Document:

Exhibit 10.4

 

IMEDIA
BRANDS, INC.

 

Performance
Stock Unit Award Agreement

(Under
the 2011 Omnibus Incentive Plan)

 

iMedia
Brands, Inc. (the “Company”), pursuant to its 2011 Omnibus Incentive Plan (the “Plan”), hereby grants
to you, the Participant named below, an award of Performance Stock Units. The terms and conditions of this Award are set forth
in this Performance Stock Unit Award Agreement (the “Agreement”), consisting of this cover page, the Terms and Conditions
on the following pages and the attached Annex A, and in the Plan document, a copy of which has been provided to you. Any
capitalized term that is used but not defined in this Agreement shall have the meaning assigned to it in the Plan as it currently
exists or as it is amended in the future.

 

	Name
    of Participant:	\
	Target Number of

        Performance Stock Units:
	 
	Grant Date:	 
	Measurement Period:	 
	Scheduled Vesting
    Date:	 
	Performance Goals:	See
    Annex A
	*
    Assumes your Service has been continuous from the Grant Date to the vesting date.	 
	 	 	 

 

By
signing below or otherwise evidencing your acceptance of this Agreement in a manner approved by the Company, you agree to all
of the terms and conditions contained in this Agreement and in the Plan document. You acknowledge that you have received and reviewed
these documents. With respect to this Award, if there is any conflict between the provisions of this Agreement and any other agreement
between you and the Company (including any employment agreement), the provisions of this Agreement will govern.

 

	PARTICIPANT:	 	IMEDIA BRANDS,
    INC.:
	 	 	 	 
	 	 	 	 
	 	 	By:	 
	 	 	 	 

 

    	 	 	 

     

    

 

IMEDIA
BRANDS, INC.

Performance
Stock Unit Award Agreement

 

Terms
and Conditions

 

1.            Award
of Performance Stock Units. The Company hereby confirms the grant to you, as of the Grant Date and subject to the terms
and conditions of this Agreement and the Plan, of an award of Performance Stock Units (the “Units”) in an amount initially
equal to the Target Number of Performance Stock Units specified on the cover page of this Agreement. The number of Units that
may actually be earned and become eligible to vest pursuant to this Award can be between 0% and 125% of the Target Number of Units.
Each Unit that is earned as a result of the performance goals specified in Annex A to this Agreement having been satisfied
and which thereafter vests represents the right to receive one Share of the Company’s common stock. Prior to their settlement
or forfeiture in accordance with the terms of this Agreement, the Units granted to you will be credited to a performance stock
unit account in your name maintained by the Company. This account will be unfunded and maintained for book-keeping purposes only,
with the Units simply representing an unfunded and unsecured contingent obligation of the Company.

 

2.            Vesting
and Forfeiture of Units. The Units shall vest at the earliest of the following times and to the degree specified.

 

(a)            Determination
of Units Earned; Scheduled Vesting. The Human Resources and Compensation Committee (the “Committee”) will determine
(i) the degree to which the applicable performance goals for the Measurement Period have been satisfied, and (ii) the number of
Units that have been earned during the Measurement Period, each as determined in accordance with Annex A as soon as practicable
following the Measurement Period (but in no event later than the 15th day of the third calendar month after the end
of the calendar year during which the Measurement Period ended). The earned Units, if any, will vest on the earlier of (i) the
Scheduled Vesting Date set forth on the cover page of this Agreement and (ii) the occurrence of an event described in Section
4(b), so long as your Service has been continuous from the Grant Date to the Scheduled Vesting Date.

 

(b)            Change
in Control. The effect of a Change in Control on the Units is set forth in Section 12 of the Plan. If an accelerated vesting
event occurs pursuant to Section 12 of the Plan prior to the end of the Measurement Period, the words “fully vest”
in Section 12 of the Plan shall mean that the Target Number of Performance Stock Units set forth on the cover page of this Agreement
shall vest (i.e., the Units shall vest at the 100% level).

 

(c)            Forfeiture
of Unvested Units. Any Units that do not vest on the applicable vesting date as provided in this Section 2 shall immediately
be forfeited. If your Service terminates prior to the Scheduled Vesting Date under circumstances other than as set forth in Section
2, all unvested Units shall immediately be forfeited.

