Document:

Exhibit 10.15 - First Amendment Emp Agmt - Knapp

    
      

    

    Exhibit
      10.15

    

    FIRST
      AMENDMENT TO

    EMPLOYMENT
      AGREEMENT

    

    This
      First Amendment to Employment Agreement (“First Amendment”) is entered into by
      and between ICO, Inc. (“Company”) and A. John Knapp, Jr. (“Employee”), to be
      effective as of August 30, 2006 (the “Effective Date”).

     

    WHEREAS,
      Employee
      entered into an Employment Agreement with Company, effective October 1, 2005
      (the “Employment Agreement”), and Employee and Company desire to amend the
      Employment Agreement as set forth herein.

     

    NOW,
      THEREFORE,
      for and
      in consideration of the mutual promises, covenants, and obligations contained
      herein, Company and Employee agree as follows:

     

    

    1. All
      capitalized terms used herein and not otherwise defined herein shall have the
      meaning ascribed to such terms in the Employment Agreement. Except as amended
      hereby, all provisions in the Employment Agreement remain in full force and
      effect.

    

    2. The
      following provision is hereby inserted in Article 2 of the Agreement, as Section
      2.7: 

    

    “2.7 In
      addition to the Base Salary, stock options, and other benefits afforded to
      Employee under this Agreement, the Employee shall be eligible, upon the
      conclusion of the fiscal year ending September 30, 2006 (“FY 2006”) and the
      fiscal year ending September 30, 2007 (“FY 2007”), to receive a bonus (an
“Incentive Bonus”), pursuant to an Incentive Bonus structure and formula that
      has been established and pre-approved by the Board. The Incentive Bonus earned
      for FY 2006 and/or FY 2007, if any, shall be paid in lump sum cash (subject
      to
      all legally required withholdings) on or before the last day of the first
      quarter of the following fiscal year. Any Incentive Bonus will be considered
      earned only if the Employee is employed on the October 1st
      immediately following the fiscal year on which the bonus is calculated.

     

    
      	 	
              (a)

            	
              The
                Incentive Bonus for FY 2006 (“the “FY 2006 Incentive Bonus”), shall be
                calculated as follows:

            

    

     

    (The
      sum
      of annual cash incentive bonuses for FY 2006 paid to Company’s other five
      Executive Leadership Team [“ELT”] members, calculated according to the incentive
      plan matrices applicable to each of them, as previously approved by the
      Compensation Committee) 

    

    divided
      by: 

    

    (The
      sum
      of the FY 2006 base salaries of Company’s other five ELT members)

    
      
         

      

      
        Page
          1 of
          2

        
          

        

      

      
         

      

    

    multiplied
      by: 

    

    (Employee’s
      FY 2006 Base Salary of $96,000).

    

     

    
      	 	
              (b)

            	
              The
                formula for calculating the Incentive Bonus for FY 2007 (the “FY 2007
                Incentive Bonus”) shall be similar to the formula for calculating the FY
                2006 Incentive Bonus. The FY 2007 base salaries and incentive plan
                matrices applicable to the other ELT members shall be approved by
                the
                Compensation Committee in its sole discretion. Employee’s FY 2007
                Incentive Bonus shall be calculated using Employee’s FY 2007 Base
                Salary.

            

    

     

    
      	 	
              (c)

            	
              In
                addition to Employee, Company’s ELT consists of Company’s Chief Financial
                Officer and the four Presidents of Company’s four major business units
                (ICO Europe, Bayshore Industrial, ICO Courtenay - Australasia, and
                ICO
                Polymers North America divisions). In the event of any changes in
                the ELT
                composition during a fiscal year for which an Incentive Bonus is
                calculated, the Compensation Committee shall have sole discretion
                regarding whether and to what extent the bonus and base salary of
                any new
                or departing ELT member is included in the formula for calculating
                an
                Incentive Bonus payable to Employee.

            

    

     

    

    3. Effective
      October 1, 2006, Employee’s Base Salary (as defined in Section 2.1 of the
      Agreement) is increased to Two Hundred Thousand Dollars ($200,000) per
      annum.

    

    IN
      WITNESS WHEREOF,
      Company
      and Employee have duly executed this Agreement in multiple originals to be
      effective on the Effective Date.

    

    
      	 	
              ICO,
                Inc. 

            
	 	 
	 	
              /s/
                Gregory T. Barmore

            
	 	
              Gregory
                T. Barmore

              Chairman
                of the Board of Directors

            
	 	 	 
	 	
              Date:

            	
              October
                3, 2006

            
	 	 	 
	 	 	 
	 	
              Employee

            
	 	 	 
	 	
              /s/
                A. John Knapp, Jr.

