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UNITED STATES |
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SECURITIES AND EXCHANGE COMMISSION |
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Washington, D.C. 20549 |
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SCHEDULE 13D |
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Under the Securities Exchange Act of 1934
(Amendment No. 1)*
(Name of Issuer)
Common Stock, par value $.01 per share
(Title of Class of Securities)
(CUSIP Number)
Ernest C. Mysogland
Spear Point Capital Management LLC
400 Poydras Street, Suite 2100
New Orleans, LA 70130
(203) 221-2641
FiveT Capital AG
Allmendstrasse 140
8041 Zurich, Switzerland
+41 43 3222510
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 88368Q103 |
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1. |
Names of Reporting Persons Spear Point Capital Management LLC |
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2. |
Check the Appropriate Box if a Member of a Group (See Instructions) |
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(a) |
x |
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(b) |
o |
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3. |
SEC Use Only |
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4. |
Source of Funds (See Instructions) N/A |
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5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o |
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6. |
Citizenship or Place of Organization Delaware |
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Number of Shares Beneficially Owned by Each Reporting Person With |
7. |
Sole Voting Power 0 |
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8. |
Shared Voting Power 1,740,384 |
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9. |
Sole Dispositive Power 0 |
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10. |
Shared Dispositive Power 1,740,384 |
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11. |
Aggregate Amount Beneficially Owned by Each Reporting Person 1,740,384 |
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12. |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) x |
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13. |
Percent of Class Represented by Amount in Row (11) 4.94% |
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14. |
Type of Reporting Person (See Instructions) OO |
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CUSIP No. 88368Q103 |
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1. |
Names of Reporting Persons Spear Point Capital Fund LP |
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2. |
Check the Appropriate Box if a Member of a Group (See Instructions) |
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(a) |
x |
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(b) |
o |
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3. |
SEC Use Only |
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4. |
Source of Funds (See Instructions) WC |
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5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o |
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6. |
Citizenship or Place of Organization Delaware |
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Number of Shares Beneficially Owned by Each Reporting Person With |
7. |
Sole Voting Power 572,582 |
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8. |
Shared Voting Power 0 |
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9. |
Sole Dispositive Power 572,582 |
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10. |
Shared Dispositive Power 0 |
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11. |
Aggregate Amount Beneficially Owned by Each Reporting Person 572,582 |
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12. |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) x |
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13. |
Percent of Class Represented by Amount in Row (11) 1.63% |
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14. |
Type of Reporting Person (See Instructions) PN |
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CUSIP No. 88368Q103 |
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1. |
Names of Reporting Persons Spear Point Condor LP |
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2. |
Check the Appropriate Box if a Member of a Group (See Instructions) |
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(a) |
x |
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(b) |
o |
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3. |
SEC Use Only |
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4. |
Source of Funds (See Instructions) WC |
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5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o |
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6. |
Citizenship or Place of Organization Delaware |
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Number of Shares Beneficially Owned by Each Reporting Person With |
7. |
Sole Voting Power 1,167,802 |
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8. |
Shared Voting Power 0 |
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9. |
Sole Dispositive Power 1,167,802 |
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10. |
Shared Dispositive Power 0 |
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11. |
Aggregate Amount Beneficially Owned by Each Reporting Person 1,167,802 |
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12. |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) x |
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13. |
Percent of Class Represented by Amount in Row (11) 3.31% |
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14. |
Type of Reporting Person (See Instructions) PN |
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CUSIP No. 88368Q103 |
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1. |
Names of Reporting Persons Spear Point Capital Partners LLC |
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2. |
Check the Appropriate Box if a Member of a Group (See Instructions) |
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(a) |
x |
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(b) |
o |
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3. |
SEC Use Only |
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4. |
Source of Funds (See Instructions) N/A |
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5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o |
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6. |
Citizenship or Place of Organization Delaware |
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Number of Shares Beneficially Owned by Each Reporting Person With |
7. |
Sole Voting Power 0 |
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8. |
Shared Voting Power 1,740,384 |
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9. |
Sole Dispositive Power 0 |
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10. |
Shared Dispositive Power 1,740,384 |
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11. |
Aggregate Amount Beneficially Owned by Each Reporting Person 1,740,384 |
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12. |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) x |
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13. |
Percent of Class Represented by Amount in Row (11) 4.94% |
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14. |
Type of Reporting Person (See Instructions) OO |
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CUSIP No. 88368Q103 |
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1. |
Names of Reporting Persons Rodney A. Bienvenu, Jr. |
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2. |
Check the Appropriate Box if a Member of a Group (See Instructions) |
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(a) |
x |
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(b) |
o |
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3. |
SEC Use Only |
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4. |
Source of Funds (See Instructions) N/A |
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5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o |
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6. |
Citizenship or Place of Organization U.S. |
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Number of Shares Beneficially Owned by Each Reporting Person With |
7. |
Sole Voting Power 0 |
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8. |
Shared Voting Power 1,740,384 |
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9. |
Sole Dispositive Power 0 |
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10. |
Shared Dispositive Power 1,740,384 |
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11. |
Aggregate Amount Beneficially Owned by Each Reporting Person 1,740,384 |
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12. |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) x |
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13. |
Percent of Class Represented by Amount in Row (11) 4.94% |
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14. |
Type of Reporting Person (See Instructions) IN |
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CUSIP No. 88368Q103 |
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1. |
Names of Reporting Persons Trevor L. Colhoun |
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2. |
Check the Appropriate Box if a Member of a Group (See Instructions) |
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(a) |
x |
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(b) |
o |
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3. |
SEC Use Only |
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4. |
Source of Funds (See Instructions) N/A |
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5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o |
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6. |
Citizenship or Place of Organization U.S. |
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Number of Shares Beneficially Owned by Each Reporting Person With |
7. |
Sole Voting Power 0 |
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8. |
Shared Voting Power 1,740,384 |
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9. |
Sole Dispositive Power 0 |
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10. |
Shared Dispositive Power 1,740,384 |
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11. |
Aggregate Amount Beneficially Owned by Each Reporting Person 1,740,384 |
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12. |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) x |
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13. |
Percent of Class Represented by Amount in Row (11) 4.94% |
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14. |
Type of Reporting Person (See Instructions) IN |
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CUSIP No. 88368Q103 |
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1. |
Names of Reporting Persons Ernest C. Mysogland |
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2. |
Check the Appropriate Box if a Member of a Group (See Instructions) |
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(a) |
x |
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(b) |
o |
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3. |
SEC Use Only |
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4. |
Source of Funds (See Instructions) N/A |
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5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o |
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6. |
Citizenship or Place of Organization U.S. |
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Number of Shares Beneficially Owned by Each Reporting Person With |
7. |
Sole Voting Power 0 |
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8. |
Shared Voting Power 1,740,384 |
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9. |
Sole Dispositive Power 0 |
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10. |
Shared Dispositive Power 1,740,384 |
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11. |
Aggregate Amount Beneficially Owned by Each Reporting Person 1,740,384 |
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12. |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) x |
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13. |
Percent of Class Represented by Amount in Row (11) 4.94% |
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14. |
Type of Reporting Person (See Instructions) IN |
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CUSIP No. 88368Q103 |
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1. |
Names of Reporting Persons FiveMore Special Situations Fund Ltd |
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2. |
Check the Appropriate Box if a Member of a Group (See Instructions) |
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(a) |
x |
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(b) |
o |
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3. |
SEC Use Only |
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4. |
Source of Funds (See Instructions) OO |
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5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o |
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6. |
Citizenship or Place of Organization Cayman Islands |
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Number of Shares Beneficially Owned by Each Reporting Person With |
7. |
Sole Voting Power 1,200,000 |
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8. |
Shared Voting Power 0 |
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9. |
Sole Dispositive Power 1,200,000 |
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10. |
Shared Dispositive Power 0 |
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11. |
Aggregate Amount Beneficially Owned by Each Reporting Person 1,200,000 |
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12. |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) x |
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13. |
Percent of Class Represented by Amount in Row (11) 3.40% |
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14. |
Type of Reporting Person (See Instructions) OO |
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CUSIP No. 88368Q103 |
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1. |
Names of Reporting Persons FiveT Investment Management Ltd |
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2. |
Check the Appropriate Box if a Member of a Group (See Instructions) |
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(a) |
x |
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(b) |
o |
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3. |
SEC Use Only |
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4. |
Source of Funds (See Instructions) OO |
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5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o |
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6. |
Citizenship or Place of Organization Cayman Islands |
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Number of Shares Beneficially Owned by Each Reporting Person With |
7. |
Sole Voting Power 500,000 |
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8. |
Shared Voting Power 0 |
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9. |
Sole Dispositive Power 500,000 |
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10. |
Shared Dispositive Power 0 |
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11. |
Aggregate Amount Beneficially Owned by Each Reporting Person 500,000 |
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12. |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) x |
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13. |
Percent of Class Represented by Amount in Row (11) 1.42% |
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14. |
Type of Reporting Person (See Instructions) OO |
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CUSIP No. 88368Q103 |
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1. |
Names of Reporting Persons FiveT Capital AG |
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2. |
Check the Appropriate Box if a Member of a Group (See Instructions) |
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(a) |
x |
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(b) |
o |
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3. |
SEC Use Only |
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4. |
Source of Funds (See Instructions) N/A |
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5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o |
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6. |
Citizenship or Place of Organization Switzerland |
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Number of Shares Beneficially Owned by Each Reporting Person With |
7. |
Sole Voting Power 0 |
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8. |
Shared Voting Power 1,700,000 |
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9. |
Sole Dispositive Power 0 |
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10. |
Shared Dispositive Power 1,700,000 |
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11. |
Aggregate Amount Beneficially Owned by Each Reporting Person 1,700,000 |
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12. |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) x |
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13. |
Percent of Class Represented by Amount in Row (11) 4.83% |
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14. |
Type of Reporting Person (See Instructions) IA |
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Item 1. Security and Issuer
This statement relates to the common stock, par value $.01 per share (the Common Stock), of TheStreet, Inc., a Delaware corporation (the Issuer), having its principal executive offices at 14 Wall Street, 15th Floor, New York, NY, 10005.
The Reporting Persons filed a Schedule 13D relating to the Common Stock of the Issuer with the U.S. Securities and Exchange Commission on March 8, 2016 (the Initial Schedule 13D). The Initial Schedule 13D is hereby amended by this Amendment No. 1 (this Amendment) which is being filed by the Reporting Persons to furnish additional information as set forth herein. All information set forth in the Initial Schedule 13D, as amended hereby, is incorporated by reference. All capitalized terms not otherwise defined shall have the meanings ascribed to such terms in the Initial Schedule 13D.
