Document:

Amendment to Employment Agreement of Robert S. Thomas

 Exhibit 10.103 
 AMENDMENT TO EMPLOYMENT AGREEMENT 
 OF ROBERT S. THOMAS 
 WHEREAS, Charles & Colvard, Ltd., a North Carolina company with its principal office at 300 Perimeter Park Drive, Suite A, Morrisville, North
Carolina 27506 (the “Company”), and Robert S. Thomas (“Employee”) previously entered into an employment agreement (the “Agreement”) effective as of March 1, 1999; and 
 WHEREAS, Section 14 of the Agreement provides that it may be amended by an agreement in writing signed by each of the parties; and 
 WHEREAS, the parties wish to amend the Agreement to provide for certain additional payments upon the happening of a change of control of the Company; and

 WHEREAS, the parties wish to make certain other minor amendments to the Agreement to comply with changes necessitated by Section 409A
of the Internal Revenue Code of 1986, as amended; 
 NOW, THEREFORE, the parties hereby agree that the Agreement shall be amended, effective
as of the date last executed below, as follows: 
 1. The second sentence of Section 7(c), Termination without Cause., shall be
deleted and the following sentence shall be inserted in its place: 
 “In the event the Company terminates Employee pursuant to this
Subsection (c), (i) the Employee will continue to receive Base Salary at time of termination for a one (1) year period from such termination (“Termination Compensation”), so long as the Employee complies with Section 8, 9
and 10 of the Agreement and (ii) the Company shall take such action as may be required to vest any unvested benefits of the Employee under any employee stock-based or other benefit plan or arrangement.” 
 2. The definition of “Good Reason” provided in Section 7(d), Change of Control Situations., shall be deleted and the following
inserted in its place: 
 “‘Good Reason’” shall mean the occurrence of any of the following events without the
Employee’s express written consent: 
  

	 	(i)	the assignment to the Employee of duties materially inconsistent with the position and status of the Employee with the Company immediately prior to the Change of Control;

  

	 	(ii)	 a material reduction by the Company in the Employee’s pay grade or base salary as then in effect, or the exclusion of Employee from 

	 	 
participation in Company’s benefit plans in which he previously participated as in effect at the date hereof or as the same may be increased from time
to time during the Term; 

  

	 	(iii)	an involuntary relocation of the Employee more than 50 miles from the location where the Employee worked immediately prior to the Change in Control or the breach by the Company of
any material provision of this Agreement; or 

  

	 	(iv)	any purported termination of the employment of Employee by Company which is not effected in accordance with this Agreement. 

 3. A new Section 19, Compliance with Section 409A., shall be added as follows: 
 “19. Compliance with Section 409A. The parties hereto intend that this Agreement comply with Section 409A of the
Internal Revenue Code of 1986, as amended (including any applicable regulations, proposed regulations, guidance or other interpretive authority thereunder (for purposes of this section, collectively, ‘Section 409A’), to the extent
applicable. The parties hereby agree that this Agreement shall be construed in a manner to comply with Section 409A and that should any provision be found not in compliance with Section 409A, the parties are hereby contractually obligated
to execute any and all amendments to this Agreement deemed necessary and recommended by legal counsel for the Company to achieve compliance with Section 409A. By execution and delivery of this Agreement, the Company and the Employee each
irrevocably waive any objections it or he may have to the amendments required or necessitated, in the reasonable opinion of the Company, by Section 409A.” 
  

					
		 	CHARLES & COLVARD, LTD.
			
	 Dated: August 28, 2007
	 	By:	 	 /s/ Robert S. Thomas

		 	Title:	 	Chief Executive Officer & Chairman
		
	 Dated: August 28, 2007
	 	 /s/ Robert S. Thomas

		 	Robert S. Thomas

  

 2Amendment to Employment Agreement of James R. Braun

 Exhibit 10.104 
 AMENDMENT TO EMPLOYMENT AGREEMENT 
 OF JAMES BRAUN 
 WHEREAS, Charles & Colvard, Ltd., a North Carolina company with its principal office at 300 Perimeter Park Drive, Suite A, Morrisville, North
Carolina 27506 (the “Company”), and James Braun (“Employee”) previously entered into an employment agreement (the “Agreement”) effective as of June 4, 2001; and 
 WHEREAS, Section 15 of the Agreement provides that it may be amended by an agreement in writing signed by each of the parties; and 
 WHEREAS, the parties wish to amend the Agreement to provide for certain additional payments upon the happening of a change of control of the Company; and

 WHEREAS, the parties wish to make certain other minor amendments to the Agreement to comply with changes necessitated by Section 409A
of the Internal Revenue Code of 1986, as amended; 
 NOW, THEREFORE, the parties hereby agree that the Agreement shall be amended, effective
as of the date last executed below, as follows: 
 1. The second sentence of Section 7(c), Termination without Cause., shall be
deleted and the following sentence shall be inserted in its place: 
 “In the event the Company terminates Employee pursuant to this
Subsection (c), the Employee will continue to receive Base Salary at time of termination for a one (1) year period from such termination (“Termination Compensation”), so long as the Employee complies with Section 8, 9 and 10 of
the Agreement.” 
 2. The first thirty-four words of Section 7(d), Change of Control Situations., shall be deleted and the
following thirty-four words shall be inserted in their place: 
 “In the event of a Change of Control of the Company at any time after
the date hereof, Employee may voluntarily terminate employment with Company up until one (1) year after the Change of Control” 
 3. The definition of “Good Reason” provided in Section 7(d), Change of Control Situations., shall be deleted and the following inserted in its place: 
 “‘Good Reason’” shall mean the occurrence of any of the following events without the Employee’s express written consent:

	 	(i)	the assignment to the Employee of duties materially inconsistent with the position and status of the Employee with the Company immediately prior to the Change of Control;

  

	 	(ii)	a material reduction by the Company in the Employee’s pay grade or base salary as then in effect, or the exclusion of Employee from participation in Company’s benefit
plans in which he previously participated as in effect at the date hereof or as the same may be increased from time to time during the Term; 

  

	 	(iii)	an involuntary relocation of the Employee more than 50 miles from the location where the Employee worked immediately prior to the Change in Control or the breach by the Company of
any material provision of this Agreement; or 

  

	 	(iv)	any purported termination of the employment of Employee by Company which is not effected in accordance with this Agreement. 

