Document:

Exhibit 10.2

 

LIQUIDITY SERVICES, INC.

AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT

 

This AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (the “Amendment”) is entered into as of June 13, 2016 (the “Effective Date”), by and between Liquidity Services, Inc., a Delaware corporation (“LSI” or the “Company”), and Leoncio Casusol  (the “Executive”) and amends that certain Executive Employment Agreement between the Company and Executive dated January 2, 2013 (collectively, the “Original Agreement”).  Unless otherwise defined in this Amendment, terms used herein with initial capitalization are as defined in the Original Agreement.

 

WHEREAS, the Company has discussed amending severance rights of executive officers so that the Company’s minimum executive severance package remains competitive with those offered by its peers;

 

WHEREAS, the Company has proposed amending the terms of the Original Agreement to increase the Executive’s severance benefits in the event of a termination by the Company without Cause or by the Executive for Good Reason by providing that the Executive would receive a lump-sum severance package equal to twelve months of his base salary plus an amount equal to his annual target incentive bonus; and

 

WHEREAS, the Executive desires to accept this offer.

 

NOW, THEREFORE, in consideration of the covenants and promises set forth herein, the receipt and sufficiency of which is hereby acknowledged by the parties, the parties agree as follows:

 

1.              Amendment of Severance Benefit. Section 8.4 of the Original Agreement is hereby amended to be replaced in its entirety as follows:

 

“8.4              By the Company without Cause or by the Executive for Good Reason.  If the Company terminates the Executive’s employment during the Employment Period other than for Cause, Death, or Disability or the Executive terminates his employment during the Employment Period for Good Reason, the Company shall pay the Executive: (A) the Executive’s full Base Salary through the Date of Termination and all other unpaid amounts, if any, to which the Executive is entitled as of the Date of Termination in connection with any fringe benefits pursuant to Section 5.2 and expenses pursuant to Section 6; and (B) a lump-sum severance package equal to (i) twelve months of the Executive’s Base Salary and (ii) an amount equal to the annual target incentive bonus to be earned by the Executive (collectively the “Severance Payment”). Subject to Section 8.5 below, the Severance Payment shall be payable to the Executive within 30 days of the Notice of Termination.

 

2.              Entire Agreement. This Amendment together with the Original Agreement constitute the entire agreement between the parties respecting the employment of Executive, there being no representations, warranties or commitments except as set forth in such documents.  Except as provided in this Amendment, all terms, covenants and conditions of the Original Agreement remain unchanged.

 

3.              Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which shall be deemed to constitute one and the same instrument.

 

[THIS SPACE INTENTIONALLY LEFT BLANK]

 

1

 

IN WITNESS WHEREOF, the undersigned have duly executed this Amendment, or have caused this Amendment to be duly executed on their behalf, as of the day and year first hereinabove written.

 

 

	
 
    	
LIQUIDITY SERVICES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ William P.   Angrick, III
    
	
 
    	
 
    	
William   P. Angrick, III
    
	
 
    	
 
    	
Chairman   and CEO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
EXECUTIVE:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Leoncio Casusol
    
	
 
    	
Leoncio   Casusol
    

 

2Exhibit 10.3

 

LIQUIDITY SERVICES, INC.

AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT

 

This AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (the “Amendment”) is entered into as of June 13, 2016 (the “Effective Date”), by and between Liquidity Services, Inc., a Delaware corporation (“LSI” or the “Company”), and Gardner H. Dudley (the “Executive”) and amends that certain Executive Employment Agreement between the Company and Executive dated September 10, 2014 (collectively, the “Original Agreement”).  Unless otherwise defined in this Amendment, terms used herein with initial capitalization are as defined in the Original Agreement.

 

WHEREAS, the Company has discussed amending severance rights of executive officers so that the Company’s minimum executive severance package remains competitive with those offered by its peers;

 

WHEREAS, the Company has proposed amending the terms of the Original Agreement to increase the Executive’s severance benefits in the event of a termination by the Company without Cause or by the Executive for Good Reason by providing that the Executive would receive a lump-sum severance package equal to twelve months of his base salary plus an amount equal to his annual target incentive bonus; and

 

WHEREAS, the Executive desires to accept this offer.

 

NOW, THEREFORE, in consideration of the covenants and promises set forth herein, the receipt and sufficiency of which is hereby acknowledged by the parties, the parties agree as follows:

 

1.              Amendment of Severance Benefit. Section 8.4 of the Original Agreement is hereby amended to be replaced in its entirety as follows:

 

“8.4              By the Company without Cause or by the Executive for Good Reason.  If the Company terminates the Executive’s employment during the Employment Period other than for Cause, Death, or Disability or the Executive terminates his employment during the Employment Period for Good Reason, the Company shall pay the Executive: (A) the Executive’s full Base Salary through the Date of Termination and all other unpaid amounts, if any, to which the Executive is entitled as of the Date of Termination in connection with any fringe benefits pursuant to Section 5.2 and expenses pursuant to Section 6; and (B) a lump-sum severance package equal to (i) twelve months of the Executive’s Base Salary and (ii) an amount equal to the annual target incentive bonus to be earned by the Executive (collectively the “Severance Payment”). Subject to Section 8.5 below, the Severance Payment shall be payable to the Executive within 30 days of the Notice of Termination.

 

2.              Entire Agreement. This Amendment together with the Original Agreement constitute the entire agreement between the parties respecting the employment of Executive, there being no representations, warranties or commitments except as set forth in such documents.  Except as provided in this Amendment, all terms, covenants and conditions of the Original Agreement remain unchanged.

 

3.              Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which shall be deemed to constitute one and the same instrument.

