Document:

exv10w21

 

Exhibit 10.21

[Letterhead of Bentley Pharmaceuticals, Inc.]

March 17, 2008

Richard P. Lindsay

Dear Richard:

This letter is intended to confirm our agreement regarding amendments to the terms of your
Employment Agreement dated as of September 11, 2006 with Bentley Pharmaceuticals, Inc. (the
“Employment Agreement”). Capitalized terms not otherwise defined in this letter shall have the
meanings ascribed to them in the Employment Agreement.

The Employment Agreement will be amended by the following terms (and to the extent there is any
inconsistency between these terms and the Employment Agreement, the terms of this letter shall
control):

	1.	 	Subsection 9(b) of the Employment Agreement is replaced in its entirety by the following:

“The Employee may terminate his employment at any time within 12 months after a Change in
Control if during such 12-month period any of the following events has occurred:

	 	i.	 	A material diminution of the Employee’s authority, duties, or
responsibilities,
	 
	 	ii.	 	a material breach of Employer’s obligations pursuant to this
Agreement; 
	 
	 	iii.	 	the Employer requires Employee to move Employee’s primary place
of employment to a location more than 30 miles from Employer’s primary place of
business before the Change in Control (other than temporary relocation or
business travel in the ordinary course); or
	 
	 	iv.	 	a material diminution in the Employee’s Monthly Base Salary
without the prior written consent of the Employee;

provided that in the case of clause i. through iv. such event or condition continues
uncured for 30 days after Employee gives Employer notice of such event or condition
within 90 days of its initial existence.

An election by the Employee to terminate his employment following a Change in
Control for any of the reasons set forth above shall not be deemed a voluntary
termination of employment by the Employee for the purpose of interpreting the
provisions of this Agreement or any of the Employer’s employee benefit plans
and arrangements. The Employee’s continued employment with the Employer for any
period of time during the Term of this Agreement after a Change in Control

 

 

March 17, 2008

Page 2

shall not be considered a waiver of any right he may have to terminate his
employment to the extent permitted under this Section 9(b).

If the Employer terminates the Employee without cause pursuant to Section 8(a)
hereof within twelve (12) months after a Change in Control has occurred, such
termination shall be deemed an election by the Employee to terminate his employment
pursuant to this Section 9(b) and Employee shall have the right to the compensation
set forth in Section 9(c) instead of the compensation set forth in Section 8(a). In
addition, in the event of such termination, the Employee shall continue to have the
obligations provided for in Sections 11 and 12 hereof.”

	2.	 	Subsection 9(c)(i) of the Employment Agreement is replaced in its entirety by the following:

“i. the Employee shall be paid in a lump sum, in cash, within thirty (30) days after
termination of employment or such later date on which the revocation period for the
release contemplated by Section 17 expires, severance pay in an amount equal to two
(2) times (A) the average of his aggregate annual compensation paid by the Employer
during the two prior calendar years (including base salary and bonuses, if any),
which in the case of calendar year 2006 shall be the aggregate annualized amount of
$215,000; provided, however, that the obligations in this clause (i) shall
terminate if such release has not been delivered within sixty (60) days after such
termination.”

	3.	 	The following clause is added to the last sentence of Section 17 of the Employment Agreement:

“and the Employer may delay any such future payment until after expiration of the
period during which the Employee may revoke the Release in accordance with its
terms”

	4.	 	In order to further confirm compliance with regulations under Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”):

	 	a)	 	Any claims for reimbursement under clause (iii) of subsection 9(c) of the
Employment Agreement shall be submitted by you within ten (10) business days of payment
by you of any COBRA payments and reimbursement paid to you within ten (10) business
days of submission.
	 
	 	b)	 	Notwithstanding any provision in this letter or the Employment Agreement to the
contrary, if the payment of any compensation or benefit under this letter or the
Employment Agreement (including, without limitation, any severance benefit) would be
subject to additional taxes and interest under Section 409A of the Code because the
timing of such payment is not delayed as provided in Section 409A(a)(2)(B) of the Code,
then any such payment or benefit that you would otherwise be entitled to during the
first six months following the date of your termination of employment shall be accumulated and paid or provided, as applicable, on the
date that is six months and one day after the date of your 

 

 

March 17, 2008

Page 3

	 	 	 	termination of employment
(or if such date does not fall on a business day of the Employer, the next following
business day of the Employer), or such earlier date upon which such amount can be paid
or provided under Section 409A of the Code without being subject to such additional
taxes and interest. The preceding sentence shall apply only to the extent required to
avoid your incurrence of any additional tax or interest under Section 409A of the Code
or the regulations or Treasury guidance promulgated thereunder.

