force or effect on that certain Separation and Transition Agreement dated as of March 23, 2017 by and between the Company and Consultant or the general release and waiver provided thereunder.  Both Parties recognize that none of the terms of this Agreement may be varied, contradicted or supplemented except by a written instrument signed by both parties. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth below. CONSULTANT /s/ Joseph C. Tusa, Jr. Joseph C. Tusa, Jr. July 1, 2017 Date FOR: U.S. CONCRETE, INC.  Title:   /s/ William J. Sandbrook William J. Sandbrook President and Chief Executive Officer Date:   July 1, 2017Exhibit 10.2

 

INCENTIVE STOCK OPTION

 

FORM OF

INCENTIVE STOCK OPTION

Granted by

NEW BANCORP, INC.

under the

NEW BANCORP, INC.

2017 EQUITY INCENTIVE PLAN

 

This incentive stock option agreement ("Option" or "Agreement") is and will be subject in every respect to the provisions of the 2017 Equity Incentive Plan (the "Plan") of New Bancorp, Inc. (the "Company") which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement.  A copy of the Plan has been provided or made available to each person granted a stock option pursuant to the Plan.  The holder of this Option (the "Participant") hereby accepts this Option, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the committee responsible for administering the Plan (the "Committee") will be final, binding and conclusive upon the Participant and the Participant's heirs, legal representatives, successors and permitted assigns.  Except where the context otherwise requires, the term "Company" will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the "Code").  Capitalized terms used herein but not defined will have the same meaning as in the Plan. Any reference to the "Bank" herein shall refer to New Buffalo Savings Bank and any reference to "Employer" shall mean either or both the Company and the Bank.

  

	1.	Name of Participant:____________________________________  	 

 

	2. 	Date of Grant:_________________________________ 	 

	3.	
Total number of shares of Company common stock, $0.01 par value per share, that may be acquired pursuant to this Option:_________________________________

 (subject to adjustment pursuant to Section 10 hereof).

	
·

	
This is an Incentive Stock Option ("ISO") to the maximum extent permitted under Code Section 422(d).

 

	4.	
Exercise price per share:______________________________

(subject to adjustment pursuant to Section 10 below)

 

	5.	Expiration Date of Option:_________________________________________

 

	6.	
Vesting Schedule.  Except as otherwise provided in this Agreement, this Option first becomes exercisable, subject to the Option's expiration date, in accordance with the vesting schedule specified herein.

	
Date

	
Vested Portion of Award

	 	 
	 	 
	 	 
	 	 
	 	 

This Option may not be exercised at any time on or after the Option's expiration date. Vesting will automatically accelerate pursuant to Sections 2.9 and 4.1 of the Plan (in the event of death or Disability or Involuntary Termination at or following a Change in Control).

	7.	
Exercise Procedure.

		7.1	
Delivery of Notice of Exercise of Option.  This Option will be exercised in whole or in part by the Participant's delivery to the Company of written notice (the "Notice of Exercise of Option" attached hereto as Exhibit A) setting forth the number of shares with respect to which this Option is to be exercised, together with payment by cash or other means acceptable to the Committee, including:

	
·

	
Cash or personal, certified or cashier's check in full/partial payment of the purchase price.

	
·

	
Stock of the Company in full/partial payment of the purchase price.

	
·

	
By a net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any tax withholding).

	
·

	
By selling shares from my Option shares through a broker in full/partial payment of the purchase price.

In order to exercise the Option, please deliver the Notice of Exercise and payment (if applicable) to the Company at the following address:

New Bancorp, Inc.

45 North Whittaker Street

New Buffalo, Michigan 49117

Attention:_____________________ 

		7.2	
"Fair Market Value" shall have the meaning set forth in Section 8.1(s) of the Plan.

2

	8.	Delivery of Shares.

 

		8.1	
Delivery of Shares.  Delivery of shares of Common Stock upon the exercise of this Option will comply with all applicable laws (including the requirements of the Securities Act) and the applicable requirements of any securities exchange or similar entity.

	9.	
Change in Control.

		9.1	
In the event of an Involuntary Termination at or following a Change in Control, all Options held by the Participant, whether or not exercisable at such time, will become fully exercisable, subject to the expiration provisions otherwise applicable to the Option.

		9.2	
A "Change in Control" will be deemed to have occurred as provided in Section 4.2 of the Plan.

	10.	
Adjustment Provisions.

This Option, including the number of shares subject to the Option and the exercise price, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of Section 3.4 of the Plan.

	11.	
Termination of Option and Accelerated Vesting.

This Option will terminate upon the expiration date, except as set forth in the following  provisions:

	
(i)

	
Death.  This Option will become exercisable as to all shares subject to an outstanding Award, whether or not then exercisable, in the event of the Participant's Termination of Service by reason of the Participant's death.  This Option may thereafter be exercised by the Participant's legal representative or beneficiaries for a period of one (1) year from the date of death, subject to termination on the expiration date of this Option, if earlier.

