Document:

Exhibit 10.6

 

ALLONGE TO COMMON STOCK PURCHASE WARRANT

 

Allonge (this “Allonge”)
to that certain Common Stock Purchase Warrant (the “Warrant”) attached hereto as Exhibit 1 from Bionik Laboratories
Corp. (the “Company”), and issued to [                                        ]., as Holder (the “Holder”).

 

The Company and Holder
agree that the Warrant shall be revised as follows:

 

		1.	The Termination Date shall be on the five (5) year anniversary
of the Issue Date, not the three (3) year anniversary as originally provided in the Warrant.

 

		2.	The definition of New Round Stock should be added to read
as follow:

 

““New Round Stock”
means, the securities (or units of securities if more than one security are sold as a unit) issued by the Company in one or more
tranches in the context of the Qualified Financing.”

 

		3.	The definition of “Share Limit” in Section
1(d) of the Warrant shall be amended and replaced to read as follows:

 

““Share Limit”
means the number of shares determined by multiplying the aggregate principal amount of Promissory Notes by 20%, and then dividing
such product by the Exercise Price.”

 

		4.	The definition of “Exercise Price” in Section
2(b) shall be amended and replaced to read as follows:

 

“Exercise Price. The
exercise price per share of the Common Stock under this Warrant shall be the lowest issuance (or conversion) price of A) New Round
Stock in case there is more than one tranche of New Round Stock in a Qualified Financing or B) the average VWAP for the sixty (60)
Trading Days immediately prior to January 30, 2018, or C) twenty-five cents ($0.25) in all cases subject to adjustment hereunder
(the “Exercise Price”).”

 

Except as expressly
reflected herein, the Warrant will remain in full force and effect. This Allonge is intended to be attached to and made a permanent
part of the Warrant.

 

Dated as of the [    ]
day of August, 2017.

 

	The Company:	BIONIK LABORATORIES CORP.
	 	 
	 	By:	           
	 	Name:	 
	 	Title:	 
	 	 
	Holder:	[INVESTOR NAME]
	 	 
	 	By:	 
	 	Name:  	 
	 	Title:Second Amendment to Standard Industrial/Commercial Multi-Tenant Lease

 

Exhibit 10.1

SECOND AMENDMENT TO 

STANDARD INDUSTRIAL/COMMERCIAL MULTI-TENANT LEASE – NET

THIS SECOND AMENDMENT TO STANDARD INDUSTRIAL/COMMERCIAL MULTI-TENANT LEASE – NET (this “Amendment”) is entered into on September 19, 2017 (the “Effective Date”), by and between IRVINE BUSINESS PROPERTIES, a California general partnership (“Lessor”), on the one hand, and PRO-DEX, INC., a Colorado corporation (“Lessee”) (Lessee and Lessor each, a “Party,” and together collectively, the “Parties”), on the other hand.

RECITALS

A.

Lessor and Lessee entered into that certain Standard Industrial/Commercial Multi-Tenant Lease – Net dated August 3, 2007 (the “Original Lease”), as amended by that certain First Amendment to Lease dated July 1, 2013 (the “First Amendment”) (the Original Lease and First Amendment are collectively referred to as the “Lease”) by and between the Parties, for the Premises located at 2361 McGaw Avenue, Irvine, California  92614 and as further described therein.  Except as otherwise expressly provided for herein, capitalized terms used herein shall have the meanings given them in the Lease. 

B.

The Parties desire to amend the Lease on the terms set forth in this Amendment.

AGREEMENT

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

1.

Lease Term Extended.  Notwithstanding anything to the contrary contained in the Lease, the Term of the Lease shall be extended to, and expire and terminate on, September 30, 2027 at 11:59 p.m. PST.

2.

Base Rent Adjustment.  Base Rent for the periods described below shall be as follows:

		
	Effective Date through September 30, 2017

	$39,452.00 per month

	October 1, 2017 through September 30, 2018

	 $36,493.10 per month 

	October 1, 2018 through September 30, 2019

	 $37,587.89 per month 

	October 1, 2019 through September 30, 2020

	 $38,715.53 per month 

	October 1, 2020 through September 30, 2021

	 $39,877.00 per month 

	October 1, 2021 through September 30, 2022

	 $41,073.31 per month 

	October 1, 2022 through September 30, 2023

	 $42,305.50 per month 

	October 1, 2023 through September 30, 2024

	 $43,574.67 per month 

	October 1, 2024 through September 30, 2025

	 $44,881.91 per month 

	October 1, 2025 through September 30, 2026

	 $46,228.37 per month 

	October 1, 2026 through September 30, 2027

	 $47,615.22 per month 

3.

Improvements to the Premises.  Lessee acknowledges that Lessor has no obligation to make any additions, alterations or improvements to the Premises (“Tenant Improvements”) during the Term covered by this Amendment or otherwise.  Any Tenant Improvements during the Term shall be at Lessee’s sole cost and expense, and subject to the prior written consent of Lessor; provided, however, 

1

 

Lessee acknowledges that if the proposed Tenant Improvements require a permit or inspection, and the governing agency requires or is anticipated to require other work to be done at the property as a condition to the performance of the work or as a result of the application to perform such work, Lessor may condition its approval on Lessee’s performance of such additional work at Lessee’s cost. Notwithstanding anything to the contrary contained in the Lease, including but not limited to Paragraph 7.2 thereof, all roof repairs affecting the Premises shall be the responsibility of Lessee, at Lessee’s sole cost and expense.

