Document:

Unassociated Document

EXHIBIT 10.16

 

ADDENDUM TO EMPLOYMENT AGREEMENT

 

This addendum (the “Addendum”) to the Employment Agreement effective August 8, 2006, as amended on February 4, 2007 between BioLife Solutions Inc., (the “Company”) and Michael P. Rice, its Chief Executive Officer (“Executive”), is effective as of the 31st day of December 2008.

 

The provisions of Section 3: Base Salary and Bonus, having been amended by the Board of Directors on February 11, 2008 whereby Executive’s annual base salary was increased from $200,000 to $300,000, and (b) the existing quarterly bonus plan for Executive was supplanted for 2008 with an annual review by the Board of Directors to take place in early 2009, are hereby changed and agreed to as follows:

 

While employed hereunder, the Company shall pay Executive a base salary (the “Base Salary”) at the annual rate of $300,000, payable in regular installments in accordance with the Company’s usual payment practices. Executive shall be entitled to such increases in Executive’s Base Salary, if any, as may be determined from time to time in the sole discretion of the Board, which shall be consistent with industry standards. Executive will be eligible for an annual bonus payment based on the achievement of certain key objectives which will be determined by the Board and communicated to the Executive in writing by March
1st of each year this Agreement is effective, with any such bonus payment for the previous calendar year to be paid by March 30th of the following year.

 

The provisions of Section 7 c iii (C): Termination, By the Company Without Cause or Resignation by Executive For Good Reason, are hereby changed and agreed to as follows:

 

(C) subject to Executive’s continued compliance with the provisions of Section 8 of this Agreement, continued payment of the Base Salary for (1) one year after the date of such termination, with such payments to begin on the 15th day of the month following separation and to continue on the 15th day of each succeeding month for a total of 12 months or (2) in the event of a change of control, (a) continued payment of the Base Salary and annual bonus payments and (b) reimbursement to Executive for medical insurance premiums at a net amount not less than
the amount of family COBRA coverage in effect as of the Effective Date of the change of control, until twenty (24) four months after the effective date of the change of control event, with the payment of base salary and equivalent COBRA medical insurance payments to begin on the 15th day of the month following the change of control and to continue on the 15th day of each succeeding month for a total of 24 months and the payment of any full year or prorated bonus to occur on the 15th day of the month following the effective date of a change of control.

 

  

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IN WITNESS WHEREOF, the parties hereto have duly executed this Addendum as of the Effective Date.

 

	 	”Company”	 
	 	 	 
	 	BioLife Solutions Inc.	 
	 	 	 	 
	 	
By: 

	/s/ Raymond Cohen	 
	 	 	Name: Raymond Cohen	 
	 	 	Its: Director	 
	 	 	 	 
	 	 	 	 
	 	”Executive”	 
	 	 	 	 
	 	 
By: 

	/s/ Michael P. Rice	 
	 	 	 	 

 

 

 

 

2Unassociated Document

EXHIBIT 10.32

 

AMENDMENT NO. 5

TO

SECURED MULTI-DRAW

TERM LOAN FACILITY AGREEMENT

 

This Amendment No. 5 to the Secured Multi-Draw Term Loan Facility Agreement, dated as of the 11th day of January, 2008, by and between BioLife Solutions, Inc., and Thomas Girschweiler and Walter Villiger, as previously amended on the October 20, 2008 December 16, 2009, November 16, 2010 and August 10, 2011 (the “Agreement”), is entered into as of the 30th day of May, 2012. Any capitalized term not otherwise defined herein shall have the meaning ascribed to such term in the Agreement.

The third WHEREAS clause of the Agreement is hereby amended to read as follows:

 

“WHEREAS, each Investor is willing to extend to the Company a secured multi-draw term loan facility (the “Facility”) of $5,750,000, which Facility shall (a) incorporate (i) a refinancing of the Investor’s Notes and accrued interest thereon, in the aggregate amount of $1,431,563.30, (ii) advances of principal made to the date hereof, and (iii) a commitment from the Investor to advance to the Company, from time to time, additional amounts which, when added to the monies referred to in items (a)(i) and (ii) hereof, will total, in the aggregate, the amount of the Facility, (b) bear interest at the rate of 7% per annum on the principal balance outstanding from time to time, (c) be evidenced by a secured multi-draw term loan note in the form attached hereto as Exhibit A (the “Multi-Draw Term Loan Note”), (d) become due and payable, together with accrued interest thereon, on the earlier of (i) January 11, 2016 (the “Maturity Date”), or (ii) an Event of Default (as defined in the Multi-Draw Term Loan Note), and (e) be secured by all of the Company’s assets.”

Section 1 of the Agreement is hereby amended to read as follows:

“1.           The Facility.

