Document:

Exhibit

EXHIBIT 10.2

ALLEGIANT TRAVEL COMPANY
RESTRICTED STOCK 
AGREEMENT

This Restricted Stock Agreement (the “Agreement”) is made as of March 27, 2017 (“Date of Grant”) between Allegiant Travel Company, a Nevada corporation (the “Company”) and M. Ponder Harrison (“Grantee”).

1.LONG- TERM INCENTIVE PLAN.  The restricted stock granted under this Agreement shall be subject to the terms, conditions and restrictions of the Allegiant Travel Company 2016 Long-Term Incentive Plan (the “Plan”).  A copy of the Plan is available to Grantee upon request and is incorporated in this Agreement by this reference.  Terms used in this Agreement that are defined in the Plan shall have the same meaning as in the Plan, unless the text of this Agreement clearly indicates otherwise.

2.RESTRICTED STOCK AWARDS.

A.The Company hereby grants to Grantee a total of 48,000 shares of the Company’s Common Stock (the “Restricted Stock”) subject to the terms and conditions set forth below.

B.The number of shares of common stock issued to the Grantee as Restricted Stock shall be recorded in the records of the Company.

C.The Restricted Stock has been awarded as compensation to the Grantee for services to be rendered over the vesting period provided for herein.

D.This Agreement sets forth the terms, conditions and restrictions applicable to the Restricted Stock granted to Grantee.

3.RESTRICTIONS.  

A.The Restricted Stock has been awarded to the Grantee subject to the transfer and forfeiture conditions set forth in Paragraph C below (the “Restrictions”) which shall lapse, if at all, as described in Section 4 below.  For purposes of this Award, the term Restricted Stock includes any additional shares of stock granted to the Grantee with respect to any Restricted Stock (e.g., shares issued upon a stock dividend or stock split) prior to the vesting of the Restricted Stock.

B.Grantee may not directly or indirectly, by operation of law or otherwise, voluntarily or involuntarily, sell, assign, pledge, encumber, charge or otherwise transfer (a “transfer”) any of the Restricted Stock prior to vesting as provided in Section 4 below.  Any transfer or attempted transfer prior to such time shall be null and void and of no effect whatsoever.  

C.Except to the extent provided in that certain Employment Agreement between the Company and Grantee dated March 27, 2017, if the Grantee’s employment with the Company terminates prior to the vesting of all Restricted Stock of the Grantee for any reason other than as set forth in Section 4 below, then the Grantee shall forfeit all of the Grantee’s right, title and interest in and to the Restricted Stock not vested as of the date of such termination and such Restricted Stock shall be reconveyed to the Company as of the date of such termination without further consideration or any act or action by the Grantee.
  
D.The Restrictions imposed under this Section 3 shall apply to all shares of the Company’s common stock or other securities issued with respect to Restricted Stock hereunder in connection with any merger, reorganization, consolidation, recapitalization, stock dividend or other change in corporate structure affecting the common stock of the Company which occurs prior to the vesting of the Restricted Stock.

             4.    EXPIRATION AND TERMINATION OF RESTRICTIONS.  The Restrictions imposed under Section 3 above will expire and vesting of the Restricted Stock shall be as follows:

A.On September 27, 2017, the Restrictions will expire with respect to one-sixth (1/6) of the Restricted Stock of the Grantee not forfeited prior to that date;

B.On March 27, 2018, the Restrictions will expire with respect to an additional one-sixth (1/6) of the Restricted Stock of the Grantee not forfeited prior to that date; 

C.On September 27, 2018, the Restrictions will expire with respect to an additional one-sixth (1/6) of the Restricted Stock of the Grantee not forfeited prior to that date;

D.On March 27, 2019, the Restrictions will expire with respect to an additional one-sixth (1/6) of the Restricted Stock of the Grantee not forfeited prior to that date; 

E.On September 27, 2019, the Restrictions will expire with respect to additional one-sixth (1/6) of the Restricted Stock of the Grantee not forfeited prior to that date; and 

F.On March 27, 2020, the Restrictions will expire with respect to the balance of the Restricted Stock of the Grantee not forfeited prior to that date.

