Document:

ex10-1.htm

EXHIBIT 10.1

Executive Salaries for 2011

On February 11, 2011, the Compensation Committee of the Board of Directors of the Company (the “Committee”) approved 2011 base salaries for the executive officers, effective April 1, 2011, as set forth below:

	
Executive Officer

	
Title

	 	
Salary

	 
	
Richard J. Braun

	
President and Chief Executive Officer

	 	$	390,000	 
	
Kevin J. Wiersma

	
Vice President, Chief Administrative Officer, and Chief Financial Officer of MEDTOX Scientific, Inc. and Chief Operating Officer – Forensic Laboratory Operations

	 	$	235,800	 
	
James A. Schoonover

	
Vice President and Chief Marketing Officer

	 	$	235,800	 
	
B. Mitchell Owens

	
Vice President and Chief Operating Officer of MEDTOX Diagnostics, Inc.

	 	$	235,800	 
	
Susan E. Puskas

	
Vice President, Quality Assurance,  Regulatory Affairs, and Chief Operating Officer – Clinical  Laboratory Operations

	 	$	235,800ex10-2.htm

EXHIBIT 10.2

Target Financial Objectives for Fiscal Year 2011 under the Annual Incentive Plan and Long Term Incentive Plan

 

On February 21, 2011, the Committee approved weighted target financial objectives for the Company’s 2011 Annual Incentive Plan and Long-Term Incentive Plan (LTIP). Awards will be based on the target payouts set forth below, which are expressed as a percentage of base salary. Specific payments to individuals could exceed the following targets if the Company achieves more than 100% of its target financial objectives, but in no event will the Annual Incentive Payment or LTIP individually exceed two times base salary.

	
Title

	  	
Target Payout %

	
 

Chief Executive Officer

	
  

	
100%

	
 

	  	  	  	  
	
Chief Financial Officer and Chief Operating Officer of MEDTOX Laboratories, Inc.

	
  

	
60%

	
 

	  	  	  	  
	
Vice President and Chief Marketing Officer

	  	
60%

	
 

	  	  	  	  
	
Vice President and Chief Operating Officer of MEDTOX Diagnostics, Inc.

	  	
60%

	
 

	  	  	  	  
	
Vice President Quality, Regulatory Affairs, and Human Resources

	  	
60%

	
 

Employees must be employed by the Company as of December 31, 2011, and at the time of the awards in order to participate in the Plans, and awards may be adjusted on a pro rata basis to the extent any employee is employed for only a portion of the year 2011. The Chief Executive Officer will recommend individual awards for all participating employees (except for the Chief Executive Officer) for approval by the Committee based on an assessment of each individual’s performance. The Committee may approve or disapprove any recommended awards in whole or in part in its sole discretion. The Committee shall determine the award for the Chief Executive Officer based on an assessment of his performance for 2011.NUMBER

U-__________

	  	
UNITS

	 	 	 
	
SEE REVERSE FOR

CERTAIN DEFINITIONS

	
TRIO MERGER CORP.

	  

CUSIP 896697 208

UNITS CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT TO PURCHASE ONE SHARE OF COMMON STOCK

THIS CERTIFIES THAT ________________________________________________________________

is the owner of _________________________________________________________________________ Units.

Each Unit (“Unit”) consists of one (1) share of common stock, par value $.0001 per share (“Common Stock”), of Trio Merger Corp., a Delaware corporation (the “Company”), and one (1) warrant (the “Warrants”).  Each Warrant entitles the holder to purchase one (1) share of Common Stock for $7.50 per share (subject to adjustment).  Each Warrant will become exercisable on the Company’s completion of an initial merger, capital stock exchange, asset acquisition or other similar business combination with one or more businesses or entities (a “Business Combination”) and will expire unless exercised before 5:00 p.m., New York City Time, three years after the completion of a Business Combination, or earlier upon redemption (the “Expiration Date”).  The Common Stock and Warrants comprising the Units represented by this certificate are not transferable separately prior to the ninetieth day after the date of the prospectus relating to the Company’s initial public offering.  The terms of the Warrants are governed by a Warrant Agreement, dated as of _______, 2011, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof.  Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 17 Battery Place, New York, New York 10004, and are available to any Warrant holder on written request and without cost.

This certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company.

Witness the facsimile seal of the Company and the facsimile signatures of its duly authorized officers.

By

	  	

	  
	
Chairman

	
Secretary

  

  

  

Trio Merger Corp.

