Document:

Exhibit 10.1

 

 

 

 

 

April 3, 2017

 

 

Mr. Ronald L. Chez

1524 N. Astor Street

Chicago, IL 60610

 

		Re:	Strategic Advisor Agreement

 

Dear Ron:

 

This
letter (the “Agreement”) sets forth our agreement regarding the terms and conditions of your retention as a
strategic advisor by Cinedigm Corp. (the “Company”). You and the Company agree as follows:

 

		1.	Roles.

 

(a)   Board
Service; Equity Ownership. As of the Effective Date (as defined below), you shall resign from the Board of Directors of the
Company (the “Board”). No later than April 7, 2017, you shall divest a sufficient number of shares to cause
your direct or indirect ownership of outstanding Class A Common Stock, par value $0.001 per share of the Company (the “Common
Stock”), to be reduced to less than 10% of the outstanding Common Stock.

 

(b)   Strategic Advisor. As of the Effective Date, the Company shall engage you to serve as Strategic Advisor to the Company.
In your capacity as Strategic Advisor, you shall render such advice to the Chief Executive Officer of the Company (the “CEO”)
as the CEO shall request, and to such others as the CEO shall direct, and in such capacity shall receive and review all materials
provided to the Board (unless you request that you not receive such materials). From and after the date of this Agreement, the
Company agrees that you shall be entitled to the same indemnification provisions as are applicable to the directors of the Company
and shall cause its directors and officers and general liability insurers to include you as an additional insured in its existing
and all renewal policies. You shall, as requested by the CEO, advise the CEO with respect to any of the following areas: financings
and capital structure, strategic transactions and opportunities, including acquisitions and dispositions, strategic matters regarding
the direction of the Company’s business and activities and any other matters as the CEO may, from time to time, request.
Prior to the selection of any new director, the CEO and consultant will discuss the qualifications and needs of the Company as
to such board position. You agree to conduct yourself with respect to these services at all times during the term of this Agreement
in a professional manner and to refrain from taking any action inconsistent with the Company’s best interests, it being understood
that nothing herein shall limit your rights as a lender or shareholder of the Company. The maximum liability for any breach by
you of any duty relative to the services being provided hereunder shall be limited to the amount of compensation actually paid.

 

 

 

 

 

     

     

    

 

 

(c)   Board Observation Right. During the course of this Agreement, you shall be entitled to (i) receive notice of any
regular or special meeting of the Board of Directors (or of the adoption or proposed adoption of any resolution of the Board of
Directors by written consent) at the time such notice (or such proposed written consent) is provided to the members of the Board
(the “Directors”), (ii) receive copies of any materials delivered to the non-employee Directors concurrently
with their delivery to the non-employee Directors and (iii) attend and participate (but not vote) in all meetings of the Board
and any committees thereof; provided, however, that (x) you shall not be entitled to receive those materials
or to attend those meetings of the Board and of the Audit Committee, the Compensation Committee and the Nominating Committee of
the Board (each, an “Independent Committee”) where your participation would conflict with applicable laws and
the rules of the Nasdaq Global Market or any other primary stock exchange or market on which the Common Stock is then traded or
quoted (the “Trading Market”), in each case as reasonably determined in good faith by the Board or by such Independent
Committee as applicable.

 

		2.	Term.

 

(a)   This Agreement shall commence as of April 3, 2017 (the “Effective Date”) and shall continue through March
31, 2019 (the “Term”). The Agreement shall automatically be extended beyond March 31, 2019 for consecutive one year
terms except in the event either party serves notice of intent not to renew in writing to the other at least 30 days prior to such
date and each anniversary date thereafter, as applicable.

 

(b)   Upon the expiration of the Term, or upon termination of the Agreement prior to the expiration of the Term, you shall cease
performing any strategic advisory services and attending Board and/or committee meetings under this Agreement. The parties agree
that the provisions of Sections 5 and 6 of this Agreement shall survive the termination of this Agreement.

 

		3.	Compensation.

 

(a)   Quarterly Amount. You will be paid the gross amount of twenty-five thousand dollars ($25,000) per quarter, commencing
with the quarter beginning April 1, 2017 in consideration of the strategic advisory services you perform under this Agreement (the
“Compensation”). Such Compensation shall be payable in cash, by check or wire transfer, in arrears within ten (10)
business days after the end of each relevant calendar quarter and shall be prorated if any termination occurs other than at the
end of a calendar quarter. The parties acknowledge that any special projects involving more than 100 hours per quarter may, subject
to the mutual agreement of the parties be subject to a separate compensation arrangement.