            
	 	
              A.
                John Knapp, Jr.

            
	 	 	 
	 	
              Date:

            	
              October
                3, 2006

            

    

    
Page
      2 of
      2Exhibit 4.1

     COMMON STOCK                                               COMMON STOCK
     PAR VALUE $.01

Certificate                                                           Shares
  Number                                                          **600620******
 ZQ 000000                                                        ***600620*****
                          IMPLANT TECHNOLOGIES, INC.              ****600620****
           INCORPORATED UNDER THE LAWS OF THE STATE OF MINNESOTA  *****600620***
               800,000,000 AUTHORIZED SHARES $.01 PAR VALUE       ******600620**
                                                        ___________________
   THIS CERTIFIES THAT     MR. SAMPLE & MRS. SAMPLE &
                            MR. SAMPLE & MRS. SAMPLE      CUSIP 453206 10 4
                                                         ___________________
                                                           SEE REVERSE FOR
                                                         CERTAIN DEFINITIONS

   is the owner of         * * * SIX HUNDRED THOUSAND
                          SIX HUNDRED AND TWENTY * * *

          FULLY-PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK OF

   Implant Technologies, Inc. (hereinafter called the "Company"), transfers on
   the books of the Company in person or by duly authorized attorney, upon
   surrender of this Certificate properly endorsed. This Certificate and the
   shares represented hereby, are issued and shall be held subject to all of the
   provisions of the Articles of Incorporation, as amneded, and the By-Laws, as
   ameneded, of the Company (copies of which are on file with the Company and
   with the Transfer Agent), to all of which each holder, by acceptance hereof,
   assents. This Certificate is not valid unless countersigned and registered by
   the Transfer Agent and Registrar.

   Witness the facsimile seal of the Company and the facsimile signature of its
   duly authorized officers.

                                              DATED << Month Day, Year >>

                                              COUNTERSIGNED AND REGISTERED
                                              COMPUTERSHARE TRUST COMPANY, INC.
   President                                  (DENVER)
                                              TRANSFER AGENT AND REGISTRAR,

   Secretary/Treasurer                        By _______________________________
                                                      AUTHORIZED SIGNATURE

                        SECURITY INSTRUCTIONS ON REVERSEExhibit 10.1

                                 PROMISSORY NOTE

                                December 4, 2006

$10,000.00

For value received, the undersigned, Michael Friess and Sanford Schwartz, (the
"OBLIGOR"), hereby promises to pay to the order of Implant Technologies, Inc., a
Delaware corporation (the "COMPANY") or its registered assigns, at the Company's
principal office at 5353 Manhattan Circle, Suite 101, Boulder, Colorado 80303 or
at such other place as may be designated from time to time in writing by
Company, the principal sum of Ten Thousand Dollars and No Cents ($10,000.00)
payable on 10 days notice by the Company to the Obligors.

If this Promissory Note is not paid in accordance with its terms, Obligor shall
pay to Company, in addition to principal, all costs of collection of the
principal, but not limited to, reasonable attorneys' fees, court costs and other
costs for the enforcement of payment of this Promissory Note.

No waiver of any obligation of Obligor under this Promissory Note shall be
effective unless it is in a writing signed by Company. A waiver by Company of
any right or remedy under this Promissory Note on any occasion shall not be a
bar to exercise of the same right or remedy on any subsequent occasion or of any
other right or remedy at any time.

Any notice required or permitted under this Promissory Note shall be in writing
and shall be deemed to have been given on the date of delivery, if personally
delivered to the party to whom notice is to be given, or on the fifth business
day after mailing, if mailed to the party to whom notice is to be given, by
certified mail, return receipt requested, postage prepaid, and addressed to the
addressee at the address of the addressee set forth herein, or to the most
recent address, specified by written notice, given to the sender pursuant to
this paragraph.

This Promissory Note is delivered in and shall be enforceable in accordance with
the laws of the State of Colorado, and shall be construed in accordance
therewith, and shall have the effect of a sealed instrument. Obligor hereby
expressly waives presentment, demand, and protest, notice of demand, dishonor
and nonpayment of this Promissory Note, and all other notices or demands of any
kind in connection with the delivery, acceptance, performance, default or
enforcement hereof, and hereby consents to any delays, extensions of time,
renewals, waivers or modifications that may be granted or consented to by the
holder hereof with respect to the time of payment or any other provision hereof
or of the Pledge Agreement.

<PAGE>

In the event any one or more of the provisions of this Promissory Note shall for
any reason be held to be invalid, illegal or unenforceable, in whole or in part
or in any respect, or in the event that any one or more of the provisions of
this Promissory Note operate or would prospectively operate to invalidate this
Promissory Note, then and in any such event, such provision(s) only shall be
deemed null and void and shall not affect any other provision of this Promissory
Note and the remaining provisions of this Promissory Note shall remain operative
and in full force and effect and in no way shall be affected, prejudiced, or
disturbed thereby.

                                    OBLIGOR:

                               /s/ Michael Friess
                            ------------------------
                                    Signature

                                 Michael Friess
                                 --------------
                                   Print Name

                              /s/ Sanford Schwartz
                            ------------------------
                                    Signature

                                Sanford Schwartz
                                ----------------
                                   Print Name

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