Document:

EXHIBIT 10.4

 

AMENDMENT

 

This Amendment (this “Amendment”) is entered into as of March 4, 2015, by and between Typenex Co-Investment, LLC, a Utah corporation (“Lender”), and Premier Biomedical, Inc., a Nevada corporation (“Borrower”). Any capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Note (as defined below).

 

A. Borrower previously issued to Lender a Convertible Promissory Note dated November 25, 2014 in the original principal amount of $86,500.00 (the “Note”).

 

B. The Note was issued pursuant to a Securities Purchase Agreement dated November 25, 2014 between Lender and Borrower (the “Purchase Agreement”, and together with the Note, and all other documents entered into in conjunction therewith, the “Transaction Documents”).

 

C. Lender and Borrower have agreed, subject to the terms, amendments, conditions and understandings expressed in this Amendment, to add a floor to the Conversion Price of the Note.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

1. Recitals. Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Amendment are true and accurate and are hereby incorporated into and made a part of this Amendment.

 

2. Amendment to Section 1.3. The following two sentences shall be added to end of Section 1.3 of the Note:

 

“Notwithstanding the foregoing, so long as no Event of Default has occurred, the Conversion Price shall be not less than $0.0001 (the “Conversion Floor”). For the avoidance of doubt, upon the occurrence of an Event of Default, the Conversion Floor shall not apply to any future Conversions and shall be of no further force or effect.”

 

3. Affirmation of Note Balance. The Outstanding Balance of the Note upon execution of this Amendment shall be as set forth on the signature page hereto.

 

4. Representations and Warranties. In order to induce Lender to enter into this Amendment, Borrower, for itself, and for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows:

 

(a) Borrower has full power and authority to enter into this Amendment and to incur and perform all obligations and covenants contained herein, all of which have been duly authorized by all proper and necessary action. No consent, approval, filing or registration with or notice to any governmental authority is required as a condition to the validity of this Amendment or the performance of any of the obligations of Borrower hereunder.

 

	 
	
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(b) There is no fact known to Borrower or which should be known to Borrower which Borrower has not disclosed to Lender on or prior to the date of this Amendment which would or could materially and adversely affect the understanding of Lender expressed in this Amendment or any representation, warranty, or recital contained in this Amendment.

 

(c) Except as expressly set forth in this Amendment, Borrower acknowledges and agrees that neither the execution and delivery of this Amendment nor any of the terms, provisions, covenants, or agreements contained in this Amendment shall in any manner release, impair, lessen, modify, waive, or otherwise affect the liability and obligations of Borrower under the terms of the Transaction Documents.

 

(d) Borrower has no defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of action of any kind or nature whatsoever against Lender, directly or indirectly, arising out of, based upon, or in any manner connected with, the transactions contemplated hereby or the issuance of the Note, whether known or unknown, which occurred, existed, was taken, permitted, or begun prior to the execution of this Amendment and occurred, existed, was taken, permitted or begun in accordance with, pursuant to, or by virtue of any of the terms or conditions of the Transaction Documents. To the extent any such defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of action exist or existed, such defenses, rights, claims, counterclaims, actions and causes of action are hereby waived, discharged and released. Borrower hereby acknowledges and agrees that the execution of this Amendment by Lender shall not constitute an acknowledgment of or admission by Lender of the existence of any claims or of liability for any matter or precedent upon which any claim or liability may be asserted.

 

(e) Borrower represents and warrants that as of the date hereof no Events of Default or other material breaches exist under the Transaction Documents or have occurred prior to the date hereof.

 

5. Certain Acknowledgments. Each of the parties acknowledges and agrees that no property or cash consideration of any kind whatsoever has been or shall be given by Lender to Borrower in connection with the amendments to the Note granted herein.

 

6. Other Terms Unchanged. The Note, as amended by this Amendment, remains and continues in full force and effect, constitutes legal, valid, and binding obligations of each of the parties, and is in all respects agreed to, ratified, and confirmed. Any reference to the Note after the date of this Amendment is deemed to be a reference to the Note as amended by this Amendment. If there is a conflict between the terms of this Amendment and the Note, the terms of this Amendment shall control. No forbearance or waiver may be implied by this Amendment. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment to, any right, power, or remedy of Lender under any Transaction Document, as in effect prior to the date hereof.

 

	 
	
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7. Headings. The headings contained in this Amendment are for reference purposes only and do not affect in any way the meaning or interpretation of this Amendment.

 

8. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. The parties hereto confirm that any electronic copy of another party’s executed counterpart of this Amendment (or such party’s signature page thereof) will be deemed to be an executed original thereof.

 

9. Further Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Amendment and the consummation of the transactions contemplated hereby.

 

[Remainder of page intentionally left blank]

 

	 
	
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IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date set forth above.

 

Outstanding Balance: $88,911.42

 

	 	
BORROWER:

	 
	 	 	 	 
		
PREMIER BIOMEDICAL, INC.

	
		 		
		By:	/s/ William Hartman	 
	 	Name:	William Hartman 	 
	 	Title:	 President  	 
	 	 	 	 
		
LENDER:

	
		 		
		
TYPENEX CO-INVESTMENT, LLC

	
		 		
		By:	Red Cliffs Investments, Inc., its Manager	
			 	
		By:	/s/ John M. Fife 	
			John M. Fife, President	

 

 

4Exhibit 10.1

 

HURCO COMPANIES, INC.

