Document:

Exhibit 10.1

 

NeuBase
Therapeutics, Inc.

 

OUTSIDE
DIRECTOR COMPENSATION POLICY

 

Most Recently Amended Effective as of
September 9, 2020 (the “Effective Date”)

 

NeuBase Therapeutics,
Inc. (the “Company”) believes that the granting of equity and cash compensation to its members of
the Board of Directors (the “Board,” and members of the Board, the “Directors”) represents
an effective tool to attract, retain and reward Directors who are not employees of the Company (the “Outside Directors”).
This Outside Director Compensation Policy (the “Policy”) is intended to formalize the Company’s
policy regarding cash compensation and grants of equity to its Outside Directors. Unless otherwise defined herein, capitalized
terms used in this Policy will have the meaning given such term in the Company’s 2019 Stock Incentive Plan, as amended (as
may be amended or restated from time to time, the “Plan”). Each Outside Director will be solely responsible
for any tax obligations incurred by such Outside Director as a result of the equity and cash payments such Outside Director receives
under this Policy.

 

	 	1.	Retainers Effective as of October 1, 2020	 	 
	 	 	 	 	 
	 	 	BOARD MEMBERSHIP	 	 
	 	 	 	 	 
	 	 	Outside Directors:	$35,000	Annual Retainer
	 	 	 	 	 
	 	 	AUDIT COMMITTEE	 	 
	 	 	 	 	 
	 	 	Annual compensation for Audit Committee members is as follows:	 	 
	 	 	Chairperson of Committee:	$15,000	Annual Retainer
	 	 	Committee Members (other than Chairperson)	$7,500	Annual Retainer
	 	 	 	 	 
	 	 	COMPENSATION COMMITTEE	 	 
	 	 	 	 	 
	 	 	Annual compensation for the Compensation Committee is as follows:	 	 
	 	 	Chairperson of Committee:	$10,000	Annual Retainer
	 	 	Committee Members (other than Chairperson)	$5,000	Annual Retainer
	 	 	 	 	 
	 	 	NOMINATING & CORPORATE GOVERNANCE COMMITTEE	 	 
	 	 	 	 	 
	 	 	Compensation for the Nominating & Corporate Committee is as follows:	 	 
	 	 	Chairperson of Committee:	$8,000	Annual Retainer
	 	 	Committee Members (other than Chairperson):	$4,000	Annual Retainer

 

There are no per meeting
attendance fees for attending Board, Audit Committee, Compensation Committee or Nominating & Corporate Governance Committee
meetings.

 

Retainers will be
paid quarterly in arrears on a prorated basis.

 

	 	2.	Equity Compensation

 

Outside Directors will
be entitled to receive all types of Awards (except Incentive Stock Options) under the Plan (or the applicable equity plan
in place at the time of grant), including discretionary Awards not covered under this Policy. All grants of Awards to Outside Directors
pursuant to Section 2 of this Policy will be automatic and nondiscretionary, except as otherwise provided herein, and will
be made in accordance with the following provisions:

 

     

     

    

 

(a)               
Appointment Awards. Subject to Section 5.03 of the Plan, upon an Outside Director’s appointment to the Board,
such Outside Director automatically will be granted a Nonstatutory Stock Option to purchase shares of Company common stock (the
 “Shares”) having a grant date fair value of $320,000, rounded down to the nearest whole share (the “NSO
Appointment Award”). Subject to Section 5 below and Article XII of the Plan, 25% of each NSO Appointment Award will
vest on the one-year anniversary of the grant date, and the remaining Shares subject to the NSO Appointment Award shall vest on
an equal monthly basis over the following 36 months, provided that the Outside Director is in continuous service with the
Company or an Affiliate through the applicable vesting date. Each NSO Appointment Award will vest fully upon a Change in Control
(as defined in the Plan), in each case, provided that the Outside Director is in continuous service with the Company or
an Affiliate through the Change in Control.

