Document:

mime-ex109_173.htm

 

Exhibit 10.9

GERMAN SUB-PLAN TO THE 

MIMECAST LIMITED 

2015 EMPLOYEE SHARE PURCHASE PLAN 

The purpose of the German Sub-Plan to the Mimecast Limited 2015 Employee Share Purchase Plan (the “German Sub-Plan”) is to provide eligible employees of Mimecast Germany GmbH (“Mimecast Germany”) with opportunities to purchase Ordinary Shares of Mimecast Limited (the “Ordinary Shares”). 1,100,000 Ordinary Shares have been approved and reserved under the Mimecast Limited 2015 Employee Share Purchase Plan (the “US Plan” and, together with the German Sub-Plan and any other sub-plans under the US Plan, the “Plan”). The Plan is intended to constitute an “employee stock purchase plan” within the meaning of Section 423(b) of the Internal Revenue Code of 1986, as amended (the “Code”), and shall be interpreted in accordance with that intent. 

1. Administration. The Plan will be administered by the person or persons (the “Administrator”) appointed by the Board of Directors (the “Board”) of Mimecast Limited (the “Company”) for such purpose. The Administrator has authority at any time to: (i) adopt, alter and repeal such rules, guidelines and practices for the administration of the Plan and for its own acts and proceedings as it shall deem advisable; (ii) interpret the terms and provisions of the Plan; (iii) make all determinations it deems advisable for the administration of the Plan; (iv) decide all disputes arising in connection with the Plan; and (v) otherwise supervise the administration of the Plan. All interpretations and decisions of the Administrator shall be binding on all persons, including the Company and the Participants. No member of the Board or individual exercising administrative authority with respect to the Plan shall be liable for any action or determination made in good faith with respect to the Plan or any option granted hereunder. 

2. Offerings The Company may make one or more offerings to eligible employees to purchase Ordinary Shares under the Plan (“Offerings”). Unless otherwise determined by the Administrator, an Offering will begin on the first business day occurring on or after each January 1 and July 1 and will end on the last business day occurring on or before the following June 30 and December 31, respectively. The Administrator may, in its discretion, designate a different period for any Offering, provided that no Offering shall exceed six months in duration or overlap any other Offering. 

3. Eligibility. All individuals classified as employees on the payroll records of Mimecast Germany are eligible to participate in any one or more of the Offerings under the Plan, provided that as of the first day of the applicable Offering (the “Offering Date”) they are customarily employed by the Company for more than 20 hours a week. Notwithstanding any other provision herein, individuals who are not contemporaneously classified as employees of Mimecast Germany for purposes of the Company’s payroll system are not considered to be eligible employees of Mimecast Germany and shall not be eligible to participate in the Plan. In the event any such individuals are reclassified as employees of Mimecast Germany for any purpose, including, without limitation, common law or statutory employees, by any action of any third party, including, without limitation, any government agency, or as a result of any private lawsuit, action or administrative proceeding, such individuals shall, notwithstanding such reclassification, remain ineligible for participation. Notwithstanding the foregoing, the exclusive means for individuals who are not contemporaneously classified as employees of Mimecast Germany on Mimecast Germany’s payroll system to become eligible to participate in this Plan is through an amendment to this Plan, duly executed by the Company, which specifically renders such individuals eligible to participate herein. 

4. Participation. 

(a) Participants. An eligible employee who is not a Participant on any Offering Date may participate in such Offering by submitting an enrollment form to his or her appropriate payroll location at least 15 business days before the Offering Date (or by such other deadline as shall be established by the Administrator for the Offering). 

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(b) Enrollment. The enrollment form will (a) state a whole percentage to be deducted from an eligible employee’s Compensation (as defined in Section 11) per pay period, (b) authorize the purchase of Ordinary Shares in each Offering in accordance with the terms of the Plan and (c) specify the exact name or names in which Ordinary Shares purchased for such individual are to be issued pursuant to Section 10. An employee who does not enroll in accordance with these procedures will be deemed to have waived the right to participate. Unless a Participant files a new enrollment form or withdraws from the Plan, such Participant’s deductions and purchases will continue at the same percentage of Compensation for future Offerings, provided he or she remains eligible. 

(c) Notwithstanding the foregoing, participation in the Plan will neither be permitted nor be denied contrary to the requirements of the Code. 