5.ADJUSTMENTS.  If the number of outstanding shares of common stock of the Company is changed as a result of a stock dividend, stock split or the like without additional consideration to the Company, the number of shares of Restricted Stock under this Agreement shall be adjusted to correspond to the change in the outstanding shares of the Company’s common stock.

6.VOTING AND DIVIDENDS.  Subject to the restrictions contained in Section 3 hereof, the Grantee shall have all rights of a stockholder of the Company with respect to the Grantee’s Restricted Stock, including the right to vote the shares of the Grantee’s Restricted Stock and the right to receive any cash or stock dividends, including dividends of stock of a company other than the Company.  Stock dividends issued with respect to the Grantee’s Restricted Stock shall be treated as additional shares of the Grantee’s Restricted Stock (even if they are shares of a company other than the Company) that are subject to the same restrictions and other terms and conditions that apply to the shares with respect to which such dividends are issued.  If a dividend is paid in other property, the Grantee will be credited with the amount of property which would have been received had the Grantee owned a number of shares of common stock equal to the number of shares of Restricted Stock credited to his/her account.  The property so credited will be subject to the same restrictions and other terms and conditions applicable to the Restricted Stock under this Agreement and will be disbursed to the Grantee in kind simultaneously with the Restricted Stock to which such property relates.

7.DELIVERY OF SHARES.  The shares of Restricted Stock of the Grantee will be issued in the name of the Grantee as Restricted Stock and will be held by the Company prior to vesting in certificated or uncertificated form.  If a certificate for Restricted Stock is issued prior to vesting, such certificate shall be registered in the name of the Grantee and shall bear a legend in substantially the following form:

“This certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture and restrictions against transfer) contained in a Restricted Stock Agreement dated March 27, 2017, between the registered owner of the shares represented hereby and Allegiant Travel Company.  Release from such terms and conditions shall be made only in accordance with the provisions of such Agreement, copies of which are on file in the office of Allegiant Travel Company.”

Upon request from the Company, the Grantee shall deposit with the Company a stock power, or powers, executed in blank and sufficient to reconvey the Restricted Stock to the Company upon any forfeiture of the Restricted Stock (or a portion thereof), in accordance with the provisions of this Agreement.  Upon vesting of any Restricted Stock, any stock certificates and stock powers relating to such vested Restricted Stock shall be released to the Grantee upon request.

8.WITHHOLDING TAXES.  The Company is entitled to withhold an amount equal to the Company’s required minimum statutory withholding taxes for the respective tax jurisdiction attributable to any share of common stock or property deliverable in connection with the Restricted Stock.  Grantee may satisfy any withholding obligation in whole or in part by electing to have the Company retain shares of the Restricted Stock having a Fair Market Value on the date of vesting equal to the minimum amount to be withheld.  Fair Market Value for this purpose shall be the 

closing price for a share of the Company’s common stock on the day of vesting or if the vesting date is not a trading day for the Company’s stock, then the last trading day before the date of vesting.

9.OTHER RIGHTS.  The grant of Restricted Stock does not confer upon Grantee any right to continue in the employ of the Company and does not interfere with the right of the Company to terminate Grantee’s employment at any time.

10.NOTICES.  Any written notice under this Agreement shall be deemed given on the date that is three business days after it is sent by registered or certified mail, postage prepaid, addressed either to the Grantee at his/her address as indicated in the Company’s employment records or to the Company at its principal office.  Any notice may be sent using any other means (including personal delivery, expedited courier, messenger service, telecopy, ordinary mail or electronic mail) but no such notice shall be deemed to have been duly given unless and until it is actually received by the intended recipient.  

11.NONTRANSFERABILITY.  This Agreement and all rights hereunder are nontransferable and nonassignable by the Grantee, other than by the last will and testament of Grantee or the laws of descent and distribution, unless the Company consents thereto in writing.  Any transfer or attempted transfer except pursuant to the preceding sentence shall be null and void and of no effect whatsoever.

