Document:

Exhibit 10.4

 

March 13, 2020

 

Ashford TRS Corporation

14185 Dallas Parkway, Suite 1100

Dallas, Texas 75254

Attention: Chief Financial Officer

 

		Re:	Consolidated, Amended and Restated Hotel Master Management Agreement (the “Management
Agreement”) dated August 8, 2018, by and among Ashford TRS Corporation, RI Manchester Tenant Corporation, CY Manchester
Corporation (collectively, “Owner”) and Remington Lodging & Hospitality, LLC

 

To the Chief Financial Officer:

 

Capitalized terms used, but not defined,
herein shall have the meanings given to them in the Management Agreement.

 

With regard to each Hotel that is subject
to the Management Agreement, Section 16.01 of the Management Agreement provides that Manager shall be paid its monthly Base Management
Fee on the fifth (5th) day of each month for the preceding Accounting Period. As you are no doubt aware, the spread
of the novel coronavirus (Covid-19) is having a significant impact on the travel and hospitality industry. In order for Manager
to better manage its corporate working capital to ensure the continued efficient operation of the Hotels, we request that you agree
to permit: (i) payment of the Base Management Fee to Manager; and (ii) reimbursement to Manager of all expenses for which Manager
is entitled to be reimbursed under the Management Agreement, in each case, on a weekly rather than monthly basis (the “Proposal”).
If approved, the timing of payments contemplated by the Proposal will begin immediately and will continue until terminated by Owner.

 

Please indicate your agreement to the Proposal
by your signature below. Should you have any questions, please do not hesitate to contact me.

 

	 	REMINGTON lodging
    & hospitality, llc, a Delaware limited liability company, on behalf of itself and its affiliates who manage Hotels
    under the Management Agreement
	 	 
	 	By:	/s/ Sloan Dean
	 	Name:	Sloan Dean
	 	Title:	Chief Executive Officer

 

    

     

    

 

APPROVED AND AGREED:

 

Ashford TRS Corporation, on behalf of itself and

all New Lessees under the Management Agreement,

hereby agrees to Proposal

 

	ASHFORD TRS CORPORATION	 
	 	 
	 	 
	By:	/s/ Deric Eubanks	 
	Name:	Deric Eubanks	 
	Title:	President	 

 

 

cc:

 

Ashford Hospitality Limited Partnership

14185 Dallas Parkway, Suite 1100

Dallas, Texas 75254

Attention: General CounselExhibit

Exhibit 4.10

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934
 
The following description sets forth certain terms and provisions of our securities that are registered under Section 12 of the Securities Exchange Act of 1934, as amended. This description also summarizes relevant provisions of the General Corporation Law of Delaware (the “DGCL”). The following description is a summary and does not purport to be complete. It is subject to, and qualified in its entirety by reference to, the applicable provisions of the DGCL and our restated certificate of incorporation, as amended (our “Certificate of Incorporation”), and our restated bylaws, as amended (our “Bylaws”), each of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.12 is a part. We encourage you to read our Certificate of Incorporation, our Bylaws, and the applicable provisions of the DGCL for additional information.

General

We have 100,000,000 shares of common stock, par value $0.001 per share, and 5,000,000 shares of preferred stock, par value $0.001 per share, authorized for issuance, of which 1,111,111 shares are designated as Series A convertible preferred stock and 555,555 shares are designated as Series B convertible preferred stock. As of March 2, 2020, there were 52,804,187 shares of common stock, issued and outstanding and 1,111,111 shares of Series A preferred stock issued, none of which are outstanding, and 555,555 shares of Series B preferred stock issued, none of which are outstanding.

Only our common stock is registered under Section 12 of the Securities Exchange Act of 1934, as amended.  Our common stock is listed on the NASDAQ Capital Market under the symbol “AMEH.” 

Common Stock

Voting

Holders of our common stock are entitled to one vote for each share for the election of directors and on all other matters submitted to a stockholder vote. Holders of our common stock do not have cumulative voting rights. 
 
Dividends

Subject to the rights of preferred stockholders, if any, holders of our common stock are entitled to share in all dividends that our board of directors, in its discretion, declares from legally available funds. Holders of our shares of Series A preferred stock and Series B preferred stock are entitled to receive dividends, out of legally available assets, on parity with the holders of our shares of common stock.

Liquidation

In the event of a liquidation, dissolution or winding up, each outstanding share of our common stock entitles its holder to participate pro rata in all assets that remain after payment of all liabilities and the liquidation preferences of any of our outstanding shares of Series A preferred stock and Series B preferred stock. The Series A preferred stock and the Series B preferred stock each have a liquidation preference in the amount of $9.00 per share plus any declared and unpaid dividends.

Other Rights

Our common stock has no pre-emptive, subscription or conversion rights and there are no redemption provisions applicable to our common stock.