	
(ii)

	
Disability.  This Option will become exercisable as to all shares subject to an outstanding Award, whether or not then exercisable, in the event of the Participant's Termination of Service by reason of the Participant's Disability. This Option may thereafter be exercised for a period of one (1) year from the date of such Termination of Service by reason of Disability, subject to termination on the Option's expiration date, if earlier.

	
(iii)

	
Retirement.  Vested Options may be exercised for a period of one (1) year from the date of Termination of Service by reason of Retirement, subject to termination on the Option's expiration date, if earlier (and, for purposes of clarity, non-vested Options will be forfeited on the date of Termination of Service by reason of Retirement).  "Retirement" shall have the meaning set forth in Section 8.1(dd) of the Plan.  Options exercised more than three months following Retirement will not have ISO treatment.

	
(iv)

	
Termination for Cause.  If the Participant's Service has terminated for Cause, all Options that have not been exercised will expire and be forfeited.

	
(v)

	
Other Termination.  If the Participant's Service terminates for any reason other than due to death, Disability, Retirement, Involuntary Termination following a Change in Control or Cause, all unvested Options will be forfeited and vested Options may thereafter be exercised, to the extent it was exercisable at the time of such termination, for a period of three months following termination, subject to termination on the Option's expiration date, if earlier.

3

	12.	
Miscellaneous.

		12.1	
No Option will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights.

		12.2	
This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

		12.3	
Except as otherwise provided by the Committee, ISOs under the Plan are not transferable except (1) as designated by the Participant by will or by the laws of descent and distribution, (2) to a trust established by the Participant, or (3) between spouses incident to a divorce or pursuant to a domestic relations order, provided, however, that in the case of a transfer described under (3), the Option will not qualify as an ISO as of the day of such transfer.

		12.4	
This Agreement will be governed by and construed in accordance with the laws of the State of Michigan.

		12.5	
This Agreement is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Participant agrees that he will not exercise the Option granted hereby nor will the Company be obligated to issue any shares of stock hereunder if the exercise thereof or the issuance of such shares, as the case may be, would constitute a violation by the Participant or the Company of any such law, regulation or order or any provision thereof.

		12.6	
The granting of this Option does not confer upon the Participant any right to beretained in the employ of the Company or any subsidiary.

[Signature page follows]

4

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the date of grant of this Option set forth above.

NEW BANCORP, INC.

By: _________________________ 

Its: _________________________ 

PARTICIPANT'S ACCEPTANCE

The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including the terms and provisions of the 2017 Equity Incentive Plan.  The undersigned hereby acknowledges receipt of a copy of the Company's 2017 Equity Incentive Plan.

PARTICIPANT

 ____________________________

5

EXHIBIT A

NOTICE OF EXERCISE OF OPTION

 

I hereby exercise the stock option (the "Option") granted to me by New Bancorp, Inc. (the "Company") or its affiliate, subject to all the terms and provisions set forth in the Stock Option Agreement (the "Agreement") and the New Bancorp, Inc. 2017 Equity Incentive Plan (the "Plan") referred to therein, and notify you of my desire to purchase __________________ shares of common stock of the Company ("Common Stock") for a purchase price of $______ per share.

 

I elect to pay the exercise price by:

		___	
Cash or personal, certified or cashier's check in the sum of $_______, in full/partial payment of the purchase price.

		___	
Stock of the Company with a fair market value of $______ in full/partial payment of the purchase price.*

		___	
A net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any tax withholding).

		___	
Selling  ______ shares from my Option shares through a broker in full/partial payment of the purchase price.

I understand that after this exercise, ____________ shares of Common Stock remain subject to the Option, subject to all terms and provisions set forth in the Agreement and the Plan.

I hereby represent that it is my intention to acquire these shares for the following purpose:

		___	
investment

		___	
resale or distribution

Please note: if your intention is to resell (or distribute within the meaning of Section 2(11) of the Securities Act of 1933) the shares you acquire through this Option exercise, the Company or transfer agent may require an opinion of counsel that such resale or distribution would not violate the Securities Act of 1933 prior to your exercise of such Option.

Date: ____________, _____. _________________________________________

                                                     Participant's signature

*   If I elect to exercise by exchanging shares I already own, I will constructively return shares that I already own to purchase the new option shares.  If my shares are in certificate form, I must attach a separate statement indicating the certificate number of the shares I am treating as having exchanged.  If the shares are held in "street name" by a registered broker, I must provide the Company with a notarized statement attesting to the number of shares owned that will be treated as having been exchanged.  I will keep the shares that I already own and treat them as if they are shares acquired by the option exercise.  In addition, I will receive additional shares equal to the difference between the shares I constructively exchange and the total new option shares that I acquire.

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