Document:

pirs_exhibit-102

                                                                                                         PIERIS PHARMACEUTICALS, INC.                                                                     AMENDED AND RESTATED               NON-EMPLOYEE DIRECTOR COMPENSATION POLICY                                                   The Board of Directors of Pieris Pharmaceuticals, Inc. (the “Company”) has approved the   following Amended and Restated Non-Employee Director Compensation Policy (this “Policy”)   which establishes compensation to be paid to non-employee directors of the Company, effective   as of April 30, 2019 (“Effective Time”), to provide an inducement to obtain and retain the services   of qualified persons to serve as members of the Company’s Board of Directors.      Applicable Persons           This Policy shall apply to each director of the Company who is not an employee of the   Company or any Affiliate (each, a “Non-Employee Director”).  “Affiliate” shall mean an entity   which is a direct or indirect parent or subsidiary of the Company, as determined pursuant to Section   424 of the Internal Revenue Code of 1986, as amended.      Stock Option Grants             All stock option amounts set forth herein shall be subject to automatic adjustment in the   event of any stock split or other recapitalization affecting the Company’s common stock, par value   $0.001 per share (the “Common Stock”).            Interim Stock Option Grant            On January 25, 2020, (i) each Non-Employee Director shall be automatically granted a   non-qualified stock option to purchase 10,000 shares of Common Stock under the Company’s   then-current Stock Incentive Plan, as of the Effective Time the 2018 Stock Incentive Plan (the   “Stock Plan”), and (ii) the Chairperson of the Board of Directors (the “Chairperson”) shall be   automatically granted an additional non-qualified stock option to purchase 2,500 shares of   Common Stock under the Stock Plan (together, the “Interim Director Awards”).            Annual Stock Option Grants              Beginning in calendar 2020, each calendar year, (i) each Non-Employee Director shall be  automatically granted a non-qualified stock option to purchase 20,000 shares of Common Stock  under the Stock Plan on the date of the annual meeting of the Board of Directors coincident with  or immediately following the Company’s annual meeting of stockholders (the “Annual  Stockholders Meeting”), and (ii) the Chairperson shall be automatically granted an additional non- qualified stock option to purchase 5,000 shares of Common Stock under the Stock Plan (together,   the “Annual Director Awards”).         86732802v.3  

 

       Initial Stock Option Grant for Newly Appointed or Elected Directors and Chairperson            Each new Non-Employee Director shall be automatically granted a non-qualified stock   option to purchase 30,000 shares of Common Stock under the Stock Plan at the first regularly   scheduled meeting of the Board of Directors on or after his or her initial appointment or election   to the Board of Directors (the “Initial Director Award”). The Chairperson shall be automatically  granted an additional non-qualified stock option to purchase 40,000 shares of Common Stock  under the Stock Plan at the first regularly scheduled meeting of the Board of Directors on or after  his or her initial appointment or election as Chairperson (the “Initial Chairperson Award”).               Terms for All Option Grants            Unless otherwise specified in this Policy or by the Board of Directors or the Compensation   Committee at the time of grant, all options granted under this Policy shall: (i) vest, in the case of   (A) the Annual Director Awards, at the end of the “Directors’ Compensation Year”, which shall   be defined as the approximately one-year period beginning on the date of each regular Annual   Stockholders Meeting and ending on the date of the next regular Annual Stockholders Meeting,   subject to the Non-Employee Director’s continued service on the Board of Directors through the   applicable Directors’ Compensation Year, and (B) the Interim Director Awards and the Initial   Director Award, one (1) year after the date of grant of such option, subject to the Non-Employee   Director’s continued service on the Board of Directors on the vesting date, and (C) the Initial   Chairperson Award, as to twenty-five percent (25%) of the shares underlying the Initial   Chairperson Award on the first anniversary of the date of the Chairperson’s appointment or   election as Chairperson (the “Initial Vesting Date”), with the remaining seventy-five percent   (75%) of the shares underlying the Initial Chairperson Award vesting in twelve (12) equal  quarterly installments at the end of each full calendar quarter following the Initial Vesting Date,   subject to the Chairperson’s continued service as Chairperson on the vesting date; (ii) have an   exercise price equal to the fair market value of the Common Stock on the grant date, as determined   in the Stock Plan; (iii) terminate ten years after the grant date; and (iv) contain such other terms   and conditions as set forth in the form of option agreement approved by the Board of Directors or   the Compensation Committee prior to the grant date.      Annual Fees            Each Non-Employee serving on the Board of Directors and the Audit Committee,   Compensation Committee, Nominating and Corporate Governance Committee, and/or Science  and Technology Committee, as applicable, shall be entitled to the following annual amounts (the  “Annual Fees”):         Board of Directors or Annual Retainer Amount Annual Retainer Amount   Committee of Board of for Member                     for Chair   Directors   Board of Directors         $35,000                   $30,000*    Audit Committee            $7,500                    $15,000**   Science and Technology $5,000                        $10,000**   Committee                                           2  

