0001433642false00014336422024-09-052024-09-05
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 5, 2024
Hamilton Lane Incorporated
(Exact Name of Registrant as specified in its charter)
| | | | | | | | | | | | | | |
Delaware | | 001-38021 | | 26-2482738 |
(State or other jurisdiction of incorporation) | | (Commission File No.) | | (IRS Employer Identification No.) |
| | | | | | | | | | | | | | | | | |
110 Washington Street, | Suite 1300 | | | | |
Conshohocken, | PA | | | | 19428 |
(Address of principal executive offices) | | | | (Zip Code) |
(610) 934-2222
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | | | | |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | | | | | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Class A Common Stock, $0.001 par value per share | | HLNE | | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
At the 2024 Annual Meeting of Stockholders (the “Annual Meeting”) of Hamilton Lane Incorporated (the “Company”), the stockholders of the Company approved the Amended and Restated Hamilton Lane Incorporated 2017 Equity Incentive Plan (the “Amended and Restated Equity Plan”). The Amended and Restated Equity Plan had previously been approved by the Company’s Board of Directors (the “Board”), subject to stockholder approval. It became effective as of September 5, 2024.
The Amended and Restated Equity Plan is described in the Company’s Definitive Proxy Statement on Schedule 14A for the Annual Meeting, filed with the Securities and Exchange Commission on July 25, 2024 (the “Proxy Statement”). The full text of the Amended and Restated Equity Plan is set forth as Appendix B to the Proxy Statement, which is incorporated by reference as Exhibit 10.1 to this Current Report on Form 8-K and into this Item 5.02 as if fully set forth herein.
Item 5.07. Submission of Matters to a Vote of Security Holders.
On September 5, 2024, the Company held its Annual Meeting for the purposes of (i) electing the Class II directors named in the Company’s Proxy Statement, (ii) conducting an advisory vote to approve the compensation of the Company’s named executive officers, as disclosed in the Proxy Statement, (iii) approving the Amended and Restated Equity Plan, and (iv) ratifying the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending March 31, 2025. As of the record date of July 10, 2024, there were 40,533,548 shares of our Class A common stock (each entitled to one vote per share) and 13,664,635 shares of our Class B common stock (each entitled to 10 votes per share) outstanding. The Class A common stock and Class B common stock voted as a single class on all matters presented at the Annual Meeting. Of the total 177,179,898 votes eligible to be cast at the Annual Meeting, shares entitled to cast 148,517,482 votes were represented. The final results of the stockholder vote are set forth below.
Proposal No. 1 — Election of Class II Directors
The Company’s stockholders elected each of the Class II nominees for director as named in the Proxy Statement, each to serve a three-year term until the Company’s 2027 annual meeting of stockholders and until a successor is duly elected and qualified or until his or her earlier death, resignation or removal. Information as to the vote on each director who stood for re-election is provided below.
| | | | | | | | | | | | | | | | | | | | |
Nominee | | Votes For | | Votes Withheld | | Broker Non-Votes |
R. Vann Graves | | 130,514,400 | | 14,951,326 | | 3,051,756 |
Erik R. Hirsch | | 128,259,763 | | 17,205,963 | | 3,051,756 |
Leslie F. Varon | | 126,725,220 | | 18,740,506 | | 3,051,756 |
Proposal No. 2 — Advisory, Non-Binding Vote to Approve the Compensation of the Company’s Named Executive Officers
The Company’s stockholders approved, on an advisory basis, named executive officer compensation, as set forth below.
| | | | | | | | | | | | | | | | | | | | |
Votes For | | Votes Against | | Abstentions | | Broker Non-Votes |
136,643,258 | | 7,373,593 | | 1,448,875 | | 3,051,756 |
Proposal No. 3 — Vote to Approve the Amended and Restated Equity Plan
The Company’s stockholders approved the Amended and Restated Equity Plan, as set forth below.
| | | | | | | | | | | | | | | | | | | | |
Votes For | | Votes Against | | Abstentions | | Broker Non-Votes |
125,532,615 | | 18,481,263 | | 1,451,848 | | 3,051,756 |
Proposal No. 4 — Ratification of the Appointment of Ernst & Young LLP as the Company’s Independent Registered Public Accounting Firm for the Fiscal Year Ending March 31, 2025
The Company’s stockholders ratified the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending March 31, 2025, as set forth below.
