Document:

Exhibit

Exhibit 10.01

2018 Executive Officer Incentive Bonus Plan
	
		
	Date:
	March 14, 2018

	To:
	Executive Officers

	From:

	Compensation Committee, Board of Directors

	Regarding:
	Incentive Bonus Pay for 2018

	 
	 

This document outlines the incentive bonus plan for executive officers of Green Dot Corporation (“Green Dot”) for 2018 (the “Plan”).  For purposes of the Plan, “executive officer” means an executive officer of Green Dot who has been designated by the Committee (as defined below) as a participant in the Plan (“Participant”).
  
The Compensation Committee (the “Committee”) of Green Dot’s Board of Directors (the “Board”) will administer the Plan. Subject to the general purposes, terms and conditions of the Plan, the Committee shall have authority to implement and carry out the Plan, including authority to construe and interpret the Plan. All questions of interpretation or construction of the Plan shall be determined by the Committee. The Committee reserves the right at any time during the year to modify the Plan in total or in part. This Plan may be amended, suspended or terminated at any time at the sole and absolute discretion of the Committee.

In order to be eligible to participate in the Plan, a Participant must be (i) an employee 90 days before the close of the Bonus Period (as defined below) and (ii) employed at the time of payment. 

Executive Officer Incentive Bonus Plan

Bonuses will be paid on an annual basis based upon Green Dot’s achievement of Annual Revenue threshold, as set forth herein, which is measured as of the end of the Bonus Period. Bonuses will be paid soon after the Audit Committee of the Board has approved Green Dot’s final 2018 financial statements, which should be during the first quarter of 2019. The following formula will be used to determine each executive officer’s annual bonus payout. 

Actual bonus paid = Base Salary x Target Bonus x Actual Payout Multiplier 

Target Bonus
The target bonus is the target amount that a Participant is eligible to receive, stated as a percentage of base salary. For 2018, the Committee has established a target bonus amount for each Participant equal to a percentage of his or her 2018 base salary.  

        

Achievement of Annual Revenue Milestones
For 2018, the amount of the bonus, if any, is based on the Annual Revenue milestones set forth in the table below.  The Committee has established a target dollar amount of Annual Revenue for 2018 (“Target Revenue”) and communicated it to the Participant in connection herewith.  

No bonus shall be payable if Green Dot fails to achieve the threshold level of Annual Revenue set forth in the table below (i.e., Annual Revenue must equal 99.192% of Target Revenue). The table below summarizes the performance and payout curve.

	
		
	Annual Revenue Milestones as a % of Target Revenue
	

Payout Multiplier

	

<99.192% 
	

0%

	

99.192%
	

50%

	

99.596%
	

75%

	

100.00%
	

100%

	

100.505%
	

125%

	

100.707%
	

150%

As illustrated in the table above, Participants can achieve 100% of their target bonus amount under this Plan if Green Dot’s Annual Revenue is 100% of Target Revenue for 2018.  The minimum bonus payable is 50% of a Participant’s target bonus upon Green Dot achieving 99.192% of Target Revenue, and the maximum bonus payable is 150% of a Participant’s target bonus upon Green Dot achieving 100.707% of Target Revenue.  For example, a Participant with a $250,000 annual base salary and 65% target bonus for 2018 would receive a bonus of $162,500 if Green Dot achieved 100% of Target Revenue ($250,000 (base salary) x 65% target bonus (% of base salary) x 100% (Payout Multiplier). 

“Annual Revenue” means the amount of total operating revenue for the year ending December 31, 2018 reflected in Green Dot’s consolidated statements of operations less the impact of stock-based retailer incentive compensation expense and other non-recurring items.  The Committee shall establish the Annual Revenue target and communicate it to Participants.

“Base Salary” means the base pay earned during the performance cycle, January 1, 2018 through December 31, 2018.  It includes those items considered part of base salary, including retroactive pay, vacation pay, sick pay and holiday pay.  It does not include any stock-based compensation earnings.

“Bonus Period” means the period of time from January 1, 2018 to December 31, 2018.

