Document:

EX-10.7

   

  SPERO THERAPEUTICS, INC.

   

  NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

   

  (Last amended December 14, 2021)

   

  	The Board of Directors of Spero Therapeutics, Inc. (the “Company”) has approved the following Non-Employee Director Compensation Policy (this “Policy”), which establishes compensation to be paid to non-employee directors of the Company, effective upon the completion of the Company’s initial public offering (“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.

   

  	Annual Stock Option Grants

   

  	Annually, each Non-Employee Director shall be granted a non-qualified stock option to purchase 7,500 shares of the Company’s common stock, on the date of the the Company’s annual meeting of stockholders.

    

  	Initial Stock Option Grant For Newly Appointed or Elected Directors

   

  	Each new Non-Employee Director after the Effective Date shall be granted a non-qualified stock option to purchase 15,000 shares of the Company’s common stock, on his or her initial appointment or election to the Board of Directors.

   

  	Terms for All Option Grants

   

  	Unless otherwise specified by the Board of Directors or the Human Capital Management Committee at the time of grant, all options granted under this Policy shall (i) have an exercise price equal to the fair market value of the Company’s common stock as determined in the Company’s 2017 Stock Incentive Plan, as amended, or any other applicable equity incentive plan then-maintained by the Company (the “Stock Plan”) on the date of grant; (ii) terminate on the tenth anniversary of the date of grant and (iii) contain such other terms and conditions as set forth in the form of option agreement approved by the Board of Directors or the Human Capital Management Committee. Subject to the continued service of each Non-Employee Director and unless otherwise specified by the Board of Directors or the Human Capital Management Committee at the time of grant, each annual stock option grant shall vest on the first anniversary of the date of grant and each initial stock option grant shall vest in equal monthly installments until the third anniversary of the date of grant. 

   

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  Annual Fees

   

  Each Non-Employee Director serving on the Board of Directors and the Audit Committee, the Human Capital Management Committee, the Nominating and Corporate Governance Committee and/or the Development Committee, as applicable, shall be entitled to the following annual amounts (the “Annual Fees”):   

   

  			
	Board of Directors or Committee of Board of Directors
	Annual Retainer Amount for Member
	Annual Retainer Amount for Chair

	Board Member
	$40,000
	-

	Chairman of the Board (additional retainer)
	$30,000
	-

	Lead Director, if any (additional retainer)
	$18,750
	-

	Audit Committee 
	$10,000
	$20,000

	Human Capital Management Committee
	$10,000
	$20,000

	Nominating and Governance Committee
	$7,500
	$15,000

	Development Committee
	$5,000
	$10,000

   

  	Payments

  	 

  	Payments payable to Non-Employee Directors shall be paid quarterly in arrears promptly following the end of each fiscal 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 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.

   

  	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, except to the extent that an election is made pursuant to the following provision: Prior to the beginning of each calendar year, a Non-Employee Director may elect to receive all or a portion of his or her base Annual Fee for service as a member of the Board of Directors (i.e., $40,000) in the form of a non-qualified stock option to purchase the number of shares of the Company’s common stock as is equal to the Black-Scholes value of such Annual Fee (or portion thereof), which option will be granted on the first business day of the calendar year. Any election made with respect to less than all of a Non-Employee Director’s base Annual Fee must be expressed in a 50% increment, i.e., he or she may elect to receive either 50% or 100% of the base Annual Fee in the form of an option. Such option shall vest in four quarterly installments on the last day of each calendar quarter during the calendar year subject to the continued service of the Non-Employee Director. Such option shall (i) be issued under the Stock Plan, (ii) contain such other terms and conditions as set forth in the form of option agreement approved by the Board of Directors or the Human Capital Management Committee, and (iii) have an exercise price equal to the fair market value of the Company’s common stock on the date of grant, as determined in accordance with the Stock Plan. Each Non-Employee Director who is newly elected or appointed to the Board of Directors after the Effective Date may make an election to be paid in the form of an option within 30 days of his or her election or appointment (the “Option Election”) and any such option shall be granted on the last business day of the month following his or her Option Election for the prorated portion of the cash for the initial calendar year and otherwise in accordance with this paragraph.  If no election has been made prior to the first day of the calendar year, then the 

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  Non-Employee Director shall receive his or her Annual Fees in the form in which they were paid during the prior calendar year.

   

  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 Human Capital Management 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.

   

   

   

   

  First Amendment – December 13, 2019

   