FISCAL 2015 SHORT-TERM INCENTIVE
COMPENSATION PLAN

 

A.           General

 

The Fiscal 2015 Short-Term Incentive Compensation
Plan (the “Plan”) of Hurco Companies, Inc. (the “Company”) is administered by the Compensation Committee
of the Board of Directors of the Company. The Compensation Committee has the authority to interpret and administer all provisions
and to make any rules and regulations or take any action it deems necessary with respect to the Plan.

 

Any payment of short-term incentive compensation
for fiscal 2015 to a participant will be paid in cash, less applicable tax withholding, as determined by the Compensation Committee
no later than January 31, 2016.

 

B.           Participation

 

The executive officers of the Company listed
in the table below have been granted an award under the Plan. Any participant whose employment terminates during fiscal 2015 for
any reason other than death, disability or retirement will have forfeited all rights and interests in and to any short-term compensation
that may have accrued or been earned while the participant was actively employed. If a participant’s employment with the
Company terminates during fiscal 2015 due to death, disability or retirement, the Compensation Committee may, in its sole discretion,
approve the payment of a pro-rated portion of the amount payable under the Plan to such participant. For purposes of the Plan,
the term “disability” means the total and permanent disability of the participant as determined by the Compensation
Committee pursuant to section 22(e)(3) of the Internal Revenue Code of 1986, as amended, and the term “retirement”
means termination of the participant’s employment with the Company after the participant’s 65th birthday
or such other age as set forth in the Company’s retirement policy as in effect from time to time.

 

C.           Performance
Metrics and Percentage Payout Levels

 

 

Compensation under the
Plan will be based upon the achievement of the performance metrics and relative weightings set forth below:

 

	Name	 	Performance Metric	 	Weighting	 
	Michael Doar	 	Operating Income Margin	 	70	%
	 	 	Strategic Objectives	 	 	30	%
	 	 	 	 	 	 	 
	Gregory S. Volovic	 	Operating Income Margin	 	 	70	%
	 	 	Strategic Objectives	 	 	30	%
	 	 	 	 	 	 	 
	John P. Donlon	 	Operating Income Margin	 	 	50	%
	 	 	Strategic Objectives	 	 	50	%
	 	 	 	 	 	 	 
	Sonja K. McClelland	 	Operating Income Margin	 	 	70	%
	 	 	Strategic Objectives	 	 	30	%

  

    	 

    	 

    

 

“Operating
Income Margin” is defined as the operating income of the Company on a consolidated basis divided by the sales and
service fees of the Company on a consolidated basis, each as reported in the Company’s audited financial statements for
the fiscal year ending October 31, 2015. The Compensation Committee will establish the performance goals related to Operating
Income Margin and the percentage payout levels (the “Percentage Payout Levels”) that will be associated with the
attainment of those performance goals. The Percentage Payout Levels for Operating Income Margin will range from 50%
(threshold) to 100% (Target Amount (as defined below)) to 200% (maximum), with amounts interpolated between the stated
performance levels. The performance goals and Percentage Payout Levels related to Operating Income Margin will be established
by the Compensation Committee and communicated to the participants at a time when the outcome with respect to the relevant
performance under those performance goals is substantially uncertain.

 

The Compensation Committee
will establish and communicate to each of the participants his or her Strategic Objective(s) and the associated Percentage Payout
Level(s) at a time when the outcome with respect to the achievement of the Strategic Objectives is substantially uncertain. The
aggregate Percentage Payout Level for the 2015 Strategic Objectives for each participant may range from 50% to 200% of the Target
Amount.

 

D.           Determination
of Attainment

Following the end of
fiscal year 2015, the Compensation Committee will determine the degree to which the Operating Income Margin goals were attained
and the overall achievement by each participant of the applicable 2015 Strategic Objectives, and the resulting Percentage Payout
Level relative to the Target Amount for each metric.

 

The weightings applicable
to each of Operating Income Margin and the 2015 Strategic Objectives set forth above shall be applied to the Percentage Payout
Level for each metric by participant as determined by the Compensation Committee, resulting in a weighted-average Percentage Payout
Level (“Weighted-Average Percentage Payout Level”) relative to the Target Amount for each officer. If Operating Income
Margin is zero or a negative number, then no amounts will be paid under the Plan, even if all or a portion of the performance goals
under the 2015 Strategic Objectives were attained.

 

E.           Target
Amount

 

The Weighted-Average Percentage Payout Level applicable to each
participant will be multiplied by his or her “Target Amount,” which shall be determined by multiplying the base salary
of the applicable participant paid during fiscal 2015 by the target percentage set forth below:

 

	Name	 	Target Percentage of 
2015 Base Salary	 
	Michael Doar	 	 	85	%
	Gregory S. Volovic	 	 	75	%
	John P. Donlon	 	 	40	%
	Sonja K. McClelland	 	 	50	%

 

The Committee retains the discretion to adjust downward, but
not upward, the amount of compensation that would otherwise be payable under the Plan.

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