Document:

lmao-ex104_25.htm

Exhibit 10.4

 

 

April 21, 2022

 

 

RE: PIPE Commitment

 

Dear Messrs. Rodgers & Schlorff:

 

We refer to a proposed merger and business combination transaction contemplated under that certain Agreement and Plan of Merger (the “Merger Agreement”) by and among LMF Acquisition Opportunities, Inc., a Delaware corporation (“Acquiror”), LMF Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Acquiror (“Merger Sub”) and SeaStar Medical, Inc. (the “Company”), pursuant to which Merger Sub will merge with and into the Company, with the Company being the surviving corporation of the Merger and a wholly owned subsidiary of Acquiror (the “Proposed Transaction”). After the execution of the Merger Agreement, Acquiror will offer and enter into subscriptions for Acquiror Class A Common Stock in a private investment in public equity to certain accredited investors that is to close immediately prior to the closing of the Proposed Transaction (“PIPE Transaction”).

 

In order to facilitate the Proposed Transaction and as an inducement for Acquiror and the Company to consummate the transactions contemplated under the Merger Agreement, Dow Employees’ Pension Plan Trust and Union Carbide Employees’ Pension Plan, or an affiliate thereof who qualifies as an accredited investor as that term is defined in Rule 501 under the Securities Act of 1933, as amended (collectively, the “Investor”), agrees that it will, or will cause one of its funds to, subscribe for and purchase shares of Acquiror Class A Common Stock in the PIPE Transaction in an amount equal to or greater than $5 million (the “Financing Amount”) and on substantially the same terms and conditions as other investors (if any other Investors) who participate in such PIPE Transaction pursuant to one or more subscription agreements to be executed in connection thereof (the “PIPE Agreements”), and the PIPE Agreements shall state that the Investor’s commitment to fund the Financing Amount shall be contingent upon the subsequent occurrence of the completion of the transactions contemplated under the Merger Agreement.

 

The terms of this letter agreement (other than this paragraph and the each of the following paragraphs, which shall survive) shall terminate automatically upon the earliest of (i) the Financing Amount having been funded in the PIPE Transaction or (ii) the termination of the Merger Agreement pursuant to the terms thereof; provided, that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination.

 

 

Investor hereby acknowledges that Acquiror has established a trust account (the “Trust Account”) containing the proceeds of its initial public offering (the “IPO”) and from certain private placements occurring simultaneously with the IPO (including interest accrued from time to time thereon) for the benefit of Acquiror’s public stockholders and certain other parties (including the underwriters of the IPO). For and in consideration of Acquiror entering into this letter agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Investor hereby (a) agrees that it does not now and shall not at any time hereafter have any right, title, interest or claim of any kind in or to any assets held in the Trust Account, and shall not make any claim against the Trust Account, regardless of whether such claim arises as a result of, in connection with or relating in any way to this letter agreement or any other matter, and regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability (any and all such claims are collectively referred to hereafter as the “Released Claims”), (b) irrevocably waives any Released Claims that it may have against the Trust Account now or in the future as a result of, or arising out of, any negotiations, contracts or agreements with Acquiror, and (c) will not seek recourse against the Trust Account for any reason whatsoever; provided however, that nothing in this paragraph shall be deemed to limit any Investor’s right, title, interest or claim to the Trust Account by virtue of such Investor’s record or beneficial ownership of securities of Acquiror acquired by any means other than pursuant to the PIPE Agreements, including but not limited to any redemption right with respect to any such securities of Acquiror or any Investor’s right to distributions from the Trust Account in accordance with Acquiror’s amended and restated certificate of incorporation in respect of common stock of Acquiror acquired by any means other than pursuant to the PIPE Agreements.

 

Investor agrees that it shall not and shall cause its affiliates and representatives not to release any public statement or disclose any information regarding the Proposed Transaction, the PIPE Transaction, this letter agreement and the correspondence related thereto. Neither this letter agreement nor any of the rights and benefits hereunder shall be assigned, in whole or in part, by any party hereto without the prior written consent of the other parties hereto. Nothing in this letter agreement, express or implied, is intended to confer on any person, other than Acquiror, the Company and the parties hereto or their respective successors and permitted assigns, any rights or remedies under or by reason of this letter agreement. This letter agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements, written or oral, between them in respect thereof and shall be governed by and 

 

construed in accordance with the laws of the State of Delaware without regard to any conflicts of law principles thereof. This letter agreement may not be amended, modified, or waived except by an instrument in writing, signed by the party against whom enforcement of such amendment, modification or waiver is sought. Except as otherwise provided herein, this letter agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this letter agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to seek an injunction or injunctions to prevent breaches of this letter agreement and to enforce specifically the terms and provisions of this letter agreement, this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise.