“Payout Multiplier” means the percentage set forth in the table above based on Green Dot’s achievement of Annual Revenue.

        

Recoupment
In the event that (i) achievement of the Annual Revenue metric under the Plan is based on financial results that were subsequently the subject of a substantial restatement of Green Dot financial statements filed with the Securities and Exchange Commission and (ii) a Participant’s fraud or intentional illegal conduct materially contributed to such financial restatement, then, in addition to any other remedies available to Green Dot under applicable law, to the extent permitted by law and as the Board of Directors, in its sole discretion, determines appropriate, Green Dot may require recoupment of all or a portion of any after-tax portion of any bonus paid to such participant under the Plan, less compensation that would have been earned by the individual based upon the restated financial results. Notwithstanding the foregoing, Green Dot may, in its sole discretion, implement any recoupment or clawback policies or make any changes to any of its existing recoupment or clawback policies, as Green Dot deems necessary or advisable in order to comply with applicable law or regulatory guidance (including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act)

General
Nothing contained herein shall be construed as conferring upon any participant the right to continue in the employ of Green Dot as an employee and employment with Green Dot is employment at-will, terminable by either party at any time for any reason. 

The Plan shall be binding upon and inure to the benefit of Green Dot, its successors and assigns and, with respect to any earned but unpaid bonus, to the participant and his or her heirs, executors, administrators and legal representatives. The Plan shall be construed in accordance with and governed by the laws of the State of California. 

No amounts payable under the Plan shall be funded, set aside or otherwise segregated prior to payment.  The obligation to pay bonus amounts shall at all times be an unfunded and unsecured obligation of Green Dot, and Green Dot shall not be required to incur indebtedness to fund any bonus amounts under the Plan unless otherwise directed to do so by the Committee.  Participants shall have the status of general creditors.  The Plan is not qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended, and is not subject to any provisions of the Employee Retirement Income Security Act of 1974.

Any questions regarding this Plan should be directed to Green Dot’s Compensation Committee of the Board of Directors.Moody National REIT II, Inc. 8-K

 

Exhibit 10.1 

 

AMENDMENT NO. 2 TO SECOND AMENDED AND
RESTATED DEALER MANAGER AGREEMENT

 

This Amendment No.
2 to the Agreement (as defined below) is made and entered into as of this 19th day of March, 2018 by and among Moody National REIT
II, Inc., a Maryland corporation (the “Company”), Moody National Operating Partnership II, LP, a Delaware limited
partnership and the Company’s operating partnership subsidiary (the “Operating Partnership”), Moody Securities,
LLC, Inc., a Delaware limited liability company (the “Dealer Manager”), and Moody National Advisor II, LLC,
a Delaware limited liability company and the Company’s advisor (the “Advisor”).

 

RECITALS

 

WHEREAS, the Company
previously filed a Registration Statement on Form S-11 (File No. 333-198305) to register for offer and sale up to $1.1 billion
in shares of its common stock (the “Offering”), consisting of up to $1.0 billion in shares in any combination
of Class A common stock, $0.01 par value per share (the Class A Shares were formerly the sole class of the Common Stock) (the “Class
A Shares”), Class D common stock, $0.01 par value per share (the “Class D Shares”), Class I common
stock, $0.01 par value per share (the “Class I Shares”) and Class T common stock, $0.01 par value per share
(the “Class T Shares” and, together with the Class A Shares, the Class D Shares and the Class I Shares, the
“Shares”) in the Primary Offering and up to $100 million in Shares pursuant to the Company’s distribution
reinvestment plan at the prices disclosed in the most recent Prospectus or supplement thereto;

 

WHEREAS, in connection
with the Offering, the Company, the Operating Partnership, the company’s Sponsor and the Dealer Manager have entered into
a Second Amended and Restated Dealer Manager Agreement, dated June 12, 2017 (as may be amended or restated from time to time, the
“Agreement”), and the Dealer Manager has subsequently entered into Participating Dealer Agreements, dated various
dates, with participating dealers;

 

WHEREAS, the Company,
the Operating Partnership, the Dealer Manager and the Advisor previously entered into Amendment No. 1 to the Agreement; and

 

WHEREAS, the Company,
the Operating Partnership, the Dealer Manager and the Advisor now desire to further amend the Agreement to reduce the Class A Dealer
Manager Fee.

