Document:

EX-10.12

 Exhibit 10.12 

 
  
 

 
 NON-EMPLOYEE DIRECTOR COMPENSATION POLICY 

 

	 	1.	 Introduction 

Each member of the Board of Directors (the “Board”) of ON24 Inc. (“ON24”) who is a non-employee director of ON24 (each such member, a “Non-Employee Director”) will receive the compensation described in this Non-Employee Director Compensation Policy (“Policy”) for his or her Board service. 

This Policy may be amended at any time in the sole discretion of the Board or the Compensation Committee of the Board. 

 

	 	2.	 Annual Cash Compensation 

Commencing at the beginning of the first fiscal quarter following the closing of the initial public offering (the
“IPO”) of ON24’s common stock (“Common Stock”), each Non-Employee Director will receive the cash compensation set forth below for service
on the Board. The annual cash compensation amounts will be payable in equal quarterly installments, in arrears following the end of each quarter in which the service occurred, pro-rated for any partial months
of service. All annual cash fees are vested upon payment. A Non-Employee Director is entitled to receive each retainer for which he or she qualifies below (unless otherwise set forth below) 

 

	 	(a)	 Annual Board Service Retainer: 

 

	 	a.	 All Non-Employee Directors: $30,000 

 

	 	(b)	 Annual Committee Member Service Retainer: 

 

	 	a.	 Member of the Audit Committee: $10,000 

 

	 	b.	 Member of the Compensation Committee: $6,000 

 

	 	c.	 Member of the Nominating and Governance Committee: $3,750 

 

	 	(c)	 Annual Committee Chair Service Retainer (in lieu of Committee Member Service Retainer):

  

	 	a.	 Chair of the Audit Committee: $20,000 

 

	 	b.	 Chair of the Compensation Committee: $12,000 

 

	 	c.	 Chair of the Nominating and Governance Committee: $7,500 

 

	 	3.	 Equity Compensation 

Equity awards will be granted under ON24’s 2021 Equity Incentive Plan (the “Plan”). 

(a) Initial Appointment Equity Grant. On appointment to the Board, and without any further action of the Board or Compensation
Committee of the Board, at the close of business on the day of such appointment, a Non-Employee Director will be automatically granted a Restricted Stock Unit Award

 
for Common Stock having a value of $450,000 based on the average Fair Market Value (as defined in the Plan) of the underlying Common Stock for the 20 trading days prior to and ending on the date
of grant (the “Initial RSU”). Each Initial RSU will vest over three years, with one-third of the Initial RSU vesting on the first, second, and third anniversary of the date of
grant. 
 (b)    Automatic Equity Grants. Without any further action of the Board or Compensation Committee of
the Board, at the close of business on the date of each Annual Meeting of ON24’s stockholders (“Annual Meeting”), each person who is then a Non-Employee Director will automatically
receive a Restricted Stock Unit Award for Common Stock having a value of $175,000 based on the average Fair Market Value (as defined in the Plan) of the underlying Common Stock for the 20 trading days prior to and ending on the date of grant (the
“Annual RSU”). Each Annual RSU will vest on the earlier of (i) the date of the following year’s Annual Meeting (or the date immediately prior to the next Annual Meeting if the
Non-Employee Director’s service as a director ends at such meeting due to the director’s failure to be re-elected or the director not standing for re-election); or (ii) the first anniversary of the date of grant. 

(c)    Vesting; Change in Control. All vesting is subject to the
Non-Employee Director’s continuous Service (as defined in the Plan) on each applicable vesting date. Notwithstanding the foregoing vesting schedules, for each
Non-Employee Director who remains in continuous Service with ON24 until immediately prior to a Change in Control (as defined in the Plan), the shares subject to his or her then-outstanding equity awards will
become fully vested immediately prior to the Change in Control. 
 (d)    Remaining Terms. Each Restricted Stock
Unit Award will be granted subject to ON24’s standard Restricted Stock Unit Award Agreement, in the form adopted from time to time by the Board or the Compensation Committee of the Board. 

