Document:

Exhibit 10.16

FIRST AMENDMENT TO PROMISSORY NOTE

This FIRST AMENDMENT TO PROMISSORY NOTE (the “Amendment”) is dated as of October 4, 2022 and is made between Elate Group, Inc., a Delaware corporation (“Borrower”) and Julia Britt (“Lender”). 

R E C I T A L S

A.WHEREAS, Lender has extended a loan in the aggregate amount of FOUR HUNDRED EIGHTY-FIVE THOUSAND dollars ($485,000.00) to the Borrower (the “Loan”) pursuant to the terms and conditions of that certain Promissory Note, dated as of October 4, 2021 (as amended, otherwise modified, renewed or extended through the date hereof, and immediately prior to giving effect to this Amendment, the “Note”), by the Borrower in favor of Lender. 

B.WHEREAS, Borrower and Lender have agreed to amend certain provisions of the Note as set forth herein. 

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

AGREEMENT

1.Definitions. Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to them in the Note. 

2.Amendments. Effective as of the date hereof, the definition of “Maturity Date” as set forth in Section 2.1 of the Note is hereby amended by replacing “the day that is three hundred and sixty-five (365) days from the date hereof” appearing therein with “December 31, 2022”. 

3.No Default.  The Borrower hereby represents and warrants to Lender as of the date hereof upon and immediately after giving effect to this Amendment, that no event has occurred and is continuing that constitutes, or would result in, an Event of Default. 

4.Miscellaneous.   

(a)This Amendment is executed solely for the purpose of modifying and amending the Note, and nothing contained in this Amendment shall be deemed to constitute a novation of the Note or of the indebtedness evidenced thereby. With reference thereto, Borrower and Lender hereby further expressly acknowledge and agree that except as expressly modified herein, all other provisions of the Note are hereby ratified and confirmed in full force and effect, the terms of which are incorporated herein by reference. 

(b)This Amendment is a “Loan Document.” From and after the date hereof, each reference in any Loan Document to the Note shall mean the Note as amended by this Amendment in accordance with its terms. 

(c)Borrower hereby acknowledges, ratifies and confirms all of its obligations as set forth in the Note and hereby agrees to perform, comply with and abide by each and every one of the covenants, agreements, conditions, stipulations, terms and provisions contained therein, as amended and modified by this Amendment, and nothing contained herein shall otherwise invalidate, impair or release any covenant, condition, agreement or stipulation contained in the Note. Upon execution of this  

Exhibit 10.16

Amendment, this Amendment shall be incorporated into, shall be annexed to, and shall become a part of the Note, and, as of such date, all references to the Note shall thereafter be deemed to refer to the Note, as amended and modified by this Amendment.

(d)This Amendment shall be governed by, construed and interpreted in accordance with the laws of the State of New York (excluding the choice of law rules thereof).  

(e)Borrower shall reimburse Lender on demand for all costs and expenses, including reasonable attorneys’ fees expended or incurred by Lender in connection with the Loan.  

(f)This Amendment may be executed in counterparts and each counterpart shall constitute one and the same original document. A copy of this Amendment shall have the same force and effect as the original.  

(g)This Amendment together with all other amendments to the Note and all other documents executed in connection therewith, as such documents may have been amended, otherwise modified, or renewed, embody the entire agreement and understanding among the parties hereto. There are no oral agreements or understandings. No course of prior dealings, usage of trade, or oral conversation shall be admissible to supplement or explain this Amendment. 

[Signature Pages to Follow]

Exhibit 10.16

IN WITNESS WHEREOF, Borrower and Lender have executed this Amendment as of the October 4, 2022.

 

	 

	LENDER:

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	/s/

	Julia Britt

	 

	 

	Julia Britt

 

	 

	 

	BORROWER:

	 

	 

	 

	ELATE GROUP, INC.

	 

	 

	 

	 

	By:

	/s/ Garry Lowenthal

	 

	Name:

	Garry Lowenthal

	 

	Title:

	Chief Financial OfficerDocument

Sixth Amendment to Commvault Systems, Inc. Omnibus Incentive Plan

This “Sixth Amendment” to the Commvault Systems, Inc. Omnibus Incentive Plan, as amended (the “Plan”) is made as of August 24, 2022. Defined terms used herein have the same definition ascribed to them in the Plan.

WHEREAS, Section 10 of the Plan permits the Board to amend the Plan, subject to approval by the Company’s stockholders if such approval is required by law or the rules of the stock exchange in which the Common Stock is listed;

WHEREAS, the Board desires to amend the Plan to allow for the increase of Common Stock available for grant under the Plan from time to time;

WHEREAS, this Sixth Amendment shall be submitted to the Company’s stockholders for approval, and shall become effective as of the date on which the Company’s stockholders approve this Sixth Amendment (the “Effective Date”);

WHEREAS, if the Company’s stockholders approve of this Sixth Amendment, the number of
shares of Common Stock which may be issued with respect to Awards under the Plan shall be equal to 11,050,000; and

WHEREAS, if the Company’s stockholders fail to approve this Sixth Amendment, the existing Plan shall continue in full force and effect.