 

NOW THEREFORE, effective
as of the date first written above, the Company, the Operating Partnership, the Dealer Manager, and the Advisor hereby modify and
amend the Agreement and agree as follows:

 

		1.	Defined Terms. Capitalized terms used herein and not defined herein shall have the meanings set forth in the Agreement.

 

     

     

    

 

		2.	Amendment to Sections 5.2(b) of the Agreement.

 

Sections 5.2(b)
is hereby deleted in its entirety and replaced with the following:

 

(b)       Dealer
Manager Fee.   The Advisor or its affiliates other than the Company will pay to the Dealer Manager (i) an up-front
dealer manager fee in the amount of up to 2.5% of the sales price of the Class A Shares in the Primary Offering, all or a
portion of which may be reallowed to the Participating Dealer who sold the Offered Shares giving rise to such commissions (the “Class
A Dealer Manager Fee”); (ii) an up-front dealer manager fee in the amount of up to 1.0% of the sales price of the Class I
Shares in the Primary Offering, all or a portion of which may be reallowed to the Participating Dealer who sold the Offered Shares
giving rise to such commissions (the “Class I Dealer Manager Fee”), and all of which will be waived for
purchases made through unaffiliated registered investment advisors; and (iii) an up-front dealer manager fee in the amount
of up to 2.5% of the sales price of the Class T Shares in the Primary Offering, all or a portion of which may be reallowed
to the Participating Dealer who sold the Offered Shares giving rise to such commissions (the “Class T Dealer Manager
Fee,” and together with the Class A Dealer Manager Fee, the “Dealer Manager Fees”) as described
in the Prospectus. The Dealer Manager’s reallowance of Dealer Manager Fees to a particular Participating Dealer shall be
as set forth in Schedule I to the Participating Dealer Agreement with such Participating Dealer, and such reallowance,
if any, shall be determined by the Dealer Manager in its discretion based on factors including, but not limited to, the number
of shares sold by such Participating Dealer and the assistance of such Participating Dealer in marketing the Offering. The Company
will not pay any portion of the dealer manager fees and has no obligation of any kind to pay such fees.

 

		3.	Amendment. This Amendment may not be amended or modified except in writing signed by all parties.

 

		4.	Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware.

 

		5.	Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed an original, and all
of which together shall constitute a single instrument.

 

    2 

     

    

 

 

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

 

	 	THE COMPANY:
	 	 
	 	MOODY NATIONAL REIT II, INC.
	 	 	 
	 	By:	/s/ Brett C. Moody
	 	 	Name:	Brett C. Moody
	 	 	Title:	Chief Executive Officer and President

 

	 	THE OPERATING PARTNERSHIP:
	 	 
	 	MOODY NATIONAL OPERATING PARTNERSHIP II, LP
	 	 	 
	 	By:	Moody National REIT II, Inc., its general partner
	 	 	 
	 	 	By:	/s/ Brett C. Moody
	 	 	 	Name:	Brett C. Moody
	 	 	 	Title:	Chief Executive Officer and President

 

	 	THE ADVISOR:
	 	 	 
	 	MOODY NATIONAL ADVISOR II, LLC
	 	 	 
	 	By:	Moody National REIT Sponsor, LLC
	 	 	 
	 	 	By:	Moody National REIT Sponsor SM, LLC
	 	 	 	 
	 	 	By:	/s/ Brett C. Moody
	 	 	 	Name:	Brett C. Moody
	 	 	 	Title:	Chief Executive Officer and President

 

ACCEPTED and AGREED as of the date first above
written:

 

THE DEALER MANAGER:

 

MOODY SECURITIES, LLC

 

	By:	/s/ Melinda G. LeGaye	 
	 	Name:	Melinda G. LeGaye	 
	 	Title:	President	 

 

Signature Page to Amendment No. 2 to the Dealer Manager Agreement and Participating Dealer Agreement

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