Document:

EX-10.3

 Exhibit 10.3 

AMENDMENT TO FORWARD SHARE PURCHASE AGREEMENT 

This Amendment to Forward Share Purchase Agreement (this “Amendment”) is entered into as of December 13, 2019, by and
between Kaleyra, Inc. (f/k/a GigCapital, Inc.), a Delaware corporation (the “Company”), and Glazer Capital, LLC, a Delaware limited liability company, on behalf of its affiliated investment funds (“Glazer”). All
capitalized terms used herein and not defined shall have the meanings ascribed to them in the Purchase Agreement (as defined below). 

Recitals 
 WHEREAS,
the Company and Glazer desire to amend the Forward Stock Purchase Agreement (the “Purchase Agreement”), dated November 19, 2019, as provided below. 

NOW, THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained in this Amendment, and for
other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

Agreement 
 1.
Amendment to Purchase Agreement. 
  

	 	a.	 Section 4.c. of the Purchase Agreement is hereby amended and restated in its entirety as follows:

 “c. Open Market Sale. Notwithstanding anything to the contrary herein, the parties agree
that Glazer shall, commencing on the day after the Business Combination Closing Date, have the right but not the obligation to sell its Shares (including Additional Shares) in blocks of at least 25,000 Shares (the “Minimum Block Size
Condition”) in the open market if the sale price exceeds $8.50 per Share prior to payment of any commissions due by Glazer for the sale, or, without meeting the Minimum Block Size Condition, Glazer shall have the right but not the
obligation to sell any or all of its Shares (including any Additional Shares) in the open market if the sale price exceeds $10.50 per Share prior to payment of any commissions due by Glazer for such sale. Glazer shall give written notice to the
Company of any sale of Shares (including any Additional Shares) within three (3) Business Days following the date of such sale, and such notice shall include the date of the sale, the number of Shares sold, and confirmation that the sale price
per Share was greater than $10.50 per Share (or greater than $8.50 per Share provided that Glazer meets the Minimum Block Size Condition) prior to the payment of any commissions due by Glazer for the sale.” 

 

	 	b.	 Section 4.e. of the Purchase Agreement is hereby amended and restated in its entirety as follows:

 “e. Escrow. Simultaneously with the closing of the Business Combination, the Company shall
deposit into an escrow account (the “Escrow”) with Continental Stock Transfer & Trust Company (the “Escrow Agent”), subject to the terms of a written escrow agreement (the “Escrow
Agreement”) dated as of the date hereof in the form attached as Exhibit A hereto, an amount equal to $10,680,000 (or such lesser amount as is equal to $10.6819 multiplied by the number of Shares and Additional Shares held by Glazer at the
Business Combination Closing Date). Concurrently with the execution of the Escrow Agreement, the Company shall provide irrevocable written instructions to wire the Share Purchase Price to the Escrow at the closing of the Business Combination. The
payments to be made by the Company to Glazer in accordance with Section 1 will be made with funds from the Escrow. In the event that Glazer sells any Shares (including any Additional Shares) as provided in Section 4.c., it shall provide
notice to the Company within three (3) Business Days of such sale, and Glazer shall issue instructions to the 

 Escrow Agent to release from the Escrow (A) for Glazer’s use without restriction
an amount equal to (x) the number of Shares (including any Additional Shares) sold multiplied by (y) the amount by which $10.50 exceeds the sales price per Share (the “Sales Price Delta”), and (B) for the
Company’s use without restriction an amount equal to (x) the number of Shares (including any Additional Shares) sold multiplied by (y) $8.6819 plus the amount by which $2.00 exceeds the Sales Price Delta. In the event that Glazer elects
not to sell to the Company any Shares by delivering a Share Retention Notice pursuant to Section 1.a., Glazer shall issue instructions to the Escrow Agent to release from the Escrow the remaining funds held in the Escrow for the purchase of
such Shares for the Company’s use without restriction.” 
  

	 	c.	 Section 4.f. of the Purchase Agreement is hereby amended and restated in its entirety as follows:

