Document:

EX-10.1

 Exhibit 10.1 

PROMISSORY NOTE 
  

			
	 $70,000.00
		Dated as of March 6, 2015

 Cambridge Capital Acquisition Corporation (“Maker”) promises to pay to the order of Benjamin Gordon or his
successors or assigns (“Payee”) the principal sum of Seventy Thousand Dollars and No Cents ($70,000.00) in lawful money of the United States of America, on the terms and conditions described below. 

1. Principal. The principal balance of this Note shall be repayable on the consummation of the Maker’s initial merger, capital stock exchange,
asset acquisition or other similar business combination with one or more businesses or entities (a “Business Combination”). Payee understands that if a Business Combination is not consummated, this Note will not be repaid and all amounts
owed hereunder will be forgiven. 
 2. Interest. No interest shall accrue on the unpaid principal balance of this Note. 

3. Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under
this Note, including (without limitation) reasonable attorneys’ fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note. 

4. Events of Default. The following shall constitute Events of Default: 
  

	 	(a)	Failure to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following the date when due. 

 

	 	(b)	Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under the Federal Bankruptcy Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy,
insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any
substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of
the foregoing. 

  

	 	(c)	Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under the Federal Bankruptcy Code, as now or
hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part
of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days. 

5. Remedies. 

	 	(a)	Upon the occurrence of an Event of Default specified in Section 4(a), Payee may, by written notice to Maker, declare this Note to be due and payable, whereupon the principal amount of this Note, and all other
amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the
contrary notwithstanding. 

  

	 	(b)	Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of, and all other sums payable with regard to, this Note shall automatically and immediately become due and
payable, in all cases without any action on the part of Payee. 

 6. Conversion. Upon consummation of a Business Combination, the Payee
shall have the option, but not the obligation, to convert the principal balance of this Note, in whole or in part at the option of the Payee, into units (“Units”) of the Maker at a price of $10.00 per Unit; provided, however, that the
Payee shall be permitted to convert this Note only if the stockholders of the Maker or the target business in any such Business Combination, whichever may be required in connection with such Business Combination, have approved the issuance of the
Units to the Payee if such approval is necessary under applicable rules. The Units will be identical to the “units” (as such term is defined in the Maker’s final prospectus for its initial public offering, dated December 17,
2013). As promptly after notice by Payee to Maker to convert the principal balance of this Note, which must be made at least 24 hours prior to the consummation of the Business Combination, as reasonably practicable and after Payee’s surrender
of this Note, Maker shall have issued and delivered to Payee, without any charge to Payee, a certificate or certificates (issued in the name(s) requested by Payee) for the number of Units of Maker issuable upon the conversion of this Note. 

7. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting
any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for
payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee. 

8. Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the
payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agree that additional makers, endorsers,
guarantors, or sureties may become parties hereto without notice to them or affecting their liability hereunder. 

 9. Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified
mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery, (iv) sent by telefacsimile or (v) sent by e-mail,
to the following addresses or to such other address as either party may designate by notice in accordance with this Section: 
 If to Maker: 

Cambridge Capital Acquisition Corporation 
 525 South Flagler
Drive, Suite 201 
 West Palm Beach, FL 33401 

mig@cambridgecapital.com 
 If to Payee: 

Benjamin Gordon 
 c/o Cambridge Capital Acquisition Corporation

 525 South Flagler Drive, Suite 201 
 West Palm Beach, FL
33401 
 ben@bgsa.com 
 Notice shall be deemed given on the
earlier of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission confirmation, (iii) the date on which an e-mail transmission was received by the receiving party’s on-line access provider
(iv) the date reflected on a signed delivery receipt, or (v) two (2) Business Days following tender of delivery or dispatch by express mail or delivery service. 

