Document:

ECHO AUTOMOTIVE, INC., 10-KA 

Exhibit 10.22 

Friday, June 29th, 2012 

Dear Patrick,

We are very pleased to present to you this Offer of Employment with
Echo Automotive per the terms defined below. We trust that your knowledge,
skills and experience will be among our most valuable assets. This agreement
will be replaced by a more comprehensive employment agreement detailing the
following terms in greater detail. In addition, we will need to work together
to better structure the terms below to meet the requirements of all parties.

Should you accept this job offer, per company policy you’ll be eligible
to receive the following beginning on your hire date.

	
  

 	
  

 
	
 •

 	
 Official Hire Date: July 1st, 2012.

 
	
  

 	
  

 
	
 •

 	
 Title and Location: Initially, Employee will have the
 title of COO, Managing Director and report to the CEO. TBD Office,
 Scottsdale, Arizona.

 
	
  

 	
  

 
	
 •

 	
 Base Salary: Annual gross starting salary of
 $120,000, paid in biweekly installments. This compensation package will be
 reviewed by the board within the first 6 months of employment where they will
 evaluate in good faith salary and other compensation based on value creation
 of employee.

 
	
  

 	
  

 
	
 •

 	
 Performance
 Bonuses/Commissions: Uncapped target $120,000. The performance criteria
 by which you will be measured by compensated will be negotiated in good faith
 between you and the company and memorialized in writing with the initial goal
 of growing enterprise value.

 
	
  

 	
  

 
	
 •

 	
 Stock Options: You will be granted no less than
 1,500,000 stock options within 90 days of your hire date. The strike price of
 these options will not exceed 10% of the share value at the time of the
 grant, which in no event will exceed $0.05 per share. These shares will vest
 as follows:

 
	
  

 	
 125,000 at the time of signing

 375,000 will vest quarterly over the first year.

 333,000 will vest quarterly over the second year

 333,000 will vest quarterly over the third year

 333,000 will vest quarterly over the forth year

 
	
  

 	
  

 
	
  

 	
 In the event that
 employee is terminated without cause within the first 12 months of
 employment, an amount equal to one-half of the unvested portion of the first
 year shares (a portion of the 375,000) will immediately vest.

 
	
  

 	
  

 
	
  

 	
 These shares will
 be subject to the standard Echo Automotive voting rights agreement.

 
	
  

 	
  

 
	
 •

 	
 Employee Benefits: Standard, Echo Automotive
 provided benefits for salaried-exempt employees, including the following.

 

9909 N. 126th St, Scottsdale,
Arizona 85260

www.echoautomotive.com

     

	

    	 

    
 

	
  

 	
  

 	
  

 
	
  

 	
 •

 	
 Annual Stock
 Options as defined in this agreement

 
	
  

 	
 •

 	
 Health care Fixed
 Reimbursement (as agreed to in a separate agreement)

 
	
  

 	
 •

 	
 Sick leave

 
	
  

 	
 •

 	
 Vacation and Personal Daus 

 
	
  

 	
 •

 	
 Cell Phone Reimbursement

 
	
  

 	
 •

 	
 4 Week PTO Accrued

 
	
  

 	
 •

 	
 Max 8 Week per 12 No. carry over

 
	
  

 	
 •

 	
 2 Weeks PTO issued upon hire

 
	
  

 	
  

 	
  

 
	
 •

 	
 Severance: In the event you are terminated
 without cause, for any reason, you will receive a severance package providing
 6 months of base salary. This term may be modified if agreed to in writing by
 both parties.

 
	
  

 	
  

 	
  

 
	
 •

 	
 Additional
 Obligations: You will be required to execute any standard employee related
 documentation such as our standard stock option plan, standard non-disclosure
 agreement and standard non-compete/non-solicitation agreements. In addition,
 you agree not to seek other employment prior to your official hire date.