 “f. Letter of Credit. Notwithstanding Section 4.e., the Company shall use its best
efforts to enter into a letter of credit agreement (the “Letter of Credit Agreement”) for the issuance of a standby letter of credit (the “Letter of Credit”) for the benefit of Glazer with Bank of America or another
letter of credit provider acceptable to Glazer (the “Issuing Bank”) as soon as practicable to replace the Escrow. If the Letter of Credit Agreement is entered into prior to or simultaneously with the closing of the Business Combination, in
lieu of depositing funds into the Escrow pursuant to Section 4.e., the Company shall deposit into a collateral account (the “Collateral Account”) with the Issuing Bank an amount equal to $10,680,000 (or such lesser amount as is
equal to $10.6819 multiplied by the number of Shares and Additional Shares held by Glazer at the Business Combination Closing Date), for purposes of securing the full and final payment and performance of the Company’s obligations under the
Letter of Credit Agreement. If the Letter of Credit Agreement is entered into after the Business Combination, Glazer shall issue instructions to the Escrow Agent to deposit the funds held in Escrow into the Collateral Account with the Issuing Bank
for purposes of securing the full and final payment and performance of the Company’s obligations under the Letter of Credit Agreement. Concurrently with the execution of the Letter of Credit Agreement, the Issuing Bank shall issue the Letter of
Credit for the benefit of Glazer in the amount of $10,680,000 (or such lesser amount as is equal to $10.6819 multiplied by the number of Shares and Additional Shares held by Glazer at the Business Combination Closing Date). Glazer shall drawdown
from the Letter of Credit to satisfy the payment due to Glazer pursuant to Section 1. In the event that Glazer sells any Shares (including any Additional Shares) as provided in Section 4.c., it shall provide notice to the Company within
three (3) Business Days of such sale, and Glazer shall issue instructions to the Issuing Bank to release from the Collateral Account (A) for Glazer’s use without restriction an amount equal to (x) the number of Shares (including
any Additional Shares) sold multiplied by (y) the Sales Price Delta, and (B) for the Company’s use without restriction an amount equal to (x) the number of Shares (including any Additional Shares) sold multiplied by (y) $8.6819
plus the amount by which $2.00 exceeds the Sales Price Delta, in each case, with a corresponding reduction in the amount of the Letter of Credit. In the event that Glazer elects not to sell to the Company any Shares pursuant to Section 1.a.,
Glazer shall deliver a Share Retention Notice to the Company and the Issuing Bank, and the Issuing Bank shall release all funds in the Collateral Account to the Company for the Company’s use without restriction and terminate the Letter of
Credit.” 
 2. Effect of Amendment. Except as specifically set forth in this Amendment, all the terms, conditions and
covenants set forth in the Purchase Agreement shall remain unmodified and in full force and effect and are ratified in all respects. 
 3.
General Provisions. 
 a. After the effective date of this Amendment, any reference to the Purchase Agreement shall mean the
Purchase Agreement as supplemented by this Amendment. Notwithstanding anything to the contrary in the Purchase Agreement, in the event of a conflict between the terms and conditions of this Amendment and those contained within the Purchase
Agreement, the terms and conditions of this Amendment shall prevail. 

  
 2 

 b. By signing below, each of the signatories hereto represent that they have the authority
to execute this Amendment and to bind the party on whose behalf this Amendment is executed. 
 c. This Amendment may be executed in two or
more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument. 

[Signature page follows] 

  
 3 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment to be effective as
of the date first set forth above. 
  

			
	GLAZER:
	
	Glazer Capital, LLC, on behalf of its affiliated funds
		
	By:	 	 /s/ Paul Glazer

	Name: Paul Glazer
	Title: President
	
	Address for Notices:
	
	250 W 55th Street
	Suite 30A
	New York, NY, 10019
	
	COMPANY:
	
	Kaleyra, Inc.
		
	By:	 	 /s/ Dario Calogero

	Name: Dario Calogero
	Title: Chief Executive Officer and President

 [Signature Page to Amendment to Forward Purchase Agreement]metc_Ex10_1

		
			Exhibit 10.1
		

		
			 
		

		
			RAMACO RESOURCES, INC.
		

		
			LONG-TERM INCENTIVE PLAN
		

		
			 
		

		
			AMENDMENT TO RESTRICTED STOCK AWARD AGREEMENTS
		

		
			 
		

		
			THIS AMENDMENT (this “Amendment”), made and entered into as of the 10th day of December, 2019, by and between Ramaco Resources, Inc., a Delaware corporation (“Ramaco”), and Christopher L. Blanchard, an employee or other individual providing services to Ramaco or one of its Affiliates (“Participant”).
		

