Document:

cfbi-ex101_166.htm

Exhibit 10.1

AMENDMENT 1 TO EMPLOYMENT AGREEMENT

 

THIS AMENDMENT 1 TO EMPLOYMENT AGREEMENT (this “Amendment 1”) is made and entered into as of March 26, 2020 by and between Newton Federal Bank, a federally-chartered savings association organized under the laws of the United States of America (the “Bank”), Community First Bancshares, Inc., a federally-charted corporation organized under the laws of the United States of America (the “Company”), as guarantor under the Employment Agreement (as defined below), and Gregory J. Proffitt (the “Executive”).

 

RECITALS:

 

WHEREAS,   the Bank, the Company and the Executive entered into that certain Employment Agreement, dated as of September 1, 2018 (the “Employment Agreement”) providing for an initial term of two years, which Employment Agreement was renewed for an additional year on July 25, 2019, so that the current term of the Employment Agreement expires on September 1, 2021;

 

WHEREAS, the Company and the Bank have appointed the Executive to the executive position of President effective as of March 26, 2020;

 

WHEREAS, the parties to the Employment Agreement wish to amend the Employment Agreement in order to reflect the change in the Executive’s position from Executive Vice President and Chief Operating Officer to President and to update the Base Salary for purposes of the Employment Agreement.

 

NOW THEREFORE, effective as of March 26, 2020, and in consideration of the foregoing and for other good and valuable consideration, the receipt, adequacy, and sufficiency of which are hereby acknowledged, the Bank, the Company and the Executive hereby agree as follows:

 

1.                  Definitions.

 

Section 1.11(b), “Good Reason,” is deleted in its entirety and replaced with the following new Section 1.11(b):

 

“(b) the failure of the Board of Directors to maintain the Executive’s appointment to the office of President of the Employer; or”

 

 

                                                                                                                                                      

2.                  Duties.

 

The first sentence of Section 2.1 is deleted in its entirety and replaced with the following new sentence, with the remaining language of Section 2.1 remaining unchanged:

 

“The Executive is employed as President of the Employer, subject to the direction of the Board of Directors or its designee(s).”  

 

 

 

3.      Compensation.

 

The first sentence of Section 4.1 is deleted in its entirety and replaced with the following new sentence, with the remaining language of Section 4.1 remaining unchanged:

 

“The Executive shall be compensated at a base rate of Two Hundred and Fifty Thousand Dollars ($250,000.00) per year, which may be increased from time to time in accordance with the immediately succeeding sentence (“Base Salary”).”

 

 

[Signature Page Follows]

 

 

 

 

 

 

 

 

 

                                                                                                                                                      

 

IN WITNESS WHEREOF, the parties hereto have hereunto executed this Agreement in accordance with the provisions hereof.

 

Executed this 26th day of March, 2020.

 

/s/ Gregory J. Proffitt  ____________________

GREGORY J. PROFFITT

 

Executed this 26th day of March, 2020.

 

_/s/ William D. Fortson, Jr.________________

COMMUNITY FIRST BANCSHARES, INC.

 

By: _William D. Fortson, Jr._____________

Title: _Board Chairman___________________

 

Executed this 26th day of March, 2020.

 

__/s/ William D. Fortson, Jr._______________

NEWTON FEDERAL BANK

 

By: _William D. Fortson, Jr._____________

Title: _Board Chairman________________Exhibit 10.7

 

 

 

EMPLOYMENT AGREEMENT

 

BETWEEN

 

PHARMALINK AB

 

AND

 

RENEE AGUlAR-LUCANDER

 

 

May 1,
2017

 

     

     

    

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the ‘‘Agreement”)
is effective as of May 1, 2017,

 

BETWEEN:

 

Pharmalink
AB, (556659-9766) Wallingatan 26B, 1 ] 1 24 Stockholm (“Pharmalink”); and

 

Renee
Aguiar-Lucander [***] (the “Employee”).

 

		1.	Position and Responsibility

 

		1.1.	The Employee is employed as Chief Executive Officer (Sv:VD) for Pharmalink and shall report to the board of
                                                            directors of Pharmalink. The employment includes all reasonably industry standard duties and obligations of a Chief Executive
                                                            Officer. The Swedish Employment Protection Act (1982:80) (SW: lagen om anstallningsskydd) shall not apply to this
                                                            Agreement.

