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ex_10-2.htm

EXHIBIT 10.2

 

AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (“Amendment”) is made as of May 11, 2015 (“Effective Date”), by and between WaferGen Bio-systems, Inc. (“Wafergen” or the “Company”) and Ivan Trifunovich (“Executive”).

 

WHEREAS, Executive and the Company entered into that certain Executive Employment Agreement dated March 7, 2012 (the “Employment Agreement”); and

 

WHEREAS, Executive and the Company desire to amend the Employment Agreement as set forth below.

 

NOW, THEREFORE, in consideration of the provisions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree to amend the Employment Agreement as follows:

 

1.           Section I.A is replaced with the following: “The term of this Agreement shall begin on the Effective Date and shall end on June 30, 2016 (the “Term”).”

 

2.           The Term “President and Chief Executive Officer” is deleted from Section I.B and replaced with the term “Executive Chairman.” The term “or requested of” is added after the phrase “hereafter assigned to.”

 

3.           The number “Three Hundred and Sixty Thousand Dollars ($360,000)” in Section II.A is deleted and replaced with “One Hundred and Eighty Thousand Dollars ($180,000)”.

 

4.           Section II.B is deleted and replaced with the following:

 

B.           Bonus.  Executive shall be eligible to earn a performance bonus for each year of his employment with the Company, in an amount up to fifty percent (50%) of his Base Salary received in that year, in accordance with an annual incentive plan to be established for each year by the Compensation Committee of the Company’s Board of Directors (“Bonus”).  All Bonuses shall be paid no later than April 30 of the year following the year for which the Bonus is earned.

 

5.           Section II.C.2 is deleted and replaced with the following:

 

“2           In each calendar year on the next business day following January 1 beginning with 2013 and provided that Executive remains employed with the Company through the applicable date of grant, Executive also will be granted an additional stock option (each, an “Additional Option”) to purchase common stock of the Company to the extent necessary to provide Executive with a total equity interest in the Company equal to two and one-half percent (2.5%) of the total number of shares of Company common stock outstanding on a fully diluted and as-converted basis on the date of grant of such Additional Option.  The number of shares subject to any particular Additional Option shall be equal to that number of shares which, together with (a) the number of shares subject to the Initial Option, (b) all prior Additional Options and (c) any other compensatory equity interests granted to Executive by the Company, equals two and one-half percent (2.5%) of the total number of shares of Company common stock outstanding on a fully diluted and

 

  

  

  

as-converted basis at such time.  The calculation of the fully diluted and as-converted shares for this purpose will be determined by the Company’s Board of Directors or compensation committee in its reasonable discretion (and the Board or compensation committee shall accept and consider reasonable input from Executive with respect to the determination of such calculation), and will be made (i) assuming that any in-the-money warrants are fully exercised on a cashless/ net issuance basis (for avoidance of doubt, any out-of-the-money warrants will not be included in the calculation of fully diluted and as-converted shares), and (ii) taking into account any equity or equity-based awards granted under the Company’s stock incentive plans.  Each Additional Option will have the same vesting terms as the Initial Option, with the vesting commencement date being the first day of Executive’s employment with the Company.  The exercise price of each Additional Option will be equal to the “Fair Market Value” of the Company’s common stock (as such term is defined in the Company’s 2008 Stock Incentive Plan or any other stock plan pursuant to which the Additional Option is granted) on the date of grant of such Additional Option. Each Additional Option will be subject to the terms, definitions and provisions of the Company’s stock plan under which such Additional Option is granted and the Stock Option Agreement by and between Executive and the Company; provided, however, that in the event of any conflict between the terms of the applicable stock plan or such Stock Option Agreement and this Agreement, the terms of this Agreement shall prevail and govern.”

 

6.           The following new Section II.K is hereby inserted immediately following Section II.J.

 

“K.           Contingent Payment Following Termination.  In the event Executive shall become eligible to receive any Contingent Payment in connection with a Distribution following termination of Executive’s employment, the Contingent Payment due pursuant to Section II.D.1 shall be determined after substituting the number “five percent (5%)” used in such section with ”two and one-half percent (2.5%).”

