Document:

cswc_Ex10_3

		
			Exhibit 10.3
		

		
			THIRD AMENDMENT TO THE
		

		
			CAPITAL SOUTHWEST CORPORATION
		

		
			2010 RESTRICTED STOCK AWARD PLAN
		

		
			WHEREAS, Capital Southwest Corporation (the “Company”) previously adopted the Capital Southwest Corporation 2010 Restricted Stock Award Plan (as previously amended, the “2010 Plan”);
		

		
			WHEREAS, on August 22, 2017 the Company received an exemptive order from the U.S. Securities and Exchange Commission that allows it to withhold shares of its common stock from a 2010 Plan participant to satisfy tax withholding obligations related to the vesting of restricted stock pursuant to the 2010 Plan;  
		

		
			WHEREAS, Section 14 of the 2010 Plan provides that the Board of Directors of the Company (the “Board”), may, subject to certain limitations, amend the 2010 Plan; and
		

		
			WHEREAS, the Board has determined that it is in the best interests of the Company to amend the 2010 Plan, effective as of the date of the exemptive order, as provided below.
		

		
			NOW, THEREFORE, the 2010 Plan is hereby amended as follows:
		

		
			1. Section 2(q) of the 2010 Plan is deleted in its entirety and replaced with the following:
		

		
			(q) “Fair Market Value” on any date means the closing sales price of the Common Stock on the Nasdaq Global Select Market (or any other such exchange on which the Common Stock may be traded in the future) on the date of determination. 
		

		
			 
		

		
			Whenever possible, the determination of Fair Market Value by the Committee shall be based on the prices reported in The Wall Street Journal.  The Committee’s determination of Fair Market Value shall be conclusive and binding on all persons.
		

		
			 
		

		
			2. Section 2(z) of the 2010 Plan is deleted in its entirety and replaced with the following:
		

		
			(z) “Subsidiary” means Capital Southwest Management Company.
		

		
			 
		

		
			3. Section 13 of the 2010 Plan is deleted in its entirety and replaced with the following:
		

		
			13. TAX WITHHOLDING
		

		
			 
		

		
			The Company’s obligation to make cash payments pursuant to a Restricted Stock Award or deliver Shares, or any other event with respect to rights and benefits hereunder, shall be subject to the Participant’s satisfaction of all applicable federal, state and local income and employment tax withholding obligations. To the extent that the Company is required to withhold any federal, state or local income and employment taxes in respect of any compensation income realized by the Participant in respect of Shares acquired pursuant to a Restricted Stock Award, or in respect of any Shares becoming vested, then the Company shall deduct from any payments of 

		 

 

any kind otherwise due to such Participant the aggregate amount of such federal, state or local income and employment taxes required to be so withheld. If no such payments are due or become due to such Participant, or if such payments are insufficient to satisfy such federal, state or local income or employment taxes, then such Participant will be required to pay to the Company, or make other arrangements satisfactory to the Company regarding payment to the Company of, the aggregate amount of any such taxes. The Committee, in its discretion, may permit the Participant to satisfy the obligation, in whole or in part, by irrevocably electing to have the Company withhold Shares, or to deliver to the Company Shares that he or she already owns, having a value equal to the amount required to be withheld. The value of the Shares to be withheld, or delivered to the Company, shall be based on the Fair Market Value of Shares on the date the amount of tax to be withheld is determined. As an alternative, the Company may retain, or sell without notice, a number of such Shares sufficient to cover the amount required to be withheld.
		

		
			 
		

		
			4. The amendments set forth above shall be effective as of August 22, 2017.
		

		
			5. The 2010 Plan, as amended hereby, shall continue in full force and effect.
		

		
			IN WITNESS WHEREOF, the Company has caused this Third Amendment to the 2010 Plan to be executed by its duly authorized officer, on this 7th day of November, 2017.
		

			
					
						    

					
					
						

					
						 

				
	
					
						 

					
					
						CAPITAL SOUTHWEST CORPORATION

					
						By: /s/ Michael S. Sarner

				
	
					
						 

					
					
						Name: Michael S. Sarner

				
	
					
						 

					
					
						Title: Chief Financial Officer, Secretary and Treasurercswc_Ex10_4

		
			Exhibit 10.4
		

		
			 
		

		
			THIRD AMENDMENT TO THE
		

		
			CAPITAL SOUTHWEST CORPORATION
		

		
			2009 stock incentive plan
		

		
			WHEREAS, Capital Southwest Corporation (the “Company”) previously adopted the Capital Southwest Corporation 2009 Stock Incentive Plan (as previously amended, the “2009 Plan”);
		

		
			WHEREAS, on August 22, 2017 the Company received an exemptive order from the U.S. Securities and Exchange Commission that allows the Company to withhold shares of its common stock to satisfy the exercise of options to purchase shares of the Company’s common stock that were granted pursuant to the 2009 Plan;
		

		
			WHEREAS, Section 18 of the 2009 Plan provides that the Board of Directors of the Company (the “Board”), may, subject to certain limitations, amend the 2009 Plan; and
		

		
			WHEREAS, the Board has determined that it is in the best interests of the Company to amend the 2009 Plan, effective as of the date of the exemptive order, as provided below.
		

		
			NOW, THEREFORE, the 2009 Plan is hereby amended as follows:
		

		
			1. Section 2(r) of the 2009 Plan is deleted in its entirety and replaced with the following:
		

		
			(r) “Fair Market Value” on any date means the closing sales price of the Common Stock on the Nasdaq Global Select Market (or any other such exchange on which the Common Stock may be traded in the future) on the date of determination. 
		

