Document:

clth_ex1028.htm

Exhibit 10.28

 

AMENDMENT No. 5 TO PROMISSORY NOTE

 

This Amendment No. 5 to the Promissory Note, originally dated September 1, 2010 (the “Note”), previously amended February 11, 2011, May 31, 2011, July 29, 2011 and November 7, 2011 (the “Amendments”), is entered into as of the 27th day of March, 2012, by and between CMS Acquisition, LLC (“CMS”) and CleanTech Biofuels, Inc. (“CTB”).

 

WHEREAS, the Note is secured by the CTB owned U.S. Patent No. 6,306,248 pursuant to a Security Agreement dated as of September 1, 2010, between CMS and CTB (the “Security Agreement”);

 

WHEREAS, a payment of $25,000 was made on February 11, 2011 for interest to date and principal, by CTB on the Note;

 

WHEREAS, as of May 16, 2011, the rate to accrue interest increased to 10.0% per annum (from 9.0% per annum);

 

 WHEREAS, as of November 7, 2011, Warrant A1 issued with the original Note on September 1, 2010 was re-dated to November 7, 2011; and

 

WHEREAS, the parties wish to amend the terms of the Note as set forth below.

 

NOW THEREFORE, the parties hereto agree as follows:

 

	
1.  

	
The Maturity Date, as defined in the Amendments, shall be changed to May 15, 2012 from February 7, 2012.

 

	
2.  

	
All remaining terms and conditions of the Note, Security Agreement and Warrant shall continue in full force and effect.

 

IN WITNESS WHEREOF, CTB and CMS have caused this Amendment No. 5 to the Note to be executed and delivered by their duly authorized officers as of the day and year set forth above.

 

	
CLEANTECH BIOFUELS, INC.:

	
By: 

	/s/ 	 
	 	 	Name: Edward P. Hennessey	 
	 	 	Title: CEO	 
	 	 	 	 
	CMS Acquisition, LLC:	By: 	/s/ 	 
	 	 	Name:	 
	 	 	Title:ptx_ex1017.htm

EXHIBIT 10.17

 

December 1, 2011

 

David Becker

200 Whistling Duck Lane

Double Oak, TX  75077

Dear Mr. Becker:

We are pleased to extend an offer of employment to you with Pernix Therapeutics.  You are being offered a full-time position as Chief Financial Officer. You will be expected to work a minimum of forty (40) hours per week and you will be compensated on a semi-monthly basis, on the 15th and last day of each month.  Your salary is as follows:

	
·

	
Base salary will be set at $230,000 per year.

	
·

	
Monthly car allowance of $750 to be reduced or increased from time to time as the CEO deems appropriate.

	
·

	
Annual bonus, if deemed appropriate by Pernix’s compensation committee, will be based on company and individual performance.

	
·

	
Stock option award of 150,000 options awarded on the first day of your employment that vest ratably over three years and expire 10 years from the date of the award.

	
·

	
Reasonable moving expenses based on the lowest of three independent quotes.

	
·

	
Upon termination, without cause (as defined on Exhibit A), you would be eligible for severance equivalent to one year of annual salary at your then current rate and the cash equivalent of one year of your health benefits.  This severance would be paid out in equal semi-monthly payments over the term of the severance period (one year).

You will be eligible for health insurance, dental insurance, life, short term and long term disability insurance on the first day of the month following one month of consecutive employment.  Dependent Medical and Dental insurance is available for your dependents.   You are eligible for our 401k plan upon completion of the requirements listed in the Employee Handbook.  Please read, sign and return the acknowledgement located on the last page of the handbook (provided separately).

Under the Immigration Reform and Control Act (IRCA), our company is required to verify the identity and work authorization of all newly hired employees.  Therefore, you may be required to complete the I-9 form upon hire.  Within three business days of beginning employment, you will need to supply acceptable documentation (as noted on the enclosed I-9 form) of your identity and work authorization.

 

  

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OUR COMPANY ADHERES TO A POLICY OF EMPLOYMENT-AT-WILL WHICH ALLOWS EITHER PARTY TO TERMINATE THE EMPLOYMENT RELATIONSHIP AT ANY TIME, FOR ANY REASON, WITH OR WITHOUT CAUSE OR NOTICE.

As with all potential employees, you will undergo a background check and you will be required to take a drug screening test which will be conducted in accordance with applicable federal, state and local laws.  Your employment is contingent on successful completion of your drug screening and background checks.

Your official employment begins on December 5, 2011 and you will receive your first paycheck on approximately December 15, 2011.  If you have any questions concerning the above details, please contact me immediately at 225-647-3002.

Sincerely,

 

	 	 	 
	
/s/Cooper Collins

	 	 
	
Cooper Collins

	 	 
	

President and CEO

	 	 

 

I have read and accept the terms of this employment offer from Pernix Therapeutics.

