Document:

EX-10.1

   

  Exhibit 10.1

  XPONENTIAL FITNESS, INC.

  NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

  This sets forth the Non-Employee Director Compensation Policy (the “Policy”) of Xponential Fitness, Inc. (the “Company”), as adopted by the Board of Directors of the Company (the “Board”).  The cash compensation and equity awards described in this Policy shall be paid or be granted, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any subsidiary (each, a “Non-Employee Director”) who may be eligible to receive such cash compensation or equity awards.    

  This Policy shall be effective as of May 9, 2022, and shall remain in effect until it is amended, replaced, or rescinded by further action of the Board.

  1.Annual Cash Retainers.

  (a)Each Non-Employee Director serving as a member of the Board shall be eligible to receive an annual retainer of $75,000 for service on the Board.

  (b)Each Non-Employee Director serving as a member of a committee of the Board shall be eligible to receive an annual cash retainer as set forth in the table below, as applicable.  

  		
	Position
	Annual Amount

	Audit Chair
	$18,000

	Other Audit Member
	$9,500

	Human Capital Management Chair
	$12,500

	Other Human Capital Management Member
	$7,500

	Nominating and Corporate Governance Chair
	$10,000

	Other Nominating and Corporate Governance Member
	$5,000

	Board Chair
	$50,000

	Lead Director
	$20,000

   

  (c)The annual retainer for service on the Board shall be paid by the Company in quarterly installments prior to (or, if determined by the Board, as soon as practicable after the end of) each of the Company’s fiscal quarters for which the Non-Employee Director shall have served, or such other payment periods as determined by the Board.  If any Non-Employee Director holds office as a director of the Board for less than a full Company fiscal quarter (or such other payment period as determined by the Board), the Non-Employee Director shall only be entitled to the portion of the annual retainer payable through the date for which the Non-Employee Director shall have served.

   

  

   

  (d)In the event a new Non-Employee Director is elected or appointed to the Board, such Non-Employee Director shall be eligible to receive as compensation for service as a member of the Board a pro-rated amount of the annual retainer based on the period from the date of appointment or election through the next Annual Meeting (as defined below) for which the Non-Employee Director shall have served, payable by the Company as set forth in subsection (c) above.

  2.Equity Compensation.

  (a)Each individual who is elected by the Company’s stockholders to serve as a Non-Employee Director at the Company’s Annual Meeting of Stockholders (the “Annual Meeting”) (starting with the 2022 Annual Meeting) and each individual who is to continue to serve as a Non-Employee Director following such meeting, whether or not that individual is standing for re-election at that meeting, shall be granted on the date of such Annual Meeting, a restricted stock unit award (each, a “Director RSU Award”) under the Xponential Fitness, Inc. Omnibus Incentive Plan, as may be amended from time to time, or any successor equity plan (the “Plan”).  The number of shares of the Company’s Class A common stock (“Shares”) subject to the Director RSU Award shall be calculated by dividing the Applicable Amount (as defined below) by the average closing selling price per Share at the close of regular hours trading on the New York Stock Exchange for the 10 trading days prior to, and including, the grant date.  The Applicable Amount shall mean $85,000, unless determined otherwise by the Board. 

  The Director RSU Award shall vest upon the Non-Employee Director’s completion of one year of Board service following the grant date; provided, however, that if the Company’s Annual Meeting for the following year occurs prior to the end of the one-year period, the Director RSU Award granted to a Non-Employee Director who serves until such Annual Meeting shall become vested upon such Annual Meeting.

  (b)In the event a new Non-Employee Director is elected or appointed to the Board on a date other than at the Company’s Annual Meeting, such Non-Employee Director shall be granted on the date of such election or appointment, a Director RSU Award based on the number of Shares subject to the Director RSU Award granted to each Non-Employee Director at the immediately preceding Annual Meeting pursuant to subsection (a) above, pro-rated based on the period from the date of appointment or election to the date of the next Annual Meeting.  Such Director RSU Award shall vest on the date of the next Annual Meeting, provided the Non-Employee Director continues in Board service until such date. 

