Document:

exhibit10_1.htm

 

Amendment No. 1

 to

Amended and Restated Executive Employment Agreement

This Amendment No. 1 to Amended and Restated Executive Employment Agreement (the “Amendment”) is entered into and effective as of the 15th day of April 2011 by and between Obagi Medical Products, Inc., a Delaware corporation (the “Company”), and David S. Goldstein, an individual resident of the State of California (“Executive”). All capitalized terms used but not otherwise defined herein shall have the meanings assigned under the Amended and Restated Executive Employment Agreement, dated as of June 15, 2009, by and between the Company and Executive (the “Original Agreement” and, collectively with, and as further amended by, this Amendment, the “Agreement”).

 

Whereas, Executive serves as the Company’s Executive Vice President, Global Sales and Field Marketing, pursuant to the terms and conditions of the Original Agreement;

 

Whereas, on April 15, 2011, the Compensation Committee of the Company’s Board of Directors approved an amendment to the Original Agreement that would provide that in the event the Company terminates Executive’s employment for reasons other than Cause or death or disability, Executive shall be entitled to receive, among other things, pay equal to 12 months of Base Salary instead of 6 months of Base Salary as set forth in the Original Agreement.

 

Now, Therefore, in consideration of the foregoing recitals and the mutual promises hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1. Amendment of Section 3(c). Section 3(c)(i) of the Original Agreement shall be amended and restated in its entirety to read in full as follows:

 

“ (i)  If the Company terminates Executive's employment for reasons other than for Cause (as defined below) or death or disability (which is governed by subparagraph (e) below), which will be dealt with on a case-by-case basis at the time such event occurs, then, during the Severance Period (as defined below), the Company shall (A) pay to Executive a sum equal to twelve  (12) months of Base Salary (as then in effect) and (B) continue to make available to Executive, at the Company’s expense, the Benefits (including the full premium for COBRA continuation coverage if applicable for Executive and his eligible dependents) made generally available by the Company to its Executives for the Severance Period, to the extent permitted under applicable law and the terms of such benefit plans. The cash consideration payable pursuant to subsection (A) above shall be paid in equal monthly installments as salary continuation pay, subject to deduction of ordinary payroll taxes, commencing on the date that is no later than the earlier of thirty (30) days following termination or the execution of the General Release (as defined below).    In addition, if the Company terminates Executive's employment for reasons other than for Cause, or death or disability (as provided in subparagraph (e) below)(which will be dealt with on a case-by-case basis at the time either such event occurs) then, Options,  and any 

 

 

 

  

  

  

 

 

Subsequent Options or Subsequent RSUs automatically shall cease to vest pursuant to the terms of the applicable stock option agreements and restricted stock unit agreements, and in the case of Options or Subsequent Options, Executive (or his estate, in the event of death) shall have one (1) year in which to exercise any vested portion of such Options and any Subsequent Options in accordance with the relevant plan documents.  Executive will own any vested Subsequent RSUs without any further action on Executive’s part. For purposes of this Agreement, the term " Severance Period " shall mean the twelve (12)-month period immediately following the date of Executive's termination.  Any accrued vacation pay and any other amounts owed to Executive at the time of termination shall be paid on the effective date of Executive’s termination.  All reimbursable expenses incurred up to and including the date of termination shall be submitted for payment within thirty (30) days of termination and contain all documentation required pursuant to Company policy.”

 

2. Miscellaneous.  Except as specifically amended by this Amendment, the terms and conditions of the Original Agreement shall remain in full force and effect.  This Amendment may be executed in counterparts, each of which shall be deemed an original document, and all of which, together with this writing, shall be deemed one instrument.

 

In Witness Whereof, the parties hereto have executed this Amendment in duplicate originals by their duly authorized officers or representatives.

 

 

	
 Obagi Medical Products, Inc.