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Item 4. Purpose of Transaction
Item 4 is hereby amended to add the following:
On March 10, 2016 Reporting Persons Spear Point Capital Fund LP, Spear Point Condor LP, FiveMore Special Situations Fund Ltd, and FiveT Investment Management Ltd sent notice to the Issuer of their nominations of Mr. Johannes M. Roth and Mr. Alexius John Benedict Fenwick (the Nominees) for election to the Issuers Board of Directors at the Annual Meeting (the Nomination Notice). A copy of the Nomination Notice is attached hereto as Exhibit 99.7 and is incorporated herein by reference.
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Item 5. Interest in Securities of the Issuer
(a) and (b)
Item 5(a) and (b) is hereby amended to restate the Reporting Persons ownership percentages as determined by the number of shares of Common Stock outstanding as of March 3, 2016, as reported by the Issuer:
As of the date hereof, the Reporting Persons beneficially own an aggregate of 3,440,384 shares of Common Stock, representing 9.77% of the outstanding shares of Common Stock. Such percentages were determined based on a total of 35,229,620 shares of Common Stock outstanding as of March 3, 2016, as reported by the Issuer on its most recent Annual Report on Form 10-K filed March 9, 2016.
Spear Point Capital Fund LP beneficially owns, and has voting power and disposition power over, 572,582 shares of Common Stock, representing an aggregate of 1.63% of the outstanding shares of Common Stock. Spear Point Condor LP beneficially owns, and has voting power and disposition power over, 1,167,802 shares of Common Stock, representing an aggregate of 3.31% of the outstanding shares of Common Stock. Neither Spear Point Capital Fund LP nor Spear Point Condor LP has any beneficial ownership of any shares of Common Stock owned by any other Reporting Person.
None of Spear Point Capital Management LLC, Spear Point Capital Partners LLC, or Messrs. Bienvenu, Colhoun and Mysogland own any shares of Common Stock of the Issuer directly. By virtue of the relationships described under Item 2 of this Schedule 13D, Spear Point Capital Management LLC may be deemed to have shared voting and disposition power with respect to, and therefore, indirect beneficial ownership of, the aggregate of 1,740,384 shares of Common Stock beneficially owned by Spear Point Capital Fund LP and Spear Point Condor LP, representing an aggregate of 4.94% of the outstanding shares of Common Stock. As general partner of Spear Point Capital Fund LP and Spear Point Condor LP, Spear Point Capital Partners LLC has voting and disposition power over, and therefore, beneficial ownership of, the aggregate of 1,740,384 shares of Common Stock beneficially owned by Spear Point Capital Fund LP and Spear Point Condor LP, representing an aggregate of 4.94% of the outstanding shares of Common Stock. By virtue of the relationships described under Item 2 of this Schedule 13D, each of Messrs. Bienvenu, Colhoun and Mysogland may be deemed to have shared voting and disposition power with respect to, and therefore, indirect beneficial ownership of, the aggregate 1,740,384 shares of Common Stock beneficially owned by the other Spear Point Reporting Persons,
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representing an aggregate of 4.94% of the outstanding shares of Common Stock.
FiveMore Special Situations Fund Ltd beneficially owns, and has voting power and disposition power over 1,200,0000 shares of Common Stock, representing an aggregate of 3.40% of the outstanding shares of Common Stock. FiveT Investment Management Ltd beneficially owns, and has voting power and disposition power over 500,0000 shares of Common Stock, representing an aggregate of 1.42% of the outstanding shares of Common Stock. By virtue of the relationships described under Item 2 of this Schedule 13D, FiveT Capital AG may be deemed to have shared voting and disposition power with respect to, and therefore, indirect beneficial ownership of, the aggregate of 1,700,000 shares of Common Stock beneficially owned by FiveMore Special Situations Fund Ltd and FiveT Investment Management Ltd, representing 4.83% of the outstanding shares of Common Stock.
To the best knowledge of the Reporting Persons, none of the persons or entities listed in Item 2 beneficially owns any other shares of the Issuer. Each of the Reporting Persons disclaims beneficial ownership of shares covered by this Schedule 13D other than shares directly owned by such Reporting Person. Pursuant to Rule 13d-4 of the Exchange Act, each of the Reporting Persons expressly declares that the filing of this Schedule 13D shall not be construed as an admission that any such person is, for purposes of Section 13(d) and/or Section 13(g) of the Exchange Act or otherwise, (i) the beneficial owner of any shares held by any other person, or (ii) the beneficial owner of any shares held or beneficially owned by any member of the Group other than such Reporting Person. The filing of this Schedule 13D by each of the Reporting Persons shall not be considered an admission that such Reporting Person, for the purposes of Section 13(d) of the Exchange Act, is the beneficial owner of any shares in which such Reporting Person does not have a pecuniary interest. Each of the Reporting Persons disclaims beneficial ownership of shares solely as a result of Rule 13d-5(b)(1) under the Securities Exchange Act of 1934, as amended.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
Item 6 is hereby amended to add the following:
In connection with the nominations made by the Reporting Persons, such Reporting Persons entered into a letter agreement (the Nomination Agreement) with each of the Nominees on March 10, 2016. A copy of the Nomination Agreement entered into with Mr. Roth is attached hereto as Exhibit 99.8 and is incorporated herein by reference. A copy of the Nomination Agreement entered into with Mr. Fenwick is attached hereto as Exhibit 99.9 and is incorporated herein by reference.
Item 7. Material to be Filed as Exhibits
Item 7 is hereby amended to add the following:
The following are filed herewith as exhibits to this statement:
Exhibit 99.7 |
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Nomination Notice dated March 10, 2016 |
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Exhibit 99.8 |
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Nomination Agreement, dated March 10, 2016 by and among the certain Reporting Persons and Johannes Roth. |
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Exhibit 99.9 |
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Nomination Agreement, dated March 10, 2016 by and among the certain Reporting Persons and Alexius Fenwick. |
In addition, Power of Attorney filed as Exhibit 24.1 to the Initial Schedule 13D is incorporated by reference.
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Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: |
March 11, 2016 |
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SPEAR POINT CAPITAL MANAGEMENT LLC |
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By: |
/s/ Rodney A. Bienvenu, Jr. |
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Name: |
Rodney A. Bienvenu, Jr. |
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Title: |
Managing Member |
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SPEAR POINT CAPITAL PARTNERS LLC |
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By: |
/s/ Rodney A. Bienvenu, Jr. |
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Name: |
Rodney A. Bienvenu, Jr. |
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Title: |
Managing Member |
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SPEAR POINT CAPITAL FUND LP |
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By: |
Spear Point Capital Partners LLC |
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Its: |
General Partner |
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By: |
/s/ Rodney A. Bienvenu, Jr. |
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Name: |
Rodney A. Bienvenu, Jr. |
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Title: |
Managing Member |
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SPEAR POINT CONDOR LP |
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By: |
Spear Point Capital Partners LLC |
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Its: |
General Partner |
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By: |
/s/ Rodney A. Bienvenu, Jr. |
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Name: |
Rodney A. Bienvenu, Jr. |
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Title: |
Managing Member |
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/s/ Rodney A. Bienvenu, Jr. |
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Rodney A. Bienvenu, Jr. |
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/s/ Trevor L. Colhoun |
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Trevor L. Colhoun |
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/s/ Ernest C. Mysogland |
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Ernest C. Mysogland |
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FIVE MORE SPECIAL SITUATIONS FUND LTD |
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By: |
/s/ Rodney A. Bienvenu, Jr. |
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Name: |
Rodney A. Bienvenu, Jr. |
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by power of attorney |
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FIVET INVESTMENT MANAGEMENT LTD |
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By: |
/s/ Rodney A. Bienvenu, Jr. |
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Name: |
Rodney A. Bienvenu, Jr. |
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by power of attorney |
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FiveT Capital AG |
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By: |
/s/ Rodney A. Bienvenu, Jr. |
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Name: |
Rodney A. Bienvenu, Jr. |
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by power of attorney |
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ATTENTION |
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Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001). |
16
Exhibit 99.7
Nomination Notice dated March 10, 2016
Spear Point Capital Management LLC
400 Poydras Street, Suite 2100
New Orleans, LA 70130
March 10, 2016
Via Email, Facsimile and Federal Express
Board of Directors
TheStreet, Inc.
14 Wall Street, 15th Floor
New York, New York 10005
Attention: Eric F. Lundberg, Chief Financial Officer and Corporate Secretary
Sarah Fay, Chair, Nominating and Governance Committee
Re: Notice of Nomination of Directors for Election
at the 2016 Annual Meeting of Stockholders of TheStreet, Inc. (the Corporation)
Ladies and Gentlemen:
This Notice is submitted on the date hereof by and on behalf of Spear Point Capital Fund LP, a Delaware limited partnership, Spear Point Condor LP, a Delaware limited partnership, FiveMore Special Situations Fund Ltd, a Cayman limited liability company, and FiveT Investment Management Ltd, a Cayman limited liability company (each a Stockholder and collectively, the Stockholders) pursuant to the requirements (the Bylaw Requirements) set forth in Corporations Corporate Governance Guidelines, the Corporations Policy Governing Director Qualifications and Nominations, and the Amended and Restated By-Laws of the Corporation (collectively, the Policies), of their determination to nominate each person identified below (the Nominees) for election to the Board of Directors (the Board) of the Corporation at the 2016 Annual Meeting of Stockholders of the Corporation (together with any adjournments, postponements or stockholder meetings held in lieu thereof, the Annual Meeting).
The Stockholders hereby nominate and represent that they intend to appear in person or by proxy at the Annual Meeting to nominate for election to the Board the following persons (each, a Nominee and collectively, the Nominees):
Johannes Minho Roth
Alexius John Benedict Fenwick
Johannes Minho Roth is the Managing Director and Chairman of FiveT Capital Holding AG, a Switzerland-based innovative financial holdings firm, and director of FiveT Capital AG, which is the investment advisor to FiveMore Special Situations Fund Ltd and FiveT Investment Management Ltd. Mr. Roth has many years of experience in international markets and technology businesses including acting as Chief Executive Officer at FiveT Capital AG and as an equity specialist and proprietary trader at Baaderbank AG. Mr. Roth has served on public and private boards, which has provided him with a broad understanding of the operational, financial and strategic issues facing public and private companies, and as an investor is focused on stockholder value enhancement.
Alexius John Benedict Fenwick is a former CEO of Dow Jones, where he led business strategy and operations for the companys suite of premier brands including The Wall Street Journal, Americas largest newspaper, Barrons, MarketWatch, Factiva, Dow Jones Risk & Compliance, Dow Jones VentureSource and DJX. Mr. Fenwick joined Dow Jones in 2012 after more than two decades at Bloomberg L.P. where he served in a various roles including manager of global sales, chief operating officer, seven years as CEO, and founder of Bloomberg Ventures. Mr. Fenwick has significant business experience in media, sales and data management, and has served on public and private company boards.
