Document:

ex102.htm

EXHIBIT 10.2

 

TOWER INTERNATIONAL

17672 Laurel Park Drive N

Suite 400E

Livonia, MI 48152

 

December 19, 2011

 

Mr. James C. Gouin

CFO

Tower International, Inc.

 

Dear Jim:

 

Reference is hereby made to the Employment Agreement, as amended, between Tower Automotive Operations USA I, LLC (the “Company”) and you dated as of November 1, 2007, as extended by letter agreements dated as of September 2009 and June 7, 2010 (as so extended, the “Employment Agreement”). Capitalized terms used in this letter agreement and not specifically defined in this letter agreement shall have the meanings set forth in the Employment Agreement. The principal purpose of this letter agreement is to memorialize the extension of the employment relationship under the Employment Agreement (as contemplated by Section 2 of the Employment Agreement).

 

Subject to your acceptance of the terms set forth in this letter (by signing the enclosed copy of this letter and returning it to the undersigned within the time frame provided):

 

1.           Extension Notice. This letter shall serve as the Company’s written notice to you of its intention to extend the Term of the Employment Agreement and shall be deemed the Extension Notice contemplated under Section 2 of the Employment Agreement.

 

2.           Term. Section 2 of your Employment Agreement is hereby amended to permit the Company to extend your Employment Agreement for periods of either one, two or three years (rather than just one-year or two-year extension periods). To effect this change, the second sentence of Section 2 is hereby amended and restated to read:

 

“Effective upon the expiration of the Initial Term and of each Additional Term (as defined below), if any, this Agreement and the employment relationship hereunder may be extended for an additional period of one (1) or, if you agree, two (2) or up to three (3) years, subject to earlier termination pursuant to Section 5, (each, an “Additional Term”), in each such case commencing upon the expiration of the Initial Term or the then-current Additional Term, as the case may be, but only if, at least sixty (60) calendar days prior to the expiration of the Initial Term or the then-current Additional Term, as the case may be, the Company shall have given written notice to the Employee of its intention
to extend the Term of this Agreement and the time period (one or, if you agree, two or three years) of the extension (the “Extension Notice”).”

 

The second Additional Term of your Employment Agreement, which commenced on November 1, 2010 and was heretofore scheduled to expire on October 31, 2012, shall be extended until December 31, 2014 (the “Extended Second Additional Term”).

 

3.           Base Salary. During the course of the Extended Second Additional Term, and pursuant to Section 4.1 of your Employment Agreement, on an annual basis the Compensation Committee shall consider whether to increase your base salary, and such increases, if any, shall take effect on January 1, 2012, January 1, 2013 and January 1, 2014, respectively.

 

4.           Severance Amount. The modifications made in the calculation of the Severance Amount set forth in your letter agreement dated as of June 7, 2010 remain in full force and effect.

 

5.           Restricted Stock Units. Concurrent with your execution of this letter agreement, you shall be awarded restricted stock units covering shares of the common stock of Tower International, Inc. (“Tower”) having a Fair Market Value (as defined in Tower’s 2010 Equity Incentive Plan), as of the date of such award, of $1,000,000. The terms of such restricted stock units shall be governed by a restricted stock unit agreement executed contemporaneously with your execution of this letter agreement.

 

Except as specifically set forth in this letter, all terms of the Employment Agreement shall remain unmodified and in full force and effect.

 

Please acknowledge your understanding and agreement with the terms set forth in this letter agreement by signing the enclosed copy of this letter agreement and returning it to the undersigned on or before December 31, 2011. If you do not sign and return this letter agreement within the time frame provided, this letter agreement (including, without limitation, the Extension Notice) shall be void and of no force and effect and no such restricted stock units shall be granted.

 

We look forward to your continued service to the Company.

 

TOWER INTERNATIONAL, INC.

By: /s/ Bill Cook

Name: William Cook

Title: Senior Vice President

Agreed and accepted this

20th day of December, 2011

/s/ James C. Gouin

James C. Gouinex103.htm

EXHIBIT 10.3

 

TOWER INTERNATIONAL

17672 Laurel Park Drive N

Suite 400E

Livonia, MI 48152

 

December 19, 2011

 

Mr. Miljko Rajkovic

COO

Tower International, Inc.

Dear Mike:

 

Reference is hereby made to the Employment Agreement, as amended, between Tower Automotive Operations USA I, LLC (the “Company”) and you dated as of August 16, 2007, as extended by letter agreements dated as of June 18, 2009 and June 4, 2010 (as so extended, the “Employment Agreement”). Capitalized terms used in this letter agreement and not specifically defined in this letter agreement shall have the meanings set forth in the Employment Agreement. The principal purpose of this letter agreement is to memorialize the extension of the employment relationship under the Employment Agreement (as contemplated by Section 2 of the Employment Agreement).

 

Subject to your acceptance of the terms set forth in this letter (by signing the enclosed copy of this letter and returning it to the undersigned within the time frame provided):

 

1.           Extension Notice. This letter shall serve as the Company’s written notice to you of its intention to extend the Term of the Employment Agreement and shall be deemed the Extension Notice contemplated under Section 2 of the Employment Agreement.