 

This letter agreement may be signed in any number of counterparts and delivered by electronic transmission, including portable document format or facsimile, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

 

We look forward to working with you on the Proposed Transaction.

 

Sincerely,

 

DOW EMPLOYEES’ PENSION PLAN TRUST

 

By:      /s/ Andres Lobo

Name: Andres Lobo

Title:   Authorized Representative

 

UNION CARBIDE EMPLOYEES’ PENSION PLAN

By:       /s/ Andres Lobo

Name: Andres Lobo

Title:   Authorized Representative

 

 

 

 

 

 

Accepted and acknowledged as of the date first written above:

 

LMF ACQUISITION OPPORTUNITIES, INC.

 

By:/s/ Bruce M. Rodgers

Bruce M. Rodgers

Chief Executive Officer and Chairman of the Board

 

SEASTAR MEDICAL, INC.

 

 

By:/s/ Eric Schlorff

Eric Schlorff

Chief Executive OfficerEX-10.1

   

  Exhibit 10.1

  RESTRICTIVE COVENANT AGREEMENT

  In consideration of continued at-will employment with H&E Equipment Services, Inc., a Delaware corporation (the “Company”), continued access to Confidential Information, as the term is defined below, during such employment, and for other valuable consideration the sufficiency of which is hereby acknowledged, intending to be legally bound, John Engquist (the “Executive”) agrees to the terms and conditions set forth in this Restrictive Covenant Agreement (this “Agreement”).

  1. Confidentiality.  During the term of the Executive’s employment with the Company (the “Term”) and at all times thereafter, the Executive shall, and shall cause his affiliates and representatives to keep confidential and not disclose to any other person or entity or use for his own benefit or the benefit of any other person or entity any confidential proprietary information with respect to the business and activities of the Company or its affiliates, including clients, customers, suppliers, employees, consultants, computer or other files, projects, products, marketing plans, forecasts, formats, systems, data gathering methods, strategies, technology, know-how, trade secrets (including all results of research and development), industrial designs or other intellectual property (“Confidential Information”).  The obligations of the Executive under this Section 1 shall not apply to Confidential Information which (i) is or becomes generally available to the public without breach of the commitment provided for in this Section 1; (ii) is required to be disclosed by law, order or governmental authority; (iii) is independently developed by the Executive after termination of all employment with the Company or its affiliates, without the use of or reliance on any Confidential Information and (iv) becomes known to the Executive after termination of all employment with the Company or its affiliates, on a non-confidential basis from a third-party source if such source was not subject to any confidentiality obligation; provided, however, that, in case of clause (ii), the Executive shall notify the Company as early as reasonably practicable prior to disclosure to allow the Company or its affiliates to take appropriate measures to preserve the confidentiality of such Confidential Information.

  2. Non-Competition; Non-Solicitation.

  (a) During the period beginning on the date hereof and ending twelve (12) months following the date on which the Executive’s employment with the Company is terminated for any reason (the “Non-Compete Period”), the Executive covenants and agrees not to, and shall cause his affiliates not to, directly or indirectly anywhere in North America, conduct, manage, operate, engage in or have an ownership interest in any business or enterprise that (A) sells, rents, services, maintains or otherwise deals in or with construction equipment, heavy industrial equipment, material handling equipment or utility equipment (new or used), or related parts, implements or similar assets, (B) uses any trademarks, tradenames or slogans similar to those of the Company or its affiliates; or (C) is engaged in any other activities that are otherwise competitive with the business of the Company or its affiliates as conducted or proposed to be conducted as of the termination date (collectively, the “Business”).  Notwithstanding the foregoing, nothing herein shall preclude the Executive from owning, directly or indirectly, in the aggregate less than 2% of any business competitive with the Company or its affiliates that is subject to the reporting obligations of the Securities Exchange Act of 1934, as amended.

  (b) During the Non-Compete Period, the Executive shall not, and shall cause his affiliates not to, directly or indirectly, call-on, solicit or induce any customer or other business relationship of the Company or its affiliates for the provision of products or services related to the business of the Company or in any other manner that would otherwise interfere with the business relationship between the Company and its affiliates and their respective customers and other business relationships.

