Document:

exv10w1

Exhibit 10.1

CARBO CERAMICS INC.

OMNIBUS INCENTIVE PLAN

ANNUAL INCENTIVE ARRANGEMENT

     1. Purpose of Arrangement. This Annual Incentive Arrangement (the “AIA”) is intended
to align the interests of members of senior management of the Company specified by the Committee
for participation (the “AIA Participants”) with those of the Company’s shareholders by providing
such members with annual incentives tied to maximizing the Company’s earnings before interest and
taxes (“EBIT”). The AIA is entered into pursuant to the provisions of the CARBO Ceramics Inc.
Omnibus Incentive Plan (the “Plan”), which is incorporated by reference herein. Capitalized terms
used but not defined herein shall have the meanings assigned to such terms in the Plan.

     2. Awards. Each Award made pursuant to the AIA (an “AIA Award”) is intended to
qualify as Performance-Based Compensation and shall be determined in any manner permitted by
Section 162(m) of the Code and in accordance with Section 8 of the Plan.

     3. Performance Period. Each Performance Period shall equal one fiscal year of the
Company; provided however that with respect to an AIA Participant who becomes
employed by the Company or through promotion or otherwise becomes eligible to participate in the
AIA following the first day of a Performance Period, the Committee may establish a Performance
Period that begins on the date of such AIA Participant’s commencement of employment with the
Company or participation in the AIA and ends on the same date as that of the Performance Period
applicable to all other AIA Participants at such time.

     4. Performance Measure. With respect to each Performance Period, the Performance
Measure shall be the Company’s EBIT during such Performance Period.

     5. Performance Target and Performance Schedule. The Performance Target and the
Performance Schedule for each AIA Award shall be determined in accordance with Section 8 of the
Plan and the following:

     (a) The AIA Participant will be paid an AIA Award with respect to each Performance Period
equal to X% of the Company’s EBIT (where “X” is determined by the Committee for each AIA
Participant in accordance with Section 8 of the Plan); provided that each AIA Award shall
be capped at a certain dollar amount determined by the Committee in accordance with Section 8 of
the Plan (which cap shall in no event exceed the individual limit set forth in Section 3(b) of the
Plan); and provided further that the Committee may, in its discretion, reduce or
eliminate (but not increase) the amount payable to any AIA Participant with respect to an AIA Award
in accordance with Section 8(b) of the Plan.

     (b) For purposes of the AIA, EBIT shall be determined in accordance with the relevant
Generally Accepted Accounting Principles.

 

 

     6. AIA Award Calculation. In the manner required by Section 162(m) of the Code, the
Committee shall, promptly after the date on which the necessary financial and other information for
the Performance Period becomes available, certify in writing the extent to which the Performance
Target has been achieved. Using the Performance Schedule, the Committee shall determine the amount
payable under each AIA Award to each AIA Participant.

     7. Vesting Date. This AIA Award shall vest in the amount determined by the Committee
pursuant to Section 6 hereof; provided that the AIA Participant shall have remained
continuously employed by the Company or a Subsidiary through the last day of the Performance
Period.

     8. Vesting in the Event of a Change in Control. Notwithstanding any provision of
this AIA or the Plan to the contrary, if a Change in Control occurs at a time when the AIA
Participant’s outstanding AIA Award remains unvested, the Committee shall, in its sole discretion,
determine the effect of such Change in Control on such AIA Award, including, without limitation,
whether or not to accelerate the vesting of such AIA Award following such Change in Control.

     9. Other Terms and Conditions.

     (a) Settlement of AIA Award. Subject to the terms and conditions of the Plan
(including without limitation Sections 8 and 14 thereof) and this AIA (including without limitation
Section 13 hereof), the Company shall pay a lump sum cash amount to the AIA Participant in the
amount determined pursuant to Section 6 or Section 8 in settlement of an AIA Award, as applicable,
(i) if the AIA Award vests pursuant to Section 7, on the date of Committee certification under
Section 6 but in no event later than March 15th of the calendar year following the last
day of the Performance Period or (ii) if the AIA Award vests pursuant to Section 8, the date on
which the Change in Control occurs. Payment of an AIA Award to the AIA Participant pursuant to
Section 9(a)(ii) hereof shall in no event be made to the AIA Participant later than the date that
is sixty (60) days following the date specified therein.

     (b) Non-Transferability of AIA Award. An AIA Award may not be sold, transferred,
pledged, assigned or otherwise alienated at any time other than a transfer in accordance with
Section 10 of the Plan. Any attempt to do so contrary to the provisions hereof shall be null and
void.