5. Employee Contributions. Each eligible employee may authorize payroll deductions at a minimum of one percent up to a maximum of ten percent of such employee’s Compensation for each pay period. The Company will maintain book accounts showing the amount of payroll deductions made by each Participant for each Offering. No interest will accrue or be paid on payroll deductions. 

6. Deduction Changes. Except as may be determined by the Administrator in advance of an Offering, a Participant may not increase or decrease his or her payroll deduction during any Offering, but may increase or decrease his or her payroll deduction with respect to the next Offering (subject to the limitations of Section 5) by filing a new enrollment form at least 15 business days before the next Offering Date (or by such other deadline as shall be established by the Administrator for the Offering). The Administrator may, in advance of any Offering, establish rules permitting a Participant to increase, decrease or terminate his or her payroll deduction during an Offering. 

7. Withdrawal. A Participant may withdraw from participation in the Plan by delivering a written notice of withdrawal to his or her appropriate payroll location. The Participant’s withdrawal will be effective as of the next business day. Following a Participant’s withdrawal, the Company will promptly refund such individual’s entire account balance under the Plan to him or her (after payment for any Ordinary Shares purchased before the effective date of withdrawal). Partial withdrawals are not permitted. Such an employee may not begin participation again during the remainder of the Offering, but may enroll in a subsequent Offering in accordance with Section 4. 

8. Grant of Options. On each Offering Date, the Company will grant to each eligible employee who is then a Participant in the Plan an option (“Option”) to purchase on the last day of such Offering (the “Exercise Date”), at the Option Price hereinafter provided for, the lowest of (a) a number of Ordinary Shares determined by dividing such Participant’s accumulated payroll deductions on such Exercise Date by the Option Price (as defined herein), (b) 550,000 shares, or (c) such other lesser maximum number of shares as shall have been established by the Administrator in advance of the Offering; provided, however, that such Option shall be subject to the limitations set forth below. Each Participant’s Option shall be exercisable only to the extent of such Participant’s accumulated payroll deductions on the Exercise Date. The purchase price for each share purchased under each Option (the “Option Price”) will be 85 percent of the Fair Market Value of the Ordinary Shares on the Offering Date or the Exercise Date, whichever is less. 

Notwithstanding the foregoing, no Participant may be granted an option hereunder if such Participant, immediately after the option was granted, would be treated as owning stock possessing five percent or more of the total combined voting power or value of all classes of stock of the Company or any Parent or Subsidiary (as defined in Section 11). For purposes of the preceding sentence, the attribution rules of Section 424(d) of the Code shall apply in determining the stock ownership of a Participant, and all stock which the Participant has a contractual right to purchase shall be treated as stock owned by the Participant. In addition, no Participant may be granted an Option which permits his or her rights to purchase stock under the Plan, and any other employee stock purchase plan of the Company and its Parents and Subsidiaries, to accrue at a rate which exceeds $25,000 of the fair market value of such stock (determined on the option grant date or dates) for each calendar year in which the Option is outstanding at any time. The purpose of the limitation in the preceding sentence is to comply with Section 423(b)(8) of the Code and shall be applied taking Options into account in the order in which they were granted. 

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9. Exercise of Option and Purchase of Shares. Each employee who continues to be a Participant in the Plan on the Exercise Date shall be deemed to have exercised his or her Option on such date and shall acquire from the Company such number of whole Ordinary Shares reserved for the purpose of the Plan as his or her accumulated payroll deductions on such date will purchase at the Option Price, subject to any other limitations contained in the Plan. Any amount remaining in a Participant’s account at the end of an Offering solely by reason of the inability to purchase a fractional share will be carried forward to the next Offering; any other balance remaining in a Participant’s account at the end of an Offering will be refunded to the Participant promptly. 

10. Issuance of Certificates. Certificates representing Ordinary Shares purchased under the Plan may be issued only in the name of the employee, in the name of the employee and another person of legal age as joint tenants with rights of survivorship, or in the name of a broker authorized by the employee to be his, her or their, nominee for such purpose. 

11. Definitions. 

The term “Compensation” means the amount of base pay, plus incentive pay, and commissions. 

The term “Designated Subsidiary” means any present or future Subsidiary (as defined below) that has been designated by the Board to participate in the Plan. The Board may so designate any Subsidiary, or revoke any such designation, at any time and from time to time, either before or after the Plan is approved by the stockholders.