  (c) During the Non-Compete Period, the Executive shall not, and shall cause his affiliates not to, directly or indirectly, call-on, solicit or induce, any employee of the Company or its affiliates to leave the employ of, or terminate its relationship with, the Company or its affiliates for any reason whatsoever, nor shall the Executive offer or provide employment (whether such employment is for the Executive or any other business or 

   

  

   

  enterprise), either on a full-time, part-time or consulting basis, to any person who then currently is, or within six (6) months immediately prior thereto was, an employee or independent contractor of the Company; provided, however, the foregoing shall not prohibit a general solicitation to the public through general advertising or similar methods of solicitation not specifically directed at employees of the Company.  

  (d) The Executive acknowledges and agrees that the provisions of this Section 2 are reasonable and necessary to protect the legitimate business interests of the Company and its affiliates.  The Executive shall not contest that the Company’s and its affiliates’ remedies at law for any breach or threat of breach by the Executive or any of his affiliates of the provisions of this Section 2 will be inadequate, and that the Company and its affiliates shall be entitled to an injunction or injunctions to prevent breaches of the provisions of this Section 2 and to enforce specifically such terms and provisions, in addition to any other remedy to which the Company or its affiliates may be entitled at law or equity.  The restrictive covenants contained in this Section 2 are covenants independent of any other provision of this Agreement or any other agreement between the parties hereunder and the existence of any claim which the Executive may allege against the Company under any agreement between the Executive and the Company will not prevent the enforcement of these covenants.

  (e) If any of the provisions contained in this Section 2 shall for any reason be held to be excessively broad as to duration, scope, activity or subject, then such provision shall be construed by limiting and reducing it, so as to be valid and enforceable to the maximum extent compatible with the applicable law or the determination by a court of competent jurisdiction.

  3. Non-Disparagement.  During the Term and at all times thereafter, the Executive agrees not to, whether in writing or orally, in any forum, malign, denigrate or disparage the Company and its subsidiaries and affiliates and any of their respective predecessors or successors, or any of the current or former directors, officers, employees, agents or representatives of any of the foregoing, with respect to any of their respective past or present activities, or otherwise publish (whether in writing or orally) in any forum statements that tend to portray any of the aforementioned parties in an unfavorable light.

  4. Cooperation with Litigation.  The Executive agrees that, at any time during the Term or thereafter, the Executive shall cooperate fully with the Company and its subsidiaries and their counsel and make himself available to testify or provide other information in connection with any legal proceeding or investigation regarding any event or occurrence that occurred during the Executive’s employment with the Company; provided, however, that the Executive will not have an obligation under this Section with respect to any claim in which the Executive has filed directly against the Company or related persons or entities or the Company has filed directly against Executive.  The Executive shall render such cooperation in a timely manner on reasonable notice from the Company.  The Company will pay or reimburse any expenses incurred by the Executive in connection with such cooperation.

  5. Work Product.  Executive acknowledges that all discoveries, concepts, ideas, inventions, innovations, improvements, developments, methods, processes, programs, designs, analyses, drawings, reports, patent applications, copyrightable work and mask work (whether or not including any Confidential Information) and all registrations or applications related thereto, all other proprietary information and all similar or related information (whether or not patentable) that relate to the Company’s or any affiliate of the Company’s actual or anticipated business, research and development, or existing or future products or services and that are conceived, developed, contributed to, made, or reduced to practice by Executive (either solely or jointly with others) while employed by the Company (including any of the foregoing that constitutes any proprietary information or records) (“Work Product”) belong to the Company or any affiliate of the Company designated by the Company, and Executive hereby assigns, and agrees to assign, all of the above Work Product to the Company or such affiliate of the Company.  Any copyrightable work prepared in whole or in part by Executive in the course of Executive’s work for any of the foregoing entities shall be deemed a “work made for hire” under the copyright laws, and the Company or such affiliate of the Company shall own all rights therein.  To the extent that any such copyrightable work is not a “work made for hire,” Executive hereby assigns and agrees to assign to the Company or such affiliate of the Company all right, title, and interest, including without limitation, copyright in and to such copyrightable work.  Executive shall promptly disclose such Work Product and copyrightable work to the Company and perform all actions reasonably requested by the Company (whether during or after the term of Executive’s employment) to establish and confirm the ownership of the Company or such affiliate of the Company (including, without limitation, assignments, consents, powers of attorney and other instruments).