 

7.           This Amendment shall be deemed to be an amendment to the Employment Agreement, and the Employment Agreement, as amended hereby, is hereby ratified, approved and confirmed in each and every respect.

 

8.           This Amendment may be executed simultaneously in one or more counterparts, each of which shall be deemed an original, and all of which shall constitute but one and the same instrument.

 

SIGNATURES APPEAR ON THE FOLLOWING PAGE.

  

  

  

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment to be effective as of the Effective Date set forth above.

 

	
COMPANY:

	  	
EMPLOYEE:

	
Wafergen Bio-systems, Inc.

	  	  
	  /s/ Michael Henighan	  	  /s/ Ivan Trifunovich
	
By:  

	  Michael Henighan	  	
Ivan Trifunovich

	
Its:  

	  Chief Financial Officer2015 Q1 Exhibit 10.9

Exhibit 10.9

EXECUTION VERSION AMENDMENT NO. 1, dated as of March 31, 2015 (this “Amendment”), to the Credit
Agreement, dated as of February 6, 2015 (as amended, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among THE ADVISORY BOARD COMPANY, a Delaware corporation (the “Borrower”), JPMORGAN CHASE BANK, N.A., as administrative agent (the “Administrative Agent”), each Lender from time to time party thereto and the other agents and arrangers party thereto.  Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.

WHEREAS, Section 9.02 of the Credit Agreement provides that the Credit Agreement may be amended or waived to effect certain changes thereto with the written consent of the Administrative Agent and the Required Lenders;

WHEREAS, the Borrower desires to amend, and the Borrower has requested that the Required Lenders and the Administrative Agent agree to amend, the Credit Agreement on the terms set forth herein;

WHEREAS, the Lenders signatory hereto, constituting the Required Lenders, and the Administrative Agent are willing to agree to the amendments of the Credit Agreement described herein subject to the terms and conditions contained herein;

NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

Section 1.        Amendments.  Subject to the satisfaction of the conditions set forth in Section 2 hereof, upon the Effective Date (as defined below), the Required Lenders consent to the following amendment to the Credit Agreement:

(a)       The definition of “Banking Services” in Section 1.01 of the Credit Agreement is hereby amended by inserting the phrase “any Person that, at the time such services are initially provided, is” immediately following the phrase “provided to the Borrower or any Subsidiary by”.

(b)       The definition of “Swap Obligation” in Section 1.01 of the Credit
Agreement is hereby amended and restated in its entirety as follows:

“Swap Obligation” means, with respect to the Borrower or any Subsidiary Guarantor, any obligation to pay or perform under any transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act with any Person that, at the time such transaction is entered into, is the Administrative Agent, a Lender or an Affiliate of the Administrative Agent or any Lender.

Section 2.        Conditions to Effectiveness.  This Amendment shall become effective as of the first date (the “Effective Date”) on which the following conditions have been satisfied:

(a)       the Administrative Agent (or its counsel) shall have received from the Required Lenders and the Borrower either (i) a counterpart of this Amendment signed on behalf of such Person or (ii) written evidence satisfactory to the Administrative Agent (which may include facsimile or .pdf transmission of a signed signature page of this Amendment) that such Person has signed a counterpart of this Amendment.

Section 3.        Counterparts.  This Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

Section 4.        Loan Document.  This Amendment shall constitute a Loan Document for all purposes under the Credit Agreement.

Section 5.        Applicable Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

Section 6.        Headings.  The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

Section 7.        Effect of Amendment.  Except as expressly set forth herein, this Amendment (i) shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent or the Issuing Banks, in each case under the Credit Agreement or any other Loan Document, and (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of either such agreement or any other Loan Document.  Each and every term, condition, obligation, covenant and agreement contained in the Credit Agreement or any other Loan Document (for avoidance of doubt, in each case, as altered, modified or amended as expressly set forth herein) is hereby ratified and reaffirmed in all respects and shall continue in full force and effect.

[SIGNATURE PAGES FOLLOW]

-2-

IN WITNESS   WHEREOF,   the parties  hereto  have  caused  this  Amendment   to be duly  executed  by their  respective   authorized   officers  as of the day  and year  first above  written.

