Document:

Exhibit 10

Exhibit 10.2

AMENDMENT AND WAIVER AGREEMENT

THIS AMENDMENT AND WAIVER AGREEMENT (this “Agreement”), dated as of May 14, 2014, is made and entered into by and among Vycor Medical, Inc., a Delaware corporation (the “Company”) and the holders of certain Placement Agent Warrants (the “Warrants”) issued in connection with the Company’s private offering of securities during the period January 2, 2014-April 25, 2014 (the “Warrantholders”).  Any defined term used herein but not otherwise defined shall have the meaning ascribed to such term in the Warrants.  

WHEREAS, the Warrants were issued in partial consideration of the services of the placement agent in connection with the Company’s offering of up to $5 million, in the aggregate, of shares of Common Stock and Common Stock purchase warrants (the “Offering”).

WHEREAS, pursuant to the Purchase Agreement, the Warrantholders were issued Warrants to purchase up to 402,030 shares of Company Common Stock.

 

WHEREAS, Section 3(b) of the Warrants provides for anti-dilution protection upon any Dilutive Issuance in connection with a Subsequent Equity Sale (the “Anti-Dilution Provision”); 

WHEREAS, the Company wishes to 

delete in its entirety the Anti-Dilution Provision; 

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

1.

Amendment to Warrants.  The Company and the Warrantholders hereby agree to delete the Anti-Dilution Provision and replace it with a covenant by the Company that it will not issue for cash shares of Common Stock or Common Stock Equivalents below an effective per share price of $2.05 (subject to adjustment for forward and reverse stock splits and the like that occur after the date hereof).  As such, Section 3(b) of the Warrants is amended and restated in its entirety as follows:

“Restriction on Dilutive Issuances.  From Initial Exercise Date until 12 months from the Effective Date, neither the Company nor any Subsidiary shall issue, enter into any agreement to issue or announce the issuance or proposed issuance for cash of any shares of Common Stock or Common Stock Equivalents with an effective per share price below $2.05 (subject to adjustment for forward and reverse stock splits and the like that occur after the Initial Exercise Date).”

2.

Additional Company Representations.  The Company’s execution and delivery of this Agreement and the Company’s consummation of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, its board of directors or the Company’s stockholders in connection therewith.  This Agreement has been duly executed by the Company and, when 

delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

3.

Fees and Expenses.  Except as set forth in this section, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.

4.

Governing Law.  All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by the terms of the Warrant.

5.

Execution and Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party, and such counterparts may be delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

			
	 
	VYCOR MEDICAL, INC.

	 
	 
	 

	 
	 
	 

	 
	By:

	 

	 
	 
	Name: David Cantor

	 
	 
	Title:   President

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR WARRANTHOLDERS FOLLOW]

[WARRANTHOLDER'S SIGNATURE PAGE TO VYCO AMENDMENT AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

Name of Warrantholder: __________________________

Signature of Authorized Signatory of Warrantholder: __________________________

Name of Authorized Signatory: _________________________

Title of Authorized Signatory: __________________________ex10_1.htm

 

May 13, 2014

Philip Livingston

40 Ridge View Dr.

Basking Ridge, NJ  07920

Dear Philip;

It is with great pleasure that we extend to you this Conditional Offer of Employment for the position of Interim Chief Executive Officer (CEO) effective May 7, 2014.

Your cash and incentive compensation package for this interim position will be as follows:

	
●

	
Base Salary:  A base salary of $300,000 (annual equivalent), which is delivered in bi-weekly pay periods. Performance expectations will be set by the Board of Directors and the Compensation Committee.

	
●

	
Equity Grant: The Compensation Committee has approved an initial $100,000 grant of shares of the company’s Common Stock.  The number of shares to be issued will equal $100,000 divided by the closing price of the Common Stock on Nasdaq on May 13, 2014, the date the award was approved by the Compensation Committee. The terms of the award will be set forth in applicable agreements.  The vesting of these shares shall be as follows:

	
 

	
50% of the total equity grant value on the day of grant (e.g., immediate vesting); and

	
 

	
50% of the total equity grant value on December 31, 2014

You will be eligible to participate in our comprehensive benefits package that is generally available to all employees starting on the first of the month following completion of 30 days of employment.  This package includes medical, vision, dental, life and disability insurance.  If you have any questions regarding these programs feel free to contact Human Resources. You will not participate in the company’s annual cash bonus programs or any other management compensation programs or plans or receive any additional equity awards or incentive compensation, unless otherwise determined by the Compensation Committee in its sole discretion.

It is our understanding that you will not be relocating from your residence in New Jersey at this time.  As we have discussed, you will spend the primary portion of your work time in Spokane, with the expectation of a return trip to NJ, on average, once every three weeks for an extended weekend.  The company will pay for those trips according to its Travel and Expense Policy throughout the duration of the interim period.

  

  

  

 

Additionally, to support your Spokane-based work assignment, you will be provided with business expense coverage during the interim period of:

	
●

	
Hotel or leased apartment rental allowance of up to $2,000;

	
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Meal expense reimbursements per the Company’s Travel & Expense Policy;

	
●

	
Use of a company-leased vehicle in Spokane.

Due to the location of this assignment, you may incur certain state tax liabilities, which you may need to consult your income tax advisor about.

This employment offer is conditional upon you satisfying the pre-employment requirements of AGI.  Those requirements include but are not limited to:

	
●

	
Successful completion of a background check, drug screening, education and work experience verification and potentially references screening.

	
●

	
Cooperating with us in our obligation to examine original documentation verifying that you are lawfully authorized to work in the U.S.  Thus, upon reporting to work, it will be necessary for you to complete and sign Section 1 of Employment Eligibility Verification Form (I-9).  You will also be expected to provide us appropriate supporting documentation upon reporting to work or within three (3) business days from your start date.

	
●

	
Signing the required employment acknowledgement documents that will be provided in your on-boarding packet, including your Executive Noncompetition, Nonsolicitation and Confidential Information Agreement.

To accept this offer of employment, please sign where indicated below.  In doing so, you accept employment that is terminable at-will.  Of course, we both hope that our relationship will be a continuing one, but we agree by this letter that your employment is not for a fixed term and your employment is subject to termination by you or the company at any time with or without notice and with or without reasons.  The foregoing represents our entire agreement and understanding regarding termination of your employment.

We greatly look forward to having you join our organization and become a member of our team.  We believe that you will add significant value to the leadership team and we are excited about the positive impact you can have in shaping the direction of the company’s strategy and operations.  Should you have any questions about this offer or starting with the organization, please do not hesitate to contact me directly or Bryan Fix in HR (bryan.fix@ambassadorsgroup.com; 509.979.6574).  A signed copy of this letter will be placed in your personnel file.

Sincerely,

By: /s/: Lisa Rapuano

Chair of the Board of Directors

Ambassadors Group, Inc.

 

Enclosures:                      Executive Noncompetition, Nonsolicitation and Confidential Information Agreement

  

  

  

Acknowledgement...

In response to this offer of employment (INITIAL ONE ONLY):

___X__ I accept the within offer of employment

_____ I do not accept the within offer of employment

 

	 	 	 By:/s/ PHILIP B. LIVINGSTON 	 Date: 5/15/2014
	 	 	 Employee Signature

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