| | | | | | | | | | | | | | | | | | | | |
Votes For | | Votes Against | | Abstentions | | Broker Non-Votes |
148,255,209 | | 252,863 | | 9,410 | | 0 |
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| | | | | | | | | | | | | | | | | | | | | | | |
| | | Incorporated By Reference | Filed Herewith |
Exhibit No. | | Description of Exhibit | Form | Exhibit | Filing Date | File No. |
| | | DEF 14A | Appendix B | 7/25/24 | 001-38021 | |
| | | | | | | X |
| | | | | | | X |
| | | | | | | X |
104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document) | | | | | X |
† Indicates a management contract or compensatory plan or arrangement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | | | | |
| |
| HAMILTON LANE INCORPORATED |
| |
Date: September 5, 2024 | |
| |
| By: | /s/ Lydia A. Gavalis |
| | Name: | Lydia A. Gavalis |
| | Title: | General Counsel and Secretary |
AMENDED AND RESTATED HAMILTON LANE INCORPORATED
2017 EQUITY INCENTIVE PLAN
Restricted Stock Award Agreement
This Restricted Stock Award Agreement (this “Agreement”) is entered into as of the Grant Date (as defined below), by and between the Grantee (as defined below) and Hamilton Lane Incorporated (the “Company”). Except as otherwise defined herein, capitalized terms used in this Agreement have the respective meanings set forth in the Plan (as defined below).
WITNESSETH THAT:
WHEREAS, the Company maintains the Amended and Restated Hamilton Lane Incorporated 2017 Equity Incentive Plan (the “Plan”), which is incorporated into and forms a part of this Agreement; and
WHEREAS, the Grantee has been selected by the committee administering the Plan (the “Committee”) to receive a Restricted Stock Award under the Plan.
NOW, THEREFORE, IT IS AGREED, by and between the Company and the Grantee as follows:
1.Award. Subject to the terms of this Agreement and the Plan, the Grantee is hereby granted the Restricted Stock as described in Section 2.
2.Terms of Award.
(a) The “Grantee” is _______________.
(b)The “Grant Date” is _______________.
(c)The number of Class A common shares of the Company (“Common Shares”) granted under this Agreement is _______ (the “Restricted Stock”).
3.Vesting Schedule.
(a)Except as otherwise provided herein, the Restricted Stock that has not been previously forfeited shall become vested according to the following schedule:
| | | | | |
Shares of Restricted Stock Becoming Vested | Vesting Date |
| |
| |
| |
| |
(b)The Grantee’s right to vest in this Award is conditioned upon the Grantee’s continuous employment with the Company or any Company Affiliate. If the Grantee incurs a Termination of Service, the Grantee’s rights with respect to the Award shall be affected as follows:
(i)If the Grantee’s Termination of Service occurs by reason of the Grantee’s death or Disability, 100% of the unvested Restricted Stock shall vest as of the date of such termination.
(ii)Except as otherwise provided in Section 3(b)(i) above, if the Grantee experiences a Termination of Service for any reason, any Restricted Stock granted to the Grantee that is not fully vested as of the date of Termination of Service shall be forfeited at the time of such termination.
(iii)If the Grantee experiences a Termination of Service for Cause, any Restricted Stock granted to the Grantee shall be forfeited at the time of such termination (or, if earlier, at the time that the Company or Company Affiliate provides written notice of its intention to effect a Termination of Service), and the Committee may require that the Grantee disgorge any profit, gain or other benefit received in respect of the lapse of restrictions on any prior grant of Restricted Stock for a period of up to twenty-four months prior to the Grantee’s Termination of Service for Cause.
(c) Subject to Section 12(d) and Section 13 of the Plan, upon the occurrence of a Change in Control, 100% of the unvested Restricted Stock shall vest as of the date of the Change in Control.
4.Legend on Stock Certificates. The Company may require that certificates for Common Shares distributed to the Grantee pursuant to this Agreement bear any legend that counsel to the Company believes is necessary or desirable to facilitate compliance with applicable securities laws. The Company shall not be obligated to transfer any stock to the Grantee free of the restrictive legend described in this Section 4 or of any other restrictive legend, if such transfer, in the opinion of counsel for the Company, would violate any applicable law or any applicable regulation or requirement of any securities exchange or similar entity.