   

  

   

  6. Returning Company Documents and Property.  The Executive agrees that, upon termination of his service with Company for any reason, he will deliver to the Company, or its designee, and will not keep in his possession or deliver to anyone else, any and all records, data, notes, reports, information, proposals, lists, correspondence, emails, specifications, drawings, blueprints, sketches, materials, other documents, or reproductions or copies (including but not limited to on computer discs or drives) of any aforementioned items either developed by the Executive pursuant to his service with the Company or otherwise relating to the business of the Company, retaining neither copies nor excerpts thereof.   The Executive also agrees that, at such time, or earlier upon request, the Executive will deliver to the Company, or its designee, all Company property in the Executive’s possession, including cell phones, computers, computer discs, drives and other equipment or devices, and that if the Executive fails to do so the Company may withhold from the Executive’s compensation the replacement cost of any such unreturned Company property.

  7. Survival.  The obligations contained in this Agreement shall survive the termination of the Executive’s employment or other relationship with the Company.

  8. Disclosure of Agreement. The Executive agrees to disclose the existence and terms of this Agreement to any employer or other service recipient that the Executive may render services to or for during the twelve (12) month period immediately following termination of his service with the Company.  The Executive further acknowledges and agrees that if he breaches Section 2 of this Agreement in any respect, the restrictions contained in such Section will be extended for a period equal to the period that the Executive was in breach thereof.

  9. Miscellaneous.

  (a) Neither the failure, nor any delay, on the part of the Company to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same, or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.  No waiver shall be effective unless it is in writing and is signed by the Company.

  (b) This Agreement shall be governed by and interpreted in accordance with the laws of the State of Delaware, without giving effect to any conflict of laws provisions.  Any court action instituted by the Executive or on the Executive’s behalf relating in any way to this Agreement shall be filed exclusively in federal or state court, respectively in the State of Delaware, and the Executive consents to the jurisdiction and venue of these courts in any action instituted by the Company against the Executive.  THE EXECUTIVE HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THE EXECUTIVE MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

  (c) This Agreement will be binding upon the Executive’s heirs, executors, administrators and other legal representatives and may be assigned by the Company and its successors to any person, including, but not limited to, any successor or parent of the Company or any of its affiliates.  The Company also may assign this Agreement in connection with any sale or merger (whether a sale or merger of stock or assets or otherwise) of the Company or the business of the Company.  The Executive expressly consents to the assignment of the restrictions and requirements set forth in this Agreement to any new owner of the Company’s business or purchaser of the Company.

  (d) If any provision of this Agreement or application thereof to anyone or under any circumstances is adjudicated to be invalid or unenforceable by an arbitrator or court of competent jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this Agreement which can be given effect without the invalid or unenforceable provision or application and shall not invalidate or render unenforceable such provision or application in any other jurisdiction.

   

  

   

  (e) This Agreement sets forth the entire agreement and understanding between the Company and the Executive with respect to the subject matter hereof, and merges and supersedes all prior agreements, understandings and/or discussions between the Company and the Executive with regard to the matters addressed herein.  No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing signed by the Executive and the Company.  Any subsequent change or changes in the terms and conditions of the Executive’s relationship with the Company, including, but not limited to, the Executive’s duties or compensation, will not affect the validity or scope of this Agreement.

  (f) The section headings in this Agreement are for convenience only, form no part of this Agreement and shall not affect its interpretation.

  10. Acknowledgement.  The Executive acknowledges and agrees that (a) he has had the opportunity to consult with independent counsel of his own choice concerning this Agreement and has been advised to do so by the Company, (b) he has read and understands the Agreement, is fully aware of its legal effect, and has entered into it freely based on his own judgment, (c) the duration and scope of this Agreement are reasonable and necessary to protect the Company’s and its affiliates’ customer relationships, trade secrets, proprietary information and other legitimate business interests, (d) Executive’s continued at-will employment and continued access to Confidential Information during such employment are sufficient consideration for the restrictive covenants hereunder , and (e) the Executive has not relied on any agreements or representations, express or implied, that are not set forth expressly in this Agreement.

   

   

   

  Date: March 4, 2022		            /s/ John McDowell Engquist                                 
                                                             John Engquist

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