 

	 	4.	 Expenses 

ON24 will reimburse Non-Employee Directors for ordinary, necessary, and reasonable out-of-pocket travel expenses to cover in-person attendance at, and participation in, Board and committee meetings; provided,
that the Non-Employee Director timely submit appropriate documentation substantiating such expenses in accordance with ON24’s policies as in effect from time to time. 

 

	 	5.	 Limitations 

No Non-Employee Director may be issued in any fiscal year cash payments (including the fees under
Section 2 above) and equity awards (including equity awards under Section 3 above) with aggregate value greater than $750,000, increased to $1,000,000 in the fiscal year of his or her initial service as a
Non-Employee Director. Any equity awards or other compensation granted to an individual for his or her services as an employee, or for his or her services as a consultant other than a Non-Employee Director, will be excluded for purposes of the limitations under this Section 5. 

  
 2EX-10.1

 Exhibit 10.1 

Executed Copy 

AMENDMENT TO THE AMENDED AND RESTATED MANAGEMENT AGREEMENT 

This AMENDMENT dated as of December 31, 2020 to the AMENDED AND RESTATED MANAGEMENT AGREEMENT made as of July 3, 2014, as amended
from time to time (the “Management Agreement”), by and among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), each fund listed in Schedule A (each a “Partnership” and together, the
“Partnerships”), CMF WINTON MASTER L.P., and WINTON CAPITAL MANAGEMENT LIMITED, a company registered in England and Wales (the “Advisor”, and together with CMF and the Partnerships, the “Parties”). This Amendment shall
be effective as of January 1, 2021 (the “Effective Date”). Any terms used herein without its meaning defined shall have the meaning ascribed to that term in the Management Agreement. 

W I T N E S S E T H: 

WHEREAS, CMF allocates, from time to time, a certain amount of the assets of each Partnership to the Advisor to trade pursuant to the
Management Agreement; 
 WHEREAS, the Parties wish to amend the Management Agreement to replace Schedule A and modify the payment of the
incentive fee. 
 NOW, THEREFORE, the parties agree as follows: 

1. Section 3(a) of the Management Agreement is amended by deleting it in its entirety and replacing it with the following: 

“3. COMPENSATION. (a) In consideration of and as compensation for all of the services to be rendered by the Advisor to the CMF
Feeder Funds under this Agreement, each CMF Feeder Fund shall pay the Advisor (i) an incentive fee payable as of the end of each calendar quarter equal to 20% of New Trading Profits (as such term is defined below) earned by the Advisor for the
respective CMF Feeder Fund and (ii) a monthly fee for professional management services equal to 1/12 of 1.5% (1.5% per year) of the Net Assets of the respective CMF Feeder Fund allocated to the Advisor as at the beginning of the relevant month,
which shall be equal to the prior month end Net Assets, net of all fees and expenses for the previous month, and decreased by any redemptions for such prior month end and increased by any subscriptions for the current month.” 

2. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall
constitute the same agreement. Any signature on the signature page of this Amendment may be an original or electronically transmitted signature or may be executed by applying an electronic signature using DocuSign© or, if permitted by CMF (such permission not to be unreasonably withheld), any other similar program. 

3. This Amendment shall be governed and construed in accordance with the laws of the State of New York. 

 IN WITNESS WHEREOF, this Amendment has been executed for and on behalf of the undersigned as of the
date first written above. 
  

									
	CERES ABINGDON L.P. (FORMERLY, MANAGED FUTURES PREMIER ABINGDON L.P.)	 		 	CERES CLASSIC L.P. 
		 		 		 		 	
