Document:

ttgt-ex101_6.htm

 

Exhibit 10.1

.

FIRST amendment TO CREDIT AGREEMENT

 

This First Amendment to Credit Agreement (this “Amendment”) is made effective as of this 22th day of June, 2017 (the “First Amendment Effective Date”), by and among TECHTARGET, INC., a Delaware corporation (the “Borrower”), the lenders identified on the signature pages hereto (each a “Lender” and, collectively, the “Lenders”), and Silicon Valley Bank, as administrative agent and collateral agent for the Lenders (in such capacities, the “Administrative Agent”). The Borrower, the Lenders, and the Administrative Agent are together referred to herein as the “Parties,” or each may be referred to individually as a “Party.”

RECITALS:

WHEREAS, reference is made to that certain Credit Agreement dated as of May 9, 2016 (as amended, restated, supplemented, restructured, or otherwise modified, renewed or replaced from time to time, the “Credit Agreement”), by and among the Borrower, the Lenders and the Administrative Agent.  All capitalized terms used herein and not otherwise defined herein, shall have the meanings assigned to such terms in the Credit Agreement; and

WHEREAS, the Parties to the Credit Agreement have agreed to modify and amend certain additional terms and conditions of the Credit Agreement, subject to the terms and conditions of this Amendment.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows:

1.Amendment to Section 7.1 of the Credit Agreement.  The table in Section 7.1(b) of the Credit Agreement is hereby stricken in its entirety and replaced with the following table: 

			
	
Quarter Ending
	
Consolidated Leverage Ratio

	
June 30, 2017
	
2.50:1.00
	
 

	
September 30, 2017
	
2.50:1.00
	
 

	
December 31, 2017
	
2.50:1.00
	
 

	
March 31, 2018
	
2.50:1.00
	
 

	
June 30, 2018
	
2.00:1.00
	
 

	
September 30, 2018
	
2.00:1.00
	
 

	
December 31, 2018
	
2.00:1.00
	
 

	
March 31, 2019
	
2.00:1.00
	
 

	
June 30, 2019
	
2.00:1.00
	
 

	
September 30, 2019
	
2.00:1.00
	
 

	
December 31, 2019
	
2.00:1.00
	
 

	
March 31, 2020 and thereafter
	
1.50:1.00

 

 

 

2.Amendment to Section 7.6 of the Credit Agreement. Section 7.6(h)(ii) of the Credit Agreement is hereby amended by deleting “Liquidity of at least $10,000,000” and inserting “Liquidity of at least $15,000,000” in lieu thereof.  

3.Conditions Precedent to Effectiveness. This Amendment shall not be effective until each of the following conditions precedent has been fulfilled to the satisfaction of the Administrative Agent:

	
 
	
a.
	
This Amendment shall have been duly executed and delivered by the Parties hereto and the Administrative Agent shall have received a fully executed copy hereof.

	
 
	
b.
	
All necessary consents and approvals to this Amendment shall have been obtained.

	
 
	
c.
	
After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing.

	
 
	
d.
	
The Administrative Agent shall have received a fully executed copy of the First Amendment Fee Letter, dated as of the date hereof, between the Borrower and the Administrative Agent, and the Administrative Agent shall have received all fees specified therein.  

	
 
	
e.
	
The Administrative Agent shall have received the fees costs and expenses required to be paid pursuant to Section 8 of this Amendment (including the reasonable and documented fees and disbursements of legal counsel required to be paid thereunder).

	
 
	
f.
	
After giving effect to this Amendment, the representations and warranties herein and in the Credit Agreement and the other Loan Documents shall be true and correct, (i) to the extent qualified by materiality, in all respects, and (ii) to the extent not qualified by materiality, true and correct in all material respects, in each case, on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case they shall be true and correct in all respects or all material respects, as applicable, as of such earlier date).

4.Representations and Warranties.  Each Loan Party hereby represents and warrants to the Administrative Agent and the Lenders as follows:

	
 
	
a.
	
This Amendment is, and each other Loan Document to which it is or will be a party, when executed and delivered by each Loan Party that is a party thereto, will be the legally valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally.

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b.
	
The representations and warranties set forth in this Amendment, the Credit Agreement, as amended by this Amendment and after giving effect hereto, and the other Loan Documents to which it is a party are, (i) to the extent qualified by materiality, true and correct in all respects, and (ii) to the extent not qualified by materiality, true and correct in all material respects, in each case, on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case they shall be true and correct in all respects or all material respects, as applicable, as of such earlier date).

