Document:

EXHIBIT 10.1

 

 

 

 

AMENDMENT TO THE SECOND AMENDED AND RESTATED

MANAGEMENT AGREEMENT

This AMENDMENT dated effective as of January 1, 2016 to the SECOND AMENDED AND RESTATED MANAGEMENT AGREEMENT made as of the 1st day of August 2013 (the “Management Agreement”), among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), COMMODITY ADVISORS FUND L.P., a Delaware limited partnership (the “Partnership”) and JE MOODY & COMPANY LLC, a Delaware limited liability company (the “Advisor”, and together with CMF and the Partnership, the “Parties”).

W I T N E S S E T H:

WHEREAS, CMF allocates, from time to time, a certain amount of the assets of the Partnership to the Advisor to trade directly or through an investment in JEM Master Fund L.P. pursuant to the Management Agreement; and

WHEREAS, effective January 1, 2016, the Advisor’s monthly fee for professional management services is being reduced to 1/12 of 1.50% (1.50% per year); and

WHEREAS, the Parties wish to amend the Management Agreement to reflect this change,

NOW, THEREFORE, the parties agree as follows:

1.    The text of Section 3(a) of the Management Agreement shall be deleted in its entirety and replaced by the following:

“In consideration of and as compensation for all of the services to be rendered by the Advisor to the Partnership under this Agreement, the Partnership shall pay the Advisor (i) an incentive fee payable quarterly equal to 20% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership and (ii) a monthly fee for professional management services equal to 1/12 of 1.50% (1.50% per year) of the month-end Net Assets of the Partnership allocated to the Advisor (computed monthly by multiplying the Partnership’s Net Assets allocated to the Advisor as of the last business day of each month by 1.50% and dividing the result thereof by 12). For the avoidance of doubt, the leverage employed by the Program will have no impact on fee calculations.”

2.    The foregoing amendment shall take effect as of the 1st day of January 2016.

3.    In all other respects the Management Agreement remains unchanged and of full force and effect.

4.    This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but all of which taken together shall constitute the same agreement.

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

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

1

 

 

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

	 	
CERES MANAGED FUTURES LLC

	 	 
	 	 
	 	
By:

	
/s/ Patrick T. Egan                                    

	 	 	
Patrick T. Egan

	 	 	
President & Director

	 	 
	 	 
	 	
COMMODITY ADVISORS FUND L.P.

	 	 
	 	
By:  Ceres Managed Futures LLC, its general partner

	 	 
	 	 
	 	
By:

	 

/s/ Patrick T. Egan                                    

	 	 	
Patrick T. Egan

	 	 	
President & Director

	 	 
	 	 
	 	
JE MOODY & COMPANY LLC

	 	 
	 	
By:

	 

/s/ John E Moody                                     

	 	 	
Name:  John E Moody

	 	 	
Title:  Principal

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2EX-10.1

Exhibit 10.1

NUTRISYSTEM, INC.

AMENDED AND RESTATED NUTRISYSTEM, INC.

2008 LONG-TERM INCENTIVE PLAN

2015 NONQUALIFIED STOCK OPTION GRANT AGREEMENT

DAWN M. ZIER

This 2015 NONQUALIFIED STOCK OPTION GRANT AGREEMENT (the “Agreement”), dated as of December
31, 2015 (the “Date of Grant”), is delivered by NutriSystem, Inc. to Dawn M. Zier (the “Grantee”).

RECITALS

A. The Amended and Restated NutriSystem, Inc. 2008 Long-Term Incentive Plan, as may be amended
from time to time (the “Plan”), permits the Grant of Options to purchase shares of Company Stock in
accordance with the terms and conditions of the Plan.

B. The Compensation Committee of the Board of Directors of the Company has approved this Grant
under the Plan.

NOW, THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as
follows:

1. Grant of Option.

(a) Subject to the terms and conditions set forth in this Agreement and in the Plan, the
Company hereby grants to the Grantee a nonqualified stock option (the “Option”) to purchase
61,649 shares of Company Stock at an exercise price of $21.64 per share of Company Stock. The
Option shall become vested and exercisable according to Paragraph 2 below.

(b) Capitalized terms used but not otherwise defined herein will have the meanings defined in
the Plan.

