Document:

electromed103243_ex10-17.htm - Generated by SEC Publisher for SEC Filing

 

Exibit 10.17

 

Execution Version

 

 

AGREEMENT

 

ELECTROMED, INC.

 

February 16, 2010

 

 

Hansen Engine Technologies,
Inc.

Mr. Craig Hansen

Mr. Paul Cross

12920 Highway #55

Plymouth, MN 55441

 

Gentlemen:

 

                Electromed,
Inc. (the “Company”) proposes to engage Hansen Engine Corporation, doing
business as Hansen Engine Technologies, Inc. (“HETI”) to provide the Company
with certain research, development and engineering services in support of
developing medical devices and treatments, including but not limited to airway
clearance therapy and other forms of respiratory care and management (the
“Services”), in accordance with and pursuant to the terms set forth in this
Agreement.  The “Effective Date” of this Agreement shall be February 16, 2010.

 

                1.             Services;
Statements of Work.  HETI shall perform eighty (80) hours per week of
Services.  The particular nature of and timeframe for the Services provided by
HETI to the Company pursuant to this Agreement shall be set forth in statements
of work executed by both the Company and HETI on a periodic, as-needed basis
(each, a “SOW”).   

 

                2.             Assignment
of Intellectual Property Rights. 
HETI agrees to assign and transfer to the Company all of HETI’s right, title
and interest in and to all ownership and other rights in all concepts, designs,
means, works, programs, developments, know-how, techniques, formulas, data,
manuals, inventions, ideas, designs, manuals, equipment, improvements,
discoveries, processes, source and object codes, and other works of authorship
developed, conceived or reduced to practice by HETI (the “Inventions”), whether
alone or with others, in connection with the provision of Services or where
those works of authorship support airway clearance in respiratory care and
management.  To the extent permitted by law, such Inventions shall be “works
for hire,” whether or not developed or conceived during regular working hours
or at the Company’s facilities.  HETI will assist the Company to obtain,
perfect, sustain and enforce the Company’s rights in and ownership of the
Inventions, including without limitation executing patent assignments and
additional instruments of conveyance.

 

                3.             Term.  This Agreement shall remain in effect for four (4)
months from the Effective Date (the “Initial Term”), and shall automatically renew
for successive six (6) month terms, until such time this agreement is
terminated in writing by either party upon two (2) weeks written notice to the
other party prior the end of the then current term.  Neither party may
terminate this agreement other than by providing written notice to the other
party no less than two (2) weeks prior to the end of the then current term.

 

 

 

 

                4.             Payment; Expenses.  During the Initial Term of this Agreement, the Company agrees to pay HETI bi-monthly payments of $12,500.  If the Agreement is not terminated following the Initial Term, the bi-monthly payments shall increase to $15,000 each.  Payments under this Agreement shall commence on the Effective Date and continue on the 15th and last day of each month.  If any day on which a payment is scheduled to be due falls on a Saturday, Sunday or holiday, the payment shall be due on the following business day.  Each SOW shall set forth amounts the Company will reimburse to HETI for parts, components, and pre-approved travel required pursuant to such SOW.  Any amounts reimbursable pursuant to the SOW shall be in addition to the bi-monthly payments.

 

                5.             Confidentiality.  The  Company and HETI acknowledge that disclosure of the particular Services provided to the Company by HETI would cause competitive harm to the Company, and agree that the information contained in each SOW shall be kept in the strictest confidence.  Neither party will publish, communicate, divulge or otherwise disclose any such information without the prior written consent of the other party.

 

                6.             Counterparts.  This Agreement may be executed in any number of counterparts, and may be delivered to each of the parties by facsimile or e-mail.  Facsimile or photocopy signatures shall be deemed as legally enforceable as the original.  Each of such counterparts shall for all purposes be deemed to be an original, and such counterparts shall together constitute but one and the same instrument.

 

                7.             Governing Law.  This Agreement shall be governed by and construed under the laws of the State of Minnesota, without giving effect to its choice of laws provisions.

