Document:

cnat-ex1015_887.htm

 

Exhibit 10.15

AMENDMENT TO 

EMPLOYMENT AGREEMENT

 

THIS AMENDMENT to Employment Agreement (this “Amendment”) is entered into effective as of July 2, 2013, by and between Charles J. Cashion (“Employee”) and Conatus Pharmaceuticals Inc., a Delaware corporation (the “Company”).  

 

WHEREAS, the Company and Employee are parties to that certain Employment Agreement dated as of December 17, 2008 (the “Agreement”); and

 

WHEREAS, the Company and Employee desire to amend the Agreement on the terms and conditions set forth below.

 

NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Company and Employee hereby amend the Agreement as follows:

 

1.For purposes of the Agreement and this Amendment, the following term shall have the following meaning:

“Public Trading Date.  “Public Trading Date” shall mean the first date upon which the Company’s common stock is listed (or approved for listing) upon notice of issuance on any securities exchange or designated (or approved for designation) upon notice of issuance as a national market security on an interdealer quotation system.”

2.The first sentence of Section 4(a) of the Agreement is hereby amended to read as follows:

“The Company shall pay to Employee a base salary of $267,116.90 per year, payable in accordance with the Company’s usual pay practices (and in any event no less frequently than bi-monthly).”  

 

3.The second sentence of Section 4(b) of the Agreement is hereby amended to read as follows:

“Upon full attainment of the aforementioned criteria, as determined by the Board or its designee, the Annual Bonus will be equal to thirty-five percent (35%) of Employee’s then-current base salary actually paid for such fiscal year.” 

4.Section 4(g) of the Agreement is hereby amended to read as follows:

“(g)        Acceleration of Vesting of Stock Awards.

 

            (i)         With respect to Stock Awards granted to Employee prior to the Public Trading Date, the vesting and/or exercisability of one hundred percent (100%) of such Stock Awards shall be automatically accelerated on the date of a Change of Control.

 

 

 

 

            (ii)         With respect to Stock Awards granted to Employee on or after the Public Trading Date, (A) the vesting and/or exercisability of fifty percent (50%) of the then-unvested and outstanding portion of such Stock Awards shall be automatically accelerated on the date of a Change of Control, and (B) the remaining fifty percent (50%) of the then-unvested and outstanding portion of such Stock Awards shall vest and/or become exercisable on the first to occur of (1) the first anniversary of the Change of Control or (2) the date of Employee’s termination of employment by the Company without Cause or by Employee for Good Reason.

 

            (iii)        Subject to Section 5(c), if Employee’s employment is terminated by the Company without Cause or by Employee for Good Reason, the vesting and/or exercisability of each of Employee’s outstanding Stock Awards shall be automatically accelerated on the date of termination as to the number of Stock Awards that would vest over the twelve (12) month period following the date of termination had Employee remained continuously employed by the Company during such period.

 

            (iv)        The foregoing provisions are hereby deemed to be a part of each Stock Award and to supersede any less favorable provision in any agreement or plan regarding such Stock Award.”

 

5.Section 5(a)(iii) of the Agreement is hereby amended to read as follows:

“(iii)       subject to Sections 5(c), 5(g) and 5(h) and Employee’s continuing compliance with Section 6, for the period beginning on the date of termination and ending on the date which is twelve (12) full months following the date of termination (or, if earlier, the date on which the applicable continuation period under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) expires) (the “COBRA Coverage Period”), the Company shall pay for and provide to Employee and his or her eligible dependents who were covered under the Company’s health insurance plans immediately prior to the date of termination with healthcare insurance benefits substantially similar to those provided to Employee and his or her eligible dependents immediately prior to the date of termination.  If any of the Company’s health benefits are self-funded as of the date of termination, or if the Company cannot provide the foregoing benefits in a manner that is exempt from or otherwise compliant with applicable law (including, without limitation, Section 409A of the Code and Section 2716 of the Public Health Service Act), instead of providing continued health insurance benefits as set forth above, the Company shall instead pay to Employee an amount equal to the monthly plan premium payment for Employee and his or her eligible dependents who were covered under the Company’s health plans as of the date of termination (calculated by reference to Employee’s premiums as of the date of termination) as currently taxable compensation in substantially equal monthly installments over the COBRA Coverage Period (or the remaining portion thereof).”

