Document:

Ex 10.1 FlahertyLetter

Exhibit 10.1

May 2, 2014

Via Hand Delivery

To:    Jim Flaherty

Re:    Transition Agreement

Dear Jim:

As you know, you have indicated to Cardiovascular Systems, Inc. (“CSI”) that you plan to voluntarily resign your employment with CSI for the purpose of retirement effective September 30, 2014.  The purpose of this letter is to confirm your and CSI’s agreement with regard to the upcoming transition and end of your employment relationship with CSI.  As used herein, the “Transition Period” shall be the period commencing as of the date of this letter and ending at the close of business on September 30, 2014.  

Through June 30, 2014, you will remain employed in your current role of Chief Administrative Officer under your current terms and conditions of employment.  Effective at the close of business on June 30, 2014, you will automatically be deemed to have resigned from your position as an executive officer of CSI, but you will remain employed by CSI.    At that time, you will no longer be eligible for CSI’s Executive Officer Severance Plan dated June 28, 2010 (the “Plan”) or other officer benefits effective at the close of business on June 30, 2014, instead, you will be entitled to the Severance Package summarized below.

Effective July 1, 2014, you will assume a new position of Development Director, and your current pay and employee benefits will remain in place.  For Q1FY15 (July 1, 2014 – September 30, 2014), you will be eligible to earn a quarterly bonus based on achievement of specific transition duties and other goal accomplishments set forth by the Company in writing to you on or about July 1, 2014.  The bonus potential will be 50% of your quarterly base pay.

Your employment with CSI will end on September 30, 2014 as a result of your voluntary resignation due to retirement.  As of September 30, 2014, we will offer you a severance package consisting of (1) 12 months base salary (gross $295,250), (2) in lieu of COBRA coverage, executive retiree medical and dental benefits for you and covered dependents, if applicable, through the earlier of (a) your 65th birthday or (b) your eligibility for Medicare, and (3) acceleration of 8,964 shares of equity awards previously granted to you that would have vested within the 12 month period following September 30, 2014 had you remained employed during such period (the “Severance Package”).  Your receipt of the Severance Package is conditioned upon your remaining in compliance with any restrictive covenant agreements you have with CSI and you signing, returning, not rescinding and complying with a full and final release of claims agreement in favor of CSI in a form supplied by CSI.  This agreement will be provided to you on or about September 30, 2014 for your signature.  

Exhibit 10.1

For the period of October 1, 2014 through December 31, 2015, you agree that you will provide consulting services to CSI as mutually agreed upon by the parties at the rate of $150/hour; provided, however, that in no event shall such consulting services be at a level that is twenty percent (20%) or greater than the level of services performed by you over the 36-month period ending on September 30, 2014.
 
Notwithstanding anything herein to the contrary, during the Transition Period, you will remain employed on an at-will basis as provided in Section 8 of your Employment Agreement with CSI dated January 5, 2005.  If your employment is terminated by CSI without Cause (including due to Reduction-In-Force), as those terms are defined in the Plan, between July 1, 2014 and September 30, 2014, your eligibility for the Severance Package will remain in effect.  If your employment is terminated with Cause (as defined in the Plan) between July 1, 2014 and September 30, 2014, you will not be eligible for the Severance Package.  If you resign your employment between July 1, 2014 and September 30, 2014, you will not be eligible for the Severance Package, unless otherwise agreed by CSI in writing.  If you die between July 1, 2014 and the conclusion of your receipt of the Severance Package, the  provisions of the Severance Package will be provided to your spouse or surviving children, as applicable, unless prohibited by law.  

If you agree with the terms outlined in this letter, please sign and date below, and return to Laura Gillund by May 6, 2014.  Jim, we are grateful for your years of service to CSI and look forward to working with you during the Transition Period. Please do not hesitate to contact me if you have any questions.  

Sincerely,   

/s/ David Martin
David Martin
President & Chief Executive Officer

Agreed:

/s/ James E. Flaherty                       5/5/2014              
James E. Flaherty                Dateex10-1.htm

EXHIBIT 10.1

 

Amendment to CONTRACT NUMBER: 140128/RAM/OROE Amendment Number 0001

 

Amendment to Sales and Purchase Agreement, Oro East Mining Inc, and Royal Asset Management

 

Amendment made this April 30, 2014, by and between:

 

Oro East Mining, Inc (OTC: OROE), 7817 Oakport Street, Suite 205, Oakland, California 94621, hereinafter referred to as OROE And

 

Royal Asset Management, Nassima Tower, Office 1303, Sheikh Zayed Road, Dubai, United Arab Emirates, hereinafter referred to as RAM.

 

WHEREAS, OROE is a mining company and is producing gold concentrates in California, WHEREAS, RAM is a trading and real estate company based in Dubai, UAE with end users in China.

 

WHEREAS OROE desires to sell gold concentrates (hereinafter “Commodity”) to RAM, and RAM desires to buy the Commodity under the following terms and conditions.

