Document:

EX-10.47

 Exhibit 10.47 

ENDEAVOR GROUP HOLDINGS, INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION
POLICY 
 Non-employee members of the board of directors (the
“Board”) of Endeavor Group Holdings, Inc. (the “Company”) shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director
Compensation Policy (this “Policy”). The cash and equity compensation described in this Policy shall be paid or be made, as applicable, automatically and without further action of the Board or the Governing Body (as defined
in the Company’s certificate of incorporation as in effect from time to time), or any committee or subcommittee of either, to each member of the Board who (a) is not an employee of the Company or any parent or subsidiary of the Company and
(b) is not (and was not at any time on or after the Effective Date (as defined below)) affiliated with Silver Lake Partners or any of its affiliates (each, a “Non-Employee
Director”) who may be eligible to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the
Company. This Policy shall become effective on the date the price of the shares of Class A common stock of the Company is established in connection with the Company’s initial public offering (the “Effective Date”),
immediately following the establishment of such price, and shall remain in effect until it is revised or rescinded by further action of the Governing Body (or, if the Executive Committee (as defined in the Company’s certificate of incorporation
as may be amended and/or restated from time to time) is the Governing Body and so delegates authority, the Board) and, solely to the extent required to satisfy the exemption under the provisions of Rule 16b-3
promulgated under the Exchange Act (as defined in the Equity Plan (as defined below)) in respect of equity awards, a committee of the Board composed solely of two or more “non-employee directors”
within the meaning of Rule 16b-3 promulgated under the Exchange Act (a “Rule 16b-3 Committee”). This Policy may be amended, modified or
terminated at any time by action by the Governing Body (or, if the Executive Committee is the Governing Body and so delegates authority, the Board) and, to the extent required to satisfy the exemption under the provisions of Rule 16b-3 promulgated under the Exchange Act in respect of equity awards, a Rule 16b-3 Committee in its sole discretion. The terms and conditions of this Policy shall supersede
any prior cash and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors and between any subsidiary of the Company and any of its non-employee directors. No Non-Employee Director shall have any rights hereunder, except with respect to equity awards granted pursuant to this Policy following grant thereof.

 1. Cash Compensation. 

(a) Annual Retainers. Each Non-Employee Director shall receive an annual retainer of $107,000
for service on the Board. 
 (b) Additional Annual Retainers. 

(i) Any Non-Employee Director serving as the Chair of the Audit Committee of the Company shall receive
an additional annual retainer of $15,000 for such service. 
 (ii) Each Non-Employee Director
serving as a member of the Audit Committee of the Company (including any Non-Employee Director serving as the Chair of the Audit Committee of the Company) shall receive an additional annual retainer of $21,000
for such service. 

 (c) Payment of Retainers. The annual retainers described in Sections 1(a) and 1(b)
shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than the fifteenth day following the end of each calendar quarter. In the event a member of the Board does not serve as a Non-Employee Director, or in the applicable positions described in Section 1(b), for an entire calendar quarter, such Non-Employee Director shall receive a prorated
portion of the retainer(s) otherwise payable to such Non-Employee Director for such calendar quarter pursuant to Section 1(b), with such prorated portion determined by multiplying such otherwise payable
retainer(s) by a fraction, the numerator of which is the number of days during which the member of the Board serves as a Non-Employee Director or in the applicable positions described in Section 1(b)
during the applicable calendar quarter and the denominator of which is the number of days in the applicable calendar quarter. 
 2. Equity
Compensation. Non-Employee Directors shall be granted the equity awards described below. The awards described below shall be granted under and shall be subject to the terms and provisions of the
Company’s 2019 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (such plan, as may be amended from time to time, the “Equity Plan”) and shall be granted subject to
the execution and delivery of applicable award agreement(s), including attached exhibits. All applicable terms of the Equity Plan apply to this Policy as if fully set forth herein, and an award agreement thereunder. 