 

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6.The first sentence of Section 5(c) of the Agreement is hereby amended to read as follows:

“As a condition to Employee’s receipt of any post-termination benefits pursuant to Sections 4(g)(iii) or 5(a) above, on or prior to the sixtieth (60th) day following the date of Employee’s termination of employment, Employee shall have executed and delivered a Release (the “Release”) in a form reasonably acceptable to the Company and any applicable revocation period applicable to such Release shall have expired.”

7.This Amendment shall be and is hereby incorporated in and forms a part of the Agreement.  All other terms and provisions of the Agreement shall remain unchanged except as specifically modified herein.  The Agreement, as amended by this Amendment, is hereby ratified and confirmed.

[Signature Page Follows]

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Exhibit 10.15

IN WITNESS WHEREOF, the Company and Employee have executed and delivered this Amendment on the date(s) set forth below.

 

 

		
	

Date: July 2, 2013
	
CONATUS PHARMACEUTICALS INC.

By:  /s/ Steven J. Mento
Name: Steven J. Mento

Title: President & CEO

 

	

Date: July 2, 2013
	
EMPLOYEE

/s/ Charles J. Cashion
Charles J. Cashion

 

[Signature Page to Amendment to Cashion Employment Agreement]Exhibit

Execution Version

AMENDMENT NO. 3, dated as of January 15, 2016 (this “Amendment No. 3”), to the Credit Agreement, dated as of February 6, 2015 (as amended by Amendment No. 1 thereto dated as of March 31, 2015 and Amendment No. 2 thereto dated as of October 30, 2015, the “Credit Agreement”), by and among THE ADVISORY BOARD COMPANY, a Delaware corporation (the “Borrower”), JPMORGAN CHASE BANK, N.A., as administrative agent (the “Administrative Agent”), each Lender from time to time party thereto and the other agents and arrangers party thereto.  Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.

WHEREAS, Section 9.02(b) of the Credit Agreement provides that provisions of the Credit Agreement may be amended or waived with the written consent of the Administrative Agent and Lenders who constitute at least the Required Lenders;

WHEREAS, the Borrower wishes to amend, and has requested that the Lenders and the Administrative Agent agree to amend the Credit Agreement as described below (the “Amendment”); and

WHEREAS, the Administrative Agent and the Lenders signatory hereto, who constitute at least the Required Lenders, are willing to agree to the Amendment, subject to the terms and conditions contained herein;

NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

Section 1.     Amendment.  Upon satisfaction of the conditions set forth in Section 3 hereof, upon the Amendment No. 3 Effective Date (as defined below), the Administrative Agent and the Lenders signatory hereto consent to the following amendments to the Credit Agreement:

		
	(i)
	The last sentence of the definition of “Indebtedness” in Section 1.01 of the Credit Agreement is hereby amended (x) by replacing the phrase “ or (vi)” with the phrase “, (vi)” and (y) by inserting the following phrase immediately before the period at the end of such sentence:

“or (vii) any lease obligations accounted for using “build to suit” accounting or, solely with respect to any lease obligation originally incurred using “build to suit” accounting, any other lease accounting methodologies established by FASB as a successor to “build to suit” accounting, to the extent such successor methodology is adopted by the Borrower from time to time”;

		
	(ii)
	Section 2.06(b) of the Credit Agreement is hereby amended by replacing “$25,000,000” with “$35,000,000”;

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	(iii)
	Section 5.01(e) of the Credit Agreement is hereby amended and restated in its entirety as follows:

“(e)    not later than sixty (60) days after the end of each fiscal year of the Borrower, a copy of the plan and forecast (including a projected consolidated and consolidating income statement) of the Borrower for the newly-commenced fiscal year of the Borrower in form reasonably satisfactory to the Administrative Agent;”;