 

 Compensation Committee     $5,000                    $10,000**   Nominating and Corporate $3,750                      $7,500**   Governance Committee      * The annual retainer amount for the Chair of the Board of Directors is in addition to the annual   retainer amount for a Member of the Board of Directors.   ** Annual retainer amounts for the Chair of Committees of the Board of Directors are in lieu of   the annual retainer amount for a Member of the applicable Committee of the Board of Directors.            Except as otherwise set forth in this Policy, all Annual Fees shall be paid for the period   from January 1 through December 31 of each year. Such Annual Fees shall be paid in cash or a   grant of an option to purchase Common Stock under the Stock Plan, at the election of each Non-  Employee Director, as follows:               •  cash in the amount of each Non-Employee Director’s Annual Fees; or                           •  an option to purchase such number of shares of Common Stock as is equal to the               full dollar amount of each Non-Employee Director’s Annual Fees (as calculated               below under “Calculation of Shares and Grant Terms”).                  Election                     Each Non-Employee Director shall make an annual election on the form provided by the   Company, indicating the combination of cash and/or Common Stock elected in the year prior to  the payment, indicating his or her election for the following calendar year.  If no election has been  made prior to the first date of the calendar year, then the Non-Employee Director shall receive all  Annual Fees in cash. Each newly elected or appointed Non-Employee Director shall make an  election prior to the beginning of the next calendar quarter after his or her initial appointment or  election.             Payments            Payments payable to Non-Employee Directors shall be paid quarterly in arrears promptly   following the end of each calendar quarter, provided that (i) the amount of such payment shall be   prorated for any portion of such quarter that such director was not serving on the Board or a   committee or, in the case of the Annual Fees paid for service as a chairperson, as a chairperson,   and (ii) no fee shall be payable in respect of any period prior to the date such director was elected   to the Board or a committee or, in the case of the Annual Fees paid for service as a chairperson, as  a chairperson.           Calculation of Shares and Grant Terms            If an option to purchase Common Stock is to be received as payment, the number of shares  underlying such option shall equal the Black Scholes value of the options computed in accordance  with FASB Topic 718 on the 25th day of the month following the end of each calendar quarter   (the “Calculation Date”) (rounded down to the nearest whole number so that no fractional shares                                          3  

 

shall be issued).  The option shall be automatically and without any further action required by the  Board of Directors issued as of the Calculation Date and shall be fully vested as of the date of  grant.    Expenses          Upon presentation of documentation of such expenses reasonably satisfactory to the  Company, each Non-Employee Director shall be reimbursed for his or her reasonable out-of- pocket business expenses incurred in connection with attending meetings of the Board of Directors  and committees thereof or in connection with other business related to the Board of Directors.     Amendments          The Compensation Committee shall periodically review this Policy to assess whether any  amendments in the type and amount of compensation provided herein should be made and shall  make recommendations to the Board of Directors for its approval of any amendments to this  Policy.                                          4Exhibit

Exhibit 4.1
Execution Version
FIRST SUPPLEMENTAL INDENTURE TO
AMENDED AND RESTATED BOND INDENTURE (SERIES 2010)
This FIRST SUPPLEMENTAL INDENTURE to amended and restated bond indenture (SERIES 2010) dated as of July 26, 2019 (this “Amendment”), made pursuant to Section 9.01 of the Indenture (as defined below), is between HARRIS COUNTY INDUSTRIAL DEVELOPMENT CORPORATION (the “Issuer”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee (the “Trustee”), and amends that certain Amended and Restated Bond Indenture dated as of August 19, 2014 relating to the Harris County Industrial Development Corporation Marine Terminal Revenue Bonds (HFOTCO LLC Project) Series 2010 (as amended, restated, extended, supplemented, modified and otherwise in effect from time to time, the “Indenture”) between the Issuer and the Trustee.  Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Indenture.
RECITALS
WHEREAS, pursuant to Section 9.01A of the Indenture, the parties hereto have agreed, with consent of the Borrower and the Bondholders, on the terms and conditions set forth herein, to extend the initial Purchase Date of the Initial LIBOR Term Indexed Mode and to make certain amendments to the Indenture in connection therewith; and
WHEREAS, Section 9.01 of the Indenture authorizes the Issuer and the Trustee to modify or amend the Indenture from time to time upon receipt of the written consent of each Credit Facility Provider (if a Credit Facility is in effect or any amount is owing thereto), each Liquidity Facility Provider, if any, the Bondholder Representative, and each Holder of an Outstanding Bond; 
WHEREAS, no Credit Facility or Liquidity Facility is presently in effect; and no amounts are presently owed to any Credit Facility Provider;
NOW THEREFORE, in consideration of the mutual agreements contained in the Indenture and herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
§1.    Amendments to the Indenture.   Effective as of the Amendment Effective Date (as defined below):

(a)Section 1.01 of the Indenture is hereby amended by adding the following definition in the appropriate alphabetical order:

“First Amendment Effective Date” means July 26, 2019.
(b)Section 1.01 of the Indenture is hereby amended by deleting the definition of “Margin Rate Factor” in its entirety.