 4. A new Section 19, Compliance with Section 409A., shall be added as follows: 
 “19. Compliance with Section 409A. The parties hereto intend that this Agreement comply with Section 409A of the
Internal Revenue Code of 1986, as amended (including any applicable regulations, proposed regulations, guidance or other interpretive authority thereunder (for purposes of this section, collectively, ‘Section 409A’), to the extent
applicable. The parties hereby agree that this Agreement shall be construed in a manner to comply with Section 409A and that should any provision be found not in compliance with Section 409A, the parties are hereby contractually obligated
to execute any and all amendments to this Agreement deemed necessary and recommended by legal counsel for the Company to achieve compliance with Section 409A. By execution and delivery of this Agreement, the Company and the Employee each
irrevocably waive any objections it or he may have to the amendments required or necessitated, in the reasonable opinion of the Company, by Section 409A.” 
 <signature page follows> 
  

 2 

					
		 	CHARLES & COLVARD, LTD.
			
	 Dated: August 28, 2007
	 	By:	 	 /s/ Robert S. Thomas

		 	Title:	 	Chief Executive Officer & Chairman
		
	 Dated: August 28, 2007
	 	 /s/ James Braun

		 	James Braun

  

 3Amendment to Employment Agreement of Dennis M. Reed

 Exhibit 10.105 
 AMENDMENT TO EMPLOYMENT AGREEMENT 
 OF DENNIS REED 
 WHEREAS, Charles & Colvard, Ltd., a North Carolina company with its principal office at 300 Perimeter Park Drive, Suite A, Morrisville, North
Carolina 27506 (the “Company”), and Dennis Reed (“Employee”) previously entered into an employment agreement (the “Agreement”) effective as of August 1, 2004; and 
 WHEREAS, Section 15 of the Agreement provides that it may be amended by an agreement in writing signed by each of the parties; and 
 WHEREAS, the parties wish to amend the Agreement to provide for certain additional payments upon the happening of a change of control of the Company; and

 WHEREAS, the parties wish to make certain other minor amendments to the Agreement to comply with changes necessitated by Section 409A
of the Internal Revenue Code of 1986, as amended; 
 NOW, THEREFORE, the parties hereby agree that the Agreement shall be amended, effective
as of the date last executed below, as follows: 
 1. The second sentence of Section 7(c), Termination without Cause., shall be
deleted and the following sentence shall be inserted in its place: 
 “In the event the Company terminates Employee pursuant to this
Subsection (c), the Employee will continue to receive Base Salary at time of termination for a one (1) year period from such termination (“Termination Compensation”), so long as the Employee complies with Section 8, 9 and 10 of
the Agreement.” 
 2. The first thirty-four words of Section 7(d), Change of Control Situations., shall be deleted and the
following thirty-four words shall be inserted in their place: 
 “In the event of a Change of Control of the Company at any time after
the date hereof, Employee may voluntarily terminate employment with Company up until one (1) year after the Change of Control” 
 3. The definition of “Good Reason” provided in Section 7(d), Change of Control Situations., shall be deleted and the following inserted in its place: 
 “‘Good Reason’” shall mean the occurrence of any of the following events without the Employee’s express written consent:

	 	(i)	the assignment to the Employee of duties materially inconsistent with the position and status of the Employee with the Company immediately prior to the Change of Control;

  

	 	(ii)	a material reduction by the Company in the Employee’s pay grade or base salary as then in effect, or the exclusion of Employee from participation in Company’s benefit
plans in which he previously participated as in effect at the date hereof or as the same may be increased from time to time during the Term; 

  

	 	(iii)	an involuntary relocation of the Employee more than 50 miles from the location where the Employee worked immediately prior to the Change in Control or the breach by the Company of
any material provision of this Agreement; or 

  

	 	(iv)	any purported termination of the employment of Employee by Company which is not effected in accordance with this Agreement.” 

 4. A new Section 19, Compliance with Section 409A., shall be added as follows: 
 “19. Compliance with Section 409A. The parties hereto intend that this Agreement comply with Section 409A of the
Internal Revenue Code of 1986, as amended (including any applicable regulations, proposed regulations, guidance or other interpretive authority thereunder (for purposes of this section, collectively, ‘Section 409A’), to the extent
applicable. The parties hereby agree that this Agreement shall be construed in a manner to comply with Section 409A and that should any provision be found not in compliance with Section 409A, the parties are hereby contractually obligated
to execute any and all amendments to this Agreement deemed necessary and recommended by legal counsel for the Company to achieve compliance with Section 409A. By execution and delivery of this Agreement, the Company and the Employee each
irrevocably waive any objections it or he may have to the amendments required or necessitated, in the reasonable opinion of the Company, by Section 409A.” 
 <signature page follows> 
  

 2 

					
		 	CHARLES & COLVARD, LTD.
			
	 Dated: August 28, 2007
	 	By:	 	 /s/ Robert S. Thomas

		 	Title:	 	Chief Executive Officer & Chairman
		
	 Dated: August 28, 2007
	 	 /s/ Dennis Reed

		 	Dennis Reed

  

 3

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