Document:

cbai_ex105.htm

Exhibit 10.5

 

AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT

This Amendment to the Executive Employment Agreement of Stephen Morgan (the "Amendment") effective as of April 1, 2015, (the “Agreement”) is entered into as of April 9, 2015 (the “Effective Date”), by and between Stephen Morgan (the “Employee”), on the one hand, and Cord Blood America, Inc., a Florida corporation having its principal place of business at 1857 Helm Drive, Las Vegas, NV 89119 (the “Company” or “Employer”) on the other.  The Employer and the Employee are also, at times, hereafter referred to individually as a "Party" and collectively as the "Parties."

WHEREAS, the Employer and the Employee entered into the Agreement, which by its terms may be amended in writing by the parties thereto; and

WHERAS, the Parties desire to amend the Agreement;

NOW, THEREFORE, in consideration of the foregoing and the mutual promises made herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree to amend the Agreement as follows:

1. Paragraph 5(a). The following language from Paragraph 5(a) of the Agreement is hereby deleted from the Agreement:

“Employee may opt, at Employee’s sole discretion, to receive a portion of his salary in the form of common stock, in lieu of cash, at a value determined by the Board of Directors in their reasonable discretion, provided the Company has common stock available to be issued to Employee and has a plan in place for such issuances and is otherwise able to issue stock to Employee at that time.  In the event Employee opts to receive a portion of his salary in the form of common stock and the Company is not able to issue common stock to Employee, whether due to the absence of available common stock or otherwise, Employee may defer that portion of his salary until such time as the Company is able to issue common stock to Employee, provided that if the Company is unable to issue common stock to Employee within one year of the Employee’s election to defer his salary, then the Company shall pay the Employee the deferred amount in cash on a date that is one year from Employee’s election to defer.”

In addition: the language “and equity compensation” is hereby deleted from the heading of Paragraph 5(a), which previously read “Annual Salary and equity compensation.”

Paragraph 5(a) of the Agreement now reads as follows:

“5.           Compensation.

(a)           Annual Salary and equity compensation.  As compensation for the services to be rendered by Employee, hereunder, Company shall pay Employee an annual salary equal to $130,000, payable in accordance with the Company’s standard accounting practices, provided that payments are made at least semi-monthly.  Compensation reviews for Employee will be at least annually.  All payments to Employee hereunder shall be made in accordance with the Company’s customary practices and procedures, all of which shall be in conformity with applicable federal, state and local laws and regulations.”

2. Paragraph 5(c).  The Following language from Paragraph 5(c) of the Agreement is hereby deleted from the Agreement:

“Employee may opt, at Employee’s sole discretion, to receive a portion of his salary in the form of common stock, in lieu of cash, at a value determined by the Board of Directors in their reasonable discretion, provided the Company has common stock available to be issued to Employee and has a plan in place for such issuances and is otherwise able to issue stock to Employee at that time.  In the event Employee opts to receive a portion of his salary in the form of common stock and the Company is not able to issue common stock to Employee, whether due to the absence of available common stock or otherwise, Employee may defer that portion of his salary until such time as the Company is able to issue common stock to Employee, provided that if the Company is unable to issue common stock to Employee within one year of the Employee’s election to defer his salary, then the Company shall pay the Employee the deferred amount in cash on a date that is one year from Employee’s election to defer.”

Paragraph 5(c) of the Agreement now reads as follows:

“(c)           Bonus.                      Performance criteria for Employee shall be established by the Board of Directors, in consultation with Employee, and reviewed annually.  Based upon the Employee’s performance toward the achievement of the agreed upon performance criteria, the Company may award Employee a bonus.  The bonus opportunity shall be equal to 25% of Employee’s annual salary then in effect under this Agreement per year. Said Bonus earned and paid to Employee shall be determined by the Board of Directors, by measuring the success with which the Employee has met performance criteria as established by the Board of Directors.”

  

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Other Provisions

3. No Other Amendment. Except as expressly as amended hereby, the terms and provisions of the Agreement shall remain in full force and effect.

4. Counterparts and Facsimile Signatures. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one complete instrument.  Facsimile signatures shall be given the same force and effect as original signatures.

