Document:

Second Amendment to the Second Amended and Restated Incentive Compensation Plan

 Exhibit 10.1 

 
 SECOND AMENDMENT TO THE 

 
 SECOND AMENDED AND RESTATED 

HORNBECK OFFSHORE SERVICES, INC. 

INCENTIVE COMPENSATION PLAN 
  

This SECOND AMENDMENT TO THE SECOND AMENDED AND RESTATED HORBECK OFFSHORE SERVICES, INC. INCENTIVE COMPENSATION PLAN
(this “Amendment”) is made effective as of the 24th day of June, 2010, by the Board of Directors (the “Board”) of Hornbeck Offshore Services, Inc. (the “Company”). 

 
 WHEREAS, the Company sponsors the Second Amended and Restated
Hornbeck Offshore Services, Inc. Incentive Compensation Plan (the “Plan”); 
  

WHEREAS, pursuant to Section 13.1 of the Plan, the Board may at any time amend the provisions of the Plan; and 

 
 WHEREAS, the Company desires to amend the Plan to
(i) increase the number of shares of common stock that may be delivered pursuant to awards granted under the Plan, (ii) remove the discretion to reprice stock options and stock appreciation rights, and (iii) clarify certain provisions
of the Plan as they relate to protecting the deductibility of compensation under Section 162(m) of the Internal Revenue Code of 1986, as amended. 
  

NOW, THEREFORE, the Board hereby amends the Plan as follows: 
  

 1. Section 2.15 shall be amended to read in its entirety as follows: 

 
 “2.15 ‘Effective Date’ shall mean March 28,
2006.” 
  
 2. Section 2.28 shall be amended to read
in its entirety as follows: 
  
 “2.28
‘Performance Measure’ shall mean each of the business criteria the Company may use in establishing a Performance Goal. For purposes of the Plan, Performance Measures are limited to net income; cash flow; cash flow on investment;
pre-tax or post-tax profit levels or earnings; operating income or earnings; return on investment; earned value added; expense reduction levels; free cash flow; free cash flow per share; earnings per share; net earnings per share; net earnings from
continuing operations; sales growth; sales volume; economic profit; expense reduction; controlled expenses; return on assets; return on net assets; return on equity; return on capital; construction work in progress-adjusted return on invested
capital (adjusted ROIC); return on sales; return on invested capital; organic revenue; growth in managed assets; total shareholder return; stock price; stock price appreciation; EBIT; adjusted EBIT; EBITDA; adjusted EBITDA; return in excess of cost
of capital; profit in excess of cost of capital; operating profits; net operating profit after tax; operating margin; profit margin; adjusted revenue; revenue; net revenue; operating revenue; net cash provided by operating activities; net cash
provided by operating activities per share; cash conversion percentage; new sales; net new sales; cancellations; gross margin; gross margin percentage; and revenue before deferral.” 

 3. Section 2.34 shall be amended to read in its entirety as follows: 

 
 “2.34 ‘Plan’ shall mean this
Second Amended and Restated Hornbeck Offshore Services, Inc. Incentive Compensation Plan, as amended from time to time. The Plan is an amendment and restatement of the Hornbeck Offshore Services, Inc. Amended and Restated Incentive Compensation
Plan, as amended from time to time, which was effective in 2003 and which was itself an amendment and restatement of the Hornbeck Offshore Services, Inc. Incentive Compensation Plan, as amended from time to time, which was effective in 1997.”

  
 4. Section 4.1 shall be amended to increase the number
of shares authorized under the Plan by 700,000 by replacing the first sentence with the following: 
  

“The maximum number of shares of Common Stock that may be delivered pursuant to Awards granted under the Plan is 4,200,000
shares.” 
  
 5. Section 4.2 shall be amended to read
in its entirety as follows: 
  
 “4.2
Maximum Individual Grants. Subject to Section 12 of the Plan, no Participant may receive during any calendar year Awards covering an aggregate of more than 411,000 shares of Common Stock. Subject to Section 12 of the Plan, no
Participant may receive during any calendar year a cash award under Section 9 of the Plan that exceeds Two Million Dollars ($2,000,000.00).” 
  

6. Section 5.2 shall be amended to read in its entirety as follows: 

 
 “5.2 Grant of Awards. The grant of an
Award shall be authorized by the Committee or the Board and shall be evidenced by an Award agreement setting forth the type of Award or Awards being granted, the total number of Shares subject to the Award(s), the Stock Option price (if applicable),
the restriction period (if applicable), the term of the Award, the date of the grant of the Award, and such other terms, provisions, limitations, and, if applicable, Performance Goals, as are approved by the Committee, but not inconsistent with the
Plan. The Company shall execute an Award agreement with a Participant after the Committee approves the issuance of an Award. This Plan was originally submitted to and approved by the Company’s stockholders in 2006.” 