 

	 	 	
Executive

	 
	
/s/ Albert F. Hummel

	 	 	
/s/ David S. Goldstein

	 
	
Albert F. Hummel

	 	 	
David S. Goldstein 

	 
	

President & Chief Executive Officer

	 	 	 Executive Vice President, Global Sales and Field Marketingex10-2.htm

 

Exhibit 10.2

 

ASI Capital Corporation

4215 Fashion Square Blvd., Suite 3

Saginaw, MI  48603-1273

 

April 18, 2011

 

Heath Iliescu

Capital Business Services, Inc.

9121 W. Russell Rd., Suite110

Las Vegas, NV  89148

Dear Mr. Iliescu:

This letter is to confirm the terms of the lease extension on the property located at 9121 W. Russell Rd., Suite 110, Las Vegas Nevada, 89148.  We have agreed to extend the lease on a month-to-month basis for up to an additional 10 months, beginning June 1, 2011 and ending March 31, 2012.  Capital Business Services, Inc. will provide ASI Capital Corporation at least 30 days written notice prior to vacating the property if prior to March 31, 2012.

We have also agreed that for the additional term the base rent will be $2,000.00 per month.

The remaining terms of the sublease dated April 12, 2010 by and between ASI Capital Corporation and Capital Business Services, Inc. will remain in full effect for the term of the extended lease.

If this arrangement is acceptable to you, please sign below and return a signed copy to our office.

          

	Best Regards, 	 	 	Acknowledgement:	 
	 	 	 	 	 	 	 
	ASI Capital Corporation 	 	 	Capital Business Services, Inc.	 
	 	 	 	 	 	 	 
	/s/ Joel C. Robertson	 	 	/s/ Heath Iliescu	 
	Joel C. Robertson, President	 	 	Heath Iliescu, President	 
	 	 	 	 	 	
 

	 
	Date:  	April 18, 2011                                                      	 	 	Date: 	April 18, 2011ex10-1.htm

Exhibit 10.1

ZHANGWO XU

Sitaizi Tengfei Building, 3rd Fl

Huanggu Distrcit

Shenyang, PRC 110034

April 14, 2011

Alpine Alpha 3, Ltd.

PO Box 735, Alpine,

New Jersey 07620

Re: Zhangwo USA Holdings Group, Inc. (the “Company”)

Gentlemen,

As the sole shareholder of all of the outstanding common stock, being 100 shares, of the Company, par value $.001 per share (the “Zhangwo Shares”), the undersigned hereby agrees to sell, assign, transfer, convey and deliver all of the Zhangwo Shares to Alpine Alpha 3, Ltd. (“AA3”). In full consideration and exchange for the Zhangwo Shares, AA3 shall issue and exchange to the undersigned 17,000,000 shares of the common stock of AA3, par value $.001 per share (the “AA3 Shares”).

It the intention of the parties that:  (i) the said exchange of shares shall qualify as a tax-free reorganization under Section 368(a)(1)(B) of the Internal Revenue Code of 1986, as amended (the “Code”); and (ii) the said exchange shall qualify as a transaction in securities exempt from registration or qualification under the Securities Act of 1933, as amended and in effect on the date of this Agreement (the “1933 Act”).

Please indicate your agreement with all of the foregoing by signing in the appropriate place below and returning to the undersigned one copy of this letter.

 

	 	 	 
Very truly yours,

	 
	 	 	 	 
	 	
 

	/s/ Zhangwo Xu	 
	 	 	 
Zhangwo Xu

	 

TERMS AGREED TO:

ALPINE ALPHA 3, LTD.

 

	By:	
/s/ James Hahn

	 	
 

	 	James Hahn	 	 
	 	 	 	
 

	 
ACKNOWLEDGED BY:

	 	 
	 	 	 	 
	 
ZHANGWO USA HOLDINGS GROUP, INC.

