Document:

ex10-1.htm

Exhibit 10.1

AMENDMENT TO LEASE AGREEMENT

THIS AMENDMENT TO LEASE AGREEMENT, made as of the 2nd day of April, 2012 between 8 PENN CENTER OWNER, L.P., a Pennsylvania limited partnership, having its principal office at c/o ASI Management, 100 South Broad Street, Suite 1300, Philadelphia, PA 19110-1004 (hereinafter "Landlord"), and ECHO THERAPEUTICS, INC., a Delaware corporation, having an office at 8 Penn Center, Suite 300, Philadelphia, PA 19103 (hereinafter "Tenant").

W I T N E S S E T H

WHEREAS:

(i)           Tenant presently occupies certain space consisting of 5,436 rentable square feet on the third floor commonly known as Suite 300 (hereinafter called the "Existing Premises"), in the building known as 8 Penn Center, Philadelphia, PA (hereinafter called the “Building”) under the terms and provisions of a certain lease dated March 9, 2011 between Landlord and Tenant (hereinafter referred to as the “Lease”); and

(ii)           Landlord and Tenant desire to confirm, amend and modify the Lease so as to provide  for expansion of the Existing Premises to include new premises situated in Suite 301 at 8 Penn Center, Philadelphia, PA consisting of approximately 2,425 square feet of rentable area on the 3rd floor (hereinafter the “Additional Premises”), and to modify the annual rent and term of the Lease and to make certain other changes as hereinafter provided;

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and other good and valuable consideration, the receipt and legal sufficiency of which is hereby acknowledged, Landlord and Tenant hereby agree as follows:

1.            Except as specifically provided, all capitalized terms used herein and not otherwise defined shall have the meaning ascribed thereto under the Lease.

2.           Landlord hereby leases to Tenant and Tenant hereby accepts from Landlord, pursuant to the terms and conditions set forth in the Lease and herein, that certain space consisting of approximately 2,425 square feet of rentable area known as Suite 301 on the 3rd floor of the Building (hereinafter “Premises” shall mean the Existing Premises as increased by the Additional Premises).

3.           The term of the Lease for the Premises shall begin on June 1, 2012 and shall continue for a period of five (5) years until  May 31, 2017 (the “Extended Lease Term”). During the Extended Lease Term the Minimum Monthly Rent for the Premises shall be as follows:

    Lease Period                                        Annual Rent                                           Monthly Rent

    06/01/12 - 05/31/13                          $172,942.00                                           $14,411.83

    06/01/13 - 05/31/14                          $176,872.50                                           $14,739.38

    06/01/14 - 05/31/15                          $180,803.00                                           $15,066.92

    06/01/15 - 05/31/16                          $184,733.50                                           $15,394.46

    06/01/16 - 05/31/17                          $188,664.00                                           $15,722.00

4.           Tenant’s Percentage Share as defined in the Lease with respect to the Premises shall mean 3.3%.

5.           No later than July 1, 2012, Landlord shall renovate the bathrooms located in the common area of the third floor of the building located at 8 Penn Center, Philadelphia, PA in a manner consistent with other bathrooms in the same building and as agreed upon by the Landlord and Tenant.

  

  

  

 

6.           Provided no Event of Default has occurred and is then continuing Tenant shall have a one-time right to bring the Lease Term to early termination after the expiration of thirty (30) months of the Extended Lease Term by providing at least three (3) months written advance notice.  Upon exercising the aforesaid option to terminate Tenant must pay Landlord a fee equal to the Landlord’s unamortized leasing costs.

7.           Tenant is presently occupying the Existing Premises and shall accept the same and the Additional Premises in its “AS IS” condition and agrees that Landlord shall have no obligation to make any improvements or alterations to the Premises or to perform any work or incur any expense in preparation for Tenant’s continued occupancy except that, no later than June 1, 2012, Landlord shall (i) modify the Premises in accordance with the attached mutually agreed upon specifications and plan prepared by L2 Partridge, LLC no. SK-2.2 dated March 2012 and (ii) replace all of the ceiling tiles in the Premises. In the event that Tenant wishes to add interior glass office walls to the Premises, Tenant shall reimburse Landlord for the actual cost of such walls, then (i) at least  five (5) business days prior to Landlord ordering the glass, Tenant shall reimburse Landlord for  fifty percent (50%) of the estimated cost of the glass and (ii) Tenant shall reimburse Landlord for the balance of the actual cost of the glass and the deposit paid to Landlord within thirty (30) days of receiving an invoice from Landlord.

8.           Tenant represents that Tenant has not dealt with any broker(s) other than M.S. Fox Real Estate Group in connection with this Lease Amendment and insofar as Tenant knows, no other broker(s) negotiated this Lease Amendment or is entitled to any commission in connection therewith other than M.S. Fox Real Estate Group.  Tenant agrees to indemnify, defend, and hold Landlord harmless from and against any claims for a commission or other compensation in connection with this Amendment made by any other broker or finder who was retained by Tenant to represent  Tenant in connection with this Lease Amendment, provided that Landlord has not in fact retained such broker or finder.

