Document:

EX-10.10(C)

 Exhibit 10.10(c) 

June 1, 2016 
 Willowbridge Associates Inc. 

101 Morgan Lane—Suite 180 
 Plainsboro, N.J. 08536 

Attention: Mr. Steve R. Crane 

Re:    Management Agreement Renewals 

Dear Mr. Crane: 
 We are writing with
respect to your management agreements concerning the commodity pools to which reference is made below (the “Management Agreements”). We are extending the term of the Management Agreements through June 30, 2017 and all other provisions
of the Management Agreements will remain unchanged. 
  

	 	•	 	     Tactical Diversified Futures Fund L.P. 

	 	•	 	     CMF Willowbridge Master Fund L.P. 

	 	•	 	     Emerging CTA Portfolio L.P. 

	 	•	 	     Orion Futures Fund L.P. 

	 	•	 	     Managed Futures Premier Macro L.P. 

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of
Mr. Patrick T. Egan at 522 Fifth Avenue – 7th Floor, New York, NY 10036 or fax to 866-428-9026. If you have any questions, I can be reached at 212-296-6808 or contact Jack Yuen at 212-296-1320. 

Very truly yours, 
 CERES MANAGED FUTURES LLC 

			
		
	By:        	 	/s/ Patrick T. Egan
		 	Patrick T. Egan
		 	President and Director

 WILLOWBRIDGE ASSOCIATES INC. 

			
		
	By:	 	 /s/ Steven R. Crane
		
	Print Name:  	 	Steven R. Crane, Chief Financial Officer
		 	Willowbridge Associates Inc.

 PE/kgEX-10.11(B)

 Exhibit 10.11(b) 

June 1, 2016 
 The Cambridge Strategy (Asset Mgt.) Ltd. 

Berger House 
 36-38 Berkeley Square, 7th Floor 

Mayfair, London W1J5AE 
 UK 

Attention: Mr. Tony Henry 

Re:    Management Agreement Renewal 

Dear Mr. Henry: 
 We are writing with
respect to your management agreement concerning the commodity pools to which reference is made below (the “Management Agreement”). We are extending the term of the Management Agreement through June 30, 2017 and all other provisions of
the Management Agreement will remain unchanged. 
  

	 	•	 	 Cambridge Master Fund L.P. 

	 	•	 	 Emerging CTA Portfolio L.P. 

	 	•	 	 MSSB Spectrum Currency & Commodity L.P. 

	 	•	 	 Institutional Futures Fund Portfolio L.P. 

	 	•	 	 MSMF Custom Solutions Fund L.P. 

	 	•	 	 Tactical Diversified Futures Fund L.P. 

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of
Mr. Patrick T. Egan at 522 Fifth Avenue – 7th Floor, New York, NY 10036 or fax to 866-428-9026. If you have any questions, I can be reached at 212-296-6808 or contact Jack Yuen at 212-296-1320. 

Very truly yours, 
 CERES MANAGED FUTURES LLC 

			
		
	By:        	 	/s/ Patrick T. Egan
		 	Patrick T. Egan
		 	President and Director

 THE CAMBRIDGE STRATEGY (ASSET MGT.) LTD. 

			
		
	By:	 	 /s/ Edward Baker            
		
	Print Name:    	 	Edward Baker            
		 	

 PE/kgEX-10.12(C)

 Exhibit 10.12(c) 

June 1, 2016 
 Secor Capital Advisors L.P. 

One Penn Plaza – Suite 4625 
 New York, New York 10119 

Attention: Mr. Sanjay Malhotra 
 Re:
    Management Agreement Renewal 
 Dear Mr. Malhotra: 

We are writing with respect to your management agreement concerning the commodity pools to which reference is made below (the “Management
Agreement”). We are extending the term of the Management Agreement through June 30, 2017 and all other provisions of the Management Agreement will remain unchanged. 
  

	 	•	 	Secor Master Fund L.P. 

	 	•	 	Emerging CTA Portfolio L.P. 

	 	•	 	MSSB Spectrum Technical L.P. 

