Document:

nvls_Ex_10-17

		
			Exhibit 10.17
		

		
			 
		

		
			THIRD AMENDMENT TO LEASE
		

		
			 
		

		
			THIS THIRD AMENDMENT TO LEASE (this “Amendment”), dated as of the 15th day of December, 2015,  is entered into by and between AWEIDA PROPERTIES, INC., a Colorado corporation (“Landlord”), and NIVALIS THERAPEUTICS, INC,  a Delaware Corporation (“Tenant”), to that certain lease dated  March 11, 2010 by and between Landlord and Tenant (the “Lease”), as amended by that certain First Amendment to Lease dated December  5, 2014 and by that cetain certain Second Amendment to Lease dated February 11, 2015, for the lease of Premises located at 3122 Sterling Circle,  Suite 200, Boulder, Colorado 80301.  Capitalized terms used herein which are defined in the Lease shall have the meanings therein stated.
		

		
			 
		

		
			RECITAL
		

		
			 
		

		
			The Tenant desires to add certain space located in the Building to the Premises.
		

		
			 
		

		
			AMENDMENT
		

		
			 
		

		
			NOW, THEREFORE, the parties agree to amend the Lease as follows:
		

		
			 
		

		
			1.   Section 2, PREMISES, is hereby amended by adding the following language:
		

		
			 
		

		
			“In addition, Landlord leases to Tenant and Tenant leases from Landlord that certain space located in the loading dock area of the first floor of the Building (the “Space”) commencing January 1, 2016.  The Lease Term for the Space shall be coterminous with the Lease Term for the Lease, provided, however that Tenant shall have the option to terminate the lease on the Space at any time after June 30, 2016 by written notice to the Landlord given at least thirty (30) days prior to the requested termination date.    The rent for the Space shall be $250.00 per month payable in advance.”
		

		
			 
		

		
			2.   Except as expressly amended hereby, the Lease remains unmodified and in full force and effect.  In the event of a conflict between the terms of this Amendment and the Lease, the terms of this Amendment shall control.
		

		
			 
		

		
			IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment, as of the day and year first above written.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						TENANT:

					
					
						 

					
					
						LANDLORD:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						NIVALIS THERAPEUTICS, INC.

					
					
						 

					
					
						AWEIDA PROPERTIES, INC.

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Tom Sokolowski

					
					
						 

					
					
						By

					
					
						/s/ Daniel Aweida

				
	
					
						 

					
					
						Tom Sokolowski, VP Finance

					
					
						 

					
					
						 

					
					
						Daniel J. Aweida, PresidentExhibit 10.42

 

CHARLES & COLVARD, LTD.

2016 SENIOR MANAGEMENT EQUITY INCENTIVE PROGRAM

Adopted March 4, 2016

 

The Charles & Colvard 2016 Senior Management Equity Incentive Program (the “Program”) is a compensatory program established pursuant to the Charles & Colvard, Ltd. 2008 Stock Incentive Plan (the “2008 Plan”).  The Compensation Committee (the “Committee”) of the Board of Directors of Charles & Colvard Ltd. (the “Company”) is charged with administering the Program.  The Program covers performance-based restricted stock awards for Company personnel at the level of Vice-President and above (the “Eligible Employees”).

The Program supersedes and replaces all prior long-term incentive plans or programs for all periods commencing on or after January 1, 2016.

Purpose and Objective

The Program is intended to further strengthen the Company’s pay for performance philosophy and more closely align the Eligible Employees’ long-term interests with those of the Company and its shareholders by granting Eligible Employees significant long-term equity compensation awards.  In addition, the Program provides for a mixture of both performance-based and time-based vesting to permit the Committee to tie vesting of equity compensation awards under the 2008 Plan to the attainment of specific performance measures under the 2008 Plan while also encouraging the longer-term retention of Eligible Employees.

Description of Awards

Under this Program, the Committee has granted Eligible Employees restricted stock awards with both performance and service measures.  Achievement of an Eligible Employee’s performance measures shall be measured by the Committee as follows: (1) 50% of each restricted stock award will be based on the achievement of shared Company goals regarding revenue, EBITDA and departmental budgets (the “Company Measures”) and (2) 50% of each restricted stock award will be based on the achievement of individual performance goals (the “Personal Measures”), both for the period from January 1, 2016 to December 31, 2016 (the “Performance Measurement Period”).  The Company must achieve 100% of the Company Measures in order for 50% vesting of the restricted stock award.  For the remaining 50% vesting of the restricted stock award, an Eligible Employee may achieve from 0% to 100% of his or her Personal Measures, and 50% of the amount of his/her restricted stock award shall be reduced by any performance that is measured below 100% accordingly.  If certain EBITDA or revenue thresholds are not achieved, 100% of the restricted stock awards will be forfeited. The Personal Measures and Company Measures are determined by the Committee and may be modified by the Committee during, and after the end of, the Performance Measurement Period to reflect extraordinary, unusual, or nonrecurring events that occur during the restriction period as permitted by the 2008 Plan.  In addition, an Eligible Employee must remain in continuous service until March 4, 2017 for restrictions to fully lapse.

