Amendment to Section 6(b). The first sentence of Section 6(b) is hereby amended to add the phrase “Subject to Section 9(b),” to the beginning of such sentence. The last sentence of Section 6(b) is hereby amended to add the phrase “, but in any event within the period required by Section 409A (as defined below), such that it qualifies as a “short-term deferral” within the meaning of Treasury Regulation Section 1.409A-1(b)(4)” to the end of such sentence.
Amendment to Section 6(b). Section 6(B) of the License Agreement is hereby amended by deleting the first paragraph thereof and replacing such first paragraph with the following: [****].
Amendment to Section 6(b). Section 6(b) of the Warrant Agreement shall be deleted in its entirety and replaced with the following:
Amendment to Section 6(b). Section 6(b) is hereby amended and restated in its entirety as follows:
Amendment to Section 6(b). Section 6(b) of the Agreement is hereby amended by replacing the first sentence of the section with the following sentence: “Company shall use Commercially Reasonable Efforts to achieve the first commercial sale of a Product within [***] from the Effective Date.”
Amendment to Section 6(b). The first sentence of Section 6(b) of the Senior Management Agreement is hereby amended by inserting the phrase “and effective as of January 1, 2014” immediately after the phrase “During the Employment Period”.
Amendment to Section 6(b). In Section 6(b) of the Senior Management Agreement $375,000 is hereby deleted and replaced with $650,000.
Amendment to Section 6(b). (i). The first sentence of Section 6(b)(i) of the Investment Agreement is hereby amended by inserting the following language between “Except as otherwise expressly permitted or required by the Transaction Documents or otherwise consented to by Investor,” and “permitted by Section 6(k), contemplated by Section 6(p) or as set forth on Section 6(b) of the Disclosure Letter and subject to the terms and upon the conditions therein,” contemplated by that Lock-Up and Voting Agreement, dated August 31, 2009, by and among the Company and the other signatories thereto,
Amendment to Section 6(b). Section 6(b) of the Loan Agreement is hereby amended to add the following sentence at the end thereof: Borrower shall not be required to make a principal prepayment under this section with the proceeds of sale of Borrower’s Lipoa Point Property so long as the Net Non-Collateral Sale Proceeds of such sale are used by Borrower to terminate Borrower’s pension plans.
Amendment to Section 6(b). The first two sentences of Section 6(b) of the Senior Management Agreement is hereby deleted in its entirety and replaced with the following sentence: “Effective as of March 2, 2014 and during the Employment Period, Employer will pay Executive a base salary of $450,000 per annum or such other higher rate as the Board may determine from time to time (the “Annual Base Salary”), which salary shall be payable by Employer in regular installments in accordance with Employer’s general payroll practices (in effect from time to time). In addition to the Annual Base Salary, Executive shall be eligible for an annual base bonus (the “Annual Bonus”) following the end of each fiscal year of the Company during the Employment Period commencing with fiscal year 2014 of up to 75% of the Annual Base Salary, as determined by the Board in its sole discretion; provided that 65% of such 75% shall be determined by the Board based upon achievement by the Company, Employer and their Subsidiaries of EBITDA goals established by the Board (or the Compensation Committee established by the Board) and 10% of such 75% shall be determined by the Board based upon achievement by the Company, Employer and their Subsidiaries of quality and service-related goals and objectives established by the Board (or the Compensation Committee established by the Board).”
