Document:

EXHIBIT 4.23

 

August 1, 2012

 

AMERICAN BIO MEDICA CORPORATION

122 Smith Road

Kinderhook, New York 12106

 

Gentlemen:

 

This letter agreement (the "Agreement")
confirms the terms and conditions of the non-exclusive engagement of Cantone Asset Management LLC ("CAM"), by American
Bio Medica Corporation (together with its legal successors, the "Company"), to render financial advisory services and
advice as to debt financing (the “Services”) to the Company. (CAM and the Company are sometimes referred to collectively
in this Agreement as the “Parties” or singly as a “Party.”)

 

The term of this Agreement shall commence
on August 1, 2012 and end on August 1, 2013 (the "Term"). This Agreement may be renewed upon mutual written agreement
of the Parties.

 

As compensation to CAM for the Services
rendered to the Company during the Term, the Company shall pay to CAM a financial advisory fee (the “Advisory Fee”)
as follows:

 

On August 1, 2012, the Company shall issue
to CAM warrants to purchase 300,000 shares of the Company’s common stock exercisable through 5:00 pm (ET) on July 31, 2015
at an exercise price of $0.16 per share (the “Warrant Shares”). The Warrant Shares shall have piggy-back registration
rights in connection with any registration statement filed by Company while any of the Warrant Shares remain outstanding, except
for registration statements filed on form S-4 (for mergers and acquisitions) or Form S-8 (for shares issued under employee compensation
plans) and the “special” registration statement to be filed by the Company in connection with the amendment of the
Series A Debentures originally due on August 1, 2012.

 

The Company acknowledges that CAM has been
retained solely to provide the services set forth in this Agreement. In rendering such services, CAM shall act as an independent
contractor. The Company further acknowledges that CAM may perform the Services through one or more of its affiliates.

 

The Company acknowledges and agrees that,
in connection with the performance of CAM's Services, neither CAM nor any of its employees will be providing the Company with legal,
tax or accounting advice or guidance (and no advice or guidance provided by CAM or its employees to the Company should be construed
as such), and that neither CAM nor its employees hold itself or themselves out to be advisors as to legal, tax, accounting or regulatory
matters in any jurisdiction. The Company shall consult with its own legal, tax, accounting and other advisors concerning all matters
and advice rendered by CAM to the Company, and the Company shall be responsible for making its own independent investigation and
appraisal of the risks, benefits and suitability of the advice and guidance given by CAM to the Company. Neither CAM nor its employees
shall have any responsibility or liability whatsoever to the Company or its affiliates.

 

    	 

    	 

    

 

The Company recognizes and confirms that,
in performing its duties pursuant to this Agreement, CAM will be using and relying on data, material, and other information (the
"Information") furnished by the Company or its employees and representatives. The Company will cooperate with CAM, and
will furnish CAM with all Information concerning the Company that CAM deems appropriate, and will provide CAM with access to the
Company's officers, directors, employees, independent accountants and legal counsel for the purpose of performing Cantone's obligations
pursuant to this Agreement. The Company hereby agrees and represents that all Information furnished to CAM pursuant to this Agreement
shall be accurate and complete in all material respects at the time provided, and that, if the Information becomes materially inaccurate,
incomplete or misleading during the Term, the Company shall promptly advise CAM in writing. Accordingly, CAM assumes no responsibility
for the accuracy and completeness of the Information. In rendering the Services, CAM will be using and relying upon the Information
without independent verification or evaluation.

 

The Company shall indemnify CAM and hold
it harmless against any and all losses, claims, damages or liabilities to which CAM may become subject, (i) arising out of or based
upon any untrue statement or alleged untrue statement of a material fact contained in any written or oral communication provided
by or on behalf of the Company to CAM, or based upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading, or (ii) arising in any manner out of or in connection with the Services or matters that are the subject of
this Agreement, and shall reimburse CAM promptly for any legal or other expenses reasonably incurred by it in connection with investigating,
preparing to defend or defending, or providing evidence in or preparing to serve or serving as a witness with respect to, any lawsuits,
investigations, claims or other proceedings arising in any manner out of or in connection with the services or matters that are
the subject of this Agreement (including, without limitation, in connection with the enforcement of this Agreement and the indemnification
obligations set forth herein).

 

The Company agrees that the indemnification
and reimbursement commitments set forth in this Agreement shall apply whether or not CAM is a formal party to any such lawsuits,
claims or other proceedings, and that such commitments shall extend, upon the terms set forth herein, to any controlling person,
affiliate, director, officer, employee, attorney or agent of CAM (each, with CAM, an "Indemnified Person"). The Company
further agrees that, without CAM's prior written consent, which consent will not be unreasonably withheld, it will not enter into
any settlement of a lawsuit, claim or other proceeding arising out of the transactions contemplated by this Agreement unless such
settlement includes an explicit and unconditional release from the party bringing such lawsuit, claim or other proceeding of all
Indemnified Persons.

 

The Company further agrees that the Indemnified
Persons are entitled to retain separate counsel of their choice, at the Indemnified Persons’ expense, in connection with
any of the matters in respect of which indemnification, reimbursement or contribution may be sought under this Agreement. The Company
and CAM also agree that, if any indemnification or reimbursement sought pursuant to this Agreement is judicially determined to
be unavailable for a reason other than the gross negligence or willful misconduct of CAM, then, whether or not CAM is the Indemnified
Person, the Company and CAM shall contribute to the losses, claims, damages, liabilities and expenses for which such indemnification
or reimbursement is held unavailable (i) in such proportion as is appropriate to reflect the relative benefits to the Company on
the one hand, and CAM on the other hand, in connection with the transactions to which such indemnification or reimbursement relates,
or (ii) if the allocation provided by clause (i) above is judicially determined not to be permitted, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause (i) but also the relative faults of the Company on the one hand,
and CAM on the other hand, as well as any other equitable considerations. Provided, however, that in no event shall the amount
to be contributed by CAM pursuant to this paragraph exceed the amount of the fees actually received by CAM hereunder.

