Document:

Exhibit 10.11

 

ESPERION THERAPEUTICS, INC.
 SENIOR EXECUTIVE CASH INCENTIVE BONUS PLAN

 

1.                                      Purpose

 

This Senior Executive Cash Incentive Bonus Plan (the “Incentive Plan”) is intended to provide an incentive for superior work and to motivate eligible executives of Esperion Therapeutics, Inc. (the “Company”) and its subsidiaries toward even higher achievement and business results, to tie their goals and interests to those of the Company and its stockholders and to enable the Company to attract and retain highly qualified executives.  The Incentive Plan is for the benefit of Covered Executives (as defined below).

 

2.                                      Covered Executives

 

From time to time, the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) may select certain key executives (the “Covered Executives”) to be eligible to receive bonuses hereunder.  Participation in this Plan does not change the “at will” nature of a Covered Executive’s employment with the Company.

 

3.                                      Administration

 

The Compensation Committee shall have the sole discretion and authority to administer and interpret the Incentive Plan.

 

4.                                      Bonus Determinations

 

(a)           Corporate Performance Goals.  A Covered Executive may receive a bonus payment under the Incentive Plan based upon the attainment of one or more performance objectives that are established by the Compensation Committee and relate to financial and operational metrics with respect to the Company or any of its subsidiaries (the “Corporate Performance Goals”), including the following:  cash flow (including, but not limited to, operating cash flow and free cash flow); sales or revenue; corporate revenue; earnings before interest, taxes, depreciation and amortization; net income (loss) (either before or after interest, taxes, depreciation and/or amortization); changes in the market price of the Company’s common stock; economic value-added; development, clinical or regulatory milestones; acquisitions or strategic transactions; operating income (loss); return on capital, assets, equity, or investment; stockholder returns; return on sales; gross or net profit levels; productivity; expense efficiency; margins; operating efficiency; customer satisfaction; working capital; earnings (loss) per share of the Company’s common stock; bookings, new bookings or renewals; sales or market shares; number of customers, number of new customers or customer references; operating income and/or net annual recurring revenue, any of which may be (A) measured in absolute terms or compared to any incremental increase, (B) measured in terms of growth, (C) compared to another company or companies or to results of a peer group, (D) measured against the market as a whole and/or as compared to applicable market indices and/or (E) measured on a pre-tax or post-tax basis (if applicable).  Further, any Corporate Performance Goals may be used to measure the performance of the Company as a whole or a business unit or other segment of the Company, or one or more

 

 

product lines or specific markets.  The Corporate Performance Goals may differ from Covered Executive to Covered Executive.

 

(b)           Calculation of Corporate Performance Goals.  At the beginning of each applicable performance period, the Compensation Committee will determine whether any significant element(s) will be included in or excluded from the calculation of any Corporate Performance Goal with respect to any Covered Executive.  In all other respects, Corporate Performance Goals will be calculated in accordance with the Company’s financial statements, generally accepted accounting principles, or under a methodology established by the Compensation Committee at the beginning of the performance period and which is consistently applied with respect to a Corporate Performance Goal in the relevant performance period.

 

(c)           Target; Minimum; Maximum.  Each Corporate Performance Goal shall have a “target” (100 percent attainment of the Corporate Performance Goal) and may also have a “minimum” hurdle and/or a “maximum” amount.

 

(d)           Bonus Requirements; Individual Goals.  Except as otherwise set forth in this Section 4(d):  (i) any bonuses paid to Covered Executives under the Incentive Plan shall be based upon objectively determinable bonus formulas that tie such bonuses to one or more performance targets relating to the Corporate Performance Goals, (ii) bonus formulas for Covered Executives shall be adopted in each performance period by the Compensation Committee and communicated to each Covered Executive at the beginning of each performance period and (iii) no bonuses shall be paid to Covered Executives unless and until the Compensation Committee makes a determination with respect to the attainment of the performance targets relating to the Corporate Performance Goals.  Notwithstanding the foregoing, the Compensation Committee may adjust bonuses payable under the Incentive Plan based on achievement of one or more individual performance objectives or pay bonuses (including, without limitation, discretionary bonuses) to Covered Executives under the Incentive Plan based on individual performance goals and/or upon such other terms and conditions as the Compensation Committee may in its discretion determine.

 

(e)           Individual Target Bonuses.  The Compensation Committee shall establish a target bonus opportunity for each Covered Executive for each performance period.  For each Covered Executive, the Compensation Committee shall have the authority to apportion the target award so that a portion of the target award shall be tied to attainment of Corporate Performance Goals and a portion of the target award shall be tied to attainment of individual performance objectives.