 

                8.             Severability.  If any provision of this Agreement is held invalid or otherwise unenforceable, the enforceability of the remaining provisions shall not be impaired thereby.

 

                9.             Headings.  The headings of the paragraphs and subparagraphs of this Agreement are for convenience of reference only and do not form a part hereof and in no way interpret or construe such paragraphs and subparagraphs.

 

               10.          Entire Agreement.  This Agreement contains the entire agreement of the parties with respect to the terms of HETI’s engagement by the Company, and supersedes all prior negotiations, agreements and understandings with respect thereto.  This Agreement may only be amended, modified, superseded, rescinded or cancelled by a written document duly executed by both parties.

 

[Signature page to follow]

 

                If the foregoing is in accordance with your understanding of our agreement, kindly sign and return to us the enclosed counterpart of this Agreement, whereupon it will become a binding agreement between the Company and the Agent in accordance with its terms.

 

	
 

	
Very truly yours,

	
 

	
 

	
 

	
 

	
ELECTROMED, INC.

	
 

	
 

	
 

	
 

	
/s/ Terry Belford

	
 

	
By:

	
Terry Belford

	
 

	
Its:

	
Chief Financial Officer

 

 

The foregoing Agreement is

hereby confirmed and accepted by us

effective as of February 16, 2010.

 

HANSEN ENGINE CORPORATION

 

	
 

	
/s/ Paul C. Cross

	
By:

	
Paul C. Cross

	
Its:

	
Vice-President of Engineering

 

 

[Signature page to Agreement]ex10-1.htm

    
      

    

    Exhibit
10.1

     

    

    

    

     

        As of
June 24, 2010

     

    Mr. Louis
V. Aronson

    President
and Chief Executive Officer

    Ronson
Corporation

    Corporate
Park III, Campus Drive

     

    Somerset,
NJ 08875

     

    Dear Mr.
Aronson:

     

    Reference
is made to the Agreement dated March 30, 2009, as previously amended (the
“Agreement”) between Getzler Henrich & Associates LLC (“Getzler Henrich”)
and Ronson Corporation (together with its subsidiaries, the
“Company”).

     

    By
signing below, please confirm that:

     

    (i)           The
date "June 30, 2010" in the two places where it appears in the Agreement is
amended to be "July 31, 2010"; and

     

    (ii)           On
and as of June 18, 2010, the Company owes $1,872,951.61, consisting of
$1,672,951.61 in fees and expenses and $200,000 in Signing Bonus, to Getzler
Henrich under the Agreement, and such amount is owing and payable in full,
without offset, deduction or counterclaim of any kind or character
whatsoever.

     

    Should
another extension to the term of the Agreement be required, Getzler Henrich will
furnish the Company a proposed extension letter on or before July 16,
2010.

     

    [balance
of page left blank]

     

    
      
         

      

      
         

        
          

        

      

      
         

        
          
               

          

        

      

    

    The
Agreement is, in all other respects, ratified and confirmed.

     

     

    
      	 	 	Very truly
      yours,
	 	 	 	 
	 	 	GETZLER HENRICH &
      ASSOCIATES LLC
	 	 	 	 
	 	 	By: 	/s/ Joel
      Getzler
	 	 	 	Vice
    Chairman

    

          

     

        Agreed to and
accepted:

     

    
      	
              RONSON
      CORPORATION

               

              By:  /s/ Joel
      Getzler

                     Name:
      Joel Getzler

                    
      Title:    Chief Restructuring Officer

               

            
	
              RONSON
      CONSUMER PRODUCTS CORPORATION

               

              By:  /s/ Joel
      Getzler

                    
      Name: Joel
      Getzler                                         

                    
      Title:   Chief Restructuring Officer

               

            
	
              RONSON
      AVIATION, INC.

               

              By:  /s/ Joel
      Getzler 

                    
      Name: Joel Getzler

                    
      Title:   Chief Restructuring Officer

               

            
	
              RONSON CORPORATION OF CANADA
      LTD.