  3.Expense Reimbursement.  All Non-Employee Directors shall be entitled to reimbursement from the Company for their reasonable expenses of travel (including airfare and ground transportation) to and from meetings of the Board, and reasonable lodging and meal expenses incident thereto.EX-10.1

  Exhibit 10.1

  Clearside Biomedical, Inc.

   

  Non-Employee Director Compensation Policy

   

  As Amended and Restated effective June 22, 2022

   

  Each member of the Board of Directors (the “Board”) who is not also serving as an employee of Clearside Biomedical, Inc. (the “Company”) or any of its subsidiaries (each such member, an “Eligible Director”) will receive the compensation described in this Non-Employee Director Compensation Policy for his or her Board service. A Non-Employee Director may decline all or any portion of his or her compensation by giving notice to the Company prior to the date cash is to be paid or equity awards are to be granted, as the case may be.  This policy may be amended at any time in the sole discretion of the Board or the Compensation Committee of the Board.

   

  Annual Cash Compensation

   

  The annual cash compensation amount set forth below is payable in equal quarterly installments, payable in arrears on the last day of each fiscal quarter in which the service occurred. If an Eligible Director joins the Board or a committee of the Board at a time other than effective as of the first day of a fiscal quarter, each annual retainer set forth below will be pro-rated based on days served in the applicable fiscal year, with the pro-rated amount paid for the first fiscal quarter in which the Eligible Director provides the service, and regular full quarterly payments thereafter. All annual cash fees are vested upon payment. 

   

  1.	Annual Board Service Retainer: 

  a.	All Eligible Directors: $40,000

  b.	Chairman of the Board Service Retainer (in addition to Eligible Director Service Retainer): $35,000

   

  2.	Annual Committee Member Service Retainer:

  a.	Member of the Audit Committee: $10,000

  b.	Member of the Compensation Committee: $7,500

  c.	Member of the Nominating and Corporate Governance Committee: $5,000

   

  3.	Annual Committee Chair Service Retainer (in addition to Committee Member Service Retainer):

  a.	Chairman of the Audit Committee: $10,000

  b.	Chairman of the Compensation Committee: $7,500

  c.	Chairman of the Nominating and Corporate Governance Committee: $5,000

   

   

   

  1.

  

   

  Equity Compensation

   

  The equity compensation set forth below will be granted under the Company’s 2016 Equity Incentive Plan (the “Plan”). All stock options granted under this policy will be nonstatutory stock options, with an exercise price per share equal to 100% of the Fair Market Value (as defined in the Plan) of the underlying common stock on the date of grant, and a term of ten years from the date of grant (subject to earlier termination in connection with a termination of service as provided in the Plan).  

   

  1.	Initial Grant: For each Eligible Director who is first elected or appointed to the Board following the date hereof, on the date of such Eligible Director’s initial election or appointment to the Board (or, if such date is not a market trading day, the first market trading day thereafter), the Eligible Director will be automatically, and without further action by the Board or Compensation Committee of the Board, granted a stock option for 45,000 shares of common stock.  The shares subject to each such stock option will vest in 36 equal monthly installments on the last day of each month, subject to the Eligible Director’s Continuous Service (as defined in the Plan) through such vesting date.

   

  2.	Annual Grant: On the date of each annual stockholders meeting of the Company held after the date hereof, each Eligible Director who continues to serve as a member of the Board following such stockholders meeting will be automatically, and without further action by the Board or Compensation Committee of the Board, granted a stock option for 30,000 shares of common stock. The shares subject to each such stock option will vest in full on the earlier of (a) the date immediately prior to the next following annual stockholder meeting and (b) the date that is 12 months after the grant date, subject to the Eligible Director’s Continuous Service (as defined in the Plan) through such vesting date.