 

(f)            Employment Requirement.  Subject to any additional terms contained in a written agreement between the Covered Executive and the Company, the payment of a bonus to a Covered Executive with respect to a performance period shall be conditioned upon the Covered Executive’s employment by the Company on the bonus payment date.  If a Covered Executive was not employed for an entire performance period, the Compensation Committee may pro rate the bonus based on the number of days employed during such period.

 

5.                                      Timing of Payment

 

(a)           With respect to Corporate Performance Goals established and measured on a basis more frequently than annually (e.g., quarterly or semi-annually), the Corporate Performance

 

2

 

Goals will be measured at the end of each performance period after the Company’s financial reports with respect to such period(s) have been published.  If the Corporate Performance Goals and/or individual goals for such period are met, payments will be made as soon as practicable following the end of such period, but not later 74 days after the end of the fiscal year in which such performance period ends.

 

(b)           With respect to Corporate Performance Goals established and measured on an annual or multi-year basis, Corporate Performance Goals will be measured as of the end of each such performance period (e.g., the end of each fiscal year) after the Company’s financial reports with respect to such period(s) have been published.  If the Corporate Performance Goals and/ or individual goals for any such period are met, bonus payments will be made as soon as practicable, but not later than 74 days after the end of the relevant fiscal year.

 

(c)           For the avoidance of doubt, bonuses earned at any time in a fiscal year must be paid no later than 74 days after the last day of such fiscal year.

 

6.                                      Amendment and Termination

 

The Company reserves the right to amend or terminate the Incentive Plan at any time in its sole discretion.

 

3exhibit10_37.htm

  

  

  

F I N D E X . C O M ,   I N C .

By Email

                             June 6, 2013

Dan Siejk

Joseph Zenstein

Next Level Hockey, LLC

1 Kimberly Road, Suite 105

East Brunswick, New Jersey 08816

	
  

	
Re:

	
Binding Letter of Intent

	
  

	 

Dear Mr. Siejk:

This letter of intent (“Letter of Intent”) sets forth a binding agreement among Findex.com, Inc. a Nevada corporation with its only class of common stock registered under Section 12g, and subject to the periodic and other reporting requirements of Section 13(a), of the U.S. Securities Exchange Act of 1934, as amended (“Findex”),  Next Level Hockey, LLC a New Jersey  limited liability company (“Next Level”), each of yourselves as the individual holders of 100% of the issued and outstanding Next Level membership interests as of the date hereof, and myself in connection with a series of transactions (the “Transactions”) involving the issuance by Findex of a number of shares of its common stock to you equal to seventy percent (70%) of the pre-closing issued and outstanding shares of Findex on a fully-diluted basis in exchange for 100% of the issued and outstanding Next Level membership interests (the “Business Combination”).

The proposed terms of the Transactions are as follows:

1.           Definitive Agreements.  Consummation of the Business Combination will be subject to the negotiation and execution of mutually satisfactory definitive agreements (the “Definitive Agreements”), setting forth the specific terms and conditions of the Transactions proposed hereby.  The execution of the Definitive Agreements by the parties is subject to approval by the Findex board of directors and the managing members of Next Level. The parties will use their reasonable best efforts to negotiate in good faith the Definitive Agreements, which shall contain, among other terms and conditions, and in addition to those basic terms outlined above, the following provisions:

	
(a)  

	
Closing of the Transactions shall be subject to due diligence.

	
(b)  

	
The current directors of Findex shall resign effective immediately after the closing of the Business Combination, with such vacancies filled by the three (3) nominees of Next Level, one (1) nominee of Findex, and one (1) nominee to be mutually agreed upon by both parties.

	
(c)  

	
Any required and necessary third-party consents shall be obtained prior to execution of the Definitive Agreements, including, but not limited to, any consents required to be obtained from Findex’s lenders, creditors, vendors and/or lessors.

 

18151 Lafayette Avenue • Elkhorn, Nebraska 68022 • Telephone (402) 333-1900

  

Next Level Hockey, LLC                                                                                                                                                                                                                                                                                                                                             FINDEX.COM, INC.   

Binding Letter of Intent

June 6, 2013

 - Page 2 -

 

The Definitive Agreements shall be in a form customary for transactions of this type and will include, in addition to those matters specifically set forth in this letter, customary representations, warranties, indemnities, covenants and agreements of Next Level and Findex, customary conditions of closing and other customary matters.

2.           Conduct of Business.  Prior to the execution of the Definitive Agreement, each of Findex and Next Level will conduct their respective operations in the ordinary course consistent with past.