 

The Company will furnish without charge to each shareholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights.

 

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	
TEN COM –

	
as tenants in common

	
UNIF GIFT MIN ACT -

	
_____ Custodian ______

	
TEN ENT –

	
as tenants by the entireties

	  	
(Cust)                     (Minor)

	
JT TEN –

	
as joint tenants with right of survivorship

	
under Uniform Gifts to Minors

	  	
and not as tenants in common

	  	
Act ______________

	  	  	  	
(State)

Additional Abbreviations may also be used though not in the above list.

 

For value received, ___________________________ hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER

       IDENTIFYING NUMBER OF ASSIGNEE

	
  

 

	  
	
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

	  
	  
	  
	  
	  
	  	
Units

represented by the within Certificate, and do hereby irrevocably constitute and appoint

                                                                                                                                                       Attorney

to transfer the said Units on the books of the within named Company will full power of substitution in the premises.

	
Dated

	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	
Notice:

	
The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

Signature(s) Guaranteed:

                                                                                                                                                           

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION

(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH

MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,

PURSUANT TO S.E.C. RULE 17Ad-15).

The holder of this certificate shall be entitled to receive funds from the trust fund only in the event of the Company’s liquidation upon failure to consummate a business combination, if the holder seeks to sell his shares underlying the unit to the Company prior to the consummation of a business combination or if the holder seeks to convert or sell his respective shares underlying the unit upon consummation of such business combination.  In no other circumstances shall the holder have any right or interest of any kind in or to the trust fund.Unassociated Document

	
            NUMBER

	
SHARES

	 	 
	
______C

	  

 

TRIO MERGER CORP.

 

INCORPORATED UNDER THE LAWS OF DELAWARE

 

COMMON STOCK

 

SEE REVERSE FOR

CERTAIN DEFINITIONS

 

	
This Certifies that

	
CUSIP 896697 109

	  	  
	
is the owner of

	  

 

FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF THE PAR VALUE OF $.0001 EACH OF

 

TRIO MERGER CORP.

 

transferable on the books of the Company in person or by duly authorized attorney upon surrender of this certificate properly endorsed.

The Company will be forced to liquidate if it is unable to complete an initial business combination within eighteen months from the closing of 

the Company’s initial public offering, or within twenty-four months if certain criteria are satisfied, all as more fully described in the 

Company’s final prospectus dated ________, 2011.

This certificate is not valid unless countersigned by the Transfer Agent and registered by the Registrar.

Witness the facsimile seal of the Company and the facsimile signatures of its duly authorized officers.

 

Dated:

 

	  	

	  
	
CHAIRMAN

	
SECRETARY

  

  

  

 

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	
TEN COM –  

	
as tenants in common

	
UNIF GIFT MIN ACT -

	
_____ Custodian ______

	
TEN ENT –

	
as tenants by the entireties

	  	
  (Cust)                  (Minor)

	
JT TEN –

	
as joint tenants with right of survivorship

	
under Uniform Gifts to Minors

	  	
and not as tenants in common

	  	
Act ______________

	  	  	  	
(State)

Additional Abbreviations may also be used though not in the above list.

 

Trio Merger Corp.

 

The Company will furnish without charge to each shareholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights.  This certificate and the shares represented thereby are issued and shall be held subject to all the provisions of the Certificate of Incorporation and all amendments thereto and resolutions of the Board of Directors providing for the issue of Preferred Shares (copies of which may be obtained from the secretary of the Company), to all of which the holder of this certificate by acceptance hereof assents.

 

For value received, ___________________________ hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER

       IDENTIFYING NUMBER OF ASSIGNEE

	
  

 

	  
	
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

	  
	  
	  
	  
	  
	  	
  shares

of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint                                                                                                                                                                                       Attorney to transfer the said stock on the books of the within named Company will full power of substitution in the premises.

	
Dated

	  	  	  	  
	  	  	  	  	  
	  	  	  	
Notice:

	
The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

Signature(s) Guaranteed:

	
                                                                                                                             

	
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION

	
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH

	
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,

	
PURSUANT TO S.E.C. RULE 17Ad-15).

The holder of this certificate shall be entitled to receive funds from the trust fund only in the event of the Company’s liquidation upon failure to consummate a business combination, if the holder seeks to sell his shares to the Company prior to the consummation of a business combination or if the holder seeks to convert or sell his respective shares upon consummation of such business combination.  In no other circumstances shall the holder have any right or interest of any kind in or to the trust fund.

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