5.Transferability. The Grantee shall not transfer or assign, in whole or in part, Restricted Stock subject to this Agreement in which the Grantee is not vested, other than (a) by will or by the laws of descent and distribution, or (b) by designation, in a manner established by the Company, of a beneficiary or beneficiaries to exercise the rights of the Grantee and to receive any property distributable with respect to this Agreement upon the death of the Grantee upon satisfaction of the vesting conditions described in Section 3 above.
6.Withholding. Any tax consequences arising from the grant of this Award shall be borne solely by the Grantee. The Company and/or the Company Affiliates shall withhold taxes according to requirements under the applicable laws, rules and regulations, including
withholding taxes at source. The Grantee will not be entitled to receive from the Company any Common Shares hereunder prior to the full payment of the Grantee’s tax liabilities relating to this Award. The Committee may, in its discretion, permit the Grantee to elect, subject to such conditions as the Committee shall impose, (a) to have Common Shares otherwise issuable under the Plan withheld by the Company or (b) to deliver to the Company previously acquired Common Shares (through actual tender or attestation), in either case for the greatest number of whole shares having a Fair Market Value on the date immediately preceding the date of vesting not in excess of the amount required to satisfy the withholding tax obligations.
7.Compliance with Applicable Law. Notwithstanding any other provision of this Agreement, the Company shall have no obligation to issue any shares of Restricted Stock under this Agreement if such issuance would violate any applicable law or any applicable regulation or requirement of any securities exchange or similar entity.
8.Administration. The authority to manage and control the operation and administration of this Agreement shall be vested in the Committee, and the Committee shall have all powers with respect to this Agreement as it has with respect to the Plan. Any interpretation of the Agreement by the Committee and any decision made by it with respect to the Agreement is final and binding on all parties. Any inconsistency between this Agreement and the Plan shall be resolved in favor of the Plan.
9.Not an Employment Contract. This Award will not confer on the Grantee any right with respect to the continuance of employment or other service to the Company or any Company Affiliate, nor will it interfere in any way with any right the Company or any Company Affiliate would otherwise have to terminate or modify the terms of such Grantee’s employment or other service at any time.
10.Restrictive Covenants. In consideration of the Restricted Stock, the Grantee agrees and covenants as follows:
(a)Confidentiality. The Grantee shall never engage in the form of Competition described in Section 1(b)(13)(E) of the Plan while employed by, or providing services to, the Company or any Company Affiliate or at any time after the Grantee’s Termination of Service (for any reason). Notwithstanding Section 1(b)(13)(E) of the Plan or anything in this Agreement to the contrary, nothing shall prohibit or restrict the Grantee from lawfully (i) initiating communications directly with, cooperating with, providing information to, filing a charge with, causing information to be provided to, or otherwise assisting in an investigation by any governmental or regulatory agency, entity, or official(s), including but not limited to the Securities and Exchange Commission, the U.S. Equal Employment Opportunity Commission, and the National Labor Relations Board (collectively, “Governmental Authorities”) regarding a possible violation of any law; (ii) responding to any inquiry or legal process from any such Governmental Authorities; (iii) testifying, participating or otherwise assisting in an action or proceeding by any such Governmental Authorities relating to a possible violation of law; or (iv) making any other disclosures that are protected under the whistleblower provisions of any applicable law, rule or regulation.
Additionally, pursuant to the federal Defend Trade Secrets Act of 2016, the Grantee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If the Grantee files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Grantee may disclose the confidential information to his or her attorney and use the confidential information in the court proceeding, if the Grantee files any document containing the confidential information under seal, and does not disclose the confidential information, except pursuant to court order. Nothing herein prevents the Grantee from discussing or disclosing (x) information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that the Grantee has reason to believe is unlawful, or (y) terms and conditions of employment or otherwise exercising any rights the Grantee has under Section 7 of the National Labor Relations Act.
(b)Non-Competition. The Grantee acknowledges and, to the extent permitted by applicable law, agrees to comply with Section 16 of the Plan. For the avoidance of doubt, Section 16(a) of the Plan shall not apply to the Grantee to the extent that it will subject the Company or any Company Affiliate to any penalties.
