Document:

EX-10.18

 Exhibit 10.18 
 Execution Version 
 SECOND AMENDMENT TO

SHARE SUBSCRIPTION AGREEMENT 
 (PNK DEVELOPMENT 18, LLC) 
 This SECOND AMENDMENT TO THE SHARE SUBSCRIPTION
AGREEMENT (this “Amendment”), dated as of May 24, 2013, is by and among Asian Coast Development (Canada) Ltd. (“ACDL”), a British Columbia company and PNK Development 18, LLC (“Pinnacle”), a
Delaware limited liability company, and is being entered into in order to amend the Subscription Agreement dated as of May 25, 2011, as amended on December 6, 2012, entered into by ACDL and Pinnacle (the “Subscription
Agreement”). Capitalized terms used but not otherwise defined in this Amendment shall have the meanings set forth or referenced in the Subscription Agreement. 
 RECITALS 
 WHEREAS, ACDL, Harbinger II S.à r.l., Credit Distressed
Blue Line Master Fund, Ltd. and Pinnacle (collectively, the “Loan Parties”), among others, entered into a loan agreement dated May 24, 2013 (the “Loan Agreement”); 

WHEREAS, in consideration for entering into the Loan Agreement, ACDL has agreed to issue certain warrants to the Loan Parties upon making
loan advances (the “May 2013 Minimum Warrants”) and certain additional warrants to the Loan Parties upon completion of the conversion of ACDL’s Series V Special Shares and Class VI Preferred Shares (the “May 2013
Primary Warrants”); and 
 WHEREAS, ACDL and Pinnacle wish to amend the Subscription Agreement to reflect the issuance
of the May 2013 Minimum Warrants and the May 2013 Primary Warrants. 
 NOW, THEREFORE, in consideration of the mutual premises
and covenants set forth herein, the parties hereto agree as follows: 
  

	1.	Amendment to Section 1.1 of the Subscription Agreement. 

  

	 	(a)	The following definition is added to section 1.1 of the Subscription Agreement in the appropriate alphabetical order: 

““May 2013 Minimum Warrants” has the meaning ascribed thereto in the Shareholders Agreement;” 

““May 2013 Primary Warrants” has the meaning ascribed thereto in the Shareholders Agreement;” 

 

	 	(b)	The definition of “Shareholders Agreement” in section 1.1 of the Subscription Agreement is hereby deleted in its entirety and replaced with the following
language: 

 ““Shareholders Agreement” means the Shareholders Agreement dated as of
August 8, 2011, entered into among ACDL, Pinnacle and the Harbinger Parties, as amended and supplemented from time to time, including, without limitation, amendments reflected in the Second Amended and Restated Shareholders Agreement dated as
of December 6, 2012, entered into among ACDL, Pinnacle, PNK Development 31, LLC, the Harbinger Parties and Harbinger China Dragon Intermediate Fund, L.P. and the Third Amended and Restated Shareholders Agreement dated as of May 24, 2013,
entered into among ACDL, Pinnacle, PNK Development 31, LLC, the Harbinger Parties and Harbinger China Dragon Intermediate Fund, L.P.;” 
 2. Applicability of Fully Diluted Basis. The parties acknowledge and agree that the use of the term “Fully Diluted Basis” in section 3.6(b) of the Subscription Agreement shall for all
purposes be read to exclude the May 2013 Minimum Warrants and any May 2013 Primary Warrants which are outstanding but not yet exercisable on the date of any relevant determination. 

3. Governing Law; Venue. This Amendment shall be governed by and construed and enforced in accordance with the laws of the
Province of British Columbia and the federal laws of Canada applicable therein without regard to any conflict of law principles thereof that would result in the application of the laws of any other jurisdiction. Each of the parties hereto agrees
that any action or proceeding arising out of or relating to this Amendment must be instituted in the Courts of the Province of British Columbia, waives any objection which it may have now or later to the venue of that action or proceeding,
irrevocably and unconditionally submits to the exclusive jurisdiction of those Courts in that action or proceeding and agrees to be bound by any final judgment of those Courts. 

