Document:

Exhibit

FIRST AMENDMENT TO  
EMPLOYMENT AGREEMENT

This FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is entered into as of January 28, 2016 (the “Effective Date”), by and between Glowpoint, Inc. a Delaware corporation (the “Company”) and David Clark (“Executive”).  Reference is made to that certain Employment Agreement by and between the Company and Executive made as of March 25, 2013 (the “Employment Agreement”).  All capitalized terms not defined herein shall have the meanings assigned to such terms in the Employment Agreement.  The Company and Executive are referred to in this Amendment collectively as the “Parties.” 

WHEREAS, the Parties desire to amend certain terms of the Employment Agreement as set forth below.
NOW, THEREFORE, in consideration of the promises and mutual covenants and agreements herein contained and intending to be legally bound hereby, the Parties hereby agree as follows:
1.Amendment to Section 3(b).  Section 3(b) of the Employment Agreement shall be deleted in its entirety and replaced with the following:
“(b)    In the event this Agreement or Executive’s employment with the Company is terminated (i) by the Company without Cause or by Executive for Good Reason, (ii) as a result of the expiration of the Term caused by the Company electing not to renew this Agreement prior to the end of the Term, or (iii) by the Company without Cause or by Executive for Good Reason within eighteen months following a Change in Control then, subject to the terms of Section 3(c), the Company shall pay to Executive (collectively, the “Severance”):
(A)    the Accrued Obligations;
(B)    if Executive timely elects COBRA coverage, an amount equal to the premium for COBRA coverage less the employee contribution portion, if any, immediately prior to such separation from service until the earlier to occur of (i) the date Executive is entitled to receive substantially similar health insurance coverage from another source and (ii) the date that is six (6) months after such separation from service; provided, that if Executive’s employment is terminated pursuant to subsection (iii) following a Change in Control, the duration of the COBRA coverage payment shall be extended from six (6) months to twelve (12) months;

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(C)    an amount equal to six (6) months of Executive’s Base Cash Compensation in effect immediately prior to such termination, provided that if Executive’s employment is terminated pursuant to subsection (iii) following a Change in Control, such amount shall be equal to eighteen (18) months of Base Cash Compensation in effect immediately prior to the effective date of termination; and 
(iv)    if Executive’s employment is terminated pursuant to subsection (iii) following a Change in Control, an additional amount equal to 100% of Executive’s maximum annual target bonus amount for the calendar year during which termination of Executive’s employment occurs, plus the pro-rated portion (determined on the basis of the number of days during which Executive served during the applicable calendar year prior to the effective date of termination) of Executive’s maximum annual target bonus amount for the calendar year in which the effective date of termination occurs.” 
2.Amendment to Section 3(c).  The second paragraph of Section 3(c) shall be deleted in its entirety and replaced with the following:
“For the purposes of this Agreement, a “Change in Control” shall have the meaning set forth in the Company’s 2014 Equity Incentive Plan in effect on the First Amendment Date. For purposes of this Agreement, “First Amendment Date” shall mean January 28, 2016.”
3.Amendment to Section 3(d).  Section 3(d) shall be deleted in its entirety and replaced with the following:
"For purposes of this Agreement, “Good Reason” shall mean that Executive has severed his employment relationship with the Company based upon (i) the occurrence of any failure by the Company to pay any salary or other compensation or benefit when due and owing, (ii) the assignment to Executive by the Company of duties materially inconsistent with, or a material diminution of, Executive’s authority, title, duties, or responsibilities as set forth in this Agreement, including any change requiring Executive to report to anyone other than the Company’s CEO or the Board (or following a Change in Control, the parent company’s CEO or Board of Directors), (iii) a material diminution in Executive’s Base Cash Compensation or bonus opportunity under this Agreement, or (iv) the Company’s requirement that the primary office that Executive is to perform services under this Agreement is at a location that is more than thirty (30) miles from Denver, Colorado.  In the event of any circumstance described in this Section 3(d), Good Reason shall not exist unless 

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Executive provides written notice to the Company of his intention to terminate his employment for Good Reason, which notice shall identify in reasonable detail the basis therefor and be delivered within ninety (90) days after the occurrence of the event or circumstances which provided such basis, and the Company shall fail to cure such condition within thirty (30) days thereafter."
4.No Other Changes.  Except as modified or supplemented by this Amendment, the Employment Agreement remains unmodified and in full force and effect.
5.Miscellaneous.  
(a)    Governing Law.  This Amendment and the legal relations hereby created between the parties hereto shall be governed by and construed under and in accordance with the internal laws of the State of Delaware, without regard to conflicts of laws principles thereof.  Each party shall submit to the venue and personal jurisdiction of the Colorado state and federal courts concerning any dispute for which judicial redress is permitted pursuant to this Agreement; however the Company is not limited in seeking relief in those courts.
(b)    Binding Effect.  This Amendment is intended to bind and inure to the benefit of and be enforceable by Executive, the Company and their respective heirs, successors and assigns, except that Executive may not assign Executive’s rights or delegate Executive’s obligations hereunder without the prior written consent of the Company.
(c)    Counterparts.  This Amendment may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.
 