		
	(iv)
	Section 6.02 of the Credit Agreement is hereby amended (x) by deleting “and” at the end of clause (t) thereof, (y) by replacing “.” at the end of clause (u) thereof with “; and” and (z) by inserting the following clause (v) at the end thereof:

“(v)     Liens deemed to exist in connection with any lease obligations accounted for using “build to suit” accounting.”; and

		
	(v)
	Schedule 2.01(b) to the Credit Agreement is hereby amended and restated in its entirety as set forth on Annex I to this Amendment No. 3.

Section 2.     Representations and Warranties.  The Borrower represents and warrants to the Administrative Agent and each of the Lenders that:

(i)    The execution and delivery of this Amendment No. 3 is within the Borrower’s organizational powers and has been duly authorized by all necessary organizational action on the part of the Borrower.  This Amendment No. 3 has been duly executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms.

(ii)    Immediately prior to and immediately after giving effect to this Amendment No. 3, the representations and warranties set forth in Article III of the Credit Agreement and in any other Loan Document are true and correct in all material respects (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date); provided that any representation and warranty that is qualified as to “materiality,” “material adverse effect” or similar language shall be true and correct in all respects (after giving effect to any such qualification therein).

(iii)    Immediately prior to and immediately after giving effect to this Amendment No. 3, no Default or Event of Default has occurred and is continuing.

Section 3.     Conditions to Effectiveness.  This Amendment No. 3 shall become effective as of the first date (the “Amendment No. 3 Effective Date”) on which the following conditions have been satisfied:

(i)    the Administrative Agent (or its counsel) shall have received from Lenders who constitute at least the Required Lenders and the Borrower either (i) a counterpart of this 

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Amendment No. 3 signed on behalf of each such Person or (ii) written evidence satisfactory to the Administrative Agent (which may include facsimile or .pdf transmission of a signed signature page of this Amendment No. 3) that each such Person has signed a counterpart of this Amendment No. 3;

(ii)    the representations and warranties set forth in Section 2 hereof shall be true and correct as of the Amendment No. 3 Effective Date; and

(iii)    the Borrower shall have paid all reasonable out of pocket costs and expenses of the Administrative Agent in connection with the preparation, negotiation and execution of this Amendment No. 3 (including the reasonable fees and expenses of Cahill Gordon & Reindel LLP as counsel to the Administrative Agent).

Section 4.     Counterparts.  This Amendment No. 3 may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed counterpart of a signature page of this Amendment No. 3 by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

Section 5.    Loan Document.  This Amendment No. 3 shall constitute a Loan Document for all purposes under the Credit Agreement.

Section 6.     Applicable Law.  THIS AMENDMENT NO. 3 SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

Section 7.     Headings.  The headings of this Amendment No. 3 are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

Section 8.     Effect of Amendment.  Except as expressly set forth herein, this Amendment No. 3 (i) shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent or the Issuing Banks, in each case under the Credit Agreement or any other Loan Document, and (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of either such agreement or any other Loan Document.  Each and every term, condition, obligation, covenant and agreement contained in the Credit Agreement or any other Loan Document (for avoidance of doubt, in each case, as altered, modified or amended as expressly set forth herein) is hereby ratified and reaffirmed in all respects and shall continue in full force and effect.

[SIGNATURE PAGES FOLLOW]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 3 to be duly executed by their respective authorized officers as of the day and year first above written.

