Document:

EX-10.21

   

  Exhibit 10.21

  2022 Executive Incentive Bonus Plan 

  1.Purpose

  This 2022 Executive Incentive Bonus Plan (the “Plan”) is intended to provide an incentive for superior work and to motivate eligible executives of TechTarget, Inc. (the “Company”) toward even higher achievement and business results, to tie their goals and interests to those of the Company and its stockholders and to enable the Company to attract and retain highly qualified executives. The Plan is for the benefit of Covered Executives (as defined below).

    

  2.Covered Executives

   	From time to time, the Compensation Committee of the Board of Directors of the Company (the “Committee”) may select certain key executives (the “Covered Executives”) to be eligible to receive bonuses hereunder.

    

  3.Administration

  The Committee shall have the sole discretion and authority to administer and interpret the Plan. The specific goals and targets under of the Plan for each performance period shall be determined by the Committee and, once approved, filed with the minutes of the Committee.

    

  4.Bonus Determinations 

   

  (a) A Covered Executive may receive a bonus payment under the Plan based upon the attainment of performance targets which are established by the Committee and relate to financial and operational metrics with respect to the Company or any of its subsidiaries (the “Performance Goals”), including the following: earnings per share, revenues, EBITDA, Adjusted EBITDA (defined as EBITDA further adjusted for stock-based compensation expense), percentage of revenue under longer-term contract, or such other metrics as the Committee may determine. For 2022, payment of a bonus pursuant to the Plan will be based 1/3 on attainment of a Revenue, Adjusted EBITDA, and Percentage of Revenue under Longer-Term Contract (“Longer-Term Contracts Goal”) target, respectively, as defined and approved by the Committee.

    

  (b) Except as otherwise set forth in this Section 4(b): (i) any bonuses paid to Covered Executives under the Plan shall be based upon objectively determinable bonus formulas that tie such bonuses to one or more performance targets relating to the Performance Goals, (ii) bonus formulas for Covered Executives shall be adopted in each performance period by the Committee and communicated to each Covered Executive at the beginning of each bonus period and (iii) no bonuses shall be paid to Covered Executives unless and until the Committee makes a determination with respect to the attainment of the performance objectives. Notwithstanding the foregoing, the Company may adjust bonuses payable under the Plan based on achievement of individual performance goals or pay bonuses (including, without limitation, discretionary bonuses) to Covered Executives under the Plan based upon such other terms and conditions as the Committee may in its discretion determine.

    

  2022 Executive Incentive Bonus Plan	1

  

   

  (c) Each Covered Executive shall have a targeted bonus opportunity for each performance period. The maximum bonus payable to a Covered Executive under the Plan shall be established by the Committee for the applicable performance period.

    

  (d) The payment of a bonus to a Covered Executive with respect to a performance period shall be conditioned upon the Covered Executive’s employment by the Company on the last day of the performance period; provided, however, that the Committee may make exceptions to this requirement, in its sole discretion, including, without limitation, in the case of a Covered Executive’s termination of employment, retirement, death or disability and as required under the terms of any applicable agreement with a Covered Executive.

  (e) In order for the Covered Executives to earn a bonus with respect to the Revenue or Adjusted EBITDA targets, the minimum threshold of 90% of the Adjusted EBITDA and/or Revenue bonus target for the subject quarter must be achieved. If the applicable 90% threshold is achieved, the Covered Executives will earn 50% of the targeted bonus amount at 90% of the threshold with respect to each metric. The Covered Executives will earn an additional 5% of that metric’s allocation for their targeted bonus amount for each additional 1% of the Adjusted EBITDA and Revenue bonus target achieved over 90% until 100% of the Adjusted EBITDA and Revenue bonus target is achieved. In the event that Adjusted EBITDA for the full fiscal year 2022 is greater than 100% of the aggregate amount of the Covered Executive’s target bonus amount, then that portion of the bonus payable in excess of the targeted bonus amount will be payable in common stock of the Company.