11.Notices. Any written notices provided for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or overnight courier, or by postage paid first class mail. Notices sent by mail shall be deemed received three business days after mailing but in no event later than the date of actual receipt. Notices shall be directed, if to the Grantee, at the Grantee’s address indicated by the Company’s records, or if to the Company, at the Company’s principal executive office.
12.Amendment. This Agreement may be amended in accordance with the provisions of the Plan, and may otherwise be amended by written agreement of the Grantee and the Company without the consent of any other person.
13.Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.
14.Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Company and the Grantee and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the transfer restrictions set forth in this Agreement and the Plan.
15.Applicable Law. This Agreement shall be construed in accordance with the laws of Delaware (without reference to principles of conflict of laws).
16.Clawback Policy. Notwithstanding any other provision of this Agreement, this Award will be subject to any compensation recovery or clawback policy the Company adopts, including any policy required to comply with applicable law or listing standards, as such policy may be amended from time to time in the Company’s sole discretion.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this Restricted Stock Award Agreement on ___________________, ____.
| | | | | |
HAMILTON LANE INCORPORATED |
| |
By: | |
| Name: |
| Title: |
| |
|
| |
| |
| Grantee |
| |
| Address: |
AMENDED AND RESTATED HAMILTON LANE INCORPORATED
2017 EQUITY INCENTIVE PLAN
Restricted Stock Award Agreement
(Director)
This Restricted Stock Award Agreement (this “Agreement”) is entered into as of the Grant Date (as defined below), by and between the Grantee (as defined below) and Hamilton Lane Incorporated (the “Company”). Except as otherwise defined herein, capitalized terms used in this Agreement have the respective meanings set forth in the Plan (as defined below).
WITNESSETH THAT:
WHEREAS, the Company maintains the Amended and Restated Hamilton Lane Incorporated 2017 Equity Incentive Plan (the “Plan”), which is incorporated into and forms a part of this Agreement; and
WHEREAS, the Grantee has been selected by the committee administering the Plan (the “Committee”) to receive a Restricted Stock Award under the Plan.
NOW, THEREFORE, IT IS AGREED, by and between the Company and the Grantee as follows:
1.Award. Subject to the terms of this Agreement and the Plan, the Grantee is hereby granted the Restricted Stock as described in Section 2.
2.Terms of Award.
(a)The “Grantee” is _______________.
(b)The “Grant Date” is _______________.
(c)The number of Class A common shares of the Company (“Common Shares”) granted under this Agreement is _______ (the “Restricted Stock”).
3.Vesting Schedule.
(a)Except as otherwise provided herein, the Restricted Stock that has not been previously forfeited shall become vested according to the following schedule:
| | | | | |
Shares of Restricted Stock Becoming Vested | Vesting Date |
| |
(b)The Grantee’s right to vest in this Award is conditioned upon the Grantee’s continuous service as a director on the Board of the Company. If the Grantee incurs a Termination of Service, the Grantee’s rights with respect to the Award shall be affected as follows:
(i)If the Grantee’s Termination of Service occurs by reason of the Grantee’s death or Disability, 100% of the unvested Restricted Stock shall vest as of the date of such termination.
(ii)If the Grantee experiences a Termination of Service for Cause, any Restricted Stock granted to the Grantee shall be forfeited at the time of such termination (or, if earlier, at the time that the Company or Company Affiliate provides written notice of its intention to effect a Termination of Service), and the Committee may require that such Grantee disgorge any profit, gain or other benefit received in respect of the lapse of restrictions on any prior grant of Restricted Stock for a period of up to twenty-four months prior to the Grantee’s Termination of Service for Cause.
(iii)Except as otherwise provided in Section 3(b)(i) or Section 3(b)(ii) above, if the Grantee experiences a Termination of Service for any reason, a pro rata portion of any Restricted Stock granted to the Grantee that is not fully vested as of the date of Termination of Service shall vest on the vesting date noted in Section 3(a) above, such pro rata portion to be calculated by the Committee based on the length of the Grantee’s service on the Board during the Restricted Period; if, however, the Grantee serves his or her then-current full term, but such term ends prior to the end of the Restricted Period, any unvested Restricted Stock shall not be forfeited and shall instead fully vest on the vesting date noted in Section 3(a) above.