Our understanding is that the Board has been divided into three classes, denominated Class I, Class II and Class III. Directors in each class hold office for staggered three-year terms. At each annual meeting of stockholders, the successors to the directors whose terms expire are elected to serve from the time of their election until the third annual meeting of stockholders following their election or until their successors are duly elected and qualified. The terms of the current Class II directors will expire at the Annual Meeting. Currently, there is one incumbent Class II director, Mr. Keith Hall. On February 22, 2016, Elisabeth DeMarse, resigned as the Issuers Chief Executive Officer and as a member of the Board. Accordingly, there is also a current vacancy in Class II.
This nomination of, and notice of intent to nominate, the Nominees is for the election as two Class II directors for three-year terms expiring at the Corporations Annual Meeting of Stockholders in 2019. If elected at the Annual Meeting, the Nominees would become the two Class II directors.
Additional information about the Nominees is set forth in Exhibit A hereto. The Nominees written consents to being named in a proxy statement as a nominee and to serving as a director if elected are attached as Exhibit B. Each Nominee is also party to an agreement with the Stockholders, copies of which are attached hereto as Exhibit C, pursuant to which the Stockholders have agreed to reimburse any expenses which may be incurred by the Nominees in connection with their nomination for election as directors, and to indemnify each such Nominee with respect to certain costs which may be incurred by such Nominee in connection with the nomination (the Nomination Agreement). The Nomination Agreements do not provide for any compensation to the Nominees for their agreement to be nominated, for any responsibilities in connection therewith, or for serving as directors, if they are elected. Except for the employment of Mr. Roth with FiveT Capital AG (which predates and is unrelated to the nomination), there are no contracts, arrangements or understandings between the Stockholders (or their affiliates) and either Nominee, and the Stockholders have not otherwise agreed to provide any compensation to the Nominees, for any purpose. Mr. Roth, in his position with FiveT Capital AG, the investment advisor to FiveMore Special Situations Fund Ltd and FiveT Investment Management Ltd, may receive compensation from FiveT Capital AG indirectly related to the investments made by FiveMore Special Situations Fund Ltd and FiveT Investment Management Ltd in the Corporation. However, Mr. Roths compensation is not directly tied to such investments in the Corporation, and Mr. Roths compensation is not related to his nomination or his service as a director of the Corporation if he is elected.
The information provided in this Notice includes all information relating to the Nominees that is required to be disclosed in solicitations of proxies for election of directors in an election contest, or is otherwise required, in each case pursuant to and in accordance with Regulation 14A under the Securities Exchange Act of 1934, as amended (the Exchange Act).
The Stockholders are primarily engaged in the business of investing in securities. The principal address of FiveMore Special Situations Fund Ltd is c/o M&C Corporate Services, P.O Box 309 GT, Ugland House, South Churge Street, George Town, Grand Cayman, Cayman Islands 309 GT. The principal address of FiveT Investment Management Ltd is c/o DMS Corporate Services Ltd, dms House, 20 Genesis Close, 2nd Floor, P.O Box 1344, Grand Cayman, KY1-1108, Cayman Islands. The address of the principal business and principal offices of Spear Point Capital Fund LP and Spear Point Condor LP is 400 Poydras, New Orleans, LA 70130.
As set forth in the Schedule 13D (as may be amended from time to time, the Schedule 13D) filed by the Stockholders with the Securities Exchange Commission (SEC) on March 8, 2016, the Stockholders own, in the aggregate, 3,440,384 shares of common stock, par value $.01 per share (the Common Stock), of the Corporation, 9.77% of the outstanding shares of Common Stock (determined based on a total of 35,229,680 shares of Common Stock outstanding as of March 3, 2016, as reported by the Corporation on its most recent Annual Report on Form 10-K, filed March 9, 2016). A copy of the Schedule 13D is enclosed as Exhibit D.
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As set forth in the Schedule 13D, as of March 8, 2016, Spear Point Capital Fund LP owns 572,582 shares of Common Stock. Spear Point Condor LP owns 1,167,802 shares of Common Stock. FiveMore Special Situations Fund Ltd owns 1,200,0000 shares of Common Stock. FiveT Investment Management Ltd owns 500,0000 shares of Common Stock. The Stockholders continue to hold Common Stock in such respective amounts as the date hereof. Purchases and sales of shares of Common Stock are described in Schedule 13D and in the table in Exhibit E.
Each of the Stockholders hereby states that it (i) it does not, directly or indirectly, own beneficially any option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of the Corporation or with a value derived in whole or in part from the value of any class or series of shares of the Corporation, whether or not such instrument or right shall be subject to settlement in the underlying class or series of capital stock of the Corporation or otherwise (a Derivative Instrument), and any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the value of shares of the Corporation, (ii) it is not party to any proxy, contract, arrangement, understanding, or relationship pursuant to which either party has a right to vote, directly or indirectly, any shares of any security of the Corporation other than to the extent to which that certain Agreement, dated March 8, 2016, by and among the Stockholders and the other persons identified therein, which is attached to the Schedule 13D as Exhibit 99.2, could be characterized as such, (iii) it does not have any short interest in any security of the Corporation held by each such party (with the understanding that for these purposes, a person shall be deemed to have a short interest in a security if such person directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has the opportunity to profit or share in any profit derived from any decrease in the value of the subject security), (iv) it does not have any rights to dividends on the shares of the Corporation owned beneficially directly or indirectly by each such party that are separated or separable from the underlying shares of the Corporation, except to the extent, and in the same manner, that such rights are afforded to holders of Common Stock pursuant to the Corporations certificate of incorporation, (v) it does not have any proportionate interest in shares of the Corporation or Derivative Instruments held, directly or indirectly, by a general or limited partnership in which it is a general partner nor does it, directly or indirectly, beneficially own an interest in a general partner, and (vi) it does not have any performance-related fees (other than an asset-based fee) that it is directly or indirectly entitled to based on any increase or decrease in the value of shares of the Corporation or Derivative Instruments, if any, as of the date of such notice. The terms of the Stockholders partnership agreements include customary incentive allocations to their general partners based on increases in the net asset value. The Stockholders will each undertake to supplement the information regarding their ownership of Common Stock and the set forth in this paragraph not later than ten (10) days after the record date for determining the stockholders entitled to notice of the Annual Meeting and/or to vote at the Annual Meeting in order to disclose such ownership as of such record date.
The information set forth in this Notice includes any information relating to the Stockholders that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for the election of the Nominees as directors in a contested election pursuant to Section 14 of the Exchange Act. In the event the Corporation believes further information regarding the Nominees, the nomination or the Stockholders is necessary, please advise and the Stockholders will provide any reasonably required information.
The Stockholders do not intend to deliver a proxy statement and form of proxy to holders at least the percentage of voting power of all of the shares of capital stock of the Corporation reasonably believed by the Stockholders to be sufficient to elect the Nominees (Solicitation Statement) as directors. The Stockholders do not currently intend to solicit holders of the Corporations capital stock in connection with the election of the Nominees as directors, other than engaging in solicitation in reliance on Rule 14a-2(b)(2) under the Exchange Act which permits non-registered solicitations of up to ten stockholders without incurring proxy filing and disclosure obligations. In the event the Stockholders determine to solicit holders of capital stock and deliver a Solicitation Statement, they will inform the Corporation.
The Stockholders acknowledge that the Corporation may require the Nominees to furnish such other information as may reasonably be required by the Corporation to determine the eligibility of such proposed nominee to serve as a director of the Corporation, including information relevant to a determination whether such proposed nominee can be considered an independent director. In the event the Corporation believes such further information regarding the Nominees is necessary, please advise and the Stockholders will provide any reasonably required information. As set forth in the Nomination Agreements, the Nominees have agreed to provide any reasonably
3
necessary information.
In the event one or both of the Nominees becomes unable to serve if elected, the Stockholders will promptly notify the Corporation. The Stockholders reserve the right to nominate other persons for election as directors at the Annual Meeting, in such events.
The Stockholders will comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the nominations and related matters set forth in this Notice.
The Stockholders have an interest in the election of directors at the Annual Meeting through their respective ownership of share of Common Stock of the Corporation, as described on the Schedule 13D. Mr. Roth has an indirect interest in the election of directors at the Annual Meeting through his role as director of FiveT Capital AG, investment advisor to FiveMore Special Situations Fund Ltd and FiveT Investment Management Ltd.
With respect to each Stockholder, other than as disclosed in this Notice, (i) such Stockholder is not now, and was not, within the past year, a party to any contract, arrangement or understanding with any person with respect to any securities of the Corporation, including, but not limited to, joint ventures, loan or option arrangements, puts or calls, guarantees against loss or guarantees of profit, division of losses or profits, or the giving or withholding of proxies; and (ii) neither such Stockholder nor any of their respective associates have any arrangement or understanding with any person with respect to (A) any future employment by the Corporation or its affiliates or (B) any future transactions to which the Corporation or any of its affiliates will or may be a party.
With respect to each Nominee, such Nominee is independent under the independence standards applicable to the Corporation under paragraph (a)(1) of Item 407 of Regulation S-K of the Exchange Act and the Nasdaq listing standards.
Further, except as set forth in this Notice, (i) during the past 10 years, no Nominee has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); (ii) no Nominee directly or indirectly beneficially owns any securities of the Corporation; (iii) no Nominee owns any securities of the Corporation which are owned of record but not beneficially; (iv) no Nominee has purchased or sold any securities of the Corporation during the past two years; (v) no part of the purchase price or market value of the securities of the Corporation owned by any Nominee is represented by funds borrowed or otherwise obtained for the purpose of acquiring or holding such securities; (vi) no Nominee is, or within the past year was, a party to any contract, arrangements or understandings with any person with respect to any securities of the Corporation, including, but not limited to, joint ventures, loan or option arrangements, puts or calls, guarantees against loss or guarantees of profit, division of losses or profits, or the giving or withholding of proxies; (vii) no associate of any Nominee owns beneficially, directly or indirectly, any securities of the Corporation; (viii) no Nominee owns beneficially, directly or indirectly, any securities of any parent or subsidiary of the Corporation; (ix) no Nominee or any of his associates was a party to any transaction, or series of similar transactions, since the beginning of the Corporations last fiscal year, or is a party to any currently proposed transaction, or series of similar transactions, to which the Corporation or any of its subsidiaries was or is to be a party, in which the amount involved exceeds $120,000; (x) no Nominee or any of his associates has any arrangement or understanding with any person with respect to any future employment by the Corporation or its affiliates, or with respect to any future transactions to which the Corporation or any of its affiliates will or may be a party; and (xi) no Nominee has a substantial interest, direct or indirect, by securities holdings or otherwise in any matter to be acted on at the Annual Meeting. There are no material proceedings to which any Nominee or any of his associates is a party adverse to the Corporation or any of its subsidiaries or has a material interest adverse to the Corporation or any of its subsidiaries. With respect to each of the Nominees, none of the events enumerated in Item 401(f)(1)-(8) of Regulation S-K of the Exchange Act occurred during the past ten years.