 

Under this Program, the Committee has granted the following restricted stock awards:

	
Position

	
Maximum Amount of Shares Subject to 

Restricted Stock Award

	
Chief Executive Officer

	
150,000

	
Chief Financial Officer (CFO)

	
75,000

	
Chief Revenue Officer (CRO)

	
75,000

	
Vice President(s)

	
35,000

The Program provides the Committee discretion to make additional equity compensation awards above the targeted award level in recognition of extraordinary performance.

Committee Discretion in Granting Awards and Administering the Program for Future Employees

Any person who commences employment with the Company after January 1, 2016 may be designated an Eligible Employee for purposes of the Program for such fiscal year at the discretion of the Committee and receive a pro-rated number of restricted shares.

Source of Equity Compensation Awards; Coordination with 2008 Plan

All awards granted pursuant to the Program shall be issued under and pursuant to the 2008 Plan. All terms, conditions, and requirements of the 2008 Plan are expressly incorporated into the Program by reference.  All awards granted pursuant to the Program shall be evidenced by an appropriate Award Agreement in the form approved by the Committee for use under the 2008 Plan, and each award hereunder shall be subject to the terms and conditions set forth in the applicable Award Agreement and the 2008 Plan.  To the extent there is any conflict or ambiguity between the terms of this Program and the 2008 Plan or between this Program and any applicable Award Agreement, the terms of the 2008 Plan or the applicable Award Agreement shall control.

Amendment and Termination of the Program

 

The Program may be amended or terminated at any time by the Committee or the Company’s Board of Directors.  The Committee shall have unilateral authority to amend the Program and any award granted pursuant to the Program (without the recipient’s consent) to the extent necessary to comply with applicable laws, rules, or regulations or changes to applicable laws, rules, or regulations (including but not limited to Section 409A of the Internal Revenue Code of 1986, as amended, federal securities laws, or related regulations or other guidance).

 

Withholding; Tax Matters

In accordance with the terms of the 2008 Plan and applicable Award Agreements thereunder, the Company shall withhold, or shall require the recipient to pay the Company in cash, the amount of any local, state, federal, foreign, or other tax or other amount required by any governmental authority to be withheld and paid over by the Company to such authority for the account of the recipient.  The Company makes no warranties or representations with respect to the tax consequences (including but not limited to income tax consequences) related to the transactions contemplated by this Program and the 2008 Plan.  A recipient should consult with his/her own attorney, accountant, and/or tax advisor regarding the decision to accept equity compensation awards under the Program and the consequences thereof. The Company has no responsibility to take or refrain from taking any actions in order to achieve a certain tax result for any recipient.

 

 

2Exhibit 10.46

 

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into this the 8th day of March, 2016 by and between Charles & Colvard, Ltd. (the “Company”) and Steve Larkin (the “Employee”).

WITNESSETH

WHEREAS, the Company and the Employee entered into an Employment Agreement, dated as of May 6, 2013 (the “Employment Agreement”), pursuant to which the Employee is currently employed as the Company’s Chief Operating Officer;

WHEREAS, the Company and the Employee desire to amend the Employment Agreement by entering into this Amendment; and

WHEREAS, Section 18 of the Employment Agreement provides that the Employment Agreement may be amended only by an agreement in writing signed by each of the Company and the Employee.

NOW, THEREFORE, in consideration of the foregoing and the mutual promises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree that:

1.             Amendment of Employment Agreement.  The first sentence of Section 3 of the Employment Agreement is hereby deleted and replaced in its entirety with the following:

“Employee shall serve as Chief Revenue Officer of the Company.”

2.             Effect on Employment Agreement.  Except as specifically provided herein, the Employment Agreement shall remain in full force and effect.

3.             Counterparts.  Any number of counterparts of this Amendment may be signed and delivered, each of which will be considered an original and all of which, together, will constitute one and the same instrument.

4.             Governing Law.  This Amendment shall be construed, interpreted, and governed in accordance with the laws of the state of North Carolina, without regard to the conflicts of laws principles thereof.  The state and federal courts in North Carolina shall be the exclusive venues for the adjudication of all disputes arising out of this Amendment, and the parties consent to the exercise of personal jurisdiction over them in any such adjudication and hereby waive any and all objections and defenses to the exercise of such personal jurisdiction.

[signature page follows]

 

IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to Employment Agreement as of the day and year first above written.

	
CHARLES & COLVARD, LTD.

	 	
EMPLOYEE

	 	 	 	 
	
By:

	
  /s/ Suzanne Miglucci

	 	
  /s/ Steve Larkin

	
Name:

	
Suzanne Miglucci

	 	
Steve Larkin

	
Title:

	
President and Chief Executive Officer

	 	 

 

[Signature Page to First Amendment to Employment Agreement]

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