Document:

Exhibit 10.20

	
Agreement of Compensation between Tengasco, Inc. and Cary V. Sorensen as Vice President, General Counsel, and Corporate Secretary dated February 25, 2015

 

 

	
February 25, 2015

	 
	 	 
	
Mr. Cary V. Sorensen

	
VIA EMAIL to csorensen@tengasco.com

This letter is to extend an offer of compensation to Cary V. Sorensen (“you” or “your”) as Vice President, General Counsel, and Corporate Secretary of Tengasco, Inc. (the “Company”).

This letter is a compensation offer and is not an employment contract, and your employment as an Officer of the Company continues as “at will” employment meaning either you or the Board of Directors of the Company may terminate your employment at any time for any lawful reason, and this letter agreement will also terminate at such time (provided that any rights pursuant to Section 2 shall survive such termination).   If you accept this compensation offer, it will become effective as of March 2, 2015. You and the Company agree that as of March 2, 2015 your compensation will be in accordance with the following terms:

		1.	Your salary is set at $91,000 per year, said salary to be paid in equal payments consistent with the Company’s existing payroll procedures.

 

		2.	You will receive six months’ salary (at the rate in effect at the time) as severance if you are terminated without Cause prior to February 25, 2016. “Cause” shall have the same meaning as defined in Amended Stock Option Agreement between Michael J. Rugen and the Company dated and effective on or about August 30, 2010 and included by this express reference as if set out herein.

 

		3.	You will be considered a full time employee operating from a virtual office in the Galveston, Texas area with attendance upon Company business in the Denver area headquarters as may be reasonably requested at any time by the Company. You agree to not take on full or part time employment by others without approval in advance, which may be denied in the sole discretion of the Company; provided that your service on the board of other public companies (if any) would not constitute such  “employment” but would be subject to board approval which would not be unreasonably withheld.

 

		4.	You will continue to receive 401-K plan benefits, a Company credit card for company expenses; bonus potential under terms set by the Board from time to time; Company-paid Texas state bar membership dues, CLE charges, and mobile phone charges.  The Company agrees to pay any computer, printing, fax communication equipment/land line and usage charges, post office box charges, and other reasonable and customary office expenses needed for efficient operation of a virtual office. The Company will pay for your business travel on a mileage basis and out of pocket travel to Denver on an as needed or desired basis at any time.  The Company will not pay for any office rentals, maintenance of any facilities, or utilities in connection with any office facilities you elect to utilize, nor will the Company pay for any additional personnel of any kind to perform any tasks in connection with the operation of the virtual office.

 

		5.	You agree to provide at your own expense a combination of private insurance and governmental insurance in lieu of the Company health insurance plan previously provided to you through Blue Cross Blue Shield of Tennessee. The Company will reimburse you up to $13,000 per year in premiums (Part B premiums, drug prescription premiums, and supplemental premium costs as you elect for yourself and spouse.) You will also pay disability insurance premiums in view of the favorable tax treatment of policy payments if made, and be reimbursed for same to extent the $13,000 per year reimbursement has not been exhausted by payment of health insurance costs.

 

		6.	Also effective March 2, 2015, your $91,000 annual salary set out above shall be reduced by 10% in accordance with the Consent to Action Taken without Meeting of the Company’s Board of Directors dated February 19, 2015 (the “Consent.”). You hereby consent that such reduction shall not constitute a termination without Cause as defined in paragraph 2.   Your consent will not apply in the event the provisions of either paragraphs 4 or 5 of the Consent are in fact triggered by the price levels being reached but the Company either determines to not resume your previous salary level or not reimburse your past salary reduction to you, whether all persons are similarly treated or such action by the Company is only made as to you.  In either such event, the termination without Cause provisions of Paragraph 2 would apply at your salary being paid at the time of the occurrence of either such event.

