Document:

rhe-ex10248_1424.htm

Exhibit 10.248

 

	

	
REGIONAL HEALTH
	
 
	
454 Satellite Blvd. NW, Suite 100, Suwanee, GA

30024 p: 678-869-5116 I f: 678-669-2716

www.regionalhealthproperties.com

	
 

	
PROPERTIES, INC.
	
 

 

	
 
	
 
	
 
	
 
	
 

 

September 4, 2020

Mr. Benjamin A. Waites 

Dear Ben,

On behalf of Regional Health Properties, it is a pleasure to provide you with this written offer for employment as Chief Financial Officer. In this letter of agreement ("Agreement"), the terms "you" and "your" refer to you, Benjamin Waites and the terms "us," "we," and "our" refer to us, Regional Health Properties. If we have correctly reflected the entire agreement in this letter, please initial the bottom of each page, sign the last page and return a copy to Brent Morrison.

Compensation: You will be paid annually in the amount of $175,000 annually and you will also be eligible for a bonus based upon a predetermined bonus structure. Your start date will be September 8, 2020. You will be eligible for all corporate benefits including but not limited to health insurance, life insurance and other ancillary insurances such as dental and vision insurance, vacation and sick time as well as holiday pay. The company will provide the equipment necessary to perform your job.

Reimbursement of Business Expenses: Should you be required as part of your job to travel and/or incur business expenses on behalf of Regional Health Properties we will reimburse you for all reasonable and authorized business related expenses incurred by you in connection with your employment under this Agreement. Reimbursement of expenses shall be made in accordance with the Employee Expense/Travel Policy and Procedure and on the basis of itemized statements submitted by you, including actual bills, receipts, or other evidence of expenditures and shall be, in any event, subject to our general policy and procedure as now in effect and modified from time to time. For purposes of auto transportation, we will pay you at the company approved mileage rate, which changes from time to time.

Term of Agreement: This Agreement shall take effect on your first date of employment in this assignment, and shall remain in effect until terminated under the provisions of this section. You understand and acknowledge that your employment is at will, and both you and us have the right to terminate this Agreement with or without cause at any time. Neither this Agreement nor any other document created by the Company shall constitute an employment contract between you and Regional Health Properties.

 

 

 

 

 

	

	
REGIONAL HEALTH
	
 
	
454 Satellite Blvd. NW, Suite 1.00, Suwanee, GA

30024 p: 678-869-5116 I f: 678-669-2716

www.regionalhealtliproperties.com

	
 

	
PROPERTIES, INC.
	
 

 

	
 
	
 
	
 
	
 
	
 

 

Trade Secrets: As a condition of your employment you agree that, except in the ordinary course of business and within the scope of your employment, you will not at anytime, in any form or manner, either directly or indirectly, disclose or communicate to any person, corporation, or organization not otherwise entitled to receive such information in our best interest any information concerning our business, or that of our affiliates, including without limitation, the names of any affiliated Regional Health Properties patients, residents or employees, the fees we obtain or have obtained for our services, financial information, computer programs, marketing plans, pricing information, the existence of any discussions or facts relating thereto, our manner of operation or our plans, processes, or data of any kind. You agree not to disclose such information even if you might believe that the information about our business, or that of our affiliates, is confidential material and important and gravely effects the effective and successful conduct of our business.

Non-Solicitation: As an employee of Regional Health Properties and for a period of one year after you leave employment with us, you agree that you will not solicit or otherwise seek to induce (directly or indirectly) any person who is a customer, patient, resident, or supplier of us or any of our affiliates or client to terminate his, her, or its relationship with us or any of our affiliates, or any client nursing home with which we have a consulting agreement. You agree that any breach of the terms of this section is a material breach of this Agreement.

Non-Recruitment: You understand and acknowledge that Regional Health Properties employees are a valuable asset. Therefore, you agree that for a period of one year after leaving our employ for any reason, you will not directly or indirectly encourage, recruit, or solicit (either for you or for any other person or organization) any of our employees, or those of our client facilities or affiliates, to leave our collective employment or to join you at your new employer. You agree to inform any and all subsequent employers of your obligation in this respect, and it shall be deemed a breach of this Agreement if any such employee is recruited and hired by you or your future employer during said period in a position reporting directly to you, or once removed therefrom. Breach of this section shall entitle us to seek damages from the new employer equal to the annual compensation of the person improperly encouraged, recruited or solicited, as the case may be, as well as to initiate an action to seek injunctive relief against the new employer barring it from hiring or continuing employment of the improperly hired employee.