     (c) AIA Award Confers No Rights with Respect to Continued Employment. Nothing
contained herein or in the Plan shall confer upon the AIA Participant any right with respect to the
continuation of his or her employment by or service to the Company or any Subsidiary or interfere
in any way with the right of the Company or any Subsidiary at any time to terminate such employment
or service or to increase or decrease the compensation of the AIA Participant from the rate in
existence as of January 18, 2010. The Committee’s granting of an AIA Award to the AIA
Participant shall neither require the Committee to grant any subsequent AIA Award to the AIA
Participant (or any AIA Award to any other person) at any time, nor preclude the Committee from
making subsequent grants to the AIA Participant or any other person.

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     (d) Compliance with Law and Regulations. This AIA Award and any obligation of the
Company to pay cash hereunder shall be subject to all applicable federal, state, local and non-U.S.
laws, rules and regulations and to such approvals by any government or regulatory agency as may be
required. The Company’s obligations in connection with the AIA Award are subject to all terms and
conditions of this AIA and the Plan.

     (e) Modification of AIA and AIA Awards. The Committee may amend, suspend or
terminate the Plan or the AIA at any time in accordance with Section 15(a) of the Plan. The
Committee may amend or modify the terms and conditions of the AIA or an AIA Award to the extent
that the Committee determines, in its sole discretion, that the terms and conditions of the AIA or
an AIA Award violate or may violate Section 409A of the Code; provided, however,
that (i) no such amendment or modification shall be made without the AIA Participant’s written
consent if such amendment or modification would violate the terms and conditions of any other
agreement between the AIA Participant and the Company and (ii) unless the Committee determines
otherwise, any such amendment or modification made pursuant to this Section 9(e) and Section 15(b)
of the Plan shall maintain, to the maximum extent practicable, the original intent of the
applicable AIA provision without contravening the provisions of Section 409A of the Code. The
amendment or modification of the AIA or an AIA Award pursuant to this Section 9(e) and Section
15(b) of the Plan shall be at the Committee’s sole discretion and the Committee shall not be
obligated to amend or modify the AIA or the Plan, nor shall the Company be liable for any adverse
tax or other consequences to the AIA Participant resulting from such amendments or modifications or
the Committee’s failure to make any such amendments or modifications for purposes of complying with
Section 409A of the Code or for any other purpose. To the extent the Committee amends or modifies
the AIA or an AIA Award pursuant to this Section 9(e) and Section 15(b) of the Plan, the AIA
Participant shall receive notification of any such changes to the AIA or an AIA Award and, unless
the Committee determines otherwise, the changes described in such notification shall be deemed to
amend the terms and conditions of the AIA and any AIA Award.

     10. AIA Participant Bound by AIA. Each AIA Participant, by acceptance of any payment
under the AIA, will acknowledge that the Company has made a copy of the Pan and the AIA available
to him or her and agree to be bound by all terms and provisions thereof and hereof.

     11. Payment of Taxes. Each AIA Participant shall be solely responsible for any
applicable taxes (including without limitation income and excise taxes) and penalties, and any
interest that accrues thereon, which he or she incurs in connection with the receipt, vesting or
settlement of the AIA Award. Notwithstanding any provision of the Plan or this AIA to the
contrary, in no event shall the Company or any Subsidiary be liable to the AIA Participant on
account of the AIA Award’s failure to (i) qualify for favorable U.S. or non-U.S. tax treatment or
(ii) avoid adverse tax treatment under U.S. or non-U.S. law, including, without limitation, Section
409A of the Code. Prior to any event in connection with the AIA Award (e.g., settlement) that the
Company determines may result in any U.S. or non-U.S. tax withholding obligation, whether national,
federal, state, local or otherwise, including any social security tax obligation (the “Tax
Withholding Obligation”), the AIA Participant must make arrangements with the Company for the
satisfaction of the minimum amount of such Tax Withholding

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Obligation in a manner acceptable to the Company in accordance with Section 14 of the Plan.
Upon any payment in cash with respect to any AIA Award, the Company shall have the right to
withhold from any such payment an amount sufficient to satisfy the federal, state, local and/or
non-U.S. withholding tax requirements, if any, attributable to such payment.

     12. Notices. Any notice to the Company in connection with the AIA Award shall be
addressed to the Company at its offices at 575 N. Dairy Ashford Road, Suite 300, Houston, TX 77079,
Attention: Omnibus Incentive Plan Administrator, and any notice to the AIA Participant in
connection with the AIA Award shall be addressed to him or her at his or her address as shown on
the Company’s records at the time such notice is given, subject to the right of either party to
designate a different address in writing at any time hereafter.