(c)Subject to Section 12(d) and Section 13 of the Plan, upon the occurrence of a Change in Control,100% of the unvested Restricted Stock shall vest as of the date of the Change in Control.
4.Legend on Stock Certificates. The Company may require that certificates for Common Shares distributed to the Grantee pursuant to this Agreement bear any legend that counsel to the Company believes is necessary or desirable to facilitate compliance with applicable securities laws. The Company shall not be obligated to transfer any stock to the
Grantee free of the restrictive legend described in this Section 4 or of any other restrictive legend, if such transfer, in the opinion of counsel for the Company, would violate any applicable law or any applicable regulation or requirement of any securities exchange or similar entity.
5.Transferability. The Grantee shall not transfer or assign, in whole or in part, Restricted Stock subject to this Agreement in which the Grantee is not vested, other than (a) by will or by the laws of descent and distribution, or (b) by designation, in a manner established by the Company, of a beneficiary or beneficiaries to exercise the rights of the Grantee and to receive any property distributable with respect to this Agreement upon the death of the Grantee upon satisfaction of the vesting conditions described in Section 3.
6.Withholding. Any tax consequences arising from the grant of this Award shall be borne solely by the Grantee. The Company and/or the Company Affiliates shall withhold taxes according to requirements under the applicable laws, rules and regulations, including withholding taxes at source. The Grantee will not be entitled to receive from the Company any Common Shares hereunder prior to the full payment of the Grantee’s tax liabilities relating to this Award. The Committee may, in its discretion, permit the Grantee to elect, subject to such conditions as the Committee shall impose, (a) to have Common Shares otherwise issuable under the Plan withheld by the Company or (b) to deliver to the Company previously acquired Common Shares (through actual tender or attestation), in either case for the greatest number of whole shares having a Fair Market Value on the date immediately preceding the date of vesting not in excess of the amount required to satisfy the withholding tax obligations.
7.Compliance with Applicable Law. Notwithstanding any other provision of this Agreement, the Company shall have no obligation to issue any shares of Restricted Stock under this Agreement if such issuance would violate any applicable law or any applicable regulation or requirement of any securities exchange or similar entity.
8.Administration. The authority to manage and control the operation and administration of this Agreement shall be vested in the Committee, and the Committee shall have all powers with respect to this Agreement as it has with respect to the Plan. Any interpretation of the Agreement by the Committee and any decision made by it with respect to the Agreement is final and binding on all parties. Any inconsistency between this Agreement and the Plan shall be resolved in favor of the Plan.
9.Not an Employment Contract. This Award will not confer on the Grantee any right with respect to the continuance of employment or other service to the Company or any Company Affiliate, nor will it interfere in any way with any right the Company or any Company Affiliate would otherwise have to terminate or modify the terms of such Grantee’s employment or other service at any time.
10.Restrictive Covenants. In consideration of the Restricted Stock, the Grantee agrees and covenants as follows:
(a)Confidentiality. The Grantee shall never engage in the form of Competition described in Section 1(b)(13)(E) of the Plan while employed by, or providing services to, the Company or any Company Affiliate or at any time after the
Grantee’s Termination of Service (for any reason). Notwithstanding Section 1(b)(13)(E) of the Plan or anything in this Agreement to the contrary, nothing shall prohibit or restrict the Grantee from lawfully (i) initiating communications directly with, cooperating with, providing information to, filing a charge with, causing information to be provided to, or otherwise assisting in an investigation by any governmental or regulatory agency, entity, or official(s), including but not limited to the Securities and Exchange Commission, the U.S. Equal Employment Opportunity Commission, and the National Labor Relations Board (collectively, “Governmental Authorities”) regarding a possible violation of any law; (ii) responding to any inquiry or legal process from any such Governmental Authorities; (iii) testifying, participating or otherwise assisting in an action or proceeding by any such Governmental Authorities relating to a possible violation of law; or (iv) making any other disclosures that are protected under the whistleblower provisions of any applicable law, rule or regulation. Additionally, pursuant to the federal Defend Trade Secrets Act of 2016, the Grantee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If the Grantee files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Grantee may disclose the confidential information to his or her attorney and use the confidential information in the court proceeding, if the Grantee files any document containing the confidential information under seal, and does not disclose the confidential information, except pursuant to court order. Nothing herein prevents the Grantee from discussing or disclosing (x) information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that the Grantee has reason to believe is unlawful, or (y) terms and conditions of employment or otherwise exercising any rights the Grantee has under Section 7 of the National Labor Relations Act.