 

3.            Settlement
of Units.  As soon as practicable after any date on which Units vest (but no later than the 15th day
of the third calendar month following the applicable vesting date), the Company shall cause to be issued and delivered to you
one Share in payment and settlement of each vested Unit. Delivery of the Shares shall be effected by the issuance of a stock certificate
to you, by an appropriate entry in the stock register maintained by the Company’s transfer agent with a notice of issuance
provided to you, or by the electronic delivery of the Shares to a brokerage account, and shall be subject to the tax withholding
provisions of Section 5 and compliance with all applicable legal requirements as provided in Section 18(c) of the Plan, and shall
be in complete satisfaction and settlement of such vested Units. The Company will pay any original issue or transfer taxes with
respect to the issue and transfer of Shares to you pursuant to this Agreement, and all fees and expenses incurred by it in connection
therewith. If the Units that vest include a fractional Unit, the Company shall round the number of vested Units to the nearest
whole Unit prior to issuance of Shares as provided herein.

 

    	 	2	 

     

    

 

4.            No
Shareholder Rights. The Units subject to this Award do not entitle you to any rights of a holder of the Company’s
common stock. You will not have any of the rights of a shareholder of the Company in connection with any Units granted or earned
pursuant to this Agreement unless and until Shares are issued to you in settlement of earned and vested Units as provided in Section
3.

 

5.            Withholding
Taxes. No Shares will be delivered to you in settlement of vested Units unless you have made arrangements acceptable to
the Company for payment of any federal, state, local or foreign withholding taxes that may be due as a result of the delivery
of the Shares. You hereby authorize the Company (or any Affiliate) to withhold from payroll or other amounts payable to you any
sums required to satisfy such withholding tax obligations, and otherwise agree to satisfy such obligations in accordance with
the provisions of Section 14 of the Plan. You may elect to satisfy such withholding tax obligations by having the Company withhold
a number of Shares that would otherwise be issued to you in settlement of the Units and that have a Fair Market Value equal to
the amount of such withholding tax obligations by notifying the Company of such election.

 

6.            Restrictions
on Transfer. You may not sell, transfer, or otherwise dispose of or pledge or otherwise hypothecate or assign the Units.
Any such attempted sale, transfer, disposition, pledge, hypothecation or assignment shall be null and void.

 

7.            Choice
of Law. This Agreement will be interpreted and enforced under the laws of the state of Minnesota (without regard to its
conflicts or choice of law principles).

 

8.            Binding
Effect. This Agreement will be binding in all respects on your heirs, representatives, successors and assigns, and on
the successors and assigns of the Company.

 

9.            Discontinuance
of Service. This Agreement does not give you a right to continued Service with the Company or any Affiliate, and the Company
or any such Affiliate may terminate your Service at any time and otherwise deal with you without regard to the effect it may have
upon you under this Agreement.

 

10.          Section
409A of the Code. The award of Units as provided in this Agreement and any issuance of Shares or payment pursuant to this
Agreement are intended to be exempt from Section 409A of the Code under the short-term deferral exception specified in Treas.
Reg. § 1.409A-l(b)(4).

 

11.          Notices.
Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered to the
party for whom it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to
the other party as herein provided. Unless and until some other address is so designated, all notices or communications by you
to the Company shall be mailed or delivered to the Company at its office at 6740 Shady Oak Road, Eden Prairie, MN 55344, and all
notices or communications by the Company to you may be given to you personally or may be mailed to you at the address indicated
in the Company’s records as your most recent mailing address.

 

 

By
signing the cover page of this Agreement or otherwise accepting this Agreement in a manner approved by the Company, you agree
to all the terms and conditions described above and in the Plan document.

 

    	 	3tcon-ex101_102.htm

Exhibit 10.1

 

Deferral Agreement

		
	
Deferral Agreement Effective Date:
	
April 10, 2020

	
Loan Agreement Date
	
May 13, 2015

	
Borrower:
	
TRACON Pharmaceuticals, Inc.

	
Loan Agreement:
	
That certain Loan and Security Agreement, dated as of the Loan Agreement Date, between Borrower, Additional Borrowers, if any, and Silicon Valley Bank (“Bank”), as amended, restated or otherwise modified and in effect from time to time.

 

	
Guarantor(s) or Pledgor(s):
	
If this box is checked, the obligations or Borrower are guaranteed or secured by a pledge of assets and the Consent and Ratification attached hereto shall apply and must be completed for each Guarantor and/or Pledgor.

