Document:

Exhibit 10.4

 

AMENDMENT TO EMPLOYMENT AGREEMENT

 

This
Amendment is dated and made as of December 30, 2009, modifying the
Employment Agreement dated as of July 1, 1999 (together with any and all
previous amendments, the “Employment Agreement”) between General Physics
Corporation (the “Company”) and Douglas Sharp (“Employee”).

 

Whereas,
the Company and Employee wish to amend the Employment Agreement to extend the
minimum term of employment, modify the definition of “change in control,”
provide for the future award of stock options if an investment in GP Strategies
Corporation by Sagard Capital Partners, L.P. occurs, and to modify the
compensation Employee will be entitled to receive if Employee shall terminate
his employment for Good Reason as a result of a management change in control.

 

NOW,
THEREFORE, intending to be legally bound, and for good and valuable
consideration, including the mutual covenants set forth herein, the Company and
the Employee hereby agree to amend the Employment Agreement as follows:

 

1.             Section 3 (Term of
Employment) of the Employment Agreement is hereby amended to read in its
entirety as follows:

 

“Unless
sooner terminated in accordance with the provisions of this Agreement the term
of employment of Employee by the Company pursuant to this Agreement shall be
for the period (the “Employment Period”) commencing on the date hereof and
ending on the earlier of (a) the date determined in accordance with Section 10
below, (b) the date which is not less than two (2) years after the
Company or Employee has given written notice to the other of its decision to
end the Employment Period (but in no case prior to December 31, 2012), or (c) the
date mutually agreed in writing by Company and Employee.”

 

2.             Subsection 5(d) of the
Employment Agreement is hereby amended by adding the following:

 

“Provided
that GP Strategies Corporation (“GPS”) received the investment by Sagard
Capital Partners, L.P. contemplated by that certain Securities Purchase
Agreement dated December 30, 2009, the Company shall cause GPS to grant to
Employee under its 2003 Incentive Stock Plan, effective January 8, 2010,
options to purchase 105,000 shares of the common stock of GPS at an exercise
price equal to the market price on the date of grant.  Such options shall vest 20% on the first and
each subsequent anniversary of the date of grant, shall terminate six (6) years
after the date of grant, and shall accelerate as provided in Section 11(d)(ii)(C).”

 

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3.             Notwithstanding anything to
the contrary in Subsection 10(d) of the Employment Agreement, with respect
to beneficial ownership, directly or indirectly, of securities of GPS by Sagard
Capital Partners, L.P. and/or its Affiliate(s) (collectively, “Sagard”),
no “change in control” or “management change in control” shall be deemed to
occur unless Sagard is or becomes the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of GPS
representing 25% or more of the combined voting power of GPS’s then outstanding
securities.  For purposes of this
Amendment, the term “Affiliate” shall have the meaning ascribed to it in the
Securities Purchase Agreement dated December 30, 2009 between GPS and
Sagard.

 

4.             Subsection 11(e)(B) of
the Employment Agreement is hereby amended to read in its entirety as follows:

 

“(B) in
lieu of any further salary or bonus payments to Employee for periods subsequent
to the Date of Termination, the Company shall pay as severance pay to Employee
an amount equal to twice Employee’s average annual cash compensation received
from the Company during the three full calendar years immediately preceding the
Date of Termination, such payment to be made in a lump sum on or before the
fifth day following the Date of Termination;”

 

5.             Except as otherwise amended
hereby, the Employment Agreement shall remain unmodified and in full force and
effect.

 

IN
WITNESS WHEREOF, the Company and the Employee have duly executed this Amendment
as of the date first above written.

 

GENERAL
PHYSICS CORPORATION

 

 

	
  By:

  	
  /s/ Scott N. Greenberg

  	
   

  	
  /s/ Douglas Sharp

  
	
   

  	
  Chief Executive Officer

  	
   

  	
  Douglas Sharp

  

 

2Exhibit
4.1

 

THIS SECOND SUPPLEMENTAL INDENTURE, dated as of December
31, 2009 (this “Second Supplemental Indenture”), is by and among CuraGen
Corporation (the “CuraGen”), Celldex Therapeutics, Inc. (“Celldex”)
and The Bank of New York Mellon (formerly, The Bank of New York), as trustee
under the indenture referred to below (the “Trustee”).

