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  Exhibit 10.10

 

AMENDMENT AGREEMENT

 

This
Amendment Agreement (“Agreement”) is made and entered
into as of October 10, 2017, by and among GT Biopharma Inc.,
a Delaware corporation (the
“Company”), and
the parties identified on the signature page hereto (each a
“Preferred
Stockholder” and collectively, “Preferred Stockholders”).
Capitalized terms used but not defined herein will have the
meanings assigned to them in the Preferred Stock Exchange
Agreements (as defined below).

 

Capitalized terms
defined herein shall be incorporated in the Preferred Stock
Exchange Agreements, as appropriate.

 

WHEREAS, on August
29, 2017, the Company and Preferred Stockholders identified on
Schedule A entered into
Preferred Stock Exchange Agreements (the “Preferred Stock Exchange
Agreements”); and

 

WHEREAS, pursuant
to the terms of the Preferred Stock Exchange Agreements, in
exchange for the cancellation of all indebtedness of the Company,
the Company issued to the Preferred Stockholders Newly Issued
Capital Stock and New Stock (as defined in the Preferred Stock
Exchange Agreements; and

 

WHEREAS, pursuant
to Section 8(j) of the Preferred Stock Exchange Agreements, a
Majority in Interest may consent to an amendment of any provision
of the Preferred Stock Exchange Agreements on behalf of the
Preferred Stockholders; and

 

WHEREAS, the
Company has requested the Preferred Stockholders agree to an
amendment of Section 7 of the Preferred Stock Exchange
Agreements.

 

NOW
THEREFORE, in consideration of promises and mutual covenants
contained herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby consent and agree as follows:

 

1.           

Section
7 of the Preferred Stock Conversion Agreements shall be amended as
follows:

 

(a)           

the
following language shall be added to the end of Section
7(a):

 

The
restrictions set forth in this Section 7(a) shall terminate if the
Company issues any securities in a financing transaction for the
purpose of raising capital during any time that any New Stock is
outstanding.

 

(b)           

the
following language shall be added to the end of Section
7:

 

“In
addition to the obligations set forth herein, beginning on October
9, 2017 until the earlier of November 30, 2017 and the end of
the Restricted Period, no shares of New Stock may be sold by a
Preferred Stockholder at a sales price of less than $7.00 per share
of New Stock. During the Restricted Period, if in effect, from and
after December 1, 2017, the shares of New Stock which may be
sold on a particular trading day (the "Baseline Day") based on such
Preferred Stockholder ’s Percentage (the "Allotted Shares")
may be sold by such Preferred Stockholder on the Baseline Trading
Day and any one or more of the following five consecutive trading
days following the Baseline Trading Day (for example, if the
Warrant Holder determines that its number of Allotted Shares is
10,000 on the Baseline Trading Day, then the Preferred Stockholder
may sell the 10,000 shares over the six (6) consecutive trading day
period beginning on the Baseline Trading Day and continuing for the
following five consecutive trading days after
that).”

 

 

 

 

2.           The
Company will immediately notify each of the Preferred Stockholders
upon the attainment by the Company of the approval of a Majority in
Interest of Preferred Stockholders.

 

3.           

The Company
represents that the foregoing amendment of Section 7 was requested
by the Company of each Preferred Stockholder and was not requested
by any Preferred Stockholder.

 

4.           

Each of the
Preferred Stockholders hereby represents the truth and accuracy of
each Preferred Stockholder’s representations and warranties
contained in the Preferred Stock Exchange Agreement when made and
also as if such representations and warranties were made as of the
date hereof.

 

5.           

Each of the
Preferred Stockholders executing this Agreement represents to the
Company that it has the authority to enter into and deliver this
Agreement.

 

6.           

All other terms
contained in the Preferred Stock Exchange Agreements remain in
effect.

 

7.           Except
as specifically described herein, there is no other amendment or
waiver expressed or implied.

 

8.           

Each Preferred
Stockholder represents to the Company that it is making its own
determination whether it will consent to this Agreement and not as
a part of a group.

 

9.           

All notices,
demands, requests, consents, approvals, and other communications
required or permitted in connection with this Agreement shall be
made and given in the same manner set forth in the Preferred Stock
Exchange Agreements.

 

10.           

This Agreement
shall be governed by and construed in accordance with the laws of
the State of New York without regard to conflicts of laws and
principles that would result in the application of the substantive
laws of another jurisdiction. Any action brought by either party
against the other concerning the transactions contemplated by this
Agreement shall be brought only in the state courts of New York in
the federal courts located in the state of New York. Both parties
and the individuals executing this Agreement and other agreements
on behalf of the parties agree to submit to the jurisdiction of
such courts and waive trial by jury. The prevailing party (which
shall be the party which receives an award most closely resembling
the remedy or action sought) shall be entitled to recover from the
other party its reasonable attorney’s fees and costs. In the
event that any provision of this Agreement or any other agreement
delivered in connection herewith is invalid or unenforceable under
any applicable statute or rule of law, then such provision shall be
deemed inoperative to the extent that it may conflict therewith and
shall be deemed modified to conform with such statute or rule of
law. Any such provision which may prove invalid or unenforceable
under any law shall not affect the validity or enforceability of
any other provision of any agreement.

