Document:

Exhibit 10.4

 

 

	 	

 

 

 

November 13, 2020

 

Mr. Paul Lytle

 

Dear Paul,

 

Mosaic
ImmunoEngineering Inc. (the “Company”) was founded to advance life changing cancer therapies for human and companion
animal patients with cancer while simultaneously advancing a unique vaccine platform with potential across many diseases. The
key to our success is a talented team that will be at the center of establishing and executing the strategy for advancing the
technology from the laboratory to the clinic. We are truly pleased to extend you a formal offer of employment to become part of
the founding management team. Your initial base salary will include a combination of cash compensation and equity compensation
that we believe represents the early-stage nature of the Company while also allowing us to be competitive with other similar biotechnology
companies.

 

Specific
details of our offer are outlined below.

 

	Position:
	EVP,
Chief Financial Officer of Mosaic ImmunoEngineering Inc. (formerly known as Patriot Scientific Corporation) reporting to Steven
King, President and Chief Executive Officer

	 	 
	Start Date:	August 31, 2020
	 	 
	Employee
    Status:	Full-time;
    exempt
	 	 
	Base Salary:	Your
        initial base salary will be comprised of Cash Compensation and Equity Compensation as defined herein, and collectively
        referred to as “Base Salary”. Your initial annualized cash compensation will be $250,000 (“Cash Compensation”)
        and is subject to standard payroll deductions and tax withholdings. Initially, the Company will pay 15% of your Cash Compensation
        with the remaining 85% being deferred until the Company has completed a capital raise of at least $4 million to fund ongoing
        operations (“Required Capital Raise”). Once the Company completes the Required Capital Raise, all Cash Compensation
        accrued and owed to you will be paid in full. In recognition of your willingness to initially defer 85% of your Cash Compensation,
        the Company will also grant you restricted stock units (”RSU’s”) equal to 20% of your deferred Cash
        Compensation as of the closing date of the financing. The number of RSU’s to be granted will be calculated based
        on the closing price of the Company’s common stock on the closing date of the Required Capital Raise and will vest
        one-year from the date of grant. Your receipt of the RSU award will be subject to your completing a Restricted Stock Unit
        Agreement which will set forth additional details of the grant.

         

        In
        addition, as part of your Base Salary, the Company will grant you restricted stock units (”RSU’s”) equal
        to $97,500 (representing your “Equity Compensation”), which will vest 100% on your first anniversary date
        of employment (August 31, 2021). These RSU’s will be granted on the 10th business day following the effective
        date of the shareholder approved reverse stock split and the number of RSU’s to be granted will be calculated based
        on the lowest closing price of the Company’s common stock during the ten (10) trading days following the effective
        date of the reverse stock split. Your receipt of the RSU award will be subject to your completing a Restricted Stock Unit
        Agreement which will set forth additional details of the grant.

 

 

 

 

 

    	 	1	 

     

    

 

	 	 
	Bonus Opportunity:	You
    will also be eligible to participate in our discretionary corporate bonus plan with a target payout percentage of 40% of annual
    earned Base Salary. Bonuses will be prorated based on your date of hire for the calendar year end. Employees who
    start on or after October 1st are ineligible to participate in the current year's bonus plan.  Actual payout
    of the bonus can range from 0% to 200% of your bonus target based on a combination of Company and individual performance goals
    as determined by the compensation committee of the board of directors. To be eligible to receive any bonus for a given calendar
    year, you must remain actively employed through the payment date of the bonus.
	 	 
	Vacation
        and Benefits:

         
	We
        pride ourselves in providing a competitive and comprehensive benefit package to our employees. You will be eligible for:

         

        ·     
        Five (5) weeks of paid-time-off (“PTO”)
        on an annual basis (“Annual Allowance”), covering your sick time and vacation time, which will accrue bi-weekly,
        beginning with the first day of your employment. Unused and accrued PTO will be capped at 1.5 times your Annual Allowance.
        

        ·     
Fully paid medical, dental and vision insurance
for you and your family. 

