Document:

Exhibit 10.1

 

 

	 	11651
Central Parkway, Ste. 118

Jacksonville,
FLorida 32224

 

	 	 	March
        13, 2018

         

        Mr.
        Robert J. Guerra

         

        Dear
        Mr. Guerra,  

         

        We are pleased to offer you a seat on the Board of Directors of Drone Aviation Holding Corp., a Nevada
        corporation (the “Company”) for a term of two (2) years. Upon your execution of this letter agreement, you
        will have consented to your appointment, which will be contingent and dependent upon approval of the Director Agreement
        by the Board of Directors (such date, the “Appointment Date”).  

         

        For and in consideration of the services
        to be performed by you, the Company agrees to pay for your services as follows:  

	 	 	 	 
	 	 	Fee:	An
    annual fee equal to $24,000 (“Annual Fee”), payable in equal monthly installments
	 	 	 	 
	 	 	Annual bonus:	As
    determined by the Compensation Committee
	 	 	 	
	 	 	Restricted stock:	100,000
    options to purchase the Company’s unregistered common stock at an exercise price based on the greater of the closing
    price of the Company’s common stock on the Appointment Date or $1.00 (the “Options”). The Options shall
    vest 50% one year from the Appointment Date and the other 50% two years from the Appointment Date so long as you are a member
    of the Company’s Board of Directors. The Options will be exercisable at any time after they vest and prior to the four
    year anniversary of the Appointment Date. The Option shall be issued in compliance with all rules and regulations of the United
    States Securities and Exchange Commission pursuant to the terms of a Stock Option Agreement to be provided by the Company.
    The Options granted to you shall be in effect subject to your continuous service as a member of the Board. In the event that
    your service is terminated prior to the two (2) year anniversary of the Appointment Date for any reason, all unvested options
    shall be forfeited. 
	 	 	 	 
	 	 	You
        hereby also consent to the use of your name and biographical information in documentation prepared by the Company as it
        relates to your becoming a member of the Company’s Board  

         

        Kindly
        indicate your consent to the matters discussed herein by signing and returning a copy of this letter to us as soon as
        possible.  

         

	 	 	 	 	 	Sincerely,
	 	 	 	 	 
	 	 	 	 	/s/ Jay H. Nussbaum
	 	 	 	 	Jay
        H. Nussbaum,

        CEO
        and Chairman

	 	 	 	 
	 	 	Accepted: ________________________________	Date: ____________________________________
	 	 	 	 	 	 	 

 

	 	main:904●834●4400

fax:904●834●4360

info@droneaviationcorp.com

www.DRONEAVIATIONCORP.COMExhibit 10.4

 

SECOND
AMENDMENT TO RESTRICTED STOCK AGREEMENT

 

THIS
SECOND AMENDMENT TO RESTRICTED STOCK AGREEMENT (the “Amendment”) is made effective as of March [__], 2018 (the “Effective
Date”) by and between Drone Aviation Holding Corp., a Nevada corporation (the “Corporation”) and [____________]
(the “Holder”) (collectively the “Parties”).

 

BACKGROUND

 

A. The Corporation and Holder are the parties to that certain Restricted Stock Agreement for [________] shares of the Corporation’s
Common Stock, par value $0.0001 per share that was granted by the Corporation to the Holder on September 26, 2016 and amended
on August 3, 2017 (collectively and as amended, the “RSA Agreement”); and

 

B. In recognition of the Company securing a substantial sales order and recent business development activity, the Parties desire
to further amend the RSA Agreement, as set forth below.

 

NOW
THEREFORE, in consideration of the execution and delivery of the Amendment and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1. Section 1(b) of the RSA Agreement, as amended, shall be replaced in its entirety with the following:

 

Section
1(b) - Vesting of Restricted Stock. The restrictions and conditions in Paragraphs 7(b) and (c) of this Agreement shall
lapse upon the earlier of (i) the Vesting Date or Dates specified in the following schedule or (ii) upon the occurrence of a Change
of Control (as hereinafter defined) so long as the Holder in the case of either (i) or (ii) remains a director, officer or employee
of, or consultant or advisor to, the Corporation from the date hereof through the applicable Vesting Date. If a series of Vesting
Dates is specified, then the restrictions and conditions in Paragraphs 7(b) and (c) shall lapse only with respect to the
number of shares of Restricted Stock specified as vested on such date.