(a) IPO Awards. Each Non-Employee Director who (i) serves on the Board as of the Effective
Date and (ii) will continue to serve as a Non-Employee Director immediately following such date shall be automatically granted, on the Effective Date, a restricted stock unit award under which the Non-Employee Director will, upon vesting, be entitled to receive a number of shares of Class A common stock of the Company with a value on the Effective Date of $182,000 (calculated based on the Fair Market
Value (as defined in the Equity Plan) of such shares on the Effective Date) (with the number of shares of Class A common stock of the Company underlying such award subject to adjustment as provided in the Equity Plan). The awards described in
this Section 2(a) shall be referred to as the “IPO Awards.” 
 (b) Annual Awards. Each Non-Employee Director who (i) serves on the Board as of the date of any annual meeting of the Company’s stockholders (an “Annual Meeting”) after the Effective Time and
(ii) will continue to serve as a Non-Employee Director immediately following such Annual Meeting shall be automatically granted, on the date of such Annual Meeting, a restricted stock unit award under
which the Non-Employee Director will, upon vesting, be entitled to receive a number of shares of Class A common stock of the Company with a value on the date of grant of $182,000 (calculated based on the
Fair Market Value of such shares on the date of grant) (with the number of shares of Class A common stock of the Company underlying such award subject to adjustment as provided in the Equity Plan). The awards described in this Section 2(b)
shall be referred to as the “Annual Awards.” For the avoidance of doubt, a Non-Employee Director elected for the first time to the Board at an Annual Meeting shall only receive an
Annual Award in connection with such election, and shall not receive any Initial Award (as defined below) on the date of such Annual Meeting as well. 

(c) Initial Awards. Except as otherwise determined by action of the Governing Body (or, if the Executive Committee is the Governing Body
and so delegates authority, the Board) and, to the extent required to satisfy the exemption under the provisions of Rule 16b-3 promulgated under the Exchange Act, a Rule
16b-3 Committee, each Non-Employee Director who is initially elected or appointed to the Board after the Effective Date on any date other than the date of an Annual
Meeting shall be automatically granted, on the effective date of such Non-Employee Director’s initial election or appointment (such Non-Employee Director’s
“Start Date”), a restricted stock unit award under which the Non-Employee Director will, upon vesting, be entitled to receive a number of shares of Class A common stock of the
Company with a value on such Non-Employee Director’s Start Date equal to the product of (i) $182,000 and (ii) a fraction, the numerator of which is (x) 365 minus (y) the number of days in the
period beginning on the date of the Annual Meeting immediately preceding such Non-Employee Director’s Start Date and ending on such Non-Employee Director’s
Start Date and the denominator of which is 365 (calculated based on the Fair Market Value of such shares on the Non-Employee Director’s Start Date) (with the number of shares of Class A common stock
of the Company underlying such award subject to adjustment as provided in the Equity Plan). The awards described in this Section 2(b) shall be referred to as “Initial Awards.” For the avoidance of doubt, no Non-Employee Director shall be granted more than one Initial Award. 

 (d) Termination of Employment of Employee Directors. Members of the Board who
are employees of the Company or any parent or subsidiary of the Company who, following the Effective Date, terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will not receive an IPO Award
or Initial Award pursuant to Section 2(a) or (c) above, but to the extent that they are otherwise eligible, will be eligible to receive, after termination from employment with the Company and any parent or subsidiary of the Company, Annual
Awards as described in Section 2(b) above. 
 (e) Vesting of Awards Granted to Non-Employee
Directors. Each IPO Award, Annual Award and Initial Award shall vest on the next Annual Meeting following the date of grant, in each case subject to the Non-Employee Director continuing in service through
the date of such Annual Meeting. No portion of an IPO Award, Annual Award or Initial Award that is unvested at the time of a Non-Employee Director’s termination of service on the Board shall become vested
thereafter. All of a Non-Employee Director’s IPO Awards, Annual Awards and Initial Awards shall vest in full immediately prior to the occurrence of a Change in Control (as defined in the Equity Plan), to
the extent outstanding at such time. 
 (f) Compensation Limits. Notwithstanding anything to the contrary in this Policy, all
compensation payable under this Policy will be subject to any limits on the maximum amount of Non-Employee Director compensation set forth in the Equity Plan, as in effect from time to time. 

Effective Date: September [•], 2019 
 * * *
* *ex_157786.htm

Exhibit 4.22

 

SEVENTH LOAN MODIFICATION AGREEMENT

 

THIS SEVENTH LOAN MODIFICATION AGREEMENT (the “Seventh Modification Agreement”), is made as of the 11th day of September, 2019, by and between OPTICAL CABLE CORPORATION, a Virginia corporation (the “Borrower”), and PINNACLE BANK, a Tennessee banking corporation, successor in interest through name change and by merger with Bank of North Carolina (the “Lender”).