All Exhibits or other attachments hereto, and any other information or documents referred to herein or therein, are hereby incorporated into, and made part of, this Notice. Accordingly, all matters disclosed in any part of this Notice, including the Exhibits, attachments or other documents or information incorporated herein, should be deemed disclosed for all purposes of this Notice.
Unless expressly indicated otherwise herein, information is set forth herein as of the close of business on the date hereof. Neither the delivery of this Notice nor any delivery by any Stockholder or Nominee of additional information to the Corporation from and after the date hereof shall be deemed to constitute an admission by any
4
Stockholder, Nominee or any of their respective affiliates (if any) that such delivery is required or that each and every item or any item of information is required or as to the legality or enforceability of any notice requirement or any other matter, or a waiver by any Stockholder, Nominee or any of their respective affiliates (if any) of their right to contest or challenge, in any way, the validity or enforceability of any notice requirement or any other matter (including actions taken by the Board in anticipation of, or following receipt of, this Notice).
Furthermore, this Notice assumes that the Board will nominate a total of two director nominees for election to the Board at the Annual Meeting and if the Board increases the number of directors to be nominated and elected at the Annual Meeting or a special meeting called for a similar purpose, the Record Holder reserves the right to add additional director nominees in respect of each such additional directorship.
In the event any statement or other information in this Notice is not correct, or to the extent any applicable information has been omitted from this Notice, the Stockholders and Nominees reserve the right to correct and/or supplement any such statement or other information set forth in this Notice.
[Signature pages follows]
* * * * *
5
Stockholder Signature Page
IN WITNESS WHEREOF, the Stockholders have caused this Notice to be duly executed and delivered on the date and year first above written:
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SPEAR POINT CAPITAL FUND LP |
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SPEAR POINT CONDOR LP |
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By: |
SPEAR POINT CAPITAL MANAGEMENT LLC |
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By: |
/s/ Trevor Colhoun |
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Name: |
Trevor Colhoun |
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Title: |
Managing Member |
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Addresses for Notices:
SPEAR POINT CAPITAL FUND LP
SPEAR POINT CONDOR LP
c/o Spear Point Capital Management LLC
400 Poydras Street, Suite 2100
New Orleans, LA 70130
Phone: (504) 252-1369
Fax: (203) 621-3180
Attention: Ernest C. Mysogland
Stockholder Signature Page
IN WITNESS WHEREOF, the Stockholders have caused this Notice to be duly executed and delivered on the date and year first above written:
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FIVEMORE SPECIAL SITUATIONS FUND LTD |
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FIVET INVESTMENT MANAGEMENT LTD |
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By: |
FIVET CAPITAL AG |
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By: |
/s/ Johannes M. Roth |
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Name: |
Johannes M. Roth |
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Title: |
CEO |
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Address for Notices:
FiveMore Special Situations Fund Ltd
FiveT Investment Management Ltd
c/o FiveT Capital AG
Allmendstrasse 140
8041 Zurich, Switzerland
+41 43 3222510
Enclosures:
Exhibit A Nominee Information
Exhibit B Nominee Consents
Exhibit C Nomination Agreement
Exhibit D Schedule 13D
Exhibit E Stock Transactions
Exhibit A
Johannes M. Roth
Mr. Roth (age 37) is the founder and, since 2006, has been Managing Director and Chairman of FiveT Capital Holding AG, an investment holding company based in Switzerland with businesses specializing in asset management, risk management and alternative investments. Since 2006, Mr. Roth has been a board member of FiveT Capital AG, Zürich, Switzerland, which advises several long-only funds and operates an asset management business for high net-worth individuals. We believe Mr. Roths qualifications to be elected to the Board include his background in financial investments, financial and risk management and equity capital markets as well as his experience in management positions and as a director of public companies. Mr. Roth serves as a director of public companies Plug Power Inc. (Nasdaq: PLUG), Gevo, Inc. (Nasdaq: GEVO), ProMis Neurosciences Inc. (TSX: AMF) and Phorm Corporation Limited (AIM: PHRM). (Mr. Fenwick is also a director of Phorm). Mr. Roth serves on the audit committees of Plug Power and Gevo. Mr. Roth is also a director of Insilico Biotechnology AG, a private company. Mr. Roth earned an undergraduate degree in Business Administration and Economics and a graduate degree in Management from Hohenheim University (Stuttgart, Germany).
Mr. Roths business address is FiveT Capital AG, Allmendstrasse 140, 8041 Zurich, Switzerland, and his residence address is 37-39 Arkwright Road, Flat K, London, NW36BJ, United Kingdom. Mr. Roths principal occupation is serving as Managing Director and Chairman of FiveT Capital Holding AG, and director of FiveT Capital AG. Mr. Roth does not own, beneficially or of record, and has not purchased or sold during the past two years, any shares of capital stock of the Corporation (other than to the extent he may deemed to be the beneficial owner of any shares held by FiveMore Special Situations Fund Ltd and FiveT Investment Management Ltd. due to his role with FiveT Capital AG, investment advisor to FiveMore Special Situations Fund Ltd and FiveT Investment Management Ltd.). Information regarding purchases and sales of securities of the Corporation by FiveMore Special Situations Fund Ltd and FiveT Investment Management Ltd. see Schedule 13D and Exhibit E.
Exhibit A
Alexius John Benedict Fenwick
Mr. Fenwick (age 55) is founder and CEO of Selector Consultancy LLC, a firm focused on media, data and sales which he founded in March 2014. Mr. Fenwick is the Chairman of Phorm Corporation Limited (AIM: PHRM) internet personalization technology company. (Mr. Roth is a director of Phorm as well). Mr. Fenwick is also a director of privately held Duedil Ltd., a London-based company offering information on private companies and professionals including key financials, legal dealings, reviews, and ratings. Mr. Fenwick is also a director and Chairman of newly-formed Heckyl, Inc. We believe Mr. Fenwicks qualifications to be elected to the Board include his significant business experience in media, sales and data management, and experience serving on public and private company boards. From January 2012 until February 2014 Mr. Fenwick was CEO of Dow Jones & Co., where he led business strategy and operations for the companys suite of premier brands including The Wall Street Journal, Barrons, MarketWatch, Factiva, Dow Jones Risk & Compliance, Dow Jones VentureSource and DJX. Mr. Fenwick joined Dow Jones after more than two decades at Bloomberg L.P. where he served in a various roles including manager of global sales, chief operating officer, seven years as CEO (2001 2008), and founder and CEO of Bloomberg Ventures LLC (2008 2012).
In addition to the companies described above, Mr. Fenwick served as a director or partner of the following entities during the last five years:
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Bloomberg L.P. |
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Bloomberg Inc. |
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Bloomberg Communications Inc. |
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Bloomberg SP Inc. |
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Bloomberg (GP) Finance LLC |
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Skillman Business Park LLC |
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Bloomberg T-Book Inc. |
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731 Funding LLC |
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Bloomberg Korea LLC |
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Bloomberg Finance Germany LLC |
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Bloomberg Ventures LLC |
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BLP Consulting Services Ltd. |
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Bloomberg New Zealand |
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Bloomberg Korea Ltd. |
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Bloomberg Data Services (India) Private Limited |
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BFM Financial Research Ltd. |
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Bloomberg Venezuela SRL |
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Bloomberg Bermuda Limited |
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Bloomberg Telecommunications Pte Ltd. |
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Bloomberg U.K. Limited |
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Bloomberg Value-Added Network Services South Africa (Proprietary) Limited |
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Bloomberg Chile Limitada |
Mr. Fenwicks business and residence is 55 Ludlow Street, New York, NY 10002. Mr. Fenwicks principal occupation is serving as CEO of Selector Consultancy LLC. Mr. Fenwick does not own, beneficially or of record, and has not purchased or sold during the past two years, any shares of capital stock of the Corporation.
Exhibit B
Nominee Consents
Consent
I hereby consent to:
(a) being nominated by stockholders Spear Point Capital Fund LP, Spear Point Condor LP, FiveMore Special Situations Fund Ltd, and FiveT Investment Management Ltd (the Stockholders) for election to the Board of Directors (the Board) of TheStreet, Inc., a Delaware corporation (TST), at the 2016 Annual Meeting of TST Stockholders (the 2016 Annual Meeting);
(b) being nominated by the Stockholders and named as a nominee in any notice or other communication to TST, in any proxy statement or other proxy solicitation materials prepared by the Stockholders or by TST, and in any SEC filings that may be prepared by the Stockholders or by TST in connection with such nomination or any proxy solicitation, or otherwise as may be required in connection with such nomination; and
(c) serving as a director of TST if elected.
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/s/ Johannes M. Roth |
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Name: Johannes Minho Roth |
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Dated: March 10, 2016 |
Consent
I hereby consent to:
(a) being nominated by stockholders Spear Point Capital Fund LP, Spear Point Condor LP, FiveMore Special Situations Fund Ltd, and FiveT Investment Management Ltd (the Stockholders) for election to the Board of Directors (the Board) of TheStreet, Inc., a Delaware corporation (TST), at the 2016 Annual Meeting of TST Stockholders (the 2016 Annual Meeting);
(b) being nominated by the Stockholders and named as a nominee in any notice or other communication to TST, in any proxy statement or other proxy solicitation materials prepared by the Stockholders or by TST, and in any SEC filings that may be prepared by the Stockholders or by TST in connection with such nomination or any proxy solicitation, or otherwise as may be required in connection with such nomination; and
(c) serving as a director of TST if elected.
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/Alexius John Benedict Fenwick |
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Name: Alexius John Benedict Fenwick |
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Dated: March 10, 2016 |
Exhibit C
Nomination Agreements
[See Nomination Agreements included as Exhibits 99.8 and 99.9]
Exhibit D
Schedule 13D
[See Schedule 13D filed by Reporting Persons March 8, 2016]
Exhibit E
Two Year Summary Table:
The following table indicates the date of each purchase and sale of shares of Common Stock made by the Stockholders within the past two years, and the number of shares in each such purchase and sale.