 

 

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(b)   Bonus. At the conclusion of the Term, you may be entitled to a discretionary bonus of up to one hundred thousand
($100,000), at the recommendation of the CEO and upon approval by the Compensation Committee of the Board, payable in cash, by
check or wire transfer, within forty-five (45) days after the expiration of the Term.

 

4.     Expense Reimbursement. The Company will reimburse you for actual and reasonable out-of-pocket travel and other expenses
that are approved in advance by the Company, including that are related to attending Board or committee meetings. Such expenses
may include necessary and reasonable travel, hotel, meal and other expenses incurred by you. Promptly after the incurrence of
expenses, you shall submit to the Company a statement of expenses to be reimbursed, on a form satisfactory to the Company, stating
in detail the nature of the expenditures and enclosing receipts for same. No expense will be reimbursed without a receipt or other
documentary evidence of the expense acceptable to the Company.

 

5.     Non-Disclosure. You acknowledge that in the course of serving as Strategic Advisor and as a Board observer, you will
have access to and be furnished with confidential information of the Company, including information concerning the financial condition,
business, operations, potential future plans or transactions, or prospects of the Company (all of the foregoing, whether communicated
in verbal, written, graphic, electronic or any other form, collectively, “Confidential Information”). The term “Confidential
Information” does not include information that (i) is or becomes generally available to the public other than as a result
of a disclosure by you in violation of this Agreement, or (ii) was available to you on a non-confidential basis prior to its disclosure
to you by the Company. You acknowledges that the Confidential Information is owned by the Company; is unique, valuable, proprietary
and confidential; and derives independent actual or potential commercial value from not being generally known or available to the
public or to the industries in which the Company competes. During the Term including any extension thereto and for a period of
one year thereafter, you agree to maintain the confidentiality of the Confidential Information at all times. You acknowledge that
the receipt of Confidential Information from the Company may restrict your ability to trade in securities of the Company under
applicable federal and state securities law, and that while you are in possession of Confidential Information, you may not trade
in Company securities to the extent required under applicable law. Nothing herein will restrict your ability to communicate or
discuss Confidential Information with officers or directors of the board, their professional advisors, the Company’s professional
advisors or any third party under a written confidentiality agreement with the Company.

 

 

 

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6.     Non-Disparagement. The parties respectively hereby agree that during the Term and at all times thereafter, they will
not and will use their best efforts to cause their officers and directors to not make any public statement, or engage in any conduct,
that is disparaging to the other or, any of their officers, directors, or shareholders known to them, including, but not limited
to, any statement that disparages the products, services, finances, financial condition, capabilities or other aspect of the business
of the Company. Notwithstanding any term to the contrary herein, a party shall not be in breach of this section for the making
of any truthful statements or reporting truthfully any violation of law. The sole remedy for a violation of this provision will
be termination of this Agreement but such limitation will not apply to any statement that is otherwise actionable as a breach of
the confidentiality provisions, or would otherwise be actionable absent this covenant.

 

7.     Miscellaneous Representations.

 

(a)    Each party respectively represents and warrants that it or he has all requisite power to enter into this Agreement and
that the execution, delivery and performance of this Agreement does not and will not result in any violation of, be in conflict
with, or constitute a default under any agreement or other instrument to which such party is bound. Upon becoming aware of, or
receiving any notice from any third party that alleges any such violation, conflict or default, the party receiving such notice
shall immediately advise the other.

 

(b)   Nothing contained in this Agreement is intended or shall be deemed to create the relationship of employer and employee between
you and the Company. You are retained as an independent contractor and shall not be entitled to any employment rights or benefits
provided by the Company to its employees, including paid vacation, holiday and sick time, medical, dental, life and disability
insurance, and participation in any pension or bonus plan of the Company. You expressly understand and acknowledge that (i) you
will be solely responsible for the reporting and payment of any federal, state and local income taxes that may arise out of the
fees paid to you under this Agreement and (ii) you will be solely responsible to obtain and maintain any insurance policy that
you deem necessary in the performance of the strategic advisory services other than the Company’s obligations as D&O
and general liability to name you as an additional insured under this Agreement and understand and acknowledge that the Company
will not maintain any insurance policies, including workers compensation insurance, in connection with your retention under this
Agreement.

 

(c)   You shall have no authority to bind the Company in any way and may not enter into, terminate or modify any agreement, contract
or commitment on behalf of the Company. You shall not make any representation to any third party that you are the Company’s
agent or authorized to bind the Company except pursuant to a delegation from the Board or the CEO within their respective authority.

