Document:

EX-10.11

 Exhibit 10.11 
  

 
 Celladon Corporation 
 11988 El Camino Real Suite 650 
 San Diego California 92130-3579 

U.S.A. 
 Tel. 1.858.366.4081

 Fax 1.858.964.0974 

www.celladon.com 

EXHIBIT A 

RELEASE AGREEMENT 

I, Krisztina M. Zsebo, Ph.D., confirm that my position with Celladon Corporation (the “Company”) has terminated
effective May 29, 2015 (the “Separation Date”). The Company has agreed that in exchange for my promises and covenants herein and provided that this Agreement becomes effective, the Company will provide to me the severance benefits
described in Section 6(a) of that certain Employment Letter Agreement between myself and the Company dated August 30, 2013, as amended on January 23, 2014 and May 27, 2015 (the “Employment Agreement”), and any
agreements incorporated therein by reference. I understand that the severance benefits will be paid in accordance with the terms and conditions of the Employment Agreement and that I am not entitled to such severance benefits unless I sign this
Release Agreement (the “Agreement”) and it becomes effective. I understand that in addition to the severance benefits described in Section 6(a) of the Employment Agreement, the Company will pay me all of my accrued salary and vacation
earned through the Separation Date, to which I am entitled by law regardless of whether I sign this Agreement. 
 In
exchange for the consideration provided to me by the Employment Agreement that I am not otherwise entitled to receive, I hereby generally and completely release the Company and its directors, officers, employees, shareholders, members, partners,
agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns, from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events,
acts, conduct, or omissions occurring prior to my signing this Agreement. This general release includes, but is not limited to: (1) all claims arising out of or in any way related to my employment or service with the Company or the termination
of that employment or service; (2) all claims related to my compensation or benefits from the Company, including, but not limited to, salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock,
stock options, or any other ownership interests in the Company; (3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including, but not limited
to, claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including, but not limited to, claims for discrimination, harassment, retaliation,
attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the Family and Medical Leave Act, the California Unruh Act, and the California Fair
Employment and Housing Act (as amended). 
 In giving this release, which includes claims which may be unknown to me at
present, I hereby acknowledge that I have read and understand Section 1542 of the Civil Code of the State of California which reads as follows: 

A general release does not extend to claims which the creditor does not know or suspect to exist in his or
her favor at the time of executing the release, which if 

  
 1. 

 
known by him or her must have materially affected his or her settlement with the debtor. 

I hereby expressly waive and relinquish all rights and benefits under Section 1542 and any law or legal principle of
similar effect in any jurisdiction with respect to claims released hereby. 
 I acknowledge that I am knowingly and
voluntarily waiving and releasing any rights I may have under the federal Age Discrimination in Employment Act of 1967, as amended (“ADEA”). I also acknowledge that the consideration given for this waiver is in addition to anything of
value to which I was already entitled. I have been advised by this writing, as required by the ADEA that: (a) my waiver and release do not apply to any claims that may arise after my signing of this Agreement; (b) I should consult with an
attorney prior to executing this release; (c) I have twenty-one (21) days within which to consider this release (although I may choose to voluntarily execute this release earlier); (d) I have seven (7) days following the
execution of this release to revoke the Agreement; and (e) this Agreement will not be effective until the day after the seven day revocation period has expired without my having previously revoked the Agreement (the “Effective Date”),
and that I will not receive the benefits specified in this Agreement unless and until it becomes effective. I further acknowledge that I have received the disclosure required by 29 U.S.C. § 626 (f)(1)(H), attached as Exhibit A. 

I acknowledge my continuing obligations under my Employee Confidentiality and Inventions Assignment Agreement a copy of which
is attached hereto as Exhibit A. Pursuant to the Employee Confidentiality and Inventions Assignment Agreement I understand that among other things, I must not use or disclose any confidential or proprietary information of the Company without written
authorization from the Company and I must immediately return all Company property and documents (including all embodiments of proprietary information) and all copies thereof in my possession or control. 

This Agreement, including Exhibit A, constitutes the complete, final and exclusive embodiment of the entire agreement between
the Company and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not expressly stated herein. This Agreement may only be modified by a writing signed by both me and a duly
authorized officer of the Company. The offer contained in this Agreement will remain open until noon on June 21, 2015 (the Expiration Date), at which point it will automatically expire and be null and void. 

I acknowledge that I have the right to consult with an attorney prior to executing this Agreement. In addition, I acknowledge
that I have until the Expiration Date to consider this Agreement (although I may choose voluntarily to execute this Agreement earlier). I further acknowledge that I have received the disclosure required by 29 U.S.C. § 626 (f)(1)(H), attached as
Exhibit A. 
 I accept and agree to the terms and conditions stated above: 

 

									
	Dated:  	 	 05/29/2015
	 		 	 /s/ Krisztina M. Zsebo
	 	
	To be signed between May 29, 2015 and June 19, 2015 in order to be eligible for severance benefits.	 		 	Krisztina M. Zsebo, Ph.D.	 	

  
 2. 