(b)Non-Competition. The Grantee acknowledges and, to the extent permitted by applicable law, agrees to comply with Section 16 of the Plan. For the avoidance of doubt, Section 16(a) of the Plan shall not apply to the Grantee to the extent that it will subject the Company or any Company Affiliate to any penalties.
11.Notices. Any written notices provided for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or overnight courier, or by postage paid first class mail. Notices sent by mail shall be deemed received three business days after mailing but in no event later than the date of actual receipt. Notices shall be directed, if to the Grantee, at the Grantee’s address indicated by the Company’s records, or if to the Company, at the Company’s principal executive office.
12.Amendment. This Agreement may be amended in accordance with the provisions of the Plan, and may otherwise be amended by written agreement of the Grantee and the Company without the consent of any other person.
13.Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.
14.Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Company and the Grantee and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the transfer restrictions set forth in this Agreement and the Plan.
15.Applicable Law. This Agreement shall be construed in accordance with the laws of Delaware (without reference to principles of conflict of laws).
16.Clawback Policy. Notwithstanding any other provision of this Agreement, this Award will be subject to any compensation recovery or clawback policy the Company adopts, including any policy required to comply with applicable law or listing standards, as such policy may be amended from time to time in the Company’s sole discretion.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this Restricted Stock Award Agreement on ___________________, ____.
| | | | | |
HAMILTON LANE INCORPORATED |
| |
By: | |
| Name: |
| Title: |
| |
|
| |
| |
| Grantee |
| |
| Address: |
AMENDED AND RESTATED HAMILTON LANE INCORPORATED
2017 EQUITY INCENTIVE PLAN
Performance Stock Award Agreement
This Performance Stock Award Agreement (this “Agreement”) is entered into as of the Grant Date (as defined below), by and between the Grantee (as defined below) and Hamilton Lane Incorporated (the “Company”). Except as otherwise defined herein, capitalized terms used in this Agreement have the respective meanings set forth in the Plan (as defined below).
WITNESSETH THAT:
WHEREAS, the Company maintains the Amended and Restated Hamilton Lane Incorporated 2017 Equity Incentive Plan (the “Plan”), which is incorporated into and forms a part of this Agreement; and
WHEREAS, the Grantee has been selected by the committee administering the Plan (the “Committee”) to receive a Performance Stock Award under the Plan.
NOW, THEREFORE, IT IS AGREED, by and between the Company and the Grantee as follows:
1.Award. Subject to the terms of this Agreement and the Plan, the Grantee is hereby granted the Restricted Stock as described in Section 2. This grant is expressly intended to be Performance Stock.
2.Terms of Award.
(a)The “Grantee” is _______________.
(b)The “Grant Date” is _______________.
(c)The number of Class A common shares of the Company (“Common Shares”) granted under this Agreement is _______ (the “Performance Stock”). This number shall be deemed to be the “target award opportunity” for purposes of the Plan.
(d)“Performance Period” is a period of __ years beginning on [__________ __, ____ / the Grant Date] and ending on [__________ __, ____ ].
(e)“Average Market Price” means the volume weighted average closing price per share of Company Class A common stock as reported on the Company’s principal securities exchange over the Trading Period. For any Trading Period, this price is the quotient of (x) the sum of (i) the daily closing price multiplied by (ii) that day’s trading volume, divided by (y) the total trading volume for the period. An Average Market Price target will be deemed to have been
achieved even if the market price subsequently declines below such level after the applicable Trading Period.
(f)“Trading Period” means a period of any 20 consecutive trading days during the Performance Period. In all cases, the last day of the last Trading Period will end on or before the last day of the Performance Period. Vesting criteria that are met during a Trading Period will be deemed met on the last day of the Trading Period.
3.Performance Goals.