2. Exercisability of Option.

(a) Except as provided below in Paragraphs 2(b) and 2(c), the Option shall become vested and
exercisable on the following dates, if the Grantee continues to be employed by, or provide
services to, the Employer from the Date of Grant through the applicable vesting date (each, a
“Vesting Date”):

	 	 	 	 	 	 	 
	 	 	Portion of Option Becoming
	Vesting Date	 	Exercisable on the Vesting Date
	 	 	 
	First Anniversary of Date of Grant

Second Anniversary of Date of Grant

	 	 	50	%	 	

50%

The vesting and exercisability of the Option is cumulative, but shall not exceed 100% of the shares
of Company Stock subject to the Option. If the foregoing schedule would produce fractional shares
of Company Stock, the number of shares of Company Stock for which the Option becomes vested and
exercisable shall be rounded down to the nearest whole share.

(b) If at any time prior to the date the Option becomes fully vested and exercisable, the
Grantee ceases to be employed by, or provide services to, the Employer on account of (i) the death
of the Grantee, (ii) termination by the Employer because the Grantee becomes “totally disabled” (as
defined below), (iii) a termination by the Employer without “cause” (as defined below), or (iv) the
resignation by the Grantee with “good reason” (as defined below), the next tranche of the Option
that would otherwise have become vested and exercisable under Paragraph 2(a) (but for such
cessation of employment or service) will become vested and exercisable as of the date of such
cessation of employment or service; provided that, in its discretion, the Company may condition
such accelerated vesting on the execution by the Grantee or the Grantee’s estate (as applicable) of
a release of claims in a form prescribed by the Company and on that release becoming irrevocable
within 30 days following the cessation of the Grantee’s employment or service.

(c) If a cessation of employment or service described in Paragraph 2(b) occurs within one (1)
year following a Change of Control, then in lieu of accelerating the vesting of only the next
tranche of the Option, the Option will become fully vested and exercisable as of the date of such
termination of employment or service (subject to the satisfaction of the release requirements
described in Paragraph 2(b)).

(d) For purposes of this Agreement:

(i) “cause” will have the meaning defined in any employment agreement, offer letter or
similar agreement between the Employer and the Grantee or, in the absence of such an
agreement: (a) the Grantee’s conviction of a felony, or (b) a determination of the Committee
that the Grantee has: (1) committed an act of fraud, embezzlement or theft, (2) caused
intentional damage to the property of the Employer, (3) materially breached any agreement
with the Employer, any duty owed to the Company or its stockholders or any published policy
of the Employer, which breach (if curable) is not cured within 30 days after receiving
written notice from the Employer identifying the breach, or (4) engaged in gross misconduct
or gross negligence in the course of employment or service.

(ii) “good reason” will have the meaning defined in any employment agreement, offer
letter or similar agreement between the Employer and the Grantee or, in the absence of such
an agreement: (a) a material diminution of the Grantee’s title, authority or duties, (b) a
material reduction in the Grantee’s base salary, or (c) a relocation by more than 50 miles
of the Grantee’s principal worksite; provided that, any such event will constitute “good
reason” only if the Grantee notifies the Employer in writing of such event within 90 days
following the initial occurrence thereof, the Employer fails to cure such event within 30
days after receipt from the Grantee of that written notice, and the Grantee resigns his or
her employment within 30 days following the expiration of that cure period.

(iii) “totally disabled” means a condition entitling Grantee to benefits under any
long-term disability plan or policy maintained or funded by the Employer.

3. Term of Option.

(a) The Option shall have a term of seven years from the Date of Grant and shall terminate at
the expiration of that period, unless it is terminated at an earlier date pursuant to the
provisions of this Agreement or the Plan.

(b) The Option shall also automatically terminate upon the happening of the first of the
following events:

(i) The expiration of the 90-day period after the Grantee ceases to be employed by, or
provide service to, the Employer, if the termination is for any reason other than death,
cause or the Grantee becoming totally disabled.

(ii) The expiration of the one-year period after the Grantee ceases to be employed by,
or provide service to, the Employer on account of the Grantee becoming totally disabled.

(iii) The expiration of the one-year period after the Grantee ceases to be employed by,
or provide service to, the Employer, if the Grantee dies while employed by, or providing
service to, the Employer or within 90 days after the Grantee ceases to be so employed or
provide such services on account of a termination described in clause (i) above.

(iv) The date on which the Grantee ceases to be employed by, or provide service to, the
Employer for “cause.” In addition, notwithstanding the prior provisions of this Paragraph
3, if the Grantee engages in conduct that constitutes “cause” after the Grantee’s employment
or service terminates, the Option shall immediately terminate and the Grantee shall
automatically forfeit all shares of Company Stock underlying any exercised portion of the
Option for which the Company has not yet delivered the share certificates, upon refund by
the Company of the exercise price paid by the Grantee for such shares.