     13. Section 409A of the Code. Each AIA Award is intended to qualify as a short-term
deferral pursuant to Section 409A of the Code.

     14. Governing Law. The Plan and this AIA, and the rights of all persons under the
Plan and this AIA, shall be construed and administered in accordance with the laws of the State of
Delaware without regard to its conflict of law principles.

4genesisexh101.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

	Exhibit 10.1

	Amendment No. 2 to

Stock Purchase Agreement

     This Amendment No. 2 (“Amendment”) is made as of January 19, 2010, and hereby amends that certain Stock Purchase Agreement (“Agreement”) made as of July 24, 2009, by and between GENESIS SOLAR CORPORATION (formerly known as “COGENCO INTERNATIONAL, INC.”), a Colorado corporation (“Buyer”), and GENESIS ENERGY INVESTMENTS PLC, an Hungarian entity operating as a public company whose common stock is traded on the Budapest Stock Exchange (“Seller”), as the Agreement was amended by Amendment No. 1 dated November 24, 2009. Capitalized terms not otherwise defined herein are defined by reference to the Agreement. When used herein, the term “Agreement” includes the Stock Purchase Agreement made as of July 24, 2009, as amended.

RECITALS

     A.      Seller and Buyer entered into the Agreement for the purpose of Buyer acquiring all of the issued and outstanding shares of capital stock of

	Genesis Solar España, S.L. (“GSE,” the “GSE Shares”), a Spanish entity that is in the process of planning, financing and building a plant in Spain to manufacture high-tech solar panels using thin film technology which has acquired real estate and is substantially advanced in the permitting process for the manufacturing plant to be located near Cádiz, Spain. 

	Genesis Solar Singapore Pte. Ltd. (“GSS,” the “GSS Shares”), a corporation formed under the laws of Singapore that is also in the process of planning, financing and building a plant to manufacture high-tech solar panels using thin film technology in Singapore; and 

	Genesis Solar Hungary Kft (“GSH,” the “GSH Shares) an entity formed under the laws of Hungary. 

     B.      Seller and Buyer entered into the Amendment No. 1 to the Agreement to waive: (i) certain conditions precedent to the acquisition by Buyer, (ii) the Buyer’s obligation to buy and the Seller’s obligation to sell the GSH Shares, and (iii) provide Buyer an option to purchase the GSH Shares as described herein, and further

     C.      Seller and Buyer desire to further amend the Agreement to provide Buyer the opportunity to purchase certain know-how owned by Seller and the Acquired Companies (or any one of them) which know-how is associated with the design, construction, operation, and maintenance of a plant for the manufacture of solar panels using thin film technology and other photovoltaic products (“GEI Know-How”), to exercise its right to complete the due diligence, conditions, and covenants necessary to acquire GSE and to acquire GSE while continuing to perform the due diligence necessary, and to continue to complete the conditions and covenants, for the acquisition of GSS at a later time.

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	AGREEMENT

The parties, intending to be legally bound, agree as follows:

     1.      All references in the Agreement, as amended (including, without limitation, in this Amendment), to “Cogenco Interrnational, Inc.” or “Cogenco” shall mean Genesis Solar Corporation, a Colorado corporation formally known as Cogenco International, Inc., until the effectiveness of a name change on December 7, 2009.

     2.      Article 2 (entitled “SALE AND TRANSFER OF SHARES; CLOSING”), Section 2.1 (entitled “SHARES”) of the Agreement be and hereby is amended to read as follows:

2.1      SHARES.

     (a)      Subject to the terms and conditions of this Agreement, at the Closing, Seller will sell and transfer the GSE Shares and the GSS Shares to Buyer, and Buyer will purchase the Shares from Seller (with the GSE Shares and the GSS Shares more specifically described as:

	-	 	 241,110 business quotas (in Spanish: participaciones sociales) representing a  
		 	primary stake (in Spanish: capital social) of € 7,247,766.60), amounting to no  
		 	than 100% of the outstanding GSE Shares, with a book value as reflected on the  
		 	Balance Sheets and Interim Balance Sheets and at the Closing Date of not less  
		 	than € 7,300,000;  
		 	  
	-	 	10,000 shares of equity stock of GSS, amounting to no less than 100% of the outstanding  
		 	GSS Shares, with a book value as reflected on the Balance Sheets and Interim Balance  
		 	Sheets and at the Closing of not less than € 3,000,000.  

     (b)      Subject to the terms and conditions of this Agreement, at the Closing, Seller will sell and transfer the GEI Know-How to the Buyer.