 

Reference is made to the Loan Agreement and the other terms defined herein. Borrower and Bank hereby agree to the Terms and Conditions attached hereto and any applicable Annex and/or Consent and Ratification attached hereto, each of which is incorporated herein by reference (collectively, the “Deferral Agreement”).

			
	
Bank: Silicon Valley Bank
	
 
	
Borrower: TRACON Pharmaceuticals, Inc.

	
By: /s/ Kristine Rohmer
	
 
	
By: /s/ Charles P. Theuer, M.D., Ph.D.

	
Name: Kristine Rohmer
	
 
	
Name: Charles P. Theuer, M.D., Ph.D.

	
Title: Vice President
	
 
	
Title: President and Chief Executive Officer

	
 
	
 
	
 

	
 
	
 
	
 

 

© 2020 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).

						
	
Rev. March 30, 2020
	
 
	
Deferral Agreement
	
 
	
 
	
Page 1 of 4

 

Terms and Conditions

Deferral Agreement

 

	
1.
	
Definitions. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Loan Agreement.

	
2.
	
Interest Payments. Borrower shall at all times continue to make regularly scheduled monthly payments of accrued interest on each applicable payment date under the Loan Agreement.

	
3.
	
Extension of Principal Payment Dates.

	
 
	
a.
	
The payment dates for all monthly payments of principal in respect of any term loans (but not any other facilities) which are due following the Deferral Agreement Effective Date shall be extended by six (6) months.

	
 
	
b.
	
To the extend that the Loan Agreement permits Borrower to extend the period during which Borrower is only required to make payments of accrued interest (and no principal payments) (the “Interest Only Period”) upon achieving one or more milestones or other thresholds, which milestones or thresholds have not yet been achieved as of the Deferral Agreement Effective Date, by execution of the Deferral Agreement, Borrower agrees that (a) the six (6) month extension of the Interest Only Period provided for by this Deferral Agreement shall supersede and replace any and all extensions of the Interest Only Period set forth in the Loan Agreement, and (b) any and all extensions of the Interest Only Period set forth in the Loan Agreement as of the Deferral Agreement Effective Date are hereby void, and shall be of no further force and effect. Nothing herein shall be construed as  a modification or amendment of the existing terms and conditions in the Loan Agreement that provide for Bank to increase availability or to make additional advances or extensions of credit to Borrower, including if such increase or additional advances or extensions of credit require Borrower to achieve the same milestone or threshold that would have previously extended the Interest Only Period prior to Borrower entering into this Deferral Agreement.

	
 
	
c.
	
The amount of each monthly payment of principal following the extension shall be the same as the amount of the scheduled monthly payment of principal prior to the Deferral Agreement Effective Date.

	
 
	
d.
	
All deferred principal payments shall continue to be secured by all Collateral granted or pledged to Bank under the Loan Documents.

	
4.
	
Extension of Maturity Date. The maturity date(s) for all term loans (but not any other facilities) under the Loan Agreement that occur after the Deferral Agreement Effective Date shall be extended by six (6) months, and the corresponding definitions of such maturity dates in the Loan Agreement shall be deemed to be amended accordingly.

	
5.
	
Representations and Warranties. Borrower hereby represents and warrants that (a) Borrower has the power and authority to execute and deliver to Bank the Deferral Agreement, (b) the execution and delivery to Bank by Borrower of the Deferral Agreement and the performance of Borrower's obligations under the Loan Agreement, as amended  by  the  Deferral  Agreement,  do not require any order, consent, approval, license, authorization or validation of, or filing, recoding or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made and (c) the Deferral Agreement has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or similar laws and equitable principals relating to or affecting creditors rights.

	
6.
	
Ratification. Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of all Loan 

 

Page 2 of 4

 

Terms and Conditions

Deferral Agreement

 

		
Documents and all security or other collateral granted to Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations and all deferred principal payments.

	
7.
	
Release. For good and valuable consideration, Borrower hereby forever relieves, releases, and discharges Bank and its present or former employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities, demands, obligations, promises, acts, agreements, costs and expenses, actions and causes of action, of every type, kind, nature, description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of or in any manner whatsoever connected with or  related to facts, circumstances, issues, controversies or claims existing or arising from the beginning of time through and including the date of execution hereof (collectively "Released Claims"). Without limiting the foregoing, the Released Claims shall include any and all liabilities or claims arising out of or in any manner whatsoever connected with or related to the Loan Documents, any instruments, agreements or documents executed in connection with any of the foregoing or the origination, negotiation, administration, servicing or enforcement of any of the foregoing. Borrower expressly acknowledges and waives any and all rights under Section 1542 of the California Civil Code, which provides that:

"A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.”