12.SECTION 83(b) ELECTION.  Grantee may make an election to be taxed upon the grant of his/her Restricted Stock under Section 83(b) of the Internal Revenue Code of 1986, as amended.  To effect such election, the Grantee must file an appropriate election with the Internal Revenue Service within thirty (30) days after the grant of the Restricted Stock and otherwise in accordance with the applicable Treasury Regulations.

13.AMENDMENT.  This Agreement may not be amended except by a writing signed by the Company and Grantee.

14.HEIRS AND SUCCESSORS.  This Agreement and all terms and conditions hereof shall be binding upon the Company and its successors and assigns, and upon the Grantee and his/her heirs, legatees and legal representatives.

15.INTERPRETATION.  Any issues of interpretation of any provision of this Agreement shall be resolved by the Compensation Committee of the Board of Directors of the Company.

16.SEVERABILITY.  The provisions of this Agreement, and of each separate section and subsection, are severable, and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions, and any unenforceable provisions to the extent enforceable, shall nevertheless be binding and enforceable.

17.GOVERNING LAW; JURISDICTION.  All questions concerning the construction, validity and interpretation of this Agreement shall be governed by and construed according to the internal law and not the law of conflicts of the State of Nevada.  Each of the undersigned further agrees that any action or proceeding brought or initiated in respect of this Agreement may be brought or initiated in the United States District Court for the State of Nevada or in any District Court located in Clark County, Nevada, and each of the undersigned consents to the exercise of personal jurisdiction and the placement of venue in any of such courts, or in any jurisdiction allowed by law, in any such action or proceeding and further consents that service of process may be effected in any such action or proceeding in the manner provided in Section 14.065 of the Nevada Revised Statutes or in such other manner as may be permitted by law.  Each of the undersigned further agrees that no such action shall be brought against any party hereunder except in one of the courts above named.

18.WAIVER.  The failure of the Company to enforce at any time any provision of this Agreement shall in no way be construed to be a waiver of such provision or any other provision hereof.

19.DEEMED SIGNATURE; COUNTERPARTS.  The Grantee may confirm his/her acceptance of the restricted stock grant evidenced hereby and the terms of this Agreement by logging onto the Plan administrator’s website and electronically indicating his/her acceptance. As the Grantee’s information on the Plan administrator’s website is password protected, such acceptance shall be deemed to be the Grantee’s acceptance absent Grantee’s ability to establish that he/she did not accept this Agreement and that whoever indicated such acceptance did so without the Grantee’s knowledge or acquiescence. Further, the acceptance by Grantee of any benefits from the 

ownership of stock granted under this Agreement (whether by voting the Restricted Stock, accepting dividends on the Restricted Stock, selling any shares of Restricted Stock or otherwise) shall also be deemed a confirmation by Grantee of his/her intent to be bound by the terms of this Agreement. If this Agreement is physically signed (which is not required), then it may be executed in any number of counterparts with the same effect as if all parties hereto had signed the same document, and all counterparts shall be construed together and shall constitute one instrument.  If this Agreement is physically signed (which is not required), this Agreement may be executed by any party by delivery of a facsimile or pdf signature, which signature shall have the same force as an original signature.  Any party which delivers a facsimile or pdf signature shall promptly thereafter deliver an originally executed signature to the other parties; provided, however, that the failure to deliver an original signature page shall not affect the validity of any signature delivered by facsimile or pdf.  A facsimile, pdf or photocopied signature shall be deemed to be the functional equivalent of an original for all purposes.

IN WITNESS WHEREOF, the Company has executed this Agreement as of day and year first above written.

ALLEGIANT TRAVEL COMPANY

By: /s/John Redmond_______________________

Its: President_______________________________

The undersigned Grantee hereby accepts, and agrees to, all terms and provisions of the foregoing Award.

