Document:

First Amendment to Employment Agreement Joseph P. Pellegrino

 Exhibit 10.39 
 FIRST AMENDMENT 
 TO 
 EMPLOYMENT AGREEMENT 
 This First Amendment to Employment Agreement
(“Amendment”) dated as of December 19, 2008 is made and entered into by and between LeMaitre Vascular, Inc., a Delaware corporation (the “Company”), and Joseph P. Pellegrino (the “Executive”). 
 WHEREAS, the Company and the Executive are parties to an Employment Agreement dated as of April 20, 2006 (the “Agreement”); and

 WHEREAS, the parties hereto desire to amend the Agreement to comply with the requirement of Section 409A of the Internal Revenue Code
of 1986, as amended (the “Code”); and 
 WHEREAS, capitalized terms used herein and not otherwise defined herein shall have the
meanings ascribed to them in the Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, the Bank and the
Executive agree as follows: 
 1. The definition of “Lump Sum Payment” set forth in Section 1 of the Agreement is hereby
amended by deleting said section and by substituting therefore: 
 “‘Lump Sum Payment’ shall mean a single payment of
the applicable sum hereunder, paid to the Executive on the first regular payroll date of the Company that is thirty (30) days following the date of a Termination.” 
 2. Section 5.2(b) of the Agreement is hereby amended by inserting “and effective” following the word “signed” and prior to the
word “non-disparagement” within subsection (i) thereof. 
 3. The Agreement is hereby amended by adding the following as a new
Section 7 to the Agreement and renumbering the subsequent sections of the Agreement accordingly: 
 “7 SECTION 409A. 
 (a) Notwithstanding anything in this Agreement to the contrary: 
 (i) to the extent that any payment or benefit described in this Agreement constitutes ‘non-qualified deferred compensation’
under Section 409A of the Code, and to the extent that such payment or benefit is payable upon a Termination, then such payments or benefits shall only be payable upon the Executive’s ‘Separation from Service.’ The term
‘Separation from 

 Service’ shall mean the Executive’s ‘separation from service’ from the Company, an
affiliate of the Company or a successor entity within the meaning set forth in Section 409A of the Code, determined in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h); and 
 (ii) if at the time of the Executive’s Separation from Service within the meaning of Section 409A of the Code, the Company
determines that the Executive is a ‘specified employee’ within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of
the Executive’s Separation from Service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of
the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Executive’s Separation from Service, or (B) the Executive’s death.

 (b) The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the
extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. The parties
agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits
provided hereunder without additional cost to either party. The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this agreement are determined to constitute deferred
compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 
 (c) All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be
paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or
reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year. Such right to reimbursement or in-kind benefits is not subject to
liquidation or exchange for another benefit.” 
  

 2 

 4. All other provisions of the Agreement shall remain in full force and effect according to their
respective terms, and nothing contained herein shall be deemed a waiver of any right or abrogation of any obligation otherwise existing under the Agreement except to the extent specifically provided for herein. 
 5. The validity, interpretation, construction and performance of this Amendment shall be governed by the laws of the Commonwealth of Massachusetts.

 6. This Amendment may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will
constitute one and the same instrument. 
 IN WITNESS WHEREOF, the Company has caused this First Amendment to Employment Agreement to be duly
executed by its officer thereunto authorized, and the Executive has hereunto set his hand, all on the day and year first above written. 
  

			
	LEMAITRE VASCULAR, INC.
		
	By:	 	 /s/    George W. LeMaitre Vascular, Inc.

		 	Name: George W. LeMaitre
		 	Title: Chairman and CEO

  
  

	
	EXECUTIVE
	
	 /s/    Joseph Pellegrino

	Joseph P. Pellegrino

  

 3Amendment 2 to Office Lease

 EXHIBIT 10.3 
 SECOND AMENDMENT TO OFFICE LEASE 
 THIS SECOND AMENDMENT TO OFFICE LEASE (this “Amendment”)
is made as of November 2008, by and between 811 SW NAITO ASSOCIATES, LLC, a Delaware limited liability company (“Landlord”), and PAULSON CAPITAL CORP., an Oregon corporation, f/k/a Paulson Investment Company (“Tenant”).