Stockholder |
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Date of Transactions |
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Number of Shares Purchased/(Sold) |
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Price $ Per Share |
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FiveMore |
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2016-01-22 |
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5,000 |
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1.379 |
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FiveMore |
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2016-01-27 |
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5,000 |
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1.343 |
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FiveMore |
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2016-01-28 |
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10,000 |
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1.335 |
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FiveMore |
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2016-01-29 |
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20,000 |
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1.339 |
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FiveMore |
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10/02/2014 |
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(6,089 |
) |
2.64 |
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FiveMore |
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18/02/2014 |
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(18,678 |
) |
2.65 |
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FiveMore |
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20/02/2014 |
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(66,623 |
) |
2.67 |
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FiveMore |
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25/02/2014 |
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(19,077 |
) |
2.9 |
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FiveMore |
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26/02/2014 |
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(12,300 |
) |
2.9 |
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FiveMore |
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19/03/2014 |
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(20,000 |
) |
2.67 |
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FiveMore |
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31/03/2014 |
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5,000 |
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2.62 |
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FiveMore |
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07/04/2014 |
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(85,000 |
) |
2.58 |
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FiveMore |
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08/04/2014 |
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(25,900 |
) |
2.53 |
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SP Capital Fund |
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02/24/16 |
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(2,100 |
) |
1.07 |
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SP Capital Fund |
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02/25/16 |
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(11,100 |
) |
0.97 |
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SP Capital Fund |
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02/26/16 |
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(3,000 |
) |
0.89 |
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SP Capital Fund |
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02/26/16 |
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(600 |
) |
0.89 |
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SP Capital Fund |
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02/29/16 |
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(1,951 |
) |
0.89 |
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Condor |
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01/04/16 |
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1,500 |
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1.49 |
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Condor |
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01/05/16 |
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1,000 |
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1.50 |
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Condor |
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01/06/16 |
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3,000 |
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1.49 |
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Condor |
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01/07/16 |
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1,000 |
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1.49 |
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Condor |
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02/01/16 |
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1,000 |
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1.25 |
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Condor |
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02/02/16 |
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1,000 |
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1.22 |
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Condor |
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02/03/16 |
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100 |
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1.29 |
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Condor |
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02/04/16 |
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1,100 |
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1.20 |
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Condor |
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02/05/16 |
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500 |
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1.19 |
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Condor |
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02/24/16 |
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(3,700 |
) |
1.06 |
|
Condor |
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02/24/16 |
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(2,500 |
) |
1.06 |
|
Condor |
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02/25/16 |
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(15,000 |
) |
0.95 |
|
Condor |
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02/26/16 |
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(600 |
) |
0.89 |
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Condor |
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02/29/16 |
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(4,403 |
) |
0.89 |
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Capital Fund |
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07/08/15 |
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100 |
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1.87 |
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Condor |
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07/06/15 |
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1,000 |
|
1.87 |
|
Condor |
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07/07/15 |
|
600 |
|
1.86 |
|
Condor |
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07/08/15 |
|
700 |
|
1.87 |
|
Condor |
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07/09/15 |
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367 |
|
1.84 |
|
Condor |
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07/23/15 |
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100 |
|
1.87 |
|
Condor |
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07/24/15 |
|
100 |
|
1.84 |
|
Condor |
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07/15/15 |
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(100 |
) |
1.84 |
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Capital Fund |
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05/07/15 |
|
8,100 |
|
1.79 |
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Capital Fund |
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05/11/15 |
|
2,186 |
|
1.79 |
|
Capital Fund |
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05/12/15 |
|
3,439 |
|
1.80 |
|
Capital Fund |
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06/01/15 |
|
200 |
|
1.96 |
|
Capital Fund |
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05/20/15 |
|
(343 |
|
(1.90) |
|
Capital Fund |
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06/12/15 |
|
800 |
|
1.93 |
|
Capital Fund |
|
06/12/15 |
|
800 |
|
1.93 |
|
Capital Fund |
|
06/17/15 |
|
900 |
|
1.88 |
|
Capital Fund |
|
06/17/15 |
|
900 |
|
1.88 |
|
Capital Fund |
|
06/18/15 |
|
800 |
|
1.84 |
|
Capital Fund |
|
06/18/15 |
|
800 |
|
1.84 |
|
Capital Fund |
|
06/19/15 |
|
300 |
|
1.87 |
|
Capital Fund |
|
06/19/15 |
|
300 |
|
1.87 |
|
Capital Fund |
|
06/25/15 |
|
362 |
|
1.82 |
|
Capital Fund |
|
06/25/15 |
|
362 |
|
1.82 |
|
Capital Fund |
|
06/26/15 |
|
38 |
|
1.83 |
|
Capital Fund |
|
06/26/15 |
|
38 |
|
1.83 |
|
Capital Fund |
|
06/29/15 |
|
300 |
|
1.84 |
|
Capital Fund |
|
06/29/15 |
|
300 |
|
1.84 |
|
Condor |
|
05/13/15 |
|
8,318 |
|
1.92 |
|
Condor |
|
05/13/15 |
|
50,789 |
|
1.89 |
|
Condor |
|
05/14/15 |
|
123,985 |
|
1.92 |
|
Condor |
|
05/14/15 |
|
50,000 |
|
1.94 |
|
Condor |
|
05/15/15 |
|
46,164 |
|
1.91 |
|
Condor |
|
05/18/15 |
|
40,681 |
|
1.94 |
|
Condor |
|
05/19/15 |
|
40,000 |
|
1.97 |
|
Condor |
|
05/20/15 |
|
4,063 |
|
1.95 |
|
Condor |
|
05/20/15 |
|
100,000 |
|
1.97 |
|
Condor |
|
05/26/15 |
|
13,116 |
|
1.94 |
|
Condor |
|
05/27/15 |
|
23,800 |
|
1.95 |
|
Condor |
|
05/28/15 |
|
200 |
|
1.93 |
|
Condor |
|
05/29/15 |
|
4,400 |
|
1.96 |
|
Condor |
|
06/01/15 |
|
2,600 |
|
1.93 |
|
Condor |
|
06/02/15 |
|
12,146 |
|
1.95 |
|
Condor |
|
06/03/15 |
|
1,600 |
|
1.95 |
|
Condor |
|
06/04/15 |
|
2,400 |
|
1.95 |
|
Condor |
|
06/08/15 |
|
1,549 |
|
1.94 |
|
Condor |
|
06/09/15 |
|
15,001 |
|
1.96 |
|
Condor |
|
06/10/15 |
|
13,074 |
|
1.96 |
|
Condor |
|
06/12/15 |
|
1,200 |
|
1.93 |
|
Condor |
|
06/15/15 |
|
1,900 |
|
1.90 |
|
Condor |
|
06/16/15 |
|
1,200 |
|
1.88 |
|
Condor |
|
06/26/15 |
|
17,614 |
|
1.83 |
|
Condor |
|
06/26/15 |
|
586,000 |
|
1.92 |
|
Condor |
|
06/30/15 |
|
9,660 |
|
1.84 |
|
Condor |
|
06/17/15 |
|
(1,000 |
|
(1.89) |
|
Condor |
|
06/18/15 |
|
(400 |
|
(1.80) |
|
Condor |
|
07/01/15 |
|
12,292 |
|
1.88 |
|
Exhibit 99.8
Nomination Agreement, dated March 10, 2016
by and among the certain Reporting Persons and Johannes Roth
Spear Point Capital Management LLC
400 Poydras Street, Suite 2100
New Orleans, LA 70130
March 10, 2016
Mr. Johannes Minho Roth
CEO
FiveT Capital AG
Allmendstrasse 140
8041 Zurich, Switzerland
Re: Nomination as Director of TheStreet, Inc.
Dear Minho:
This letter agreement (this Agreement) is with reference to your agreement to be nominated by Spear Point Capital Fund LP, Spear Point Condor LP, FiveMore Special Situations Fund Ltd, and FiveT Investment Management Ltd (each a Stockholder and collectively, the Stockholders) for election to the Board of Directors (the Board) of TheStreet, Inc., a Delaware corporation (TST), at the 2016 Annual Meeting of TST Stockholders (together with any adjournments, postponements or stockholder meetings held in lieu thereof, the 2016 Annual Meeting). The Stockholders hold shares of TST Common Stock and currently intend to nominate you and another person (each a Nominee and together, the Nominees) for election to the Board at the 2016 Annual Meeting. You desire to be nominated and, if elected, wish to serve, as a director of TST.
In consideration of the foregoing, and the covenants set forth herein, you hereby agree as follows:
1. Responsibilities of Nominee.
(a) Notice and Information. By signing this Agreement and the attached consent, you agree, among other things:
(i) To provide true, accurate and complete information concerning (A) your background, experience, abilities, professional qualifications and integrity as may be requested from time to time by a Stockholder or (B) such other matters as are customary or such other matters as are required to be disclosed regarding you, your nomination as a Nominee or any proxy solicitation under TSTs by-laws (the By-Laws), pursuant to the Securities Exchange Act of 1934, as amended (the Exchange Act), or the rules and regulations promulgated thereunder, including any information to be included in any notice required under the By-Laws and in any questionnaire or other document required of director nominees under the By-Laws, and in any Securities and Exchange Commission (SEC) filings that may be prepared by the Stockholders in connection with your nomination as a Nominee or any proxy solicitation;
(ii) To accurately and fully complete and sign any questionnaire, any written representation, any agreement required and any other document to be completed and signed by director nominees under the By-Laws (together, the By-Law Documents);
(iii) Not to omit from any information provided hereunder any information that may be material to an understanding of your background, experience, abilities, professional qualifications and integrity or such other matters as described in (i) or (ii) above, or in order to make any information you may provide not misleading in the context in which it is provided;
(iv) To promptly provide the Stockholders any necessary updates or corrections to any information that you previously may have provided, to the extent you become aware that any such information is incomplete or inaccurate in any respect; and
(v) To be nominated by the Stockholders and named as a Nominee of the Stockholders, and that your agreement to be named as a Nominee, and any information regarding you or your nomination that is included in the By-Law Documents or that you provide to a Stockholder pursuant to this Agreement, may be disclosed by the Stockholders in any notice or other communication to TST, in any proxy statement or other proxy solicitation materials, and in any SEC filings that may be prepared by the Stockholders in connection with your nomination as a Nominee or any proxy solicitation (collectively, the Nomination Materials) or otherwise in connection with your nomination and election.
(b) Nominee Information. You represent that any information that you supply to the Stockholder, or include in the By-Law Documents, or provide in response to any follow-up questions from the Stockholder or to update or supplement information you previously may have provided will be true and complete when provided and will not omit any information that may be material to understanding your background, experience, abilities, professional qualifications and integrity or that otherwise would be necessary in order to make the information you provide not misleading in the context in which it is provided.
(c) Consent. In addition, you agree that, concurrently with your execution of this Agreement, you will execute a written consent in the form attached as Exhibit A, in which you consent to being a Nominee, consent to being named in the Nomination Materials as a Nominee, and/or in any proxy statement filed by TST, and, if elected, you consent to serving as a director of TST.