 
 If the Committee establishes a purchase price, if any,
for an Award of Restricted Stock, the Participant must accept such Award within a period of thirty (30) days (or such shorter period as the Committee may specify) after the date of the grant of the Award by executing the applicable Award
agreement and paying such purchase price.” 
  
 7.
Section 9 shall be amended to read in its entirety as follows: 
  

“9.1 General. The Committee may, in its sole and absolute discretion, grant to any eligible Consultant, non-employee
Director or Employee of the Company or a Subsidiary, other forms of Awards based upon, payable in or otherwise related to, in whole or in part, the Common Stock, if the Committee, in its sole and absolute discretion, determines that such other form
of Award is appropriate and not inconsistent with the purposes of this Plan. The types of Awards that may be issued under this Section 9 shall include but not be limited to restricted stock units, dividend equivalent rights, and Performance
Awards. 
  

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The terms and conditions of such other forms of Award shall be specified in an Award agreement that sets forth the terms and conditions of such Award, including, but not limited to, the price,
the vesting schedule, and any other conditions and restrictions as the Committee shall impose as are not inconsistent with the terms of the Plan. In no event shall the price per Share of any Award based upon, payable in or otherwise related to, in
whole or in part, the Common Stock be less than the par value of such Share. To the extent that any Award issued under this Section 9 constitutes a “nonqualified deferred compensation plan” under Section 409A of the Code, then
such Award shall be subject to the restrictions set forth in Subsection 9.2 hereof. 
  

A Performance Award may consist of either or both, as the Committee or the Board may determine, of (i) the right to receive
Shares or Restricted Stock, or any combination thereof, upon the attainment of specified Performance Goals, as the Committee or the Board may determine (“Performance Shares”), or (ii) the right to receive a fixed dollar amount payable
in Shares, Restricted Stock, cash, or any combination thereof, upon the attainment of specified Performance Goals, as the Committee or the Board may determine (“Performance Units”). The Committee or the Board may grant Performance Awards,
for such minimum consideration, if any, as may be required by applicable law or such greater consideration as may be determined by the Committee or the Board, in its sole discretion. Each Performance Award shall have its own terms and conditions,
which shall be determined in the sole discretion of the Committee or the Board. The terms and conditions of Performance Awards shall be specified at the time of the grant and may include provisions establishing the Performance Period, the
Performance Goals to be achieved during a Performance Period, the Performance Measures used to determine vesting or the lapsing of applicable forfeiture restrictions (including the acceleration thereof), whether Performance Awards are forfeited or
vest upon termination of employment during a Performance Period and the maximum or minimum settlement values. If the Committee or the Board determines, in its sole discretion, that the established Performance Measures or objectives are no longer
suitable because of a change in the Company’s business, operations, corporate structure or for other reasons that the Committee or Board deems satisfactory, the Committee or the Board may modify the Performance Measures or objectives and/or the
Performance Period, subject to the provisions of Subsection 15.9 hereof. Awards of Performance Shares and/or Performance Units are subject to acceleration of vesting, termination of restrictions and termination in the same manner as Stock Options
pursuant to Subsections 6.5 and 6.6 of this Plan. Performance Awards may be valued by reference to the Fair Market Value of a Share or according to any other formula or method deemed appropriate by the Committee or the Board, in its sole
discretion, including, but not limited to, achievement of specific financial, production, sales, cost or earnings performance objectives that the Committee or the Board believes to be relevant or the Company’s performance or the performance of
the Common Stock measured against the performance of the market, the Company’s industry segment or its direct competitors. Performance Awards may also be conditioned upon the applicable Participant remaining in the employ of the Company or one
of its Subsidiaries for a specified period. Performance Awards may be payable in a single payment or in installments and may be payable at a specified date or dates or upon attaining the performance objective or objectives, as specified in the
applicable Award agreement. The extent to which any applicable Performance Goal has been achieved shall be conclusively determined by the Committee or the Board in its sole discretion.” 