 

2.           Term. Section 2 of your Employment Agreement is hereby amended to permit the Company to extend your Employment Agreement for periods of either one, two or three years (rather than just one-year or two-year extension periods). To effect this change, the second sentence of Section 2 is hereby amended and restated to read:

 

“Effective upon the expiration of the Initial Term and of each Additional Term (as defined below), if any, this Agreement and the employment relationship hereunder may be extended for an additional period of one (1) or, if you agree, two (2) or up to three (3) years, subject to earlier termination pursuant to Section 5, (each, an “Additional Term”), in each such case commencing upon the expiration of the Initial Term or the then-current Additional Term, as the case may be, but only if, at least sixty (60) calendar days prior to the expiration of the Initial Term or the then-current Additional Term, as the case may be, the Company shall have given written notice to the Employee of its intention
to extend the Term of this Agreement and the time period (one or, if you agree, two or three years) of the extension (the “Extension Notice”).”

 

The second Additional Term of your Employment Agreement, which commenced on August 16, 2010 and was heretofore scheduled to expire on August 15, 2012, shall be extended until December 31, 2014 (the “Extended Second Additional Term”).

 

3.           Base Salary. During the course of the Extended Second Additional Term, and pursuant to Section 4.1 of your Employment Agreement, on an annual basis the Compensation Committee shall consider whether to increase your base salary, and such increases, if any, shall take effect on January 1, 2012, January 1, 2013 and January 1, 2014, respectively.

 

4.           Severance Amount. The modifications made in the calculation of the Severance Amount set forth in your letter agreement dated as of June 4, 2010 remain in full force and effect.

 

5.           Restricted Stock Units. Concurrent with your execution of this letter agreement, you shall be awarded restricted stock units covering shares of the common stock of Tower International, Inc. (“Tower”) having a Fair Market Value (as defined in Tower’s 2010 Equity Incentive Plan), as of the date of such award, of $1,000,000. The terms of such restricted stock units shall be governed by a restricted stock unit agreement executed contemporaneously with your execution of this letter agreement.

 

Except as specifically set forth in this letter, all terms of the Employment Agreement shall remain unmodified and in full force and effect.

 

Please acknowledge your understanding and agreement with the terms set forth in this letter agreement by signing the enclosed copy of this letter agreement and returning it to the undersigned on or before December 31, 2011. If you do not sign and return this letter agreement within the time frame provided, this letter agreement (including, without limitation, the Extension Notice) shall be void and of no force and effect and no such restricted stock units shall be granted.

 

We look forward to your continued service to the Company.

 

TOWER INTERNATIONAL, INC.

By: /s/ Bill Cook

Name: William Cook

Title: Senior Vice President

Agreed and accepted this

20th day of December, 2011

/s/ Miljko Rajkovic

Miljko Rajkovickl12018_ex10-1.htm

 

Exhibit 10.1

 

 

December 20, 2011

 

Dr. Dennis E. Hruby

333 1st Street E.

Apt. 201

Albany, OR 97321

Dear Dr. Hruby:

This letter sets forth proposals for the amendment of your employment agreement with SIGA Technologies, Inc., dated as of January 22, 2007, as amended (the “Employment Agreement”).

	
  

	
1.

	
We hereby propose to amend the Employment Agreement by deleting Section 3(a) in its entirety and replacing it as follows:

	
  

	 

	
  

	
“Base Salary. Effective December 8, 2011, the Company agrees to pay to Executive a base salary (“Base Salary”) at the annual rate of $500,000, subject to any cost of living adjustments as may be approved by the Board of Directors of the Company.  Payments of the Base Salary shall be payable in equal installments in accordance with the Company’s standard payroll practices.”

	
  

	
2.

	
We hereby propose to amend the Employment Agreement by replacing the first sentence of Section 3(b) with the following:

	
  

	
“Annual and Additional Bonus. The Company may, in its sole discretion, pay to Executive an annual cash bonus of up to $250,000.  The Company acknowledges that it has agreed to pay Executive a cash bonus of $250,000 for the year ended December 31, 2011, of which $75,000 has already been paid to Executive and the remainder will be paid no later than December 31, 2011.”

	
  

	
3.

	
We hereby propose to amend the Employment Agreement by adding a new sentence to Section 3(b) which shall be added after the second sentence in Section 3(b). Such sentence shall read as follows:

	
  

	
“In recognition of Executive’s work on ST-246, the Company has agreed to give Executive a one-time additional bonus equal to $350,000, of which $100,000 will be paid no later than December 31, 2011, and the remainder shall be paid upon the earlier of (x) approval by the U.S. Food and Drug Administration (“FDA”) of a New Drug Application for ST-246 for a smallpox or orthopox treatment indication consistent with the contract line items in contract HHSO100201100001C with the U.S. Biomedical Advanced Research and Development Authority, (y) approval of a Marketing Authorization Application by the European Medicines Agency for ST-246 for a smallpox or orthopox treatment indication, or (z) approval by FDA of an Emergency Use Authorization, or a similar designation such as a contingency IND, that would permit use of ST-246 for the treatment of smallpox or another orthopox virus disease in case of a public health emergency in a manner that would permit the delivery of ST-246 treatment courses into the Strategic National Stockpile.

If you agree to the foregoing, please sign where indicated below and return the signed copy to me, at which time such proposals shall become binding amendments to the Employment Agreement.  Other than specified herein, all other terms of the Employment Agreement will continue in full force and effect, without amendment.

Sincerely,

 

 

SIGA TECHNOLOGIES, INC.

 

 

/s/ Eric Rose                                    

Name: Eric Rose

Title: Chief Executive Officer

AGREED AND ACCEPTED

/s/ Dennis E. Hruby                                                

Dr. Dennis E. Hruby

Date:12/21/2011

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