(d) Agreement to Serve. If elected, you will serve as a director of TST, and in that capacity you will (A) act in the best interests of TST and its stockholders, (B) exercise your independent judgment and act in good faith, and (C) duly consider all matters that come before the Board, in each case, consistent with your fiduciary duties as a director.
(e) Independent Parties. The parties acknowledge and agree that you are not an employee, agent or representative of any of the Stockholders; that you are independent of, and not controlled by or acting at the direction of, any of the Stockholders; and that, if elected, you will be acting as an independent director of TST, on behalf of TST and all of the stockholders of TST, and will in no way be controlled by, report to, or act at the direction of, any of the Stockholders. You understand you have no authority to act as an agent of any of the Stockholders and agree that you will not represent that you are an agent of any of the Stockholders to any person.
2. No Nomination Obligation. Notwithstanding anything in this Agreement to the contrary, you acknowledge that none of the Stockholders is obligated to nominate you or any other potential Nominee for election to the Board or to commence, conduct or complete any proxy solicitation.
2
3. Securities Matters.
(a) No TST Securities. You represent that neither you nor any of your family members or other related persons or affiliates own, directly or indirectly through any controlled entity, have any voting or disposition power over, or otherwise have any beneficial ownership of, any shares of Common Stock, or any preferred stock, options, warrants, or any other securities of TST, or any other instruments convertible into or exercisable or exchangeable for any Common Stock, preferred stock or other equity securities of TST (collectively, TST Securities). You agree not to acquire, or to permit any such other persons to acquire, any TST Securities, except with the prior consent of the Stockholders.
(b) Stockholders Group. You acknowledge that the Stockholders are deemed to have formed a group within the meaning under the Exchange Act, and have filed a Schedule 13D with the SEC disclosing their intent to nominate candidates for election to the Board at the 2016 Annual Meeting. The purpose of the Stockholders group is to affirmatively vote for the groups slate of director candidates instead of the incumbent (or other) directors nominated by TST. By entering into this Agreement, you may be deemed part of such group. You further acknowledge and agree that while you may have engaged in meetings and discussions concerning the matters contemplated hereby before the date of this Agreement, no agreement was reached among the parties as a result of such discussions and meetings, and you did not agree to participate in any group until March 10, 2016. Your participation in any group with the Stockholders will terminate upon the termination of the agreement among the Stockholders forming the group, or if earlier, your election as a director of TST.
(c) Schedule 13D. You acknowledge that you may need to be named in an amendment to the Stockholders Schedule 13D and that the terms of this Agreement may be disclosed in such an amendment. Further, you agree to provide such information to the Stockholders and to execute and deliver such additional documents as may be reasonably required in order to effect the actions and transactions contemplated by this Agreement and the group Schedule 13D, including any amendments thereto. In addition, to the extent requested by Stockholder, you shall promptly, and in no event later than one day following such request, provide such information as is reasonably necessary with respect to the filing or any amendment of the Schedule 13D in respect of the parties collective beneficial ownership of securities of TST, to the extent applicable, as well as any Forms 3, 4 or 5 to the extent applicable.
(c) No Other Groups. You represent and warrant that prior to the date hereof, and you agree that on and after the date hereof, neither you nor any of your family members or other related persons or affiliates had entered or will enter into any agreement with a third party to act together for the purpose of acquiring, holding, voting or disposing of equity securities of TST.
(d) Solicitation Matters. You represent and agree that neither you, nor anyone acting on your behalf, has or will (without the consent of the Stockholders) solicit (within the meaning of the proxy solicitation rules under the Exchange Act (the Rules)) any persons to vote, withhold a vote, grant a proxy with regard to, revoke a proxy with regard to, or otherwise take or refrain from taking any action with respect to the election of directors of TST or any other matter to be voted on at the 2016 Annual Meeting. You acknowledge and agree that if the Stockholders determine, in their sole discretion, to engage in a solicitation of votes or proxies or other actions with regard to the matters to be voted on at the 2016 Annual Meeting which are subject to the Rules, the Stockholders will comply with such Rules and either file such proxy statements as so required, or limit their solicitation to no more than ten persons and, therefore, fall within the exception to the Rules set forth in Rule 14a-2(b)(2) under the Exchange Act. In the Stockholders determine to engage in any such solicitation, you agree, if and to the extent requested by the Stockholders, to attend and participate in meetings with third party TST stockholders and other persons as appropriate to furthering any proxy solicitation and the election of the Nominees.
3
(e) Public Statements and Announcements. You shall not issue, make, send or publish any letter to TST or to any TST shareholders, written press release or any other public statement or communication, including any statement on a website, blog, or by means of Twitter, Facebook or other social media, regarding the matters contemplated hereby or by any proxy solicitation, group Schedule 13D (or amendment thereto) without the prior consent of the Stockholders.
3. Compensation; Expenses. The Stockholders will not provide you any compensation for your entering this Agreement, performing your responsibilities (including your agreement to serve as a director of TST), or otherwise. We expect that if you are elected or appointed to the Board you would be entitled to receive the same compensation TST pays to its other non-employee directors, in accordance with TSTs policies as from time to time in effect. The Stockholders will promptly reimburse you for all reasonable out of pocket expenses you incur in performing your responsibilities as Nominee from the date of this Agreement until the date the Stockholders tell you they have determined not to nominate you as a Nominee, the date the Stockholders inform you they will abandon any proxy solicitation, the date the requisite number of votes for your election to the Board has not been obtained, or the date you are elected to the Board, whichever is earliest. After such date, the Stockholders will have no further expense reimbursement obligations.
4. Termination. This Agreement will terminate upon the earliest to occur of the date the Stockholders tell you they have determined not to nominate you as a Nominee, the date the Stockholders inform you they will abandon any proxy solicitation, the date the requisite number of votes for your election to the Board has not been obtained, the date you are elected to the Board, the date you are appointed to the Board or the date the Stockholders enter into an agreement with TST setting forth their mutual agreement on director nominees for the 2016 Annual Meeting. Upon termination of this Agreement, you shall no longer be part of a group with the Stockholder for any purpose, including for purposes of the federal securities laws.
5. General. The failure of a party to insist upon strict adherence to any term in this letter agreement shall not be deemed to be a waiver of such partys rights thereafter to insist upon strict adherence to that term or to any other term. If any one or more provisions of this Agreement are deemed to be invalid, illegal or unenforceable by a court of competent jurisdiction, then such provision(s) shall be deemed severed to the least extent possible without affecting the validity, legality and enforceability of the remainder of this Agreement. This Agreement (a) shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its conflicts or choice of laws principles; (b) includes Exhibit A (Form of Consent) and Exhibit B (Indemnification), and contains the entire understanding of the parties with respect to the subject matter hereof and may not be modified or amended except by mutual written consent; and (c) establishes contract rights which shall inure to the benefit of and be binding upon the parties and their respective heirs, representatives, successors, and assigns.
* * * * * * *
[Remainder of page is blank; signature page follows.]
4
If you are in agreement with the foregoing, please so indicate by signing and returning one copy of this Agreement.
Very truly yours,
SPEAR POINT CAPITAL MANAGEMENT LLC |
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|
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On behalf of Stockholders Spear Point Capital Fund LP and Spear Point Condor LP |
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/s/ Rodney A. Bienvenu, Jr. |
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Name: Rodney A. Bienvenu, Jr. |
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Title: Managing Member |
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FIVET CAPITAL AG |
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On behalf of Stockholders FiveMore Special Situations Fund Ltd and FiveT Investment Management Ltd |
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/s/ Johannes M. Roth |
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Name: Johannes M. Roth |
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Title: CEO |
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ACCEPTED AND AGREED: |
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/s/ Johannes M. Roth |
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Name: Johannes Minho Roth |
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Signature Page
Exhibit A
Form of Consent
Consent
I hereby consent to:
|
(a) |
being nominated by stockholders Spear Point Capital Fund LP, Spear Point Condor LP, FiveMore Special Situations Fund Ltd, and FiveT Investment Management Ltd (the Stockholders) for election to the Board of Directors (the Board) of TheStreet, Inc., a Delaware corporation (TST), at the 2016 Annual Meeting of TST Stockholders (the 2016 Annual Meeting); |
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(b) |
being nominated by the Stockholders and named as a nominee in any notice or other communication to TST, in any proxy statement or other proxy solicitation materials prepared by the Stockholders or by TST, and in any SEC filings that may be prepared by the Stockholders or by TST in connection with such nomination or any proxy solicitation, or otherwise as may be required in connection with such nomination; and |
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(c) |
serving as a director of TST if elected. |
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Name: Johannes Minho Roth |
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Dated: March , 2016 |
Exhibit B
Indemnification
(a) As a material inducement to you to become a Nominee, the Stockholders hereby agree to indemnify and defend you and hold you harmless from and against any and all losses, claims, damages, liabilities, judgments, fines, penalties, settlement payments, awards, costs, expenses and amounts of any type (including reasonable fees and disbursements of counsel and costs of investigation) (collectively, Losses) to which you may become subject or which you may incur in connection with being made, or threatened to be made, a party or witness (or in any other capacity) to any proceeding at law or in equity or before any governmental agency or board or any other body whatsoever (whether arbitral, civil, criminal, trial, appeal, administrative, formal, informal, investigative or other) (a Proceeding), arising out of or based upon your being a the Nominee or a participant in a solicitation (as defined in the rules and regulations under the Exchange Act) as a result of any proxy solicitation.
(b) The indemnification obligation set forth in subparagraph (a) will not apply to the extent (i) the Losses (or any costs of defending you in a Proceeding) are otherwise paid under any directors and officers insurance policy that may separately provide coverage to you as a the Nominee or (ii) such Losses arise or result from (A) your willful misconduct, or (B) any untrue statement or omission made by you or made by the Stockholders in reliance upon and in conformity with any Nominee Information furnished by you for use in any Nomination material or another document to be made available to the public; it being understood that you are furnishing the Nominee Information expressly for use in any Nomination materials and other filings to be made publicly available in connection with your nomination and any proxy solicitation. For these purposes, Nominee Information means any information that you supply to any of the Stockholders, or include in the By-Law Documents, or provide in response to any follow-up questions from any of the Stockholders or to update or supplement information you previously may have provided, or any other information you provided pursuant to this Agreement. We expect that if you are elected to the Board, you will be entitled to the same indemnification and advancement of expenses with respect to your service as a TST director as TST provides to its other directors, in accordance with TSTs policies as in effect from time to time, and that you will be entitled to be covered by any directors and officers liability insurance policy that TST from time to time may maintain for its directors, in accordance with TSTs polices as in effect from time to time. After you are elected to the Board, the Stockholders indemnification obligations will be deemed (as between the Stockholders and TST) secondary to any insurance or indemnification provided by TST to its directors, and (to the extent that TSTs director indemnification policies and insurance coverage would cover the Losses in question in the absence of this Agreement) TST will be deemed the primary obligor with respect to any and all such Losses sustained in connection with a Proceeding which the Stockholders otherwise would be required to indemnify you pursuant to these indemnification terms. For avoidance of doubt, if there is a dispute as to whether TST or the Stockholders are the appropriate indemnifying party with respect to any specific Losses, the Stockholders will provide indemnification and advancement of expenses in accordance with the terms and conditions hereof pending the resolution of such dispute.