		
			WHEREAS, effective as of January 31, 2018,  Ramaco entered into two separate Restricted Stock Award Agreements (the “2018 Agreements”) with Participant pursuant to Ramaco’s Long-Term Incentive Plan (the “Plan”);
		

		
			WHEREAS, effective as of January 29, 2019,  Ramaco entered into a Restricted Stock Award Agreement (the “2019 Agreement” and together with the 2018 Agreements, the “Agreements”) with Participant pursuant to the Plan;
		

		
			WHEREAS, pursuant to the 2018 Agreements, Participant received 37,313 shares of Common Stock on January 31, 2018 (the “First 2018 Grant”), with a vesting date of December 31, 2019, and 40,423 shares of Common Stock on January 31, 2018 (the “Second 2018 Grant”), with a vesting date of December 31, 2020;
		

		
			WHEREAS, pursuant to the 2019 Agreement, Participant received 95,980 shares of Common Stock on January 29, 2019 (the “2019 Grant”), with a vesting date of December 31, 2021;
		

		
			WHEREAS, the Committee and the Participant desire to amend the Agreements to (i) issue additional restricted stock awards, which shall be a number of shares equal to 5% of the First 2018 Grant,  with a vesting date of June 30, 2020,  (ii) revise the vesting date of the Second 2018 Grant to June 30, 2021,  and (iii) revise the vesting date of the 2019 Grant to June 30, 2022;
		

		
			WHEREAS, pursuant to Section 10 of the Plan,  the Committee, acting under the Plan, may amend, alter, suspend, discontinue or terminate any such Agreement, provided that the Committee obtain consent of the Participant if such amendment may materially and adversely affect the rights of such Participant under the Agreements; and
		

		
			WHEREAS, the Committee and the Participant now desire to amend the Agreements to (i) issue additional restricted stock awards, which shall be a number of shares equal to 5% of the First 2018 Grant, with a vesting date of June 30, 2020, (ii) revise the vesting date of the Second 2018 Grant to June 30, 2021, and (iv) revise the vesting date of the 2019 Grant to June 30, 2022.
		

		
			NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements contained herein, the receipt and sufficiency of which are hereby acknowledged, Ramaco and the Participant hereby agree as follows:
		

		
			1.         Certain Definitions.  Capitalized terms used in this Amendment and not otherwise defined shall have the respective meanings assigned to such terms in the Agreements or the Plan.
		

		
			
		

		
			

		 

		

		
			2.         Amendments.
		

		
			(a)        As of the date hereof, Section 2 of the First 2018  Agreement is hereby deleted in its entirety and replaced with the following:
		

		
			“Restricted Stock Awards.
		

		
			(a)        On the terms and conditions and subject to the restrictions, including forfeiture, hereinafter set forth, Ramaco hereby awards to Participant, and Participant hereby accepts, a restricted stock award (the “Primary Award”) of 37,313 shares (the “Primary Restricted Shares”) of Common Stock.  The Primary Award is made on the 31st day of January, 2018 (the “Primary Grant Date”).  A certificate representing the Primary Restricted Shares shall be issued in the name of Participant (or, at the option of Ramaco, in the name of a nominee of Ramaco) as of the Primary Grant Date and delivered to Participant on the Primary Grant Date or as soon thereafter as practicable.  Participant shall cause the certificate representing the Primary Restricted Shares, upon receipt thereof by Participant, to be deposited, together with stock powers and any other instrument of transfer reasonably requested by Ramaco duly endorsed in blank, with Ramaco, to be held by Ramaco in escrow for Participant’s benefit until such time as the Primary Restricted Shares represented by such certificate are either forfeited by Participant to Ramaco or the restrictions thereon terminate as set forth in this Agreement.
		

		
			(b)        On the terms and conditions and subject to the restrictions, including forfeiture, hereinafter set forth, Ramaco hereby awards to Participant, and Participant hereby accepts, a restricted stock award (the “Secondary Award” and together with the Primary Award, the “Award”) of 1,866 shares (the “Secondary Restricted Shares” and together with the Primary Restricted Shares, the “Restricted Shares”) of Common Stock.  The Secondary Award is made on the 10th day of December, 2019 (the “Secondary Grant Date”). A certificate representing the Secondary Restricted Shares shall be issued in the name of Participant (or, at the option of Ramaco, in the name of a nominee of Ramaco) as of the Secondary Grant Date and delivered to Participant on the Secondary Grant Date or as soon thereafter as practicable. Participant shall cause the certificate representing the Secondary Restricted Shares, upon receipt thereof by Participant, to be deposited, together with stock powers and any other instrument of transfer reasonably requested by Ramaco duly endorsed in blank, with Ramaco, to be held by Ramaco in escrow for Participant’s benefit until such time as the Secondary Restricted Shares represented by such certificate are either forfeited by Participant to Ramaco or the restrictions thereon terminate as set forth in this Agreement.”
		