Return of Materials:  You recognize that during your employment with us, you will have access to confidential information and material that is the property of Regional Health Properties. You hereby agree, that should we so request it at any time under this Agreement including upon termination of your employment, you shall promptly return to us all notes, memoranda, notebooks, drawings, records, reports, files and/or documents (and all copies or reproductions of such materials) including emails, manuals, correspondence and any other material in your possession or under your control, whether prepared by you or others, which contain any confidential information or trade secrets. You acknowledge that this material is solely the property of us and/or our affiliates.

 

 

 

 

 

	

	
REGIONAL HEALTH
	
 
	
454 Satellite Blvd. NW, Suite 100, Suwa nee, GA

30024 p: 678-86g-5116 I f: 678-669-2716

www.regionalhealthproperties.corn

	
 

	
PROPERTIES, INC.
	
 

 

	
 
	
 
	
 
	
 
	
 

 

Governing Law: The laws of the State of Georgia shall govern the performance and interpretation of the Agreement.

Miscellaneous: This Agreement shall be binding upon and shall inure to the benefit of you and us, and our respective successors, heirs, and legal representatives. If any provisions of this Agreement are held to be unenforceable for any reason by any court or tribunal, that unenforceability shall not effect the remainder of this Agreement, which shall remain in full force and effect and be enforceable in accordance with the terms. Our waiver of your breach of this Agreement, or our waiver of a breach of any similar agreement with any other employee, shall not operate as our waiver of any subsequent breach by you. This Agreement may not be changed or amended except by a subsequent agreement in writing signed by both you and us.

We are excited to have you join our team at Regional Health Properties. Please sign and date below and return one copy to me via email.

Very truly yours,

Brent Morrison

Chief Executive Officer

Regional Health Properties

 

 

 

 

 

 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
I accept the position as stated above.

	
 
	
 
	
 
	
 

	

	
 
	
 
	
9/34.2.0

	
Benjamin A. Waites
	
 
	
Date
	
 

	
 
	
 
	
 
	
 

	
cc:HR Personnel Filetm211482-1_10k_DIV_51-exh4x1 - none - 1.1875174s

    
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          EXHIBIT 4.1​

        
          DESCRIPTION OF SECURITIES REGISTERED PURSUANT TO
          

          SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 
        

        
          As of December 31, 2020, Gatos Silver, Inc. (the “Company”, “we” or “us”) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: common stock, par value $0.01 per share. 
        

        
          The following description of common stock does not purport to be complete and is subject to our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and the provisions of applicable law. Copies of these documents have been filed as exhibits to our Annual Report on Form 10-K, of which this Exhibit 4.1 is a part. 
        

        
          General 
        

        
          Our authorized capital stock consists of 700,000,000 shares of common stock, par value $0.001 per share, and 50,000,000 shares of preferred stock, par value $0.001 per share. 
        

        
          Common Stock 
        

        
          Voting Rights.   The holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders, except on matters relating solely to terms of preferred stock. 
        

        
          Dividend Rights.   Subject to preferences that may be applicable to any outstanding preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by our Board of Directors out of funds legally available therefor. 
        

        
          Rights upon Liquidation.   In the event of liquidation, dissolution or winding up, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding. 
        

        
          Other Rights.   The holders of our common stock have no preemptive or conversion or exchange rights or other subscription rights. There are no redemption, retraction, purchase for cancellation, surrender or sinking or purchase fund provisions applicable to our common stock. 
        

        
          Preferred Stock 
        

        
          Our Board of Directors has the authority to issue the preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any series or the designation of such series, without further vote or action by the stockholders. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of our Company without further action by the stockholders and may adversely affect the voting and other rights of the holders of common stock. 
        

        
          Certain Amended and Restated Certificate of Incorporation and Bylaw Provisions 
        

        
          Requirements for Advance Notification of Stockholder Nominations and Proposals 
        

        
          Our Amended and Restated Bylaws establish advance notice procedures with respect to stockholder proposals and nomination of candidates for election as directors. 
        