 

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained, it is agreed by the parties hereto as follows:                                                                                                

 

CLAUSE 1 - DEFINITION

 

In this contract, the following terms shall, unless otherwise specifically defined, have the following meanings:

 

(A) “Gold Concentrates” means Gold concentrates of USA Origin, specifically from the Calaveras Gold Refinery Project of OROE.

 

(B) “U.S. Currency” means the currency of the United States of America freely transferable from and payable to an external account. 

 

(C) “Metric Ton” means 1000 Kilogram.

 

(D) “Wet basis” means concentrates fines in its natural wet state. “wmt” means wet metric ton and “dmt” means dry metric ton.

 

(E) “Ounce” means Troy Ounce, which equivalent to about 31.1034807 gram.

 

CLAUSE 2 - Amendment

 

Seller and Buyer have agreed that the amount of US $1,000,000.00 (One Million US Dollars) paid under CONTRACT NUMBER: 140128/RAM/OROE is considered a Debt (“Debt”).

 

Within 90 days after the execution of this Agreement, Seller undertakes to return the Debt plus an interest for delayed payment of 0.6875% per month from the date the Debt was received by the Seller till effective payment of the Debt.

 

  

  

  

The Seller undertakes to repay the Debt to the Buyer within the period set out in the above paragraph. Both parties have agreed that the Debt will be due and payable in total to the Buyer upon the expiry of 90 days. In any event, the Seller will not be entitled to deduct any amount of the Debt or postpone payment of the Debt without the prior written approval of the Debt.

This Debt shall be backed by the assets of the Seller.

 

CLAUSE 3 – RIGHT TO SELL AND TRANSFER

 

All right and interest to the gold concentrates and Commodities as referenced in CONTRACT NUMBER: 140128/RAM/OROE shall remain the same until the Debt has been repaid. The continuation of the contract shall remain in place and a new agreement shall be negotiated with terms acceptable to both parties upon the return of Debt by the Seller to the Buyer.

 

CLAUSE 4 – ALL OTHER TERMS AND CONDITIONS REMAINS THE SAME

 

All other terms and conditions in CONTRACT NUMBER: 140128/RAM/OROE shall remain the same. In the event of conflict between the terms herein and the terms of the original Contract as referenced, the terms herein of the Addendum shall trump.

 

CLAUSE 5 – NOTICE

 

All notice given under this amended contract shall be given or confirmed in writing or via email, and shall be addressed to the parties at the addresses set forth below or at such other addresses as each party may from time to time notify the other.

 

Notice shall be served by email or facsimile and shall be deemed to be received upon actual receipt of the email or when well received by recipient's facsimile. Confirmation of notice shall be sent by airmail and email. A notice with respect to any change of address shall effective only when actually received.

Note required by this Agreement should be address to:

Oro East Mining, Inc. (Seller)

Name:         Tian Q. Chen

Title:           CEO

Address:    7817 Oakport Street, Suite 205, Oakland, California 94621

Tel:             +510 544 1516

Email:         oro@oroeast.com

Royal Asset Management (Buyer)

Name:         Zabir Vadia

Title:           Managing Director

Address:    Nassima Tower, Office 1303, Sheikh Zayed Road, Dubai, United Arab Emirates

Tel:             +971 4 3862433

Email:         zabir@royal-asset.com

 

  

  

  

 

CLAUSE 6 – ASSIGNMENT

 

Neither party may without the prior written consent of the other assign this contract or any of its right or obligations hereunder to any third party. Any such purported assignment shall be avoided.

 

CLAUSE 7 - ENTIRE CONTRACT: MODIFICATION

 

Any modifications of this contract shall not be made except by written agreement between the parties.

 

CLAUSE 8 - GOVERNING LAW

This contract shall be governed by and construed in accordance with the laws of the State of California, United States. In case of any litigation, the prevailing party shall recover all its attorney’s fees, legal and court costs. [DELETED SECTION]

 

5/06/14 TQC | ZV 5/01/14

 

CLAUSE 9 - VALIDATION AND ALTERATION

 

This Contract shall become effective when the duly authorized representatives of Seller and Buyer sign and seal thereon. Any change, modification in or addition to the terms and conditions of this Contract shall become effective when sign and seal by Seller and Buyer in writing.

 

SIGNATURES ON NEXT PAGE

 

  

  

  

AGREED AND ACCEPTED THIS 1st DAY OF May, 2014.

 

 

Seller:

 

Oro East Mining, Inc.

 

Authorize Signature (Chop)

 

 

 

/s/ TIAN QING CHENG                                                     

 

Name: Tian Q. Chen

 

Date: May 6, 2014

 

Buyer:

 

Royal Asset Management

 

Authorize Signature (Chop)

/s/ Zabir Vadia                                                                

 

Name: Zabir Vadia / Managing Director

 

Date: May 1, 2014

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