 

		1.2.	The employment; is on a full time basis, shall commence May 1, 2017, and shall continue until the end of the termination
period following termination in accordance with Article 7.

 

		1.3.	The Employee shall materially perform the employment in Stockholm but acknowledges and accepts that the employment may from
time to time include significant travel time.
	 	 	 
	 	2.	Loyalty

  

This
Agreement is based on mutual loyalty and trust. During the term of the Agreement the Employee shall always promote and protect
the interests of Pharmalink and shall not be engaged in providing services, promoting or otherwise facilitating any activities
which may have a prejudicial effect on the duties associated with the position in Pharmalink ..

 

Unless otherwise approved in writing by Pharmalink
on a case by case basis, the Employee shall devote all her working time to Pharmalink and shall not be engaged in providing services,
promoting or otherwise facilitating any other business activity, irrespective of whether such business competes with Pharmalink
or not.

 

It is noted that Pharmalink has approved that the
Employee,

(i)
is engaged in and serves as chairman of the board of directors in Simparel Inc and as member of the board in EnXray Ltd,
and,

(ii) continues
other on-going board assignments during a transition period of six months with the purpose of facilitating replacement,
but

(iii) always
subject to that in case of conflict of interest and/or time Pharmalink shall have priority.

 

The Employee warrants that she is not engaged in any
activity in conflict with this Section when signing this Agreement.

 

	 	3.	Remuneration and benefits
	 	 	 
		3.1.	The Employee is entitled to a monthly base salary of SEK 190 000 (the “Base Salary”), The Base Salary shall be
paid monthly in arrears on dates according to the regular salary routines of Pharmalink. No compensation shall be paid for overtime
work as this has been accounted for in establishing the Base Salary.

 

     

     

    

 

		3.2	The Base Salary of the Employee shall he subject to annual review, commencing January 2018, taking into account the Employee’s
performance during the previous year.

 

		3.3	Subject to prior approval in each case Pharmalink
shall reimburse the Employee for reasonably necessary and approved business expenses in connection with performance of
the Employee’s duties. Requests for reimbursement for such expenses shall be accompanied by appropriate documentation. The
Employee shall maintain records and written receipts as reasonably requested by Pharmalink to substantiate such expenses.

 

		3.4	Bonus Plan. Pharmalink shall for each full
calendar year starting 2018 establish a personal bonus plan for the employee based on one or several milestones to be achieved
during such calendar year including a scale with the possibility for the employee to receive a bonus salary of up to 30% of the
Base Salary based on how many of the milestones are achieved (the “Bonus Plan”). It is expressly understood that the
Bonus Plan is established by Pharmalink meaning that selection of, and scale of value for each milestone event shall be
exclusively determined by Pharmalink at its sole discretion. For the remainder of 2017 Pharmalink shall establish a Bonus Plan
including a scale with the right for the employee to receive a bonus salary of up to 20 % of the Base Salary based on how many
of the milestones are achieved

 

		3.5	Option
                                         Plan. Pharmalink grants the Employee the right to participate in an employee incentive
                                         program issued by Pharmalink no later than May 31, 2017 providing rights to acquire
                                         shares in Pharmalink (the “Option Plan). The Employee shall be offered participation
                                         which during a period of up to three years, to the extent fully accepted, paid, vested
                                         and exercised by the Employee, provides the right to purchase an amount of shares in
                                         Pharmalink that on the day of issue of the Option Plan is equal to 2,5% of the total
                                         amount of outstanding shares in Pharmalink on the same terms and conditions that apply
                                         to the Option Plan.

 

		3.6	The Employee is entitled to 6 weeks paid annual leave (excluding public holidays) and shall receive “advance-vacation”
(Sw förskottssemester) providing 3 weeks vacation for 2017. After 2 years of employment this “advance-vacation”
/Sw förskottssemester) shall be waived.

 

		3.7	Pharmalink shall pay a monthly premium equal to 20 per cent of the Employee’s Base Salary to an occupational pension
insurance (SW: tjänstepensionsforsakring) designated by the Employee.