 

	 	Incremental Number of
 Shares Vested	 	Vesting Date
	 	 	 	 
	 	[__](100%)	 	   March [__], 2018

 

A
"Change of Control" shall be deemed to have occurred if, after the Effective Date, (i) the beneficial ownership (as
defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) of securities representing
more than 30% of the combined voting power of the Corporation is acquired by any "person" as defined in sections 13(d)
and 14(d) of the Exchange Act (other than the Corporation, any subsidiary of the Corporation, or any trustee or other fiduciary
holding securities under an employee benefit plan of the Corporation), (ii) the merger or consolidation of the Corporation with
or into another corporation where the shareholders of the Corporation, immediately prior to the consolidation or merger, would
not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power of the securities
of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any) in
substantially the same proportion as their ownership of the Corporation immediately prior to such merger or consolidation, (iii)
the sale or other disposition of all or substantially all of the Corporation's assets to an entity, other than a sale or disposition
by the Corporation of all or substantially all of the Corporation's assets to an entity, at least 50% of the combined voting power
of the voting securities of which are owned directly or indirectly by shareholders of the Corporation, immediately prior to the
sale or disposition, in substantially the same proportion as their ownership of the Corporation immediately prior to such sale
or disposition, or (iv) during any period of two consecutive years, individuals who at the beginning of such period were members
of the Corporation’s Board of Directors ("Incumbent Directors") cease for any reason (other than death) to constitute
at least a majority thereof; provided that each new director whose election, or nomination for election by the Corporation's shareholders,
was approved by a vote of at least a majority of the directors then still in office who were directors at the beginning of such
period shall be deemed an Incumbent Director unless such approval was made directly or indirectly in connection with an actual
or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies
or consents by or on behalf of any person other than the Board.

 

2. This Amendment shall be deemed part of, but shall take precedence over and supersede any provisions to the contrary contained
in the RSA Agreement. All initial capitalized terms used in this Amendment shall have the same meaning as set forth in the RSA
Agreement unless otherwise provided. Except as specifically modified hereby, all of the provisions of the RSA Agreement, which
are not in conflict with the terms of this Amendment, shall remain in full force and effect.

  

    1

     

    

 

SIGNATURE
PAGE TO RESTRICTED STOCK AGREEMENT AMENDMENT

 

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

 

	DRONE
    AVIATION HOLDING CORP.	 	ACCEPTED AND ACKNOWLEDGED:
	 	 	 	 	 
	By:	    	 	By:	                      
	 	Jay
    H. Nussbaum	 	Name:	  
	 	Chief
    Executive Officer	 	Title:	 

 

 

2Exhibit 10.1

 

EXECUTION COPY

 

AMENDMENT NO. 1 TO
 EMPLOYMENT AGREEMENT

 

AMENDMENT NO. 1 (this “Amendment”), dated as of the 28th day of March, 2018, to EMPLOYMENT AGREEMENT, entered into as of the November 4, 2016 (the “Agreement”), by and between MFA FINANCIAL, INC., a Maryland corporation (“MFA” or the “Company”), and Craig L. Knutson (the “Executive”).

 

W I T N E S S E T H:

 

WHEREAS, the parties hereto entered into the Agreement pursuant to which the Company employs the Executive as President and Chief Operating Officer of the Company (capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Agreement);

 

WHEREAS, on July 28, 2017, the Executive was appointed Co-Chief Executive Officer of the Company and on August 16, 2017, the Executive was appointed Chief Executive Officer of the Company; and

 

WHEREAS, the parties hereto desire to amend the Agreement as set forth herein to reflect the Executive’s appointment as Chief Executive Officer of the Company.

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows, effective as of the date hereof:

 

1.             Paragraph 2 (Position; Duties and Responsibilities) of the Agreement is hereby amended by deleting subparagraph (a) thereof in its entirety and replacing it with the following:

 

“(a)  During the Term of Employment, commencing as of July 28, 2017, the Executive shall be employed as the Chief Executive Officer and President of MFA, reporting directly to the Board of Directors of MFA (the “Board of Directors”), with such duties and day-to-day management responsibilities as are customarily performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the Board of Directors.”

 

2.             Exhibit A (Annual Performance Bonus) to the Agreement is hereby amended by deleting Paragraph 2 (Target Bonus) thereof in its entirety and replacing it with the following:

 

“2.  Target Bonus.  For each Performance Period commencing after November 30, 2017, the Executive’s target annual bonus (the “Target Bonus”) shall be $2,000,000.  The Executive is eligible to receive an Annual Bonus from zero to two times the Target Bonus for each Performance Period, based on performance as described below.”