(a)           Commitment to Extend Facility.  Each Investor hereby agrees to make available to the Company, from time to time during the period commencing with the date hereof through the Maturity Date, for working capital purposes, the principal sum of $5,750,000, consisting of:

(i)           A refinancing of the Investor’s Notes and accrued interest thereon in the aggregate amount of $1,431,563.30 (the “Refinanced Amount”);

(ii)          Advances of principal made to the date hereof (“Advances”); and

(iii)         Additional advances which, when added to the Refinanced Amount and the Advances, will total, in the aggregate, the amount of the Facility (each an “Additional Advance”), in accordance with Section 3 hereof.”

  

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Section 2 of the Agreement is hereby amended to read as follows:

“2.           Closing.  Concurrently with the execution and delivery of this Agreement (a) the Company is issuing to each Investor a Multi-Draw Term Loan Note, registered in the name of the Investor, in the principal amount of $5,750,000, (b) each Investor is delivering to the Company the Investor’s Notes, and by wire transfer the amount set forth in Section 1(a)(ii) above, and (c) the parties are executing and delivering a Security Agreement in the form attached hereto as Exhibit B.”

Except as amended hereby, all of the provisions of the Agreement remain in full force and effect.

This Amendment may be executed in several counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties have executed this Amendment No. 5 to the Agreement as of the day and year first above written.

 

	 	BioLife Solutions, Inc.	 
	 	 	 	 
	 	
By: 

	/S/ Mike Rice   	 
	 	 	Mike Rice, President & CEO	 
	 	 	 	 
	 	 	/S/ Thomas Girschweiler	 
	 	 	Thomas Girschweiler	 
	 	 	 	 
	 	 	/S/ Walter Villiger	 
	 	 	Walter Villiger	 

 

 

2Unassociated Document

EXHIBIT 10.33

 

THE ISSUANCE OF THE SECURITIES EVIDENCED HEREBY HAS NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR THE SECURITIES COMMISSION OF ANY STATE UNDER ANY STATE SECURITIES LAW.  THE SECURITIES WERE ISSUED PURSUANT TO A SAFE HARBOR FROM REGISTRATION UNDER REGULATION S ("REGULATION S") PROMULGATED UNDER THE ACT.  THE SECURITIES MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED UNLESS SUCH OFFERS, SALES, AND TRANSFERS ARE REGISTERED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS, ARE MADE PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THOSE LAWS, OR ARE MADE IN ACCORDANCE WITH REGULATION S PROMULGATED UNDER THE ACT.  FURTHERMORE, HEDGING TRANSACTIONS INVOLVING THE SECURITIES  MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.

 

	$5,750,000	Bothell, Washington 

January 11, 2008

(as amended October

20, 2008, December

16, 2009, November 16, 2010,August 10, 2011, and May 30, 2012)

 

BIOLIFE SOLUTIONS, INC.

SECURED MULTI-DRAW TERM LOAN NOTE

BioLife Solutions, Inc., a Delaware corporation (the “Maker”), for value received, hereby promises to pay to Thomas Girschweiler (the “Holder”), the principal amount of Five Million Two Hundred and Fifty Thousand Dollars ($5,750,000) or such lesser amount as shall equal the aggregate amount of the unpaid Refinanced Amount and the principal amounts of Advances and Additional Advances made to the Company by the Holder (collectively, “Advances”) under, and as defined in, the Secured Multi-Draw Term Loan Facility Agreement (as defined below), together with interest on the unpaid amount thereof from the date hereof until paid in accordance with the terms hereof.

1.             Secured Multi-Draw Term Loan Note (“Note”).

1.1           Interest Rate.  The rate of interest hereunder (“Interest Rate”) shall equal seven percent (7%) per annum and shall be computed on the basis of a 365 day year for the actual number of days elapsed; provided that in no event shall the interest rate be less than the minimum rate of interest required in order to avoid the imputation of interest for federal income tax purposes.

 

  

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1.2           Payment.  Subject to the provisions of Section 2 hereof regarding the payment of this note upon the occurrence of an Acquisition (as defined therein)  the Advances plus all accrued interest thereon shall become due and payable in one lump sum on the earlier of (a) January 11, 2016 (the “Due Date”) or (b) an Event of Default (as defined below).  The Maker may at any time prepay in whole or in part the principal and interest accrued under this Note.  Any payment will be applied first to the payment of any and all accrued and unpaid interest through the payment date and second to the payment of principal remaining due hereunder.  Payment shall be made at the offices or residence of the Holder, or at such other place as the Holder shall have designated to the Maker in writing, in lawful money of the United States of America.