         

        The
        Company plans on adding additional employee benefits in the future and it reserves the right to change or modify it benefits
        package at any time.

	 	 
	Long-Term
    Equity Incentives:	As
    an employee of Mosaic, we would like you to share in our success through participation in the Mosaic equity incentive
    program. Under the Company’s 2020 Omnibus Incentive Plan, you will be granted RSU’s, representing 25% of your
    Base Salary. These RSU’s will be granted on the 10th business day following the effective date of
    the shareholder approved reverse stock split and the number of RSU’s to be granted will be calculated based on the
    lowest closing price of the Company’s common stock during the ten (10) trading days following the effective date of the
    reverse stock split.  The RSU’s will vest 100% on your second anniversary date of employment or on August 31,
    2022. Your receipt of the RSU award will be subject to your completing a Restricted Stock Unit Agreement which
    will set forth additional details of the grant.
	 	 
	At-Will
        Employment:

         
	Should
    you accept this offer, your employment with the Company is "at-will." You and the Company are both free to terminate
    the relationship at any time, with or without cause or advance notice. The at will nature of the employment relationship cannot
    be changed except in a writing signed by both you and the President and Chief Executive Officer.
	 	 
	Employment
    Agreement:	The Company
    plans to enter into an employment agreement with you to cover other aspects of employment not covered herein, including change
    in control benefits, severance benefits, and other executive benefits.

 

We
are eagerly looking forward to working with you. As you know, this is an exciting time at Mosaic, and I believe that you will
find this a challenging and rewarding experience. We will be in touch to confirm the details of your New Hire Orientation. We
look forward to you joining our team!

 

Please confirm your
acceptance of this offer with your e-signature within 3 business days of your receipt of this offer letter. I look forward to
your response.

 

Sincerely,

 

/s/ Steve King                   

Steve King

President and Chief
Executive Officer

 

I accept this offer
and the conditions stated in it:

 

	/s/ Paul Lytle                    	11/13/2020
	Paul Lytle	    Date 
	 	 
	 	 
	 	 

 

 

 

    	 	2Document

Execution Version

FIFTH SUPPLEMENTAL INDENTURE 
Fifth Supplemental Indenture (this “Supplemental Indenture”), dated as of December 28, 2020, among GTT Communications, Inc., a Delaware corporation (the “Issuer”), the guarantors party hereto (the “Guarantors”) and Wilmington Trust, National Association, a national banking association organized and existing under the laws of the United States of America, as trustee (in such capacity, the “Trustee”). 
W I T N E S S E T H :
WHEREAS, the Issuer, as successor by merger to GTT Escrow Corporation, has heretofore executed and delivered to the Trustee an indenture, dated as of December 22, 2016 (as supplemented by that certain First Supplemental Indenture, dated as of January 9, 2017, that certain Second Supplemental Indenture, dated as of May 15, 2018, that certain Third Supplemental Indenture, dated as of November 7, 2019, and that certain Fourth Supplemental Indenture, dated as of October 28, 2020, the “Indenture”), providing for the issuance of an unlimited aggregate principal amount of 7.875% Senior Notes due 2024 (the “Notes”); 
WHEREAS, pursuant to Section 9.02 of the Indenture, the Issuer, the Guarantors and the Trustee are authorized to amend or supplement the Indenture and the Notes with the consent (the “Consents”) of the Holders of at least a majority in principal amount of the Notes (including Additional Notes, if any) then outstanding voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes) and calculated in accordance with the Indenture, including in accordance with Section 2.09 of the Indenture relating to Notes owned by the Issuer or any Affiliate of the Issuer (the “Required Consents”);
WHEREAS, the Issuer has received Consents from Holders to the amendments contained herein (collectively, the “Proposed Amendments”) and the execution of this Supplemental Indenture pursuant to the Consents of Noteholder provided to the Trustee;
WHEREAS, the Issuer has received Consents to the Proposed Amendments and the execution of this Supplemental Indenture from Holders of approximately 55.4% of the aggregate principal amount of the Notes (including Additional Notes) then outstanding voting as a single class, and accordingly the Issuer has received the Required Consents; and
WHEREAS, the Issuer has delivered or is delivering contemporaneously herewith to the Trustee (a) an Officer’s Certificate of the Issuer and (b) an Opinion of Counsel, in accordance with Sections 7.02, 9.02, 9.06, 12.04 and 12.05 of the Indenture.
NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Issuer and the Trustee, strictly on the basis of Section 9.02 of the Indenture and Holder consent, authorization and direction with respect to the Proposed Amendments, as evidenced by the Required Consents, mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
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US-DOCS\119871468.3

