Document:

EXHIBIT 10.7

 

 

 

SECOND AMENDMENT TO LEASE

 

THIS SECOND AMENDMENT TO LEASE (the "Second Amendment") is made as of January 23, 2017, by and between ALBANY ROAD-BRANFORD II LLC, a Delaware limited liability company, as successor-in-interest to DMP New Branford LLC ("Landlord"), having an address of c/o Albany Road Real Estate Partners, LLC, 10 High Street, 7th Floor Boston, Massachusetts 02110 and CAS MEDICAL SYSTEMS, INC., a Delaware corporation having a place of business at 44 East Industrial Road, Branford, Connecticut 06405 (the "Tenant").

 

WITNESSETH:

 

WHEREAS, Landlord and Tenant are parties to that certain Lease dated as of September 6, 2007 with respect to certain property known as and located at 44 East Industrial Road, Branford, Connecticut, as amended by that certain Amendment to Lease dated October 1, 2008 (as amended, the "Original Lease"); and

 

WHEREAS, the Initial Term of the Original Lease ends on September 30, 2017; and

 

WHEREAS, Landlord and Tenant have agreed to modify certain of the terms of the Original Lease, as more particularly set forth herein; and

 

NOW, THEREFORE, in consideration of the mutual promises contained herein and Ten Dollars ($10.00) and other valuable consideration, the receipt of which is hereby acknowledged. Landlord and Tenant hereby covenant and agree as follows:

 

1.          Defined Terms.

 

The term "Lease" as used herein and in the Original Lease shall mean and refer to the Original Lease as amended by this Second Amendment.

 

Capitalized terms used herein but not otherwise defined herein shall have the meanings given to them in the Original Lease.

 

2.          Amendments. Effective as of February 1, 2017, Landlord and Tenant agree to amend the Lease as set forth below in this Section 2.

 

A. Section 2.1.1 of the Lease is amended by changing the definition of Expiration Date to January 31, 2022.

 

B. Section 4.1.1 of the Lease is amended by deleting the Annual Base Rent schedule in its entirety and replacing it with the following:

 

	
Period

	
Annual Base Rent

	
Monthly Base Rent

	
2/1/2017 – 1/31/2018

	
$274,176.00

	
$22,848.00

	
2/1/2018 – 1/31/2019

	
$279,659.00

	
$23,304.92

	
2/1/2019 – 1/31/2020

	
$285,252.00

	
$23,771.00

	
2/1/2020 – 1/31/2021

	
$290,957.00

	
$24,246.42

	
2/1/2021 – 1/31/2022

	
$296,776.00

	
$24,731.33

 

3.          Delivery.  Tenant acknowledges that it is in possession of the Premises and is agreeing to an extension of the term of the Lease with the Premises being accepted in its "as is" condition as of the date of this Second Amendment.

 

 

4.         Lease Ratification. This instrument and all of the terms and provisions hereof shall be considered for all purposes to be incorporated into and made part of the Original Lease. The Original Lease and each provision, covenant, condition, obligation, right and power contained therein is hereby ratified and confirmed, and, as modified hereby, shall continue in full force and effect. All references appearing in the Original Lease and in any related instruments shall be amended and read hereafter to be references to the Original Lease as amended by this Second Amendment. In the event of any inconsistencies or conflicts between other provisions of the Original Lease and the provisions of this instrument, the provisions hereof shall govern and control. Except as expressly set forth herein, the Original Lease has not otherwise been modified or amended and remains in full force and effect and is ratified by the parties hereto.  Tenant acknowledges that, as of the date of this Second Amendment, Tenant (i) is not to its knowledge in default under the terms of the Lease; (ii) has no defense, set off or counterclaim to the enforcement by Landlord of the terms of the Lease; and (iii) is not aware of any action or inaction by Landlord that would constitute a default by Landlord under the Lease.

 

5.         Authority. Landlord represents and warrants to Tenant that Landlord and each person signing on its behalf are duly authorized to execute and deliver this Second Amendment and that this Second Amendment constitutes its legal, valid and binding obligation. Tenant hereby represents and warrants to Landlord that Tenant and each person signing on its behalf are duly authorized to execute and deliver this Second Amendment, and that this Second Amendment constitutes its legal, valid and binding obligation.

 

 6.          Notices.  

 

Landlord's Address for Notices is changed to:

 

Albany Road-Branford II LLC

c/o: Albany Road Real Estate Partners LLC

10 High Street, 7th Floor

Boston, MA 02110

 7.         OFAC.  Tenant hereby represents and warrants that neither Tenant, nor any persons or entities holding any legal or beneficial interest whatsoever in Tenant, are (i) the target of any sanctions program that is established by Executive Order of the President or published by the Office of Foreign Assets Control, U.S. Department of the Treasury ("OFAC"); (ii) designated by the President or OFAC pursuant to the Trading with the Enemy Act, 50 U.S.C. App. § 5, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-06, the Patriot Act, Public Law 107-56, Executive Order 13224 (September 23, 2001) or any Executive Order of the President issued pursuant to such statutes; or (iii) named on the following list that is published by OFAC: "List of Specially Designated Nationals and Blocked Persons."  If the foregoing representation is untrue at any time during the Term, a default under the Lease will be deemed to have occurred, without the necessity of notice to Tenant.

 

 8.          Broker. Landlord and Tenant represent and warrant to each other that they have not had any dealings with any broker, agent or finder in connection with the transaction evidenced by this Second Amendment, other than OR&L Commercial (the "Broker"). Each party agrees to protect, indemnify, defend and hold the other harmless from and against any and all expenses with respect to any compensation, commissions and charges claimed by any other broker, agent or finder with respect to this Second Amendment and the negotiation thereof that is made by reason of any action or agreement by such party.

