Document:

Exhibit 10.12

 

Marten
Transport, Ltd.

Named
Executive Officers’ Compensation Summary

 

On May 4, 2010, the
company’s Compensation Committee approved an approximately 6% increase to the
base salary for the company’s named executive officers listed below, retroactive
to April 26, 2010.  Effective April 26, 2010, the named
executive officers are scheduled to receive the following annual base salaries
in the listed positions:

 

	
  Name and Position as of
  May 4, 2010

  	
   

  	
  Base Salary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Randolph L. Marten

  	
   

  	
  $

  	
  521,123

  	
   

  
	
  (Chairman and Chief
  Executive Officer)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Timothy M. Kohl

  	
   

  	
  $

  	
  371,000

  	
   

  
	
  (President)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Robert G. Smith

  	
   

  	
  $

  	
  262,756

  	
   

  
	
  (Chief Operating Officer)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Timothy P. Nash

  	
   

  	
  $

  	
  262,756

  	
   

  
	
  (Executive Vice President
  of Sales and Marketing)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  James J. Hinnendael

  	
   

  	
  $

  	
  207,352

  	
   

  
	
  (Chief Financial Officer)

  	
   

  	
   

  	
   

  

 

1Exhibit 10.15

 

Marten Transport, Ltd.

2010 Non-Employee Director Compensation Summary

 

The Board of Directors of Marten Transport,
Ltd. approved the following fee schedule for non-employee directors effective May 4,
2010:

 

	
  Annual Board retainer

  	
   

  	
  $

  	
  22,500

  	
   

  
	
  Lead Director

  	
   

  	
  5,000

  	
   

  
	
  Audit Committee chair

  	
   

  	
  15,000

  	
   

  
	
  Compensation Committee chair

  	
   

  	
  7,500

  	
   

  
	
  Nominating/Corporate Governance Committee chair

  	
   

  	
  2,500

  	
   

  

 

The company generally pays non-employee
directors a fee of $1,000 for each Board meeting attended, $750 for each
committee meeting attended, and reimburses them for out-of-pocket expenses of
attending meetings.

 

Pursuant to the non-employee director option
program adopted on March 1, 2006, which is similar to the program that was
suspended in 2004, each non-employee director will also receive an automatic
grant of an option to purchase 2,500 shares of common stock annually upon his
re-election to the Board by the stockholders. 
These options were issued at a per share exercise price equal to the
fair market value of one share of common stock on May 4, 2010, and expire
ten years from the grant date.

 

1Exhibit 10.1

 

	
  The
  Leaders Bank

  	
   

  	
  V
  630 572 LEAD

  	
   

  	
  John
  J. Prosia

  
	
  2001
  York Road

  	
   

  	
  F
  630 572 4979

  	
   

  	
  Executive
  Vice President

  
	
  Oak
  Brook IL 60523

  	
   

  	
  leadersbank.com

  	
   

  	
  jprosia@leadersbank.com

  

 

 

Dr. Michael
Flavin

Chief
Executive Officer

Advanced
Life Sciences Holdings, Inc 

1440
Davey Rd.

Woodridge,
IL. 60517-5037

 

May 6,
2010 

 

Dear
Dr. Flavin:

 

The
Leaders Bank (“Lender”) has approved the following changes and amendments to
the existing Credit Facility extended to Advanced Life Sciences, Inc.
secured by business assets and by other collateral as hereinafter set forth in
form satisfactory to Lender’s counsel and subject to the usual terms,
conditions, and remedies contained in Lender’s customary loan documents and
subject to the following terms and conditions.

 

	
  Borrower:

  	
  Advanced Life Sciences, Inc.

  
	
   

  	
   

  
	
  Total Facility:

  	
  The facility reduced from $10 million to $8.5 million
  immediately, then to be reduced to $7 million on or before July 1, 2010
  and to $6 million on or before April 1, 2011

  
	
   

  	
   

  
	
  Collateral:

  	
  All existing business assets of the Borrower including but
  not limited to intellectual property patents, inventory and accounts.

  
	
   

  	
   

  
	
  Maturity:

  	
  Extended from January 1, 2011 to January 1, 2012

  
	
   

  	
   

  
	
  Repayment:

  	
  Interest Only, Monthly with the principal balance of the
  commitment to be reduced by $1.5 million on or before 7-1-10 and $1 million
  on or before 4-1-2011.

  
	
   

  	
   

  
	
  Interest Rate:

  	
  The interest rate shall increase from 8.5% fixed to 10%
  fixed.

  
	
   

  	
   

  
	
  Guarantees:

  	
  Advanced Life Sciences Holdings, Inc. secured by its
  assets and the unsecured Personal Guarantee of Dr. Michael Flavin.
  Dr. Flavin’s Personal Guarantee will be released upon receipt of the
  July 1, 2010 principal reduction

  
	
   

  	
   

  
	
  Closing Fee:

  	
  None

  

 

 

	
  Other Expenses:

  	
  Borrower agrees to pay all reasonable costs and out of
  pocket expenses incurred in connection with preparation, negotiation, and
  execution of the documentation evidencing these changes.

  
	
   

  	
   

  
	
  Warrants:

  	
  Borrower agrees to issue to lender 1,000,000 common stock
  warrants with 500,000 priced and issued upon execution of the loan documents
  and the remaining 500,000 to be priced and issued 12 months from execution of
  the loan documents.

  
	
   

  	
   

  
	
  Commitment Acceptance:

  	
  Subject to the terms and conditions stated herein, the
  Commitment is an offer that may be accepted by you until May 31, 2010.
  Acceptance shall be signified by executing and returning to Lender a copy of
  this Commitment on or before May 15, 2010 and no other form of
  acceptance will be effective.