		 		 	By: Ceres Managed Futures LLC (General Partner)
	By: Ceres Managed Futures LLC (General Partner)	 		 		 	
		 		 	By	 	 /s/ Patrick T. Egan

		 		 	            	 	Patrick T. Egan
	By	 	 /s/ Patrick T. Egan
	 		 	President & Director
	Patrick T. Egan	 		 		 	
	President & Director	 		 	 CERES MANAGED FUTURES LLC
  

	CMF WINTON MASTER L.P.	 		 	By	 	 /s/ Patrick T. Egan

		 		 		 	Patrick T. Egan
	By: Ceres Managed Futures LLC (General Partner)	 		 	President & Director
		 		 		 	
	By	 	 /s/ Patrick T. Egan
	 		 	WINTON CAPITAL MANAGEMENT LIMITED
	Patrick T. Egan	 		 		 	
	President & Director	 		 	By	 	 /s/ Brigid Rentoul

		 		 		 	Name: Brigid Rentoul
		 		 		 	Title: Director
		 		 		 	Date: 8 January 2021

  
 -2-Document

AMENDMENT TO TAX BENEFITS PRESERVATION PLAN, dated as of January 8, 2021 (“Amendment”), by and between Steel Connect, Inc., a Delaware corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company (the “Rights Agent”).
WHEREAS, the Company and the Rights Agent are parties to that certain Tax Benefits Preservation Plan, dated as of January 19, 2018 (the “Plan” or “Agreement”), which expires on January 18, 2021, unless the Rights (as defined therein) have been earlier redeemed or exchanged or the Board (as defined therein) has determined that the Plan is no longer necessary or desirable for the preservation of Tax Benefits (as defined therein);
WHEREAS, the Company has delivered to the Rights Agent a certificate from an appropriate officer of the Company stating that this Amendment complies with Section 27 of the Plan; and
WHEREAS, the Company and the Rights Agent desire to amend the Plan to extend the term thereof as further described herein.
NOW, THEREFORE, the parties hereto hereby agree as follows:
1.Section 1(y) of the Plan shall be amended and restated in its entirety as follows:
“‘Final Expiration Date’ shall mean (i) 11:59 p.m., New York City time, on the date that the votes of the stockholders of the Company, with respect to the Company’s next annual meeting of stockholders are certified (which date and time shall be in no event later than 11:59 P.M., New York City time, on January 8, 2022), unless the continuation of the Agreement is approved by the affirmative vote of the majority of shares of Common Stock present in person or represented by proxy and actually voted at such meeting of stockholders (or any adjournment or postponement thereof) duly held in accordance with the Company’s Fourth Amended and Restated Bylaws and applicable law (in which case clause (ii) will govern); or (ii) 11:59 p.m., New York City time, on January 8, 2024.”
2.Section 1(z) of the Plan shall be amended and restated in its entirety as follows:
“‘NASDAQ’ means The Nasdaq Global Select Market, The Nasdaq Global Market, The Nasdaq Capital Market or any similar trading market of The Nasdaq Stock Market LLC.”
3.The first sentence of the first full paragraph of the Form of Rights Certificate, which is attached as Exhibit B to the Plan, shall be amended and restated in its entirety as follows:
“NOT EXERCISABLE AFTER THE EARLIER OF (I) 11:59 P.M., NEW YORK CITY TIME, ON THE DATE THAT THE VOTES OF THE STOCKHOLDERS OF THE COMPANY, WITH RESPECT TO THE COMPANY’S NEXT ANNUAL MEETING OF STOCKHOLDERS ARE CERTIFIED (WHICH 

									
			