     3.      Article 2 (entitled “SALE AND TRANSFER OF SHARES; CLOSING”), Section 2.2 (entitled “PURCHASE PRICE”) of the Agreement be and hereby is amended to read as follows:

     2.2      PURCHASE PRICE. Subject to the terms and conditions of this Agreement, the purchase price (the “Purchase Price”)

     (a)      for the GSE Shares will be 7,000,000 shares of the Buyer’s common stock (the “Cogenco Shares for GSE”) and one share of Cogenco Series A Preferred Stock,

     (b)     for the GSS Shares will be 2,000,000 shares of the Buyer’s common stock (the “Cogenco Shares for GSS”), and

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(c)      for the GEI Know-How will be 336,493 shares of the Buyer’s common stock (the “Cogenco Shares for GEI Know-How”).

(c)      When used here, the term “Cogenco Shares” refers to the Cogenco Shares for GSE, the Cogenco Shares for GSS, the Cogenco Shares for GEI Know-How, and the Cogenco Series A Preferred Stock, as applicable.

4.      Article 2 (entitled “SALE AND TRANSFER OF SHARES; CLOSING”), Section 2.3 (entitled “CLOSING”) of the Agreement be and hereby is amended to read as follows:

2.3      CLOSING. The purchase and sale (the “Closing”) for the acquisition by Buyer of the GSE Shares, the GSS Shares, and the GEI Know-How provided for in this Agreement will take place at the offices of Buyer’s counsel at 10:00 a.m. (local time) on the later of (i) March 1, 2010 or (ii) the date that is two business days following the termination of the applicable waiting period under the HSR Act (if applicable), or at such other time and place as the parties may agree.

(a)      At the Buyer’s written election, the Buyer may purchase the GSE Shares at a first Closing at any time prior to March 1, 2010 as the Buyer may elect, and defer the purchase of the GSS Shares pending the completion of due diligence with respect to GSS and other conditions precedent to the Closing for the purchase of GSS. The Buyer may purchase the GEI Know-How at either the first Closing with the GSE Shares or at the subsequent Closing with the GSS Shares, in the Buyer’s discretion.

(b)      If the Buyer exercises the option to purchase the GSE Shares at an initial Closing and the GSS Shares at a later Closing, the Agreement will be automatically (and without further action of the parties) amended so that the deliveries, representations, warranties, conditions, and covenants and other terms of this Agreement that refer to the Acquired Companies will refer only to GSE or GSS, based on the entity being acquired at the Closing in question

(c)      Subject to the provisions of Article 9, failure to consummate the purchase and sale provided for in this Agreement on the date and time and at the place determined pursuant to this Section 2.3 will not result in the termination of this Agreement and will not relieve any party of any obligation under this Agreement.

5.      Article 2 (entitled “SALE AND TRANSFER OF SHARES; CLOSING”), Section 2.4(b) of the Agreement be and hereby is amended to read as follows:

2.4      CLOSING OBLIGATIONS. At the Closing: 

          * * * 

              b.      Buyer will deliver to Seller:

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(i)      9,336,493 Cogenco Shares, all of which will be shares of common stock of the Buyer bearing an appropriate legend under SEC Rule 144 and other appropriate law (or, if the Closing will be for the acquisition of GSE only, 7,000,000 Cogenco Shares and, if the Closing will be for the acquisition of GSS only, 2,000,000 Cogenco Shares; the Buyer will acquire the GEI Know-How for 336,493 Cogenco Shares at either the Closing for the acquisition of the GSE Shares or the GSS Shares).

(ii)      One share of Cogenco Series A Preferred Stock (at the Closing involving the purchase of the GSE Shares); and

(iii)      a certificate executed by Buyer to the effect that, except as otherwise stated in such certificate, each of Buyer's representations and warranties in this Agreement was accurate in all respects as of the date of this Agreement and is accurate in all respects as of the Closing Date as if made on the Closing Date.

6.      REPRESENTATIONS AND WARRANTIES OF SELLER.

(a)      Seller, as of the date of this Amendment, hereby restates its representations and warranties as contained in ARTICLE 3 of the Agreement to Buyer, but with the agreement that when used therein the term “Acquired Companies” or “each Acquired Company” means only GSE and GSS, or (if there will be two Closings, GSE at the Closing for the acquisition of the GSE Shares or GSS at the Closing for the acquisition of the GSS Shares).

(b)      Without limiting the generality of the foregoing Paragraph 5(a), Section 3.22(c) of the Agreement be and hereby is amended to read as follows:

c.      Know-How Necessary for the Business

(i)      The Intellectual Property Assets are all those necessary for the operation of the Acquired Companies’ businesses as they are currently conducted or as reflected in the business plan given to Buyer. One or more of the Acquired Companies is the owner of all right, title, and interest in and to each of the Intellectual Property Assets, free and clear of all liens, security interests, charges, encumbrances, equities, and other adverse claims, and has the right to use without payment to a third party all of the Intellectual Property Assets.