Notwithstanding the foregoing, in no event may the Option be exercised after the date that is
immediately before the seventh anniversary of the Date of Grant. Any portion of the Option that is
not exercisable at the time the Grantee ceases to be employed by, or provide service to, the
Employer (determined after giving effect to Paragraph 2(b) or 2(c), if applicable) shall
immediately terminate.

4. Exercise Procedures.

(a) Subject to the provisions of Paragraphs 2 and 3 above, the Grantee may exercise part or
all of the exercisable portion of the Option by giving the Company written notice of intent to
exercise in the manner provided in this Agreement, specifying the number of shares of Company Stock
as to which the Option is to be exercised and the method of payment. Payment of the exercise price
and applicable withholding taxes shall be made in accordance with procedures established by the
Committee from time to time based on the type of payment being made but, in any event, prior to
issuance of the shares of Company Stock. The Grantee shall pay the exercise price and applicable
withholding taxes (i) in cash or certified check, (ii) if permitted by the Committee, by delivering
shares of Company Stock owned by the Grantee and having an aggregate Fair Market Value on the date
of exercise equal to the exercise price or by attestation (on a form prescribed by the Committee)
to ownership of shares of Company Stock having an aggregate Fair Market Value on the date of
exercise equal to the exercise price, (iii) by payment through a broker in accordance with
procedures permitted by Regulation T of the Federal Reserve Board, or (iv) by such other method as
the Committee may approve to the extent permitted by applicable law. The Committee may impose from
time to time such limitations as it deems appropriate on the use of shares of Company Stock to
exercise the Option.

(b) The obligation of the Company to deliver shares of Company Stock upon exercise of the
Option shall be subject to all applicable laws, rules, and regulations and such approvals by
governmental agencies as may be deemed appropriate by the Committee, including such actions as
Company counsel shall deem necessary or appropriate to comply with relevant securities laws and
regulations. The Company may require that the Grantee (or other person exercising the Option after
the Grantee’s death) represent that the Grantee is purchasing the shares of Company Stock for the
Grantee’s own account and not with a view to, or for sale in connection with, any distribution of
the shares of Company Stock, or such other representations as the Committee deems appropriate.

(c) All obligations of the Company under this Agreement shall be subject to the rights of the
Company as set forth in the Plan to withhold amounts required to be withheld for all applicable
taxes. Subject to Committee approval, the Grantee may elect to satisfy any tax withholding
obligation of the Employer with respect to the Option by having shares of Company Stock withheld up
to an amount that does not exceed the minimum applicable withholding tax rate for federal
(including FICA), state and local tax liabilities.

5. Dissolution or Liquidation; Sale or Merger. In the event of a dissolution, liquidation,
sale or merger of the Company or any similar event or transaction, the Committee may adjust,
terminate and/or settle the Option to the extent it deems appropriate and consistent with the
Plan’s purposes.

6. Restrictions on Exercise. Except as the Committee may otherwise permit pursuant to the
Plan, only the Grantee may exercise the Option during the Grantee’s lifetime and, after the
Grantee’s death, the Option shall be exercisable (subject to the limitations specified in the Plan)
solely by the person who acquires the right to exercise the Option by will or by the laws of
descent and distribution, to the extent that the Option is exercisable pursuant to this Agreement.

7. Grant Subject to Plan Provisions. This Grant is made pursuant to the Plan, the terms of
which are incorporated herein by reference, and in all respects shall be interpreted in accordance
with the Plan. The Grant and exercise of the Option are subject to interpretations, regulations
and determinations concerning the Plan established from time to time by the Committee in accordance
with the provisions of the Plan, including, but not limited to, provisions pertaining to (a) rights
and obligations with respect to withholding taxes, (b) the registration, qualification or listing
of the shares of Company Stock, (c) changes in capitalization of the Company and (d) other
requirements of applicable law. The Committee shall have the authority to interpret and construe
the Option pursuant to the terms of the Plan, and its decisions shall be conclusive as to any
questions arising hereunder.

8. Restrictions on Sale or Transfer of Shares.

(a) The Grantee will not sell, transfer, pledge, donate, assign, mortgage, hypothecate or
otherwise encumber the shares of Company Stock underlying the Option unless the shares of Company
Stock are registered under the 1933 Act, or the Company is given an opinion of counsel reasonably
acceptable to the Company that such registration is not required under the 1933 Act.

(b) In consideration for this Option Grant, the Grantee agrees to be bound by the Employer’s
policies as in effect from time to time, including, but not limited to, the Company’s Insider
Trading, Anti-Hedging and Clawback Policies and Stock Ownership Guidelines, and understands that
there may be certain times during the year that the Grantee will be prohibited from selling,
transferring, donating, assigning, mortgaging, hypothecating or otherwise encumbering the Company
securities.

