Document:

ex10-25.htm

EXHIBIT 10.25

 

AMENDMENT NO. 3

 

TO THE ACCELERIZE NEW MEDIA, INC.

 

STOCK OPTION PLAN

 

------------------------------------------------

 

As adopted by resolution of the

 

Board of Directors on March 27, 2012

 

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1.           Section 3 of the Accelerize New Media, Inc. Stock Option Plan (the "Plan") is hereby amended by deleting the number "15,000,000" and inserting the number "22,500,000" in its stead, wherever the same appears.

2.           Section 12 of the Plan is hereby amended by deleting Section 12 in its entirety and replacing it with the following:

“12. EFFECTIVE DATE, DURATION, AMENDMENT AND TERMINATION OF PLAN

The Plan shall be effective as of December 15, 2006, subject to ratification by (a) the holders of a majority of the outstanding shares of capital stock present, or represented, and entitled to vote thereon (voting as a single class) at a duly held meeting of the stockholders of the Company or (b) by the written consent of the holders of a majority (or such greater percentage as may be prescribed under the Company’s charter, by-laws and applicable state law) of the capital stock of the Company entitled to vote thereon (voting as a single class), in either case within twelve months after such date. Options that are conditioned upon the ratification of the Plan by the stockholders may be granted prior to ratification. The Board may grant Options under the Plan from time to time until the close of business on December 15, 2016. The Board may at any time amend the Plan; provided, however, that without approval of the Company’s stockholders there shall be no change in the Plan that requires stockholder approval under applicable law.  No amendment shall adversely affect outstanding Options without the consent of the Optionee. The Plan may be terminated at any time by action of the Board, but any such termination will not terminate any Option then outstanding without the consent of the Optionee.”

3.           Except as hereinabove amended, the provisions of the Plan shall remain in full force and effect.ex10-1.htm

Exhibit 10.1

 

 

 

 

 

 

March 28, 2012

Keith Asato

Hoku Corporation

1288 Ala Moana Blvd., Ste. 220

Honolulu, Hawaii 96814

 

 

Dear Keith:

 

I am pleased to inform you that the Compensation Committee of the Hoku Corporation Board of Directors has implemented a special retention bonus program for you.  Under the program, you will be eligible to receive a cash bonus payment in the target amount of twenty percent (20%) of your base salary at the rate in effect as of the date hereof (the “Target Bonus”).  The Target Bonus shall become payable in accordance with the following schedule:

•           Forty percent (40%) of the Target Bonus shall become payable to you provided you serve as Hoku Corporation’s principal accounting officer through the date Hoku Corporation’s Form 10-K for fiscal year is filed with the Securities and Exchange Commission (the “SEC”); and

•           Sixty percent (60%) of the Target Bonus shall become payable to you in three equal installments of twenty percent (20%) of the Target Bonus each provided you serve as Hoku Corporation’s principal accounting officer through the date Hoku Corporation’s Form 10-Q is filed for the first, second and third fiscal quarter of fiscal year 2013.

Any portion of the Target Bonus that becomes payable to you based on your continued service as Hoku Corporation’s principal accounting officer will be paid to you within thirty (30) days after the date the Form 10-K or Form 10-Q, as applicable, is filed with the SEC.  In no event shall any such bonus be paid later than March 15 of the calendar year following the calendar year for which that bonus is earned.  The bonus payment will be subject to all applicable federal, state and local income and employment withholding taxes, and you will only receive the net amount remaining after those taxes have been withheld.  This retention bonus program shall not in any way change your status as an at-will employee.

 

Hoku Corporation · Hoku Solar, Inc. · Hoku Materials, Inc.

1288 Ala Moana Boulevard Suite 220 · Honolulu, Hawai’i  96814 · Tel 808-682-7800 · Fax 808-440-0357 · www.hokucorp.com

  

  

  

		
Keith Asato

Hoku Corporation

1288 Ala Moana Blvd., Ste. 220

Honolulu, Hawaii 96814

March 28, 2012

Page 2 of  2

 

 

We are pleased to make this special bonus program available to you as a meaningful incentive to serve as Hoku Corporation’s principal accounting officer.  Please indicate your acceptance of the foregoing terms and conditions governing your participation in the retention bonus program by signing and dating this letter and returning it to me by March 31, 2012.

 

	 	Very truly yours,	 
	 	 	 
	 	/s/ Scott Paul	 
	 	
Scott Paul

Chief Executive Officer

	 

ACCEPTANCE

I hereby accept and agree to the terms and conditions set forth above that are to govern my participation in the retention bonus program.