 

W I T N E
S S E T H

 

WHEREAS, CuraGen and Trustee have heretofore executed
and delivered to the Trustee an indenture (as amended, supplemented or
otherwise modified (including as modified by the Supplemental Indenture, as
defined below), the “Indenture”), dated as of February 17, 2004,
providing for the issuance of the Company’s 4.0% Convertible Subordinated Notes
due 2011 (the “Securities”) and a supplemental indenture, dated September
30, 2009, by and between CuraGen, the Trustee and Celldex (the “Supplemental
Indenture”);

 

WHEREAS, on October 1, 2009, CuraGen merged with and
into Cottrell Merger Sub, Inc. (“Merger Sub”) and became a wholly owned
subsidiary of Celldex pursuant to that certain Agreement and Plan of Merger,
dated as of May 28, 2009 (the “Merger Agreement”), and, as a result,  each issued and outstanding share of common
stock, par value $0.01 per share, of CuraGen outstanding immediately prior to
the time at which the merger became effective was converted into the right to
receive and became exchangeable in accordance with the Merger Agreement for,
0.2739 shares of common stock, par value $0.001 per share, of Celldex (the “Celldex
Common Stock”);

 

WHEREAS, pursuant to Section 12.4 of the Indenture, as
a condition to the consummation of the transactions contemplated by the Merger
Agreement, CuraGen, the Trustee and Celldex executed the Supplemental Indenture
providing for the Securities to be convertible into the kind and amount of
shares of Celldex Common Stock, which Holders would have been entitled to
receive upon the Effective Time had such Securities been converted into Common
Stock immediately prior to the Effective Time; and providing for adjustments of
the Conversion Rate which shall be as nearly equivalent as may be practicable
to the adjustments provided for in Article XII of the Indenture;

 

WHEREAS, on December 16, 2009, the Board of Directors
of Celldex resolved to effect the merger of CuraGen with and into Celldex, with
Celldex continuing thereafter as the surviving corporation (the “Curagen Merger”);

 

WHEREAS, contemporaneously with the execution of this
Second Supplemental Indenture, Celldex will file with the Secretary of State of
the State of Delaware a certificate of ownership and merger as contemplated by Section
253(a) of the General Corporation Law of the State of Delaware (the “DGCL”)
to consummate the CuraGen Merger; and

 

WHEREAS, pursuant to Section 11.1 of the Indenture, CuraGen
may amend or supplement the Indenture in certain circumstances without notice to
or consent of any Holder.

 

NOW, THEREFORE, for and in consideration of the
foregoing premises, it is mutually covenanted and agreed, for the equal and ratable
benefit of the Holders of the Securities, as follows:

 

1.             Capitalized Terms. Capitalized terms used herein without definition
shall have the meanings assigned to them in the Indenture.

 

2.             Amendment to Section 1.1 of the Indenture. Section 1.1 of the Indenture is hereby
amended by inserting each of the following definitions in addition to the
definitions, or in place of the corresponding definition of such term, as
applicable, in the Indenture.

 

“Common Stock” means the common stock of the Company,
par value $0.001 per share or any other shares of Equity Interest of the
Company into which such Common Stock shall be reclassified or changed;
provided, that after the consummation of any transaction referred to in Section
12.4, all references to “Common 

 

 

Stock” shall, to the
extent necessary to protect the interests of the Holders, become references to “Applicable
Stock.”

 

“Company” means Celldex Therapeutics, Inc., a Delaware
corporation, until a successor replaces it pursuant to the applicable
provisions of this Indenture and, thereafter, means such successor.  The foregoing sentence shall likewise apply
to any subsequent successor or successors to such successors.

 

“CuraGen Merger” means the merger of CuraGen with and
into Celldex, with Celldex continuing thereafter as the surviving corporation.

 

“CuraGen Merger Effective Time” means the time at
which the CuraGen Merger becomes effective under Delaware law pursuant to Section
253(a) of the DGCL.

 

The definition of the term “Parent” shall be deleted.

 

3.             General Amendments to Indenture.

 

(a)           All references to “Parent” in the Indenture shall be replaced
with references to “the Company” and all references to “Parent’s” shall be
replaced with references to “the Company’s”.

 

(b)           All references to “the Company or Parent”, “the
Company or Parent, as applicable”, “the Company or Parent (as applicable)”, “the
Company, Parent”, “Parent or the Company”, “Parent or Company”, “the Company or
Parent, as the case may be”, “the Company and Parent”, and “the Company and
Parent” shall be replaced with references to “the Company” only.

 

(c)           All references to “the Company’s or Parent’s”, “Parent’s
or the Company’s” and “the Company’s and Parent’s” shall be replaced with
references to the “Company’s” only.

 

3.             Amendments to Section 7.1 of the Indenture. 
The words “Neither the Company nor Parent shall” at the beginning of Section
7.1 are hereby replaced with the words “The Company shall not”.