9. No Employment or Other Rights. The Grant of the Option shall not confer upon the
Grantee any right to be retained by or in the employ or service of the Employer and shall not
interfere in any way with the right of the Employer to terminate at will the Grantee’s employment
or service at any time. Except to the extent expressly set forth in any employment agreement,
offer letter or similar agreement between the Employer and the Grantee, the right of the Employer
to terminate at will the Grantee’s employment or service at any time for any reason is specifically
reserved.

10. No Stockholder Rights. Neither the Grantee, nor any person entitled to exercise the
Grantee’s rights in the event of the Grantee’s death, shall have any of the rights and privileges
of a stockholder with respect to the shares of Company Stock subject to the Option, until such
shares are actually issued following exercise of the Option.

11. Confidential Information, Non-Competition and Non-Solicitation. The Grantee affirms
his or her obligations under the Nondisclosure and Noncompete Agreement for Management Employees or
similar agreement between the Employer and the Grantee.

12. Assignment and Transfers. Except as the Committee may otherwise permit pursuant to the
Plan, the rights and interests of the Grantee under this Agreement may not be sold, assigned,
encumbered or otherwise transferred except, in the event of the death of the Grantee, by will or by
the laws of descent and distribution. In the event of any attempt by the Grantee to alienate,
assign, pledge, hypothecate, or otherwise dispose of the Option or any right hereunder, except as
provided for in this Agreement, or in the event of the levy or any attachment, execution or similar
process upon the rights or interests hereby conferred, the Company may terminate the Option by
notice to the Grantee, and the Option and all rights hereunder shall thereupon become null and
void. The rights and protections of the Company hereunder shall extend to any successors or
assigns of the Company and to the Company’s parents, subsidiaries, and affiliates. This Agreement
may be assigned by the Company without the Grantee’s consent.

13. Effect on Other Benefits. The value of this Option or the shares of Company Stock
received upon exercise of the Option shall not be considered eligible earnings for purposes of any
other plans maintained by the Company or the Employer. Neither shall such value be considered part
of the Grantee’s compensation for purposes of determining or calculating other benefits that are
based on compensation, such as life insurance.

14. Applicable Law. The validity, construction, interpretation and effect of this
instrument shall be governed by and construed in accordance with the laws of the State of Delaware,
without giving effect to the conflicts of laws provisions thereof.

15. Notice. Notices permitted or required under this Agreement shall be in writing and
shall be deemed to have been duly given when delivered by hand or overnight courier addressed, in
the case of the Company, c/o its General Counsel at its principal executive office and, in the case
of the Grantee, to his or her most recent address set forth in the personnel records of the
Company.

16. Entire Agreement. This Agreement, together with the Plan, represents the entire
agreement between the parties hereto relating to the subject matter hereof, and merges and
supersedes all prior and contemporaneous discussions, agreements and understandings of every nature
relating to the subject matter hereof.

17. Amendment. This Agreement cannot be changed, modified, extended or terminated except
upon written amendment executed by the parties hereto. Any such written amendment must be approved
by the Committee to be effective against the Company.

18. Consent to Electronic Delivery. The Grantee hereby authorizes the Company to deliver
electronically any prospectuses or other documentation related to this Agreement, the Plan and any
other compensation or benefit plan or arrangement in effect from time to time (including, without
limitation, reports, proxy statements or other documents that are required to be delivered to
participants in such plans or arrangements pursuant to federal or state laws, rules or
regulations). For this purpose, electronic delivery will include, without limitation, delivery by
means of e-mail or e-mail notification that such documentation is available on the Company’s
intranet site. Upon written request, the Company will provide to the Grantee a paper copy of any
document also delivered to the Grantee electronically. The authorization described in this
paragraph may be revoked by the Grantee at any time by written notice to the Company.

[Remainder of page intentionally left blank; signature page follows]

IN WITNESS WHEREOF, the Company has caused its duly authorized officer to execute this
Agreement, and the Grantee has placed his or her signature hereon, on this 31st day
of December, 2015.

	 	 	 
	Attest:

	 	NUTRISYSTEM, INC.
	By: /s/ Kathleen Simone

	 	By: /s/ Michael P. Monahan
	 

	 	 
	Kathleen Simone

SVP, Financial Operations & Controller

	 	Michael P. Monahan

Chief Financial Officer

I hereby accept the Grant of Option described in this Agreement, and I agree to be bound by the
terms of the Plan and this Agreement. I hereby further agree that all of the decisions and
determinations of the Committee shall be final and binding.

/s/ Dawn M. Zier

Grantee: Dawn M. Zier

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]