10. Construction. This Note shall be construed and enforced in accordance with the domestic, internal law, but not the law of conflict of laws, of the
State of New York. 
 11. Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly
executed by its President and Chief Financial Officer the day and year first above written. 
 [Signature Page Follows] 

 
			
	CAMBRIDGE CAPITAL ACQUISITION CORPORATION
		
	By:		 /s/ Mitchell Gordon

			Name: Mitchell Gordon
			Title: President and Chief Financial Officer

 [Signature Page to Promissory Note]Exhibit 10.23

SEVERANCE AGREEMENT AND MUTUAL GENERAL RELEASE

This Severance Agreement and Mutual General Release (the “Agreement”) is made as of this 13th day of January, 2015, by and between GSI Group, Inc. (“GSI”) and Deborah Mulryan (“Mulryan”).

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned parties agree as follows:

1. Termination of Employment.  Mulryan’s employment by GSI shall cease on January 13, 2015 (the “Termination Date”).  As of the Termination Date, Mulryan shall not receive, and shall not be entitled to receipt of, any wage, salary or employment benefits from GSI, except as expressly set forth in paragraphs 2 and 3 of this Agreement.  Mulryan acknowledges that she was paid her final wages and any accrued unused vacation pay on the Termination Date. 

2. Severance Payments.  In consideration of Mulryan’s release of all claims, as set forth below, GSI agrees to: 

(a)  continue Mulryan’s salary through March 31, 2016, subject to regular tax withholdings and deductions, to be paid as part of GSI’s regular payroll;

(b)  pay Mulryan $45,500, less applicable withholdings, on GSI’s first regular pay period following the Effective Date, as defined below, on account of the bonus opportunity for which Mulryan would have been eligible had she remained employed through March 31, 2015; and

(c)  accelerate the vesting date of all of Mulryan’s unvested Restricted Stock Units (22,472 units) to a date within seven days following the Effective Date.  

3. Health Insurance.  Mulryan may elect to continue receiving health, dental and vision insurance coverage in accordance with COBRA.  She will receive separate notification regarding her COBRA rights, in accordance with applicable law.  If Mulryan elects COBRA, GSI shall directly pay for her full COBRA premiums until her eligibility for COBRA expires.  After her eligibility for COBRA coverage expires, up until the third anniversary of the Termination Date, GSI shall reimburse Mulryan for her actual cost of purchasing health, dental and vision insurance equivalent to GSI’s health, dental and vision insurance, as demonstrated by appropriate documentation, including but not limited to invoices. 

4. General Release by Mulryan.  In consideration of GSI’s agreement to provide Mulryan with one-half of the Severance Payments, the COBRA and other health insurance reimbursement set forth above, and GSI’s release of claims against Mulryan below, Mulryan, for herself and her heirs, successors and assigns, hereby remises, releases and forever discharges GSI, and all of its past, present and future officers, directors, principals, agents, servants, representatives, employees and attorneys (the “Releasees”), from any and all claims and causes of action of every name and nature, both in law and equity, whether known or unknown, which she may now have, or in the past may have had, against the Releasees, or any of them, on account of any act, event, neglect, or omission occurring from the beginning of the world to the date of this Agreement, including but not limited to any claims arising out of, or related to, her employment by GSI or the termination of that employment (the “Claims”).  This General Release includes, but is not limited to, any claims under federal, state and local laws that prohibit discrimination (including without limitation, claims of discrimination based on race, religion, national origin, sex, disability or handicap and sexual orientation), any statutory claims with respect to breach of contract (express and/or implied), including but not limited to claims arising under any alleged employment agreement, wrongful termination, intentional or negligent infliction of emotional distress, interference with contractual or advantageous business relations, loss of consortium, invasion of privacy, defamation, payment of wages, vacation pay or any other claims under the Massachusetts Wage Act, M.G.L. c. 149, any debts, costs and expenses, attorneys’ fees and other damages.  This Agreement includes a release of claims Mulryan may have had under her offer of employment dated July 29, 2011.  By entering into this Agreement, Mulryan acknowledges that she has been advised and understands that, except as is expressly provided herein, she is knowingly and voluntarily relinquishing any and all rights she may have to recover damages from the Releasees, or any of them, in her own lawsuit or any lawsuit instituted by another person, entity or agency.