	
 
	
c.
	
The execution and delivery by each Loan Party of this Amendment and the performance by each Loan Party of its obligations under the Credit Agreement, as amended by this Amendment, (i) have been duly authorized by all necessary organizational action on the part of such Loan Party and (ii) will not violate any Requirement of Law (including any Operating Document of any Group Member) or any material Contractual Obligation of any Group Member and will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any material Requirement of Law or any such material Contractual Obligation (other than the Liens created by the Security Documents).

Each Loan Party acknowledges that the Administrative Agent and the Lenders have acted in good faith and have conducted in a commercially reasonable manner its relationships with each Loan Party in connection with this Amendment and in connection with the other Loan Documents.  Each Loan Party understands and acknowledges that the Administrative Agent and the Lenders are entering into this Amendment in reliance upon, and in partial consideration for, the above representations, warranties, and acknowledgements, and agrees that such reliance is reasonable and appropriate.  

5.Choice of Law. This Amendment and the rights of the Parties hereunder, shall be determined under, governed by, and construed in accordance with the laws of the State of New York. Section 10.14 of the Credit Agreement is hereby incorporated mutatis mutandis by reference as if such section was fully set forth herein.  

6.Counterpart Execution. This Amendment may be executed in any number of counterparts and by different authorized parties on separate counterparts, all of which when taken together shall constitute one and the same instrument, and any of the Parties hereto may execute this Amendment by signing any such counterpart.  Delivery of an executed counterpart of this Amendment by telefacsimile, “.pdf file,” or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Amendment.  

7.Effect on Loan Documents.

	
 
	
a.
	
The Credit Agreement, as amended hereby, and each of the other Loan Documents, shall be and remain in full force and effect in accordance with their respective terms and hereby are ratified and confirmed in all respects. The execution, delivery, and performance of this Amendment shall not operate, except 

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as expressly set forth herein, as a modification or waiver of any right, power, or remedy of the Administrative Agent or any Lender under the Credit Agreement or any other Loan Document.  The modifications and other agreements herein are limited to the specifics hereof (including facts or occurrences on which the same are based), shall not apply with respect to any facts or occurrences other than those on which the same are based, and except as expressly set forth herein, shall neither excuse any non-compliance with the Loan Documents, nor operate as a consent or waiver to any matter under the Loan Documents. Except for the amendments to the Credit Agreement expressly set forth herein, the Credit Agreement and other Loan Documents shall remain unchanged and in full force and effect. To the extent any terms or provisions of this Amendment conflict with those of the Credit Agreement or other Loan Documents, the terms and provisions of this Amendment shall control.

	
 
	
b.
	
To the extent that any terms and conditions in any of the Loan Documents shall contradict or be in conflict with any terms or conditions of the Credit Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Credit Agreement, as modified or amended hereby.

	
 
	
c.
	
This Amendment is a Loan Document.  

8.Payment of Costs and Fees. The Borrower shall pay to the Administrative Agent all costs and all reasonable out-of-pocket expenses in connection with the preparation, negotiation, execution and delivery of this Amendment and any documents and instruments relating hereto (which costs include, without limitation, the reasonable fees and expenses of outside counsel retained by Administrative Agent, in each case, as set forth in Section 10.5 of the Credit Agreement).  

9.Release of Claims.  

	
 
	
a.
	
Each Loan Party hereby absolutely and unconditionally releases and forever discharges the Administrative Agent, each Lender, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents, attorneys and employees of any of the foregoing (each, a “Releasee” and collectively, the “Releasees”), from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise (each, a “Claim” and collectively, the “Claims”), which such Loan Party has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the First Amendment Effective Date which relates directly or indirectly, to the Credit Agreement or any other Loan Document, whether such claims, demands and causes of action are matured or unmatured or known or unknown, except for the duties and obligations set forth in this Amendment. Each Loan Party understands, acknowledges and agrees that the 

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release set forth above may be pleaded as a full and complete defense to any Claim and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release. Each Loan Party agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered will affect in any manner the final, absolute and unconditional nature of the release set forth above.

	
 
	
b.
	