        
          Limits on Actions by Written Consents 
        

        
          Any action required or permitted to be taken by the stockholders must be effected at a duly called annual or special meeting of stockholders and may not be effected by any consent in writing in lieu of a meeting of such stockholders, subject to the rights of the holders of any series of preferred stock. 
        

      

      
        
           
          

        

      

      

    

    
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          Limits on Special Meetings 
        

        
          Special meetings of the stockholders may be called at any time only by the secretary at the direction of our Board of Directors pursuant to a resolution adopted by our Board of Directors. 
        

        
          Choice of Forum 
        

        
          Our Amended and Restated Certificate of Incorporation provides that the Court of Chancery of the State of Delaware is the exclusive forum for the following types of actions or proceedings under Delaware statutory or common law: (i) any derivative action or proceeding brought on our behalf; (ii) any action asserting a breach of fiduciary duty; (iii) any action asserting a claim against us arising under the DGCL; and (iv) any action asserting a claim against us that is governed by the internal affairs doctrine. The foregoing provision does not apply to claims under the U.S. Securities Act, the Exchange Act or any claim for which the U.S. federal courts have exclusive jurisdiction. Our Amended and Restated Certificate of Incorporation further provides that the federal district courts of the United States will, to the fullest extent permitted by law, be the exclusive forum for resolving any complaint asserting a cause of action arising under the U.S. Securities Act. 
        

        
          Our Amended and Restated Certificate of Incorporation also provides that any person or entity purchasing or otherwise acquiring or holding any interest in shares of our capital stock will be deemed to have notice of and to have consented to these choice of forum provisions. These exclusive forum provisions may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers or other employees, which may discourage lawsuits against us and our directors, officers, and other employees, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder. 
        

        
          While Delaware courts have determined that choice of forum provisions are facially valid, it is possible that a court of law in another jurisdiction could rule that the choice of forum provisions to be contained in our Amended and Restated Certificate of Incorporation are inapplicable or unenforceable if they are challenged in a proceeding or otherwise. If a court were to find the choice of forum provision in our Amended and Restated Certificate of Incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions. 
        

        
          Corporate Opportunities 
        

        
          Our Amended and Restated Certificate of Incorporation provides that we renounce any interest or expectancy in the business opportunities of The Electrum Group, LLC and its affiliates (collectively, “Electrum”) and the Municipal Employees’ Retirement System of Michigan (“MERS”) and of our directors who are affiliated with Electrum or MERS, other than directors who are also our employees, and that neither our directors affiliated with Electrum or MERS, other than directors who are also our employees, nor Electrum or MERS have any obligation to offer us those opportunities. Electrum, MERS and any of our directors who are affiliated with them other than directors who are also our employees may, in the past, present or future, carry out and engage in any and all activities associated with any business, including, without limitation, any mining business. 
        

        
          Amendments to Our Governing Documents 
        

        
          Generally, any amendment of our Amended and Restated Certificate of Incorporation requires approval by our Board of Directors and the vote of holders of more than 66.67% of the votes entitled to be cast by the outstanding capital stock in the election of our Board of Directors. Any amendment to our Amended and Restated Bylaws requires the approval of either a majority of our Board of Directors or holders of more than 66.67% of the votes entitled to be cast by the outstanding capital stock in the election of our Board of Directors. 
        

        
          Board of Directors 
        

        
          Our Board of Directors consists of a single class of directors and directors serve until a successor is duly elected and qualified or until a director’s earlier death, removal or resignation (other than directors that may be elected by holders of our preferred shares, if any). 
        

      

      
        
           
          

        

      

      

    

    
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          Our Amended and Restated Certificate of Incorporation and our Amended and Restated Bylaws provide that directors may be removed only for cause and only by the affirmative vote of the holders of 66.67% of our outstanding voting stock, voting together as a single class, unless approved by our Board of Directors, in which case such removal for cause shall require the affirmative vote of the holders of more than 50% of our outstanding voting stock, voting together as a single class. Our Amended and Restated Certificate of Incorporation and our Amended and Restated Bylaws provide that any vacancy on our Board of Directors, including a vacancy resulting from an enlargement of our Board of Directors, may be filled by vote of a majority of our directors then in office. Furthermore, our Amended and Restated Certificate of Incorporation provides that the authorized number of directors may be changed only by resolution of our Board of Directors. 
        