4.

Parking Spaces.  Notwithstanding anything to the contrary contained in the Lease, including but not limited to Paragraph1.2(b) thereof, Lessee or persons designated by Lessee shall have the right to use during the Term of the Lease, on an unreserved basis, up to ninety-six (96) parking spaces located in the Building parking lot. 

5.

Commission.  Each of the Parties represent and warrant to the other that it has not engaged a broker or agent in connection with the negotiations of this Lease other than Madison Street Partners (Greg Marshall) (“Lessee’s Broker”), representing Lessee, and that they know of no other real estate brokers or agents who are or claim to be entitled to a commission in connection with this Amendment.  The Parties agree to defend, indemnify and hold harmless the other from and against any liability or claim, whether meritorious or not, arising with respect to any such broker and/or agent known to such Party and not so named.  Lessor shall pay a one-time commission to Lessee’s Broker in the amount of Seventy-Five Thousand and 00/100 Dollars ($75,000.00), payable upon the full execution of this Amendment, and representing the full and final payment to Lessee’s Broker in connection with the Lease.

6.

Unaltered Provisions.  The remaining Lease provisions not explicitly mentioned herein shall remain unaltered and in full force and effect. 

7.

Entire Agreement.  This Amendment constitutes the entire agreement among the Parties and supersedes any prior understandings, agreements, or representations by or among the Parties, written or oral, to the extent they have related in any way to the subject matter hereof.

8.

Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall constitute a fully executed agreement, with the same effect and validity as a single, original agreement signed by all of the Parties.  

[SIGNATURE PAGE FOLLOWS]

 

IN WITNESS WHEREOF, the Parties have executed this Amendment, effective on the date first set forth above.

			
	 
	LESSOR:

	 
	 
	 

	 
	IRVINE BUSINESS PROPERTIES,  

	 
	a California general partnership

	 
	 
	 

	 
	By:

	/s/ Brian Benoit

	 
	Name:

	Brian Benoit

	 
	Title:

	CFO

	 
	 
	 

	 
	 
	 

	 
	LESSEE:

	 
	 
	 

	 
	PRO-DEX, INC.,  

	 
	a Colorado corporation

	 
	 
	 

	 
	By:

	/s/ Richard Van Kirk

	 
	Name:

	Richard Van Kirk

	 
	Title:

	CEO

[SIGNATURE PAGE TO SECOND AMENDMENT TO STANDARD INDUSTRIAL/COMMERCIAL MULTI-TENANT LEASE – NET]Exhibit 10.1

 

AAR CORP. Fiscal 2018 Short-Term Incentive Plan

 

1.                                      Purpose.

 

The purpose of the AAR CORP. 2018 Short-Term Incentive Plan (“STIP”) is to provide an incentive for selected senior executives of AAR CORP. (the “Company”) and its subsidiaries to achieve the Company’s short-term performance goals by providing them with an annual cash incentive payment based on the financial and operating success of the Company.

 

2.                                      Definitions.

 

(a)                                 “Board” means the Board of Directors of the Company.

 

(b)                                 “Bonus” means the annual cash incentive paid to a Participant under this STIP for a fiscal year of the Company.

 

(c)                                  “Cause” means the Participant’s unsatisfactory performance or conduct detrimental to the Company and its subsidiaries, as solely determined by the Company.

 

(d)                                 “Code” means the Internal Revenue Code of 1986, as amended.

 

(e)                                  “Committee” means the Compensation Committee of the Board, or if the Committee is not comprised of “outside directors” as defined in Section 162(m) of the Code, then by a subset of the Committee comprised of at least two “outside directors” (the “Committee”).

 

(f)                                   “Company” means AAR CORP.

 

(g)                                  “Disability” means the inability of the Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.

 

(h)                                 “Earnings Per Share” means diluted earnings per share (including earnings from both continued and discontinued operations) as disclosed by the Company in its periodic reports filed with the Securities and Exchange Commission, excluding special charges or unusual or infrequent items incurred during the performance period, and as adjusted for changes in generally accepted accounting principles, in each case as approved by the Committee.

 

(i)                                     “Participant” means any active executive of the Company or subsidiary who has been selected by the Committee as eligible to earn a Bonus under the STIP.

 

(j)                                    “Retirement” means the Participant’s voluntary termination of his employment, or his termination of employment by the Company or a subsidiary without Cause, when he has (i) attained age 65 or (ii) attained age 55 and his age plus the number of his consecutive years of service with the Company and subsidiaries is at least 75.

 

(k)                                 “Salary” means a Participant’s base annual salary earned during for the fiscal year ending May 31, 2018 while a Participant.

 

(l)                                     “STIP” means this AAR CORP. 2018 Short-Term Incentive Plan.