Anti-Takeover Provisions

The following provisions of our Certificate of Incorporation and our Bylaws, could have the effect of delaying or discouraging another party from acquiring control of us and could encourage persons seeking to acquire control of us to first negotiate with our board of directors:

 
		
	•
	our Bylaws prohibit our stockholders from filling board vacancies

		
	•
	our Bylaws require holders of no less than one-then of all shares entitled to vote at a meeting to call a special meeting of stockholders.

		
	•
	our Bylaws provide that our board of directors will establish the authorized number of directors from time to time;

		
	•
	our Certificate of Incorporation does not permit cumulative voting in the election of directors; and

		
	•
	our Certificate of Incorporation permits our board of directors to determine the rights, privileges and preferences of any new series of preferred stock, some of which could impede the ability of a person to acquire control of our company.

 
In addition, we are subject to the provisions of Section 203 of the DGCL. Section 203 prohibits a publicly held Delaware corporation from engaging in a "business combination" with an "interested stockholder" for a period of three years after the date of the transaction in which the person became an interested stockholder, unless the business combination is approved in a prescribed manner. A "business combination" includes mergers, asset sales and other transactions resulting in a financial benefit to the interested stockholder. Subject to specified exceptions, an "interested stockholder" is a person who, together with affiliates and associates, owns, or within three years did own, 15% or more of the corporation's voting stock.ttoo-ex1062_4029.htm

                                                                                                 Exhibit 10.62

 

 

March 11, 2019

 

 

Anthony Pare

*************

*************

 

 

Dear Tony: 

 

On behalf of T2 Biosystems, Inc., (the “Company”) I am delighted to make this offer of employment to you to join us in the role of General Manager, International for the Company beginning on or before April 15, 2019.

 

At T2 Biosystems, our mission is to save lives and improve healthcare by empowering clinicians to get patients on the right therapy faster than ever. We invented game-changing detection technology, T2 Magnetic Resonance (T2MR®) and we come to work every day to solve critical needs in healthcare diagnostics. 

 

We are positively impacting the lives of patients and saving hospitals millions of dollars each year.  Our products are being used in more than 150 hospitals in the United States and worldwide.  We have a strong pipeline of products in development for sepsis management, including bacterial resistance panels, as well as testing for the superbug Candida auris and a Lyme disease panel. There is a lot of growth ahead and you are joining us at a very exciting time!  

 

Tony, we are thrilled to extend this offer of employment to you.  We think you can help us fulfill our mission and we believe you’d be a great fit for our team.  To kick things off, you will find all of the pertinent information related to our offer of employment in the attached pages.  Please read the offer carefully and, if it is acceptable, sign and return one copy to my attention (PDF copy is fine).    

 

If you have any questions, please do not hesitate to contact me at (781) 457-1220 or email at jmcdonough@t2biosystems.com. We are looking forward to having you on our team!

 

 

Sincerely,

 

 

 

John McDonough

President and Chief Executive Officer

 

 

 

 

 

 

 

OFFER OF EMPLOYMENT

 

 

Date of employment:  Should you accept the terms of this offer, your employment with the Company will commence on or before April 15, 2019.

 

Background check:  Your employment is contingent upon your successful completion of a background check, which is required for all employees of the Company. The Company will forward you the appropriate documents, and such documents shall be required to be submitted to the Company by no later than one week prior to your start date. 

 

Position:  You have been offered the position of General Manager, International. In this capacity, you will initially report to John McDonough, Chief Executive Officer. Your duties and responsibilities will include all those customarily attendant to such a position, and any other such duties or responsibilities that John McDonough or the Company may, from time to time, assign to you.  You agree that you shall not enter into any employment endeavors which may conflict with your ability to devote the necessary time and energies to the Company’s business interest while engaged by the Company.  You further agree to comply with all applicable laws and with all Company rules and policies established by the Company from time to time.

 

Compensation and Tax Matters:  Your salary shall be $11,458.34 (the equivalent of $275,000 when annualized), payable semi-monthly and subject to pro-ration for any partial initial or terminal week during which you are employed, in accordance with normal payroll practices and schedule of the Company. 

 

You will be eligible for a bonus target of $37,500.00 per quarter, based on corporate and personal objectives to be determined.  This bonus will be pro-rated based on your start date, subject to your continued employment through the date of payment, and paid at the sole discretion of the Company.

 

All compensation amounts stated are before any deductions for FICA taxes, state and federal withholding taxes and other payroll deductions required to be made by the Company under applicable law.  

 

Stock Options:  Subject to your execution of the enclosed Non Competition/Non-Disclosure/Invention Assignment Agreement and the execution of a Stock Option Agreement, you will receive options to purchase 100,000 shares of T2 Biosystems common stock under the Company’s Inducement Award Plan (the “Inducement Plan”).  The exercise price of the options will be equal to the fair market value of the Company’s common stock on the grant date, which shall be the date on which your grant is approved, which is expected to be first business day of the month following the Start Date. The options will have a 4-year vesting schedule with 25% of the options vesting one year from the vesting commencement date (the Start Date) and the remaining options vesting in equal monthly installments over the following 36 months.  The terms and conditions of the options shall be more fully described in the Inducement Plan and applicable Stock Option Agreement.  