 

RECITALS

 

A.     The Borrower and Bank of North Carolina entered into that certain Credit Agreement dated April 26, 2016, as amended and modified by Loan Modification Agreement dated December 21, 2016, and by Second Loan Modification Agreement dated February 28, 2017, and by Third Loan Modification Agreement dated April 27, 2017, and by Fourth Loan Modification Agreement dated April 10, 2018, by a Fifth Loan Modification Agreement dated October 15, 2018 and by a Sixth Modification Agreement dated April 30, 2019 (collectively, the “Credit Agreement”). Pursuant to the Credit Agreement, the Borrower made and delivered certain Notes described therein.

 

B.     The Borrower and the Lender desire to amend and modify the terms of the Credit Agreement, as provided herein. Lender is the holder of the Credit Agreement and the Notes described therein.

 

NOW, THEREFORE, in consideration of the mutual promises and conditions contained herein, the parties hereto agree as follows:

 

1.     The foregoing recitals are incorporated in and constitute terms of this Agreement.

 

2.     Capitalized terms contained in this Agreement which are not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.     

 

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3.     In exchange for the consideration set forth in this Section 3, Lender and Borrower agree as follows:

 

	 	
			a.

				
			The total aggregate amount of funds available for lending under the Credit Agreement is hereby reduced from $7,000,000 to $6,500,000.

			

 

	 	
			b.

				
			Borrower will pay down the aggregate outstanding balance on the Term Loan Notes in the total amount of $500,000, on or before November 29, 2019, by: (i) paying $250,000 to reduce the outstanding principal balance on Term Loan A Note and (ii) paying $250,000 to reduce the outstanding principal balance on Term Loan B Note.

			

 

	 	
			c.

				
			Effective as of September 10, 2019, all outstanding and future Advances under the Revolving Credit Note shall accrue interest at a rate of Prime Rate plus 0.25%. For purposes of this section, “Prime Rate” means the interest rate formally announced by a bank to be the lowest available at a particular time to its most credit-worthy customers as published by The Wall Street Journal Online.

			

 

	 	
			d.

				
			For the Borrower’s fiscal quarter ended July 31, 2019 only, Section 7.7 of the Credit Agreement (Current Ratio) has been suspended.

			

 

4.     Except as expressly amended and modified hereby, all terms and conditions of the Credit Agreement and the Financing Documents remain unchanged, and of full force and effect in accordance with their terms. The amendments and modifications contained in this Agreement do not constitute or create a novation of the Credit Agreement, the Notes, or any of the other Financing Documents, or the obligations of the Borrower evidenced thereby.

 

5.     The Borrower hereby acknowledges the Lender's performance of all of the Lender's obligations under the Financing Documents, ratifies all of the Financing Documents, as expressly amended and modified hereby, and certifies that they are enforceable in accordance with their terms, without defense or offset. 

 

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6.     The Borrower represents and warrants to the Lender to induce the Lender to enter into this Seventh Modification Agreement, that the execution, delivery and performance of this Agreement has been duly authorized by all requisite action and such authorization has not been rescinded, and that all representations and warranties made by it in the Financing Documents are true, correct and enforceable on and as of the date hereof.

 

7.     The effective date of this Seventh Modification Agreement shall be September 11, 2019.

 

8.    This Seventh Modification Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Virginia. The parties consent to the jurisdiction and venue of the courts of the Commonwealth of Virginia, specifically to the courts of the City of Roanoke, Virginia, and to the jurisdiction and venue of the United States District Court for the Western District of Virginia in connection with any action, suit or proceeding arising out of or relating to this Agreement.

 

9.     This Seventh Modification Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

10.   This Seventh Modification Agreement may be signed in several counterparts, each of which shall be an original and all of which shall constitute one and the same document.

 

IN WITNESS WHEREOF, the parties have caused this Seventh Modification Agreement to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written.

 

[The signature pages follow]

 

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Signature Page of Borrower

 

 

 

	 	 	BORROWER:	 
	Witness:	 	OPTICAL CABLE CORPORATION	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ Matt Arnold	 	 	By:	/s/ Tracy G. Smith	(Seal)
	Name: Matt Arnold	 	 	Tracy G. Smith	 
	 	 	 	
			Chief Financial Officer & Senior Vice 

			President

				 

 

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Signature Page of Lender

 

 

 

	 	 	LENDER:	 
	Witness:	 	PINNACLE BANK	 
	 	 	 	 	 
	
			 

				 	 	 	 
	/s/ Anissa C. Lewis 	 	 	By:	/s/ Marcus William	(Seal)
	Name: Anissa C. Lewis	 	Name: Marcus William	 
	 	 	Title:   Senior Vice President	 

 

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