Name: M. Ponder Harrison 

Signature: /s/ M. Ponder Harrison

Date:  March 27, 2017adro-ex101_429.htm

 

Exhibit 10.1

Aduro Biotech, Inc.
Non-Employee Director Compensation Policy

Approved by the Board of Directors on March 30, 2015

As Amended on June 21, 2016

 

Each member of the Board of Directors (the “Board”) who is not also serving as an employee of Aduro Biotech, Inc. (“Aduro”) or any of its subsidiaries (each such member, an “Eligible Director”) will receive the compensation described in this Non-Employee Director Compensation Policy (the “Director Compensation Policy”) for his or her Board service following the closing of the initial public offering of the common stock of Aduro (the “IPO”).  

 

The Director Compensation Policy will be effective upon the date of the underwriting agreement between Aduro and the underwriters managing the initial public offering of common stock of Aduro (the “Common Stock”), pursuant to which the Common Stock is priced in the IPO.  The Director Compensation Policy may be amended at any time in the sole discretion of the Board or the Compensation Committee of the Board.

 

Annual Cash Compensation

 

Commencing with closing of the IPO, each Eligible Director shall receive the cash compensation described below. The annual cash compensation amount set forth below is payable in equal quarterly installments, payable in arrears on the last day of each fiscal quarter in which the service occurred. If an Eligible Director joins the Board or a committee of the Board (“Committee”) at a time other than effective as of the first day of a fiscal quarter, each annual retainer set forth below will be pro-rated based on days served in the applicable fiscal year, with the pro-rated amount paid for the first fiscal quarter in which the Eligible Director provides the service, and regular full quarterly payments thereafter. All annual cash retainer fees are vested upon payment. 

 

	
1.
	
Annual Board Service Retainer: 

	
 
	
a.
	
Eligible Directors other than the Non-Executive Chairperson: $35,000

	
 
	
b.
	
Non-Executive Chairperson: $60,000

 

	
2.
	
Annual Committee Chair Service Retainer:1

	
 
	
a.
	
Chairperson of the Audit Committee: $15,000

	
 
	
b.
	
Chairperson of the Compensation Committee: $10,000

	
 
	
c.
	
Chairperson of the Nominating & Corporate Governance Committee: $8,000

 

	
3.
	
Annual Committee Member Service Retainer:

	
 
	
a.
	
Member of the Audit Committee: $7,500

	
 
	
b.
	
Member of the Compensation Committee: $5,000

	
 
	
c.
	
Member of the Nominating & Corporate Governance Committee: $4,000

	
 
	
d.
	
Member of the Science & Technology Committee: $10,000

 

	
	 

	
1 
	
 Eligible Directors who serve as a Committee Chair will not receive the annual retainer for service as a member on such Committee.

1.

111470274 v2 

 

Equity Compensation

 

The equity compensation set forth below will be granted under the Aduro, Inc. 2015 Equity Incentive Plan (the “Plan”), and will be documented on the applicable form of equity award agreement most recently approved for use by the Board (or a duly authorized committee thereof) for Eligible Directors. All stock options granted under the Director Compensation Policy will be nonstatutory stock options, with an exercise price per share equal to 100% of the Fair Market Value (as defined in the Plan) of the underlying Common Stock on the date of grant, and a term of ten years from the date of grant (subject to earlier termination in connection with a termination of service as provided in the Plan).  

 

1.Initial Option Grant: On the date of the Eligible Director’s initial election to the Board (or, if such date is not a market trading day, the first market trading day thereafter), the Eligible Director automatically will be granted, without further action by the Board or Compensation Committee of the Board, a stock option to purchase 15,000 shares of Common Stock (the “Initial Option Grant”).  The Initial Option Grant will vest one-third after the first year, with the remaining shares vesting quarterly in years two and three following the grant date, such that the Initial Option Grant will be fully vested on the third anniversary of the date of grant, subject to the Eligible Director’s Continuous Service on each applicable vesting date.  In addition, in the event of a Change in Control or a Corporate Transaction, any unvested portion of the Initial Option Grant will fully vest and become exercisable as of immediately prior to the effective time of such Change in Control or Corporate Transaction, subject to the Eligible Director’s Continuous Service on the effective date of such transaction.