This Agreement shall not be construed to prevent Mulryan from participating in any investigation or proceeding before any state or federal administrative agency, provided, however, that it does and shall operate to prevent Mulryan from receiving or sharing in any relief, remedy, judgment or award resulting from such investigation or proceeding that relates to or arises out of any allegation, action or matter occurring before the date of this Agreement.  The only amount to which Mulryan shall be entitled is the consideration paid to Mulryan pursuant to this Agreement. 

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Notwithstanding the foregoing, this release does not include and will not preclude: (a) non-termination related claims under any disability insurance policy/plan; (b) rights to vested benefits under any applicable retirement and/or pension and/or deferred compensation plans; (c) non-termination related rights and claims under the Employee Retirement Income Security Act (29 U.S.C. § 1001 et seq.); (d) rights under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”); (e) claims for unemployment compensation; (f) rights to defense and indemnification, if any, from GSI for actions taken by Mulryan in the course and scope of her employment with GSI and its parents, subsidiaries and/or affiliates; and/or (g) claims, actions, or rights arising under or to enforce the terms of this Agreement.  

5. Age Discrimination in Employment Act Release.  In consideration of the obligations of GSI hereunder to Mulryan, and in particular, its agreement to pay the remaining one-half of the Severance Payments set forth in paragraph 2 of this Agreement, Mulryan on her own behalf and on behalf of her heirs, executors, administrators and assigns, hereby fully releases, discharges and covenants not to sue GSI, as well as its past, present and future directors, officers, agents, attorneys, employees, representatives, affiliates, subsidiaries, parent corporations, any related entities, successors and assigns, for any claims she may have had in the absence of this Agreement for employment discrimination based on age under the federal law known as the Age Discrimination in Employment Act, 29 U.S.C. §621, et seq., and comparable state laws, including without limitation M.G.L. c. 151B, §4 and M.G.L. c. 93, §103.  By executing this Agreement, Mulryan does not waive rights or claims under these provisions that may arise after the date this Agreement is executed.

6. General Release by GSI.  In consideration of Mulryan’s releases set forth above, GSI, and all of its past, present and future parent companies, subsidiaries, affiliates, officers, directors, principals, agents, servants, representatives, employees and attorneys, hereby remise, release and forever discharge Mulryan, from any and all claims and causes of action of every name and nature, both in law or in equity, whether known or unknown, which they may now have or in the past may have had against Mulryan, on account of any act, event, neglect or omission occurring from the beginning of the world to the date of this Agreement, including but not limited to any claims arising out of, or related to, Mulryan’s employment by GSI or the termination of that employment (the “Claims”).  This General Release includes, but is not limited to, any claims under federal, state and local laws, any statutory claims, any claims for breach of contract (express and/or implied), any claims for tortious conduct, and any other claims for debts, costs and expenses, attorneys’ fees and other damages.  By entering into this Agreement, GSI acknowledges that it has been advised and understands that, except as is expressly provided herein, it is knowingly and voluntarily relinquishing any and all rights it may have to recover damages from Mulryan. 

Notwithstanding the foregoing, this release does not include and will not preclude (a) claims, actions or rights arising under or to enforce the terms of this Agreement, or (b) future claims, actions or rights arising under or to enforce the terms of the Inventions and Non-Disclosure Agreement and Employee Patent and Proprietary Information Utilization, Non-Competition and Non-Solicitation Agreement.

7. Effective Date; Consideration.  Prior to executing this Agreement, Mulryan was advised to consult with an attorney about the terms of this Agreement and was given a period of at least 21 days within which to consider this Agreement.  For a period of seven days following the date this Agreement is executed by Mulryan, Mulryan may revoke the Agreement by hand-delivering to John Roush at GSI within that period of time a written statement to that effect.  This Agreement shall not become effective or enforceable until the day after the seven-day revocation period has expired (the “Effective Date”).