 

11.           This
Agreement may be executed in counterparts, all of which when taken
together shall be considered one and the same Agreement and shall
become effective when the counterparts have been signed by each
party and delivered to the other party, it is being understood that
all parties need not sign the same counterpart. In the event that
any signature is delivered by facsimile or PDF transmission, such
signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) the same
with the same force and effect as if such facsimile signature were
an original thereof.

 

 

 

 

IN
WITNESS WHEREOF, the Company and the undersigned Preferred
Stockholders have caused this Agreement to be executed as of the
date first written above.

 

GT
BIOPHARMA INC.

the
“Company”

 

 

                                                                 

By:_______________________________________

 

 

 

__________________________________________

the
“Preferred Stockholder”

 

 

By:_______________________________________Exhibit

Exhibit 10.1

THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
This THIRD AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is entered into effective as of November 14, 2017 by and among American Renal Management LLC, a Delaware limited liability company (the “Company”), American Renal Holdings Inc., a Delaware corporation (“ARH”), and Joseph A. Carlucci, a resident of the Commonwealth of Massachusetts (“Executive”). 
W I T N E S S E T H
WHEREAS, the Company, ARH and Executive entered into that certain employment agreement, dated March 22, 2010, as amended on May 10, 2010 (which amendment was subsequently terminated pursuant to the Termination Agreement, dated October 18, 2010, by and among the Company, ARH and Executive) and April 25, 2016 (the “Agreement”);
WHEREAS, the Company, ARH and Executive each desire to amend the Agreement as provided below to modify the Bonus amounts payable upon achievement of the specified target Bonus percentages; and
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the Company, ARH and Executive each hereby agree to amend the Agreement to reflect this change, as follows:
1.    Definitions.  Capitalized terms used and not otherwise defined in this Amendment have the meanings given such terms in the Agreement.
2.    Amendments.  Section 5.2(a) of the Agreement is hereby stricken and replaced by the following:
“(a)    In addition to the Base Salary, with respect to each full fiscal year during the Term, the Executive shall be eligible to earn an annual cash bonus award (a “Bonus”) with a minimum threshold of 50.0% of Base Salary, a target Bonus of 100% of Base Salary and a maximum Bonus amount of 150% of Base Salary (the “Maximum Bonus”) based on the ARH Group’s achievement of annual, fiscal year Consolidated EBITDA (as defined in Exhibit B) performance goals to be established by the Company’s compensation committee of the Board (the “Committee”), or the Board acting as the Committee within 90 days after the beginning of the period of service to which the performance goal(s) relate in connection with the annual budgetary process and shall be set forth in the ARH Group’s budget (the “Performance Goals”). If ARH Group’s Consolidated EBITDA for a particular calendar year is equal to 90% of the budgeted Consolidated EBITDA for that calendar year, Executive shall receive a bonus amount of 50.0% of Base Salary; if ARH Group’s Consolidated EBITDA is between 90%-100% of the budgeted Consolidated EBITDA for that calendar year, for each full percentage point that Consolidated EBITDA exceeds 90%, the Bonus amount shall increase by 5.0% of Base Salary; if ARH Group’s Consolidated EBITDA is between 100%-110% of the budgeted Consolidated EBITDA for that calendar year, for each full percentage point that Consolidated EBITDA exceeds 100%, the Bonus amount shall increase by 1.5% of Base Salary; and if ARH Group’s Consolidated EBITDA is between 110%-127.00% of the budgeted Consolidated EBITDA for that calendar year, for each full percentage point that Consolidated EBITDA exceeds 110%, the Bonus amount shall increase by 2.0% of Base Salary (and an additional 1.0% of Base Salary if ARH Group’s Consolidated EBITDA exceeds 127% by at least 0.33%).”
3.    Amendment Governs in the Case of Conflict.  In the event that any terms or provisions of the Agreement conflict or are inconsistent with the terms and provisions of this Amendment, the terms of this Amendment shall govern and control.
4.    No Further Modification.  Except as amended hereby, the Agreement remains unmodified and in full force and effect.  
[Signature Page Follows]

IN WITNESS WHEREOF, the Company, ARH and Executive have executed this Amendment effective as of the date first written above.

AMERICAN RENAL MANAGEMENT LLC
By:    /s/ Syed T. Kamal            
Name:    Syed T. Kamal
Title:    President
AMERICAN RENAL HOLDINGS INC.
By:    /s/ Syed T. Kamal            
Name:    Syed T. Kamal
Title:    President
EXECUTIVE
/s/ Joseph A. Carlucci     
Joseph A. Carlucci

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