(1)Effectiveness of Supplemental Indenture.  This Supplemental Indenture shall become effective as of the date hereof.
(2)Amendments to Indenture.  The Indenture is hereby amended by: 
(a)adding the following definition to Section 1.01 of the Indenture:
“‘Fifth Supplemental Indenture’ shall mean that certain Fifth Supplemental Indenture, dated as of December 28, 2020, among the Issuer, the Guarantors and the Trustee.”; 
(b)adding the following clause (45) to the definition of “Permitted Liens” in Section 1.01 of the Indenture: 

“(45) Liens to secure Indebtedness Incurred under Section 4.03(b)(26)”;

(c)adding the following clause (26) to Section 4.03(b) of the Indenture:

“(26) the Incurrence by the Issuer or any Restricted Subsidiary of additional Indebtedness in an aggregate amount at any time outstanding not to exceed $275 million.”
(3)Amendments to Notes.
For purposes of section 9.05 of the Indenture, the following shall constitute an appropriate notation regarding this Supplemental Indenture: 
“Reference is hereby made to the Fifth Supplemental Indenture for a description of certain amendments to the Indenture made therein effective as of December 28, 2020.”
(4)Defined Terms; Interpretation.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.  The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.
(5)Ratification of Indenture; Supplemental Indentures Part of Indenture.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.  This Supplemental Indenture constitutes an integral part of the Indenture.
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US-DOCS\119871468.3

(6)Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
(7)Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. A signed copy of this Supplemental Indenture delivered by facsimile, e-mail or other means of electronic transmission (including portable document format (.pdf)) shall be deemed to have the same legal effect as delivery of an original signed copy of this Supplemental Indenture.
(8)Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.
(9)The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Issuer.
(10)Successors. All agreements of the Issuer in this Supplemental Indenture shall bind its successors, except as otherwise provided in the Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors.
(11)Severability.  If and to the extent that any provision in this Supplemental Indenture shall be held invalid, illegal or unenforceable, the validity, legality, enforceability and approval of the remaining provisions shall not in any way be affected or impaired thereby, to the extent permitted by applicable law.

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US-DOCS\119871468.3

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written.

GTT COMMUNICATIONS, INC.
By:    /s/ Donna Granato 
Name: Donna Granato
Title:   Interim Chief Financial Officer

GUARANTORS:
GTT AMERICAS, LLC
By:    /s/ Donna Granato
Name: Donna Granato
Title:   Chief Financial Officer

GTT GLOBAL TELECOM GOVERNMENT SERVICES, LLC
By:    /s/ Donna Granato
Name: Donna Granato
Title:   Chief Financial Officer

[Signature Page to Fifth Supplemental Indenture]

GC PIVOTAL, LLC
By:    /s/ Donna Granato
Name: Donna Granato
Title:   Chief Financial Officer

COMMUNICATIONS DECISIONS – SNVC, LLC
By:    /s/ Donna Granato
Name: Donna Granato
Title:   Chief Financial Officer

ELECTRA LTD. 
By:    /s/ Donna Granato
Name: Donna Granato
Title:   Chief Financial Officer

CORE180, LLC 
By:    /s/ Donna Granato
Name: Donna Granato
Title:   Chief Financial Officer

[Signature Page to Fifth Supplemental Indenture]

WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
By:    /s/ Rita Marie Ritrovato
Name: Rita Marie Ritrovato
Title:   Vice President

[Signature Page to Fifth Supplemental Indenture]

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