 

 

 

 

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(d)   You shall not make any public statement, or issue any press release, concerning the Company or any of the services being
provided by you to the Company under this Agreement without the prior written approval of the Company.

 

8.     Entire Agreement.  This Agreement contains the entire agreement of the parties with respect to the subject matter
hereof, and supersedes all prior agreements, arrangements and understandings, either oral or written, between the Company and you,
and may be amended only by a written instrument executed by you and an officer of the Company. For the avoidance of doubt, this
Agreement does not supersede any agreements with respects to loans or advances made by you or your affiliates to the Company.

 

9.     Choice of Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State
of Delaware, without regard to principles of conflicts of law. The parties hereby agree to submit to the jurisdiction of the courts
of the State of Illinois and further agree that any actions relating to this Agreement must be instituted in the courts of the
State of Illinois.

 

10.   Severability. If any provision of this Agreement is invalid or unenforceable under any applicable statute or rule
of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed to be
modified to conform with such statute or rule of law. Any provision hereof that may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision hereof.

 

11.   Non-Assignment. You may not assign this Agreement or delegate any duties hereunder without the prior written consent
of the Company.

 

12.   Damages. All parties waive any claim for punitive, consequential, or incidental damages. The maximum liability for
any breach by you of any duty relative to the services being provided hereunder shall be limited to the amount of compensation
actually paid. In any action to collect funds hereunder arising from nonpayment in which you prevail, you shall be entitled to
also recover your reasonable attorneys’ fees and litigation costs.

 

 

 

 

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Please indicate your
understanding of, and agreement to, the foregoing terms by signing this letter in the space indicated below, whereupon this letter
shall become a binding agreement between the parties. This Agreement may be executed and acknowledged in one or more counterparts
(including by facsimile or other electronic transmission), all of which shall be considered one and the same Agreement.

 

	 	Sincerely,
	 	 
	 	 
	 	By:      /s/ Christopher J. McGurk       
	 	Name: Christopher J. McGurk
	 	
        Title: Chief Executive Officer 

 

Agreed to and accepted:

 

 

/s/ Ronald L. Chez                   

Ronald L. Chez

 

 

 

    	 	6Exhibit 4.54

FOURTH AMENDMENT TO SHAREHOLDERS RIGHTS AGREEMENT

FOURTH AMENDMENT TO SHAREHOLDERS RIGHTS AGREEMENT, dated as of December 22, 2016 (the "Amendment") to the Shareholders Rights Agreement, dated as of May 18, 2009, as amended (the "Rights Agreement"), between Euroseas Ltd., a Marshall Islands corporation (the "Company"), and American Stock Transfer and Trust Company, LLC, as rights agent (the "Rights Agent").  Terms used herein but not defined shall have the meaning assigned to them in the Rights Agreement.

WHEREAS, the Company and the Rights Agent have heretofore executed and entered into the Rights Agreement;

WHEREAS, the Company intends to issue and sell to Tennenbaum Opportunities Partners V, LP and Tennenbaum Opportunities Fund VI, LLC shares of Common Stock;

WHEREAS, pursuant to Section 27 of the Rights Agreement, under circumstances set forth therein, the Company may from time to time, and the Rights Agent shall, if the Company so directs, supplement or amend the Rights Agreement without the approval of any holders of Rights; and

WHEREAS, the Company desires to amend the Rights Agreement as set forth herein and to direct the Rights Agent to execute this Amendment.

NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth herein, the parties hereby agree as follows:

Section 1.  Amendment of Rights Agreement. The Rights Agreement is hereby amended as follows:

1.1          The definition of "Series B Preferred Person" in Section 1 of the Rights Agreement is hereby deleted in its entirety and replaced with the following:

"'Series B Preferred Person' means Tennenbaum, Preferred Friends or any of their transferees in accordance with Section 4.1 of the Purchase Agreement. For the avoidance of doubt, Series B Preferred Person includes any entity that falls under the definition of Tennenbaum set forth herein.

1.2          The definition of "Tennenbaum" in Section 1 of the Rights Agreement is hereby deleted in its entirety and replaced with the following:

"'Tennenbaum' means Tennenbaum Opportunities Partners V, LP, Tennenbaum Opportunities Fund VI, LLC or any of their respective Affiliates."

