Document:

ex_196834.htm

Exhibit 10.31

 

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. THE REDACTED TERMS HAVE BEEN MARKED WITH THREE ASTERISKS [***]

 

FIRST AMENDMENT TO

the

INTERMEDIARY DISTRIBUTION Agreement

 

THIS FIRST AMENDMENT TO THE INTERMEDIARY DISTRIBUTION AGREEMENT (this “First Amendment”) is made and entered into effective as of June 29, 2020 (the “First Amendment Date”), by and between Chongqing Pioneer Pharma Holdings Limited, with its principal place of business at No. 15, Lane 88 Wuwei Road, Putuo, Shanghai, China (“Pioneer”), and NovaBay Pharmaceuticals, Inc., a Delaware corporation with its principal place of business at 2000 Powell Street, Suite 1150 Emeryville, CA 94608 (“NovaBay”), who state as follows:

 

WITNESSETH 

 

WHEREAS, Pioneer and NovaBay previously entered into that certain Intermediary Distribution Agreement, dated April 16, 2020 (the “Agreement”), pertaining to Pioneer serving as an intermediary purchasing SARS-CoV-2 IgG and IgM Antibody Combined Test Kits (the “Test Kits”) from and through Shenzhen Microprofit Biotech Co., Ltd. and selling such Test Kits exclusively to NovaBay for distribution in the United States, as more particularly described in the Agreement; and

 

WHEREAS, Pioneer and NovaBay desire to enter into this First Amendment for the purpose of extending the time period that NovaBay has to receive regulatory approval of the Test Kits and reducing the price of the Test Kits, both as set forth in the Agreement.

 

NOW, THEREFORE, for and in consideration of the mutual promises and covenants contained in the Agreement and this First Amendment, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

1.     Recitals. The above stated recitals are true and correct and are incorporated herein by reference.

 

2.     Definitions. All capitalized terms used but not otherwise defined herein shall have the same meanings ascribed to them as in the Agreement.

 

3.     Amendment to the Agreement.

 

(a)     Section 3.1 of the Agreement is hereby amended in its entirety and replaced with the following:

 

  3.1     Annual Minimums. During the term, the parties will negotiate in good faith to mutually agree on Annual Minimums, which shall be dependent on the timing and type of Regulatory Approvals of the Product.

 

(b)     Section 4.1 of the Agreement is hereby amended in its entirety and replaced with the following:

 

 

 

 

  4.1     Product Payments. NovaBay shall pay Pioneer [***] for one unit of the Product (e.g., one test kit) (the “Price”). Prior to each shipment of Products, Pioneer will submit an invoice to NovaBay and NovaBay shall pay by wire transfer of 100% of the invoiced amount before the delivery of the Product. The difference in the Price paid by NovaBay hereunder and the selling price charged by NovaBay to Customers shall be NovaBay’s sole remuneration hereunder.

 

(c)     Section 4.2 of the Agreement is hereby deleted in its entirety.

 

(d)     Section 6.1 of the Agreement is hereby amended in its entirety and replaced with the following:

 

  6.1     Regulatory Approvals. NovaBay will apply for all necessary Regulatory Approvals for the Product in the Territory, as the Product’s U.S. agent, and NovaBay will keep all approvals renewed and valid during the Term, as defined in Section 13.1. If NovaBay fails to achieve Emergency Use Approval from the FDA before September 30, 2020, Pioneer shall have the right to convert this Agreement to a non-exclusive arrangement, in each case without prejudice to any rights or remedies available to Pioneer under Applicable Law.

 

4.     Conflict of Provisions. In the event of a conflict between any provisions contained in the Agreement and this First Amendment, the terms contained in this First Amendment shall control and govern the parties and their respective rights and duties. Except as specifically amended by this First Amendment, the Agreement shall remain unchanged and in full force and effect, and all other provisions of the Agreement are hereby restated and reaffirmed in their entirety.

 

5.     Counterparts. This First Amendment may be executed in a number of identical counterparts. If so executed, each such counterpart is to be deemed an original for all purposes and all such counterparts shall, collectively, constitute one (1) agreement. Facsimile or electronic copies of this First Amendment shall be valid for all purposes.

 

 

 

 

IN WITNESS WHEREOF, the parties have caused this First Amendment to be executed and delivered by their duly authorized representatives as of the First Amendment Date written above.

 

	
			 

				
			PIONEER:

			
	
			 

				
			 

				
			 

			
	 	
			Chongqing Pioneer Pharma Holdings

			Limited

			
	
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Paul Li

			
	
			 

				
			Name:

				
			Paul Li

			
	
			 

				
			Title:

				
			Chairman

			
	 	 	 
	 	NOVABAY:
	 	 	 
	 	NovaBay Pharmaceuticals, Inc.
	 	 	 
