Document:

exhibit_4-7.htm

Exhibit 4.7

SUMMARY OF LEASE AGREEMENTS

 

Lease agreement dated May 28, 2000, as amended and supplemented on August 21, 2000, February 20, 2003, November 1, 2005, May 7, 2007, October 30, 2010, May 15, 2011, June 15, 2012, July 5, 2012 and February 28, 2013 (together: the “Integrated Agreement”).

 

	
1.

	
Parties:

	  	
Ef-Shar Ltd. Israel ("EfShar")

Nova Measuring Instruments Ltd. ("Nova")

 

	
2.

	
The premises

	  	
Certain areas in building 22, Weizmann Scientific Park, Ness-Ziona, Israel (6,300 square meters).

Certain areas in buildings 16 and 18, Weizmann Scientific Park, Ness-Ziona, Israel (1,126 square meters).

Total square meters: approximately 7,426.

Parking spaces.

 

	
3.

	
Leasing period

	  	
The premises are currently leased until January 31, 2016.

 

	
4.

	
Cost of leasehold improvements

	  	
Nova will bear the costs of leasehold improvements.

 

	
5.

	
Guarantees

	  	
Nova shall pay the rent payments and maintenance fees in advance for the following three months on the 1st of every third month. 

Guarantee - Nova will issue an autonomous bank guarantee for this lease in the amount equal to 6-9 months’ rent payments and maintenance fees plus VAT, according to the leased area.

 

	
6.

	
Insurance

	  	
Insurance for the construction work and “all risks” insurance, property insurance, third party insurance and employer liability insurance.

 

Lease Agreement dated September 19, 2012, as supplemented on October 15, 2012.

 

	
1.

	
Parties:

	  	
Darban Investments Ltd. (“Darban”)

Nova Measuring Instruments Ltd. (“Nova”)

 

	
2.

	
The premises

	  	
Certain areas in parcel 185 in block 3695 at Tamar Park in Rehovot, Israel (705 square meters).

Parking Spaces.

 

	
3.

	
Leasing period

	  	
The lease period is for two (2) years from the first transfer of possession (the “Original Lease Period”).

  

  

  

 

	
4.

	
Option for additional lease period

	  	
Nova has an option to extend the lease for an additional lease period of one (1) year (the “Extended Lease Period”).

 

	
5.

	
Guarantees

	  	
Nova will deposit an autonomous bank guarantee equal to 5 months of Lease Payments and maintenance fees, which shall be repayable in installments without proof of damage.

 

	
6.

	
Insurance

	  	
Insurance for the construction work and “all risks” insurance, Property insurance, Third Party insurance and Employer liability insurance.ex10-1.htm

Exhibit 10.1

 

FOURTH AMENDMENT

TO THE

SUPPLEMENTAL EXECUTIVE RETIREMENT BENEFITS AGREEMENT

THIS FOURTH AMENDMENT is entered into this 5th day of March, 2013, effective as of January 1, 2013, by and between Georgia Bank & Trust Company of Augusta, a Georgia bank (the “Bank”), and DARRELL R. RAINS (the “Executive”).

The Bank and the Executive executed the Supplemental Executive Retirement Benefits Agreement on December 19, 2008, effective as of January 1, 2009 (the “Agreement”), and executed the First Amendment on March 30, 2009 and the Second Amendment on February 11, 2010 and the Third Amendment on March 21, 2011.  The undersigned desire to amend the Agreement for the purpose of increasing the amount of the benefits in the Agreement.

NOW, THEREFORE, the parties do hereby agree, effective as of January 1, 2013, to amend the Agreement by deleting Exhibit A to the Agreement in its entirety and substituting therefor a restated Exhibit A containing the increased benefits attached to this FOURTH AMENDMENT on page 2 hereof.

Except as specifically amended hereby, the Agreement shall remain in full force and effect as prior to this FOURTH AMENDMENT.