 Recitals 
 A. Pursuant
to the terms of that certain Office Lease dated May 6, 1997, as amended by that Amendment 1 dated August 10, 2001 (as amended, the “Lease”) between the Trustees of the Oregon-Washington Carpenters-Employers Pension Trust Fund and
Trustees of the Oregon Laborers-Employers Pension Trust Fund, the predecessor-in-interest to Landlord, as landlord, and Tenant, as tenant, Tenant leases from Landlord approximately 17,136 rentable square feet of office space in the building commonly
known as 811 SW Naito Parkway, Portland, Oregon, as more particularly described in the Lease (the “Premises”). Capitalized terms not defined in this Amendment shall have the meanings given them in the Lease. 
 B. Landlord and Tenant desire to amend the Lease to provide for the extension of the term for an additional twenty (20) month period, and various
other matters, all upon and subject to the terms and conditions set forth in this Amendment. Capitalized terms used but not defined herein shall have the meanings given to them in the Lease. 
 NOW THEREFORE, in consideration of the foregoing recitals and the mutual agreements of the parties herein, Landlord and Tenant hereby agree as follows:

 1. Extension of Lease Term. The term of the Lease currently expires May 31, 2009. Pursuant to this Amendment, the term of the
Lease shall be extended for a period of twenty (20) months, terminating as of January 31, 2011. Any references to the “term” of the Lease shall be deemed references to the term of the Lease as extended hereby. 
 2. Monthly Base Rent. Effective as of January 1, 2009, and continuing for the remainder of the term, the base monthly rent for the Premises
shall be as set forth below, and all references in the Lease to “base monthly rent” or “base rent” or “Base Rent” shall be deemed references to such monthly base rent. 
  

										
	 Period
	  	Base Rent/SF	  	Annual Base Rent	  	Monthly Base Rent
	 January 1, 2009 – December 31, 2009
	  	$	20.00	  	$	342,720.00	  	$	28,560.00
	 January 1, 2010 – January 31, 2011
	  	$	20.70	  	$	354,715.20	  	$	29,559.60

 3. Base Year. The Base Year, for purposes of calculating Tenant’s Proportionate Share of
operating expenses and real property taxes under Sections 19.1 and 19.3 of the Lease, shall be the calendar year 2009, effective as of January 1, 2009. 
 4. “As-Is” Premises. The Premises are leased AS IS in the condition now existing with no alterations or other work to be performed by Landlord. 
 5. Brokers. Tenant warrants and represents to Landlord that in the negotiating or making of this Amendment neither Tenant nor anyone acting on
Tenant’s behalf has dealt with any real estate broker or finder who might be entitled to a fee or commission for this Amendment other than Pacific Real Estate Partners, Inc., on behalf of Landlord, and GVA Kidder Mathews, on behalf of Tenant.
Tenant agrees to indemnify and hold Landlord harmless from any claim or claims, including costs, expenses and attorney’s fees incurred by Landlord, asserted by any broker or finder for a fee or commission. 
 6. Ratification of Lease. The Lease, as modified by this Amendment, remains in full force and effect, and Landlord and Tenant hereby ratify the
same. This Amendment shall be binding upon and inure to the benefit to the parties and their respective successors and assigns. 
 7.
Counterparts. This Amendment may be executed in counterparts, each of which shall constitute and original, and all of which together shall constitute one document. 
 IN WITNESS WHEREOF, Landlord and Tenant have entered into and executed this Amendment as of date of this Amendment. 
  

									
	LANDLORD:	 		 	TENANT:
			
	811 SW NAITO PARKWAY ASSOCIATES, LLC,
a Delaware limited liability company	 		 	PAULSON CAPITAL CORP.,
an Oregon corporation
					
	By:	 	/s/ Thomas G. Keane	 		 	By:	 	/s/ Trent Davis
		 	Name: Thomas G. Keane	 		 		 	Name: Trent Davis
		 	Title: VP of Leasing Operations	 		 		 	Title: President and CEO

  

 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00156-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00156-of-00352.parquet"}]]