 

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 5. Section 14 shall be amended to read in its entirety as follows: 

 
 “SECTION 14. AMENDMENTS AND ADJUSTMENTS TO AWARDS 

 
 The Committee or the Board may amend, modify or
terminate any outstanding Award with the Participant’s consent at any time prior to payment or exercise in any manner not inconsistent with the terms of this Plan, including, without limitation, (i) to change the date or dates as of which
and/or the terms and conditions pursuant to which (A) a Stock Option becomes exercisable or (B) a Performance Award is deemed earned or (ii) subject to the restrictions on repricing set forth below, to cancel an Award and grant a new
Award in substitution therefor under such different terms and conditions as the Committee or the Board determines in its sole discretion to be appropriate including, but not limited to, having an exercise price per share which may be higher or lower
than the exercise price per share of the cancelled Award. The Committee or the Board may also make adjustments in the terms and conditions of, and the criteria included in agreements evidencing Awards in recognition of, unusual or nonrecurring
events (including, without limitation, the events described in Section 12 hereof) affecting the Company, or the financial statements of the Company or any Affiliate, or of changes in applicable laws, regulations or accounting principles,
whenever the Committee or the Board determines that such adjustments are appropriate to prevent reduction or enlargement of the benefits or potential benefits intended to be made available pursuant to this Plan. Any provision of this Plan (other
than Section 9.2) or any agreement regarding an Award to the contrary notwithstanding, but subject to the restrictions on repricing set forth below, the Committee or the Board may cause any Award granted to be cancelled in consideration of a
cash payment or alternative Award made to the holder of such cancelled Award equal in value to the Fair Market Value of such cancelled Award; provided, no cash payment or alternative Award shall be made which would constitute an impermissible
acceleration of a payment of deferred compensation under Code Section 409A. The determinations of value pursuant to this Section 14 shall be made by the Committee or the Board in its sole discretion. 

 
 Notwithstanding any provision in this Plan to the
contrary, repricing of Stock Options and Stock Appreciation Rights shall not be permitted. For this purpose, a repricing means any of the following (or any other action that has the same effect as any of the following): (i) changing the terms
of a Stock Option or a Stock Appreciation Right to lower its exercise price; (ii) any other action that is treated as a repricing under generally accepted accounting principles; and (iii) canceling a Stock Option or Stock Appreciation
Right at a time when its exercise price is equal to or greater than the fair market value of the underlying Shares in exchange for another Stock Option, Stock Appreciation Right, Restricted Shares or other equity award. Such cancellation and
exchange would be considered a repricing regardless of whether it is treated as a repricing under generally accepted accounting principles and regardless of whether it is voluntary on the part of the Participant.” 

 
 6. Except as set forth herein and as previously amended, the Plan shall
continue in full force and effect. 
  
 * * * * * 

 

 4Unassociated Document

 

Exhibit 10.11.1

 

CAPRIUS, INC.

 

UNSECURED PROMISSORY NOTE

 

	
$_____________ 

(Principal Amount)

	_________  __, 2009

 

CAPRIUS, INC., a Delaware corporation (the “Company”), for value received, hereby promises to pay to the order of  ___________ (the “Holder”), ninety (90) days after the date hereof, the principal sum of  _______________ ($__________), together with interest at the rate of fourteen (14%) percent per annum from the date hereof until the entire principal shall become paid or otherwise satisfied, subject to earlier prepayment as set forth below, both principal and interest to be payable at the principal office of the Company at One University Plaza, Hackensack, New Jersey 07601, or at such other location as the Company and the Holder may agree upon in writing. This Unsecured Promissory Note  (the “Note”) is one of a duly authorized issue of Notes of the Company limited to an aggregate principal amount of up to $150,000.  The Holder shall also receive warrants to purchase __________ shares of common stock, par value $0.01 per share (the “Common Stock”) at an exercise price of $0.10 per share (subject to adjustment)  (the “Warrants”). The Warrants shall have a 5 year term, include a cashless exercise feature and the underlying shares for these warrants will be included in the next registration statement filed by the Company.

     

1.            Prepayment.  The Company shall have the right, at its sole discretion, to prepay this Note, at any time in whole or from time to time in part, the principal amount, together with accrued interest thereon to the prepayment date, without premium or penalty. This Note is one of a series of Notes being issued. Any prepayment shall be made pro-rata with all other Note Holders.  The Company shall give the Holder at least three (3) days prior written notice of its intention to make any prepayment on this Note. The Note shall be payable immediately upon completion of any financing in excess of $500,000.

 

2.            Interest.  The Company shall pay interest on this Note at the time that the principal amount is repaid in full.

 

3.            Covenants of the Company.  The Company agrees and covenants that until such time as this Note has been paid in full, the Company will comply with the following covenants:

 

3.1           Payment of Principal and Interest.  The Company shall duly and punctually pay the principal of and interest on this Note in accordance with the terms of this Note.