1.3          The definition of "Tennenbaum Additional Permitted Share Purchases" in Section 1 of the Rights Agreement is hereby deleted in its entirety and replaced with the following:

"'Tennenbaum Additional Permitted Share Purchases' means (i) the acquisition by Tennenbaum of 900,000 shares of Common Stock on December 23, 2016 and (ii) one or more transactions (other than in connection with the exercise of the Conversion Right) by Tennenbaum involving Common Stock that result, singly or in the aggregate, in Tennenbaum becoming the Beneficial Owner of up to an additional five percent (5%) of the issued and then outstanding Common Stock over the aggregate amount of Common Stock Tennenbaum Beneficially Owns as a result of and after giving effect to (x) the conversion of Series B Preferred Shares Beneficially Owned by Tennenbaum based on the terms of the Series B Preferred Shares on January 29, 2014 (and as adjusted pursuant to the terms of the Statement of Designation) and (y) its acquisition of 900,000 shares of Common Stock on December 23, 2016."

Section 2.   Direction to Rights Agent. The Company hereby directs the Rights Agent, in accordance with the terms of Section 27 of the Rights Agreement, to execute this Amendment.

Section 3.   Effectiveness and Continued Effectiveness.  In accordance with the resolutions adopted by the Company's Board of Directors on December 14, 2016, the amendment to the Rights Agreement set forth in Section 1 above is effective as of the date hereof.  The parties hereto hereby acknowledge and agree that, except as specifically supplemented and amended, changed or modified in Section 1 above, the Rights Agreement shall be unaffected by this Amendment and remain in full force and effect in accordance with its terms.

Section 4.   Governing Law. This Amendment shall be deemed to be a contract made under the laws of New York and for all purposes shall be governed by and construed in accordance with the laws of such jurisdiction applicable to contracts to be made and performed entirely within such jurisdiction.

Section 5.   Counterparts.  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 shall together constitute but one and the same instrument.  A signature to this Amendment transmitted electronically shall have the same authority, effect, and enforceability as an original signature.

Section 6.   Descriptive Headings.  Descriptive headings of the several Sections of this Amendment are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.

Section 7.  Benefits of this Amendment.  Nothing in this Amendment shall be construed to give to any Person other than the Company, the Rights Agent and the Permitted Persons any legal or equitable right, remedy or claim under this Amendment; but this Amendment shall be for the sole and exclusive benefit of the Company, the Rights Agent and the Permitted Persons, and may not be amended, modified, supplemented or waived without the prior written consent of such Persons.  Further, nothing in this Amendment shall be construed to give any holder of Rights or any other Person legal or equitable right, remedy or claim under this Amendment by virtue or, or as a result of, any Exempted Transaction.

Section 8.  Rights of Action.

(a)          Any Permitted Person, without the consent of the Rights Agent or any other Person, may, in its, his or her own behalf and for its, his or her own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise act in respect of, its, his or her rights under this Amendment.  Without limiting the foregoing or any remedies available to the Permitted Persons, it is specifically acknowledged that the Permitted Persons may not have an adequate remedy at law for any breach of this Amendment and will be entitled to seek specific performance of the obligations under, and injunctive relief against actual or threatened violations of, the obligations of any Person subject to this Amendment.

(b)          Notwithstanding anything in this Amendment to the contrary, neither the Company nor the Rights Agent shall have any liability to any Permitted Person or any other Person as a result of its inability to perform any of its obligations under this Amendment by reason of any preliminary or permanent injunction or other order, judgment, decree or ruling (whether interlocutory or final) issued by a court or by a governmental, regulatory, self-regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority, prohibiting or otherwise restraining performance of such obligation; provided, however, that the Company shall use all reasonable efforts to have any such injunction, order, judgment, decree or ruling lifted or otherwise overturned as soon as possible.

Section 9.  Successors.  All the covenants and provisions of this Amendment by or for the benefit of the Company shall bind and inure to the benefit of its successors and assigns hereunder.

[Signature Page Follows]

2

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

	 	 	
EUROSEAS LTD.

	 	 	 
	 	 	 
	 	 	
By:

	
/s/ Anastasios Aslidis

	 	 	
Name: Dr. Anastasios Aslidis

	 	 	
Title:   Chief Financial Officer

	 	 	 
	 	 	 
	 	 	
AMERICAN STOCK TRANSFER AND TRUST COMPANY, LLC

 as Rights Agent

	 	 	 
	 	 	 
	 	 	
By:

	
/s/ Michael A. Nespoli

	 	 	
Name: Michael A. Nespoli

	 	 	
Title:   Executive Director

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