(a)Except as otherwise provided herein, the Performance Stock that has not been previously forfeited shall become vested on the Applicable Vesting Date (as determined in accordance with Section 3(d)) according to the following criteria:
| | | | | |
Shares of Performance Stock Becoming Vested | Vesting Criteria |
| Average Market Price: $_____ |
| Average Market Price: $_____ |
| Average Market Price: $_____ |
(b)The Grantee’s right to vest in this Award is conditioned upon the Grantee’s continuous employment with the Company or any Company Affiliate through the Applicable Vesting Date. If the Grantee incurs a Termination of Service, the Grantee’s rights with respect to the Award shall be as specified in Section 7(d)(2) of the Plan.
(c)In the event of and immediately prior to a Change in Control, the Restricted Period shall lapse as to each share of Performance Stock granted hereunder. This Section 3(c) is a determination by the Committee for purposes of Section 12(b) of the Plan.
(d)The “Applicable Vesting Date” shall be determined as follows: (i) if any vesting criteria are met before the fifth anniversary of the Grant Date, the Applicable Vesting Date as to those vesting criteria shall be the fifth anniversary of the Grant Date; and (ii) if any vesting criteria are met after the fifth anniversary of the Grant Date (but before the end of the Performance Period), the Applicable Vesting Date as to those vesting criteria shall be the last day of the applicable Trading Period during which those vesting criteria are met.
(e)Notwithstanding Section 3(d) above, if the Participant dies, becomes Disabled or if a Change in Control occurs before the end of the Performance Period, the Participant will become vested in the Performance Stock pursuant to the terms of the Plan.
(f)For the sake of clarity, all Performance Stock for which the Applicable Vesting Date has not occurred on or before the last day of the Performance Period shall be forfeited.
4.Legend on Stock Certificates. The Company may require that certificates for Common Shares distributed to the Grantee pursuant to this Agreement bear any legend that counsel to the Company believes is necessary or desirable to facilitate compliance with applicable securities laws. The Company shall not be obligated to transfer any stock to the Grantee free of the restrictive legend described in this Section 4 or of any other restrictive legend, if such transfer, in the opinion of counsel for the Company, would violate any applicable law or any applicable regulation or requirement of any securities exchange or similar entity.
5.Transferability. The Grantee shall not transfer or assign, in whole or in part, Performance Stock subject to this Agreement in which the Grantee is not vested, other than (a) by will or by the laws of descent and distribution, or (b) by designation, in a manner established by the Company, of a beneficiary or beneficiaries to exercise the rights of the Grantee and to receive any property distributable with respect to this Agreement upon the death of the Grantee upon satisfaction of the vesting conditions described in Section 3 above.
6.Withholding. Any tax consequences arising from the grant of this Award shall be borne solely by the Grantee. The Company and/or the Company Affiliates shall withhold taxes according to requirements under the applicable laws, rules and regulations, including withholding taxes at source. The Grantee will not be entitled to receive from the Company any Common Shares hereunder prior to the full payment of the Grantee’s tax liabilities relating to this Award. The Committee may, in its discretion, permit the Grantee to elect, subject to such conditions as the Committee shall impose, (a) to have Common Shares otherwise issuable under the Plan withheld by the Company or (b) to deliver to the Company previously acquired Common Shares (through actual tender or attestation), in either case for the greatest number of whole shares having a Fair Market Value on the date immediately preceding the date of vesting not in excess of the amount required to satisfy the withholding tax obligations.
7.Compliance with Applicable Law. Notwithstanding any other provision of this Agreement, the Company shall have no obligation to issue any shares of Performance Stock under this Agreement if such issuance would violate any applicable law or any applicable regulation or requirement of any securities exchange or similar entity.
8.Administration. The authority to manage and control the operation and administration of this Agreement shall be vested in the Committee, and the Committee shall have all powers with respect to this Agreement as it has with respect to the Plan. Any interpretation of the Agreement by the Committee (including with respect to the determination of Average Market Price) and any decision made by it with respect to the Agreement is final and binding on all parties. Any inconsistency between this Agreement and the Plan shall be resolved in favor of the Plan. The Committee shall monitor the Average Market Price target and shall certify the calculation thereof promptly after a target is met.
9.Not an Employment Contract. This Award will not confer on the Grantee any right with respect to the continuance of employment or other service to the Company or any Company Affiliate, nor will it interfere in any way with any right the Company or any Company Affiliate would otherwise have to terminate or modify the terms of such Grantee’s employment or other service at any time.