  

 

 

	
  Sincerely,

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/
  John J. Prosia

  	
   

  
	
  John
  J. Prosia

  	
   

  
	
  Executive
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted
  this 6th day of May, 2010.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Advanced
  Life Sciences Holding, Inc.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Michael Flavin

  	
   

  
	
   

  	
  Dr. Michael
  Flavin, CEOExhibit 10.2

 

DEBT EXCHANGE AGREEMENT

 

THIS DEBT EXCHANGE AGREEMENT (this “Agreement”)
is entered into as of this seventh (7th) day of May, 2010 by and between ADVANCED  LIFE SCIENCES HOLDINGS,
INC., a Delaware corporation (the “Company”), and Michael T.
Flavin (the “Maker”).

 

RECITALS

 

WHEREAS, the Company
and the Maker have entered into that certain Third Amended & Restated
Promissory Note dated as of January 4, 2010 (the “Note”) relating
to indebtedness of the Company to Maker in the outstanding principal amount of
$2.0 million (the “Indebtedness”);

 

WHEREAS, the Company has
filed with the Securities and Exchange Commission a Registration Statement on Form S-1
(Registration No. 333-165388) relating to a proposed registered public
offering by the Company (“Offering”) of units, with each unit consisting
of a specified number of shares of common stock and warrants to purchase common
stock (the “Units”); and

 

WHEREAS, the Maker has
agreed with the Company (acting through the independent audit committee of the
Company’s board of directors) to exchange the Note for Units on the terms and
conditions described herein.

 

NOW, THEREFORE, in
consideration of the foregoing Recitals and the mutual agreements and covenants
contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Maker and the Company
hereby agree as follows:

 

ARTICLE
I

DEBT EXCHANGE

 

1.1           Debt Exchange.  Within ten (10) business days following
a Qualified Unit Offering (as defined below), the Maker shall deliver the Note
to the Company for cancellation and retirement in full of the Indebtedness and,
in exchange, receive from the Company a number of Units determined by dividing (a) $2,000,000
by (b) the price per Unit at which the Units were issued and sold to the
public in the Qualified Unit Offering, rounded down to the nearest whole Unit with
any fractional Unit being paid by the Company in cash (the “Exchange”).  A “Qualified Unit Offering” shall mean the
sale of Units by the Company in an Offering that results in gross cash proceeds
to the Company (before taking into account placement agent fees and
reimbursable expenses) greater than or equal to ten million dollars
($10,000,000.00).

 

1.2           Accrued Interest.  On the date of the Exchange, the Company
shall make a cash payment to the Maker in satisfaction of accrued and unpaid
interest on the Indebtedness to but excluding the date of the Exchange.

 

1.3           Restricted
Securities.  The Maker understands
that the Units to be issued by the Company pursuant to this Agreement, the
shares of common stock and warrants underlying such Units and the shares of
common stock underlying such warrants (collectively, the “Securities”) are
characterized as “restricted securities” under the federal securities laws
inasmuch as they will be acquired in a transaction not involving a public
offering, and that under such laws and applicable regulations such securities
may be resold without registration under the federal securities laws only in
certain limited circumstances.  The
certificates for the Securities shall be subject to a legend or legends
restricting transfer under the federal securities laws and referring to
restrictions on transfer herein, such legend to be substantially as follows:

 

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE (THE “SECURITIES”) HAVE BEEN ISSUED
AND SOLD IN RELIANCE UPON EXEMPTIONS FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “1933 ACT”), AND APPROPRIATE EXEMPTIONS FROM
REGISTRATION UNDER THE SECURITIES LAWS OF OTHER APPLICABLE JURISDICTIONS. THE
SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD OR TRANSFERRED OTHER THAN
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS UNDER THE 1933 ACT AND THE APPLICABLE SECURITIES LAWS
OF ANY OTHER JURISDICTION.  THE ISSUER
SHALL BE ENTITLED TO REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
IT WITH RESPECT TO COMPLIANCE OF THE PROPOSED SALE OR TRANSFER WITH THE
REGISTRATION REQUIREMENTS OF THE 1933 ACT OR EXEMPTION THEREFROM.

 

ARTICLE
II

MISCELLANEOUS

 

2.1           Changes.  This Agreement may be modified, amended or
waived only pursuant to a written instrument signed by the Company and the Maker.

 

2.2           Headings.  The headings of the various sections of this
Agreement have been inserted for convenience of reference only and shall not be
deemed to be part of this Agreement.

 

2.3           Governing Law.  This Agreement shall be interpreted and the
rights and liabilities of the parties hereto determined in accordance with the
internal laws and decisions of the State of Illinois, without giving affect to
the conflict of laws principals thereof. 
Whenever possible, each provision of this Agreement shall be interpreted
in such a manner as to be effective and valid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or by the remaining
provisions of this Agreement.

 

2.4           Counterparts.  This Agreement may be executed in two or more
counterparts, each of which shall constitute an original, but all of which,
when taken together, shall constitute but one instrument, and shall become
effective when one or more counterparts have been signed by each party hereto
and delivered to the other party.

 

2.5           Entire Agreement.  This Agreement constitutes the entire
agreement between the parties hereto with respect to the Exchange and
supersedes any prior understandings or agreements with respect thereto.

 

[signature
page follows]

 

2

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first written above.

 

	
   

  	
  ADVANCED
  LIFE SCIENCES HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Mark Caputo

  
	
   

  	
   

  	
  Name:  Mark Caputo

  
	
   

  	
   

  	
  Title:    Vice President Accounting and Controller

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MICHAEL
  T. FLAVIN

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Michael Flavin

  

 

3

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