 

  

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IN WITNESS WHEREOF, the Parties have executed this Amendment as of the Effective Date.

COMPANY:

Cord Blood America, Inc.

a Florida corporation

 

By:______________________________

 

 

Joseph Vicente, Chairman and President

 

EMPLOYEE:

__________________________________

Stephen Morgan

 

3EX-10.17

 Exhibit 10.17 

SEVERANCE RIGHTS AGREEMENT 

BY AND BETWEEN KIRKLAND’S AND ROBERT E. ALDERSON 

DATED FEBRUARY 23, 2015 
 February 23,
2015 
 Mr. Robert E. Alderson 
 Chief Executive
Officer 
 Kirkland’s, Inc. 
 5310 Maryland Way 

Brentwood, TN 37027 
 Re: Post-Employment
Compensation Rights 
 Dear Robert: 
 On
behalf of Kirkland’s, Inc. (the “Company”), this letter memorializes certain agreements regarding your post-employment compensation rights in connection with your retirement on February 7, 2015 (the “Retirement Date”).

  

	(i)	Your severance rights letter with the Company, as amended and restated on December 7, 2012 (the “Severance Rights Letter”), remains in full force and effect, subject to the following modification: no
present value discount will be applied to the single sum cash payment described in paragraph (1) thereof. 

  

	(ii)	Subject to your timely execution of the release described in the Severance Rights Letter, the Company will pay on your behalf or reimburse Medicare Part A, B, D, and F premiums for you and your spouse following your
separation from service and until your 72nd birthday (based on the coverage selected by you), up to a maximum amount per month equal to twice the difference between (a) the then prevailing COBRA premium for “employee plus spouse”
coverage under the Company’s group health plan, and (b) the monthly amount then paid by active employees for “employee plus spouse” coverage under the Company’s group health plan. You acknowledge that this is a complete
satisfaction of your rights under paragraphs (2) and (3) of the Severance Rights Letter. 

  

	(iii)	The Company will pay you an additional monthly amount sufficient to satisfy the federal and state taxes arising from the monthly payments described in the preceding paragraph (ii) and this paragraph (iii), as
reasonably determined by the Company. These additional monthly payments will be remitted directly to the applicable taxing authorities through the Company’s payroll mechanism, in each case at the same time that taxes are required to be withheld
with respect to the related healthcare premium payment or reimbursement. 

  

	(iv)	The Company will waive the requirement that you be employed on the bonus payment date to receive any annual incentive bonus otherwise earned by you for the year ended January 31, 2015 (“fiscal 2014”). Any
fiscal 2014 bonus earned by you will be paid at the same time as fiscal 2014 bonuses are paid to active executives. 

  

	(v)	Subject to your timely execution of the release described in the Severance Rights Letter, the vesting of all of your outstanding equity incentive awards will be accelerated such that all outstanding equity awards will
be fully vested as of the Retirement Date. In accordance with the Company’s Amended and Restated 2002 Equity Incentive Plan (the “Plan”), the survival of vested options is determined with reference to your service to the Company in
any capacity (not solely with respect to your employment). Accordingly, your post-employment service to the Company as a non-employee director will count for purposes of determining the survival of such vested options. 

	(vi)	Following your retirement, you, your spouse and your children will be entitled to a lifetime discount of 40% on any purchases in the Company’s stores or on its website. 

This letter, together with the Severance Rights Letter, the Plan and the award agreements governing your outstanding equity incentive awards, represent our
entire agreement regarding your post-employment compensation rights and supersede all prior or contemporaneous discussions, agreements, and understandings between us relating to that topic. This letter may not be changed or modified, except by an
agreement in writing signed by you and an authorized representative of the Company. This letter will be governed by, and enforced in accordance with, the laws of the state of Tennessee without regard to the application of the principles of conflicts
or choice of laws. 
  

	
	Sincerely,
	
	/S/ W. MICHAEL MADDEN
	W. Michael Madden
	President and Chief Operating Officer

 Acknowledged and agreed on February 23, 2015: 

 

	
	/S/ ROBERT E. ALDERSON
	Robert E. Alderson

  

			
	Cc:		Steven J. Collins
			R. Wilson Orr, III

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