	 	 
	 	 	 	 
	By:	/s/ Zhangwo Xu	 	 
	 	Zhangwo Xu	 	 
	 	Chief Executive Officerexh10_50.htm

EXHIBIT 10.50

 

 

FIRST AMENDMENT

 

This FIRST AMENDMENT (the “First Amendment”) is entered into on this 30th day of December, 2010, by and between CPI Corp. (the “Company”) and __________, a resident of the State of __________ (“Employee”).

 

WHEREAS, the parties previously entered into an Offer of Employment relating to the terms and conditions of Employee’s employment with the Company dated __________ (the “Agreement”); and

 

WHEREAS, the parties desire to make certain amendments to the Agreement intended to comply with Section 409A of the Internal Revenue Code (the “Code”) and the regulations and other guidance thereunder by entering into this First Amendment.

 

NOW, THEREFORE, in consideration of the promises and mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by both parties, the parties hereby agree as follows:

 

1. Section 2 (Annual Bonus) is hereby amended to add the following at the end thereof:

 

“Except as otherwise expressly provided in any bonus plans in which you may be participating, any annual bonus otherwise payable to you under this Section 2 based on a Company fiscal year performance period will be paid not later than December 31st of the calendar year following the last day of the Company’s fiscal year performance period to which such bonus relates.”

 

2. Section 4 (Termination and Severance) is hereby amended to add the following after the first sentence thereof:

 

“Payment of the amount to which you may otherwise be entitled pursuant to the preceding sentence shall commence on the 60th day following the date of your termination of employment by the Company without Cause, (or the next following business day if such 60th day is not a business day), provided you have delivered (and not revoked) your executed release before the 60th day following the date of your termination of employment.  The Company’s receipt of your executed release will not accelerate payment, but the initial payment on the 60th day shall be in an amount equal to four bi-weekly installments and the balance remaining thereafter shall be paid in twenty-two equal bi-weekly installments.”

 

  

  

 

  

3. New Section 9 is added to read as follows:

 

“9.  Code Section 409A.  It is intended that this Agreement will not result in the imposition of any tax liability pursuant to Code Section 409A, and this Agreement shall be construed and interpreted consistent with that intent.  All references in this Agreement to your termination of employment shall mean your “separation from service” within the meaning of Code Section 409A and Treasury Regulation Section 1.409A-1(h) thereunder.  Further, if you are a “specified employee” as defined in Code Section 409A, any portion of the amounts payable under this Agreement as a result of your termination of employment that are not eligible for any of the exceptions to the application of Code Section 409A (such as the severance pay exception or the short-term deferral exception), shall not be paid to you until the earlier of (i) the expiration of the six (6)-month period measured from the date of your “separation from service” or (ii) your death.  To the extent that any reimbursements payable to you pursuant to this Agreement are subject to Code Section 409A, any reimbursements otherwise payable to you shall be paid no later than December 31st of the calendar year following the year in which the related expense was incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, and your right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.  For purposes of Code Section 409A, your right to receive the payments of compensation pursuant to this Agreement shall be treated as a right to receive a series of separate payments and accordingly, each payment shall at all times be considered a separate and distinct payment.”

 

4. Miscellaneous.

 

(a)  This Amendment, together with the Agreement, constitute the entire agreement among the parties and contains all of the agreements among the parties with respect to the subject matter hereof.  Except as specifically set forth herein, the Agreement shall remain in full force and effect.  In the event of any conflict between this Amendment and any other provision of the Agreement, the provisions of this Amendment shall prevail.

 

(b)  This Amendment and all actions taken in connection herewith shall be governed and construed in accordance with the substantive laws of the State of Missouri.

 

(c)  This Amendment may be executed in two counterparts, both of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

                      *                                *                                *

 

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IN WITNESS WHEREOF, each of the parties hereto has fully executed this Amendment as of the date first written above.

                                                 

	EMPLOYEE	 	CPI CORP.	 
	 	 	 	 	 
	
 

	 	
By: 

	 	 
	 	 	 	 	 
	 	 	Its:	 	 
	 	 	 	 	 

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