(d)    Savings Clause.  If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Amendment or the Employment Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Amendment or the Employment Agreement are declared to be severable.
[Signature page follows.]

    

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IN WITNESS WHEREOF, the Parties hereto have caused this First Amendment to Employment Agreement to be executed as of the date first above written.

     GLOWPOINT, INC. 

By:     /s/ PETER HOLST    
Name: Peter Holst
Title: President and CEO

EXECUTIVE:

/s/ DAVID CLARK    
David Clark

4Subscription Agreement

Subscription Agreement

 

Plush Corporation

Suite 80 - 1930 Village Center Circle

Las Vegas, Nevada 89134

1. Investment

 

(a) The undersigned (“Buyer”) subscribes for __________________ shares of common stock of Plush Corporation at $0.001 per share.

 

(b) Total subscription price ($0.001 times number of Shares): = $_________________

  

2. Investor Information

Name:_______________________________________________________________

Address:______________________________________________________________

Telephone No:_________________________________________________________

E-mail Address:________________________________________________________

SSN/EIN/Taxpayer I.D:__________________________________________________

 

If Joint Ownership, check one:

[  ] Joint Tenants with Right of Survivorship

[  ] Tenants in Common

[  ] Community Property

 

If Fiduciary or Business Entity check one:

[  ] Trust

[  ] Estate

[  ] Corporation

[  ] Limited Liability Company

[  ] Partnership

[  ] Other ____________________ (Describe)

Authorized Person ________________________ Capacity______________________

Please make payment by check or money order payable to Plush Corporation.

Signature:  ___________________________________________________________

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3. Further Representations, Warrants and Covenants

Buyer hereby represents, warrants, covenants and agrees as follows:

 

(a) Buyer is at least eighteen (18) years of age with an address as set forth in this subscription agreement.

(b) Buyer understands that his or her investment in the shares is speculative and involves a high degree of risk, and is not recommended for any person who cannot afford a total loss of the investment. Buyer is able to bear the economic risks of an investment and at the present time can afford a complete loss of such investment.

 

(c) Buyer is under no legal disability nor is buyer subject to any order, which would prevent or interfere with buyer’s execution, delivery and performance of this subscription agreement or his or her purchase of the shares. The shares are being purchased solely for buyer’s own account and not for the account of others and for investment purposes only, and are not being purchased with a view to or for the transfer, assignment, resale or distribution thereof, in whole or part. Buyer has no present plans to enter into any contract, undertaking, agreement or arrangement with respect to the transfer, assignment, resale or distribution of any of the Shares.

 

(d) Buyer has (i) adequate means of providing for his or her current financial needs and possible personal contingencies, and no present need for liquidity of the investment in the shares, and (ii) a liquid net worth which is sufficient to enable buyer to hold the shares indefinitely.

  

(e) Buyer understands that Buyer shall be required to bear all personal expenses incurred in connection with his or her purchase of the Shares, including without limitation, any fees which may be payable to any accountants, attorneys or any other persons consulted by buyer in connection with his or her investment.

 

4. Indemnification

 

Buyer acknowledges an understanding of the meaning of the legal consequences of buyer’s representations and warranties contained in this subscription agreement and the effect of his or her signature and execution of this agreement, and buyer hereby agrees to indemnify and hold the company and each of its officers and/or directors, representatives, agents or employees, harmless from and against any and all losses, damages, expenses or liabilities due to, or arising out of, a breach of any representation, warranty or agreement of or by buyer contained in this subscription agreement.

 

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5. Acceptance of Subscription

 

It is understood that this subscription is not binding upon the company until accepted by the company, and that the company has the right to accept or reject this subscription, in whole or in part, in its sole and complete discretion. If this subscription is rejected in whole, the company shall return to Buyer, without interest, the payment tendered by buyer, in which case the company and buyer shall have no further obligation to each other hereunder. In the event of a partial rejection of this subscription, buyer’s payment will be returned to buyer without interest, whereupon buyer agrees to deliver a new payment in the amount of the purchase price for the number of shares to be purchased hereunder following a partial rejection of this subscription.

  

IN WITNESS WHEREOF, this subscription agreement has been executed and delivered by the buyer to the company on the respective dates set forth below.

Signature of buyer:_____________________________________________________

Name:_______________________________________________________________

Date:________________________________________________________________

The foregoing subscription is hereby accepted for and on behalf of Plush Corporation this_________day of_____________________, 2015.

By:__________________________________________________________________

Name: 

Title: 

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