DATE AND TIME SHALL BE IN NO EVENT LATER THAN 11:59 P.M., NEW YORK CITY TIME, ON JANUARY 8, 2022), UNLESS THE CONTINUATION OF THE AGREEMENT IS APPROVED BY THE AFFIRMATIVE VOTE OF THE MAJORITY OF SHARES OF COMMON STOCK PRESENT IN PERSON OR REPRESENTED BY PROXY AND ACTUALLY VOTED AT SUCH MEETING OF STOCKHOLDERS (OR ANY ADJOURNMENT OR POSTPONEMENT THEREOF) DULY HELD IN ACCORDANCE WITH THE COMPANY’S FOURTH AMENDED AND RESTATED BYLAWS AND APPLICABLE LAW (IN WHICH CASE CLAUSE (II) WILL GOVERN); (II) 11:59 P.M., NEW YORK CITY TIME, ON JANUARY 8, 2024; AND (III) SUCH TIME AS THE RIGHTS ARE EARLIER REDEEMED, EXCHANGED OR TERMINATED OR SUCH OTHER EARLIER EXPIRATION DATE (AS DEFINED IN THE TAX BENEFITS PRESERVATION PLAN).”
4.The first sentence of the second full paragraph of the Form of Rights Certificate, which is attached as Exhibit B to the Plan, shall be amended and restated in its entirety as follows:
“This certifies that ______________________, or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to the terms, provisions and conditions of the Tax Benefits Preservation Plan, dated as of January 19, 2018, between Steel Connect, Inc., a Delaware corporation (the “Company”) and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company, as Rights Agent (the “Rights Agent”), as amended as of January 8, 2021 and as may be further amended from time to time (the “Tax Benefits Preservation Plan”), to purchase from the Company at any time after the Distribution Dated and prior to the earlier of (i) 11:59 p.m., New York City time, on the date that the votes of the stockholders of the Company, with respect to the Company’s next annual meeting of stockholders are certified (which date and time shall be in no event later than 11:59 P.M., New York City time, on January 8, 2022), unless the continuation of the Agreement is approved by the affirmative vote of the majority of shares of Common Stock present in person or represented by proxy and actually voted at such meeting of stockholders (or any adjournment or postponement thereof) duly held in accordance with the Company’s Fourth Amended and Restated Bylaws and applicable law (in which case clause (ii) will govern); (ii) 11:59 p.m., New York City time, on January 8, 2024; or (iii) such time as the Rights are earlier redeemed, exchanged or terminated or such other earlier Expiration Date (as defined in the Tax Benefits Preservation Plan), at the office or offices of the Rights Agent designated for such purpose, or its successors as Rights Agent, one one-thousandth of a fully paid, non-assessable share of Series D Junior Participating Preferred Stock (the “Preferred Stock”) of the Company, at a purchase price of $20.00 per one one-thousandth of a share (the “Purchase Price”), upon presentation and surrender of this Rights Certificate with the Form of Election to Purchase and related Certificate duly executed.

									
		2
	

5.The fifth full paragraph of the Form of Summary of Rights to Purchase Preferred Stock, which is attached as Exhibit C to the Plan, shall be amended and restated in its entirety as follows:
“The Rights are not exercisable until the Distribution Date and will expire at the earliest of (i) 11:59 p.m., New York City time, on the date that the votes of the stockholders of the Company, with respect to the Company’s next annual meeting of stockholders are certified (which date and time shall be in no event later than 11:59 P.M., New York City time, on January 8, 2022), unless the continuation of the Agreement is approved by the affirmative vote of the majority of shares of Common Stock present in person or represented by proxy and actually voted at such meeting of stockholders (or any adjournment or postponement thereof) duly held in accordance with the Company’s Fourth Amended and Restated Bylaws and applicable law (in which case clause (ii) will govern); (ii) 11:59 p.m., New York City time, on January 8, 2024; (iii) the time at which the Rights are redeemed or exchanged as provided in the Tax Benefits Preservation Plan, and (iv) the time at which the Board determines that the Tax Benefits Preservation Plan is no longer necessary or desirable for the preservation of Tax Benefits.”
6.All references to “ModusLink Global Solutions, Inc.” in the Plan shall be deleted in their entirety and replaced with “Steel Connect, Inc.”
7.Except as expressly provided in this Amendment, all of the terms and provisions of the Plan shall remain in full force and effect.
8.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 one and the same instrument. A signature to this Amendment executed and/or transmitted electronically shall have the same authority, effect and enforceability as an original signature.
9.This Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts made and to be performed entirely within such State.
[Remainder of page intentionally left blank. Signature page follows.]

									
		3
	

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the date first set forth above.
												
	 	STEEL CONNECT, INC.
		
	 	By:	/s/ Douglas B. Woodworth
	 	 	Name:	Douglas B. Woodworth
	 	 	Title:	Chief Financial Officer

 
												
	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
	 	 
	 	By:	/s/ Michael A. Nespoli
	 	 	Name:	Michael A. Nespoli
	 	 	Title:	Executive Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]