 

3.2           Maintenance of Office or Agency.  The Company shall maintain an office in the State of New Jersey where this Note may be presented or surrendered for payment, where this Note may be surrendered for transfer or exchange and where notices and demands to or upon the Company in respect of this Note may be served.  The Company will give prompt written notice to the Holder of the location, and of any change in the location, of such office.

 

  

  

  

 

3.3           Corporate Existence.  The Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, rights (charter and statutory) and franchise; provided, however, that the Company shall not be required to preserve any right or franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not disadvantageous in any material respect to the Holder.

 

3.4           Consolidation, Merger, or Conveyance or Transfer.  The Company shall not consolidate with or merge into any other corporation or convey or transfer its properties and assets substantially as an entirety to any person, unless (i) the corporation formed by such consolidation or into which the Company is merged or the person which acquires by conveyance or transfer the properties and assets of the Company substantially as an entirety shall be a corporation organized and existing under the laws of the United States of America or any State or the District of Columbia, and shall expressly assume the due and punctual payment of the principal of and interest on the Note; and (ii) immediately after giving effect to such transaction, no Event of Default (as defined herein), and no event which, after notice or lapse of time, or both, would become an Event of Default, shall have happened and be continuing.

 

3.5           Subsidiaries.  The Company shall not, subsequent to entering into this Note, (i) enter or consummate any agreement for the sale, pledge, hypothecation or other transfer (collectively, a “Transfer”) of any of the capital stock of MCM owned by the Company or permit MCM to enter or consummate a Transfer of any capital stock of M.C.M. Environmental Technologies, Ltd., an Israeli corporation (“MCM-Israel”), or permit either MCM or MCM-Israel to sell all or substantially all of its respective assets or to merge or consolidate with any other corporation or entity.

 

4.            Remedies

 

4.1           Events of Default.  “Event of Default,” wherever used herein means any one of the following events (whatever the reason for such Event of Default and whether it shall be effected by operation of law pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body). In the event of default, all of the Note Holders shall be treated equally on a pro-rata basis.:

 

	
  

	
(1)

	
default in the payment of principal or any installment of interest upon this Note for a period of ten (10) days after it becomes due and payable whether at its maturity or otherwise; or

 

	
  

	
(2)

	
default in the performance, or breach, of any covenant of the Company in this Note (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with); or

 

	
  

	
(3)

	
the entry of a decree or order by a court having jurisdiction in the premises adjudging the Company bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under the Federal Bankruptcy Code or any other applicable Federal or State law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days; or

 

  

2

  

 

	
  

	
(4)

	
the institution by the Company of proceedings to be adjudicated bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the Federal Bankruptcy Code or any other applicable Federal or State law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action; or

 

	
  

	
(5)

	
the Company shall have entered against it a final judgment by a court having jurisdiction which, if satisfied, would have a material adverse effect on the financial condition of the Company;

 

then and in each and every case, unless the principal and accrued interest on this Note shall have already become due and payable, the Holder may by notice in writing to the Company declare the unpaid balance of this Note to be forthwith due and payable, and thereupon such balance, including the principal of this Note and accrued interest thereon, shall become so due and payable without presentation, protest or further demand or notice of any kind, all of which are hereby expressly waived.

 

4.2           Enforcement of Remedies.  In case any one or more of the Events of Default specified in Section 4.1 hereof shall have occurred and be continuing, the Holder may proceed to protect and enforce his rights either by suit in equity or by action at law, for the specific performance of any covenant or provision contained herein, or proceed to enforce payment of this Note or to enforce any other legal or equitable right of the Holder of this Note.

 

4.3           Waiver by Company.  To the extent permitted by applicable law, the Company hereby agrees to waive, and does hereby absolutely and irrevocably waive and relinquish the benefit and advantage of any valuation, stay, appraisement, extension or redemption laws now existing or which may hereafter exist, which, but for this provision might be applicable to any sale made under the judgment, order or decree of any court or otherwise, based on this Note or any claim for interest on this Note or any foreclosure thereunder.

 

4.4           Amendments and Waivers.  No course of dealing between the Company and the Holder and no delay on the part of the Holder in exercising any rights hereunder shall operate as a waiver of the rights of the Holder.  No covenant or other provision of this Note nor any default or Event of Default in connection therewith may be waived otherwise than by a written instrument signed by the Holder.  Any provision of this Note to the contrary notwithstanding, changes in or additions to this Note may be made, and compliance with any term, covenant, condition or provision set forth in this Note may be omitted or waived (either generally or in a particular instance and either retroactively or prospectively), and any default or Event of Default and the consequences thereof may be waived by a written agreement between the Company and the Holder.  A waiver on any occasion shall not be construed as a bar to or a waiver of any such right or remedy on any future occasion.