ACKNOWLEDGEMENT

 

	
/s/David Becker

	 	 
	David Becker 	 	 
	
 

	 	 
	12/1/2011	 	 
	 	 	 
	Date	 	 

 

  

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EXHIBIT A

Additionally, Employer shall have the right to terminate Employee’s employment for Cause at any time and without prior notice and without payment of any severance allowance or further compensation beyond the date of termination.  Any amount owed to the Employee shall be paid to him within thirty (30) days following the termination of his employment (unless a lesser period of time is required by applicable law or a greater period of time is required by Section 409A).  For purposes of this Agreement, “Cause” shall include: (i) fraud, libel, slander, dishonesty, or any other act by Employee that is detrimental to Employer or its good will or damaging to its relationships with its members, customers, suppliers, or employees, including, without limitation, (A) use of alcohol or illegal drugs such as to interfere with the performance of Employee’s obligations hereunder, and (B) conviction of, or entry of a plea of guilty or no contest to, a felony or any crime involving moral turpitude, dishonesty, or theft; (ii) failure by Employee to comply with applicable laws or governmental regulations with respect to Employer’s operations or the performance of Employee’s duties; and (iii) failure by Employee to perform the duties and responsibilities as may be assigned or delegated, from time to time, to Employee by Employer.

 

 

 3ptx_ex1018.htm

EXHIBIT 10.18

 

December 1, 2011

 

Charles “Chuck” Hrushka

549 Hardage Trace NW

Marietta, Georgia 30064

Dear Mr. Hrushka:

We are pleased to extend an offer of employment to you with Pernix Therapeutics.  You are being offered a full-time position as Vice President of Sales and Marketing. You will be expected to work a minimum of forty (40) hours per week and you will be compensated on a semi-monthly basis, on the 15th and last day of each month.  Your salary is as follows:

	
·

	
Base salary will be set at $175,000 per year.

	
·

	
Monthly car allowance of $750 to be reduced or increased from time to time as the CEO deems appropriate.

	
·

	

Annual bonus, if deemed appropriate by Pernix’s compensation committee, will be based on company and individual performance.

	
·

	
Reasonable moving expenses based on the lowest of three independent quotes.

	
·

	
Contingent upon the successful acquisition of a certain gastroenterology product, you will receive a stock option award of 50,000 options awarded on the first day following the successful acquisition of this product that vest ratably over three years and expire 10 years from the date of the award.

	
·

	
Contingent upon the successful acquisition of this product, upon termination, without cause (as defined on Exhibit A), you would be eligible for severance equivalent to one year of annual salary at your then current rate and the cash equivalent of one year of your health benefits.  This severance would be paid out in equal semi-monthly payments over the term of the severance period (one year).

You will be eligible for health insurance, dental insurance, life, short term and long term disability insurance on the first day of the month following one month of consecutive employment.  Dependent Medical and Dental insurance is available for your dependents.   You are eligible for our 401k plan upon completion of the requirements listed in the Employee Handbook.  Please read, sign and return the acknowledgement located on the last page of the handbook (provided separately).

Under the Immigration Reform and Control Act (IRCA), our company is required to verify the identity and work authorization of all newly hired employees.  Therefore, you may be required to complete the I-9 form upon hire.  Within three business days of beginning employment, you will need to supply acceptable documentation (as noted on the enclosed I-9 form) of your identity and work authorization.

  

1

  

 

OUR COMPANY ADHERES TO A POLICY OF EMPLOYMENT-AT-WILL WHICH ALLOWS EITHER PARTY TO TERMINATE THE EMPLOYMENT RELATIONSHIP AT ANY TIME, FOR ANY REASON, WITH OR WITHOUT CAUSE OR NOTICE.

As with all potential employees, you will undergo a background check and you will be required to take a drug screening test which will be conducted in accordance with applicable federal, state and local laws.  Your employment is contingent on successful completion of your drug screening and background checks.

Your official employment begins on December 5, 2011 and you will receive your first paycheck on approximately December 15, 2011.  If you have any questions concerning the above details, please contact me immediately at 225-647-3002.

Sincerely,

 

	
/s/Cooper Collins

	 	 
	
Cooper Collins

	 	 
	

President and CEO

	 	 

 

I have read and accept the terms of this employment offer from Pernix Therapeutics.

ACKNOWLEDGEMENT

 

	/s/Charles Hrushka	 	 
	
Charles Hrushka                                    

	 	 
	
 

	 	 
	12/1/11	 	 
	 	 	 
	Date                                                                            	 	 

 

  

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EXHIBIT A

Additionally, Employer shall have the right to terminate Employee’s employment for Cause at any time and without prior notice and without payment of any severance allowance or further compensation beyond the date of termination.  Any amount owed to the Employee shall be paid to him within thirty (30) days following the termination of his employment (unless a lesser period of time is required by applicable law or a greater period of time is required by Section 409A).  For purposes of this Agreement, “Cause” shall include: (i) fraud, libel, slander, dishonesty, or any other act by Employee that is detrimental to Employer or its good will or damaging to its relationships with its members, customers, suppliers, or employees, including, without limitation, (A) use of alcohol or illegal drugs such as to interfere with the performance of Employee’s obligations hereunder, and (B) conviction of, or entry of a plea of guilty or no contest to, a felony or any crime involving moral turpitude, dishonesty, or theft; (ii) failure by Employee to comply with applicable laws or governmental regulations with respect to Employer’s operations or the performance of Employee’s duties; and (iii) failure by Employee to perform the duties and responsibilities as may be assigned or delegated, from time to time, to Employee by Employer.

 

 

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