 
	
  

 	
  

 	
  

 
	
 •

 	
 Consulting
 Agreement: In conjunction to this employment offer, both parties will work
 together in good faith to memorialize a separate consulting agreement between
 Echo and a mutually agreed to company, owned by Employee, to provide
 additional services such as environmental awareness, business development and
 sales support. The terms of this agreement will include a ramped monthly cost
 beginning at $7,500 and not to exceed $10,000 per month. Both parties will
 work in good faith to define this agreement within the next fifteen (15)
 calendar days. Included in this agreement will be a term that will allow for
 such consulting fees to accrue for up to a 3 months.

 

Please confirm your acceptance of this offer by signing agreement and
emailing it to dkennedy@echoautomotive.com no later than 10 days from
the receipt of this letter.

Please note that by signing this offer of employment you confirm your
ability to perform the job as per the job description discussed during your
interview and which will be reflected in your Contract of Employment. We
sincerely look forward to working with you.

Yours faithfully,

	
  

 	
  

 
	
 

 
	 

 	
  

 
	
 Wm. Daniel Kennedy

 
	
 CEO

 

Agreed to and accepted:

	
  

 	
  

 
	
 

 	
  

 
	 

 	
  

 
	
 PATRICK VAN DEN BOSSCHE

 	
  

 

Note: Once this employment offer letter
is signed by the applicant and returned within the stipulated time, it may
become binding upon the employer.

9909 N. 126th St, Scottsdale, Arizona 85260

www.echoautomotive.comex10-30.htm

OHR Pharmaceutical Inc. 8-K

 

Exhibit 10.30

 

 

April 5, 2013

CONFIDENTIAL

NOTICE OF ACCELERATED WARRANT EXPIRATION DATE

AND

WARRANT EXERCISE INCENTIVE OFFER

Dear Series B Warrant holder:

The outstanding Series B Warrants (the “Warrants”) of Ohr Pharmaceutical Inc. (formerly known as BBM Holdings Inc., “we” or the “Company”) will expire in accordance with their terms on April 30, 2013 (the “Warrant Expiration Date”).  The Warrants were issued pursuant to the Warrant Agreement (as amended, the “Warrant Agreement”), dated October 31, 2006, between the Company and Transfer Online, Inc., as Warrant Agent (the “Warrant Agent”).  In accordance with the Warrant Agreement, the Warrant Expiration Date of the Warrants may be accelerated at the option of the Company following a period of 5 consecutive trading days where the market price per share (as defined in the Warrant Agreement) of the Company’s Common Stock exceeds $1.50.

In order to encourage exercise of the Warrants to raise additional capital to execute on our business and clinical trial initiatives and increase our shareholder equity (one of the requirements necessary for our proposed uplisting to Nasdaq), the Company hereby offers (the “Incentive Offer”) to provide to those Warrant holders that exercise at least 33% of their Warrants the revised terms for their remaining Warrants set forth below, including for such remaining Warrants a $2.25 per share exercise price, cashless exercise, acceleration of the New Warrant Expiration Date at the discretion of the Company when the market price per share is $4.50 or above, and an extension of the Warrant Expiration Date until September 30, 2014.

Acceleration of Warrant Expiration Date

The Company has elected to accelerate the Warrant Expiration Date to April 18, 2013, and has sent out notice of such acceleration via the Warrant Agent in accordance with the Warrant Agreement to all holders of Warrants.

Exercise of Warrants

Warrants can be exercised by delivery of (i) the Warrants, with Form of Subscription attached hereto completed and signed, and (ii) payment in full by check or wire of the aggregate exercise price to the Company at 489 5th Avenue, 28th Floor, New York NY 10017, prior to their expiration on April 18, 2013. The current exercise price for Class B Warrants is $1.1911787. The exercise price is a substantial discount to the last closing price of $1.58 preceding the date of this notice. The Warrants not exercised by the close of business on April 18, 2013, shall expire unless extended by the Company in accordance with the Incentive Offer described below.

