Document:

ex_391919.htm

Exhibit 10.1

 

AMENDMENT NO. 1

TO

EQUITY DISTRIBUTION AGREEMENT

 

This AMENDMENT NO. 1 TO EQUITY DISTRIBUTION AGREEMENT (this “Amendment”) dated as of July 29, 2022, by and between VivoPower International PLC (the “Company”) and A.G.P./Alliance Global Partners (the “Agent”). Each of the Company and the Agent shall be referred to collectively as the “Parties” and individually as a “Party.”

 

WITNESSETH:

 

WHEREAS, the Company and the Agent entered into that certain Equity Distribution Agreement dated as of November 12, 2021 (the “Equity Distribution Agreement”) pursuant to which the Company engaged the Agent to sell the Company’s Ordinary Shares, from time to time; and

 

WHEREAS, the Parties desire to amend certain provisions of the Equity Distribution Agreement as set forth below.

 

NOW, THEREFORE, in consideration of the mutual promises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the Parties agrees with the other as follows:

 

1.    Capitalized Terms. Unless otherwise defined herein, all terms and conditions used in this Amendment shall have the meanings assigned to such terms in the Equity Distribution Agreement.

 

2.    Amendments to Equity Distribution Agreement.

 

	 	
			a)

				
			The introductory paragraph of the Equity Distribution Agreement is hereby deleted in its entirety and replaced with the following:

			

 

“Vivopower International PLC, a public limited company incorporated under the laws of England and Wales (the “Company”), proposes to issue and sell through A.G.P./Alliance Global Partners (the “Agent”), as sales agent, ordinary shares, nominal value $0.012 per share (“Ordinary Shares”), of the Company having an aggregate offering price of up to $1,055,361 on terms set forth herein (the “Shares”). The Shares consist entirely of authorized but unissued Ordinary Shares to be issued and sold by the Company.”

 

	 	
			b)

				
			The first sentence of Section 2(a) (“At the Market Sales”) of the Equity Distribution Agreement is hereby deleted in its entirety and replaced with the following:

			

 

“(a)    At the Market Sales. On the basis of the representations, warranties and agreements herein the Company agrees that, from time to time following the effective date of the Registration Statement on the terms and subject to the conditions set forth herein, it may issue and sell through the Agent, acting as sales agent, Shares having an aggregate offering price of up to $1,055,361 (the “Offering Size”); provided, however, that in no event shall the Company issue or sell through the Agent such number of Shares that (a) exceeds the number or dollar amount of Ordinary Shares registered on the Registration Statement pursuant to which the Offering is being made, or (b) would cause the Company or the Offering to not satisfy the eligibility and transaction requirements for use of Form F-3 (including, if then applicable, General Instruction I.B.5 of Form F-3) (the lesser of (a) and (b), the “Maximum Amount”).”

 

 

 

 

3.    Full Force and Effect. Except as herein amended, the Equity Distribution Agreement shall remain in full force and effect. Upon the effectiveness of this Amendment, each reference in the Equity Distribution Agreement to “this Agreement,” “hereunder,” “herein” or words of like import shall mean and be a reference to the Equity Distribution Agreement, as amended by this Amendment.

 

4.    Further Assurances. Each Party hereto, without additional consideration, shall cooperate, shall take such further action and shall execute and deliver such further documents as may be reasonably requested by the other Party hereto in order to carry out the provisions and purposes of this Amendment.

 

5.    Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Amendment by one party to the other may be made by facsimile transmission.

 

6.    Headings. The section headings herein are for convenience only and shall not affect the construction hereof.

 

7.    Waiver. Neither any failure nor any delay by any party in exercising any right, power or privilege under this Amendment or any of the documents referred to in this Amendment will operate as a waiver of such right, power or privilege, and no single or partial exercise of any such right, power or privilege will preclude any other or further exercise of such right, power or privilege.

 

8.    Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Amendment.

 

9.    Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York, including Section 5-1401 of the General Obligations Law of the State of New York, but otherwise without regard to conflict of laws rules that would apply the laws of any other jurisdiction. Any disputes arising from this Amendment shall be resolved pursuant to Sections 11 and 12 of the Equity Distribution Agreement.

 

[REMAINDER OF PAGE LEFT BLANK INTENTIONALLY]

 

2

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to Equity Distribution Agreement to be duly executed as of the day and year first above written.

 

 

	
			 

				
			VIVOPOWER INTERNATIONAL PLC

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Kevin Chin

				
			 

			
	
			 

				
			Name:

				
			Kevin Chin

				
			 

			
	
			 

				
			Title:

				
			Chief Executive Officer 

				
			 

			
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	A.G.P./ALLIANCE GLOBAL PARTNERS	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Tom Higgins	 
	 	Name:	Tom Higgins	 
	 	Title:	Managing Director	 

 

 

[Signature Page to Amendment No. 1 to Equity Distribution Agreement]Document

Exhibit 10.1

Aspen Technology, Inc.
FY23 Executive Bonus Plan

For

Executive Name

I.Purpose

The purpose of the Executive Bonus Plan is to motivate and reward eligible participants to achieve and exceed Aspen Technology, Inc.’s financial and operational objectives.

II.Effective Period of Plan

The Plan shall be effective on July 1, 2022 and shall continue through the Plan Year.