		
			(b)        As of the date hereof, the first sentence of Section 3 of the First 2018  Agreement is hereby deleted in its entirety and replaced by the following:
		

		
			“The Restricted Shares shall be subject to a restricted period (the “Restricted Period”) that shall commence on the Primary Grant Date or the Secondary Grant Date, as applicable, and shall end on June 30, 2020 (the “Vesting Date”).”
		

		
			
		

		
			

		 

		

		
			(c)        As of the date hereof, Section 6(a) of the First 2018  Agreement is hereby deleted in its entirety and replaced by the following:
		

		
			“(a)      Pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended (a “Section 83(b) Election”), Participant may elect, within 30 days of the Primary Grant Date or the Secondary Grant Date, as applicable, and on notice to Ramaco, to realize income for federal income tax purposes equal to the fair market value of the Primary Restricted Shares or the Secondary Restricted Shares, as applicable, on the Primary Grant Date or the Secondary Grant Date, respectively.  In the event of a Section 83(b) Election, Participant shall make arrangements satisfactory to Ramaco or the appropriate Affiliate to pay in the calendar year that includes the Primary Grant Date or the Secondary Grant Date, as applicable, any federal, state or local taxes required to be withheld with respect to such shares. For the avoidance of doubt, if a  Participant did not make a Section 83(b) Election with respect the Primary Restricted Shares within 30 days following the Primary Grant Date, Participant may not make a Section 83(b) Election with respect to the Primary Restricted Shares.”
		

		
			(d)        As of the date hereof, the first sentence of Section 3 of the Second 2018 Agreement is hereby deleted in its entirety and replaced by the following:
		

		
			“The Restricted Shares shall be subject to a restricted period (the “Restricted Period”) that shall commence on the Grant Date and shall end on June 30, 2021 (the “Vesting Date”).”
		

		
			(e)        As of the date hereof, the first sentence of Section 3 of the 2019 Agreement is hereby deleted in its entirety and replaced by the following:
		

		
			“The Restricted Shares shall be subject to a restricted period (the “Restricted Period”) that shall commence on the Grant Date and shall end on June 30, 2022 (the “Vesting Date”).”
		

		
			3.         Continuation of the Agreement.  Except as otherwise expressly set forth in this Amendment, all other terms and conditions of the Agreements remain in full force and effect without modification.
		

		
			4.         Governing Law; Exclusive Forum; Consent to Jurisdiction.  This Amendment shall be governed by the laws of the State of Delaware except for its laws with respect to conflict of laws.  The exclusive forum for any lawsuit arising from or related to this Amendment shall be a state or federal court in Fayette County, Kentucky.  This provision does not prevent Ramaco from removing to an appropriate federal court any action brought in state court.  PARTICIPANT HEREBY CONSENTS TO, AND WAIVES ANY OBJECTIONS TO, REMOVAL TO FEDERAL COURT BY RAMACO OF ANY ACTION BROUGHT AGAINST IT BY PARTICIPANT.
		

		
			5.         Counterparts; Effect of Signatures.  This Amendment may be executed in one or more counterparts (including by facsimile or portable document format (pdf)) for the convenience
		

		
			
		

		
			

		 

		

		
			of the parties hereto, each of which will be deemed an original, but all of which together will constitute one and the same instrument.
		

		
			[Signature Page Follows.]
		

		
			 
		

		
			 
		

		
			

		 

		

		
			 
		

		
			IN WITNESS WHEREOF, Ramaco and Participant have executed this Agreement as of the date first written above.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						RAMACO:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						RAMACO RESOURCES, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Randall W. Atkins, Executive Chairman

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PARTICIPANT:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Participant Name: Christopher L. Blanchard

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		 

		

			Signature Page to Amendment to Restricted Stock Award Agreements

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