NOW THEREFORE, pursuant to Section 10 of the Plan, the Plan is hereby amended as follows, effective as of the Effective Date:

1.The first sentence of Section 4.1(b) of the Plan is hereby amended and restated as follows:
(b) Subject to the provisions of subsection 4.2, the number of shares of Common Stock which may be issued with respect to Awards under the Plan shall be equal to the number of shares of Common Stock approved by the Company's stockholders from time to time.
2.Except as expressly amended by this Sixth Amendment, all terms and conditions of the Plan shall remain in full force and effect. This Sixth Amendment shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the principles of conflicts of laws.
IN WITNESS WHEREOF, the Company, by its duly authorized officer, has executed this Sixth Amendment to the Plan, as of the date first indicated above.
COMMVAULT SYSTEMS, INC.
By: 
Gary Merrill
Chief Financial OfficerDocument

EXHIBIT 10.1

AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT

THIS AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (this “Amendment”) by and between Markel Corporation, a Virginia corporation (the “Company”), and Richard R. Whitt, III (the “Executive” and, together with the Company, the “Parties”), is entered into on August 18, 2022 (the “Amendment Effective Date”). 
WHEREAS, the Company and Executive are parties to that certain Amended and Restated Executive Employment Agreement (the “Agreement”) dated as of October 1, 2021; 
WHEREAS, the Parties now wish to amend the Agreement; 
NOW THEREFORE, in consideration of the premises and mutual covenants and conditions herein, the Parties, intending to be legally bound, hereby agree as follows, effective as of the Amendment Effective Date: 
1. The provisions of this Amendment shall apply notwithstanding anything in the Agreement to the contrary. On March 31, 2023 (or such earlier date as the parties may mutually agree) (the “Retirement Date”), Executive shall resign from any and all officer and director positions that Executive then holds with the Company and any of its subsidiaries and affiliates. Subject to Sections 4 and 5 of the Agreement, Executive shall remain employed by the Company as a non-officer employee after the Retirement Date through December 31, 2025 (the “Transition Period”) or such later period under terms as the Company and the Executive mutually agree. During the Transition Period, Executive shall provide consulting and advisory services to the Company, including (without limitation) continuing service and support to the Company in the event of any litigation against or involving the Company, its subsidiaries, or any directors, officers, or employees thereof, and perform such other services as the Company may request in order to ensure a smooth transition of his duties and responsibilities. At all times during and after his employment with the Company to the extent provided therein, Executive shall remain bound by the obligations set forth in the Agreement, including, but not limited to, those obligations set forth in Section 7 (Confidential Information; Trade Secrets; Intellectual Property) and Section 8 (Covenants). In addition, and without limiting the foregoing, during the Transition Period, Executive shall not serve on the board of directors or similar governing body of any for-profit business entity, whether in the insurance industry or otherwise, without the advance written consent of the Company. During the Transition Period, Executive shall be entitled to receive the salary and benefits set forth in Section 3 of the Agreement, albeit at a reduction to Base Salary upon the Retirement Date of 25% through December 31, 2023, at a reduction to Base Salary upon the Retirement Date of 50% from January 1, 2024 through December 31, 2024, and at a reduction to Base Salary upon the Retirement Date of 75% from January 1, 2025 through December 31, 2025. Termination of Executive’s employment at the end of the Transition Period (or such later period as the Executive and Company may have mutually agreed) shall not be deemed a termination without cause or entitle Executive to any benefits under Section 6(c) of the Agreement. For avoidance of doubt, Executive agrees and acknowledges that nothing in this Amendment, including the reduction in his Base Salary or change in his position and duties and responsibilities for periods on or after the Retirement Date, constitutes Good Reason for purposes of Section 6 of the Agreement. 
2. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Agreement. This Amendment may be executed in two or more counterparts each of which shall be legally binding and enforceable. 
3. All terms and provisions of the Agreement not amended hereby, either expressly or by necessary implication, shall remain in full force and effect. From and after the date of this Amendment, all references to the term “Agreement” in the Agreement shall include the terms contained in this Amendment. 
IN WITNESS WHEREOF, the Parties hereto have executed this Amendment effective as of the Amendment Effective Date. 
									
	Executive:		For the Company:
			
	/s/ Richard R. Whitt, III		/s/ Thomas S. Gayner
	Signature		Name: Thomas S. Gayner
			
	Richard R. Whitt, III		Title: Co-Chief Executive Officer
	Printed Name		
			
	August 18, 2022		
	Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}]]