 

Any dispute relating to the matters set forth in this letter shall be governed by, construed, and enforced in accordance with the laws of the State of Colorado, without regard to Colorado’s choice of law rules. Any and all actions, suits, or judicial proceedings upon any claim arising from or relating to this letter shall be instituted and maintained in the State of Colorado. If it is judicially determined that either party may file an action, suit or judicial proceeding in federal court, such action, suit or judicial proceeding shall be in the Federal District Court for the District of Colorado.

If you are in agreement with all of the above, please indicate your acceptance of this offer of compensation by signing in the space provided below and returning your signed agreement via email attachment.  This agreement will become effective the date of your signature as indicated below and will remain effective during all periods following March 2, 2015.

 

Tengasco, Inc.

		
By the Board of Directors

	 
		 	 	 
		
BY:

	
/s Hughree F. Brooks

	 
		 	
Hughree F. Brooks,

	 
		 	
Chairman of the Compensation Committee

	 

 

	
AGREED AND ACCEPTED:

	
 

	
 

	
 

	
/s Cary V. Sorensen

	
 

	
Cary V. Sorensen

	
 

 

	
Date :

	
Februaryexhibit1028.htm

AMENDMENT NO. 2 TO THE ADVISORY AGREEMENT

 

This AMENDMENT NO. 2 (the “Amendment) dated effective as of January 1, 2015 to the ADVISORY AGREEMENT made as of the 1st day of April, 2008, among CERES MANAGED FUTURES LLC (formerly Demeter Management Corporation), a Delaware limited liability company (the “Trading Manager”), MORGAN STANLEY SMITH BARNEY BORONIA I, LLC (formerly Morgan Stanley Managed Futures GMF I, LLC), a Delaware limited liability company (the “Trading Company”) and BORONIA CAPITAL PTY LTD. (formerly Grinham Managed Funds Pty. Ltd.), a New South Wales, Australia proprietary limited company (the “Trading Advisor”), as amended by that certain Amendment No. 1 to the Advisory Agreement dated as of January 1, 2013 (the “First Amendment”) among the Trading Manager, the Trading Company and the Trading Advisor (as so amended, the “Advisory Agreement”).

 

W I T N E S S E T H:

 

WHEREAS, the Trading Manager, the Trading Company and the Trading Advisor wish to amend the Advisory Agreement to decrease the Trading Advisor’s management fee compensation.

 

NOW, therefore, the parties agree as follows:

 

1. Interpretation

 

Capitalized and other defined terms used in this Amendment and not otherwise expressly defined herein shall have the same respective meanings as set forth in the Agreement.  In the event of any inconsistency between this Amendment and the Agreement, the terms of this Amendment shall prevail.

 

2. Amendment

 

Section 5(a)(i) of the Advisory Agreement and the table added by the First Amendment shall be deleted in their entirety and replaced by the following:

 

“The Trading Company shall pay the Trading Advisor a monthly management fee equal to 1/12 of 1.5% (a 1.5% annual rate) of the Net Assets (as defined in Section 5(c) hereof) as of the first day of each month (the “Management Fee”).  The Management Fee is payable in arrears within 30 calendar days of the end of the month for which it was calculated.  For purposes of this Agreement, “Business Day” shall mean any day on which the securities markets are open in the United States.”

 

3. Full Force and Effect

 

Except as otherwise provided in this Amendment, the Advisory Agreement remains unchanged and in full force and effect.

 

  

  

  

 

4. Counterparts; Valid Agreement

 

This Amendment may be executed in one or more counterparts, each of which when so executed and delivered shall be deemed an original amendment agreement, and all of which together shall constitute one and the same instrument.  This Amendment may be executed and delivered either in hard copy originals or in scanned copies which, in either case, shall constitute a valid amendment agreement.

 

5. Governing Law

 

This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

 

 

IN WITNESS WHEREOF, this Amendment has been executed for and on behalf of the undersigned as of the day and year first above written.