III.Definitions

Bonus Plan Metrics means the objectives set forth in Section IV against which Plan achievement is measured.

Bonus Pool means the funds available for distribution to participants.

Bonus Target means the bonus potential at 100% Bonus Plan Metric achievement.

Company means Aspen Technology, Inc. and its subsidiaries.

Participant means an employee who is a designated Executive whose position is determined by Aspen Technology to have significant impact on the operating results of the Company. For avoidance of doubt, contractors and/or consultants are not Participants.

Plan means this Executive Bonus Plan, as set forth in this instrument and as hereafter amended from time to time.

Plan Year means July 1, 2022 through June 30, 2023.

IV.Bonus Plan Metrics, Targets and Weights

Plan metrics, targets and weights are approved by the Board of Directors.  FY23 plan metrics and weights are:

FY 2023 Executive Bonus Plan                                        1

						
	FY23 Bonus Plan Metric
	Weight

	Growth In Annual Contract Value (GACV)
	50%

	Free Cash Flow (FCF)
	35%

	Synergies:
	
	Revenue
	10%

	Cost
	5%

V. Bonus Pool Funding

The Bonus Pool is funded through the achievement of Bonus Plan Metrics.  Each metric is measured and funded independently according to the following table:

A minimum metric achievement of 70% is required to fund each metric. The funding level ratio is 2:1 for performance between 70% and 89%. The ratio is 1:1 for performance between 90% and 100%.

VI.Bonus Payment(s)

Bonus payments (if any) are paid on a semi-annual basis. There is a mid-year payment and year-end payment opportunity. Bonus payments (if any) are typically made within 90 days of the end of the respective performance periods, consistent with local payroll schedules and requirements. Payments under this Plan are subject to all applicable taxes and withholdings.

The mid-year payment is based on the Company’s mid-year performance against mid-year Bonus Plan Metrics for  GACV and FCF and will not exceed 25% of the annual bonus target.

The year-end payment is based on the Company’s total annual performance against Bonus Plan Metrics, less any mid-year payment received.

Should the mid-year bonus earned be less than the targeted 25% of bonus potential, the unrealized difference (up to the 25% mid-year potential) can be made up at year-end based on achievement against annual Bonus Plan Metrics. To the extent that a mid-year payment is made and the Corporation underachieves the Bonus Plan Metrics for the full year, a participant shall refund to the Corporation the amount by which the mid-year payment exceeds the amount (if any) that the Participant is entitled to receive in total for the year.

FY 2023 Executive Bonus Plan                                        2

VII.Discretionary Variation

In addition to awards based on the performance metrics established herein and notwithstanding any limitations (including caps) set forth elsewhere herein, the Compensation Committee of the Board of Directors may authorize discretionary awards to eligible Participants in such amounts as the Committee determines are appropriate and in the best interests of the Company.

In addition, the CEO (in the case of his direct reports) and the Compensation Committee (in the case of the CEO) may reduce any award otherwise payable hereunder by up to 10 percent in his or its discretion to any of said direct reports or to the CEO, as the case may be.

VIII.Eligibility/Partial Year/Changes in Status

Eligibility for the Plan does not guarantee payment of an award and does not guarantee continuation of employment. If employment ends prior to the end of the performance period any payment eligibility is subject to any Executive Retention Agreement then in force. Should an Executive voluntarily resign after the completion of the performance period, he/she is eligible to receive the earned bonus in accordance with the plan, subject to any Executive Retention Agreement then in force.

Participants who join the Company during a Plan Year will be eligible to participate on a pro rata basis as follows:

												
	H1 Payment
	H2 Payment
	
	Started on or before September 30
	Started after September 30
	Started on or before March 31
	Started after March 31

	Eligible
	Not Eligible
	Eligible
	Not Eligible

If an employee has a promotion, transfer or other job change, the payment calculation will be made based on the job the employee holds at the end of the relevant payment period. Payments, if any for Participants on disability or leave of absence will be prorated for any leave time in excess of 30 days, where applicable. 

Proration is calculated on a daily basis based on a 365-day year.  

IX.  Miscellaneous

Administration of this Plan will be the responsibility of the CEO and the Human Capital Committee of the Board of Directors. Any interpretation of the terms, conditions, goals, or payments from this Plan required because of a dispute will be made by the CEO and the Human Capital Committee in the case of a dispute relating to employees other than the CEO, and by the Human Capital Committee in the case of a dispute relating to the CEO.

If any term or condition of this Plan is found to contravene applicable law, that term or condition will be interpreted such that it comports with applicable law.

FY 2023 Executive Bonus Plan                                        3

Eligibility and participation in this Plan in no way implies or reflects any guarantee or contract of employment, nor does eligibility for bonus in this current year constitute eligibility in future year(s), except as may be stipulated by applicable law.

The Company, through the Human Capital Committee of the Board, reserves the right to modify or terminate this Plan and the procedures set forth herein at any time.  

A Participant who believes there is an error in his/her bonus calculation must notify his/her manager within 30 days of a bonus payment date; otherwise, the calculation will be deemed correct. In any event, the Company reserves the right to recover payments made in error, if any.

 ____________________________________________                                 __________________________
 Employee Signature                                                                                          Date

 ____________________________________________                                ___________________________
 Antonio Pietri                                                                                                                     Date
 President and CEO

FY 2023 Executive Bonus Plan                                        4

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