9.           The covenants, agreements, terms and conditions contained in this Lease Amendment shall bind and inure to the benefit of the parties hereto and their respective (permitted) successors and assigns.

10.           This Agreement may not be changed orally, but only in writing signed by both parties.

11.           Except for the modification herein and extension of term as set forth in this Agreement, and, as so modified and extended, the Lease, is hereby reinstated and reaffirmed and in full force and effect and fully binding upon the parties hereto and Tenant’s occupancy is hereby ratified and confirmed in all respects and shall be binding upon the parties hereto and their respective assigns.

  

  

  

IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals as of the day and year first above written.

Landlord

LANDLORD:

8 PENN CENTER OWNER, L.P.

BY: 8 PENN CENTER OWNER, G.P, LLC

By: /s/ Alex Schwartz

Alex Schwartz, Manager

TENANT:

ECHO THERAPEUTICS, INC.

By: /s/ Christopher P. Schnittker

Name:   Christopher P. Schnittker

Title:     Chief Financial Officer

ECHO THERAPEUTICS, INC.

By: /s/ Patrick T. Mooney

Name:  Patrick T. Mooney

Title:    Chief Executive Officerex10-5.htm

Exhibit 10.5

 

April 10, 2012

Mr. Dominique Petitgenet

690 Wednesbury Road

Alpharetta, GA 30022

Dear Dominique:

 

Thank you for your interest regarding career opportunities at Immucor. We believe that your background and experience represent a compelling match with our needs and would like to tender an offer of employment to you.

 

 

Your position will be Vice President and Chief Financial Officer reporting to Bill Hawkins, CEO. Your expected start date is March 1, 2012.  Your starting rate of compensation will be $14,423.08 per pay period, which is equivalent to an annual amount of $375,000. Your first payroll will be determined by your start date and be prorated accordingly as Company employees are paid bi-weekly.

 

 

This position is an eligible position for the Company’s Annual Management Bonus Plan which is based on company financial performance and individual performance. You will participate in the FY2012 plan (Fiscal Year ending May 31, 2012) on a prorated basis. The targeted payout percentage for this bonus is 50% of your base compensation and payouts can range from 0% to 100% of your compensation and payment is made once approval is obtained from the Company’s Compensation Committee.

 

 

In addition you will be eligible to receive the following incentive cash payments per the schedule below:

 

June 30, 2012                          $150,000

June 30, 2013                          $150,000

June 30, 2014                          $150,000

 

 

These incentive payments will only be made if you are actively employed as of each date listed above. In the event you voluntarily leave Immucor within any 12 month period following any payment you agree to repay to Immucor the net amount of the last payment made to you; on a prorated basis. For example, if you receive a net amount of $120,000 and you voluntarily leave Immucor six months after receipt of this payment then you shall repay Immucor $60,000.

 

 

You are also eligible to receive 20,000 stock options from the IVD Holdings, Inc Equity Plan. You will receive separate documents that outline the terms and conditions of those grants. This position will be a covered position under the Immucor 2011 Key Employee Severance Plan and you shall receive the benefits under that Plan in accordance with that Plan. In addition, in the event your employment is terminated by Immucor without cause, we agree to cover reasonable costs to repatriate you and your family back to France; including but not limited to, shipment by a reputable international company your household goods. Also, we agree to pay shipment of all your household goods for your upcoming intrastate move.

 

 

In addition to your compensation, you will be eligible to participate in our comprehensive benefits package at the first of the month after 30 days of employment. This package includes medical, dental, life and disability insurance.  A description of these plans is attached to this letter.

 

  

  

  

 

Page 2.

 

You will be eligible to accrue up to 25 PTO (paid time off) days per year in accordance with the Company’s time off policies.  We agree to reimburse you up to $5,000 for legal fees paid in connection with the acceptance of this offer of employment

 

This offer of employment, if not previously accepted by you, will expire five days from the date of this letter. In addition, your employment is contingent upon your ability to successfully demonstrate your ability to be approved to work in the United States.

 

Indicate your response to our offer of employment by completing the acknowledgment section, including signature, and faxing this offer to 770 242-8930. Please bring the original with you on your initial day of employment.

 

 

Dominique, we greatly look forward to having you join our Company and become a member of our team. Please note that this letter merely confirms our offer of employment and does not constitute an employment contract for any specific period of time. Should you have any questions about starting with the Company, please do not hesitate to contact me. I am looking forward to working with you.

 

 

Sincerely,

 

/s/ Daniel F. Swaine                                           

Daniel F. Swaine SPHR

Vice President, Worldwide Human Resources

Immucor, Inc.

Acknowledgment

 

In response to the within offer of employment (INITIAL ONE ONLY):

 

	 	 x	 I accept the within offer of employment	 
	 	 	 	 
	 	 	 I do not accept the within offer of employment	 
	 	 	 	 
	 	 	 	 
	 	 	 /s/ Dominique Petitgenet	 
	 	 	Your Signature

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