 

2.Annual Option Grant: On the date of each Aduro annual stockholder meeting held after the effective date of the IPO, each Eligible Director automatically, and without further action by the Board or Compensation Committee of the Board, will be granted a stock option to purchase 13,000 shares of Common Stock (the “Annual Option Grant”).  The Annual Option Grant will vest quarterly over one year from the grant date, such that the Annual Option Grant will be fully vested on the first anniversary of the date of grant, subject to the Eligible Director’s Continuous Service on each applicable vesting date.  In addition, in the event of a Change in Control or a Corporate Transaction, any unvested portion of the Annual Option Grant will fully vest and become exercisable as of immediately prior to the effective time of such Change in Control or Corporate Transaction, subject to the Eligible Director’s Continuous Service on the effective date of such transaction.

 

Election to Receive Annual Cash Compensation in the Form of Stock Options

 

Each Eligible Director may elect, in writing, to receive his or her annual cash compensation in the form of stock options.  Such election would apply to all annual cash compensation payable during the subsequent year of service.  If elected, all stock options will be granted under the Plan and will be documented on the applicable form of equity award agreement most recently approved for use by the Board (or a duly authorized committee thereof) for Eligible Directors. All stock options granted under the Director Compensation Policy will be nonstatutory stock options with an exercise price per share equal to 100% of the Fair Market Value (as defined in the Plan) of the underlying Common Stock on the date of grant, will be granted on the date of the annual meeting of our stockholders, will vest monthly over one year from the grant date, and will have a term of ten years from the date of grant (subject to earlier termination in connection with a termination of service as provided in the Plan).  

 

The number of stock options that an Eligible Director will receive in lieu of such annual cash compensation will be determined by dividing (i) the amount of annual cash compensation that would otherwise be paid during the upcoming year of service, by (ii) the Black-Scholes value of a share of Common Stock on the applicable grant date.  Any election to receive stock options in lieu of annual cash compensation must be made by the Eligible Director at least five (5) business days prior to the date of the 

2.

111470274 v2 

 

annual meeting of stockholders and such election will be irrevocable until the next annual meeting of the stockholders.    

 

Expenses

 

The Company will reimburse Eligible Directors for ordinary, necessary and reasonable out-of-pocket travel expenses to cover in-person attendance at and participation in Board and/or Committee meetings; provided, that Eligible Directors timely submit to the Company appropriate documentation substantiating such expenses in accordance with the Company’s travel and expense policy, as in effect from time to time.

 

Philosophy 

 

The Director Compensation Policy is designed to attract and retain experienced, talented individuals to serve on the Board.  The Board anticipates that the Board, or a duly authorized committee thereof, will generally review Eligible Director compensation on an annual basis following the IPO.  The Director Compensation Policy, as amended from time to time, may take into account the time commitment expected of Eligible Directors, best practices and market rates in director compensation, the economic position of Aduro, broader economic conditions, historical compensation structure, the advice of the compensation consultant that the Compensation Committee or the Board may retain from time to time, and the potential dilutive effect of equity awards on our stockholders.  

Under the Director Compensation Policy, Eligible Directors receive cash compensation in the form of retainers to recognize their level of responsibility as well as the necessary time commitment involved in serving in a leadership role and/or on Committees.  Eligible Directors also receive equity compensation because we believe that stock ownership provides an incentive to act in ways that maximize long-term stockholder value.  Further, we believe that stock-based awards are essential to attracting and retaining talented Board members.  When stock options are granted, these stock options will have an exercise price at least equal to the Fair Market Value of Common Stock on the date of grant, so that stock options provide a return only if the Fair Market Value appreciates over the period in which the stock option vests and remains exercisable.  We believe that the vesting acceleration provided in the case of a Change in Control or other Corporate Transaction is consistent with market practices and is critical to attracting and retaining high quality directors.

3.

111470274 v2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}]]