Document:

ex10-1.htm

Exhibit 10.1

 

AMENDMENT TO SEPARATION AGREEMENT

 

This First Amendment, dated as of December 15, 2016 (this “Amendment”), is made by and between NovaBay Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Ramin (“Ron”) Najafi (the “Executive,” and collectively, the “Parties”).

 

WHEREAS, the Parties entered into a Separation Agreement as of November 18, 2015 (the “Separation Agreement”), whereby, among other things, the Company agreed to pay the remaining $480,000 of the Executive’s separation payments on December 31, 2016. At the Company’s option, such $480,000 separation amount may consist of any of the following: (i) a grant of registered shares of the Company’s common stock, the total value of which will be equivalent to $480,000 (the “Grant”) (with the stock price used to determine the number of shares constituting the Grant being the average closing price of the last five (5) business days before the date of grant); (ii) a payment of $480,000 in cash; or (iii) a combination of such stock grant and cash, equal in the aggregate to $480,000 (any of such three options, the “Payment”); and

 

WHEREAS, the Parties now wish to amend the Separation Agreement to divide the Payment into two equal installments (rather than a single payment due on December 31, 2016), the first of which shall be paid and/or granted on December 16, 2016, and the second of which shall be paid and/or granted on January 15, 2017.

 

NOW THEREFORE, in consideration of the mutual covenants and agreements 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 to Separation Agreement. Effective as of the date hereof:

 

	 	
(a)
	
Section 2(b) of the Separation Agreement shall be replaced in its entirety as follows:

 

“b.     Subject to Section 2(c), the Company agrees to pay the remaining $480,000 of the Executive’s separation payments (the “Separation Payment Balance”) by either, at the Company’s option, (i) granting Executive registered shares of the Company’s common stock (the “Shares”), the total value of which will be equivalent to $480,000 (the “Grant”) (with the stock price used to determine the number of shares constituting the Grant being the average closing price of the last five (5) business days before the date of grant); (ii) paying the balance of $480,000 in cash; or (iii) a combination of such stock grant and cash, equal in the aggregate to $480,000. Such Separation Payment Balance shall be divided into two equal installments, the first of which shall be paid and/or granted on December 16, 2016, and the second of which shall be paid and/or granted on January 15, 2017.”

 

	 	
2.
	
No Other Changes. Except as expressly amended by this Amendment, the Separation Agreement, and the rights, obligations, powers and remedies of the Parties thereunder, shall remain in full force and effect.

 

 

 

 

 

 

	 	
3.
	
Governing Law. This Amendment shall be governed by the laws of the State of California, without regard for choice-of-law provisions. Executive consents to personal and exclusive jurisdiction and venue in the State of California.

 

	 	
4.
	
Counterparts. This Amendment may be executed in counterparts and by facsimile, and each counterpart and facsimile shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 

 

 

 

 

 

 

IN WITNESS WHEREOF the Parties have executed this Amendment as of the date first written above.

 

	
 
	
NOVABAY PHARMACEUTICALS, INC.
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Mark M. Sieczkarek
	
 

	
 
	
 
	
Mark M. Sieczkarek
	
 

	
 
	
 
	
Title: President and Chief Executive Officer
	
 

	 	 	 	 
	 	 	 	 
	 	 	RAMIN (“RON”) NAJAFI	 
	 	 	 	 
	 	 	/s/ Ramin (“Ron”) NajafiExhibit

Exhibit 10.1

THIS UNSECURED PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER SATISFACTORY TO THE PAYOR THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.

UNSECURED PROMISSORY NOTE

$380,000.00    December 13, 2016
Thornton, Colorado

For value received, Ascent Solar Technologies, Inc., a Delaware corporation (“Payor”), promises to pay to Global Ichiban Ltd or its assigns (“Holder”) the principal sum of Three Hundred and Eighty Thousand Dollars ($380,000.00) with interest on the outstanding principal amount at the rate of twelve percent (12%) per annum.  Interest shall commence with the date of funding.  Interest shall be computed on the basis of a year of 365 days for the actual number of days elapsed.  The principal and accrued interest on this note (the “Note”) shall be due and payable on June 13, 2017 (the “Maturity Date”), provided that the Maturity Date of all Notes (as defined below) may be extended with the written consent of Holder.
1.The obligations under this Note will be unsecured.
2.    All payments of interest and principal shall be in lawful money of the United States of America and shall be made pro rata among all Holders.  All payments shall be applied first to accrued expenses due under this Note, next to interest and thereafter to principal.
3.    The entire outstanding principal balance and all unpaid accrued interest shall become fully due and payable on the Maturity Date.  On the Maturity Date, Payor shall pay the Holder the outstanding principal balance, plus an amount equal to all accrued interest.  
4.    Promptly upon the occurrence thereof, Payor shall furnish to Holder written notice of the occurrence of any Event of Default (as defined below) hereunder.
5.    If action is instituted to collect this Note, the Payor promises to pay all costs and expenses, including, without limitation, reasonable attorneys’ fees and costs, incurred in connection with such action.
6.    Payor may prepay this Note prior to the Maturity Date.
7.    If there shall be any Event of Default hereunder, at the option of, and upon the declaration of the Holder of this Note and upon written notice to the Payor (which election and notice shall not be required in the case of an Event of Default under Section 7(b) or 7(c)), this Note shall accelerate and all principal and unpaid accrued interest shall become due and payable.  The occurrence of any one or more of the following shall constitute an “Event of Default”:

US.109363740.01

(a)    Payor fails to pay timely any of the principal amount due under any of the Notes on the date the same becomes due and payable or any accrued interest or other amounts due under any of the Notes on the date the same becomes due and payable;
(b)    Payor (i) files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect; (ii) makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; (iii) applies for or consents to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property; (iv) is unable, or admits in writing its inability, to pay its debts generally as they mature, (v) is dissolved or liquidated; (vi) becomes insolvent (as such term may be defined or interpreted under any applicable statute); or (vii) takes any action for the purpose of effecting any of the foregoing; or
(c)    An involuntary petition is filed against Payor (unless such petition is dismissed or discharged within thirty (30) days under any bankruptcy statute now or hereafter in effect) or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of Payor.
8.    Upon the occurrence or existence of any Event of Default (other than an Event of Default described in Section 7(b) or 7(c)) and at any time thereafter during the continuance of such Event of Default, Holder may, by written notice to the Payor, declare all outstanding principal and accrued interest on this Note immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived.  Upon the occurrence or existence of any Event of Default described in Section 7(b) or 7(c), immediately and without notice, all outstanding principal and interest on this Note shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived.
9.    The Payor hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to this Note.
10.    This Note shall be governed by and construed under the laws of the State of Colorado, as applied to agreements among Colorado residents, made and to be performed entirely within the State of Colorado, without giving effect to conflicts of laws principles.
11.    Any term of this Note (excluding the principal amount of the Note and the interest rate of the Note) may be amended or waived with the written consent of Payor and Holder.  Upon the effectuation of such waiver or amendment in conformance with this Section 11, the Payor shall promptly give written notice thereof to the record holders of the Notes who have not previously consented thereto in writing.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, Payor and Holder have caused this Note to be executed as of the date first written above.

PAYOR: 

ASCENT SOLAR TECHNOLOGIES, INC.

By:    /s/ Victor Lee
Name:  Victor Lee
Title:  Chief Executive Officer

HOLDER: 

GLOBAL ICHIBAN LTD

For and on Behalf of
LT Asia Management Ltd

By:    /s/ Ashley Ong
Name:  Ashley Ong
Title:  Authorized Signatory

2

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