  (f) In order for the Covered Executives to earn a bonus with respect to the Longer-Term Contracts Goal, the Covered Executives must increase the Longer-Term Contracts Goal base (as determined by the Committee). For each increase of the difference between the Longer-Term Contracts Goal base and the Longer-Term Contracts Goal, Covered Executives will earn 5% of that metric’s allocation for their targeted bonus amount until 100% of the Longer-Term Contracts Goal is achieved. In the event that the Longer-Term Contracts Goal is exceeded, as measured as of the fourth quarter of fiscal year 2022, then for each tenth of 1% above the Longer-Term Contracts Goal each Covered Executive will earn an additional 5% to their target bonus amount for the Longer-Term Contracts Goal. The portion of the bonus payable in excess of the targeted bonus amount will be payable in common stock of the Company.

    

  5.Timing of Payment

   

  	The Performance Goals will be measured at the end of each fiscal year after the Company’s financial reports have been published. If the Performance Goals are met, payments will be made within 60 days thereafter, but not later than March 15.

   

  6.Amendment and Termination 

   

  The Company reserves the right to amend or terminate the Plan at any time in its sole discretion.

  2022 Executive Incentive Bonus Plan	2EX-10.23

   

  Exhibit 10.23

   

  CONSENT AND FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT

  This Consent and First Amendment to Loan and Security Agreement (this “Amendment”) is entered into this 7th day of December, 2021, by and among (i) WESTERN ALLIANCE BANK, an Arizona corporation (“Bank”), as administrative agent and collateral agent for the Lenders (in such capacities, the “Administrative Agent”), (ii) Bank, as a Lender, and (iii) TECHTARGET, INC., a Delaware corporation, (“Borrower”) whose address is 275 Grove Street, Newton, Massachusetts 02466.

  Recitals

  A.	Among other indebtedness which may be owing by Borrower to Lenders, Borrower is indebted to Lenders pursuant to, among other documents, that certain Loan and Security Agreement, dated as of October 29, 2021 by and among Borrower, Administrative Agent and the Lenders party thereto (as may be amended, modified, supplemented, or restated from time to time, the “Loan and Security Agreement”).  Hereinafter, all indebtedness owing by Borrower to Lenders shall be referred to as the “Indebtedness” and the Loan and Security Agreement and any and all other documents executed by Borrower in favor of Administrative Agent for the ratable benefit of the Lenders and Administrative Agent, shall be referred to as the “Existing Documents.”

  B.	Borrower has informed Administrative Agent and Lenders that Borrower has prepared a certain Offering Memorandum to be dated on or about December 7, 2021 (the “Offering Memorandum”) pursuant to which the Borrower (i) will offer to issue and sell (the “2021 Offering”) up to $415,000,000.00 aggregate principal amount of convertible senior notes due 2026 (the “2026 Notes”), and (ii) has indicated an intention to repurchase up to $161,000,000.00 aggregate principal amount of its existing 0.125% convertible senior notes due 2025 (the “Repurchase”, and collectively with the 2021 Offering, the “2021 Transactions”).

  C.	Borrower has requested that the Administrative Agent and the Lenders amend the Loan and Security Agreement to (i) consent to the 2021 Transactions, and (ii) make certain other revisions to the Loan and Security Agreement as more fully set forth herein.

  D.	Administrative Agent and Lenders have agreed to (i) consent to the 2021 Transactions, and (ii) so amend the Loan and Security Agreement, subject to the conditions and in reliance upon the representations and warranties set forth below.

  Agreement

  Now, Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

  1.DEFINITIONS.  Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan and Security Agreement.

  2.CONSENT.  Administrative Agent and Lenders hereby consent to the 2021 Transactions, and such 2021 Transactions shall not, in and of themselves, constitute a “Default” or an “Event of Default” 

   

  

   

  under Section 7.4 of the Loan Agreement (relative to indebtedness).  The consent provided for herein is a one-time consent relating only to the 2021 Transactions, and shall not be deemed to constitute an agreement by Administrative Agent and Lenders to any future consent or waiver of the terms and conditions of the Loan Agreement.

  3.MODIFICATIONS TO LOAN AND SECURITY AGREEMENT.

  a.Section 1.1 (Definitions).  The following new defined terms and their respective definitions are hereby inserted alphabetically in Section 1.1 (Definitions) of the Loan and Security Agreement:

  “           “2025 Notes” means the 0.125% Convertible Senior Notes due 2025 issued by the Borrower.”