 Please acknowledge receipt of this modification by signing one
copy of this letter and returning it to the attention of Mr. Patrick T. Egan at 522 Fifth Avenue – 7th Floor, New York, NY 10036 or fax to 866-428-9026. If you have any questions, I can be reached at 212-296-6808 or contact Jack Yuen
at 212-296-1320. 
 Very truly yours, 
 CERES MANAGED FUTURES
LLC 

			
		
	By:        	 	/s/ Patrick T. Egan
		 	Patrick T. Egan
		 	President and Director

 SECOR CAPITAL ADVISORS L.P. 
  

			
		
	By:	 	/s/ Raymond Iwanowski

			
		
	Print Name:	 	Raymond Iwanowski

 PE/kgAmendment to Secured Revolving Convertible Promissory Note Agreement

EXHIBIT 10.6(a)

THE SECOND AMENDMENT TO THE

SECURED REVOLVING CONVERIBLE PROMISSORY NOTE

This Second Amendment To The Secured Revolving Convertible Promissory Note (the “Amendment”) is entered into as of September 27, 2016 by and between GelTech Solutions, Inc. (the “Borrower”) and Michael L. Reger (the “Lender”). 

WHEREAS, the Lender extended a secured revolving convertible line of credit to the Borrower as evidenced by a Secured Revolving Convertible Promissory Note dated February 13, 2015 in the principal balance of Four Million 00/100 Dollars ($4,000,000.00) (the “Note”), (all documents and agreements executed by the Borrower in connection with the Note are hereinafter referred to as the “Loan Documents”); 

WHEREAS, the Lender and Borrower agreed to increase the principal balance of the Note to Five Million and 00/100 Dollars ($5,000,000.00) by the First Amendment to the Secured Revolving Convertible Promissory Note dated April 5, 2016 (the “First Amendment”); and

WHEREAS, the Borrower has requested, and the Lender has agreed, to make further amendments to the Note. 

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

1. Any term not defined herein shall have the same meaning as in the Note.  

2. The Note is amended by increasing the principal sum to Six Million and 00/100 Dollars ($6,000,000.00) (the “Maximum Amount”).  

3. The Borrower hereby represents and warrants to the Lender that:  

(a)

Each and every one of the representations and warranties set forth in the Loan Documents is true as of the date hereof and with the same effect as though made on the date hereof, and is hereby incorporated herein in full by reference as if fully restated herein in its entirety.  

(b)

No Default or Event of Default and no event or condition which, with the giving of notice or lapse of time or both, would constitute such a Default or Event of Default, now exists or would exist.  

4. Except as set forth herein and amended and modified hereby, the Note and Loan Documents have not been amended or modified and remain in full force and effect except for the First Amendment increasing the principal sum to Five Million and 00/100  Dollars ($5,000,000.00).  

5. Borrower waives any offset defense or counterclaim Borrower may now have or may have in the future with regard to the Note and Loan Documents.  

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOLLOWS ON NEXT PAGE]

[SIGNATURE PAGE TO THE SECOND AMENDMENT TO THE SECURED REVOLVING CONVERIBLE PROMISSORY NOTE BETWEEN GELTECH SOLUTIONS, INC. AND MICHAEL L. REGER DATED FEBRUARY 15, 2015]

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and delivered on the date first written above. 

			
	 
	BORROWER:

	 
	 
	 

	 
	GelTech Solutions, Inc.

	 
	 
	 

	 
	 
	 

	 
	By:

	 

	 
	 
	Michael Hull, Chief Financial Officer

	 
	 
	 

	 
	 
	 

	 
	LENDER:

	 
	 
	 

	 
	 

	 
	Michael L. RegerFORM OF DIRECTOR STOCK OPTION AGREEMENT

 

EXHIBIT 10.12

NON-QUALIFIED STOCK OPTION AGREEMENT

THIS NON-QUALIFIED STOCK OPTION AGREEMENT (the “Agreement”) entered into as of ____________ (the “Grant Date”) between GelTech Solutions, Inc. (the “Company”) and ______________ (the “Optionee”). 

WHEREAS, by action taken by the Board of Directors (the “Board”) it has adopted the 2007 Equity Incentive Plan (the “Plan”); and

WHEREAS, pursuant to the Plan, it has been determined that in order to enhance the ability of the Company to attract and retain qualified employees, consultants and directors, the Company has granted the Optionee the right to purchase the common stock of the Company pursuant to stock options.

NOW THEREFORE, in consideration of the mutual covenants and promises hereafter set forth and for other good and valuable consideration, receipt of which is acknowledged, the parties hereto agree as follows:

1.