(ii)      Part 3.22(c)(ii) of the Disclosure Letter sets forth a more specific description of GEI Know-How to be conveyed by the Seller to the Buyer pursuant to this Agreement.

(iii)      Except as set forth in Part 3.22(c)(iii) of the Disclosure Letter, all former and current employees of each Acquired Company have executed written Contracts with one or more of the Acquired Companies that assign to one or more of the Acquired Companies all rights to any inventions, improvements, discoveries, or information relating to the business of any Acquired Company. No employee of any Acquired Company has entered into any Contract that restricts or limits in any way the scope or

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type of work in which the employee may be engaged or requires the employee to transfer, assign, or disclose information concerning his work to anyone other than one or more of the Acquired Companies.

7.      COVENANTS OF SELLER PRIOR TO CLOSING DATE. Seller, as of the date of this Amendment, hereby confirms its compliance with the Covenants set forth in ARTICLE 5 of the Agreement to the date of this Amendment, and restates the covenants set forth therein effective as of the date of this Amendment, with the exception that when used therein, the term “Acquired Companies” or “each Acquired Company” refers only to GSE and GSS or, if there will be two Closings, GSE or GSS, as applicable.

8.      COVENANTS OF BUYER PRIOR TO CLOSING DATE. Buyer, as of the date of this Amendment, hereby confirms its compliance with the Covenants set forth in ARTICLE 6 of the Agreement to the date of this Amendment, and restates the covenants set forth therein effective as of the date of this Amendment.

9.      CONDITIONS PRECEDENT TO BUYER'S OBLIGATION TO CLOSE. The Conditions Precedent to Buyer’s Obligation to Close remain as stated in ARTICLE 7 of the Agreement, except that the terms “Acquired Companies” and “each Acquired Company” refer only to GSE and GSS or, if there will be two Closings, GSE or GSS, as applicable.

10.       GENERAL PROVISIONS. Seller and Buyer restate the General Provisions set forth in ARTICLE 11 of the Agreement to the date of this Amendment, with the exceptions that:

(a)      When used therein, the term “Acquired Companies” or “each Acquired Company” refers only to GSE and GSS or to either GSE or GSS, as applicable; and

(b)      Section 11.9(c) be and hereby is amended to read as follows:

(i)      To the extent that the Seller does not deliver the Disclosure Letter to the Buyer concurrently with the execution of this Agreement (or to the extent that the Disclosure Letter delivered concurrently with the execution of this Agreement is incomplete), the Seller must deliver the complete Disclosure Letter to the Buyer, with all attachments, schedules, exhibits and supplemental information within 60 days after the Seller and the Buyer have executed and delivered this Amendment (the “Disclosure Letter Delivery Deadline”). Any changes made to the Disclosure Letter, and any additions to or modifications thereof, must be acceptable to the Buyer in its reasonable discretion. If the Buyer does not object in writing to any changes or additions to or modifications of the Disclosure Letter within 30 days after having received the Disclosure Letter, the Buyer shall be deemed to have accepted the Disclosure Letter.

(ii)      If the Buyer elects to acquire GSE before acquiring GSS as permitted in Section 2.3, above, the Disclosure Letter referred to in 11.9(c)(i) may be limited to GSE. In any event, the Seller must deliver the Disclosure Letter for GSS not later than 60 days before the intended Closing Date for GSS.
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11.      NO OTHER MODIFICATION. The Agreement remains in full force and effect except as specifically modified hereby.

12.      COUNTERPARTS. This Amendment may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Amendment and all of which, when taken together, will be deemed to constitute one and the same agreement.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment as of the date first written above.

					
	Buyer:  	  	Seller:  	  	  
	GENESIS SOLAR  	  	GENESIS ENERGY INVESTMENTS, PLC  
	CORPORATION (formerly known  	  	  	  	  
	as Cogenco International, Inc.)  	  	  	  	  
	  
	By: /s/      David W. Brenman  	  	/s/      Matarits Tamás  	  	/s/      Edward Mier-Jedrzejowicz  
	David W. Brenman, President  	  	Dr. Matarits Tamás  	  	Edward Mier-Jedrzejowicz  
			Normal Independent Board 		President and Chairman of  
	  	  	Member  	  	the Board  
	January 19, 2010  	  	January 11, 2010  	  	January 11, 2010  

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