Document:

ex99-1.htm

Exhibit 10.1

 

	
March 19, 2015 
	
 VIA HAND DELIVERY

 

Howard Rosen

 

 

Dear Howard:

 

On behalf of AcelRx Pharmaceuticals, Inc. (the “Company”), I am pleased to offer you the position of Interim Chief Executive Officer of the Company. The terms of your new position with the Company are as set forth below:

 

1.     Position.

 

(a)     You will become the Interim Chief Executive Officer (“Interim CEO”) of the Company, working out of the Company’s headquarters office in Redwood City, California. You will report to the Board of Directors. This position is expected to be temporary in nature until the Company hires a new Chief Executive Officer, at which point your employment with the Company shall end.

 

(b)     You agree to the best of your ability and experience that you will at all times loyally and conscientiously perform all of the duties and obligations required of and from you pursuant to the express and implicit terms hereof, and to the reasonable satisfaction of the Company. During the term of your employment, you further agree that you will not directly or indirectly engage or participate in any business that is competitive in any manner with the business of the Company.

 

2.     Start Date. Subject to fulfillment of any conditions imposed by this letter agreement, you will commence this new position with the Company on April 1, 2015 (the “Start Date”).

 

3.     Proof of Right to Work. For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to us within three business days of your date of hire, or our employment relationship with you will be terminated.

 

4.     Compensation and Benefits.

 

(a)     Monthly Salary and Bonus. You will be paid a monthly salary of $35,000.00 (the “Base Salary”), less required deductions and tax withholdings. Your salary will be payable in two equal payments per month pursuant to the Company’s regular payroll policy. In addition to your Base Salary, at the completion of your service as Interim CEO you will receive an additional lump sum payment equal to $15,000.00 for each month or pro-rata portion thereof that you were Interim CEO. In the event you are Interim CEO on December 31, 2015, then the additional amount earned by you pursuant to the preceding sentence shall be paid to you no later than March 15, 2016.

 

 

 

 

 

 

Howard Rosen

March 19, 2015

Page 2

 

(b)     Stock Option Grant. In connection with the commencement of your employment as Interim CEO, the Company will recommend at the next regularly scheduled meeting that the Board of Directors (the “Board”) grant you an option to purchase 240,000 shares of the Company’s Common Stock (“Option Shares”) with an exercise price equal to the fair market value of the Common Stock on the date of the grant, as determined by reference to the closing price as listed on NASDAQ. The Option Shares will vest monthly at the rate of 1/12th of the total number of the Option Shares per month for the period during which you are the Interim CEO and will stop vesting when you are no longer serving as Interim CEO. The option will be subject to the terms of the Company’s 2011 Stock Plan (the “Plan”) and the Stock Option Agreement between you and the Company.

 

5.     Confidential Information and Invention Assignment Agreement. Your acceptance of this offer and commencement of employment with the Company is contingent upon the execution, and delivery to an officer of the Company, of the Company’s Confidential Information and Invention Assignment Agreement, a copy of which is enclosed for your review and execution (the “Confidentiality Agreement”), prior to or on your Start Date.

 

6.     At-Will Employment. Your employment with the Company will be on an “at will” basis, meaning that either you or the Company may terminate your employment at any time, with or without cause, and with or without advance notice.

 

7.     No Conflicting Obligations. You understand and agree that by accepting this offer of employment, you represent to the Company that your performance will not breach any other agreement to which you are a party and that you have not, and will not during the term of your employment with the Company, enter into any oral or written agreement in conflict with any of the provisions of this letter or the Company’s policies. You are not to bring with you to the Company, or use or disclose to any person associated with the Company, any confidential or proprietary information belonging to any former employer or other person or entity with respect to which you owe an obligation of confidentiality under any agreement or otherwise. The Company does not need and will not use such information and we will assist you in any way possible to preserve and protect the confidentiality of proprietary information belonging to third parties. Also, we expect you to abide by any obligations to refrain from soliciting any person employed by or otherwise associated with any former employer and suggest that you refrain from having any contact with such persons until such time as any non-solicitation obligation expires.

 

8.     Entire Agreement. This letter, together with the Confidentiality Agreement, sets forth the entire agreement and understanding between you and the Company relating to your employment and supersedes all prior agreements and discussions between us. This letter may not be modified or amended except by a written agreement, signed by an officer of the Company, although the Company reserves the right to modify unilaterally your compensation, benefits, job title and duties, reporting relationships and other terms of your employment subject to the provisions of this letter agreement. This letter will be governed by the laws of the State of California without regard to is conflict of laws provision.

 

 

 

 

 

 

Howard Rosen

March 19, 2015

Page 3

 

We are all delighted to be able to extend you this offer and look forward to working with you. To indicate your acceptance of the Company’s offer, please sign and date this letter in the space provided below and return it to me, along with a signed and dated copy of the Confidentiality Agreement. 

 

	
Very truly yours, 
	
ACCEPTED AND AGREED:

	 	 
	
ACELRX PHARMACEUTICALS, INC. 
	