 

[THIS SPACE INTENTIONALLY LEFT BLANK]

 

1

 

IN WITNESS WHEREOF, the undersigned have duly executed this Amendment, or have caused this Amendment to be duly executed on their behalf, as of the day and year first hereinabove written.

 

 

	
 
    	
LIQUIDITY SERVICES, INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ William P.   Angrick, III
    
	
 
    	
 
    	
William   P. Angrick, III
    
	
 
    	
 
    	
Chairman   and CEO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
EXECUTIVE:
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Gardner H. Dudley
    
	
 
    	
Gardner   H. Dudley
    

 

2Exhibit 10.76

 

AMENDMENT TO SECURITIES PURCHASE AGREEMENT

 

This
AMENDMENT TO SECURITIES PURCHASE AGREEMENT (this “Amendment”), dated as of June 17, 2016, is entered
into by and among INSPIREMD, INC., a Delaware corporation (the “Company”), and the Purchasers identified
on the signature pages hereto.

 

WHEREAS, the Company
and the Purchasers have previously entered into that certain Securities Purchase Agreement, made as of April 5, 2012 (as amended
from time to time, the “Securities Purchase Agreement”);

 

WHEREAS, the Company
is seeking to sell shares of convertible preferred stock and warrants to purchase common stock pursuant to that certain Registration
Statement on Form S-1 (File No. 333- 210760), originally filed with the U.S. Securities and Exchange Commission on April 14, 2016,
as amended (such transaction is referred to herein as the “Offering”);

 

WHEREAS, in connection
with the Offering, the Company and the Purchasers desire to amend the Securities Purchase Agreement to remove certain provisions
prohibiting the Company from issuing securities containing anti-dilution protective provisions;

 

WHEREAS, the Securities
Purchase Agreement may be amended upon the written consent of the Company and the Purchasers holding at least 60% in interest of
the Securities then outstanding; and

 

WHEREAS, the Purchasers
executing the signature page hereto hold at least 60% in interest of the Securities outstanding as of the date hereof; and

 

WHEREAS, capitalized
terms used herein but not otherwise defined shall have the meanings ascribed to them in the Securities Purchase Agreement.

 

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

 

1.          Modification
of Securities Purchase Agreement. As of the Effective Time (as hereinafter defined), Article IV, Section 4.20 of the Securities
Purchase Agreement shall be deleted in its entirety and replaced with the following: “Reserved.”

 

2.          Amendment
Fee. As consideration for this Amendment, the Company shall pay each Purchaser from the proceeds of the Offering a fee equal
to the amount set forth next to the name of each Purchaser on Schedule I attached hereto (the “Amendment Fee”),
due and payable to the Purchasers immediately upon the closing of the Offering. Notwithstanding the foregoing, the Company shall
have no obligation to pay the Amendment Fee until the closing of the Offering and the associated effectiveness of this Amendment.

 

3.          Effective
Date. This Amendment shall be effective upon the closing of the Offering and delivery of the Amendment Fee by the Company to
the Purchasers (the “EffectiveTime”).

 

4.          Continuing
Effect.         Except as modified and amended herein, all of the terms
and conditions of the Securities Purchase Agreement shall remain in full force and effect. \

 

    	 	1	 

     

    

 

5.          Counterparts;
Choice of Law. This Amendment may be executed in several identical counterparts all of which shall constitute one and the same
instrument. This Amendment shall be construed and enforced in accordance with the laws of the State of New York and applicable
United States federal law.

 

[signature page
follows]

 

    	 	2	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed as of the day and year written above.

 

	THE COMPANY:	 	PURCHASERS:
	 	 	 
	INSPIREMD, INC.	 	HUG FUNDING LLC
	 	 	 
	By:	/s/ Craig Shore	 	By:	/s/ Jaime Hartman
	 	Name: Craig Shore	 	 	Name: Jaime Hartman
	 	Title:  Chief Financial Officer	 	 	Title:  Managing Member
	 	 	 
	 	 	GENESIS OPPORTUNITY FUND LP
	 	 	 
	 	 	By:	/s/ Jaime Hartman
	 	 	 	Name: Jaime Hartman
	 	 	 	Title:  Managing Member
	 	 	 
	 	 	GENESIS ASSET OPPORTUNITY FUND LP
	 	 	 
	 	 	By:	/s/ Jaime Hartman
	 	 	 	Name: Jaime Hartman
	 	 	 	Title:  Managing Member
	 	 	 
	 	 	AYER CAPITAL PARTNERS
	 	 	MASTER FUND, LP
	 	 	 
	 	 	By:	 
	 	 	 	Name: Jay Venkatesan
	 	 	 	Title:  Managing Member
	 	 	 
	 	 	AYER CAPITAL PARTNERS
	 	 	KESTREL FUND, LP
	 	 	 
	 	 	By:	 
	 	 	 	Name: Jay Venkatesan
	 	 	 	Title:  Managing Member
	 	 	 
	 	 	EPWORTH – AYER CAPITAL
	 	 	 
	 	 	By:	 
	 	 	 	Name: Jay Venkatesan
	 	 	 	Title:  Managing Member

 

[Signature Page to Amendment
to Securities Purchase Agreement]

 

     

     

    

 

Schedule I

 

Amendment Fee

 

	HUG FUNDING LLC	 	$	13,867	 
	 	 	 	 	 
	GENESIS OPPORTUNITY FUND LP	 	$	44,800	 
	 	 	 	 	 
	GENESIS ASSET OPPORTUNITY FUND LP	 	$	21,333	 
	 	 	 	 	 
	AYER CAPITAL PARTNERS MASTER FUND, LP	 	$	34,736	 
	 	 	 	 	 
	AYER CAPITAL PARTNERS KESTREL FUND, LP	 	$	688	 
	 	 	 	 	 
	EPWORTH – AYER CAPITAL	 	$	1,909

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}]]