	
			
	 
	THE ADVISORY BOARD COMPANY, as Borrower

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Michael T. Kirshbaum

	 
	 
	Name: Michael T. Kirshbaum

	 
	 
	Title: Chief Financial Officer

[Amendment No. 1 Signature Page]

	
			
	 
	JPMORGAN   CHASE  BANK,  N.A., 
as Administrative   Agent

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ James A. Knight

	 
	 
	Name: James A. Knight

	 
	 
	Title: Vice President

[Amendment No. 1 Signature Page]

	
			
	 
	Morgan Stanley Bank, N.A.,
as a Lender 

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Allen Chang

	 
	 
	Name: Allen Chang

	 
	 
	Title: Authorized Signatory

[Amendment No. 1 Signature Page]

	
			
	 
	Morgan Stanley Senior Funding, Inc., 
as a Lender 

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Allen Chang

	 
	 
	Name: Allen Chang

	 
	 
	Title: Vice President

[Amendment No. 1 Signature Page]

	
			
	 
	BARCLAY'S BANK PLC., 
as a Lender 

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Christopher R. Lee

	 
	 
	Name: Christopher R. Lee

	 
	 
	Title: Assistant Vice President

[Amendment No. 1 Signature Page]

	
			
	 
	SunTrust Bank., 

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ John Cappellari

	 
	 
	Name: John Cappellari

	 
	 
	Title: Director

[Amendment No. 1 Signature Page]

	
			
	 
	Wells Fargo Bank, N.A., 
as a Lender 

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Frank S. Kaulback III 

	 
	 
	Name: Frank S. Kaulback III

	 
	 
	Title: Senior Vice President

[Amendment No. 1 Signature Page]

	
			
	 
	MUFG Union Bank, N.A., 
as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Christine Davis

	 
	 
	Name: Christine Davis

	 
	 
	Title: Director

[Amendment No. 1 Signature Page]

	
			
	 
	Regions Bank, 
as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Bruce Rudolph

	 
	 
	Name: Bruce Rudolph

	 
	 
	Title: Vice President

[Amendment No. 1 Signature Page]

	
			
	 
	Citizens Bank, N.A. (f/k/a RBS Citizens, N.A), 
as a Lender 

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Andrew J Meara

	 
	 
	Name: Andrew J Meara

	 
	 
	Title: Senior Vice President

[Amendment No. 1 Signature Page]

	
			
	 
	HSBC Bank USA, N.A. 
as a Lender 

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ John Treadwell

	 
	 
	Name: John Treadwell

	 
	 
	Title: Vice President

[Amendment No. 1 Signature Page]

	
			
	 
	GE CAPITAL BANK, 
as a Lender 

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Paul Sleet

	 
	 
	Name: Paul Sleet

	 
	 
	Title: Duly Authorized Signatory

	 
	 
	 

	 
	 
	 

	For any institution requiring
a second signatory: 
	By:
	 

	 
	 
	Name: 

	 
	 
	Title: 

[Amendment No. 1 Signature Page]

	
			
	 
	GENERAL ELECTRIC CAPITAL 
CORPORATION, 
as a Lender 

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ R. Hanes Whiteley

	 
	 
	Name: R. Hanes Whiteley

	 
	 
	Title: Duly Authorized Signatory

	 
	 
	 

	 
	 
	 

	For any institution requiring
a second signatory: 
	By:
	 

	 
	 
	Name: 

	 
	 
	Title: 

[Amendment No. 1 Signature Page]

	
			
	 
	CAPITAL ONE, N.A., 
as a Lender 

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Katherine A. Marcotte

	 
	 
	Name: Katherine A. Marcotte

	 
	 
	Title: Senior Vice President

	 
	 
	 

	 
	 
	 

	For any institution requiring
a second signatory: 
	By:
	 

	 
	 
	Name: 

	 
	 
	Title: 

[Amendment No. 1 Signature Page]

	
			
	 
	TD Bank, N.A., 
as a Lender 

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Mark Worthy

	 
	 
	Name: Mark Worthy

	 
	 
	Title: Vice President

	 
	 
	 

	 
	 
	 

	For any institution requiring
a second signatory: 
	By:
	 

	 
	 
	Name: 

	 
	 
	Title: 

[Amendment No. 1 Signature Page]

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