	 	By:	/s/ Justin M. Hall
	 	Name:	Justin M. Hall
	 	Title:	Chief Executive Officer and General Counsel

 

 

Signature Page to First Amendment to the Intermediary Distribution AgreementDocument

                                               EXHIBIT 10.3

CONFIDENTIAL

June 12, 2020

Bryan J. Lemmerman
[Redacted]

Re: Offer of Employment 

Dear Bryan:

I am very pleased to offer you the position of Chief Financial Officer for Laredo Petroleum, Inc. (the “Company”).  This letter outlines the terms of your offer and formalizes our previous discussions and has an effective date of employment of June 30, 2020. Please review the offer and contact me at 918-858-XXXX with any questions.

If you accept this offer, you will be employed by the Company in that capacity or such other capacity as you may be assigned from time to time.  Your position will include duties assigned to you by me and you will report directly to me.  Your employment will be at will, with the terms of your employment outlined below:
1.While you remain in this position, you will be paid an annual salary of $440,000 in accordance with the Company’s customary payroll practices, beginning on June 30, 2020, which will be pro-rated for 2020.  This rate may be adjusted from time to time at the Company’s discretion.
2.Employees of Laredo are eligible to participate in the Short-Term Incentive Plan; your target bonus is 90% of your base salary.  This is a discretionary plan and payouts are determined by both the Company’s and your individual performance.  
3.You will receive a new hire restricted stock award equal to $880,000 (2 times your base salary). This award is based upon the previous 10-day average stock price prior to June 30, 2020. The restricted shares have a three-year ratable vesting schedule. This award will be made the first of the month following your hire date.
4.You will be eligible to participate in our Long-Term Incentive Program with a target of 350% of your base salary. Long-Term Incentive awards are granted during the (annual) Spring Compensation Review Cycle. 
Both the Short-Term and Long-Term Incentive Programs are annually reviewed and approved by the Compensation Committee of the Board of Directors and may change from year-to-year based on market conditions and/or Company performance.
5.You will be paid a cash signing bonus of $600,000 within 30 days of your hire date.  If you leave the Company for any reason within your first year of employment, then the entire bonus must be refunded to the Company.  If you leave any time for any reason after the first year of employment, but before the second anniversary of your hire date, then you must repay one-half of the bonus to the Company. 

Bryan J. Lemmerman
June 12, 2020
Page 3

6.In lieu of participating in our relocation program, until you move to Tulsa, you will be eligible for temporary housing for up to three years from your hire date, not to exceed $2,000/month during the three years. This benefit is considered a taxable event and the Company will gross up the amount paid for your temporary housing in order to cover your portion of taxes. As part of the terms of your offer, if you leave the Company for any reason prior to your first anniversary with the Company, all temporary housing-related expenses that have been paid on your behalf must be refunded.
7.In this position, you will be eligible to participate in the Laredo Executive Change in Control Plan and the Laredo Executive Severance Plan, as approved by the Board of Directors.
8.This offer is contingent upon you successfully completing a drug and alcohol test, a driving record check and a background check in accordance with the Company’s normal employment policy.  A member of the Human Resources Department will be in contact with you regarding arrangements.
9.This letter does not constitute a guarantee of employment for any specific term or in any specific capacity, and your employment will be subject to such policies as the Company may adopt from time to time.
Subject to the terms of the specific benefit plans and Company policies, you will be eligible for all other regular employee benefits offered to Laredo employees, which include: 
•medical, dental, vision and life insurance benefits, 
•flexible spending/dependent care assistance plan,
•short-term and long-term disability coverage,
•optional additional life insurance and Reliance Standard critical care and accident insurance,
•200 hours of paid vacation per year which will be pro-rated based on your hire date,
•10 paid holidays during each calendar year,
•and the Company 401(k) Plan

Our health benefits become effective on the first day of the month following your employment date.  
Should you decide to accept our offer, please sign and return one copy of this letter to Kim Harding, Vice President – Human Resources, at the following address: 15 W. 6th Street, Suite 900, Tulsa OK, 74119.    The Company’s discussions relative to your employment and this letter are deemed to be confidential and fully incorporated herein.  Acceptance of offer must be made on or before five- business days from the date of this letter or it is withdrawn.  
As you are aware, we place considerable emphasis on choosing the proper person for this position.  We are excited about Laredo and its potential for growth and the possibility of your contribution to our success.  We look forward to your response.

Bryan J. Lemmerman
June 12, 2020
Page 3

Yours truly,
  Jason Pigott
President and Chief Executive Officer

I wish to accept the offer X
I wish to decline the offer 

/s/ Bryan J. Lemmerman       6/12/2020 (Signature)                  (Date)

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