 

 9.         Miscellaneous. This Second Amendment shall bind and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and assigns. This Second Amendment may be executed in any number of counterparts, each of which shall be an original, but all of which shall constitute one instrument. This Second Amendment shall be governed by and construed in accordance with the laws of the State of Connecticut.

 

 10.        Execution by Facsimile. The parties agree that this Second Amendment may be transmitted between them by facsimile machine or by an electronic PDF file, and the parties intend that a faxed telecopy of, or an electronic PDF file with, this Second Amendment containing either the original and/or copies of the signature of all parties hereto shall constitute a binding Second Amendment.

 

 11.        Binding. This Second Amendment shall become effective and binding only upon execution and delivery of this Second Amendment by all of the parties hereto.

 

 

[signatures on following page]

 

[remainder of this page intentionally left blank]

 

IN WITNESS WHEREOF, Landlord and Tenant have caused this Second Amendment to be duly executed as of the day and year first written above.

 

 

LANDLORD

 

ALBANY ROAD-BRANFORD II LLC,

a Delaware limited liability company

By: Albany Road-Branford Property Manager LLC, a        

Massachusetts limited liability company

 

By:    /s/ Christopher J. Knisley                                     

            Christopher J. Knisley, President

TENANT

CAS MEDICAL SYSTEMS, INC.,

a Delaware corporation

By:    /s/ Thomas M. Patton                                            

Name: Thomas M. Patton                                               

Title:   President and CEO                                               

Hereunto duly authorizedExhibit 10.25

 

Eastern Virginia Bankshares, Inc.

 

Description of Annual Bonus Plan for
Key Executives

As of November 17, 2016

 

General. The Annual Bonus Plan for Key Executives (the
“Plan”) is an annual incentive plan designed to target specific financial and non-financial objectives that
directly contribute to the overall success of Eastern Virginia Bankshares, Inc. (the “Company”), and to motivate
and reward participants to achieve those objectives. Some of these objectives target absolute performance for a plan year, some
target performance against a peer group and some target year-over-year results, in each case evaluated based on specific performance
goals. Under the Plan, participants may receive an annual bonus of up to 25% of base salary (as of March 1of the plan year), or
up to 35% of base salary for the Chief Executive Officer.

 

Annual Plan. The Plan is an annual calendar year plan
and shall remain in effect until amended or terminated by the Board of Directors of the Company or by the Joint Compensation Committee
of the Board of Directors of the Company and the Board of Directors of EVB (the “Committee”). A new plan year
shall commence on the first day of each calendar year.

 

Participation. Members of the Company’s executive
management are eligible to participate in the Plan. At the beginning of each plan year, the Committee determines the individuals
eligible to participate in the Plan for the plan year. The Committee may determine in its discretion the terms and conditions of
participation for any individual who is hired into or promoted to executive management status during a plan year.

 

Objectives. The Committee and Board of Directors have
identified the following categories of financial and non-financial objectives upon which to evaluate the performance of participants
in the Plan: (i) risk management; (ii) financial reporting; (iii) budget compliance; (iv) asset quality; (v) asset growth; (vi)
net income growth; and (vii) critical factors, consisting of performance factors tailored to each individual participant in the
Plan.

 

Setting Targets. At the beginning of each plan year the
Committee determines the target amount of bonus under the Plan for the Chief Executive Officer and approves, based on the recommendation
of the Chief Executive Officer, the target amount of bonus under the Plan for all other participants in the Plan. Also at the beginning
of each plan year, the Committee determines the weighting among the Plan’s objective categories for the Chief Executive Officer
and the specific performance goals that will apply to the Chief Executive Officer for each category under the Plan. Also at the
beginning of each plan year, the Committee approves, based on the recommendation of the Chief Executive Officer, the weighting
among the Plan’s objective categories and the specific performance goals for all other participants in the Plan.

 

Annual Performance Period. The amount of a participant’s
bonus payment is based on the achievement of the performance goals, as determined below, during the plan year.

 

     

     

    

 

Determination of Bonus. After each completed plan year,
performance against the performance goals is evaluated by the Committee for the Chief Executive Officer’s performance, and
by the Chief Executive Officer for performance of all other Plan participants. The Chief Executive Officer recommends bonus payments
under the Plan for all Plan participants other than himself, and the Committee reviews the performance of each Plan participant
and determines and approves all bonus payments under the Plan. Although the calculation of a bonus is based on analysis of performance
against the specific goals under the Plan, the Committee retains ultimate discretion to pay higher or lower bonuses than what would
be earned by performance against the specific performance goals selected, or to pay no bonuses to Plan participants for a particular
plan year.

 

When Bonus is Earned. To earn a bonus under the Plan,
a participant must be employed as a member of the Company’s executive management through the Payment Date (as defined below).
If a participant’s employment as a member of executive management ceases for any reason prior to the Payment Date, the participant
shall not have earned and shall not be entitled to any bonus under the Plan for the plan year that immediately precedes the Payment
Date.

 

Payment. Bonuses earned under the Plan are paid in cash
on an annual basis. Payment of bonuses, less deferrals and applicable federal, state and local taxes, will be made as soon as practicable
following the end of the plan year (the “Payment Date”).

 

Clawback. All payments are subject to such recovery or
clawback as may be required pursuant to any applicable federal or other law or regulation, any applicable listing standard of any
national securities exchange on which the Company’s common stock is then listed or reported or the terms of the Company’s
recoupment, clawback or similar policy as such may be in effect from time to time, which could in certain circumstances require
repayment of bonuses paid under the Plan.

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