Document:

EXHIBIT 10.2

 

FIRST
AMENDMENT TO

AKERS
BIOSCIENCES, INC.

AMENDED AND RESTATED 2013 INCENTIVE STOCK AND AWARD
PLAN

 

This
First Amendment to the Akers Biosciences, Inc. Amended and Restated 2013 Incentive Stock and Award Plan will amend the Amended
and Restated 2013 Incentive Stock and Award Plan (the “Original Plan”) as follows:

 

		1.	Section
                                         4 of the Original Plan is hereby deleted in its entirety and replaced with the following:

 

4.
Stock Reserved for the Plan. Subject to adjustment as provided in Section 8 hereof, a total of up to 830,000 shares of
the Company’s common stock, no par value per share (the “Stock”), shall be subject to the Plan. The maximum
number of shares of Stock that may be subject to Options shall conform to any requirements applicable to performance-based compensation
under Section 162(m) of the Code, if qualification as performance-based compensation under Section 162(m) of the Code is intended.
The shares of Stock subject to the Plan shall consist of unissued shares, treasury shares or previously issued shares held by
any Subsidiary of the Company, and such amount of shares of Stock shall be and is hereby reserved for such purpose. Any of such
shares of Stock that may remain unsold and that are not subject to outstanding Options at the termination of the Plan shall cease
to be reserved for the purposes of the Plan, but until termination of the Plan the Company shall at all times reserve a sufficient
number of shares of Stock to meet the requirements of the Plan. Should any Option or Restricted Stock expire or be canceled prior
to its exercise or vesting in full or should the number of shares of Stock to be delivered upon the exercise or vesting in full
of any Option or Restricted Stock be reduced for any reason, the shares of Stock theretofore subject to such Option or Restricted
Stock may be subject to future Options or Restricted Stock under the Plan, except where such reissuance is inconsistent with the
provisions of Section 162(m) of the Code where qualification as performance-based compensation under Section 162(m) of the Code
is intended.Exhibit 10.1

 

 

October 6, 2016

 

PERSONAL & CONFIDENTIAL

 

Jeffrey Killian

 

Re:          Employment Terms

 

Dear Jeff:

 

I am pleased to extend this formal offer of full-time employment to join Resonant Inc. (“Resonant” or the “Company”) as Chief Financial Officer.  This is a key position reporting directly to myself, Terry Lingren, Chief Executive Officer. I’m excited to have you joining us!  This letter sets out the terms and conditions of your employment with Resonant.

 

Your first day of employment will be Monday, October 24, 2016 (“Start Date”).  We will pay you a base salary at an annualized rate of $275,000.  Your base salary is payable in accordance with our regular payroll schedule which is currently every two weeks.  You will participate in the executive bonus plan, which is payable at the sole discretion of our Board in accordance with the terms of the executive bonus plan, if any.

 

You will be entitled to paid vacation in accordance with our vacation policy as generally applicable to all employees.  You may take your vacation at times mutually acceptable to you and the Company.  In this regard, we would appreciate as much advance warning of your vacations as reasonably possible so that your duties can be covered by others in your absence.  You also will be entitled to our normal paid holidays (typically not fewer than ten (10) days per year).

 

Your place of employment will be based out of the Company’s principal executive offices in Goleta, California, while you maintain your residence in Hillsboro, Oregon.  You will be required to devote all of your business time, energy, skill, and efforts to faithfully and diligently further the business interests of the Company, except as agreed to by the Company in writing in advance.

 

You will be entitled to participate in all of our employee benefit plans.  These include, among other things, group health insurance and a 401K plan.  We match 100% of contributions under our 401K plan up to a maximum of 5% of your base salary.  Please note that, as with all companies, we reserve the right to change our employee benefit plans from time to time.

 

Subject to approval from our Board, we will grant you a restricted stock unit award (the “RSU”) for 200,000 shares of our common stock, which RSU will vest quarterly over a four (4) year period commencing with the first business day of the next calendar quarter after your Start Date.  The RSU award will be granted to you as an “inducement” award that is exempt from shareholder approval rules of the Nasdaq Stock Market, and will be subject to your execution of our standard equity award agreement.