 

 

CERES MANAGED FUTURES LLC

By   /s/ Patrick T. Egan                                                                           

Patrick T. Egan

President & Director

MORGAN STANLEY SMITH BARNEY BORONIA I, LLC 

By:  Ceres Managed Futures LLC

(Trading Manager)

By   /s/ Patrick T. Egan                                                                           

Patrick T. Egan

President & Director

BORONIA CAPITAL PTY LTD.

By   /s/ Angus Grinham                                                                           

Angus Grinham

DirectorExhibit 10.32

WAIVER AGREEMENT

 

 

This Waiver Agreement (the “Agreement”) is entered into as of December 31, 2014, by and between International Stem Cell Corporation, a Delaware corporation (the “Company”), and Andrey Semechkin, an individual, Ruslan Semechkin, an individual, and AR Partners, LLC, a Delaware limited liability company (collectively, the “Holders”) with respect to the following:

 

A.The Holders are the registered holders and the beneficial owners of all of the issued and outstanding shares of the Company’s Series G Preferred Stock, $0.001 par value per share (the “Series G Preferred”). 

 

B.Pursuant to the terms of the Certificate of Designation of Rights, Preferences, Privileges and Restrictions of the Series G Preferred Stock (the “Series G Certificate of Designation”), the holders of Series G Preferred are entitled to require the Company to redeem the shares of Series G Preferred upon certain triggering events, including following a Deemed Liquidation Event (as defined in the Series G Certificate of Designation).

 

C.Andrey Semechkin and Ruslan Semechkin are each directors and officers of the Company and, assuming full conversion and exercise of all derivative securities held by the Holders, the Holders would beneficially own over 45% of the outstanding shares of common stock of the Company.

 

D.In connection with the Company seeking to raise additional capital to support its operations and continued development and to facilitate the Company’s qualification to list its shares of common stock on a national securities exchange, which are significant benefits to Holders, the Holders have agreed to waive all current and future rights they may have to require the Company to redeem any shares of Series G Preferred.

 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Holders hereby agree as follows:

 

1.Waiver of Redemption Rights.  

 

a.The Holders hereby irrevocably and unconditionally waive all rights they hold (i) to require the Company to redeem any or all shares of Series G Preferred and (ii) to receive any payments and any other rights accruing to them by reason of the failure of the Company to redeem shares of Series G Preferred, pursuant to the terms of the Series G Certificate of Designation or any other agreement between the Company and any of the Holders pertaining to the redemption of Series G Preferred.

 

b.Except as specifically provided herein, this Waiver Agreement does not, and is not intended to, effect the waiver of any other rights held by the Holders under the Series G Certificate of Designation.  In amplification of the foregoing, the parties understand and acknowledge that the provisions in the Series G Certification of Designation requiring payments of a liquidation preference to the holders of Series G Preferred in the event of a Liquidation 

WEST\252359643.1
356329- 0000221

 

Exhibit 10.32

Event (as defined in the Series G Certificate of Designation) shall continue in full force and effect.

 

2.Certificates and Transfers.

 

It is the intention of the Holders and the Company that the waivers set forth in Section 1 above shall be binding on the Holders and on any transferees of any shares of Series G Preferred.  Therefore, the Holders agree to surrender all certificates representing shares of Series G Preferred to the Company for addition of a legend noting the waiver of redemption rights pursuant to this Agreement.  Additionally, the Holders agree that the shares of Series G Preferred that they hold may not be transferred, including by operation of law, unless the transferee agrees in writing to be bound by the terms of this Agreement.  Any purported transfer of shares of Series G Preferred in contravention of the foregoing sentence shall be null and void.

 

3.Representations of the Parties.  

 

Each party hereby represents and warrants to the others that:   

 

a.the execution and delivery and performance by such party of this Agreement: (i) is within such party’s power, (ii) has been duly authorized by all necessary action of such party, (iii) is not in contravention of such party’s organizational documents (as applicable), (iv) does not violate any law or regulation, or any order or decree of any governmental authority applicable to such party, and (v) does not conflict with, or result in the breach or termination, constitute or default under or accelerate any performance required by, any agreement to which such party is bound.

