Document:

ex1024.htm

Exhibit 10.2.4

FORBEARANCE AGREEMENT

(Technology License and Escrow Agreement)

THIS FORBEARANCE AGREEMENT (the “Agreement”) is made as of November 26, 2013 by and between ThermoGenesis Corp., a Delaware corporation (“ThermoGenesis”), and CBR Systems, Inc., a California corporation (“CBR”) (each a “Party” and collectively the “Parties”).

BACKGROUND

	
A.  

	
The parties entered into a Technology License and Escrow Agreement dated June 15, 2010, as amended by the First Amendment dated February 6, 2013, the Extension Addendum dated July 26, 2013, and the Second Extension Addendum dated October 30, 2013 (collectively, the “License and Escrow Agreement”) to license and make available to CBR certain technical information for the limited purpose of allowing CBR to manufacture, upon a default of ThermoGenesis under the License and Escrow Agreement, certain products currently being sold to CBR.

 

	
B.  

	
Under Section 3 of the License and Escrow Agreement, a Default occurs if ThermoGenesis fails to meet certain financial covenants.  In the event of a Default, the Escrow Agent will release the Deposit Materials to CBR.

 

	
C.  

	
In consideration of the on-going restructuring of the ThermoGenesis and CBR relationship, CBR has agreed to forbear from exercising the rights and remedies available to it in the event of a Default, subject to the terms and conditions set forth herein.

 

NOW, THEREFORE ThermoGenesis and CBR agree as follows:

1.           Forbearance.  CBR agrees to forbear from asserting a Default and exercising any or all of CBR’s rights and remedies upon the occurrence of a Default under the License and Escrow Agreement for a period of  thirty (30) days..

2.           Entire Agreement.     This document constitutes the entire agreement between the Parties. There are no representations, agreements, arrangements, or understandings, oral or written, between or among the Parties relating to the subject matter of this Agreement that are not fully expressed herein.  The License and Escrow Agreement remains in full force and effect and is not modified other than as specifically provided for herein.

3.           Waiver.     Any of the terms or conditions of this Agreement may be waived at any time by the party entitled to the benefit thereof, but no such waiver shall affect or impair the right of the waiving party to require observance, performance or satisfaction either of that term or condition as it applies on a subsequent occasion or of any other term or condition hereof.

4.           Amendment.     The provisions of this Agreement may be modified at any time by agreement of the Parties.  Any such agreement hereafter made shall be ineffective to modify this Agreement in any respect unless in writing and signed by the Parties against whom enforcement of the modification or discharge is sought.

5.           Attorneys’ Fees.     In the event that any party to this Agreement files any petition or institutes litigation, including arbitration, to interpret or enforce the terms of this Agreement, the Parties expressly agree that the prevailing party or Parties, in addition to any other relief provided by law, will be entitled to such reasonable attorneys’ fees and court costs as may be incurred.

6.           Binding Effect.     The Parties expressly agree that this Agreement is binding on each other’s successors, heirs, assigns, beneficiaries, executors, administrators, and trustees.

7.           Governing Law.  The rights and obligations of the Parties and the interpretation and performance of this Agreement shall be governed by the laws of the State of California, excluding its conflicts of laws rules.

8.           Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same document.

IN WITNESS WHEREOF, this Agreement was executed as of the date first set forth above.

 

	  	  	  	
THERMOGENESIS CORP.

	  
	  	  	  	  	  
	  	  	  	  	  
	  	
Dated: November 26, 2013

	  	
By: /s/ Dan T. Bessey

	  
	  	  	  	
Name: Dan T. Bessey

	  
	  	  	  	
Title: Chief Financial Officer

	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	
CBR SYSTEMS, INC.

	  
	  	  	  	  	  
	  	  	  	  	  
	  	
Dated: November 26, 2013

	  	
By: /s/ Michael L. Johnson

	  
	  	  	  	
Name: Michael Johnson

	  
	  	  	  	
Title: Chief Financial Officer

	  

- 1 -Exhibit 10.27

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Aufhebungsvertrag

 	
  

 	
  

 	
 Termination Agreement

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Zwischen

 	
  

 	
  

 	
 Between

 	
  

 
	
  

 	
 der MTS Sensor Technologie GmbH
 & Co. KG

 Auf dem Schüffel 9

 D-58513 Lüdenscheid

 Deutschland

 (im Folgenden als “MTS”
 bezeichnet)

 

 und

 