 

In addition to the above, we are also offering you a sign-on bonus of $75,000 (less all required tax withholdings and other applicable deductions), payable no later than the first pay period payment date following your Start Date.  You agree to repay this bonus in full if you voluntarily

 

110 Castilian Drive  ·  Suite 100 · Santa Barbara  ·  California 93117

 

 

terminate (other than for good reason as defined in the Change in Control Agreement) your employment with the Company prior to the first anniversary of your Start Date.  This sign-on bonus amount will be subtracted from the amount of any annual or other bonus to which you may be entitled for the 2016 and 2017 calendar years.  For clarity, if your sign-on bonus exceeds the amount of any annual or other bonus you earn for the 2016 and 2017 calendar years, you will not be required to refund the excess amount unless you voluntarily terminate your employment with the Company (other than for good reason) prior to the first anniversary of your Start Date.

 

Your employment will be on an at-will basis.  This means that you will have the right to terminate your employment at any time with or without cause or notice, and the Company will reserve for itself an equal right.  Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company.  Upon any termination of your employment, you will be entitled to receive:

 

·                                          Any base salary earned but unpaid as of your termination or resignation date;

 

·                                          Payment in lieu of any vacation accrued but unused as of the date of your termination or resignation;

 

·                                          Any business expenses incurred but not reimbursed (in accordance with Company policy) as of your termination or resignation date; and

 

·                                          Any amounts or benefits under any Company compensation, incentive, severance, change in control or benefit plans due and owing and/or vested but not paid as of your termination or resignation date (according to the payment provisions of such plans).

 

Your employment is conditioned on your signing and returning the enclosed copies of our standard Employee Invention, Confidentiality and Non-Solicitation Agreement (the “Invention Agreement”) and Mutual Agreement to Arbitrate Claims (the “Arbitration Agreement”).  This Letter, the Invention Agreement and the Arbitration Agreement, as well as the Severance and Change in Control Agreement, and equity incentive plan agreements, will together form the entire agreement with respect to the subject matter hereof and thereof, and these agreements together supersede all prior understandings and agreements, whether written or oral, with respect to such matters.  The terms of your employment may only be changed by written agreement, although the Company may from time to time, in its sole discretion, adjust the benefits provided to you and its other employees.

 

2

 

This employment letter is valid for ten (10) business days and will expire if we have not received by that date signed copies of this letter, the Invention Agreement and the Arbitration Agreement.

 

We look forward to working with you!

 

	
 
    	
Regards,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Terry Lingren
    
	
 
    	
Terry Lingren, CEO
    
	
 
    
	
ACCEPTED AND AGREED:
    
	
 
    
	
 
    
	
/s/ Jeffrey Killian
    	
 
    
	
Jeffrey Killian
    	
 
    

 

 

Enclosures (Invention Agreement and Arbitration Agreement)

 

cc:                      Barb Harlow, Director of Administration
 Lisa Wolf, Vice President of Finance

 

3EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
 FIRST
SUPPLEMENTAL INDENTURE 
 FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of October 12, 2016,
between Pinnacle Entertainment, Inc. (f/k/a PNK Entertainment, Inc.), a Delaware corporation (the “Company”), and Deutsche Bank Trust Company Americas, as trustee under the Indenture hereinafter referred to (in such capacity, the
“Trustee”). 
 RECITALS 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture dated as of April 28, 2016 (the
“Indenture”), pursuant to which the Company issued $375,000,000 aggregate principal amount of its 5.625% Senior Notes due 2024 (the “Initial Notes”); 

WHEREAS, Section 2.13 of the Indenture provides, among other things, that Additional Notes ranking pari passu with the Initial
Notes may be created and issued from time to time by the Company, subject to certain conditions set forth in the Indenture; 
 WHEREAS, the
Company wishes to issue $125,000,000 in aggregate principal amount of Additional Notes (such Additional Notes, the “Additional Notes”); 