4. Agreement Remains in Effect. The parties agree that the Subscription Agreement, as amended by this Amendment, remains in full
force and effect. 
 5. Counterparts. This Amendment may be executed by facsimile or other electronic transmission and in
as many counterparts as are necessary, each of which shall be deemed to be an original, and shall be binding on each party when each party hereto has signed and delivered one such counterpart. When a counterpart of this Amendment has been executed
by each party, all counterparts together shall constitute one agreement. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF the parties, intending to be legally bound, have executed and delivered
this Amendment as of the date first referenced above. 
  

									
	ASIAN COAST DEVELOPMENT (CANADA) LTD.	 		  	PNK DEVELOPMENT 18, LLC
					
	Per:	 	 /s/ Stephen Shoemaker
	 		  	Per:	 	 /s/ Carlos A. Ruisanchez

	Name:	 	Stephen Shoemaker	 		  	Name:	 	C. Ruisanchez
	Title:	 	Chief Financial Officer	 		  	Title:	 	CFO & Treasurer

 [Signature Page to Second Amendment to 2011 Pinnacle Subscription Agreement]Exhibit 10.2_6.30.2013

Exhibit 10.2

STEEL EXCEL INC.
 AMENDMENT NO. 4
 TO
 2004 EQUITY INCENTIVE PLAN
Pursuant to Section 15 of the Steel Excel  Inc. 2004 Equity Incentive Plan, as amended as of August 20, 2008, and further amended on November 17, 2011, and further amended as of August 7, 2012 (the “Plan”), the Plan is hereby further amended as follows, effective as of May 21, 2013:
1.             Section 11(a) of the Plan is amended to delete the sentence “Restricted Stock Units may not vest for at least one year from the date of grant.”
Except as modified by this Amendment No. 4, the Plan shall remain unchanged and shall remain in full force and effect.Exhibit 10.3_6.30.2013

Exhibit 10.3

STEEL EXCEL INC.

 2004 EQUITY INCENTIVE PLAN

 RESTRICTED STOCK UNIT AGREEMENT
 (Stock Award Documentation for RSUs)

        The Board of Directors of Steel Excel Inc. (the “Company”) has approved a grant to you (the “Participant” named below) of 2,500 Restricted Stock Units (“RSUs”) pursuant to the Company’s 2004 Equity Incentive Plan (the “Plan “), as described below. Capitalized terms not defined herein shall have the meaning ascribed to them in the Plan.

	
			
	Participant:
	 
	 

	
			
	Number of RSUs:
	 
	 

	
			
	Fair Market Value/RSU:
	 
	 $   per RSU as of Date of Grant

	
			
	Date of Grant:
	 
	 

	
			
	First Vesting Date:
	

 
	The earlier of the first anniversary of the Date of Grant or the date Participant ceases to be a member of the Board for any reason, including as a result of the Participant’s death or Disability.

	
			
	Expiration Date:
	

 
	The date on which settlement of all RSUs granted hereunder occurs.

	
			
	Vesting Schedule:
	

 
	The RSUs will vest as follows:

		
	(a)
	None of the RSUs shall vest prior to the First Vesting Date; and

		
	(b)
	100% of the RSUs shall vest on the First Vesting Date, subject to your having been in continuous status as a Service Provider from the Date of Grant to the First Vesting Date.

1.Settlement. Settlement of vested RSUs shall occur on vesting. Settlement of vested RSUs shall be in Shares. The Participant shall pay to the Company the aggregate par value of the Shares issued prior to their issuance (par value being $0.001 per Share).    Participant hereby agrees that the Company may satisfy Participant's obligation to pay to the Company each Share's par value by making appropriate payroll deductions from funds due the Participant.

2.No Stockholder Rights. Unless and until such time as Shares are issued in settlement of vested RSUs, the Participant shall have no ownership of the Shares allocated to the RSUs and shall have no right to vote such Shares, subject to the terms, conditions and restrictions described in the Plan and herein.

3.No Transfer. The RSUs and any interest therein: (i) shall not be sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of, and (ii) shall, if the Participant's continuous employment with the Company or any of its affiliates shall terminate for any reason (except as otherwise provided in the Plan or herein), be forfeited to the Company forthwith, and all the rights of the Participant to such RSUs shall immediately terminate.