Grant of Non-Qualified Options.  The Company irrevocably granted to the Optionee, as a matter of separate agreement and not in lieu of salary or other compensation for services, the right and option to purchase all or any part of ____________ shares of authorized but unissued or treasury common stock of the Company (the “Options”) on the terms and conditions herein set forth.  The Options are not intended to be Incentive Stock Options as defined by Section 422 of the Internal Revenue Code of 1986 (the “Code”).  The Optionee acknowledges receipt of a copy of the Plan, as amended.

2.

Price.  The exercise price of the Options is $0.______ per share. 

3.

Vesting - When Exercisable.  

(a)

The Options shall vest on _________, subject to the Optionee’s continued service with the Company in the capacity for which the Options were granted on the applicable vesting date.  Any fractional vesting shall be rounded up to the extent necessary.  Notwithstanding any other provision in this Agreement, the Options shall vest immediately on the occurrence of a Change of Control as defined under the Plan (a “Triggering Event”); provided, however, that there shall be no immediate vesting under romanette (ii) of the definition of Change of Control if the directors serving just prior to the Triggering Event remain the majority of the Board after the Triggering Event. Additionally, all Options shall vest immediately (subject to the preceding sentence) on the date the Company publicly announces, by press release, by disclosure in a filing with the Securities and Exchange Commission or otherwise (the “Public Announcement”), its intention to sell substantially all of the Company’s assets or to enter into a merger or consolidation as described in clauses (i) and (ii) under the definition of Change of Control in the Plan.  If the Optionee exercises the Options within 10 calendar days from the date of the Public Announcement, the Optionee shall be deemed a record holder of the shares underlying the Options as of the record date of the Change of Control. 

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(b)

Subject to Sections 3(c) and 4 of this Agreement, the vested Options may be exercised until 6:00 p.m. New York time for 10 years from the Grant Date (the “Expiration Date”).

(c)

Notwithstanding any other provision of this Agreement, at the discretion of the Board, all Options, whether vested or unvested, shall be immediately forfeited and no longer exercisable if any of the following events occur:

(1)

The Optionee purchases or sells securities of the Company in violation of the Company’s insider trading guidelines then in effect;

(2)

The Optionee breaches any duty of confidentiality including that required by the Company’s insider trading guidelines then in effect;

(3)

The Optionee competes with the Company; or

(4)

The Optionee recruits Company personnel for another entity or business within 24 months following termination of services.

4.

Termination of Relationship.

(a)

If for any reason, except death or disability as provided below, the Optionee ceases to perform services in the capacity for which the Options were granted, all vested Options as of the date of the termination of services may be exercised by the Optionee at any time within three months following termination of services.

(b)

If the Optionee’s services in the capacity for which the Options were granted are terminated as a result of his death, the Optionee’s estate or any Transferee, as defined herein, shall have the right to exercise the Optionee’s vested Options within the time provided in the Plan subject to Section 3(c).  For the purpose of this Agreement, “Transferee” shall mean a person to whom such shares are transferred by will or by the laws of descent and distribution.

(c)

If the Optionee is unable to perform services in the capacity for which the Options were granted as a result of becoming disabled, within the meaning of Section 22(e)(3) of the Code, the Optionee shall have the right to exercise the Optionee’s vested options within the time provided in the Plan.

(d)

Notwithstanding anything contained in this Section 4, the Options may not be exercised after the Expiration Date.

(e)

Any of the Options that were not vested immediately prior to ceasing to perform the services for which the Options were granted shall terminate at that time.  

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For purposes of this Section 4 “Company” shall include subsidiaries and/or affiliates of the Company.

5.

Profits on the Sale of Certain Shares; Redemption.  If any of the events specified in Section 3(c) of this Agreement occur within one year following the date the Optionee last performed services in the capacity for which the Options were granted (the “Termination Date”) (or such longer period required by any written agreement), all profits earned from the sale of the Company’s securities, including the sale of shares of common stock underlying the Options, during the two-year period commencing one year prior to the Termination Date shall be forfeited and immediately paid by the Optionee to the Company.  Further, in such event, the Company may at its option redeem shares of common stock acquired upon exercise of the Options by payment of the exercise price to the Optionee.  The Company’s rights under this Section 5 do not lapse one year from the Termination Date but are a contract right subject to any appropriate statutory limitation period.