Incentive Offer

As an inducement to holders to exercise their Warrants, the Company hereby agrees to the following Incentive Offer: any Warrant holder that is an accredited investor and exercises at least 33% of such holder’s aggregate beneficial ownership (as defined under the rules of the Securities and Exchange Commission (the “SEC”)) of Warrants shall receive an extension of such holder’s remaining Warrants (post-exercise) on the following terms:

	
·    

	
The exercise price will be raised to $2.25 per share.

	
·    

	
The Warrant Expiration Date will be extended to September 30, 2014 (the “New Warrant Expiration Date”).

	
·    

	
The Company, at its sole discretion, may accelerate the New Warrant Expiration Date when the Market Price per share of the Company’s Common Stock is $4.50 or above. “Market Price per share” shall mean the average closing prices of the Company’s Common Stock for 5 consecutive trading days ending no later than the 5th day prior to the giving of notice of acceleration of the New Warrant Expiration Date.

	
·    

	
In addition to the option to exercise for cash consideration, these Warrants, as extended, can be exercised via a net exercise/cashless exercise provision.

  

  

  

As an example for illustration purposes only, if you beneficially own 10,000 Warrants, and you exercise 6,000 Warrants, you must deliver 6,000 of your Warrants to the Company with the attached Form of Subscription filled out and signed and with payment of $7,147.13 ($1.1911787 times 6,000 and rounded up to the nearest penny), and the Company will deliver to you 6,000 shares of Company Common Stock (with a restrictive legend as described in the Warrant).  Your remaining 4,000 Warrants will be extended on the terms set forth in the Incentive Offer above.

If you do not exercise at least 33% of your beneficially owned Warrants, all unexercised Warrants will expire on April 18, 2013.

You do not have to accept the Incentive Offer, and you continue to have the right to exercise all of your Series B Warrants until April 18, 2013.

Your decision to exercise Warrants is only open until 4:00 P.M. EDT on April 18, 2013.  Warrants not exercised prior to such time (other than remaining Warrants that qualify for the Incentive Offer) will expire at such time.

You should carefully consider the “Risk Factors” in the Company’s Annual Report on Form 10--K for the fiscal year ended September 30, 2012, as filed with the SEC on January 9, 2013, and the other information contained in our filings with the SEC, all of which may affect our future results of operations. If any of the adverse events described in such Risk Factors and filings actually occur, our business, financial condition and operating results could be materially adversely affected and you may lose part or all of the value of your investment in the Company. If you choose to exercise all or a portion of your Warrants, you should be able to bear a complete loss of your investment

Please contact me (sam@ohrpharmaceutical.com, tel 212-682-8452) if you have any questions concerning expiration of the Warrants and this Incentive Offer.

Very truly yours,

Sam Backenroth

Chief Financial Officer

Ohr Pharmaceutical Inc

489 5th Avenue, 28th Floor

New York, NY 10017

2  

  

  

FORM OF SUBSCRIPTION

 

(To be signed only upon exercise of Warrant)

 

 

To: OHR PHARMACEUTICAL, INC. (“OHR”):

 

The undersigned, the Holder of the within Warrant, hereby irrevocably elects to exercise (in accordance with the terms of the Warrant as modified by OHR’s Incentive Offer, dated April 4, 2013, the purchase right represented by such Warrant for, and to purchase thereunder,

 

_______ shares of Common Stock of OHR PHARMACEUTICAL, INC., and herewith makes payment therefor of $_____________________, 

 

and requests that the certificates for such shares be issued in the name of, and delivered to, ___________________, whose address is _______________________ And whose social security number or tax identification number is __________________.

 

The undersigned represents that the undersigned is (a) an accredited investor (as defined in the rules of the Securities and Exchange Commission) and (b) acquiring such securities for its own account for investment and not with a view to or for sale in connection with any distribution thereof (except for any resale pursuant to, and in accordance with a valid registration statement effective under the Securities Act of 1933).

 

Dated: April __, 2013

 

 

	 	 	 
	 	 	(Signature must conform in all respects to name of Holder as specified on the face of the Warrant)

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