3.           Public Announcements.  The parties agree that, (i) within no more than four (4) business days Findex will make public the contents of some or all of this Letter of Intent pursuant to the filing by it of a current report on Form 8-K, and (ii) that, within its discretion, Findex may issue, either concurrently with or subsequent to the filing of the aforementioned current report on Form 8-K, a press release relating to the same subject matter.

4.           Confidentiality.  Each party and its representatives, officers, managers, employees and/or advisors, including accountants and legal advisors, will provide the other parties and their representatives, officers, managers, employees and/or advisors, including accountants and legal advisors, with all information, books, records and property (collectively, “Transaction Information”) that such other parties may request and reasonably consider necessary or appropriate in connection with its due diligence inquiry.  Each party agrees to make available to the other party such officers, managers, employees, and/or advisors as reasonably requested by the other parties for meetings, visits, questions and discussions concerning each other and the Transactions.  Each of the parties shall reasonably maintain the confidentiality of the Transaction Information, unless all or part of the Transaction Information is required to be disclosed by applicable securities laws or to the extent that such disclosure is ordered by a court of competent jurisdiction.

5.           Exclusivity.  In consideration for the mutual covenants and agreements contained herein, until the termination of this Letter of Intent in accordance with its terms, Findex, its officers, directors, employees, shareholders and other representatives, will not, and will not permit any of their respective affiliates to, directly or indirectly, solicit, discuss, accept, approve, respond to or encourage (including by way of furnishing information) any inquiries or proposals relating to, or engage in any negotiations with any third party with respect to any transaction similar to the Business Combination or any transaction involving the transfer of a significant or controlling interest in the assets or capital stock of Findex, including, but not limited to, a merger, acquisition, strategic investment or similar transaction (“Acquisition Proposal”).  Findex and its officers or their respective affiliates will immediately notify Next Level in writing of the receipt of any third party inquiry or proposal relating to an Acquisition Proposal and will provide Next Level with copies of any such notice inquiry or proposal.  Notwithstanding the foregoing, nothing in this Section 5 will be construed as prohibiting the board of directors of Findex from (a) making any disclosure to its stockholders required by applicable law; or (b) responding to any unsolicited proposal or inquiry to Findex (other than an Acquisition Proposal) by a third party by advising such third party the existence of this Section 5.

 

18151 Lafayette Avenue • Elkhorn, Nebraska 68022 • Telephone (402) 333-1900

  

Next Level Hockey, LLC                                                                                                                                                                                                                                                                                                                                             FINDEX.COM, INC.   

Binding Letter of Intent

June 6, 2013

 - Page 3 - 

 

6.           Termination.  This letter of intent may be terminated (a) by mutual written consent of the parties hereto at any time, or (b) by either party on or after June 30, 2013 if and to the extent that Definitive Agreements have not been executed by the parties as of such date.

7.           Expenses.  Each of the parties will be responsible for its own expenses in connection with the Transactions, including fees and expenses of legal, accounting and financial advisors.

8.           Compliance with the Securities Laws.  Next Level acknowledges that it and its managing members, non-managing members, employees and other representatives may, in connection with their consideration of the Transactions, come into possession of material non-public information about Findex.  Accordingly, Next Level will use its best efforts to ensure that none of its managing members, non-managing members, employees and/or other representatives will trade (or cause or encourage any third party to trade) in any securities of Findex while in possession of any such material, non-public information.

9.           Counterparts.  This Letter of Intent maybe executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Emailed .PDF copies of signatures shall be treated as originals for all purposes.

      10.           Binding Effect.  The above provision shall be deemed binding obligations of the parties, enforceable against them in accordance with their terms and the laws of the State of Nevada.

 

Very truly yours,

 

	 	FINDEX.COM, INC.	 
	 	 	 	 
	
 

	
By: 

	/s/ Steve Malone	 
	 	Name: 	Steve Malone	 
	 	Title 	Chief Executive Officer	 
	 	 	 	 

 

Agreed and Accepted:

NEXT LEVEL HOCKEY, LLC

 

	By: 	
/s/ Dan Siejk

	 	
 

	Name: 	Dan Siejk 	 	 
	Title 	
Authorized Managing Member

	 	 
	 	 	 	 
	 	
/s/ Dan Siejk

	 	
 

	 	
Dan Siejk

	 	 
	 	 	 	 
	 	
/s/ Joseph Zenstein

	 	
 

	 	
Joseph Zenstein

	 	 

 

18151 Lafayette Avenue • Elkhorn, Nebraska 68022 • Telephone (402) 333-1900

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