 Herrn Joachim Hellwig, 

 Carl-Berg-Weg 14

 58509 Lüdenscheid

 Deutschland

 

 (im Folgenden als “Geschäftsführer” bezeichnet)

 	
  

 	
  

 	
 MTS Sensor Technologie GmbH & Co. KG

 Auf dem Schüffel 9

 D-58513 Lüdenscheid

 Germany

 (hereinafter referred to as “MTS”)

 

 and

 

 Mr. Joachim Hellwig,

 Carl-Berg-Weg 14

 58509 Lüdenscheid

 Germany

 

 (hereinafter referred to as “Managing
 Director”)

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 wird Folgendes vereinbart:

 	
  

 	
  

 	
 agree as follows:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 § 1 Aufhebung des
 Anstellungsvertrages

 	
  

 	
  

 	
 § 1 Termination

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 Die Parteien
 heben hiermit das zwischen ihnen bestehende Anstellungsverhältnis mit Ablauf
 des 31.03.2014 (Austrittstermin) auf.

 	
  

 	
  

 	
 1.

 	
 The Parties
 herewith agree that their employment relationship will end on 2014-03-31
 (date of termination).

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.

 	
 Bis zum
 Austrittstermin erhält der Geschäftsführer seine monatlichen Fixbezüge in
 Höhe von € 21.126,08 brutto, sowie sämtliche vertraglich ihm zustehenden
 variablen Vergütungs-bestandteile.

 	
  

 	
  

 	
 2.

 	
 Until this
 date of termination, the Managing Director will
 receive his monthly fixed salary in the amount of € 21.126,08 EUR
 gross and all other variable remuneration as per his employment contract.

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 3.

 	
 Den ihm auch zu
 Privatzwecken überlassenen Dienstwagen (amtl. Kennzeichen MK XY-132) kann der
 Geschäftsführer zu unveränderten Konditionen bis zum Austrittstermin weiter
 nutzen.

 

 

 	
  

 	
  

 	
 3.

 	
 Until the date of termination the Managing Director shall also be
 entitled to use the company car (license plate no MK XY-132 at unchanged
 conditions for private purposes.

 

 

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 § 2 Niederlegung des Amtes als
 Geschäftsführer 

 	
  

 	
  

 	
 § 2 Resignation as Managing
 Director

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 Der
 Geschäftsführer hat mit gesonderten Schreiben sein Amt als Geschäftsführer
 der MTS Sensor Technologie und Verwaltungs GmbH mit sofortiger Wirkung
 niedergelegt.

 	
  

 	
  

 	
 1.

 	
 The Managing Director
 by separate letter has resigned from his office as Managing Director of MTS
 Sensor Technologie und Verwaltungs GmbH with immediate effect.

 

 

 	
  

 

Exhibit 10.27

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 
2.

 	
 
MTS wird
 unverzüglich einen neuen Geschäftsführer der MTS Sensor Technologie und Verwaltungs
 GmbH bestellen.

 	
  

 	
  

 	
 
2.

 	
 
MTS shall appoint a new
 Managing Director of MTS Sensor Technologie und Verwaltungs GmbH without
 undue delay.

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 § 3 Beratungstätigkeit

 	
  

 	
  

 	
 § 3 Advisory Position

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 Der
 Geschäftsführer steht MTS im Rahmen des noch laufenden Dienstverhältnisses ab
 sofort beratend zur Verfügung, insbesondere für seinen Nachfolger im Amt des
 Geschäftsführers.

 	
  

 	
  

 	
 1.

 	
 Until the
 date of termination the Managing Director will remain in an advisory position
 on the basis of the existing employment agreement.

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.

 	
 Mit der
 Position ist keine rechtliche Vertretungsbefugnis nach außen verbunden. Die
 Bestimmungen der §§ 1 und 2 des Anstellungsvertrags vom 22.02.1991/15.03.1991
 sind hiermit aufgehoben.

 	
  

 	
  

 	
 2.

 	
 This
 position includes no right of legal representation of MTS. Sections 1 and 2
 of the employment agreement dated 1991-02-22/1991-03-15 are
 herewith terminated.

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 § 4 Firmenunterlagen und sonstiges
 Firmeneigentum

 	
  

 	
  

 	
 § 4 Company documents and other
 company property

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 Der
 Geschäftsführer wird spätestens am 15.03.2013 sämtliche MTS gehörende
 Unterlagen, Schlüssel und sonstige ihm überlassene Gegenstände zurückgeben.