(c)The definition of “Applicable Factor” in Section 1.01 of the Indenture is hereby amended by replacing the reference to “70%” therein to “81%”.

(d)The definition of “LIBOR Index” in Section 1.01 of the Indenture is hereby restated in its entirety as follows:

“LIBOR Index” as of any LIBOR Index Reset Date means the rate per annum equal to the London 

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Interbank Offered Rate, as published on the applicable Bloomberg screen page (or other commercially available source providing such quotations as may be designated by the Bondholder Representative or, if none, the Calculation Agent from time to time) (any such rate, the “LIBOR Screen Rate”) at or about 11:00 a.m., London time, on the second Business Day prior to such date for U.S. Dollar deposits with a term of one month commencing on such LIBOR Index Reset Date.  Notwithstanding the foregoing, if (a) the Bondholder Representative or, if none, the Calculation Agent determines that (i) U.S. Dollar deposits are not being offered to banks in the London interbank market for U.S. Dollar deposits for an interest period extending from one LIBOR Index Reset Date to the next LIBOR Index Reset Date, (ii) adequate and reasonable means do not exist for determining the LIBOR Index for any such interest period, other than for a reason described in the immediately following clause (iii), or (iii) adequate and reasonable means do not exist for determining the LIBOR Index for any such interest period because the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary, or (iv) the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Bondholder Representative or Calculation Agent has made a public statement identifying a specific date after which the London Interbank Offered Rate or the LIBOR Index shall no longer be made available, or used for determining the interest rate of loans, (b) the Holders of not less than a majority in aggregate principal amount of the Bonds at the time Outstanding determine that for any reason the LIBOR Index for any such interest period does not result in a rate that adequately and fairly reflects the cost to such Holders of holding the Bonds for such interest period, or (c) any Holder determines that any applicable law has made it unlawful, or that any governmental authority has asserted that it is unlawful, for the Bonds to bear interest at a function of the LIBOR Index, or to determine or charge interest rates based upon the LIBOR Index, or any governmental authority has imposed material restrictions on the authority of such Holder to purchase or sell, or to take deposits of, U.S. Dollars in the London interbank market (any event described in clause (a)(i), (a)(ii), (b) or (c) of this sentence, a “Disruption Event,” and any event described in clause (a)(iii) or (a)(iv) of this sentence, a “Discontinuation Event”), then the “LIBOR Index” shall mean an alternate rate that will result in interest on the Bonds that fairly reflects the costs to Holders of holding the Bonds for such interest period as reasonably determined by the Calculation Agent, until, in the case of a Disruption Event, such time as the Bondholder Representative, the Calculation Agent or the Holders of not less than a majority in aggregate principal amount of the Bonds at the time Outstanding, as applicable, reasonably determine that the applicable Disruption Event no longer subsists.  If the LIBOR Rate shall at any time be less than zero, such rate shall be deemed zero for purposes of this Bond Indenture.  
(e)The definition of “LIBOR Index Rate” in Section 1.01 of the Indenture is hereby restated in its entirety as follows:

“LIBOR Index Rate” for any day in any Interest Payment Period in a LIBOR Term Indexed Mode means a per annum rate determined from time to time and equal to (x) the product of (a) the quotient from dividing (i) the LIBOR Index as of the LIBOR Index Reset Date on which such Interest Payment Period begins by (ii) one less the Reserve Percentage and (b) the Applicable Factor, plus (y) the Applicable Spread during such Interest Payment Period (such Applicable Spread to be determined in accordance with Section 2.07 for any Interest Period after the first Interest Period in the Initial LIBOR Term Indexed Mode); provided, however, that the LIBOR Index Rate shall never exceed 135% of the LIBOR Index plus the Applicable Spread or equal or be less than 65% of the LIBOR Index plus the Applicable Spread.
(f)     The definition of “Taxable Rate Factor” in Section 1.01 of the Indenture is hereby restated in its entirety as follows:

“Taxable Rate Factor” has the meaning stated in the Bondholder Agreement, which is 1.2658 as of the First Amendment Effective Date, provided that no change in the Taxable Rate Factor shall occur unless and until the Trustee receives written notice thereof from the Bondholder Representative.  
(g)    Section 2.07(B) of the Indenture is hereby amended by adding the following new second sentence immediately following the first sentence therein:

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On the First Amendment Effective Date, the initial Purchase Date for the Bonds in the Initial LIBOR Term Indexed Mode shall be extended and amended from the first Business Day on or after August 19, 2019 to the first Business Day on or after August 19, 2024.
For the avoidance of doubt, effective on the Amendment Effective Date, the initial Interest Period in the Initial LIBOR Term Index Mode shall remain in effect and shall extend to the first Business Day on or after August 19, 2024, unless sooner terminated in accordance with the provisions of the Indenture.
(h)    Section 11.07(2) of the Indenture is hereby amended by restating the notice information for the Borrower in its entirety as follows:

		
	(2)
	Borrower:

HFOTCO LLC
1201 South Sheldon Road
Houston, TX 77015
Attention:           Alisa Perkins, Vice President and Treasurer
Telephone:         918-524-8130
Email:   APerkins@SEMGROUPCORP.COM
with a copy to:
SemGroup Corporation
Attention:  General Counsel
6120 S. Yale Avenue
Suite 1500
Tulsa, OK 74136
Email: SLindberg@SEMGROUPCORP.COM”
§2.    Conditions.  The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent or concurrent (the date of satisfaction of such conditions, the “Amendment Effective Date”):

(a)    Each party hereto shall have received a counterpart of this Amendment duly executed and delivered by the other party hereto and written consent to this Amendment by the Borrower. 
(b)    The parties hereto shall have received a copy of a fully executed corresponding amendment to the Bondholder Agreement, which shall include therein the consent of the Bondholder Representative and the Bondholders to this Amendment and a direction to the Trustee to execute this Amendment. 
 (c)    The Trustee shall have received favorable written opinions from Bond Counsel (i) in form and substance satisfactory to the Trustee, (ii) dated the Amendment Effective Date, (iii) addressed to the Trustee, (iv) to the effect that this Amendment has been duly authorized, executed and delivered by the Issuer and constitutes a legal, valid and binding obligation of the Issuer enforceable in accordance with its terms (subject to customary exceptions regarding enforceability), (v) to the effect that this Amendment and the corresponding amendment to the Bondholder Agreement will not adversely affect the validity of the Bonds under state law or the exclusion from gross income of interest on the Bonds for federal income tax purposes, (vi) to the effect that this Amendment and the corresponding amendment to the Bondholder Agreement are permitted under the Indenture, including but not limited to Section 9.01 A of the Indenture and (vii) covering such other customary matters as the Trustee may reasonably request.  
§3.    Miscellaneous Provisions.

§3.1.    Except as otherwise expressly provided by this Amendment, all of the terms, conditions and provisions of the Indenture and the Bonds shall remain the same, all of which are expressly ratified and confirmed.  This Amendment is not intended to, and shall not, extinguish any indebtedness represented by the Indenture or the Bonds.  

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It is declared and agreed by each of the parties hereto that the Indenture, as amended hereby, shall continue in full force and effect, and that the Indenture and this Amendment shall be read and construed as one instrument.  

§3.2.    THIS AMENDMENT IS A CONTRACT MADE UNDER THE LAWS OF THE STATE OF TEXAS AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH SUCH LAWS APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SAID STATE.

§3.3.    The Trustee accepts the amendment to the Indenture as set forth in this Amendment and agrees to perform the duties of the Trustee upon the terms and conditions set forth herein and in the Indenture. Without limiting the generality of the foregoing, the Trustee assumes no responsibility for the correctness of the recitals contained herein, which shall be taken as the statements of the Issuer, and the Trustee shall not be responsible or accountable in any way whatsoever for or with respect to the validity or execution of this Amendment by the Issuer or the sufficiency of this Amendment and makes no representation with respect thereto.

§3.4.    This Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original; and all such counterparts, or as many of them as the Issuer and the Trustee shall preserve undestroyed, shall together constitute but one and the same instrument.

§3.5.    The Issuer represents and warrants to the Trustee that this Amendment has been duly and validly executed and delivered by the Issuer and constitutes its legal, valid, and binding obligation, enforceable against the Issuer in accordance with its terms and that the Recitals are true and accurate.

 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK.]

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

HARRIS COUNTY INDUSTRIAL 
DEVELOPMENT CORPORATION, as Issuer

By /s/ Peter Jordan_____________________________    
     Peter Jordan, President

[Signature Page to First Supplemental Indenture (Series 2010)]

THE BANK OF NEW YORK MELLON 
TRUST COMPANY, NATIONAL 
ASSOCIATION, as Trustee

By  /s/Patricia Barbarino    
           Authorized Representative

[Signature Page to First Supplemental Indenture (Series 2010)]

Consented to by:
	
		
	HFOTCO LLC

	By:
	/s/ Robert N. Fitzgerald

	Name:
	Robert N. Fitzgerald

	Title:
	Executive Vice President and Chief Financial Officer

[Signature Page to First Supplemental Indenture (Series 2010)]

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