  2.Document

Exhibit 10.1
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) THE TYPE THAT THE COMPANY TREATS AS PRIVATE OR CONFIDENTIAL.
FOURTH AMENDMENT TO EXCLUSIVE FAPi SUBLICENSE AGREEMENT
This Fourth Amendment to Exclusive Sublicense Agreement (this “Amendment”) dated May 6, 2022, is entered into by and between Bach Biosciences, LLC, a Delaware limited liability company with a principal place of business at 75 Cambridge Parkway, E609, Cambridge, MA 02142, USA (“BACH”) and Point Biopharma Inc., a Delaware corporation with a principal place of business at 511 South Orange Avenue, No. 2093, Newark, New Jersey, 07103, USA (“POINT”, together with BACH, the “Parties”). Capitalized terms that are not defined herein have the meanings set forth in the Agreement (as defined below).
WHEREAS, the Parties entered into that Exclusive Sublicense Agreement dated April 2, 2020, as amended by the First Amendment to Exclusive Sublicense Agreement effective April 14, 2020 the Second Amendment to Exclusive Sublicense Agreement effective December 31 2020 and the Third Amendment to Exclusive Sublicense Agreement effective September 24, 2020 (herein the “Exclusive FAPi Sublicense Agreement”) as now further amended by this Fourth Amendment to the Exclusive FAPi Sublicense Agreement (the “Amended Agreement”); and WHEREAS, the Parties have agreed to amend, which they desire to memorialize in this Amendment; 
NOW, THEREFORE, in reflection of these affirmations and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties do hereby agree as follows:

1.    Payment    
Within [***] business days of the Effective Date, POINT shall pay to BACH two million dollars (USD $2,000,000) as an “Amendment Fee”.  

2.     Amendments.
Upon payment of the Amendment Fee, the following sections of the Exclusive FAPi Sublicense Agreement shall be hereby amended and restated with replacement or addition (as applicable) with the subsections below as follows:

In Section 3 - Option Exercise and License Grants
3.2     As partial consideration for this Fourth Amendment POINT agrees  
(i)     to make regular quarterly SRA Payments to BACH of no less than $[***] for FAP-targeted Radiopharmaceutical research and development until [***] ([***] quarters of SRA payments from the execution date of this Fourth Amendment), and  
(ii)     to continue to make regular quarterly SRA Payments to BACH of no less than $[***] for FAP-targeted [***] research and development until [***], 
under the Sponsored Research Agreement (“Minimum SRA Payment”), to be paid to BACH by the first day of each calendar quarter. However, during such time as 
			
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the Commonwealth of Massachusetts issues any stay-at-home advisory during the COVID19 pandemic, the Parties may agree to a reduced budget for the Work Plan, which if less than $[***] per quarter for each program will be deemed to nevertheless satisfy the Minimum SRA Payment. If it is not possible for BACH to achieve the goals due to Tufts restrictions to on-campus research, the Parties agree, at the election of POINT, to put the Work Plan on-hold until Tufts restrictions to on-campus research are lifted. Failure to make the minimum required SRA Payment for a given quarter, unless the consequence of a True Up Event or by written consent from BACH and fails to cure such non-payment within [***] days from the date of written notice thereof by BACH, will result in the immediate end to any and all future obligations under the Commercialization Option.

In Section 5 - Fees, Milestones, Royalties and Reports
    Section 5.4 Milestones and Section 5.5 are each deleted in their entireties and replaced with the following

5.4     RESERVED
5.5     Royalties. During the Royalty Term, POINT shall pay BACH royalties of [***]% of Net Sales of each Licensed Product or Licensed Process covered by a Valid Claim, which royalty shall be reduced to [***]% of Net Sales in the absence of a Valid Claim.

3.     Except as herein specifically modified and amended herein, the Amended Agreement shall remain in full force and effect. In the event of any conflicts or discrepancies between the provisions of this Amendment and the Exclusive FAPi Sublicense Agreement, the provisions of this Amendment shall take precedence and prevail. For the convenience of the Parties, this Amendment may be executed in counterparts and by facsimile or email exchange of pdf signatures, each of which counterpart shall be deemed to be an original, and both of which taken together, shall constitute one agreement binding on the Parties.

[REMAINDER PAGE INTENTIONALLY LEFT BLANK – SIGNATURE PAGE TO FOLLOW]

			
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IN WITNESS WHEREOF, the Parties have caused this Amendment to be signed by their duly authorized representatives effective as of the Effective Date.

Bach Biosciences, LLC                 Point Biopharma Inc.

/s/ William Bachovchin                /s/ Allan Silber
___________________________________________________________________________________            ___________________________________________________________________________________

By: William Bachovchin                By:    Allan Silber
Title:    President and CEO                Title:    Executive Chairman 
Date:    May 6, 2022                     Date:    May 6, 2022

			
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