WHEREAS, pursuant to Sections 9.01(f) and 9.06 of the Indenture, the Company and the Trustee are authorized to execute this Supplemental
Indenture; 
 WHEREAS, the Company has requested and hereby directs that the Trustee join with the Company in the execution of this
Supplemental Indenture; 
 WHEREAS, the Company has duly adopted, and delivered to the Trustee, resolutions of its Board of Directors
authorizing the execution of and approving this Supplemental Indenture; and 
 WHEREAS, all conditions necessary to authorize the execution
and delivery of this Supplemental Indenture by the Company and to make this Supplemental Indenture valid and binding on the Company has been complied with or have been done or performed. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the sufficiency and adequacy of which are
hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. 

All capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto in the Indenture. 

ARTICLE II 
 ADDITIONAL
NOTES 
 Section 2.01 Additional Notes. As of the date hereof, the Company hereby creates and will issue the Additional
Notes under the Indenture. Interest on the Additional Notes shall accrue from April 28, 2016, and the first interest payment date for the Additional Notes will be November 1, 2016. The Additional Notes shall rank pari passu with the
Initial Notes, shall be consolidated with and form a single class with the Initial Notes and shall have the same terms as to status, redemption or otherwise as the Initial Notes, except for the issue date. 

  
 1 

 Section 2.02 Company Order. The Trustee shall, pursuant to a Company Order delivered
in accordance with Section 2.02 of the Indenture, authenticate the Additional Notes for original issue in an aggregate principal amount specified in such Company Order. 

ARTICLE III 

MISCELLANEOUS 

Section 3.01 Governing Law. 

THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE. 

Section 3.02 Counterpart Originals. 

The parties may sign any number of copies of this Supplemental Indenture. Each signed copy will be an original, but all of them together
represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or electronic format (i.e., “pdf”) transmission shall constitute effective execution and delivery of this Supplemental
Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic format (i.e., “pdf”) shall be deemed to be their
original signatures for all purposes. 
 Section 3.03 Table of Contents; Headings. 

The headings of the Articles and Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be
considered a part of this Supplemental Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

Section 3.04 Trustee Not Responsible for Recitals. 

The statements and recitals contained herein and in the Additional Notes shall be taken as statements of the Company, and the Trustee does not
assume any responsibility for their correctness and the Trustee shall not be accountable for the Company’s use of the proceeds of the Additional Notes. The Trustee makes no representations as to (i) the validity, sufficiency or adequacy of
this Supplemental Indenture or the Additional Notes, (ii) the proper authorization hereby by the Company by action or otherwise, (iii) the due execution hereof by the Company or (iv) the consequences of any amendment herein provided
for. 
 Section 3.05 Adoption, Ratification and Confirmation. 

The Indenture, as supplemented by this Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed. 

Section 3.06 Enforceability. 

The Company hereby represents and warrants that this Supplemental Indenture is its legal, valid and binding obligation, enforceable against it
in accordance with its terms. 

  
 2 

 Section 3.07 Severability. 

In case any provision in this Supplemental Indenture is invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions will not in any way be affected or impaired thereby. 
 [SIGNATURE PAGES FOLLOW] 

  
 3 

 IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture to be duly executed as of
the date first written above. 
  

					
	PINNACLE ENTERTAINMENT, INC.
		
	By:	 	 /s/ Carlos A. Ruisanchez

		 	Name:	 	Carlos A. Ruisanchez
		 	Title:	 	President and Chief Financial Officer

 [Signature page to First Supplemental Indenture] 

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
	
	By: Deutsche Bank National Trust Company
		
	By:	 	 /s/ Irina Golovashchuk

		 	Name: Irina Golovashchuk
		 	Title: Vice President
		
	By:	 	 /s/ Debra A. Schwalb

		 	Name: Debra A. Schwalb
		 	Title: Vice President

 [Signature page to First Supplemental Indenture]

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