The term “Fair Market Value of the Ordinary Shares” on any given date means the fair market value of the Ordinary Shares determined in good faith by the Administrator; provided, however, that if the Ordinary Shares are admitted to quotation on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”), NASDAQ Global Market or another national securities exchange, the determination shall be made by reference to the closing price on such date. If there is no closing price for such date, the determination shall be made by reference to the last date preceding such date for which there is a closing price. 

The term “Initial Public Offering” means the first underwritten, firm commitment public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer and sale by the Company of its equity securities, or such other event as a result of or following which the Company’s Ordinary Shares shall be publicly held. 

The term “Parent” means a “parent corporation” with respect to the Company, as defined in Section 424(e) of the Code. 

The term “Participant” means an individual who is eligible as determined in Section 3 and who has complied with the provisions of Section 4. 

The term “Subsidiary” means a “subsidiary corporation” with respect to the Company, as defined in Section 424(f) of the Code. 

12. Rights on Termination of Employment. If a Participant’s employment terminates for any reason before the Exercise Date for any Offering, no payroll deduction will be taken from any pay due and owing to the Participant and the balance in the Participant’s account will be paid to such Participant or, in the case of such Participant’s death, to his or her designated beneficiary as if such Participant had withdrawn from the Plan under Section 7. An employee will be deemed to have terminated employment, for this purpose, if Mimecast Germany ceases to be a Subsidiary, or if the employee is transferred to any corporation other than the Company or a Designated Subsidiary. An employee will not be deemed to have terminated employment for this purpose if the employee is on an approved leave of absence for military service or sickness or for any other purpose approved by the Company, if the employee’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Administrator otherwise provides in writing. 

13. Optionees Not Stockholders. Neither the granting of an Option to a Participant nor the deductions from his or her pay shall constitute such Participant a holder of the Ordinary Shares covered by an Option under the Plan until such shares have been purchased by and issued to him or her. 

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14. Rights Not Transferable. Rights under the Plan are not transferable by a Participant other than by will or the laws of descent and distribution, and are exercisable during the Participant’s lifetime only by the Participant. 

15. Application of Funds. All funds received or held by the Company under the Plan may be combined with other corporate funds and may be used for any corporate purpose. 

16. Adjustment in Case of Changes Affecting Ordinary Shares. In the event of a subdivision of outstanding Ordinary Shares, the payment of a dividend in Ordinary Shares or any other change affecting the Ordinary Shares, the number of shares approved for the Plan and the share limitation set forth in Section 8 shall be equitably or proportionately adjusted to give proper effect to such event. 

17. Amendment of the Plan. The Board may at any time and from time to time amend the Plan in any respect, except that without the approval within 12 months of such Board action by the stockholders, no amendment shall be made increasing the number of shares approved for the Plan or making any other change that would require stockholder approval in order for the Plan, as amended, to qualify as an “employee stock purchase plan” under Section 423(b) of the Code. 

18. Insufficient Shares. If the total number of Ordinary Shares that would otherwise be purchased on any Exercise Date plus the number of shares purchased under previous Offerings under the Plan exceeds the maximum number of shares issuable under the Plan, the shares then available shall be apportioned among Participants in proportion to the amount of payroll deductions accumulated on behalf of each Participant that would otherwise be used to purchase Ordinary Shares on such Exercise Date. 

19. Termination of the Plan. The Plan may be terminated at any time by the Board. Upon termination of the Plan, all amounts in the accounts of Participants shall be promptly refunded. 

20. Governmental Regulations. The Company’s obligation to sell and deliver Ordinary Shares under the Plan is subject to obtaining all governmental approvals required in connection with the authorization, issuance, or sale of such stock. 

21. Governing Law. This Plan and all Options and actions taken thereunder shall be governed by, and construed in accordance with, the laws of the State of Delaware, applied without regard to conflict of law principles. 

22. Issuance of Shares. Shares may be issued upon exercise of an Option from authorized but unissued Ordinary Shares, from shares held in the treasury of the Company, or from any other proper source. 

23. Tax Withholding. Participation in the Plan is subject to any minimum required tax withholding on income of the Participant in connection with the Plan (such as wage taxes). Each Participant agrees, by entering the Plan, that the Company and its Subsidiaries shall have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant, including shares issuable under the Plan. In the case that the payments to be made to the Participant are insufficient to pay the taxes, Mimecast Germany or the Company can request from such Participant the payment of an amount equal to the sum necessary to pay such taxes.