In connection with the releases set forth above, each Loan Party expressly and completely waives and relinquishes any and all rights and benefits that it has or may ever have pursuant to Section 1542 of the Civil Code of the State of California, or any other similar provision of law or principle of equity in any jurisdiction pertaining to the matters released herein.  Section 1542 provides as follows:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

	
 
	
c.
	
Each Loan Party hereby absolutely, unconditionally and irrevocably  covenants and agrees with and in favor of each Releasee that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any Claim released, remised and discharged by any Loan Party pursuant to Section 9(a) above. If any Loan Party violates the foregoing covenant, then  Borrower, for itself and its successors and assigns, and its present and former members, managers, shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents, legal representatives and other representatives, agrees to pay, in addition to such other damages as any Releasee may sustain as a result of such violation, all attorneys’ fees and costs incurred by any Releasee as a result of such violation.

10.Entire Agreement.  This Amendment, and terms and provisions hereof, the Credit Agreement and the other Loan Documents constitute the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and supersedes any and all prior or contemporaneous amendments or understandings with respect to the subject matter hereof, whether express or implied, oral or written.  

11.Reaffirmation. Each Loan Party hereby reaffirms its obligations under each Loan Document to which it is a party. Each Loan Party hereby further ratifies and reaffirms the validity and enforceability of all of the Liens heretofore granted, pursuant to and in connection with the Guaranty and Collateral Agreement or any other Loan Document to the Administrative Agent on behalf and for the benefit of Secured Parties, as collateral security for the obligations under the Loan Documents in accordance with their respective terms, and acknowledges that all of such Liens, and all collateral heretofore pledged as security for such obligations, continues to be and remain collateral for such obligations from and after the date hereof.

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12.Severability.  In case any provision in this Amendment shall be invalid, illegal or unenforceable, such provision shall be severable from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

[Signature pages follow.]

 

 

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IN WITNESS WHEREOF, each of the undersigned has caused this First Amendment to Credit Agreement to be duly executed and delivered by its proper and duly authorized officer as of the date set forth below.

 

BORROWER:

 

TECHTARGET, INC.

 

By: /s/ Daniel T. Noreck                     .

Name:Daniel T. Noreck

Title:Chief Financial Officer and Treasurer

 

 

GUARANTOR:

 

TECHTARGET SECURITIES CORPORATION

 

By: /s/ Daniel T. Noreck                     .

Name:Daniel T. Noreck

Title:Secretary and Treasurer

 

 

First Amendment to Credit Agreement 

 

ADMINISTRATIVE AGENT AND LENDER:

 

SILICON VALLEY BANK

 

 

By: /s/ Frank Groccia                     .

Name:Frank Groccia

Title:   Vice President

First Amendment to Credit Agreement 

 

LENDER:

 

CITIZENS BANK, N.A.

 

By: /s/ Christopher J. DeLauro          .

Name:Christopher J. DeLauro

Title:   Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Amendment to Credit Agreementexh10-2_062217.htm

Exhibit 10.2

FORM OF

INCENTIVE STOCK OPTION

Granted by

CINCINNATI BANCORP

under the

CINCINNATI BANCORP

2017 EQUITY INCENTIVE PLAN

This incentive stock option agreement (“Option” or “Agreement”) is and will be subject in every respect to the provisions of the 2017 Equity Incentive Plan (the “Plan”) of Cincinnati Bancorp (the “Company”) which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement.  A copy of the Plan has been provided or made available to each person granted a stock option pursuant to the Plan.  The holder of this Option (the “Participant”) hereby accepts this Option, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the committee responsible for administering the Plan (the “Committee”) will be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors and permitted assigns.  Except where the context otherwise requires, the term “Company” will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”).  Capitalized terms used herein but not defined will have the same meaning as in the Plan. Any reference to the “Bank” herein shall refer to Cincinnati Federal and any reference to “Employer” shall mean either or both the Company and the Bank.

 

	
1.

	
Name of Participant: ___________________________ 

	 

 

	
2.

	
Date of Grant: ________________________________

	 

 

	
3.

	
Total number of shares of Company common stock, $0.01 par value per share, that may be acquired pursuant to this Option: __________________________

	 

	
  

	
(subject to adjustment pursuant to Section 10 hereof).

 

	
  

	 	
•

	
This is an Incentive Stock Option (“ISO”) to the maximum extent permitted under Code Section 422(d).

