SEC Contract Filing

Filing Date: 2017-10-13

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex_96582.htm
<DESCRIPTION>EXHIBIT 10.2
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: right;"><u><b>Exhibit 10.2</b></u></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;text-transform:uppercase;"><b>SECOND <font style="font-family:Times New Roman, Times, serif;font-size:10pt;text-transform:uppercase;">AMENDMENT TO EMPLOYMENT AGREEMENT</font></b></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">This <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (this &ldquo;<u>Second </u><u>Amendment</u>&rdquo;) is entered into as of October 1, 2017 by and among Sun BioPharma, Inc., a Delaware corporation (the &ldquo;<u>Co</u><u>mpany</u>&rdquo;), and David B. Kaysen (&ldquo;<u>Employee</u>&rdquo;).</font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">WHEREAS, the Company<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> and Employee are parties to that certain Employment Agreement dated December 2, 2015, as amended September&nbsp;12, 2016 (the &ldquo;<u>Employment</u><u> A</u><u>greement</u>&rdquo;); and</font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">WHEREAS, <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">the Company and Employee have agreed to amend certain provisions of the Employment Agreement to, among other things, provide for an opportunity to receive equity awards in lieu of a cash payment under certain circumstances, as set forth herein.</font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby agree as follows:</p>

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 <p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">1.</p>
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 <p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Capitalized terms used in this <font style="font-size:10pt;font-family:Times New Roman, Times, serif;">Second Amendment, to the extent not otherwise defined herein, shall have the same meaning as in the Employment Agreement.</font></p>
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 <p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">2.</p>
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 <p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Section<font style="font-size:10pt;font-family:Times New Roman, Times, serif;"> 3(a)(i) of the Employment Agreement shall be superseded and replaced with the following:</font></p>
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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt 36pt;text-align:justify;">(i)<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Primary </u><u>Cash</u><u> Compensation</u>. Effective as of October 1, 2017, Employee&rsquo;s monthly salary is $26,250 per month, representing an annual rate of $315,000 (the &ldquo;<u>Base Salary</u>&rdquo;). Employee&rsquo;s Base Salary shall be reviewed annually by the Board or its Compensation Committee and the Base Salary for each fiscal year during the Employment Period shall be determined by the Board or its Compensation Committee, which may authorize an increase in Employee&rsquo;s Base Salary for such year. In no event may Employee&rsquo;s Base Salary be reduced below its then-current level at any time during the Employment Period other than with Employee&rsquo;s consent or pursuant to a general wage reduction in respect of substantially all of the C