24. Notification Upon Sale of Shares. Each Participant agrees, by entering the Plan, to give the Company prompt notice of any disposition of shares purchased under the Plan where such disposition occurs within two years after the date of grant of the Option pursuant to which such shares were purchased. 

25. Effective Date. The German Sub-Plan shall take effect on the date of approval by the Board. 

26.  No Claims Against Third Parties.  The Participant acknowledges and accepts that any rights and obligations in connection with the Plan are only created between the Company and the Participant and the Participant has no direct rights or claims against Mimecast Germany.

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Exhibit 10.15

SECOND AMENDMENT TO LEASE

This SECOND AMENDMENT TO LEASE (this “Amendment”) is entered into and effective as of the 26th day of May, 2017 (the “Second Amendment Effective Date”) by and between WHETSTONE RIVERWORKS HOLDINGS, LLC, a Delaware limited liability company, as landlord (“Landlord”), as successor-in-interest to Farley White Aetna Mills, LLC and Riverworks Watertown Holdings, LLC, having an address for purposes hereof at One Market Plaza, Spear Tower, Suite 4125, San Francisco, California 94105, and MIMECAST NORTH AMERICA, INC., a Delaware corporation, as tenant (“Tenant”), having an address for purposes hereof at 480 Pleasant  Street, Watertown,  Massachusetts 02472.

WITNESSETH:

WHEREAS, Landlord and Tenant are the present parties to that certain Lease dated November 12, 2012 (the “Original Lease”), as affected by (i) that certain Commencement Date Agreement executed  by Landlord  and Tenant on or about June 6, 2013 (the “Confirmation”), and (ii) that certain First Amendment to Lease dated as of October 19, 2015 (the “First Amendment”, and together with the Original Lease and the Confirmation, the ‘‘Existing Lease”) pursuant to which Landlord leases to Tenant and Tenant leases from  Landlord  a  portion  of  the  First  Floor and Mezzanine Level of the Building located  at  480  Pleasant  Street,  Watertown,  Massachusetts, designated as Suite C-10 (containing approximately 33,669 Rentable Square Feet) and Suite B-100 (containing approximately 10,501 Rentable Square Feet), together containing approximately 44,170 Rentable  Square  Feet (as  more-fully described  in the  Lease, the “Premises”); and

WHEREAS, all initial capitalized terms used and not otherwise defined in this Amendment shall  have the meaning ascribed  to such terms in the Existing Lease; and

WHEREAS, Landlord and Tenant desire to enter into this Amendment in order to amend certain terms and provisions contained in the Lease regarding Landlord’s approval of subleasing by Tenant and Landlord’s cancellation and termination rights in connection therewith.

NOW, THEREFORE, for good and valuable consideration, and in consideration of the mutual agreements contained in this Amendment, Landlord and Tenant hereby agree and amend the Existing  Lease  as follows:

1.Recital .   The above recitals are incorporated  herein  by this reference.

2.Lease. As of the Second Amendment Effective Date, all references to the “Lease” both in this Amendment and in the Existing Lease shall mean and refer to the Existing Lease, as amended  and  affected by this Amendment.

3.Amendments to Landlord Cancellation and Termination Rights. Reference is hereby made to Section 6.3(e) of the Original Lease. Notwithstanding anything contained therein to the contrary: (a) with respect to any proposed Transfer by Tenant, Landlord shall be entitled to exercise the cancellation and termination rights set forth in said Section 6.3(e) for a period of twenty­one (21) days from and after the date upon which Tenant delivers to Landlord all of the information and documentation described in Section 6.3(c) of the Original Lease, together with a bona fide term sheet or letter of intent executed by both Tenant and its proposed transferee setting forth all the material terms of the proposed Transfer (including, without limitation, the rent, lease term, and any proposed tenant improvement allowance, free rent period or other financial concessions); (b) in the event Landlord exercises its cancellation and termination option with respect to any proposed Transfer, the effective date of such cancellation and termination shall be the date upon which Tenant would be required to deliver possession of the Premises or applicable portion thereof to its proposed transferee.