(c) In the event of the commencement or threatened commencement of any Proceeding in respect of which you may seek indemnification from the Stockholders hereunder, you will give prompt written notice thereof to the Stockholders; provided, however, that your failure to provide prompt notice shall not relieve the Stockholders of their indemnification obligations hereunder, except to the extent that the Stockholders are materially prejudiced as a result thereof. The Stockholders shall timely pay all reasonable fees and disbursements of the defense counsel selected by the Stockholders (which shall be a nationally recognized firm experienced in the matters subject to the Proceeding in question) in respect of such Proceeding as they become due and payable. In addition to such defense counsel, you shall have the right to retain your own separate defense counsel and participate in the defense of the Proceeding if you
B-1
so desire, provided that you shall be responsible for the fees and expenses of such counsel and costs of such participation unless either (i) you and the Stockholders mutually agree to the retention of such counsel and the Stockholders agrees to pay some or all of the cost of such separate counsel, or (ii) representation of you and the other Nominee by the same counsel would be inappropriate due to actual or potential differing interests between you and them.
(d) The Stockholders shall not indemnify you or otherwise be liable for any settlement of any Proceeding effected by you or on your behalf without the prior written consent of the Stockholders. Without your prior written consent, the Stockholders shall not settle any Proceeding in any manner that (i) would impose any material penalty, obligation or limitation on you (other than monetary damages that will be paid by insurance or that the Stockholders agree to pay), (ii) that contains any admission of wrongdoing on your part or (iii) otherwise reasonably would result in damage to your professional reputation.
(e) Your rights to indemnification under this Agreement shall include the right to be advanced any and all expenses incurred in connection with any indemnifiable claim promptly upon your request as such expenses are incurred. The indemnification provided by this Agreement shall not be deemed exclusive of any other rights to which you may be entitled under any bylaw, other agreement, vote of stockholders or disinterested directors, or otherwise, to the extent such other rights are permitted by applicable law.
(f) Notwithstanding anything to the contrary, if the Stockholders have made payments to you pursuant to the indemnification and expense reimbursement provisions hereof and you subsequently are reimbursed by a third party therefor, you will remit such subsequent reimbursement to the Stockholders. The Stockholders also shall be subrogated to all of your rights of recovery with respect to any matters with respect to which the Stockholders has made indemnification payments, and you shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Stockholders to effectively bring suit to enforce such subrogated rights. Further, no payment by or on behalf of the Stockholders hereunder shall affect the relative responsibilities of TST as the primary indemnitor in respect of any specified Losses and the Stockholders as the secondary indemnitor in respect thereof, nor shall any payment by or on behalf of the Stockholders in advance of determining TSTs and the Stockholders relative responsibilities with respect to such Losses be deemed an admission that (as between TST and the Stockholders) the Stockholders are responsible as an indemnitor nor shall any such payment be deemed a waiver of any rights that the Stockholders may have to be reimbursed or repaid by TST for any such payments.
B-2
Exhibit 99.9
Nomination Agreement, dated March 10, 2016
by and among the certain Reporting Persons and Alexius Fenwick.
Spear Point Capital Management LLC
400 Poydras Street, Suite 2100
New Orleans, LA 70130
March 10, 2016
Alexius John Benedict Fenwick
55 Ludlow Street
New York, NY 10002
Re: Nomination as Director of TheStreet, Inc.
Dear Lex:
This letter agreement (this Agreement) is with reference to your agreement to be nominated by Spear Point Capital Fund LP, Spear Point Condor LP, FiveMore Special Situations Fund Ltd, and FiveT Investment Management Ltd (each a Stockholder and collectively, the Stockholders) for election to the Board of Directors (the Board) of TheStreet, Inc., a Delaware corporation (TST), at the 2016 Annual Meeting of TST Stockholders (together with any adjournments, postponements or stockholder meetings held in lieu thereof, the 2016 Annual Meeting). The Stockholders hold shares of TST Common Stock and currently intend to nominate you and another person (each a Nominee and together, the Nominees) for election to the Board at the 2016 Annual Meeting. You desire to be nominated and, if elected, wish to serve, as a director of TST.
In consideration of the foregoing, and the covenants set forth herein, you hereby agree as follows:
1. Responsibilities of Nominee.
(a) Notice and Information. By signing this Agreement and the attached consent, you agree, among other things:
(i) To provide true, accurate and complete information concerning (A) your background, experience, abilities, professional qualifications and integrity as may be requested from time to time by a Stockholder or (B) such other matters as are customary or such other matters as are required to be disclosed regarding you, your nomination as a Nominee or any proxy solicitation under TSTs by-laws (the By-Laws), pursuant to the Securities Exchange Act of 1934, as amended (the Exchange Act), or the rules and regulations promulgated thereunder, including any information to be included in any notice required under the By-Laws and in any questionnaire or other document required of director nominees under the By-Laws, and in any Securities and Exchange Commission (SEC) filings that may be prepared by the Stockholders in connection with your nomination as a Nominee or any proxy solicitation;
(ii) To accurately and fully complete and sign any questionnaire, any written representation, any agreement required and any other document to be completed and signed by director nominees under the By-Laws (together, the By-Law Documents);
(iii) Not to omit from any information provided hereunder any information that may be material to an understanding of your background, experience, abilities, professional qualifications and integrity or such other matters as described in (i) or (ii) above, or in order to make any information you may provide not misleading in the context in which it is provided;
(iv) To promptly provide the Stockholders any necessary updates or corrections to any information that you previously may have provided, to the extent you become aware that any such information is incomplete or inaccurate in any respect; and
(v) To be nominated by the Stockholders and named as a Nominee of the Stockholders, and that your agreement to be named as a Nominee, and any information regarding you or your nomination that is included in the By-Law Documents or that you provide to a Stockholder pursuant to this Agreement, may be disclosed by the Stockholders in any notice or other communication to TST, in any proxy statement or other proxy solicitation materials, and in any SEC filings that may be prepared by the Stockholders in connection with your nomination as a Nominee or any proxy solicitation (collectively, the Nomination Materials) or otherwise in connection with your nomination and election.
(b) Nominee Information. You represent that any information that you supply to the Stockholder, or include in the By-Law Documents, or provide in response to any follow-up questions from the Stockholder or to update or supplement information you previously may have provided will be true and complete when provided and will not omit any information that may be material to understanding your background, experience, abilities, professional qualifications and integrity or that otherwise would be necessary in order to make the information you provide not misleading in the context in which it is provided.
(c) Consent. In addition, you agree that, concurrently with your execution of this Agreement, you will execute a written consent in the form attached as Exhibit A, in which you consent to being a Nominee, consent to being named in the Nomination Materials as a Nominee, and/or in any proxy statement filed by TST, and, if elected, you consent to serving as a director of TST.
(d) Agreement to Serve. If elected, you will serve as a director of TST, and in that capacity you will (A) act in the best interests of TST and its stockholders, (B) exercise your independent judgment and act in good faith, and (C) duly consider all matters that come before the Board, in each case, consistent with your fiduciary duties as a director.
(e) Independent Parties. The parties acknowledge and agree that you are not an employee, agent or representative of any of the Stockholders; that you are independent of, and not controlled by or acting at the direction of, any of the Stockholders; and that, if elected, you will be acting as an independent director of TST, on behalf of TST and all of the stockholders of TST, and will in no way be controlled by, report to, or act at the direction of, any of the Stockholders. You understand you have no authority to act as an agent of any of the Stockholders and agree that you will not represent that you are an agent of any of the Stockholders to any person.
2. No Nomination Obligation. Notwithstanding anything in this Agreement to the contrary, you acknowledge that none of the Stockholders is obligated to nominate you or any other potential Nominee for election to the Board or to commence, conduct or complete any proxy solicitation.
3. Securities Matters.
(a) No TST Securities. You represent that neither you nor any of your family members or other related persons or affiliates own, directly or indirectly through any controlled entity, have any
2
voting or disposition power over, or otherwise have any beneficial ownership of, any shares of Common Stock, or any preferred stock, options, warrants, or any other securities of TST, or any other instruments convertible into or exercisable or exchangeable for any Common Stock, preferred stock or other equity securities of TST (collectively, TST Securities). You agree not to acquire, or to permit any such other persons to acquire, any TST Securities, except with the prior consent of the Stockholders.
(b) Stockholders Group. You acknowledge that the Stockholders are deemed to have formed a group within the meaning under the Exchange Act, and have filed a Schedule 13D with the SEC disclosing their intent to nominate candidates for election to the Board at the 2016 Annual Meeting. The purpose of the Stockholders group is to affirmatively vote for the groups slate of director candidates instead of the incumbent (or other) directors nominated by TST. By entering into this Agreement, you may be deemed part of such group. You further acknowledge and agree that while you may have engaged in meetings and discussions concerning the matters contemplated hereby before the date of this Agreement, no agreement was reached among the parties as a result of such discussions and meetings, and you did not agree to participate in any group until March 10, 2016. Your participation in any group with the Stockholders will terminate upon the termination of the agreement among the Stockholders forming the group, or if earlier, your election as a director of TST.
(c) Schedule 13D. You acknowledge that you may need to be named in an amendment to the Stockholders Schedule 13D and that the terms of this Agreement may be disclosed in such an amendment. Further, you agree to provide such information to the Stockholders and to execute and deliver such additional documents as may be reasonably required in order to effect the actions and transactions contemplated by this Agreement and the group Schedule 13D, including any amendments thereto. In addition, to the extent requested by Stockholder, you shall promptly, and in no event later than one day following such request, provide such information as is reasonably necessary with respect to the filing or any amendment of the Schedule 13D in respect of the parties collective beneficial ownership of securities of TST, to the extent applicable, as well as any Forms 3, 4 or 5 to the extent applicable.
(c) No Other Groups. You represent and warrant that prior to the date hereof, and you agree that on and after the date hereof, neither you nor any of your family members or other related persons or affiliates had entered or will enter into any agreement with a third party to act together for the purpose of acquiring, holding, voting or disposing of equity securities of TST.