	5.	 	In addition to the foregoing, and notwithstanding any provision in the Employment Agreement
or this letter to the contrary, if, in connection with a Change in Control, a tax under
Section 4999 of the Code (the “Excise Tax”) would be imposed on the Employee (after
taking into account the exceptions set forth in Sections 280G(b)(4) and 280G(b)(5) of the
Code), then any payments the Employee is entitled to under the Employment Agreement or any
other payments to the Employee that constitute “parachute payments” within the meaning of
Section 280G(b)(2) of the Code, shall be reduced or delayed, as the Employer determines
appropriate, to the minimum extent necessary, so that no Excise Tax would be imposed on the
Employee. All determinations required to be made hereunder shall be made by the Employer in
its sole discretion.

If the foregoing accurately sets forth your understanding of our agreement, please confirm your
agreement by signing below on the enclosed copy of this letter and returning the signed copy to me.

Very truly yours,

BENTLEY PHARMACEUTICALS, INC.

			
	By:	 	/s/ James R. Murphy                    

James R. Murphy

Chief Executive Officer

AGREED:

/s/ Richard P. Lindsay                    

Richard P. Lindsay, individuallyExhibit 4.1

 

	
                        NUMBER
 	
                        UNITS
 

U-__________

  SEE REVERSE FOR

	
                        CERTAIN DEFINITIONS
 	
                        CHINA CABLECOM HOLDINGS LTD.
 
	
                         
 	
                                CUSIP
 

UNITS CONSISTING OF ONE SHARE OF ORDINARY SHARE AND TWO WARRANTS EACH TO PURCHASE ONE SHARE OF ORDINARY SHARE

THIS CERTIFIES THAT __________________________________________ is the owner of ___________________________________________________Units.

Each Unit (“Unit”) consists of one (1) share of ordinary share, par value $.0005 per share (“Ordinary Share”), of China Cablecom Holdings Ltd., a British Virgin Islands corporation (the “Company”), and two warrants (the “Warrants”). Each Warrant entitles the holder to purchase one (1) share of Ordinary Shares for $5.00 per share (subject to adjustment). Each Warrant will become exercisable on the later of (i) the Company’s completion of a merger, capital stock exchange, asset acquisition or other similar business combination with Jaguar Acquisition Corporation and (ii) April 5, 2007, and will expire unless exercised before 5:00 p.m., New York City Time, on April 10, 2010, or earlier upon redemption (the “Expiration Date”). The Ordinary Share and Warrants comprising the Units represented by this certificate are not transferable
separately prior to July 4, 2006, subject to earlier separation in the discretion of EarlyBirdCapital, Inc. The terms of the Warrants are governed by a Warrant Agreement, dated as of April 5, 2006, between the Company and Continental Stock Transfer Trust Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 17 Battery Place, New York, New York 10004, and are available to any Warrant holder on written request and without cost. This certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company. Witness the facsimile seal of the Company and the facsimile signatures of its duly authorized officers.

 

	
                        (CHINA CABLECOM HOLDINGS LTD. SEAL)
 	
                         
 	
                         
 	
                         
 
	
                        

                        By
 	
                          
 	
                         
 	
                         
 	
                          
 
	
                      Chairman of the Board 
 	
                         
 	
                         
 	
                        Secretary
 
					

 

Countersigned and Registered

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

Transfer Agent and Registrar

 

	
                         
 	
                         
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                         
 	
                          
 
	
                        Authorized Signature
 	
                         
 	
                         
 	
                         
 

 

 

CHINA CABLECOM HOLDINGS LTD.

The Company will furnish without charge to each stockholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights.

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	
                        TEN COM
 	
                        -
 	
                        as tenants in common
 	
      UNIF GIFT MIN ACT  
 	
                        - _____________
 	
       
 	
       
 
	
                        TEN ENT
 	
                        -
 	
                        as tenants by the entireties
 	
                         
 	
                        (Cust)
 	
                         
 	
                         
 
	
      JT TEN
 	
      -
 	
                        as joint tenants with right of survivorship
and not as tenants in common
 	
                         
 	
      under Uniform Gifts to Minors
Act ______________________________
                    (State)
 
	
                         
 	
                         
 	
                        
 	
                         
 	
                                            
 
	
                         
 	
                         
 	
                         
 

Additional Abbreviations may also be used though not in the above list. 

For value received, ___________________________ hereby sell, assign and transfer unto

 

	
                      PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE
 	
                         
 	
                         
 
	
                       
 	
                         
 	
                         
 
	
                       
 	
                         
 	
                         
 

____________________________________________________________________________________

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

____________________________________________________________________________________

____________________________________________________________________________________ Units

 

____________________________________________________________________________________

represented by the within Certificate, and do hereby irrevocably constitute and appoint

 

________________________________________________________________________________ Attorney

to transfer the said Units on the books of the within named Company will full power of substitution in the premises.

 

Dated ________________________

 

	
                         
 	
                         
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                         
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                        NOTICE: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.
 

 

	
                        Signature(s) Guaranteed:
 	
                         
 	
                         
 	
                         
 
	 	 	 	 
	
                           
 	
                         
 	
                         
 	
                          
 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION

(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH

MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

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