  “            “2026 Notes” means the Convertible Senior Notes due 2026 to be issued by the Borrower.”

  b.Section 1.1 (Definitions).  The definition of “Notes” in Section 1.1 the Loan and Security Agreement is amended in its entirety and replaced with the following:

  “            “Notes” means, collectively, (i) the 2025 Notes and (ii) the 2026 Notes.”

  4.LIMITATION OF AMENDMENTS.

  a.The amendments set forth in Section 3 above are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Administrative Agent or Lenders may now have or may have in the future under or in connection with any Loan Document.

  b.This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.

  5.CONSISTENT CHANGES.  The Existing Documents are each hereby amended wherever necessary to reflect the changes described above.

  6.CONTINUING VALIDITY.  Borrower understands and agrees that in modifying the existing Indebtedness, Administrative Agent and Lenders are relying upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Documents.  Except as expressly modified pursuant to this Amendment, the terms of the Existing Documents remain unchanged and in full force and effect.  Administrative Agent’s and Lenders’ agreement to modifications to the existing Indebtedness pursuant to this Amendment in no way shall obligate Administrative Agent or Lenders to make any future modifications to the Indebtedness.  Nothing in this Amendment shall constitute a satisfaction of the Indebtedness.  It is the intention of Administrative Agents, Lenders and Borrower to retain as liable parties all makers and endorsers of Existing Documents, unless the party is expressly released by Administrative Agent and Lenders in writing.  No maker, endorser, or guarantor will be released by virtue of this 

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  Amendment.  The terms of this paragraph apply not only to this Amendment, but also to any subsequent loan and security modification agreements.

  7.RATIFICATION OF STOCK PLEDGE AGREEMENT.  Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Stock Pledge Agreement dated as of October 29, 2021 between Borrower and Administrative Agent, and acknowledges, confirms and agrees that said Stock Pledge Agreement shall remain in full force and effect.

  8.RATIFICATION OF INTELLECTUAL PROPERTY SECURITY AGREEMENT.  Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Intellectual Property Security Agreement dated as of October 29, 2021 between Borrower and Administrative Agent, and acknowledges, confirms and agrees that said Stock Pledge Agreement shall remain in full force and effect.

  9.[RESERVED].

  10.CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; REFERENCE PROVISION.  This Amendment constitutes a “Loan Document” as defined and set forth in the Loan and Security Agreement, and is subject to Section 11 of the Loan and Security Agreement, which is incorporated by reference herein.

  11.PAYMENT OF ADMINISTRATIVE AGENT EXPENSES.  Borrower agrees to promptly pay all Administrative Agent Expenses incurred by Administrative Agent in connection with this Amendment.

  12.NOTICE OF FINAL AGREEMENT.  BY SIGNING THIS DOCUMENT EACH PARTY REPRESENTS AND AGREES THAT: (A) THIS WRITTEN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES, (B) THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES, AND (C) THIS WRITTEN AGREEMENT MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR UNDERSTANDINGS OF THE PARTIES.

  13.EFFECTIVENESS.  This Amendment shall be deemed effective upon (a) the due execution and delivery to Administrative Agent of this Amendment by each party hereto, (b) Borrower’s payment to Administrative Agent of Administrative Agent’s legal fees and expenses incurred in connection with this Amendment, and (c) the Borrower’s announcement of the 2021 Offering.  This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

  [Signature page follows.]

   

   

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  In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.

   

  		
	ADMINISTRATIVE AGENT 
 
 
WESTERN ALLIANCE BANK, AN ARIZONA CORPORATION
 
 
By:  /s/ Christian Perkins
 
Name:  Christian Perkins
 
Title:  Senior Director
	BORROWER
 
TECHTARGET, INC.
 
 
 
By:  /s/ Daniel T. Noreck
 
Name:  Daniel T. Noreck
 
Title:  Chief Financial Officer

   

   

  LENDER:

   

   

  WESTERN ALLIANCE BANK, AN 
ARIZONA CORPORATION

  By:  /s/ Christian Perkins	

  Name:  Christian Perkins

  Title:  Senior Director

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