 

	 	/s/ Keith Asato	 
	 	
Keith Asato

	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 
Dated:  March 28, 2012ex10-2.htm

Exhibit 10.2

 

 

 

 

 

March 28, 2012

Sean Liu

Hoku Corporation

1288 Ala Moana Blvd., Ste. 220

Honolulu, Hawaii 96814

Dear Sean:

 

I am pleased to inform you that the Compensation Committee of the Hoku Corporation Board of Directors has implemented a special retention bonus program for you.  Under the program, you will be eligible to receive a cash bonus payment in the target amount of twenty percent (20%) of your base salary at the rate in effect as of the date hereof (the “Target Bonus”).  The Target Bonus shall become payable in accordance with the following schedule:

•           Forty percent (40%) of the Target Bonus shall become payable to you provided you serve as Hoku Corporation’s principal financial officer through the date Hoku Corporation’s Form 10-K for fiscal year is filed with the Securities and Exchange Commission (the “SEC”); and

•           Sixty percent (60%) of the Target Bonus shall become payable to you in three equal installments of twenty percent (20%) of the Target Bonus each provided you serve as Hoku Corporation’s principal financial officer through the date Hoku Corporation’s Form 10-Q is filed for the first, second and third fiscal quarter of fiscal year 2013.

Any portion of the Target Bonus that becomes payable to you based on your continued service as Hoku Corporation’s principal financial officer will be paid to you within thirty (30) days after the date the Form 10-K or Form 10-Q, as applicable, is filed with the SEC.  In no event shall any such bonus be paid later than March 15 of the calendar year following the calendar year for which that bonus is earned.  The bonus payment will be subject to all applicable federal, state and local income and employment withholding taxes, and you will only receive the net amount remaining after those taxes have been withheld. This retention bonus program shall not in any way change your status as an at-will employee.

 

 

Hoku Corporation · Hoku Solar, Inc. · Hoku Materials, Inc.

1288 Ala Moana Boulevard Suite 220 · Honolulu, Hawai’i  96814 · Tel 808-682-7800 · Fax 808-440-0357 · www.hokucorp.com

  

  

  

		
Sean Liu

Hoku Corporation

1288 Ala Moana Blvd., Ste. 220

Honolulu, Hawaii 96814

March 28, 2012

Page 2 of 2

 

We are pleased to make this special bonus program available to you as a meaningful incentive to serve as Hoku Corporation’s principal financial officer.  Please indicate your acceptance of the foregoing terms and conditions governing your participation in the retention bonus program by signing and dating this letter and returning it to me by March 31, 2012.

 

	 	Very truly yours,	 
	 	 	 
	
 

	/s/ Scott Paul	 
	 	
 
Scott Paul 
Chief Executive Officer

	 

 

 

 

 

ACCEPTANCE

I hereby accept and agree to the terms and conditions set forth above that are to govern my participation in the retention bonus program.

 

	
 

	/s/ Sean Liu	 
	 	
Sean Liu

	 
	 	 	 
	 	 	 
	 	Dated:  March 28, 2012ex10-4.htm

Exhibit 10.4

 

ADDENDUM TO EMPLOYMENT AGREEMENT

THIS ADDENDUM TO EMPLOYMENT AGREEMENT (“Addendum”), is entered into December 15, 2011, but made effective retroactive to November 16, 2011, by and between LiqTech NA, Inc., a Delaware corporation (the “Company”), and Donald S. Debelak (the “Employee”).

RECITALS

WHEREAS, the Company and the Employee are parties to that certain employment agreement dated November 16, 2005 (the “Employment Agreement”); and 

WHEREAS, the Company and the Employee have mutually agreed to exercise the Second Option term of the Employment Agreement as described in Section 1.3 of the Employment Agreement; and 

WHEREAS, the Company and the Employee, as a condition to their mutual agreement to the Second Option term, have agreed to be bound by the terms of this Addendum.

NOW THEREFORE, in consideration of the premises set forth above and the mutual covenants set forth below, the Company and the Employee agree that the Employment Agreement shall be modified as follows:

	 	
1.

	
Section 3.4 of the Employment Agreement shall be replaced with the following:

3.4 Termination by the Company Without Cause.  The Company may terminate the Employee’s employment without Cause upon twelve (12) months prior written notice to the Employee. 

	 	
2.

	
Section 3.5 of the Employment Agreement shall be replaced with the following:

3.5 Resignation by the Employee.  The Employee may terminate his employment upon six (6) months prior written notice to the Company (the “Resignation Notice Period”).

3.           Until further agreement between the Company and the Employee, the Employee’s annual salary described in Section 2.2 of the Employment Agreement shall be fixed at $162,000.00.

	 	
4.

	
A new Section 2.7 shall be added to the Employment Agreement, as follows:

2.7 Incentive Compensation.  The Employee shall receive additional yearly warrants based on LiqTech International, Inc.’s EBIT as established by its financial statements.  The number of warrants is equal to 0.15 EBIT divided by that company’s average share price during the ten (10) days before the publication of that company’s financial results.  One-third (1/3) of such warrants may be exercised immediately, one-third (1/3) after twelve (12) months, and one-third (1/3) after twenty-four (24) months. 

 

  

1

  

IN WITNESS WHEREOF, the undersigned parties hereto execute this Addendum effective as of the date written in the preamble above.

	  	
COMPANY

	  	  
	  	
LIQTECH NA, INC.,

	  	
  a Delaware corporation

	  	  
	  	
By: 

	
/s/ Lasse Andreassen

	  	   	
Lasse Andreassen

	  	
Title: 

	
Director, on behalf of the Board of Directors

	  	  
	  	
EMPLOYEE

	  	  
	  	
/s/ Donald S. Debelak

	  	
Donald S. Debelak

 

 

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