 

  

3

  

 

4.5           Cost and Expense of Collection.  The Company covenants and agrees that if default be made in any payment or prepayment of principal of, or interest on, the Note, it will, to the extent permitted under applicable law, pay to the Holder such further amount as shall be sufficient to cover the cost or expense of collection, including reasonable compensation to the attorneys of the Holder for all services rendered in that connection.

 

5.            Payment, Exchange and Transfer; Lost Note.

 

5.1           Payments.  Interest and principal to be paid in respect of this Note shall be paid at the place provided herein, without any presentment or notation of payment, and the amount of principal so paid on this Note shall be regarded as having been retired and cancelled at the time of payment.  The Holder shall, however, at the place of payment of this Note at any time during its regular business hours on any day when a prepayment of a portion of the outstanding principal is made, permit the Company to make appropriate notation hereon of the amount of principal which has been paid on this Note.

 

5.2           Exchange.  The Holder may, prior to maturity or prepayment thereof, surrender the Note held by him for exchange, at the office designated by the Company pursuant to Section 4.2 hereof.  Within a reasonable time thereafter and without expense (other than transfer taxes, if any) to the Holder, the Company shall issue in exchange thereof, or in exchange for the portion thereof not surrendered in payment as aforesaid (as the case may be), in such denominations and made payable to such person or persons, or order, as the Holder shall designate in accordance with Section 5.3, a Note for the same aggregate principal amount as the unpaid principal amount of the Note so surrendered, having the same maturity and rate of interest, containing the same provisions and subject to the same terms and conditions as the Note as surrendered.

 

5.3           Limitation on Transferability.  The Holder shall not assign or transfer any or all of his interest in this Note to a third party except to a member of the Holder’s immediate family, a trust for which the Holder or a member of his immediate family is a principal beneficiary or a corporation or other entity in which the Holder and/or a member of his immediate family own more than a majority of the outstanding voting securities or interests.

 

5.4           Lost, etc., Note.  Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Note, and (in case of loss, theft or destruction) of indemnity satisfactory to it, and upon reimbursement to the Company of all reasonable expenses incidental thereto, and upon surrender and cancellation of this Note, if mutilated, the Company will make and deliver a new Note of like tenor in lieu of such Note.

 

  

4

  

 

6.            Miscellaneous Provisions

 

6.1           Benefits.  This Note shall be binding upon the Company and its successors and assigns and shall inure to the benefit of the Holder and his heirs, administrators and permitted assigns and transferees.

 

6.2           Notices.  All communications provided for herein or with reference to this Note shall be deemed to have been sufficiently given or served for all purposes if delivered in person, or if sent by certified or registered mail, postage and charges prepaid, or by recognized overnight courier, to the following addresses: if to the Company, at its office, Ten Forest Avenue,, Suite 220 Paramus, New Jersey 07652, Attention: President, or to the Holder at _____________________________  or at any other address duly designated by the Company or the Holder to the other.

 

6.3           Entire Agreement.  This Note, together with the Pledge Agreement, sets forth the entire agreement between the Company and the Holder with respect to the subject matter contained herein.  If any term or provision of this Note shall be held invalid, illegal or unenforceable, the validity, legality and enforceability of all other terms and provisions hereof shall in no way be affected thereby.

 

6.4           Amendment.  This Note may not be changed, modified or amended except by an agreement in writing signed by the Company and the Holder.

 

6.5           Governing Law.  This Note shall be deemed to be a contract made under, and to be construed in accordance with, the laws of the State of New Jersey, without giving effect to conflicts of law.

 

6.6           Section Headings.  The descriptive section headings herein have been inserted for convenience only and shall not be deemed to limit or otherwise affect the construction of any provisions hereof.

 

IN WITNESS WHEREOF, the Company has caused this Note to be signed in its corporate name by its President, attested by its Secretary, and dated the day and year first above written.

 

	 	 	CAPRIUS, INC.	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
By: 

	/s/ Dwight Morgan	 
	 	 	 	Dwight Morgan, President	 
	 	 	 	 	 
	

ATTEST:

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ Jonathan Joels	 	 	 	 
	Jonathan Joels, Secretary	 	 	 	 
	 	 	 	 	 

 

 

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