 	
  

 	
  

 	
 1.

 	
 The Managing
 Director shall return all documents, keys and any other
 items belonging to MTS latest 15.03.2013

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Dazu zählen insbesondere

 	
  

 	
  

 	
  

 	
 This includes in particular:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 -

 	
 Ein Mobiltelefon nebst SIM-Karte

 	
  

 	
  

 	
 -

 	
 the mobile phone incl. SIM-card,

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 -

 	
 der Laptop

 	
  

 	
  

 	
 -

 	
 a lap-top

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 -

 	
 sämtliche Firmenschlüssel, ID-Karten u.Ä.

 	
  

 	
  

 	
 -

 	
 all company keys, ID badges etc.

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.

 	
 Auf Verlangen
 wird er schriftlich bestätigen, dass die Herausgabe sämtlicher Gegenstände
 und Unterlagen vollständig erfolgt ist und er keine Kopien, gleich ob
 elektronisch oder in papierner Form, behalten hat.

 

 

 	
  

 	
  

 	
 2.

 	
 Upon
 request, the employee shall confirm to the employer that he has returned all
 such items and documents in complete and he has kept no hard or electronic
 copies of them.

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 § 5 Sonstiges

 	
  

 	
  

 	
 § 5 Other Provisions

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Im Übrigen
 bleiben die Bestimmungen des Anstellungsvertrags vom 22.02.1991 / 15.03.1991
 sowie sonstige Vereinbarungen unbe rührt.

 	
  

 	
  

 	
 With the exception of
 the aforementioned, all other provisions of the employment agreement dated
 1991-02-22 / 1991-03-15 and other agreements remain unaffected.

 	
  

 

Exhibit 10.27

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 
Die bestehende
 Pensionszusage ist nicht Bestandteil dieser Vereinbarung und behält ihre
 volle Gültigkeit.

 	
  

 	
  

 	
 
The existing pension
 plan is not affected by this agreement and will remain valid.

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 § 6 Schriftformklausel, maßgebliche
 Fassung

 	
  

 	
  

 	
 § 6 Written form, Decisive Language

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 1

 	
 Änderungen
 dieses Vertrages durch individuelle Vertragsabreden sind formlos wirksam. Im
 Übrigen bedürfen Vertragsänderungen der Schriftform. Dies gilt auch für diese
 Schriftformklausel.

 	
  

 	
  

 	
 1.

 	
 Amendments
 to this Agreement by individual contractual arrangement shall be valid.
 Otherwise, contractual amendments must be in written form. This also applies
 to the amendment of this written form agreement.

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2

 	
 Dieser Vertrag
 ist zweisprachig aufgestellt. Maßgeblich ist die deutsche Fassung.

 	
  

 	
  

 	
 2.

 	
 This
 agreement is set up in two languages. The German version is decisive.

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 3.

 	
 Mit dem
 Zustandekommen dieses Vertrages sind sämtliche gegenseitige Rechten und
 Pflichten aus dem Anstellungsverhältnis abgegolten.

 	
  

 	
  

 	
 3.

 	
 With the
 undersigning of this contract all rights and obligations of both parties
 arising from the employment agreement are satisfied and concluded.

 

 

 	
  

 
	
  

 	
 § 7 Salvatorische Klausel

 	
  

 	
  

 	
 § 7 Severability clause

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Sollte eine
 Bestimmung dieses Vertrages unwirksam sein, wird die Wirksamkeit der übrigen
 Bestimmungen davon nicht berührt. Die Parteien verpflichten sich, an Stelle
 der unwirksamen Bestimmung eine dieser Bestimmung möglichst nahekommende
 wirksame Regelung zu treffen.

 

 

 	
  

 	
  

 	
 Should a
 provision of this Agreement be invalid, this shall not affect the validity of
 the remaining provisions. The parties undertake to replace an invalid
 provision with a valid provision that comes as close as possible to that
 provision.

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Lüdenscheid, den 11. März 2013

 	
  

 	
  

 	
 Lüdenscheid, March 11, 2013

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 /s/ Jeffrey A. Graves

 	
  

 	
 /s/ Kristin E. Trecker

 	
  

 	
  

 	
 /s/ Joachim Hellwig

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Dr. Jeffrey A. Graves

 	
  

 	
 Kristin E. Trecker, SPHR

 	
  

 	
  

 	
 Joachim Hellwig

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Namens und in
 Vollmacht der Gesellschafter / in the name and on behalf of the shareholders

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