        
          Delaware Business Combination Statute 
        

        
          We are subject to Section 203 of the DGCL, which regulates corporate acquisitions. Section 203 prevents an “interested stockholder,” which is defined generally as a person owning 15% or more of a corporation’s voting stock, or any affiliate or associate of that person, from engaging in a broad range of “business combinations” with the corporation for three years after becoming an interested stockholder unless: 
        

        
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          the board of directors of the corporation had previously approved either the business combination or the transaction that resulted in the stockholder’s becoming an interested stockholder; 
        

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          upon completion of the transaction that resulted in the stockholder’s becoming an interested stockholder, that person owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, other than statutorily excluded shares; or 
        

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          following the transaction in which that person became an interested stockholder, the business combination is approved by the board of directors of the corporation and holders of at least two-thirds of the outstanding voting stock not owned by the interested stockholder. 
        

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          Under Section 203, the restrictions described above also do not apply to specific business combinations proposed by an interested stockholder following the announcement or notification of designated extraordinary transactions involving the corporation and a person who had not been an interested stockholder during the previous three years or who became an interested stockholder with the approval of a majority of the corporation’s directors, if such extraordinary transaction is approved or not opposed by a majority of the directors who were directors prior to any person becoming an interested stockholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors. 
        

        
          Section 203 may make it more difficult for a person who would be an interested stockholder to effect various business combinations with a corporation for a three-year period. Section 203 also may have the effect of preventing changes in our management and could make it more difficult to accomplish transactions which our stockholders may otherwise deem to be in their best interests. 
        

        
          Anti-Takeover Effects of Some Provisions 
        

        
          Some provisions of our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws could make the following more difficult: 
        

        
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          acquisition of control of us by means of a proxy contest or otherwise, or 
        

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          removal of our incumbent officers and directors. 
        

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          These provisions, as well as our ability to issue preferred stock, are designed to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our Board of Directors. We believe that the benefits of increased protection give us the potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us, and that the benefits of this increased protection outweigh the disadvantages of discouraging those proposals, because negotiation of those proposals could result in an improvement of their terms. 
        

      

      
        
           
          

        

      

      

    

    
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          Registration Rights 
        

        
          Pursuant to the Registration Rights Agreement, MERS and Electrum and their permitted transferees are entitled to the following rights with respect to the registration of such shares for public resale under the U.S. Securities Act. If exercised, these registration rights would enable holders to transfer these shares without restriction under the U.S. Securities Act when the applicable registration statement is declared effective. 
        

        
          Demand Registration.   These holders may request in writing that we effect a resale registration under the U.S. Securities Act with respect to all or any portion of their shares subject to registration rights, subject to certain exceptions. Depending on certain conditions, we may defer a demand registration on one occasion during any six-month period for a reasonable time not exceeding 90 days. If the holders requesting registration intend to distribute their shares by means of an underwriting, the managing underwriter of such offering will have the right to limit the numbers of shares to be underwritten for reasons related to the marketing of the shares. 
        

        
          Piggyback Registration.   In the event that we propose to register any of our securities under the U.S. Securities Act, either for our account or for the account of our other security holders, holders will be entitled to certain piggyback registration rights allowing each to include its shares in the registration, subject to certain marketing and other limitations. As a result, whenever we propose to file a registration statement under the U.S. Securities Act, other than with respect to a demand registration or a registration statement on Form S-4, F-4 or S-8, these holders will be entitled to notice of the registration and will have the right to include their registrable securities in the registration, subject to certain limitations. 
        

        
          Shelf Registration.   These holders may request that we file and keep effective a shelf registration statement pursuant to Rule 415 under the U.S. Securities Act with respect to all or any portion of their shares subject to registration rights. 
        

        
          Expenses; Indemnification.   The Registration Rights Agreement provides that we must pay all registration expenses in connection with effecting any demand registration, piggyback registration or shelf registration. The Registration Rights Agreement contains customary indemnification and contribution provisions. 
        

        
          Listing 
        

        
          Our common stock is listed on the NYSE and the TSX under the symbol “GATO.” 
        

        
          Transfer Agent and Registrar 
        

        
          The U.S. transfer agent and registrar for our common stock is EQ by Equiniti, located at 1110 Centre Pointe Curve, Suite 101, Mendota Heights, Minnesota 55120 and the Canadian transfer agent and registrar for our common stock is TSX Trust Company, located at 100 Adelaide Street West, Suite 301, Toronto, Ontario, M5H 1S3.

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