               

              By:
      /s/ Joel
      Getzler

                     Name:  Joel
      Getzler

                     Title:    Chief
      Restructuring Officer

               

            

    

    Consented
to:

     

    WELLS
FARGO BANK, NATIONAL ASSOCIATION

    

    By           /s/ Peter L.
Gannon

    Name:        Peter
L. Gannon

    Title:          Vice
Presidentexv10w1

Exhibit 10.1

FIRST AMENDMENT TO

PURCHASE AND SALE AGREEMENT

     FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “First Amendment Agreement”), dated as of
July 6, 2010, by and between Care Investment Trust Inc., a Maryland corporation (the “Company”),
and Tiptree Financial Partners, L.P., a Delaware limited partnership (the “Purchaser”), hereby
amends the Purchase and Sale Agreement, dated as of March 16, 2010, by and between the Company and
the Purchaser (the “PSA”). Certain capitalized terms not otherwise defined herein shall have the
meanings given to such terms in the PSA.

     WHEREAS, pursuant to the PSA, (i) the Company has agreed to sell the Purchased Shares to the
Purchaser upon the terms and subject to the conditions set forth in the PSA, and (ii) the Company
has agreed to make a cash tender offer for any and all of the outstanding shares of Company Common
Stock at the Offer Price, upon the terms and subject to the conditions set forth in the PSA;

     WHEREAS, pursuant to the PSA, August 31, 2010 was agreed as the Outside Date by which the PSA
could be terminated if certain elements of the Contemplated Transactions had not occurred; and

     WHEREAS, in consideration of the progress that has been made towards Closing the Contemplated
Transactions and the desire of the Company and the Purchaser to continue towards Closing without
triggering a termination of the PSA, the Company and Purchaser wish to extend the Outside Date to
September 30, 2010.

     NOW, THEREFORE, in consideration of the foregoing and the representations, warranties,
covenants and agreements set forth in the PSA, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby,
the parties hereto agree as follows:

ARTICLE I

AMENDMENT

     1.1 Amendment of Outside Date. Section 6.1(c) of the PSA is hereby amended by
deleting the proviso in the second sentence of such section and replacing it with the following
proviso:

     provided, however, that in no event shall the Company be required to extend
the Offer beyond September 30, 2010 (the “Outside Date”).

     1.2 Effect of Amendment. Notwithstanding anything else to the contrary in the PSA,
the term “Outside Date” shall mean September 30, 2010 for all purposes of any term, provision or
condition of the PSA. No other term, provision or condition of the PSA shall be amended, modified,
waived or changed hereby and the PSA remains in full force and effect.

 

 

ARTICLE II

GENERAL PROVISIONS

     2.1 Counterparts. This First Amendment Agreement may be executed in two or more
counterparts, all of which shall be considered one and the same agreement and shall become
effective when one or more counterparts have been signed by each of the parties and delivered to
the other parties, it being understood that all parties need not sign the same counterpart.
facsimile or PDF transmission of any signature will be deemed the same as delivery of an original.

     2.2 Amendments and Waivers. No term, provision or condition of this First Amendment
Agreement may be amended or waived except in accordance with Section 10.8 of the PSA.

     2.3 Governing Law. This First Amendment Agreement shall be governed by and construed
in accordance with the Laws of the State of New York without regard to the principles of conflict
of laws to the extent that such principles would permit or require the application of Laws of
another jurisdiction.

[remainder of page intentionally blank]

 

 

     IN WITNESS WHEREOF, the Purchaser and the Company have caused this First Amendment Agreement
to be executed by their respective officers thereunto duly authorized as of the date first above
written.

	 	 	 	 	 
	 	CARE INVESTMENT TRUST INC.

 	 
	 	By:  	/s/Torey Riso
 	 
	 	 	Name:  	Torey Riso 	 
	 	 	Title:  	CEO and President 	 
	 

	 	 	 	 	 
	 	TIPTREE FINANCIAL PARTNERS, L.P.

 	 
	 	By:  	/s/Geoffrey Kauffman
 	 
	 	 	Name:  	Geoffrey Kauffman 	 
	 	 	Title:  	President and CEO

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