 

	
4.

	
Exercise price per share: ______________________________

	 

	
  

	
(subject to adjustment pursuant to Section 10 below)

	
5.

	
Expiration Date of Option: ______________________________

	 

 

  

  

  

	
6.

	
Vesting Schedule.  Except as otherwise provided in this Agreement, this Option first becomes exercisable, subject to the Option’s expiration date, in accordance with the vesting schedule specified herein.

 

	
Date

	
Vested Portion of Award

	
__________ ___, 20____

	
20%

	
__________ ___, 20____

	
20%

	
__________ ___, 20____

	
20%

	
__________ ___, 20____

	
20%

	
__________ ___, 20____

	
20%

	
  

	
This Option may not be exercised at any time on or after the Option’s expiration date. Vesting will automatically accelerate pursuant to Sections 2.9 and 4.1 of the Plan (in the event of death or Disability or Involuntary Termination at or following a Change in Control).

 

	
7.

	
Exercise Procedure.

 

	
  

	
7.1

	
Delivery of Notice of Exercise of Option.  This Option will be exercised in whole or in part by the Participant’s delivery to the Company of written notice (the “Notice of Exercise of Option” attached hereto as Exhibit A) setting forth the number of shares with respect to which this Option is to be exercised, together with payment by cash or other means acceptable to the Committee, including:

 

	
  

	
•

	
Cash or personal, certified or cashier’s check in full/partial payment of the purchase price.

 

	
  

	
•

	
Stock of the Company in full/partial payment of the purchase price.

 

	
  

	
•

	
By a net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any required tax withholding).

 

	
  

	
•

	
By selling shares from my Option shares through a broker in full/partial payment of the purchase price.

 

	
  

	
In order to exercise the Option, please deliver the Notice of Exercise and payment (if applicable) to the Company at the following address:

 

Cincinnati Bancorp

6581 Harrison Avenue

Cincinnati, Ohio 45247

Attention:                                           

	
  

	
7.2

	
“Fair Market Value” shall have the meaning set forth in Section 8.1(s) of the Plan.

 

	
8.

	
Delivery of Shares.

	
  

	
8.1

	
Delivery of Shares.  Delivery of shares of Common Stock upon the exercise of this Option will comply with all applicable laws (including the requirements of the Securities Act) and the applicable requirements of any securities exchange or similar entity.

  

  

  

	
9.

	
Change in Control.

	
  

	
9.1

 

 

9.2

	
In the event of an Involuntary Termination at or following a Change in Control, all Options held by the Participant, whether or not exercisable at such time, will become fully exercisable, subject to the expiration provisions otherwise applicable to the Option.

 

A “Change in Control” will be deemed to have occurred as provided in Section 4.2 of the Plan.

 

	
10.

	
Adjustment Provisions.

 

	
  

	
This Option, including the number of shares subject to the Option and the exercise price, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of Section 3.4 of the Plan.

 

	
11.

	
Termination of Option and Accelerated Vesting.

	
  

	
This Option will terminate upon the expiration date, except as set forth in the following  provisions:

 

	
  

	
(i)

	
Death.  This Option will become exercisable as to all shares subject to an outstanding Award, whether or not then exercisable, in the event of the Participant’s Termination of Service by reason of the Participant’s death.  This Option may thereafter be exercised by the Participant’s legal representative or beneficiaries for a period of one (1) year from the date of death, subject to termination on the expiration date of this Option, if earlier.

 

	
  

	
(ii)

	
Disability.  This Option will become exercisable as to all shares subject to an outstanding Award, whether or not then exercisable, in the event of the Participant’s Termination of Service by reason of the Participant’s Disability. This Option may thereafter be exercised for a period of one (1) year from the date of such Termination of Service by reason of Disability, subject to termination on the Option’s expiration date, if earlier.

 

	
  

	
(iii)

	
Retirement.  Vested Options may be exercised for a period of one (1) year from the date of Termination of Service by reason of Retirement, subject to termination on the Option’s expiration date, if earlier (and, for purposes of clarity, non-vested Options will be forfeited on the date of Termination of Service by reason of Retirement).  “Retirement” shall have the meaning set forth in Section 8.1(dd) of the Plan.  Options exercised more than three months following Retirement will not have ISO treatment.

