SEC Contract Filing

Filing Date: 2015-08-11

Document Content:
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<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>d937948dex104.htm
<DESCRIPTION>EX-10.4
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<TITLE>EX-10.4</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>A<SMALL>MENDMENT</SMALL> <SMALL>TO</SMALL> E<SMALL>MPLOYMENT</SMALL> L<SMALL>ETTER</SMALL> A<SMALL>GREEMENT</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>T<SMALL>HIS</SMALL> A<SMALL>MENDMENT</SMALL> </B>(the &#147;<B><I>Amendment</I></B>&#148;) to the Employment Letter
Agreement between <B>C<SMALL>ELLADON</SMALL> C<SMALL>ORPORATION</SMALL></B><SMALL></SMALL>, a Delaware Corporation (the &#147;<B><I>Company</I></B>&#148;) and <B>P<SMALL>AUL</SMALL> C<SMALL>LEVELAND</SMALL>,</B> an individual (the
&#147;<B><I>Employee</I></B>&#148;) dated May&nbsp;28, 2014, (the &#147;<B><I>Agreement</I></B>&#148;), is made effective as of the 29th day of May, 2015. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>W<SMALL>HEREAS</SMALL></B><SMALL></SMALL>, Company and Employee desire to amend the Agreement as set forth below; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>N<SMALL>OW</SMALL> T<SMALL>HEREFORE</SMALL></B><SMALL></SMALL>, in consideration of the foregoing premises and the
covenants and promises contained in the Agreement as amended hereby, the Parties, intending to be bound, hereby agree that the following sections of the Agreement shall be amended as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:11pt">The first paragraph of Section&nbsp;1 is hereby deleted and replaced with the following: </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman">&#147;You will be employed as the Company&#146;s President&nbsp;&amp; Chief Executive Officer, and you will report to the Board of Directors
of the Company. You shall perform the duties of such position as are customary, as specified in the Bylaws of the Company, and as may be required by the Board of Directors of the Company (or any authorized committee thereof) (the
&#147;<B><I>Board</I></B>&#148;). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:11pt">The first sentence of Section&nbsp;2 is hereby deleted and replaced with the following: </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman">&#147;Your base salary will be paid at the rate of $42,487.50 per month (an annual rate of $509,850.00), less payroll and withholdings.&#148;
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:11pt">The first sentence of Section&nbsp;3 is hereby deleted and replaced with the following: </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman">&#147;As President and Chief Executive Officer, you will be eligible to earn an annual performance bonus pursuant to the Company&#146;s annual
incentive bonus plan, with the target amount of such bonus equal to 55% of your annual base salary.&#148; </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:11pt">Section&nbsp;6(a)(i) is hereby amended and restated as follows: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#147;(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:11pt">You shall receive severance pay equivalent to twelve (12)&nbsp;months of your base salary in effect (ignoring any decrease that forms the basis for
your resignation for Good Reason, if applicable) on the effective date of your Involuntary Termination, less standard deductions and withholdings, which shall be paid in a single lump sum cash payment within seven (7)&nbsp;business days after the
effective date of the Release (as defined in Section&nbsp;6(c) below). The &#147;Severance Period&#148; as referenced in other sections of this Agreement shall refer to the twelve (12)&nbsp;month period following your Involuntary Termination;
and&#148; </P></TD>
<TD WIDTH="4%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-t