(d) Solicitation Matters. You represent and agree that neither you, nor anyone acting on your behalf, has or will (without the consent of the Stockholders) solicit (within the meaning of the proxy solicitation rules under the Exchange Act (the Rules)) any persons to vote, withhold a vote, grant a proxy with regard to, revoke a proxy with regard to, or otherwise take or refrain from taking any action with respect to the election of directors of TST or any other matter to be voted on at the 2016 Annual Meeting. You acknowledge and agree that if the Stockholders determine, in their sole discretion, to engage in a solicitation of votes or proxies or other actions with regard to the matters to be voted on at the 2016 Annual Meeting which are subject to the Rules, the Stockholders will comply with such Rules and either file such proxy statements as so required, or limit their solicitation to no more than ten persons and, therefore, fall within the exception to the Rules set forth in Rule 14a-2(b)(2) under the Exchange Act. In the Stockholders determine to engage in any such solicitation, you agree, if and to the extent requested by the Stockholders, to attend and participate in meetings with third party TST stockholders and other persons as appropriate to furthering any proxy solicitation and the election of the Nominees.
(e) Public Statements and Announcements. You shall not issue, make, send or publish any letter to TST or to any TST shareholders, written press release or any other public statement or communication, including any statement on a website, blog, or by means of Twitter, Facebook or other
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social media, regarding the matters contemplated hereby or by any proxy solicitation, group Schedule 13D (or amendment thereto) without the prior consent of the Stockholders.
3. Compensation; Expenses. The Stockholders will not provide you any compensation for your entering this Agreement, performing your responsibilities (including your agreement to serve as a director of TST), or otherwise. We expect that if you are elected or appointed to the Board you would be entitled to receive the same compensation TST pays to its other non-employee directors, in accordance with TSTs policies as from time to time in effect. The Stockholders will promptly reimburse you for all reasonable out of pocket expenses you incur in performing your responsibilities as Nominee from the date of this Agreement until the date the Stockholders tell you they have determined not to nominate you as a Nominee, the date the Stockholders inform you they will abandon any proxy solicitation, the date the requisite number of votes for your election to the Board has not been obtained, or the date you are elected to the Board, whichever is earliest. After such date, the Stockholders will have no further expense reimbursement obligations.
4. Termination. This Agreement will terminate upon the earliest to occur of the date the Stockholders tell you they have determined not to nominate you as a Nominee, the date the Stockholders inform you they will abandon any proxy solicitation, the date the requisite number of votes for your election to the Board has not been obtained, the date you are elected to the Board, the date you are appointed to the Board or the date the Stockholders enter into an agreement with TST setting forth their mutual agreement on director nominees for the 2016 Annual Meeting. Upon termination of this Agreement, you shall no longer be part of a group with the Stockholder for any purpose, including for purposes of the federal securities laws.
5. General. The failure of a party to insist upon strict adherence to any term in this letter agreement shall not be deemed to be a waiver of such partys rights thereafter to insist upon strict adherence to that term or to any other term. If any one or more provisions of this Agreement are deemed to be invalid, illegal or unenforceable by a court of competent jurisdiction, then such provision(s) shall be deemed severed to the least extent possible without affecting the validity, legality and enforceability of the remainder of this Agreement. This Agreement (a) shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its conflicts or choice of laws principles; (b) includes Exhibit A (Form of Consent) and Exhibit B (Indemnification), and contains the entire understanding of the parties with respect to the subject matter hereof and may not be modified or amended except by mutual written consent; and (c) establishes contract rights which shall inure to the benefit of and be binding upon the parties and their respective heirs, representatives, successors, and assigns.
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[Remainder of page is blank; signature page follows.]
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If you are in agreement with the foregoing, please so indicate by signing and returning one copy of this Agreement.
Very truly yours,
SPEAR POINT CAPITAL MANAGEMENT LLC |
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On behalf of Stockholders Spear Point Capital Fund LP and Spear Point Condor LP |
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/s/ Rodney A. Bienvenu, Jr. |
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Name: Rodney A. Bienvenu, Jr. |
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Title: Managing Member |
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FIVET CAPITAL AG |
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On behalf of Stockholders FiveMore Special Situations Fund Ltd and FiveT Investment Management Ltd |
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/s/ Johannes M. Roth |
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Name: Johannes M. Roth |
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Title: CEO |
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ACCEPTED AND AGREED: |
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/s/ Alexius John Benedict Fenwick |
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Name: Alexius John Benedict Fenwick |
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Signature Page
Exhibit A
Form of Consent
Consent
I hereby consent to:
(a) |
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being nominated by stockholders Spear Point Capital Fund LP, Spear Point Condor LP, FiveMore Special Situations Fund Ltd, and FiveT Investment Management Ltd (the Stockholders) for election to the Board of Directors (the Board) of TheStreet, Inc., a Delaware corporation (TST), at the 2016 Annual Meeting of TST Stockholders (the 2016 Annual Meeting); |
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(b) |
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being nominated by the Stockholders and named as a nominee in any notice or other communication to TST, in any proxy statement or other proxy solicitation materials prepared by the Stockholders or by TST, and in any SEC filings that may be prepared by the Stockholders or by TST in connection with such nomination or any proxy solicitation, or otherwise as may be required in connection with such nomination; and |
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(c) |
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serving as a director of TST if elected. |
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Name: Alexius John Benedict Fenwick |
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Dated: March , 2016 |
Exhibit B
Indemnification
(a) As a material inducement to you to become a Nominee, the Stockholders hereby agree to indemnify and defend you and hold you harmless from and against any and all losses, claims, damages, liabilities, judgments, fines, penalties, settlement payments, awards, costs, expenses and amounts of any type (including reasonable fees and disbursements of counsel and costs of investigation) (collectively, Losses) to which you may become subject or which you may incur in connection with being made, or threatened to be made, a party or witness (or in any other capacity) to any proceeding at law or in equity or before any governmental agency or board or any other body whatsoever (whether arbitral, civil, criminal, trial, appeal, administrative, formal, informal, investigative or other) (a Proceeding), arising out of or based upon your being a the Nominee or a participant in a solicitation (as defined in the rules and regulations under the Exchange Act) as a result of any proxy solicitation.
(b) The indemnification obligation set forth in subparagraph (a) will not apply to the extent (i) the Losses (or any costs of defending you in a Proceeding) are otherwise paid under any directors and officers insurance policy that may separately provide coverage to you as a the Nominee or (ii) such Losses arise or result from (A) your willful misconduct, or (B) any untrue statement or omission made by you or made by the Stockholders in reliance upon and in conformity with any Nominee Information furnished by you for use in any Nomination material or another document to be made available to the public; it being understood that you are furnishing the Nominee Information expressly for use in any Nomination materials and other filings to be made publicly available in connection with your nomination and any proxy solicitation. For these purposes, Nominee Information means any information that you supply to any of the Stockholders, or include in the By-Law Documents, or provide in response to any follow-up questions from any of the Stockholders or to update or supplement information you previously may have provided, or any other information you provided pursuant to this Agreement. We expect that if you are elected to the Board, you will be entitled to the same indemnification and advancement of expenses with respect to your service as a TST director as TST provides to its other directors, in accordance with TSTs policies as in effect from time to time, and that you will be entitled to be covered by any directors and officers liability insurance policy that TST from time to time may maintain for its directors, in accordance with TSTs polices as in effect from time to time. After you are elected to the Board, the Stockholders indemnification obligations will be deemed (as between the Stockholders and TST) secondary to any insurance or indemnification provided by TST to its directors, and (to the extent that TSTs director indemnification policies and insurance coverage would cover the Losses in question in the absence of this Agreement) TST will be deemed the primary obligor with respect to any and all such Losses sustained in connection with a Proceeding which the Stockholders otherwise would be required to indemnify you pursuant to these indemnification terms. For avoidance of doubt, if there is a dispute as to whether TST or the Stockholders are the appropriate indemnifying party with respect to any specific Losses, the Stockholders will provide indemnification and advancement of expenses in accordance with the terms and conditions hereof pending the resolution of such dispute.
(c) In the event of the commencement or threatened commencement of any Proceeding in respect of which you may seek indemnification from the Stockholders hereunder, you will give prompt written notice thereof to the Stockholders; provided, however, that your failure to provide prompt notice shall not relieve the Stockholders of their indemnification obligations hereunder, except to the extent that the Stockholders are materially prejudiced as a result thereof. The Stockholders shall timely pay all reasonable fees and disbursements of the defense counsel selected by the Stockholders (which shall be a nationally recognized firm experienced in the matters subject to the Proceeding in question) in respect of such Proceeding as they become due and payable. In addition to such defense counsel, you shall have the right to retain your own separate defense counsel and participate in the defense of the Proceeding if you
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so desire, provided that you shall be responsible for the fees and expenses of such counsel and costs of such participation unless either (i) you and the Stockholders mutually agree to the retention of such counsel and the Stockholders agrees to pay some or all of the cost of such separate counsel, or (ii) representation of you and the other Nominee by the same counsel would be inappropriate due to actual or potential differing interests between you and them.
(d) The Stockholders shall not indemnify you or otherwise be liable for any settlement of any Proceeding effected by you or on your behalf without the prior written consent of the Stockholders. Without your prior written consent, the Stockholders shall not settle any Proceeding in any manner that (i) would impose any material penalty, obligation or limitation on you (other than monetary damages that will be paid by insurance or that the Stockholders agree to pay), (ii) that contains any admission of wrongdoing on your part or (iii) otherwise reasonably would result in damage to your professional reputation.
(e) Your rights to indemnification under this Agreement shall include the right to be advanced any and all expenses incurred in connection with any indemnifiable claim promptly upon your request as such expenses are incurred. The indemnification provided by this Agreement shall not be deemed exclusive of any other rights to which you may be entitled under any bylaw, other agreement, vote of stockholders or disinterested directors, or otherwise, to the extent such other rights are permitted by applicable law.
(f) Notwithstanding anything to the contrary, if the Stockholders have made payments to you pursuant to the indemnification and expense reimbursement provisions hereof and you subsequently are reimbursed by a third party therefor, you will remit such subsequent reimbursement to the Stockholders. The Stockholders also shall be subrogated to all of your rights of recovery with respect to any matters with respect to which the Stockholders has made indemnification payments, and you shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Stockholders to effectively bring suit to enforce such subrogated rights. Further, no payment by or on behalf of the Stockholders hereunder shall affect the relative responsibilities of TST as the primary indemnitor in respect of any specified Losses and the Stockholders as the secondary indemnitor in respect thereof, nor shall any payment by or on behalf of the Stockholders in advance of determining TSTs and the Stockholders relative responsibilities with respect to such Losses be deemed an admission that (as between TST and the Stockholders) the Stockholders are responsible as an indemnitor nor shall any such payment be deemed a waiver of any rights that the Stockholders may have to be reimbursed or repaid by TST for any such payments.
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