THE ADVISORY BOARD COMPANY, as Borrower

By:                        
Name:  Evan Farber
Title: Chief Legal Officer 

Signature Page to Advisory Board Amendment No. 3

JPMORGAN CHASE BANK, N.A., 
as Administrative Agent

By:                        
Name:  James A. Knight
Title: Vice President

Signature Page to Advisory Board Amendment No. 3

JPMORGAN CHASE BANK, N.A., 
as Issuing Bank

By:                        
Name:  James A. Knight
Title: Authorized Signatory

Signature Page to Advisory Board Amendment No. 3

Bank of America, National Association, 
as Issuing Bank

By:                        
Name:  Monica Sevila
Title: Senior Vice President

Signature Page to Advisory Board Amendment No. 3

Morgan Stanley Bank, N.A., 
as Issuing Bank

By:                        
Name:  Alice Lee
Title: Authorized Signatory

Signature Page to Advisory Board Amendment No. 3

JPMORGAN CHASE BANK, N.A., 
as a Lender

By:                        
Name:  James A. Knight
Title: Vice President

Signature Page to Advisory Board Amendment No. 3

Bank of America, N.A., 
as a Lender

By:                        
Name:  Monica Sevila
Title: Senior Vice President

Signature Page to Advisory Board Amendment No. 3

SUNTRUST BANK                             , 
as a Lender

By:                        
Name:  David Bennett
Title: Director

Signature Page to Advisory Board Amendment No. 3

MUFG UNION BANK, N.A., 
as a Lender

By:                        
Name:  Matthew Gerber, Director
Title: Authorized Signatory

Signature Page to Advisory Board Amendment No. 3

Wells Fargo Bank, as a Lender

By:                        
Name: Frank S. Kaulback, III 
Title:   Senior Vice President

Signature Page to Advisory Board Amendment No. 3

PNC BANK, N.A.,
as a Lender

By:                        
Name:  David Notaro
Title: SVP

Signature Page to Advisory Board Amendment No. 3

Regions Bank, 
as a Lender

By:                        
Name:  Bruce Rudolph
Title: Vice President

Signature Page to Advisory Board Amendment No. 3

Citizens Bank, N.A., 
as a Lender

By:                        
Name: William M. Clossey
Title: Senior Vice President

Signature Page to Advisory Board Amendment No. 3

HSBC Bank USA, N.A., 
as a Lender

By:                        
Name:  Chris Burns
Title: Vice President

Signature Page to Advisory Board Amendment No. 3

HEALTHCARE FINANCIAL SOLUTIONS, LLC, 
as a Lender

By:                        
Name:  R. Hanes Whiteley
Title: Authorized Signatory

Signature Page to Advisory Board Amendment No. 3

Capital One Bank, N.A., 
as a Lender

By:                        
Name:  Katherine A. Marcotte
Title: Senior Vice President

Signature Page to Advisory Board Amendment No. 3

Barclays Bank PLC, 
as a Lender

By:                        
Name:  Ronnie Glenn
Title: Vice President

Signature Page to Advisory Board Amendment No. 3

TD Bank, N.A., 
as a Lender

By:                        
Name:  William Jolsen
Title: Senior Vice President

Signature Page to Advisory Board Amendment No. 3

RAYMOND JAMES BANK, N.A., 
as a Lender

By:                        
Name: Alexander L. Rody 
Title: Senior Vice President

Signature Page to Advisory Board Amendment No. 3

MORGAN STANLEY SENIOR FUNDING, INC., 
as a Lender

By:                        
Name: Alice Lee
Title: Vice President

Signature Page to Advisory Board Amendment No. 3

Signature Page to Advisory Board Amendment No. 3

MORGAN STANLEY BANK, N.A., 
as a Lender

By:                        
Name:  Alice Lee
Title: Authorized Signatory

Signature Page to Advisory Board Amendment No. 3

United Bank as a Lender, 

By:                        
Name:  Tom Wolcott
Title: SVP Shared National Credit

Signature Page to Advisory Board Amendment No. 3

ANNEX I TO AMENDMENT NO. 3

Schedule 2.01(b) – LETTER OF CREDIT SUBLIMITS

	
		
	L/C Issuer
	Letter of Credit Sublimit

	JPMorgan Chase Bank, N.A.
	$17,500,000

	Bank of America, N.A.
	$10,500,000

	Morgan Stanley Bank, N.A.
	$7,000,000

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