		
			 
		

		
			Whenever possible, the determination of Fair Market Value by the Committee shall be based on the prices reported in The Wall Street Journal. The Committee’s determination of Fair Market Value shall be conclusive and binding on all persons.
		

		
			 
		

		
			2. Section 5(c)(ii)B of the 2009 Plan is deleted in its entirety and replaced with the following:
		

		
			B.Shares withheld by, or otherwise remitted (either by actual delivery, attestation, or net exercise) to satisfy a Participant’s tax withholding obligations upon the lapse of restrictions on a Restricted Stock, the exercise of Options granted under the Plan or upon any other payment or issuance of Shares under the Plan.
		

		
			 
		

		
			3. Section 9 of the 2009 Plan is deleted in its entirety and replaced with the following:
		

		
			9. METHOD OF EXERCISE OF OPTIONS
		

		
			 
		

		
			Subject to any applicable Award Agreement, any Option may be exercised by the Participant in whole or in part at such time or times, and the Participant may make payment of the Exercise Price in such form or forms, including, without limitation, payment by delivery of cash or Common Stock owned by the Participant for more 

		 

 

than six months having a Fair Market Value on the exercise date equal to the total Exercise Price, or by any combination of cash and Shares, including (except with respect to any Incentive Stock Options) by delivery of a notice of “net exercise” to or as directed by the Company, as a result of which the Participant will receive (i) the number of Shares underlying the portion of the Option exercised less (ii) such number of Shares as is equal to (X) the aggregate Exercise Price for the portion of the Option being exercised divided by (Y) the Fair Market Value on the date of exercise. The Participant may deliver shares of Common Stock either by attestation or by the delivery of a certificate or certificates for shares duly endorsed for transfer to the Company.
		

		
			 
		

		
			4. The amendments set forth above shall be effective as of August 22, 2017.
		

		
			5. The 2009 Plan, as amended hereby, shall continue in full force and effect.
		

		
			IN WITNESS WHEREOF, the Company has caused this Third Amendment to the 2009 Plan to be executed by its duly authorized officer on this 7th day of November 2017.
		

			
					
						 

					
					
						

					
						 

				
	
					
						 

					
					
						CAPITAL SOUTHWEST CORPORATION

					
						By: /s/ Michael S. Sarner

				
	
					
						 

					
					
						Name: Michael S. Sarner

				
	
					
						 

					
					
						Title: Chief Financial Officer, Secretary and TreasurerExhibit

EXHIBIT 10.4

CONFIDENTIAL

AMENDMENT NO. 1 TO LICENSE AGREEMENT
This Amendment No 1 (“Amendment”) to the License Agreement (as defined below) dated as of August 3, 2017 (the “Amendment Date”), is entered into by and between “上海斯丹赛生物ï技术有限公司” (Innovative Cellular Therapeutics CO., LTD.), a corporation organized and existing under the laws of China (“ICT”), and Vericel Corporation, a corporation organized and existing under the laws of the State of Michigan (“Vericel”).  Terms used, but not defined, herein shall have the meaning ascribed to them in the License Agreement. 
RECITALS
WHEREAS, Vericel and ICT are parties to that certain License Agreement, dated as of May 9, 2017 (the “License Agreement”); and
WHEREAS, the Parties desire to amend the License Agreement on the terms and subject to the conditions set forth herein, with this Amendment becoming effective on August 7, 2017 at 4:00 pm Eastern Daylight Time (the “Effective Time”) if the Upfront Payment is not received by Vericel from ICT at or before the Effective Time (the “Nonpayment Condition”).
NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
		
	1.
	AMENDMENTS

1.1     Section 12.2.4 of the License Agreement is hereby deleted in its entirety and replaced with the following:

12.2.4  Termination of Agreement for Failure to Pay Upfront Payment.  ICT shall use its commercially reasonable efforts to pay the Upfront Payment within sixty (60) days after the Effective Date.  In the event the default of its timely payment is caused by the related regulatory approval process, ICT shall immediately notify Vericel by a written notice and ICT will be granted a grace period of sixty (60) days after Vericel’s receipt of such notice to fulfill ICT’s payment obligation with regards to Upfront Payment.  Subject to Section 13.12, Vericel shall have the right to terminate this Agreement in its entirety, immediately upon written notice to ICT, if ICT fails to pay the Upfront Payment within such sixty (60) day grace period, provided that Vericel’s right to terminate this Agreement under this Section 12.2.4 shall expire on the earlier of (a) the date that is one hundred twenty (120) days after the Effective Date or (b) the Upfront Payment Receipt Date.
		
	2.
	MISCELLANEOUS

2.1      This Amendment shall become effective at the Effective Time if, and only if, the Nonpayment Condition has occurred.

2.2      Except to the extent modified herein, the terms and conditions of the License Agreement shall remain in full force and effect.

2.3     This Amendment shall be governed by and construed in accordance with the laws of the State of New York, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Amendment to the substantive law of another jurisdiction. 

2.4      This Amendment may be executed in two or more counterparts, including by facsimile or PDF signature pages, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the Parties have executed this Amendment No. 1 to the License Agreement as of the Amendment Date.
	
		
	Innovative Cellular Therapeutics Co., Ltd.
	Vericel Corporation

	BY:____/s/Lei Xiao____________________
NAME: __Lei Xiao____________________
TITLE: __Chairman___________________
	BY:___/s/Dominick Colangelo___________
NAME: _Dominick Colangelo___________
TITLE: _Chief Executive Officer_________

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