 

(c)       Annual
Awards. Subject to Section 5.03 of the Plan, on the first business day after each Annual Meeting of the Company’s
stockholders (the “Annual Meeting”) beginning with the 2021 Annual Meeting, each Outside Director automatically
will be granted a Nonstatutory Stock Option to purchase Shares having a grant date fair value of $90,000, rounded down to the nearest
whole share (the “Annual NSO Award”); provided that the initial Annual NSO Award granted on or
after the Effective Date (for 2020) shall be made on September 9, 2020. Subject to Section 5 below and Article XII of the Plan,
25% of each Annual NSO Award will vest on the one-year anniversary of the grant date, and the remaining Shares subject to the Annual
NSO Award shall vest on an equal monthly basis over the following 36 months, provided that the Outside Director is in continuous
service with the Company or an Affiliate through the applicable vesting date. Each Annual NSO Award will vest fully upon a Change
in Control (as defined in the Plan), in each case, provided that the Outside Director is in continuous service with the
Company or an Affiliate through the Change in Control.

 

(d)       Individual
Limit. Notwithstanding anything in this Policy to the contrary, in no event will any Outside Director be granted one or more
Awards in any calendar year that exceed the maximum Award limitations applicable to Outside Directors set forth in the Plan.

 

(e)       Terms
Applicable to all Options Granted Under this Policy. The per Share exercise price for all other Options granted under this
Policy will be one hundred percent (100%) of the Fair Market Value on the grant date.

 

	 	3. 	Travel Expenses

 

Each Outside Director’s
reasonable, customary and documented travel expenses to Board meetings will be reimbursed by the Company.

 

	 	4. 	Additional Provisions

 

All provisions of the
Plan not inconsistent with this Policy will apply to Awards granted to Outside Directors.

 

	 	5. 	Adjustments

 

In the event that any
dividend or other distribution (whether in the form of cash, Shares, other securities or other property), recapitalization, stock
split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of
Shares or other securities of the Company or other change in the corporate structure of the Company affecting the Shares occurs,
the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available
under this Policy, will adjust the number of Shares issuable pursuant to Awards granted under this Policy.

 

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	 	6. 	Revisions

 

Each of the Board and
the Committee, in its discretion, may change and otherwise revise the terms of Awards granted under this Policy, including, without
limitation, the number of Shares subject thereto, for Awards of the same or different type granted on or after the date the Board
or the Committee determines to make any such change or revision.

 

    	 	3mcft-ex42_43.htm

EXHIBIT 4.2

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES

EXCHANGE ACT OF 1934

 

As of June 30, 2020, MasterCraft Boat Holdings, Inc. (the “Company,” “us,” “we,” or “our”) had one class of securities, our common stock, par value $0.01 per share, registered under Section 12 of the Securities Exchange Act of 1934, as amended. Our common stock is listed on the Nasdaq Global Market under the symbol “MCFT.”

The following summary does not purport to be complete and is subject to and qualified in its entirety by reference to the General Corporation Law of the State of Delaware (the “DGCL”), our Amended and Restated Certificate of Incorporation (“Charter”) and our Fourth Amended and Restated Bylaws (“Bylaws”), as each may be amended from time to time.

Common Stock

General. Our Charter authorizes the issuance of 100,000,000 shares of our common stock, par value $0.01 per share. As of September 4, 2020, there were 18,872,119 shares of our common stock issued and outstanding.

Voting rights.  Holders of shares of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. Except as otherwise provided in our Charter or as required by law, all matters to be voted on by our stockholders must be approved by a majority of the shares present in person or by proxy at the meeting and entitled to vote on the subject matter or by a written resolution of the stockholders representing the number of affirmative votes required for such matter at a meeting. In contested director elections, a plurality of the votes cast shall be sufficient to elect directors.

Dividend rights. Holders of shares of our common stock are entitled to receive dividends when and if declared by our board of directors out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock.

Other matters. Upon our dissolution or liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors, the holders of shares of our common stock will be entitled to receive pro rata our remaining assets available for distribution. Holders of shares of our common stock do not have preemptive, subscription, redemption, or conversion rights, no redemption or sinking fund provisions are applicable to our common stock. All outstanding shares of common stock are fully paid and nonassessable. The rights and privileges of holders of our common stock are subject to any series of preferred stock that we may issue in the future.