 

Severance Compensation:  Subject to your execution of the enclosed Non Competition/Non-Disclosure/Invention Assignment Agreement and Change of Control Severance Agreement (the “Change in Control Agreement”), you will receive certain benefits in the event of a change in control of the Company, as set forth in more detail and defined in the Change in Control Agreement, including severance 

Active: 2019

compensation and the acceleration of certain stock options, each such benefit to be subject to the terms of the Change in Control Agreement. 

 

In the event your employment is terminated by the Company for reasons other than Cause and unrelated to a Change in Control, both as defined in the Change in Control Agreement (but for the avoidance doubt excluding a termination of your employment (x) due to death, (y) due to your inability to perform your duties for the Company on account of physical or mental illness for a period of three consecutive full months or for a period of six full months during any 12-month rolling period or (z) in circumstances that entitle you to severance payments or benefits under the Change in Control Agreement), subject to your executing and delivering to the Company, and not revoking, a release of claims in a form acceptable to the Company (the “Release”) within the 30-day period following your termination of employment, you will be entitled to receive severance benefits in the form of salary continuation and reimbursement for costs associated with COBRA, for a period of six (6) months following the end of your employment.  

 

Fringe Benefits: You will have the opportunity to participate in the Company’s fringe benefits program.  Currently, these fringe benefits are as follows:

 

	
 
	
•
	
The Company currently provides contributions toward a medical and dental plan for yourself and immediate family members 

 

	
 
	
•
	
Three (3) weeks paid vacation, Company designated holidays, personal holidays and sick days (see Benefits Summary for more information).

 

	
 
	
•
	
The Company provides 100% contribution towards Term Life Insurance, Accidental Death and Dismemberment Insurance, and Short and Long-Term Disability Insurance;

 

	
 
	
•
	
The opportunity to enroll in the Company’s 401(k) Investment and Section 125 Plans based on plan eligibility requirements; and

 

	
 
	
•
	
Pay or reimburse you in accordance with the Company’s reimbursement policies from time to time in connection with the performance of your duties for the Company subject to your submission of satisfactory documentation with respect thereto.

 

The Company reserves the right to amend, delete or change any of its employment policies and/or benefits at any time in its sole discretion.

 

Non-Competition/Non-Disclosure/Invention Assignment Agreement:  No later than on the first day of your employment with the Company you will be required to sign the enclosed Non-Competition/Non-Disclosure/Inventions Assignment Agreement (“Obligations Agreement”) which includes non-competition, nondisclosure, inventions ownership, and other provisions that are necessary to protect the Company’s confidential information, intellectual; property, trade secrets, and customer relationships.  As you may be given access to such protectable interests, your employment is contingent upon your signing the Obligations Agreement.  The terms of the Obligations Agreement will survive termination, for whatever reason, of the employment relationship.

 

Prior Agreements: You acknowledge and confirm that you have provided/disclosed to the Company all restrictive covenants and agreements, including nondisclosure and confidentiality agreements, to which you are a party.  You agree that you shall not disclose to the Company or use while an employee of the Company any confidential or trade secret information obtained by you from other persons or employers 

Active: 2019

and shall not bring any property upon the Company premises which has been misappropriated by others.  You also acknowledge that the Company expects you to honor any prior obligations to former employers to which you remain bound.

Employment At Will:  Although you are being hired as an employee commencing on or before April 15, 2019, your employment with the Company shall be at will.  This means that your employment is not guaranteed for any definite period of time, and you or the Company may terminate your employment relationship with or without notice at any time and for any or no reason or cause.  The Company is not bound to follow any policy, procedure, or process in connection with employee discipline, employment termination or otherwise.  

Entire Agreement:  This letter (together with the attached Obligations Agreement and Change in Control Agreement) sets forth the entire understanding between the Company and yourself with respect to your employment by the Company.  All prior discussions, negotiations, correspondence and other understandings between you and the Company are superseded, and there are no representations, warranties or undertakings by the Company or you with respect to your employment by the Company, which are not set forth in this letter.  

If you agree with the terms of this offer, please acknowledge your understanding and acceptance of this offer by signing where indicated below and return to me along with a completed background check authorization form by 8:00 a.m. ET on March 13, 2019. We look forward to working with you.

 

Sincerely,

 

T2 Biosystems, Inc.

 

 

By: ___________________________________________

John McDonoughDate

Chief Executive Officer

 

 

 

I have read agree with and accept the items contained in this letter.

 

 

By: ___________________________________________

Anthony PareDate

 

 

The Immigration Control and Reform Act of 1986 requires that all new employees complete the I-9 form and submit proof of employment eligibility to work in the United States within the first three days of their start date.  If accepting employment the Company will provide you the I-9 form and requests that you present appropriate documents when you report to the Company and a representative of the Company will complete the I-9 form with you.  Accordingly, you will have three days from your start date to submit proof of your eligibility to work in the United States.

Active: 2019

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