6.

Method of Exercise.  The Options shall be exercisable by a written notice which shall:

(a)  

state the election to exercise the Options, the number of shares to be exercised, the person in whose name the stock certificate or certificates for such shares of common stock is to be registered, address and social security number of such person (or if more than one, the names, addresses and social security numbers of such persons);

(b)  

if applicable, contain such representations and agreements as to the holder’s investment intent with respect to such shares of common stock as set forth in Section 11 hereof;

(c)  

be signed by the person or persons entitled to exercise the Options and, if the Options are being exercised by any person or persons other than the Optionee, be accompanied by proof, satisfactory to counsel for the Company, of the right of such person or persons to exercise the Options; 

(d) 

be accompanied by full payment of the exercise price by tender to the Company of an amount equal to the exercise price multiplied by the number of underlying shares being purchased either in cash, by wire transfer, or by certified check or bank cashier’s check, payable to the order of the Company; and  

(e)

be accompanied by payment of any amount that the Company, in its sole discretion, deems necessary to comply with any federal, state or local withholding requirements for income and employment tax purposes.  If the Optionee fails to make such payment in a timely manner, the Company may: (i) decline to permit exercise of the Options or (ii) withhold and set-off against compensation and any other amounts payable to the Optionee the amount of such required payment. Such withholding may be in the shares underlying the Options at the sole discretion of the Company.

The certificate or certificates for shares of common stock as to which the Options shall be exercised shall be registered in the name of the person or persons exercising the Options.

3

 

7.

Sale of Shares Acquired Upon Exercise of Options.  If the Optionee is an officer (as defined by Section 16(b) of the Securities Exchange Act of 1934 (“Section 16(b)”)) or a director of the Company, any shares of the Company’s common stock acquired pursuant to the Options cannot be sold by the Optionee until at least six months elapse from the Grant Date except in case of death or disability or if the grant was exempt from the short-swing profit provisions of Section 16(b). 

8.

Anti-Dilution Provisions.  The Options shall have the anti-dilution rights set forth in the Plan.

9.  

Necessity to Become Holder of Record.  Neither the Optionee, the Optionee’s estate, nor any Transferee shall have any rights as a shareholder with respect to any of the shares underlying the Options until such person shall have become the holder of record of such shares.  No cash dividends or cash distributions, ordinary or extraordinary, shall be provided to the holder if the record date is prior to the date on which such person became the holder of record thereof.

10.  

Reservation of Right to Terminate Relationship.  Nothing contained in this Agreement shall restrict the right of the Company to terminate the relationship of the Optionee at any time, with or without cause.  The termination of the relationship of the Optionee by the Company, regardless of the reason therefor, shall have the results provided for in Sections 3 and 4 of this Agreement.

11.  

Conditions to Exercise of Options.  If a Registration Statement on Form S-8 (or any other successor form) is not effective as to the shares of common stock issuable upon exercise of the Options, the remainder of this Section 11 is applicable as to federal law.  In order to enable the Company to comply with the Securities Act of 1933 (the “Securities Act”) and relevant state law, the Company may require the Optionee, the Optionee’s estate, or any Transferee as a condition of the exercising of the Options granted hereunder, to give written assurance satisfactory to the Company that the shares underlying the Options are being acquired for such persons own account, for investment only, with no view to the distribution of same, and that any subsequent resale of any such shares either shall be made pursuant to a registration statement under the Securities Act and applicable state law which has become effective and is current with regard to the shares being sold, or shall be pursuant to an exemption from registration under the Securities Act and applicable state law.

The Options are subject to the requirement that, if at any time the Board shall determine, in its discretion, that the listing, registration, or qualification of the shares of common stock underlying the Options upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body, is necessary as a condition of, or in connection with the issue or purchase of the shares underlying the Options, the Options may not be exercised in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected.  

12.  

Transfer.  No transfer of the Options by the Optionee by will or by the laws of descent and distribution shall be effective to bind the Company unless the Company shall have been furnished with written notice thereof and a copy of the letters testamentary or such other evidence as the Board may deem necessary to establish the authority of the estate and the acceptance by the Transferee or Transferees of the terms and conditions of the Options.

4

 

13.  