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Forum Selection

Our Charter provides that unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will, to the fullest extent permitted by applicable law, be the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf; (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers or other employees to us or our stockholders; (iii) any action asserting a claim against us, any director or our officers or employees arising pursuant to any provision of the DGCL, our Charter or our Bylaws; or (iv) any action asserting a claim against us, any director or our officers or employees that is governed by the internal affairs doctrine, except, as to each of clauses (i) through (iv) above, for any claim as to which the Court of Chancery determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, or for which the Court of Chancery does not have subject matter jurisdiction.

Anti-Takeover Provisions

Our Charter and Bylaws, as well as the DGCL, contain provisions that may delay, defer, or discourage another party from acquiring control of us. These provisions, which are summarized below, may discourage coercive takeover practices or inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors, which we believe may result in an improvement of the terms of any such acquisition in favor of our stockholders. However, they also give our board of directors the power to discourage acquisitions that some stockholders may favor.

Section 203 of the DGCL. We are subject to Section 203 of the DGCL. Subject to certain exceptions, Section 203 prevents a publicly held Delaware corporation from engaging in a “business combination” with any “interested stockholder” for three years following the date that the person became an interested stockholder, unless the interested stockholder attained such status with the approval of our board of directors or unless the business combination is approved in a prescribed manner. A “business combination” includes, among other things, a merger or consolidation involving us and the “interested stockholder” and the sale of more than 10% of our assets. In general, an “interested stockholder” is any entity or person beneficially owning 15% or more of our outstanding voting stock and any entity or person affiliated with or controlling or controlled by such entity or person. 

Authorized but Unissued Shares. The authorized but unissued shares of our common stock and our preferred stock are available for future issuance without stockholder approval, subject to any limitations imposed by the listing standards of The Nasdaq Global Market. These additional shares may be used for a variety of corporate finance transactions, acquisitions, and employee 

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benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could make more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger, or otherwise.

Stockholder Action by Written Consent. Our Charter and Bylaws provide that any action required or permitted to be taken by our stockholders at an annual meeting or special meeting of stockholders may only be taken if it is properly brought before such meeting and may be taken by written consent in lieu of a meeting only if the action to be effected by such written consent and the taking of such action by such written consent have been previously approved by the board of directors.

Special Meetings of Stockholders. Our Charter and Bylaws also provide that, except as otherwise required by law, special meetings of the stockholders may only be called by our board of directors.

Advance Notice Requirements for Stockholder Proposals and Director Nominations. In addition, our Bylaws provide for an advance notice procedure for stockholder proposals to be brought before an annual meeting of stockholders, including proposed nominations of candidates for election to our board of directors. In order for any matter to be “properly brought” before a meeting, a stockholder must comply with advance notice and duration of ownership requirements and provide us with certain information. Stockholders at an annual meeting may only consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our board of directors or by a qualified stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has delivered timely written notice in proper form to our secretary of the stockholder's intention to bring such business before the meeting. These provisions could have the effect of delaying stockholder actions that are favored by the holders of a majority of our outstanding voting securities until the next stockholder meeting.

Limitations on Liability and Indemnification of Officers and Directors

Our Charter and Bylaws provide indemnification for our directors and officers to the fullest extent permitted by the DGCL. In addition, as permitted by Delaware law, our Charter includes provisions that eliminate the personal liability of our directors for monetary damages resulting from breaches of certain fiduciary duties as a director. The effect of these provisions is to restrict our rights and the rights of our stockholders in derivative suits to recover monetary damages against a director for breach of fiduciary duties as a director, except that a director will be personally liable for:

	
 
	
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any breach of his duty of loyalty to us or our stockholders;

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acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;

	
 
	
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any transaction from which the director derived an improper personal benefit; or

	
 
	
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improper distributions to stockholders.

These provisions may be held not to be enforceable for violations of the federal securities laws of the United States.

Listing

Our common stock is listed on The Nasdaq Global Market under the symbol “MCFT.”

Transfer Agent and Registrar

The transfer agent and registrar for our common stock is American Stock Transfer & Trust Company, LLC.

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