IN WITNESS OF THE ABOVE, the Bank and the Executive have executed this FOURTH AMENDMENT on the date first set forth above.

 

 

	Executive:  	 	 Georgia Bank & Trust Company 
of Augusta

	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ Darrell R. Rains	 	By	    /s Ronald Thigpen	 
	 
DARRELL R. RAINS

	 	 	 	 
	 	 	Title	    EVP/COO	 

 

  

1

  

 

Exhibit A

FOURTH AMENDMENT

DARRELL R. RAINS

“Full Benefit Date” = July 13, 2021 (age 65)

“Full Benefit” = $126,000

“Payment Commencement Date” – The later of the first business day of the month following the month in which Executive attains age sixty-five (65) (July 13, 2021) or the first business day of the month following the month in which Executive experiences a Separation from Service.

“Limited Benefit” – Determined by reference to the following table (See Note 1):

	
Year

	
Limited Benefit

	
January 1, 2009 to December 31, 2009

	
$7,200

	
January 1, 2010 to December 31, 2010

	
$10,600

	
January 1, 2011 to December 31, 2011

	
$16,182

	
January 1, 2012 to December 31, 2012

	
$24,764

	
January 1, 2013 to December 31, 2013

	
$33,345

	
January 1, 2014 to December 31, 2014

	
$44,927

	
January 1, 2015 to December 31, 2015

	
$56,509

	
January 1, 2016 to December 31, 2016

	
$68,091

	
January 1, 2017 to December 31, 2017

	
$79,673

	
January 1, 2018 to December 31, 2018

	
$91,255

	
January 1, 2019 to December 31, 2019

	
$102,836

	
January 1, 2020 to September 30, 2020

	
$112,373

	
October 1, 2020 to December 31, 2020

	
$116,818

	
January 1, 2021 and thereafter

	
$126,000

Note 1:  In the event of Executive’s voluntary termination prior to attaining age fifty-five (55), this Limited Benefit is forfeited per Section 2(b) of this Agreement.

The undersigned DARRELL R. RAINS (the “Executive”) hereby acknowledges that he or she has reviewed this Exhibit A to the Supplemental Executive Retirement Benefits Agreement and that the information set forth in this Exhibit A is true and correct in all material respects.

 

	/s/ Darrell R. Rains	 	    3-5-13	 
	DARRELL R. RAINS	 	Date this Exhibit A signed	 

 

 

2ex10-1.htm

Exhibit 10.1

 

 

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

This Second Amendment to Employment Agreement (“Second Amendment”), effective as of March 8, 2013 (the “Effective Date”) is entered into by and between ArQule, Inc., a Delaware corporation (the "Company") with its principal offices at 19 Presidential Way, Woburn, Massachusetts 01801, and Paolo Pucci ("Executive").  The purpose of this Second Amendment is to amend the Employment Agreement dated as of April 15, 2008 between the Company and Executive (the "Employment Agreement"), as previously amended by an agreement effective as of July 15, 2010 (the “First Amendment”).  Capitalized terms used but not defined in this Second Amendment shall have the meanings ascribed to them in the Employment Agreement.

In consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the Company and Executive (collectively, the "Parties") hereby agree as follows:

	
1.

	
Term of Employment.  Section 1 of the Employment Agreement, as amended, is hereby amended and replaced in its entirety with the following:

“The Company hereby agrees to continue to employ Executive, and Executive hereby accepts such continued employment with the Company, upon the terms and subject to the conditions set forth in the Employment Agreement, as amended.  The Parties agree that the employment term shall continue through March 8, 2017, unless earlier terminated in accordance with the provisions of Section 5 of the Employment Agreement (the “Employment Term”), provided that the Company shall provide Executive with no fewer than ninety (90) days advance written notice in the event it decides not to extend this Agreement beyond the Employment Term or negotiate in good faith a new agreement, and in the event the Company does not provide such 90-day advance notice, the Company shall pay Executive up to 90 days of his Base Salary in lieu of such advance notice.”