HOWARD ROSEN

	
 
	
 

	By: /s/ Adrian Adams              	/s/ Howard Rosen                     
	 	Signature
	Adrian Adams    	 
	Chairman, Board of Directors	Date: March 25, 2015BMO Facility - 7th Amendment - Exhibit

Seventh Amendment To 
Amended and Restated Credit Agreement
This Seventh Amendment to Amended and Restated Credit Agreement (herein, the “Amendment”) is entered into as of March 30, 2015, by and among FCStone, LLC, an Iowa limited liability company (the “Borrower”), the Guarantors party to this Amendment, the financial institutions party to this Amendment, as lenders (the “Lenders”), and Bank of Montreal, as administrative agent (the “Administrative Agent”).
Preliminary Statements
A.    The Borrower, the Guarantors, the Lenders and the Administrative Agent entered into a certain Amended and Restated Credit Agreement dated as of June 21, 2010, as amended (the “Credit Agreement”).  All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement.
B.    The Borrower has requested that the Lenders amend the Credit Agreement, and the Lenders are willing to do so under the terms and conditions set forth in this Amendment.
Now, Therefore, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
		
	Section 1.
	Amendment.

Subject to the satisfaction of the conditions precedent set forth in Section 2 below, the following defined terms appearing in Section 5.1 of the Credit Agreement shall be amended and restated to read in their entirety as follows: 
“LIBOR Quoted Rate” means, for any day, the rate per annum equal to the quotient of (i) the rate per annum (rounded upwards, if necessary, to the next higher one hundred‐thousandth of a percentage point) for deposits in U.S. Dollars for a one-month interest period which appears on the LIBOR01 Page as of 11:00 a.m. (London, England time) on such day (or, if such day is not a Business Day, on the immediately preceding Business Day) divided by (ii) one (1) minus the Eurodollar Reserve Percentage; provided that, in no event shall LIBOR Quoted Rate be less than 0.00% per annum.
“Termination Date” means April 7, 2016 or such earlier date on which the Commitments are terminated in whole pursuant to Section 1.10, 9.2 or 9.3 hereof.
		
	Section 2.
	Conditions Precedent.

This Amendment shall become effective upon satisfaction of all of the following conditions precedent:
2.1.    The Borrower, the Guarantors, the Lenders and the Administrative Agent shall have executed and delivered this Amendment.
2.2.    The Administrative Agent shall have received good standing certificates for each of the Borrower and the Guarantors from the Secretary of State from the state of its incorporation (dated no earlier than 30 days prior to the date of this Amendment).

2.3.    Legal matters incident to the execution and delivery of this Amendment shall be satisfactory to the Administrative Agent and its counsel.
		
	Section 3.
	Representations.

3.1.    In order to induce the Administrative Agent and the Lenders to execute and deliver this Amendment, the Borrower hereby represents to the Administrative Agent and the Lenders that as of the date hereof (a) the representations and warranties set forth in Section 6 of the Credit Agreement are and shall be and remain true and correct in all material respects (except to the extent that such representations and warranties relate to an earlier date) and (b) it is in compliance with the terms and conditions of the Credit Agreement and no Default or Event of Default has occurred and is continuing under the Credit Agreement or shall result after giving effect to this Amendment.
3.2.    There has been no amendments, modifications, restatements or supplements to the certificate of incorporation or articles of formation, as applicable, and by-laws or the operating agreement, as applicable, of the Borrower and the Parent since April 10, 2014, and such certificate of incorporation, articles of formation, by-laws and operating agreement are in full force and effect.    
3.3.    There has been no amendments, modifications, restatements or supplements to the certificate of incorporation and by-laws of Holdings since April 10, 2014, and such certificate of incorporation and by-laws are in full force and effect.  
3.4.    The resolutions of the Borrower and the Guarantors dated June 21, 2010 on file with the Administrative Agent have not been amended, modified or rescinded and are in full force and effect.
		
	Section 4.
	Miscellaneous.

4.1.    Except as specifically amended herein, the Credit Agreement, including without limitation the Guarantees set forth in Section 11 thereof and the Notes issued pursuant to Section 1.9 thereof, shall continue in full force and effect in accordance with its original terms.  Reference to this specific Amendment need not be made in the Credit Agreement, the Notes, or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit Agreement, any reference in any of such items to the Credit Agreement being sufficient to refer to the Credit Agreement as amended hereby.
4.2.    The Borrower agrees to pay on demand all out of pocket costs and expenses of or incurred by the Administrative Agent in connection with the negotiation, preparation, execution and delivery of this Amendment, including the fees and expenses of counsel for the Administrative Agent.
4.3.    This Amendment may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement.  Any of the parties hereto may execute this Amendment by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original.  Delivery of executed counterparts of this Amendment by telecopy or by e‐mail transmission of an Adobe portable document format file (also known as a “PDF” file) shall be effective as an original.  This Amendment shall be governed by the internal laws of the State of Illinois.
[Signature Pages to Follow]

This Seventh Amendment to Amended and Restated Credit Agreement is entered into as of the date and year first above written.
“Borrower”
FCStone, LLC
		
	By 
	/s/  William J. Dunaway            

Name         William J. Dunaway            
Title         CFO                    
“Guarantors”
FCStone Group, Inc.
		
	By 
	/s/  William J. Dunaway            

Name         William J. Dunaway            
Title         CFO                    

INTL FCStone, Inc.

		
	By 
	/s/  Scott J. Branch        

Name         Scott J. Branch            
Title         President            

		
	By 
	/s/  Bruce E. Fields                

Name         Bruce E. Fields        
Title         Group Treasurer        

Accepted and agreed to.
Bank of Montreal, as Administrative Agent

		
	By
	             /s/  Scott M. Ferris        

Name         Scott M. Ferris        
Title         Managing director            

BMO Harris Financing, Inc., as a Lender

		
	By 
	/s/  Scott M. Ferris                

Name         Scott M. Ferris        
Title         Managing Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00243-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00243-of-00352.parquet"}]]