 

 

3.             Exhibit A (Annual Performance Bonus) to the Agreement is hereby amended by deleting the third sentence of the first subparagraph of Paragraph 7 (Form of Payment) thereof in its entirety and replacing it with the following:

 

“For the Performance Period commencing on December 1, 2016, to the extent that the Annual Bonus exceeds the Base Salary for the year to which it relates, then (i) 33% of the excess amount will be paid in the form of restricted stock with a fair market value equal to 33% of the excess on the date of grant, and (ii) 67% of the excess amount will be paid in cash, and for each Performance Period commencing on or after December 1, 2017, to the extent that the Annual Bonus exceeds the Base Salary for the year to which it relates, then (A) 50% of the excess amount will be paid in the form of restricted stock with a fair market value equal to 50% of the excess on the date of grant, and (B) 50% of the excess amount will be paid in cash.”

 

4.             Exhibit B (Summary of Company’s Long Term Incentive Program) to the Agreement is hereby amended by deleting Paragraph 1 (Annual Grants) thereof in its entirety and replacing it with the following:

 

“1.           Annual Grants.

 

To the extent that the Executive is still employed by MFA on the applicable grant date, within ten (10) business days following the Effective Date of the Agreement and in the first calendar quarter of each of 2018 and 2019, the Executive shall receive grants of restricted stock units subject to time vesting (“TRSUs”) and restricted stock units which vest based on the achievement of performance goals (“PRSUs”).  The TRSU and PRSU grants shall be subject to the terms of the applicable award agreements and the Equity Compensation Plan.”

 

5.             Exhibit B (Summary of Company’s Long Term Incentive Program) to the Agreement is hereby amended by deleting the first sentence of Paragraph 2 (TRSUs) thereof in its entirety and replacing it with the following:

 

“The annual grant of TRSUs made in each of 2018 and 2019 will provide for a grant of TRSUs with respect to 82,500 shares of MFA common stock.”

 

6.             Exhibit B (Summary of Company’s Long Term Incentive Program) to the Agreement is hereby amended by deleting the second subparagraph of Paragraph 3 (PRSUs) thereof in its entirety and replacing it with the following:

 

“The annual grant of PRSUs made in each of 2018 and 2019 will provide for a target grant of 61,250 Absolute TSR PRSUs (the “Absolute TSR Target Award”) and a target grant of 61,250 Relative TSR PRSUs (the “Relative TSR Target Award”).”

 

7.             Exhibit B (Summary of the Company’s Long Term Incentive Program) to the Agreement is hereby amended by deleting the second sentence of the first paragraph under the

 

2

 

Example Calculations (Absolute TSR PRSUs) in its entirety and replacing it with the following:

 

“The examples below are intended to be used purely for illustrative purposes and assume an Absolute TSR Target Award of 52,500 PRSUs.”

 

8.             Exhibit B (Summary of the Company’s Long Term Incentive Program) to the Agreement is hereby amended by deleting the second sentence of the first paragraph under the Example Calculations (Relative TSR PRSUs) in its entirety and replacing it with the following:

 

“The examples below are intended to be used purely for illustrative purposes and assume a Relative TSR Target Award of 52,500 PRSUs.”

 

9.             For the avoidance of doubt, nothing in this Amendment shall modify in any manner (a) the TRSUs granted to the Executive prior to the date of this Amendment, or (b) the PRSUs granted to the Executive prior to the date of this Amendment.

 

10.          Except as specifically set forth herein, the Agreement and all of its terms and conditions remain in full force and effect, and the Agreement is hereby ratified and confirmed in all respects, except that on or after the date of this Amendment all references in the Agreement to “this Agreement,” “hereto,” “hereof,” “hereunder,” or words of like import shall mean the Agreement as amended by this Amendment.

 

11.          This Amendment may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

 

12.          This Amendment, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of Maryland (without regard to its choice of law provisions).

 

13.          This Amendment shall be binding upon and inure to the benefit of the Company and the Executive and their respective successors, heirs (in the case of the Executive) and assigns.  The Agreement, as amended by this Amendment, contains the entire agreement between MFA and the Executive concerning the subject matter thereof, as amended by this Amendment, and supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between them with respect thereto.

 

3

 

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

 

	
 
    	
COMPANY:
    
	
 
    	
 
    
	
 
    	
MFA   FINANCIAL, INC.
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Robin Josephs
    
	
 
    	
 
    	
Name:
    	
Robin   Josephs
    
	
 
    	
 
    	
Title:
    	
Chair,   Compensation Committee of the Board of Directors
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
EXECUTIVE:
    
	
 
    	
 
    
	
 
    	
/s/ Craig L. Knutson
    
	
 
    	
Craig   L. Knutson
    

 

4

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