 EXHIBIT A 

EMPLOYEE CONFIDENTIALITY AND INVENTIONS ASSIGNMENT AGREEMENTExhibit 10.1

 

WAIVER

 

July 9, 2015

 

 

Advanced Environmental Recycling Technologies, Inc.

914 N. Jefferson

Springdale, Arkansas 72764

Attention: Chief Executive Officer

 

 

Ladies and Gentlemen:

 

Reference hereby is
made to that certain Credit Agreement, dated as of March 18, 2011, as amended by that certain First Amendment to Credit Agreement,
dated as of May 23, 2011, and as further amended by that certain Second Amendment to Credit Agreement, dated as of October 20,
2011 (as further amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”),
by and among Advanced Environmental Recycling Technologies, Inc., a Delaware corporation (“Borrower”), the lenders
from time to time parties hereto (the “Lenders”), H.I.G. AERT, LLC, as the administrative agent for the Lenders
(in such capacity, together with its successors and assigns in such capacity, “Agent”; and together with the
Lenders, collectively, the “Lender Group”). Capitalized terms used herein and not otherwise defined or limited
herein shall have the meanings ascribed to such terms in the Credit Agreement.

 

As you are aware, Borrower
has failed to perform obligations owed to the Lender Group under the terms and conditions of the Credit Agreement as a result of
Borrower’s failure to comply with Sections 6.10 and 6.11 of the Credit Agreement, which require Borrower to have (i)
a Leverage Ratio of below 3.10 to 1.00, (ii) a Fixed Charge Coverage Ratio greater than 1.50, (iii) a Minimum EBITDA of $10 million,
and (iv) Capital Expenditures of less than $2.5 million for the current fiscal year, respectively (collectively, the “Specified
Events of Default”) for four Fiscal Quarters (as defined in the Credit Agreement) ending June 30, 2015. The Specified
Events of Default represent Events of Default under the Notes (as defined in the Company’s Certificate of Designations, Preferences
and Rights of the Series E Convertible Preferred Stock of Advanced Environmental Recycling Technologies, Inc. dated March 17, 2011
(the “Certificate of Designation”)) resulting in the occurrence of a Triggering Event (as defined in the Certificate
of Designation) under Section 5(a)(ii) of the Certificate of Designation.

 

As a result of the
Specified Events of Default, Events of Default have occurred and are currently continuing under the Credit Agreement. You have
requested that the Lender Group waive the Specified Events of Default. This letter (this “Waiver”) is to advise
you that the Lender Group hereby waives the Specified Events of Default and their rights and remedies under the Credit Agreement
arising as a result of the Specified Events of Default.

 

    	 

    	 

    

Notwithstanding the
foregoing, such waiver shall not waive any other requirement or hinder, restrict or otherwise modify the rights and remedies of
the Lender Group following the occurrence of any other Event of Default under the Credit Agreement. Except as otherwise expressed
herein, the text of the Credit Agreement and the other Credit Documents shall remain in full force and effect, and the Lender Group
hereby reserves its rights to require strict compliance in the future with all terms and conditions of the Credit Agreement and
the other Credit Documents. Borrower hereby reaffirms its obligations under each Credit Document to which it is a party. Borrower
hereby further ratifies and reaffirms the validity and enforceability of all of the Liens heretofore granted, pursuant to and in
connection with the Security Agreement or any other Credit Document, to Agent, on behalf and for the benefit of each member of
the Lender Group, as collateral security for the Obligations under the Credit Documents in accordance with their respective terms,
and acknowledges that all of the Liens, and all Collateral heretofore pledged as security for the Obligations, continues to be
and remain Collateral for the Obligations from and after the date hereof. Borrower hereby restates, ratifies and reaffirms each
and every term and condition set forth in the Credit Agreement and the Credit Documents effective as of the date hereof.

 

This Waiver may be
executed in multiple counterparts, each of which (including any counterpart delivered by facsimile or other electronic method of
transmission) shall be deemed to be an original and all of which, taken together, shall constitute one and the same agreement,
and this Waiver shall be deemed to be made under, and for all purposes shall be construed in accordance with, the laws of the State
of New York. This Waiver shall be effective as of the date set forth above when and only when, Agent shall have received a counterpart
of this Waiver duly executed by Borrower and the Lenders.

 

This Waiver shall constitute
a Credit Document for all purposes.

 

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left blank]

 

 

 

 

 

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Waiver to be executed and delivered as of the date first above written.

 

 

	 	H.I.G. AERT, LLC,
	 	as Administrative Agent and Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Todd Ofenloch
	 	 	Name: 	Todd Ofenloch
	 	 	Title:	Authorized Signatory

 

 

Acknowledged and agreed to

as of the date first written above:

  

 

	ADVANCED ENVIRONMENTAL	 
	RECYCLING TECHNOLOGIES, INC.,	 
	a Delaware corporation	 
	 	 	 
	 	 	 
	By:	/s/ J. R. Brian Hanna	 
	Name:	J. R. Brian Hanna	 
	Title:	Chief Financial Officer & Principal Accounting Officer

 

 

 

 

 

 

Waiver (H.I.G. LOAN Agreement)

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