 

    	 

    	 

    

  

This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New Jersey without regard to the conflict of laws provisions thereof.

 

CAM represents and warrants to the Company
that it is not affiliated with any shareholder, officer, director or representative of the Company who has any interest in compensation
due from CAM from any transaction contemplated herein, or who would otherwise be due any fee, commission or remuneration in connection
therewith.

 

This Agreement constitutes the entire understanding
and agreement between the Company and CAM with respect to the subject matter hereof, and it supersedes all prior understanding
or agreements between the parties with respect thereto, whether oral or written, express or implied. Any amendment or modification
to this Agreement must be executed in writing by both parties hereto. This Agreement and all rights, liabilities and obligations
hereunder shall he binding upon and insure to the benefit of each party's successors, but may not be assigned without the prior
written approval of the other party. If any provision of this Agreement shall be held or made invalid by a statute, rule, regulation,
decision of a tribunal or otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent, the provisions
of this Agreement shall be deemed to be severable. This Agreement may he executed in any number of counterparts, each of which
shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument.

 

Please confirm that the foregoing correctly
sets forth our agreement by signing below in the space provided and returning this Agreement to CAM for execution, whereupon CAM
will send the Company a fully executed original hereof, which shall constitute a binding agreement as of the date first above written.

 

CANTONE ASSET MANAGEMENT LLC

 

	 	By:	/S/ Anthony J. Cantone
	 	Name:	Anthony J. Cantone
	 	Title:	Managing Member

 

Agreed to and accepted as of the above date:

 

AMERICAN BIO MEDICA CORPORATION

 

	By:	/S/ Melissa A. Waterhouse	 
	Name:	Melissa A. Waterhouse	 
	Title:	EVP, Chief Compliance Officer & Corporate SecretaryHPY Exhibit 10.5 David Gilbert Offer Letter

May 21, 2012  

David Gilbert
1024 Tyne Boulevard
Nashville, Tennessee 37220

Dear David:

This letter confirms our offer and your acceptance of the full time position of President - Hospitality Group reporting to Bob Carr, Chief Executive Officer.  You will be based in Nashville, TN but as discussed, your responsibilities will require extensive travel. Your semi-monthly rate will be $15,416.67 per pay ($370,000 annually) and you will be paid on the 15th and the end of each month. In addition to your base salary listed above, your compensation package will also include the following:

		
	•
	Annual bonus eligibility equivalent to 50% of base salary. Your bonus is guaranteed in the first two years of your employment with Heartland. Your 2012 bonus will be prorated based on your start date with Heartland. In 2014, your bonus will be guaranteed for the remaining portion of your second year of employment (approximately 7 months value). Thereafter the bonus will be determined based upon your personal performance and Heartland achieving key objectives.  Bonuses are generally paid in January for the previous year except that for the period in which your bonus is guaranteed, which will be paid monthly. 

		
	•
	Restricted Stock Units will be issued to you as of June 1, 2012.  These RSUs will vest over 4 years.  The number of these RSUs will be determined on the date of this agreement and will have value equal to four times your annual salary.

We look forward to you beginning your full-time employment on or about July 30th, 2012 but you will begin as a part-time employee on June 1, 2012 for the purposes of gaining background about the company and your position prior to your full-time start date.   Your compensation for your part time work will be $1.  You will be provided a minimum of four weeks of vacation per year, including your first year.

After 90 days of employment with Heartland, you will automatically be enrolled in HPS's 401K Profit Sharing Plan at a standard deduction of 1%.  You may elect to have a higher percentage taken out or none at all. Information about these programs and other company benefits, as well as guidelines concerning your employment, are described in Heartland's Employee Handbook, which you will be provided access via our web-site when your employment begins. If you have other specific benefit questions, feel free to contact Jose Muniz at jose.muniz@e-hps.com or Jackie Lamont at Jackie.lamont@e-hps.com.

As discussed, this offer is contingent upon the successful completion of a background check and your written acceptance of the terms and conditions set forth in the attached document pertaining to Heartland's Alcohol and Drug-Free Workplace Policy.

Your employment with Heartland is “at-will.” This means that just as you have the right to end your employment with Heartland at any time, for any reason or no reason, and with or without notice, Heartland also has the right to terminate your employment at any time, for any reason or no reason, and with or without notice.

To confirm your acceptance of this offer and acknowledge your at-will employment relationship with Heartland, please sign this letter and the Alcohol and Drug Free Workplace policy and return to Heartland's Human Resource Department. Feel free to retain a copy for your records.

On behalf of Heartland Payment Systems, I look forward to having you join our team. In the meantime, if you have any questions about the terms of our offer or the company in general, please feel free to contact me.

Sincerely,

/s/ Robert O. Carr

Bob Carr
Chief Executive Officer

I hereby accept the offer of employment described above and acknowledge that my employment relationship with Heartland Payment Systems is contingent upon the successful completion of a background check, and my written acceptance of the terms and conditions set forth in Heartland's Alcohol and Drug-Free Workplace Policy. I further acknowledge that any employment relationship I may have with Heartland is at-will.

_/s/ David Gilbert_____________________________      May 21, 2012    
David Gilbert                                Date

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