8. No Action Commenced.  The parties represent and warrant that they have not commenced an action or proceeding against each other or any of the other GSI Releasees in any court, or before any administrative agency, and agree that they will not do so in the future for any claims released by the Agreement.

9. Confidentiality and Non-disparagement.  Mulryan agrees to keep confidential and not to disclose the facts or terms of this Agreement to anyone other than her attorney, accountant or spouse (each of whom she shall direct, and who shall agree, to honor the same confidentiality obligation as Mulryan hereunder), and otherwise as required by law. GSI agrees to keep confidential and not to disclose the facts or terms of this Agreement to anyone other than its directors, officers, and attorneys and to employees who have a need to know the terms for purposes of carrying out GSI’s obligations, and as otherwise required by law, including but not limited to the filing of an SEC Form 8-K.  GSI agrees that Mulryan may have reasonable input on the notice to be issued by GSI informing employees of Mulryan’s departure.  Mulryan further agrees that she shall not disparage Releasees, or any of them, in a personal manner, a professional manner or otherwise, and GSI agrees that its directors and officers shall not disparage Mulryan in a personal manner, a professional manner or otherwise.  GSI shall also instruct Leane Sinicki not to disparage Mulryan in a personal manner, a professional manner or otherwise.

10. No Further Employment with GSI.  Mulryan agrees that she shall not apply for employment or be eligible for employment by GSI.  GSI agrees that it will not challenge Mulryan’s application for unemployment compensation, and the reason for termination is job elimination.

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11. No Admissions.  The parties agree and acknowledge that the considerations exchanged herein do not constitute and shall not be construed as constituting an admission of any sort by either party and shall not be used as evidence of liability or wrongdoing on the part of any party to this Agreement.

12. Severability.  The provisions of this Agreement will be deemed severable, and if any part of this Agreement shall be judged invalid, such judgment shall not affect other parts thereof.

13. Complete Agreement.  This Agreement is intended by the parties as a final written expression of their agreement which supersedes any prior written expression of their intent regarding the terms of this Agreement, and it sets forth their entire agreement, provided, however, that the terms under applicable RSU agreements and plans shall remain in full force and effect, and the Employee Invention and Non-Disclosure Agreement and the Employee Patent and Proprietary Information Utilization, Non-Competition and Non-Solicitation Agreement executed by Mulryan shall continue in full force and effect.  The parties warrant that no representation, promise or inducement, other than what is contained in this Agreement, has been offered or made to induce any party to enter into this Agreement.  The parties further represent that they are competent to execute this Agreement and accept full responsibility for its terms.  Mulryan acknowledges that she has executed this Agreement knowingly and voluntarily.  This Agreement may not be amended or modified except by a writing signed by all of the parties to this Agreement.

14. Governing Law.  This Agreement shall be governed by and construed as a contract in accordance with the laws of the Commonwealth of Massachusetts.

15. Multiple Counterparts.  This Agreement may be executed in counterpart or duplicate originals, each having the same force and effect as an original.

16. Paragraph Headings.  The paragraph headings throughout this Agreement are for convenience and reference only and the words therein shall in no way be held to explain, modify, amplify or aid in the interpretation, construction or meaning of the provisions of this Agreement.

IN WITNESS WHEREOF, the undersigned parties, intending to be legally bound, have caused this Agreement to be executed as a sealed instrument and delivered at ____________, Massachusetts, as of this 13th day of January, 2015.

 

	
DEBORAH MULRYAN
	
 
	
GSI GROUP, INC.

	
 
	
 
	
 
	
 
	
 

	
 
	
/s/ Deborah A. Mulryan
	
 
	
     
	
/s/ John A. Roush

	
 
	
 
	
 
	
 
	
By: John A. Roush

	
 
	
 
	
 
	
 
	
Title: Chief Executive Officer

 

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