	
  

	
(iv)

	
Termination for Cause.  If the Participant’s Service has terminated for Cause, all Options that have not been exercised will expire and be forfeited.

	
  

	
(v)

	
Other Termination.  If the Participant’s Service terminates for any reason other than due to death, Disability, Retirement, Involuntary Termination following a Change in Control or Cause, all unvested Options will be forfeited and vested Options may thereafter be exercised, to the extent it was exercisable at the time of such termination, for a period of three months following termination, subject to termination on the Option’s expiration date, if earlier.

 

  

  

	
12.

	
Miscellaneous.

	
  

	
12.1

	
No Option will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights.

	
  

	
12.2

	
This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

	
  

	
12.3

	
Except as otherwise provided by the Committee, ISOs under the Plan are not transferable except (1) as designated by the Participant by will or by the laws of descent and distribution, (2) to a trust established by the Participant, or (3) between spouses incident to a divorce or pursuant to a domestic relations order, provided, however, that in the case of a transfer described under (3), the Option will not qualify as an ISO as of the day of such transfer.

	
  

	
12.4

	
This Agreement will be governed by and construed in accordance with the laws of the State of Ohio.

	
  

	
12.5

	
This Agreement is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Participant agrees that he will not exercise the Option granted hereby nor will the Company be obligated to issue any shares of stock hereunder if the exercise thereof or the issuance of such shares, as the case may be, would constitute a violation by the Participant or the Company of any such law, regulation or order or any provision thereof.

	
  

	
12.6

	
The granting of this Option does not confer upon the Participant any right to be retained in the employ of the Company or any subsidiary.

[Signature page follows]

  

  

 

  

 

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the date of grant of this Option set forth above.

 

	  	
CINCINNATI BANCORP

	  	  
	  	  
	  	
By: ______________________                                              

	  	
Its: ______________________                                              

 

PARTICIPANT’S ACCEPTANCE

 

The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including the terms and provisions of the 2017 Equity Incentive Plan.  The undersigned hereby acknowledges receipt of a copy of the Company’s 2017 Equity Incentive Plan.

 

	  	
PARTICIPANT

	  	  
	  	  
	  	_________________________  

 

  

  

 

  

 

EXHIBIT A

NOTICE OF EXERCISE OF OPTION

I hereby exercise the stock option (the “Option”) granted to me by Cincinnati Bancorp (the “Company”) or its affiliate, subject to all the terms and provisions set forth in the Stock Option Agreement (the “Agreement”) and the Cincinnati Bancorp 2017 Equity Incentive Plan (the “Plan”) referred to therein, and notify you of my desire to purchase __________________ shares of common stock of the Company (“Common Stock”) for a purchase price of $______ per share.

I elect to pay the exercise price by:

	
  

	
___

	
Cash or personal, certified or cashier’s check in the sum of $_______, in full/partial payment of the purchase price.

 

	
  

	
___

	
Stock of the Company with a fair market value of $______ in full/partial payment of the purchase price.*

 

	
  

	
___

	
A net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any required tax withholding).

 

	
  

	
___

	
Selling  ______ shares from my Option shares through a broker in full/partial payment of the purchase price.

 

I understand that after this exercise, ____________ shares of Common Stock remain subject to the Option, subject to all terms and provisions set forth in the Agreement and the Plan.

 

I hereby represent that it is my intention to acquire these shares for the following purpose:

 

	
  

	
___

	
investment

	
  

	
___

	
resale or distribution

Please note: if your intention is to resell (or distribute within the meaning of Section 2(11) of the Securities Act of 1933) the shares you acquire through this Option exercise, the Company or transfer agent may require an opinion of counsel that such resale or distribution would not violate the Securities Act of 1933 prior to your exercise of such Option.

 

 

	
Date: ____________, _____.

	__________________________  
	  	
Participant’s signature

*      If I elect to exercise by exchanging shares I already own, I will constructively return shares that I already own to purchase the new option shares.  If my shares are in certificate form, I must attach a separate statement indicating the certificate number of the shares I am treating as having exchanged.  If the shares are held in “street name” by a registered broker, I must provide the Company with a notarized statement attesting to the number of shares owned that will be treated as having been exchanged.  I will keep the shares that I already own and treat them as if they are shares acquired by the option exercise.  In addition, I will receive additional shares equal to the difference between the shares I constructively exchange and the total new option shares that I acquire.

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