 

4.             Amendments of Section 14.9 of the Indenture.  Section
14.9 of the Indenture is hereby amended in its entirety to read as follows:

 

“Section 14.9. Governing Law; Submission to
Jurisdiction; Service of Process.

 

This Indenture shall be governed by, and construed in
accordance with, the laws of the State of New York. The Company submits to the
non-exclusive jurisdiction of the courts of the State of New York and the
courts of the United States of America, in each case located in the Borough of
Manhattan, New York, New York over any suit, action or proceeding arising under
or in connection with this Indenture or the transactions contemplated hereby or
the Securities. The Company waives any objection that it may have to the venue
of any suit, action or proceeding arising under or in connection with this
Indenture or the transactions contemplated hereby or the Securities in the
courts of the State of New York or the courts of the United States of America,
in each case located in the Borough of Manhattan, New York, New York, or that
such suit, action or proceeding brought in the courts of the State of New York
or the courts of the United States of America, in each case located in the
Borough of Manhattan, New York, New York, was brought in an inconvenient court
and agrees not to plead or claim the same.

 

The Company agrees that service of all writs, process
and summonses in any suit, action or proceeding arising under or in connection
with this Indenture or the transactions contemplated thereby or the Securities
against the Company in any court of the State of New York or any United States
Federal court, in each case, sitting in the Borough of Manhattan, New York, New
York, may be made upon Corporation Service Company at 80 State Street, Albany,
New York 12207, whom the Company irrevocably appoints as its authorized agent
for service of process. The Company represents and warrants that Corporation
Service Company has agreed to act as the Company’s agent for service of
process. The Company agrees that such appointment shall be irrevocable until
the irrevocable appointment by the Company of a successor in New York, New York
as its authorized agent for such 

 

2

 

purpose and the
acceptance of such appointment by such successor. The Company further agrees to
take any and all action, including the filing of any and all documents and instruments
that may be necessary to continue such appointment in full force and effect as
aforesaid. If Corporation Service Company shall cease to act as the agent for
service of process for the Company, the Company shall appoint without delay,
another such agent and provide prompt written notice to the Trustee of such
appointment.”

 

5.             Amendments of Section 14.11 of the Indenture. 
The first sentence of Section 14.11 of the Indenture is hereby replaced
with the following sentence: “All agreements of the Company in this Indenture
and the Securities shall bind the Company’s successor.”

 

6.             Ratification of Indenture; Second Supplemental
Indenture Part of Indenture. Except as expressly amended hereby, the Indenture is
in all respects ratified and confirmed and all the terms, conditions and
provisions thereof shall remain in full force and effect. This Second Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder
of Securities heretofore or hereafter authenticated and delivered shall be
bound hereby.

 

7.             Governing Law. This Second Supplemental Indenture shall be governed
by, and construed in accordance with, the laws of the State of New York.

 

8.             Counterparts. The parties may sign any number of copies of this
Second Supplemental Indenture. Each signed copy shall be an original, but all
of them together shall represent the same agreement.

 

9.             Effect of Headings. The section headings herein are for convenience only
and shall not affect the construction hereof.

 

10.           The Trustee. The Trustee makes no representation or warranty as
to and shall not be responsible in any manner whatsoever for or in respect of
the validity or sufficiency of this Second Supplemental Indenture or for or in
respect of the recitals contained herein, all of which recitals are made solely
by CuraGen.

 

11.           The Trust Indenture Act.  This Second
Supplemental Indenture is subject to the provisions of the TIA that are
required to be a part of the Indenture and shall, to the extent applicable, be
governed by such provisions.  If any
provision in this Second Supplemental Indenture limits, qualifies or conflicts
with another provision hereof which is required to be included herein by any
provision of the TIA, such required provision shall prevail.

 

12.           Separability Clause.  In case any
provisions of this Second Supplemental Indenture, the Indenture or the
Securities shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

 

13.           Effectiveness.  This Second Supplemental
Indenture shall be deemed effective upon the occurrence of the CuraGen Merger Effective
Time.

 

3

 

IN WITNESS WHEREOF, the undersigned, being duly
authorized, have executed this Second Supplemental Indenture on behalf of the
respective parties hereto as of the date first above written.

 

 

	
   

  	
  CELLDEX THERAPEUTICS,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anthony S. Marucci

  
	
   

  	
  Name: Anthony S.
  Marucci

  
	
   

  	
  Title:   President
  & CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CURAGEN CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anthony S. Marucci

  
	
   

  	
  Name: Anthony S.
  Marucci

  
	
   

  	
  Title:   President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK
  MELLON,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Latoya S. Elvin

  
	
   

  	
  Name: Latoya S. Elvin

  
	
   

  	
  Title:   Associate

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