 

1.3           Secured Multi-Draw Term Loan Facility Agreement.  This Note is one of the Secured Multi-Draw Term Notes issued pursuant to a Secured Multi-Draw Term Loan Facility Agreement, dated as of the 11th day of January, 2008 and as amended as of the 20th day of October, 2008, the 16th day of December, 2009, the 16th day of November, 2010, the 10th day of August, 2011, and the 30th day of May, 2012, by and between Maker, Holder and Walter Villiger (the “Agreement”) and is subject and entitled to the terms, conditions, covenants, protections, benefits and agreements contained therein and the Security Agreement referenced to therein.  Reference is hereby made to the Agreement for a statement of all of the terms and conditions under which the Advances evidenced hereby have been made or are to be made and are to be repaid.  Any capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the Agreement.

2             Acquisition.   In the event the Maker is to be acquired, whether by means of a merger, sale of all or substantially all of the assets of the Maker, sale of securities representing more than fifty percent (50%) of the equity interests in Maker, or otherwise, prior to the Due Date (an “Acquisition”), then the Issue Price plus all accrued but previously unpaid interest thereon shall become due and payable in one lump sum immediately upon the closing of such Acquisition.

3.             Events of Default.  The Advances and accrued interest on this Note shall, at the option of the Holder, become due and payable, subject to applicable law, upon the happening of any one of the following specified events:

(a)           a decree or order of a court having jurisdiction is entered adjudging the Maker a bankrupt or insolvent, or issuing sequestration or process of execution against, or against any substantial part of, the property of the Maker, or appointing a receiver of the Maker or any substantial part of its property, or ordering the winding-up or liquidation of its affairs, unless the Maker actively and diligently contests in good faith such decree or order and has such decree or order stayed on or before 60 days after the issue of such decree or order by a court;

(b)           an order is made or a resolution is passed for the winding-up or liquidation of the Maker, or the Maker institutes proceedings to be adjudicated a bankrupt or insolvent, or consents to the institution of bankruptcy or insolvency proceedings against it, or consents to the filing of any such petition or to the appointment of a receiver of the Maker or any substantial part of its property, or makes a general assignment for the benefit of creditors, or admits in writing its inability to pay its debts generally as they become due, or takes corporate action in furtherance of any of the aforesaid purposes;

 

  

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(c)           the Maker defaults in observing or performing any material covenant or condition of this Note or the Secured Multi-Draw Term Loan Facility Agreement on its part to be observed or performed, and such default continues for a period of fifteen (15) days after notice in writing has been given to the Maker by the Holder specifying such default and requiring the Maker to rectify the same;

(d)           an encumbrancer takes possession of all or substantially all of the property of the Maker, or any process of execution is levied or enforced upon or against all or substantially all of the property of the Maker and remains unsatisfied for such period as would permit any such property to be sold thereunder, unless the Maker actively and diligently contests in good faith such process, but in that event the Maker shall, if the Holder so requires, give security which, in the discretion of the holder, is sufficient to pay in full the amount thereby claimed in case the claim is held to be valid.

4.             Intentionally Omitted.

5.             Miscellaneous.

5.1           Transfer of Note.  This Note shall not be transferable or assignable in any manner and no interest shall be pledged or otherwise encumbered by the Holder without the consent of the Maker, which consent shall not be unreasonably withheld.

5.2           Titles and Subtitles.  The titles and subtitles used in this Note are for convenience only and are not to be considered in construing or interpreting this Note.

5.3           Attorneys’ Fees.  If any action at law or in equity is necessary to enforce or interpret the terms of this Note, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and disbursements in addition to any other relief to which such party may be entitled.

5.4           Amendments and Waivers.  This Note may be amended and the observance of any other term of this Note may be waived (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Maker and the Holder.  The Maker waives presentment, demand for performance, notice of nonperformance, protest, notice of protest, and notice of dishonor.  No delay on the part of the Holder in exercising any right hereunder shall operate as a waiver of such right under this Note.

5.5           Severability.  If one or more provisions of this Note are held to be unenforceable under applicable law, such provision shall be excluded from this Note and the balance of the Note shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

 

  

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5.6           Governing Law.  This Note shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, without giving effect to its conflicts of laws principles.

5.7           Counterparts. This Note may be executed in several counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

Executed as of the date first written above.

 

	 	
MAKER:

BIOLIFE SOLUTIONS, INC.

a Delaware corporation

	 
	 	 	 	 
	 	
By: 

	/S/ Michael Rice 	 
	 	 	Title: CEO, President 	 
	 	 	Name:  Michael Rice 	 
	 	 	Address:  3303 Monte Villa Parkway Suite 310 Bothell, WA 98021	 
	 	 	 	 
	 	 	 	 
	 	HOLDER:	 
	 	 	 	 
	 	 	/S/ Thomas Girschweiler 	 
	 	 	Thomas Girschweiler	 

 

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