10.Restrictive Covenants. In consideration of the Performance Stock, the Grantee agrees and covenants as follows:
(a)Confidentiality. The Grantee shall never engage in the form of Competition described in Section 1(b)(13)(E) of the Plan while employed by, or providing services to, the Company or any Company Affiliate or at any time after the Grantee’s Termination of Service (for any reason). Notwithstanding Section 1(b)(13)(E) of the Plan or anything in this Agreement to the contrary, nothing shall prohibit or restrict the Grantee from lawfully (i) initiating communications directly with, cooperating with, providing information to, filing a charge with, causing information to be provided to, or otherwise assisting in an investigation by any governmental or regulatory agency, entity, or official(s), including but not limited to the Securities and Exchange Commission, the U.S. Equal Employment Opportunity Commission, and the National Labor Relations Board (collectively, “Governmental Authorities”) regarding a possible violation of any law; (ii) responding to any inquiry or legal process from any such Governmental Authorities; (iii) testifying, participating or otherwise assisting in an action or proceeding by any such Governmental Authorities relating to a possible violation of law; or (iv) making any other disclosures that are protected under the whistleblower provisions of any applicable law, rule or regulation. Additionally, pursuant to the federal Defend Trade Secrets Act of 2016, the Grantee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If the Grantee files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Grantee may disclose the confidential information to his or her attorney and use the confidential information in the court proceeding, if the Grantee files any document containing the confidential information under seal, and does not disclose the confidential information, except pursuant to court order. Nothing herein prevents the Grantee from discussing or disclosing (x) information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that the Grantee has reason to believe is unlawful, or (y) terms and conditions of employment or otherwise exercising any rights the Grantee has under Section 7 of the National Labor Relations Act.
(b)Non-Competition. The Grantee acknowledges and, to the extent permitted by applicable law, agrees to comply with Section 16 of the Plan. For the avoidance of doubt, Section 16(a) of the Plan shall not apply to the Grantee to the extent that it will subject the Company or any Company Affiliate to any penalties.
11.Notices. Any written notices provided for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or overnight courier, or by postage paid first class mail. Notices sent by mail shall be deemed received three business days after mailing but in no event later than the date of actual receipt.
Notices shall be directed, if to the Grantee, at the Grantee’s address indicated by the Company’s records, or if to the Company, at the Company’s principal executive office.
12.Amendment. This Agreement may be amended in accordance with the provisions of the Plan, and may otherwise be amended by written agreement of the Grantee and the Company without the consent of any other person.
13.Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.
14.Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Company and the Grantee and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the transfer restrictions set forth in this Agreement and the Plan.
15.Applicable Law. This Agreement shall be construed in accordance with the laws of Delaware (without reference to principles of conflict of laws).
16.Clawback Policy. Notwithstanding any other provision of this Agreement, this Award will be subject to any compensation recovery or clawback policy the Company adopts, including any policy required to comply with applicable law or listing standards, as such policy may be amended from time to time in the Company’s sole discretion.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this Performance Stock Award Agreement on ___________________, ____.
HAMILTON LANE INCORPORATED
By:________________________________
Name:
Title:
___________________________________
Grantee
Address:
v3.24.2.u1
Cover Page
|
Sep. 05, 2024 |
Cover [Abstract] |
|
Document Type |
8-K
|
Document Period End Date |
Sep. 05, 2024
|
Entity Registrant Name |
Hamilton Lane Inc
|
Entity Incorporation, State or Country Code |
DE
|
Entity File Number |
001-38021
|
Entity Tax Identification Number |
26-2482738
|
Entity Address, Address Line One |
110 Washington Street,
|
Entity Address, Address Line Two |
Suite 1300
|
Entity Address, City or Town |
Conshohocken,
|
Entity Address, State or Province |
PA
|
Entity Address, Postal Zip Code |
19428
|
City Area Code |
610
|
Local Phone Number |
934-2222
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Class A Common Stock, $0.001 par value per share
|
Trading Symbol |
HLNE
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
false
|
Entity Central Index Key |
0001433642
|
Amendment Flag |
false
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14a -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
Hamilton Lane (NASDAQ:HLNE)
Historical Stock Chart
From Sep 2024 to Oct 2024
Hamilton Lane (NASDAQ:HLNE)
Historical Stock Chart
From Oct 2023 to Oct 2024