 

	
2.

	
Performance-Based Stock Units.  Section 6 of the First Amendment is hereby replaced entirely with the following provision:

“In accordance with the approval of the Compensation, Nominating and Governance Committee (the "CNG Committee") of even date herewith and subject to the terms and conditions of the Amended and Restated 1994 Equity Incentive Plan (the “Plan”) and the Stock Unit Agreement that the Company shall provide to Executive (which shall be substantially in the form attached as Exhibit B to the Second Amendment), and in addition to any other equity awards for which Executive may be eligible, the CNG Committee hereby affirms the grant to Executive of 390,000 common stock units (the "Performance-Based Stock Units"), which shall vest in two tranches based on the Company's achievement of the milestones set forth on Exhibit A to this Second Amendment.  Executive must be employed by the Company as of the date each milestone is achieved to be entitled to the vesting of the Performance-Based Stock Units associated with that milestone. Notwithstanding the foregoing, if there is (i) a Change of Control as defined in Section 6 of the Employment Agreement, and (ii) the Company terminates Executive’s employment without Cause (as defined in Section 5.2 of the Employment Agreement), or is deemed to terminate Executive’s employment without Cause, within the period commencing three months prior to the latest possible date of a Change of Control and ending one year after the latest possible date of a Change of Control, then the Severance Package set forth in Section 5.1.1 of the Employment Agreement shall, to the extent not previously vested or paid, incrementally include 390,000 Performance-Based Stock Units, which shall vest on the Termination Date without regard to the milestones set forth on Exhibit A, provided that Executive satisfies all conditions precedent to receiving the Severance Package as set forth in Section 5.1.1 of the Employment Agreement.  For avoidance of doubt, a termination without Cause occurring during the period commencing three months prior to the latest possible date of a Change of Control and ending one year after the latest possible date of a Change of Control shall include a Deemed Termination as that term is defined in Section 5.1.2 of the Employment Agreement.  Payment of the Performance-Based Stock Units as part of the Severance Package shall cancel this award.”

 

  

  

  

 

	
3.

	
No tax advice.  Executive acknowledges and agrees that the Company has provided no tax advice to Executive with respect to this Second Amendment and that Executive shall be solely responsible for any and all taxes attributable to Executive, including but not limited to income taxes and payroll taxes.

	
4.

	
Entire Understanding.  This Second Amendment, including its Exhibits, constitutes the entire understanding and agreement between the Parties regarding the subject matter hereof and supersedes all prior agreements, written or oral, with respect to the subject matter hereof, except that, other than as explicitly modified by the terms of this Second Amendment, the Employment Agreement shall remain in full force and effect in accordance with its provisions.  This Second Amendment shall be incorporated into the Employment Agreement as an additional provision thereto.

	
5.

	
Governing Law.  This Second Amendment shall be governed by and construed and enforced in accordance with the laws (other than the law governing conflict of law questions) of the Commonwealth of Massachusetts.

IN WITNESS WHEREOF, the Parties have executed or caused to be executed this Second Amendment as of the date set forth above.

 

 

 

	
ARQULE, INC.

	EXECUTIVE
	 	 
	 	 
	By: /s/ William G. Messenger               	By:  /s/ Paolo Pucci                                            
	Name: William G. Messenger	
Name:  Paolo Pucci

	Title: Chairman of the Compensation,	 
	Nominating and Governance Committee	 

 

  

2

  

 

EXHIBIT A

 

Vesting Schedule for Performance-Based Stock Units

The Performance-Based Stock Units described in Section 2 of this Second Amendment shall vest in two tranches according to the following schedule:

	
Milestone

	
Shares

	
Regulatory approval of a Company compound as set forth in votes of the CNG Committee relating thereto (the “Clinical Development Target”).

	
300,000

	
If after the Clinical Development Target is met, the Company’s common stock trades at or above a target price and for a duration as set forth in votes of the CNG Committee relating thereto.

	
90,000

3

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