Duties of the Company.  The Company will at all times during the term of the Options:

(a)  

Reserve and keep available for issue such number of shares of its authorized and unissued common stock as will be sufficient to satisfy the requirements of this Agreement;

(b)  

Pay all original issue taxes with respect to the issuance of shares pursuant hereto and all other fees and expenses necessarily incurred by the Company in connection therewith;

(c)  

Use its best efforts to comply with all laws and regulations which, in the opinion of counsel for the Company, shall be applicable thereto.

14.

Parties Bound by Plan.  The Plan and each determination, interpretation or other action made or taken pursuant to the provisions of the Plan shall be final and shall be binding and conclusive for all purposes on the Company and the Optionee and the Optionee’s respective successors in interest.

15.

Severability.  In the event any parts of this Agreement are found to be void, the remaining provisions of this Agreement shall nevertheless be binding with the same effect as though the void parts were deleted.

16.

Arbitration.  Any controversy, dispute or claim arising out of or relating to this Agreement, or its interpretation, application, implementation, breach or enforcement which the parties are unable to resolve by mutual agreement, shall be settled by submission by either party of the controversy, claim or dispute to binding arbitration in Palm Beach County, Florida (unless the parties agree in writing to a different location), before a single arbitrator in accordance with the rules of the American Arbitration Association then in effect.  The decision and award made by the arbitrator shall be final, binding and conclusive on all parties hereto for all purposes, and judgment may be entered thereon in any court having jurisdiction thereof.  Any arbitration proceeding brought under this Agreement shall be subject to all statutes of limitation in the same manner as if an action were filed in court.  

17.

Benefit.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their legal representatives, successors and assigns.

18.

Notices and Addresses.  All notices, offers, acceptance and any other acts under this Agreement (except payment) shall be in writing, and shall be sufficiently given if delivered to the addressees in person, by FedEx or similar receipted delivery, or email (followed by receipted delivery) as follows:

The Optionee:

To the Optionee at the address on the 

signature page of this Agreement

5

 

The Company:

GelTech Solutions, Inc.

1460 Park Lane South, Suite 1

Jupiter, FL 33458

 

Attention: Michael Hull

Facsimile: (561) 427-6182

with a copy to:

Brian Bernstein, Esq.

Nason, Yeager, Gerson, White & Lioce P.A.

3001 PGA Blvd., Suite 305

Palm Beach Gardens, FL 33410

bbernstein@nasonyeager.com  

Facsimile:  (561) 420-0068

or to such other address as either of them, by notice to the other may designate from time to time.  

19.

Attorney’s Fees.  In the event that there is any controversy or claim arising out of or relating to this Agreement, or to the interpretation, breach or enforcement thereof, and any action or proceeding is commenced to enforce the provisions of this Agreement, the prevailing party shall be entitled to a reasonable attorneys’ fees, costs and expenses.

20.

Governing Law.  This Agreement and any dispute, disagreement, or issue of construction or interpretation arising hereunder whether relating to its execution, its validity, the obligations provided herein or performance shall be governed or interpreted according to the laws of the State of Delaware without regard to choice of law considerations.  

21.

Oral Evidence.  This Agreement constitutes the entire Agreement between the parties and supersedes all prior oral and written agreements between the parties hereto with respect to the subject matter hereof.  Neither this Agreement nor any provision hereof may be changed, waived, discharged or terminated orally, except by a statement in writing signed by the party or parties against whom enforcement or the change, waiver discharge or termination is sought.

22.

Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.  The execution of this Agreement may be by actual, pdf, electronic or facsimile signature.

23.

Section or Paragraph Headings.  Section headings herein have been inserted for reference only and shall not be deemed to limit or otherwise affect, in any matter, or be deemed to interpret in whole or in part any of the terms or provisions of this Agreement.

[Signature Page to Follow]

6

 

IN WITNESS WHEREOF the parties hereto have set their hand and seals the day and year first above written.

			
	 
	GELTECH SOLUTIONS, INC.

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	By:

	 

	 
	 
	Michael Hull

	 
	 
	Chief Financial Officer

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	OPTIONEE:

	 
	 
	 

	 
	 
	 

	 
	 

	 
	 
	 

	 
	Address of the Optionee:

	 
	 
	 

	 
	 

	 
	 

	 
	 

7

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