 

 

(m)                             “Working Capital Turns” means  net sales divided by average working capital, where working capital is defined as net accounts receivable plus net inventories minus accounts payable, excluding special charges or unusual or infrequent items incurred during the performance period, and as adjusted for changes in generally accepted accounting principles, in each case as approved by the Committee.

 

3.                                      Administration.

 

The STIP shall be administered by the Committee.  The Committee has full authority to select the senior executives eligible to participate in the STIP and determine when the senior executive’s participation in the STIP will begin and end.  Subject to the express provisions of the STIP, the Committee shall be authorized to interpret the STIP and to establish, amend and rescind any rules and regulations relating to the STIP and to make all other determinations deemed necessary or advisable for the proper administration of the STIP.  The determinations of the Committee in the proper administration of the STIP shall be conclusive and binding.

 

4.                                      Eligibility and Participation.

 

Participation in the STIP is limited to those senior executives of the Company or a subsidiary who the Committee designates as Participants.  When the Committee selects an executive to become a Participant under the STIP, it shall designate the date as of which the executive’s participation shall begin.

 

5.                                      Annual Bonus Awards.

 

(a)                                 Determination of Participants, Performance Goals and Target Bonus Amounts. On or before August 29, 2017, the Committee shall (i) determine the Participants for such fiscal year, (ii) establish threshold, target and maximum Earnings Per Share and Working Capital Turns performance goals for such fiscal year, and (iii) approve the target Bonus payment for each Participant expressed as a percentage of the Participant’s Salary.

 

(b)                                 Bonus Payment.  As soon as reasonably practicable after the end of the fiscal year ending May 31, 2018, the Committee shall determine the extent to which each of the Earnings Per Share and Working Capital Turns targets were attained for such fiscal year.  The Bonus payable to each Participant will be equal to the sum of (i) 80% of the Participant’s target Bonus multiplied by the applicable Earnings Per Share Multiplier Percentage and (ii) 20% of the Participant’s target Bonus multiplied by the Working Capital Turns Multiplier Percentage (except for such lower amounts as otherwise determined by the Committee in its discretion):

 

	
Earnings Per Share (80%)
    	
 
    	
Working Capital Turns (20%)
    	
 
    
	
Performance
   Achievement Level
    	
 
    	
Multiplier
   Percentage
    	
 
    	
Performance
   Achievement Level
    	
 
    	
Multiplier
   Percentage
    	
 
    
	
Threshold
    	
 
    	
50
    	
%
    	
Threshold
    	
 
    	
50
    	
%
    
	
Target
    	
 
    	
100
    	
%
    	
Target
    	
 
    	
100
    	
%
    
	
Maximum
    	
 
    	
250
    	
%
    	
Maximum
    	
 
    	
250
    	
%
    

 

2

 

For achievement of Earnings Per Share and Working Capital Turns targets between established performance achievement levels, the Multiplier Percentage will be interpolated on a straight-line basis.

 

6.                                      STIP Limitations.

 

Notwithstanding Section 5, (a) the Committee retains full discretion to determine whether any Bonus will be payable for the fiscal year ending May 31, 2018, regardless of performance results and (b) no Bonus shall be paid under the STIP for a fiscal year to a Participant whose employment with the Company and all subsidiaries terminates during such fiscal year unless the termination is due to death, Disability or Retirement, or as otherwise approved by the Committee.  If the Participant terminates during the fiscal year due to death, Disability or Retirement, the Participant shall be entitled to a pro rata portion of the Bonus the Participant would have earned under the STIP had the Participant remained employed through the end of the fiscal year.  Such Bonus will be paid at the same time Bonuses are paid to active Participants.

 

Notwithstanding Section 5, no Bonus will be payable for the fiscal year ending May 31, 2018 if net income (as determined in accordance with generally accepted accounting principles) for such fiscal year is not positive.

 

7.                                      Payment of Bonuses.

 

A Participant’s Bonus for the fiscal year ending May 31, 2018 shall be paid in cash to the Participant, or to the Participant’s beneficiary (or beneficiaries) in the event of the Participant’s death, within three months after the end of such fiscal year, unless the Participant has previously elected to have all or a portion of the Bonus deferred in accordance with the AAR CORP. Supplemental Key Executive Retirement Plan.  The Company shall deduct all taxes required by law to be withheld from all Bonus payments.

 

8.                                      No Assignment.

 

Except in the event of a Participant’s death, the rights and interests of a Participant under the STIP shall not be assigned, encumbered or transferred.

 

9.                                      Termination of Participation.

 

The Committee reserves the right to cancel a Participant’s participation in the STIP at any time.

 

10.                               Employment Rights.

 

Nothing contained in the STIP shall be construed as conferring a right upon any employee to continue in the employment of the Company or any subsidiary.

 

11.                               Amendment/Termination.

 

The Board may either amend or terminate the STIP at any time, without the consent of the Participants and without the approval of the stockholders of the Company; provided, that such modification or elimination shall not affect the obligation of the Company to pay any Bonus after it has been determined by the Committee under the STIP.

 

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