 

		3.8	In case of the Employee’s absence due to sickness, the provisions of the Swedish Sick Pay Act (1991:1047) (SW: Iagen
om sjuklön) and the Swedish regulations on Sickness Benefit (SW: Sjukpenning) shall apply. The Employee shall be registered
at the Swedish regional social insurance office (SW: Svensk Försäkringskassa).
Additionally Pharmalink shall pay the following compensation during the Employees such absence after deduction of what the Employee
is entitled to receive from any other insurance including Försäkringskassan:

(i) Day
1-3; Nothing.

(ii) Day 4-14; 70 % of the Base Salary.

(iii) Day
15-90; 80 % of the Base Salary.

(iv) Day 91 and onwards Pharmalink shall not
pay any compensation.

 

		3.9	Without undertaking any obligation to the Employee,
Pharmalink shall to the extent practical and in compliance with law, regulations and other agreed commitments aim to offer
the Employee the right to participate as a purchaser of shares in any following new share issue in Pharmalink.

 

     

     

    

 

	 	4.	Intellectual Property and Results
	 	 	 
		4.1	All rights to any data, information, material and results, and all intellectual property rights related thereto, made, written,
designed or produced by the Employee during the term of this Agreement (the “Results”) shall be vested in and owned
by Pharmalink without any further compensation to the Employee than the Base Salary. For the avoidance of doubt, Pharmalink shall
without any restrictions have the right to freely develop, alter, license assign and otherwise dispose Results at Pharmalink’s
discretion.

 

		4.2	The Employee has no right to directly or indirectly
in any way use or exploit the Results during the term of her employment or thereafter unless a written agreement regarding
such use has been entered into with Pharmalink.

 

		4.3	The Employee agrees and undertakes without any additional compensation to execute all such deeds and documents that, in Pharmalink’s
sole discretion, are necessary or desirable in order for Pharmalink to be able to protect, register, maintain and in any other
way be able to fully enjoy Pharmalink’s rights to Results.

 

		5.	Confidentiality

 

		5.1	The Employee undertakes to not at any time during the employment or afterwards utilise or disclose (unless required by the
performance of the duties under the employment agreement with Pharmalink, by law or through written permission from Pharmalink)
any information relating to Pharmalink or any of its associated companies that Pharmalink reasonably wishes to keep confidential,
including but not limited to, information concerning Pharmalink’s or any associated company’s science projects, affairs,
business plans, agreements, profitability, operations, experience, investigation methods, personnel, business concepts, marketing
campaigns, etc.

 

		5.2	All business records, information, papers and documents kept or made by the Employee during the employment, relating to the
business of Pharmalink, shall be and remain the property of Pharmalink at all times. At any time upon the request of Pharmalink,
the Employee shall promptly deliver to Pharmalink, and shall retain no copies of, any written materials, records and documents
made by him or otherwise in her possession while employed by Pharmalink concerning the business or affairs of Pharmalink other
than personal materials, records and documents not containing proprietary information relating to such business or affairs.

 

		5.3	The Employees obligations of confidentiality and non-use are not limited in time and shall remain in force after the employment
has ceased with Pharmalink.

 

		6.	Non Competition

 

		6.1	During the term of the Agreement the Employee undertakes not to, without the prior written consent of Pharmalink, make preparations
or carry out, directly or indirectly, any business or activity which competes or conflicts with Pharmalink, or in other manners,
directly or indirectly, accept employment, perform services or acquire ownership in any business or activity that carries out such
business or activity or in other ways assist such business or activity.

 

		6.2	Pharmalink shall have the right and option to enforce
the restrictions of non-competition in Section 6.1 for a period of 12 months following the term of this Agreement. During
such period the Employee shall notify Pharmalink in writing at least 45 days prior to undertaking any activity that may
conflict with Section 6.1. In the event Pharmalink approves in writing or does not respond within the 45 day period the requested
activity shall be considered approved. In the event Pharmalink disapproves in writing within the 45 day period the Employee
may not undertake the requested activity and Pharmalink shall in such case as compensation for the inconvenience which the restriction
entails pay to the Employee each month the difference between the Base Salary on the date on which her employment ceased, and all
other compensations which the Employee subsequently earns directly or indirectly in any new activity. However, the payment shall
at no time exceed fifty (50) percent of the Base Salary and it shall be payable only during the period which Pharmalink selects
at its discretion to enforce the non-competition restrictions.