4.Termination of Status as a Service Provider. If Participant's status as a Service Provider terminates, then the Administrator shall settle, in Shares, the value of any vested RSUs (based on the then Fair Market Value of Shares deemed allocated to such vested RSUs on the date of such termination of status as a Service Provider) as soon as practicable thereafter. In case of any dispute as to whether Participant's status as a Service Provider has terminated, the Administrator shall have sole discretion to determine whether Participant's status as a Service Provider has terminated and the effective date of such termination (the “ Termination Date “).

5.Acknowledgement. By their signatures below, the Company and the Participant agree that the RSUs are granted under and governed by this Restricted Stock Unit Agreement and by the provisions of the Plan (incorporated herein by reference). The Participant: (i) acknowledges receipt of a copy of the Plan and the Plan prospectus, (ii) represents that the Participant has carefully read and is familiar with their provisions, and (iii) hereby accepts the RSUs subject to all of the terms and conditions set forth herein and those set forth in the Plan.

6.Tax Consequences. The Participant acknowledges that there may be adverse tax consequences upon settlement of the RSUs or disposition of the Shares, if any, received in connection therewith and that Participant should consult a tax adviser prior to such settlement or disposition. In particular, Participant must make arrangements, satisfactory to the Company, for satisfaction of any applicable foreign, federal, state or local income tax withholding requirements or social security requirements related to the grant of the RSUs or Participant's receipt of Shares in settlement thereof, including, in either case, any dividend paid in respect thereof. In the event settlement of the RSUs is made in Shares, such arrangements may include, with the consent of the Administrator, an election by Participant (a “Withholding Election”) to pay the minimum statutory withholding tax obligation by the withholding of Shares from the total number of Shares deliverable to the Participant in accordance with rules and procedures established by the Administrator. The Withholding Election must be made prior to the date on which the amount to be withheld is determined. All Withholding Elections are subject to the approval of the 

Administrator and must be made in compliance with rules and procedures established by the Administrator. The Administrator may require, in its discretion, that some portion of vested Shares be retained by (or returned to) the Company to satisfy such withholding requirements. In the absence of such arrangements Participant hereby authorizes the Administrator to withhold the required minimum amount from Participant's other sources of compensation from the Company or any Affiliate.

7.Compliance with Laws and Regulations. The issuance of Shares will be subject to and conditioned upon compliance by the Company and Participant with all applicable state and federal laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company's Common Stock may be listed or quoted at the time of such issuance or transfer.

8.Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Agreement will be binding upon Participant and Participant's heirs, executors, administrators, legal representatives, successors and assigns.

9.Governing Law; Severability. This Agreement shall be governed by and construed in accordance with the internal laws of the State of California as such laws are applied to agreements between California residents entered into and to be performed entirely within California, excluding that body of laws pertaining to conflict of laws. If any provision of this Agreement is determined by a court of law to be illegal or unenforceable, then such provision will be enforced to the maximum extent possible and the other provisions will remain fully effective and enforceable.

10.Notices. Any notice required to be given or delivered to the Company shall be in writing and addressed to the Corporate Secretary of the Company at its principal corporate offices. Any notice required to be given or delivered to Participant shall be in writing and addressed to Participant at the address indicated above or to such other address as Participant may designate in writing from time to time to the Company. All notices shall be deemed effectively given upon personal delivery, (i) three (3) days after deposit in the United States mail by certified or registered mail (return receipt requested), (ii) one (1) business day after its deposit with any return receipt express courier (prepaid), or (iii) one (1) business day after transmission by rapifax or telecopier.

11.Further Instruments. The parties agree to execute such further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this Agreement.

12.Headings. The captions and headings of this Agreement are included for ease of reference only and are to be disregarded in interpreting or construing this Agreement.

13.Entire Agreement. The Plan and this Stock Award Documentation for these RSUs constitute the entire agreement and understanding of the parties with respect to the subject matter herein and supersede all prior understandings and agreements, whether oral or written, between the parties hereto with respect to the specific subject matter hereof.

        Please sign your name in the space provided below on this Restricted Stock Unit Agreement and return an executed copy to: Steel Excel Inc. Legal Department (attention Leonard J. McGill) at 590 Madison Avenue, 32nd Floor, New York, New York 10022.

	
			
	STEEL EXCEL INC.

	 

	By:
	 

	 
	Name:
	 

	 
	Title:
	 

	
	
	 

	PARTICIPANT

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