By entering into this release, Borrower recognizes that no facts or representations are ever absolutely certain and it may hereafter discover facts in addition to or different from those which it presently knows or believes to be true, but that it is the intention of Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences, known or unknown, suspected or unsuspected; accordingly, if Borrower should subsequently discover that any fact that it relied upon in entering into this release was untrue, or that any understanding of the facts was incorrect, Borrower shall not be entitled to set aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances       whatsoever.Borrower acknowledges that it is not relying upon and has not relied upon any representation or statement made by Bank with respect to the facts underlying this release or with regard to any of such party's rights or asserted rights. This release may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against any action, suit, or other proceeding that may be instituted, prosecuted or attempted in breach of this release. Borrower acknowledges that the release contained herein constitutes a material inducement to Bank to enter into the Deferral Agreement, and that Bank would not have done so but for Bank's expectation that such release is valid and enforceable in all events.

Borrower hereby represents and warrants to Bank, and Bank is relying thereon, that (a), except as expressly stated herein, neither Bank nor any agent, employee or representative of Bank has made any statement or representation to Borrower regarding any fact relied upon by Borrower in entering into the Deferral Agreement, (b) Borrower has made such investigation of the facts pertaining hereto and all of the matters appertaining thereto, as it deems necessary; (c) the terms hereof are contractual and not a mere recital; (d) the Deferral Agreement has been carefully read by Borrower, the contents hereof are known and understood by Borrower, and the Deferral Agreement is signed freely,  and  without  duress,  by  Borrower     and (e) Borrower represents and warrants that it is the sole and lawful owner of all right, title and interest in and to every claim and every other matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to assign or transfer, to any person, firm or entity any claims or other matters herein released. Borrower shall indemnify Bank, defend and hold it harmless from and against all claims based upon or arising in connection with prior assignments or purported assignments or transfers of any claims or matters released herein.

	
8.
	
Full Force and Effect; Limitations of Deferral Agreement. Other than as expressly provided in the Deferral Agreement, the terms of the Loan Agreement remain in full force and effect. Bank's agreement to defer principal payments pursuant to the Deferral Agreement in no way shall constitute a waiver of 

 

Page 3 of 4

 

Terms and Conditions

Deferral Agreement

 

		
or forbearance from any existing defaults under any of the Loan Documents, nor shall it obligate Bank to defer any future payments or waive or forbear from any future defaults under any of the Loan Documents. Nothing in the Deferral Agreement shall constitute a satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of Loan Documents, unless the party is expressly released by Bank in writing. No maker will be released by virtue of the Deferral Agreement.

	
9.
	
Miscellaneous.

	
 
	
a.
	
The Deferral Agreement may be executed and delivered in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.
	
 

	
 
	
b.
	
The words “execution,” “signed,” “signature” and words of like import in any Loan Document, including the Deferral Agreement, shall be deemed to include electronic signatures, including any Electronic Signature as defined in the Electronic Transactions Law (2003 Revision) of the Cayman Islands (the “Cayman Islands Electronic Signature Law”), or the keeping of records in electronic form, including any Electronic Record, as defined in Cayman Islands Electronic Signature Law, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Cayman  Islands  Electronic  Signature Law; provided, however that sections 8 and 19(3) of the Cayman Islands Electronic Signature Law shall not apply to this Deferral Agreement or the execution or delivery thereof.

	
 
	
c.
	
The Deferral Agreement shall be effective as of the Deferral Agreement Effective Date.
	
 

	
 
	
d.
	
The Deferral Agreement is a Loan Document and will be construed, interpreted, and applied in accordance with the laws of the jurisdiction whose laws govern the Loan Agreement (excluding its body of law controlling conflicts of law). Each party to the Deferral Agreement submits to the jurisdiction of the same state and federal courts to which it submitted under the Loan Agreement.
	
 

	
 
	
e.
	
In the event of any action or proceeding to enforce the Deferral Agreement, Bank shall be entitled to recover from Borrower its attorneys' fees and expenses, disbursements and court costs.
	
 

 

 

 

[End of Terms and Conditions]

 

 

Page 4 of 4

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