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4.Landlord Termination Right. Notwithstanding anything contained in the Existing Lease to the contrary and without limiting any of Landlord’s rights under Section 6.3(e) of the Lease as amended hereby, Landlord shall have the right to terminate the Lease upon thirty (30) days' prior written notice to Tenant (the “Early Termination Notice”) specifying the effective date for such termination (the “Early Termination Date”), provided, however, that (a) the Early Termination Date shall not be earlier than January 30, 2018 (as the same may be extended by Tenant as provided in the following clause (b), the “Inside Early Termination Date”) and (b) Tenant shall have the right, exercisable by notice delivered to Landlord on or before October 31, 2017, to extend the Inside Early Termination Date to February 28, 2018. In the event that Tenant timely delivers such notice and Landlord has previously delivered an Early Termination Notice specifying an effective date of termination which is prior to February 28, 2018, then the effective date of termination hereunder shall be extended to February 28, 2018. In the event Landlord exercises the termination right set forth in this Section 4, then, notwithstanding anything contained in the Existing Lease to the contrary, the Lease shall terminate and expire on the Early Termination Date set forth in the Early Termination Notice as if such date were the Expiration Date for all purposes under the Lease, without penalty or fee to Tenant. Notwithstanding anything contained in this Section 4 to the contrary, in the event Landlord exercises its termination right hereunder, Landlord shall be bound by the terms of any sublease of a portion of the Premises hereafter consented to in writing by Landlord, subject to and in accordance with its terms.

5.Additional Terms for Landlord Consent to Transfers. In addition to the reasons set forth in the Existing Lease, Tenant agrees that it shall be reasonable for Landlord to withhold its consent to any proposed Transfer in circumstances where the proposed transferee (a) would operate a call center, credit processing  center, or similar operation in any material portion of the Premises,   or (b) could reasonably be expected to increase Operating Expenses or wear and tear on the Building.

6.Brokers. Landlord and Tenant each represent to the other that it has not dealt with any broker or agent in connection with the negotiation or execution of this Amendment, other than Newmark Grubb Knight Frank, representing Landlord, and Cushman & Wakefield of Massachusetts, Inc., representing Tenant. Tenant and Landlord shall each indemnify the other against all costs, expenses, attorneys' fees, liens and other liability arising from its own breach of the foregoing representation and for any commissions or other compensation claimed by its broker as due and owing on account of this Amendment.

7.Termination of Expansion and Extension Rights. Landlord and Tenant hereby agree that the terms and provisions contained in Section 10.21 (Right of First Offer), Section 10.22 (Expansion Space) and Section 10.23 (Option to Extend) of the Lease are hereby deleted from the Lease in their entirety and of no further force or effect.

8.Miscellaneous. Landlord and Tenant hereby acknowledge and agree that, except as specifically amended by the terms of this Amendment, all of the terms, covenants and provisions of the Existing Lease are hereby ratified and confirmed and shall remain in full force and effect. Tenant hereby certifies, represents and warrants to Landlord that, to the best of Tenant’s knowledge and as of the Second Amendment Effective Date, (a) Landlord is not in default under the Existing Lease, and (b) no state of fact or condition exists which, upon either the passage of time and/or the giving of notice, could give rise to a default of Landlord under the Existing Lease. This Amendment may be executed in two (2) or more counterparts, and by the exchange of facsimile or other electronic signatures with the same force and effect as original ink signatures. When each party has signed and delivered at least one (I) such counterpart, each counterpart shall be deemed an original, and, when taken together with the other signed counterparts, shall constitute one Amendment, which shall be binding upon and effective as to Landlord and Tenant as of the Second Amendment Effective Date. Each of Landlord and Tenant hereby represents and warrants to the other that the individual(s) executing this Amendment on their respective behalf are duly authorized to do so, and that such authorization remains in full force and effect and has not been modified or  revoked.

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IN WITNESS WHEREOF, Landlord and Tenant have executed this Amendment as of the date first above-written.

 

	
LANDLORD:
	
 
	
TENANT:

	
WHETSTONE RIVERWORKS HOLDINGS, LLC,
	
 
	
MIMECAST NORTH AMERICA, INC.,

	
a Delaware limited liability company
	
 
	
a Delaware corporation

	
 

	
By:
	
/s/ Rajin S Patel
	
 
	
By:
	
/s/ Joe Freitas

	
 
	
Name:
	
 
	
 Rajin S Patel
	
 
	
 
	
Name:
	
 Joe Freitas
	
 

	
 
	
Title:
	
 
	
President
	
 
	
 
	
Title:
	
SVP, Human Resources 
	
 

 

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