 

     

     

    

 

		7.	Term and Termination

 

		7.1	This
Agreement shall remain in force from the date of signature below until the end of the termination period following termination
in accordance with this Article 7.

 

		7.2	Each party shall have the right to terminate this Agreement for material breach by the other party by giving 30 days prior
written notice.

 

Each party shall have the right to terminate
this Agreement without cause by giving the other party written notice of such termination;

(i) in case of termination by the Employee with
6 months prior written notice,

(ii) in the case of termination by Pharmalink
with 12 months prior written notice, and

(iii) the
Employee shall be obligated to continue to work and carry out the obligations of the employment for 6 months following notice
of such termination and shall thereafter have no further obligation to carry out any work or other services for Pharmalink.

 

		7.3	In the event Pharmalink is subject to a Change of Control (as defined
below); (i) the Employee shall within a period
of 30 days following such Change of Control have the right to terminate this Agreement in writing with 18 months prior
written notice, and the Employee shall be obligated to continue to work and carry out the obligations of the employment for 6
months following notice of such termination and shall thereafter have no further obligation to carry out any work or other services
for Pharmalink, and (ii) in the event Pharmalink
within a period of 30 days either before or after the Change of Control gives notice of termination of the Agreement, for
any reason except material breach by the Employee, the consequences of such termination shall be the same as set forth in
7.3 (i) above. For purpose of this Section Change
of Control means the occurrence of any acquisition, consolidation or merger with or into any third party, or any other
corporate reorganization involving a third party (the “Third Party”), in which (i) those persons or entities
that are shareowners of Pharmalink immediately prior to such transaction are in control of less than fifty percent (50%) of Pharmalink’s
voting power immediately after such transaction, and (ii) the Third Party is in control of more than fifty percent (50%)
of Pharmalink’s voting power immediately after such transaction. This Section 7.3 shall not apply to an IPO nor any
following transactions where the shares of Pharmalink are traded on a public stock exchange.

  

		7.4	Following any notice of termination of this
Agreement Pharmalink shall at its discretion have the right to remove and relieve the Employee from her position as managing director
and restrict access to any facility and information of Pharmalink.

 

		7.5	Following termination of this Agreement, or
at earlier the request of Pharmalink, the Employee agrees to return all tangible information, reports, papers, documents and
any other property, including copies and duplicates thereof, which were entrusted to him or which came into his possession in connection
with the employment.

 

     

     

    

 

		7.6	Termination of this Agreement shall not affect rights and obligations that have accrued prior to such termination,
and Articles 4, 5, 6, 7, 8 and 9 shall survive any termination or expiry of this Agreement.

 

		8.	Governing Law and Dispute resolution
		 	 
		8.1	This Agreement shall be
governed by laws of Sweden without regard to its principle of conflict of laws.

  

		8.2	Any dispute, controversy or claim arising out of or in connection with this Agreement or the breach, termination or invalidity
thereof shall be solved by arbitration at the Arbitration Institute of the Stockholm  Chamber of Commerce.

 

		8.3	The rules for expedited arbitrations shall apply, unless the Arbitration Institute, taking into account the
                                                            complexity of the case, the amount in dispute and other circumstances determines that the general rules for arbitration of
                                                            the Institute shall apply. In the latter case, the Institute shall also decide whether the tribunal shall be composed of one
                                                            or three arbitrators. The arbitral proceedings shall be held in Stockholm, Sweden.

 

		9.	Entire Agreement

 

This Agreement may only
be amended or changed by an instrument in writing duly executed and signed by the parties.

 

 

 

This Agreement has been executed in two (2) original
counterparts, of which the parties have taken one each.

 

 

	Date  	 04/29/17	 	 

	 	 	 
	 	 	 
	Pharmalink AB	 	 
	 	 	 
	 	 	 
	/s/Maria Carell	 	/s/Renee Aguiar-Lucander
	Maria Carell (Chairman of the board)	 	Renee Aguiar-Lucander

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