 

b.This Agreement has been duly executed and delivered by or on behalf of such party and constitutes a legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms except as the enforceability may be limited by bankruptcy, insolvency, organization, moratorium and other laws affecting creditors’ rights and remedies in general.

 

4.Representations of the Holders.

a.Each Holder is the sole legal and beneficial owner of the shares of Series G Preferred held by such Holder.  Each Holder has good, valid and marketable title to the shares of Series G Preferred held by such Holder, free and clear of any liens, pledges, charges, security interests, encumbrances or other adverse claims.  Each Holder has not, in whole or in part, (i) assigned, transferred, hypothecated, pledged, exchanged or otherwise disposed of any of the shares of Series G Preferred, or (ii) given any person or entity any transfer order, power of attorney or other authority of any nature whatsoever with respect to the shares of Series G Preferred.

5.Miscellaneous.

 

a.This Agreement may be executed in any number of counterparts, with all such counterparts constituting one agreement, binding on all of the parties hereto.

 

WEST\252359643.1
356329- 0000222

 

Exhibit 10.32

b.This Agreement shall be governed by and construed exclusively in accordance with the internal laws of the state of Delaware, without regard to the conflicts of laws principles thereof.  The parties hereby irrevocably agree that any suit or proceeding arising directly and/or indirectly pursuant to or under this Agreement shall be brought solely in a federal or state court located in the state of Delaware.  By execution hereof, the parties hereby covenant and irrevocably submit to the jurisdiction of the federal and state courts located in the state of Delaware and agree that any process in any such action may be served upon any of them personally, or by certified mail or registered mail addressed to them or their agent, returned receipt requested, with the same force and effect as personally served upon them in the state of Delaware.  The parties hereto expressly and irrevocably waive any claim that any such jurisdiction is not a convenient forum for any such suit or proceeding and any defense or lack of jurisdiction with respect thereto.  In the event of any such action or proceeding, the party prevailing therein shall be entitled to payment from the other party to such action of its reasonably attorney’s fees and disbursements.  

 

c.Each party agrees that it shall do and preform or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificate, instruments, waivers and documents, as the other parties many reasonably request in order to carry out the intent and accomplish the purposes of this Agreement.

 

d.The terms and conditions of this Agreement shall inure to the benefit of and be binding upon their respective successors and assigns, including any transferees of the Series G Preferred.

 

e.Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by facsimile (upon customary confirmation of receipt), addressed to the party to be notified at such party’s address as set forth on the signature page hereto, or as subsequently modified by written notice from such party.

 

f.Prior to executing this Agreement, the Company and each of the Holders have had the benefit of the advice and counsel of their own independent attorneys in understanding and negotiating the terms of this Agreement.

 

g.This Agreement and the documents referred to herein, constitute the entire agreement between the parties pertaining to the subject matter hereof.

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the date in and set forth above.

 

International Stem Cell Corporation

5950 Priestly Drive

Carlsbad, CA 92008

 

Facsimile: 

 

WEST\252359643.1
356329- 0000223

 

Exhibit 10.32

	
/ S /    ANDREY SEMECHKIN        

	
Andrey Semechkin

By:

 

 

Name, Title: Andrey Semechkin, CEO

 

	
/ S /    Jay Novak       

	
Jay Novak

 

Name, Title: Jay Novak, CFO

 

 

	
/ S /    ANDREY SEMECHKIN        

	
Andrey Semechkin

5950 Priestly Drive

Carlsbad, CA 92008

 

Facsimile: 

 

 

	
/ S /    Ruslan SEMECHKIN        

	
Ruslan Semechkin

5950 Priestly Drive

Carlsbad, CA 92008

 

Facsimile: 

 

AR Partners, LLC

5950 Priestly Drive

Carlsbad, CA 92008

 

Facsimile: 

 

	
/ S /    Ruslan SEMECHKIN        

	
 

By:

 

 

Name, Title:  Ruslan Semechkin, Manager

 

WEST\252359643.1
356329- 0000224

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