  3a44-firstamendmenttowarr

Exhibit 4.4  FIRST AMENDMENT TO  WARRANT AGREEMENT  THIS FIRST AMENDMENT TO WARRANT AGREEMENT (this “Amendment”), is  made and entered into as of March 9, 2022, by and between Bakkt Holdings, Inc., a Delaware  corporation (f/k/a VPC Impact Acquisition Holdings, “Bakkt”), and American Stock Transfer &  Trust Company, LLC, a New York limited liability trust company (“AST”). Capitalized terms used  but not defined herein shall have the meanings ascribed to such terms in the Existing Warrant  Agreement (as defined below).  WHEREAS, VPC Impact Acquisition Holdings, a Cayman Islands exempted company  (“VIH”), and Continental Stock Transfer & Trust Company, a New York corporation  (“Continental”), previously entered into that certain Warrant Agreement, dated as of September  22, 2020 (the “Existing Warrant Agreement”), pursuant to which VIH issued the Public Warrants  and the Private Placement Warrants, each representing the right to purchase one Ordinary Share  of VIH;  WHEREAS, on October 15, 2021, VIH completed the business combination pursuant to  that certain Agreement and Plan of Merger, dated as of January 11, 2021, with Pylon Merger  Company LLC, a Delaware limited liability company and wholly owned subsidiary of the VIH  (“Merger Sub”), and Bakkt Opco Holdings, LLC, a Delaware limited liability company (f/k/a/  Bakkt Holdings, LLC (“Opco”)), pursuant to which Merger Sub merged with and into Opco, with  Opco surviving as the surviving limited liability company and as a wholly owned subsidiary of  Bakkt (the “Merger”);  WHEREAS, in connection with the consummation of the Merger, VIH changed its name  to “Bakkt Holdings, Inc.”;  WHEREAS, pursuant to Section 9.8 of the Existing Warrant Agreement, the parties may  amend the Existing Warrant Agreement without the consent of any Registered Holder for the  purpose of, among other things, adding or changing any other provisions with respect to matters  or questions arising under the Existing Warrant Agreement as the parties may deem necessary or  desirable and that the parties deem shall not adversely affect the interest of the Registered Holders;   WHEREAS, the parties desire to amend certain provisions of the Existing Warrant  Agreement that do not adversely affect the interests of the Registered Holders;   WHEREAS, the also Company wishes to appoint AST to serve as successor Warrant  Agent and Transfer Agent under the Warrant Agreement; and  WHEREAS, in connection with and effective upon such appointment, Continental wishes  to assign all of its rights, interests and obligations as Warrant Agent and Transfer Agent under the  Warrant Agreement, as hereby amended, to AST, AST wishes to assume all of such rights, interests  and obligations and Bakkt wishes to approve such assignment and assumption.  NOW, THEREFORE, in consideration of the mutual agreements contained herein and  other good and valuable consideration, the receipt and sufficiency of which are hereby  acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:  1. Amendment of Existing Warrant Agreement. The parties hereby amend, effective as of  the date of this Amendment, the Existing Warrant Agreement as provided in this Section 1:  

 

- 2 -      1.1 Change to the Company. References to the “Company” in the Existing Warrant  Agreement shall hereafter refer to “Bakkt Holdings, Inc.”    1.2 Changes to Common Stock. References to “Ordinary Shares” in the Existing  Warrant Agreement shall hereafter refer to the shares of Class A common stock,  par value $0.0001 per share, of Bakkt.    1.3 Change of Address of Company. Section 9.2 of the Existing Warrant Agreement is  hereby amended to direct that any notice, statement or demand authorized by the  Existing Warrant Agreement to be given or made by the Warrant Agent or by the  holder of any Warrant to or on the Company pursuant to Section 9.2 shall be  delivered to:  Bakkt Holdings, Inc.  5900 Windward Parkway, Suite 450  Alpharetta, GA 30005  Attn: General Counsel    With a copy to (which shall not constitute notice):    Wilson Sonsini Goodrich & Rosati  900 S. Capital of Texas Hwy  Las Cimas IV, Ste 500  Austin, TX 78746  Attention: J. Matthew Lyons    2. Appointment of Successor Warrant Agent and Transfer Agent. The Company hereby  appoints AST to serve as successor Warrant Agent and Transfer Agent under the Warrant  Agreement and Continental hereby assigns, and AST hereby agrees to accept and assume,  effective as of the Closing, all of Continental’s rights, interests and obligations in, and  under the Warrant Agreement and Warrants, as Warrant Agent and Transfer Agent.  Unless the context otherwise requires, any references in the Warrant Agreement and the  Warrants to the “Warrant Agent” or “Transfer Agent” shall mean AST. Any notice,  statement or demand authorized by the Warrant Agreement to be given or made by the  holder of any Warrant or by the Company to or on the Warrant Agent pursuant to Section  9.2 shall be delivered to:    American Stock Transfer & Trust Company, LLC  48 Wall Street, 22nd Floor  New York, NY 10005  Email: Reorgwarrants@astfinancial.com    3. Miscellaneous Provisions. Other than with respect to the amendments to notice  information set forth in Sections 1 and 2 of this Amendment, the provisions set forth in  

 

- 3 -    Article 9 of the Existing Warrant Agreement shall apply mutatis mutandis to this  Amendment.    [Signature page follows] 

 

- 4 -    IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed  as of the date first above written.    BAKKT HOLDINGS, INC.      /s/ Andrew LaBenne      Name: Andrew LaBenne  Title:  Chief Financial Officer      AMERICAN STOCK TRANSFER &   TRUST COMPANY, LLC      /s/ Margot Jordan____________________  Name: Margot Jordan  Title: Chief Customer Officer      CONTINENTAL STOCK TRANSFER  & TRUST COMPANY      /s/ Henry Farrell_____________________  Name: Henry Farrell  Title: Vice President

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