Document:

exhibit10-1.htm

Exhibit 10.1

 

	 	
P.O. Box 3590

Honolulu, HI  96811-3590

Telephone (808) 544-0500

 

 

 

Ms. Catherine Ngo

1221 Victoria Street, #2802

Honolulu, Hawaii 96814

Dear Catherine:

I am pleased to extend to you an offer of employment-at-will, with the following initial terms, subject to regulatory approval:

	
Position: 

	
Executive Vice President, Chief Administrative Officer

Central Pacific Bank and Central Pacific Financial Corp. (collectively, the “Company”)

	
Position

Reports to:

	
John Dean

Executive Chairman of the Board

	
Salary: 

	
$21,666.67 per month less applicable withholdings (equivalent to $260,000 per annum).

	
Start Date: 

	
To be mutually determined upon regulatory approval.

 

	
Sign-on

Bonus:

	
$75,000 less applicable withholdings; one half to be paid within 15 days after hire and the other half to be paid on the pay day following the completion of 1 month of employment.

	
Relocation

Assistance:

	
Ÿ  Payment of actual door-to-door costs for moving your personal household goods and 2 cars to Hawaii, not to exceed $25,000.

 

Ÿ  One-way coach tickets for you and your spouse from California to Honolulu, Hawaii; plus 2 additional coach roundtrip tickets for you from Honolulu, Hawaii to California to assist in finalizing the move to Hawaii and 2 additional coach roundtrip tickets for use by your spouse for house-hunting or other transitional reason.  Travel to be completed by January 31, 2011.

 

Ÿ  Housing allowance of $3,500 (subject to applicable tax treatment) per month for your first year of employment, including time spent as an independent contractor.

	
Repayment

Provision:

	
Should you voluntarily terminate your employment with the Company, you agree to reimburse the Company for the gross amount of the sign-on bonus and moving expenses in accordance with the following schedule:

	
 

	
 

Terminate before completion of 5 months of employment = 100% reimbursement

Terminate before completion of 6 months of employment = 80% reimbursement

Terminate before completion of 7 months of employment = 60% reimbursement

Terminate before completion of 8 months of employment = 40% reimbursement

Terminate before completion of 9 months of employment = 20% reimbursement

Terminate after 9 months of employment = 0% reimbursement

 

	
Benefits:

	
You may participate in our standard employee benefit package, including medical, dental, life insurance, long term disability, flex spending accounts, and paid holidays, upon completion of any eligibility requirements.  In addition to the standard package, you are initially eligible for:

	
·  

	
Vacation:  Accrued and earned based on 21 days per year; actual amount will be pro-rata based on your actual hire date.

	
·  

	
Paid company parking.

	
·  

	
Company cell phone for business use.

	
Profit

Sharing &

401k Plan:

	
Currently, Vanguard is the Company’s 401(k) portfolio manager, and you will be eligible to participate in our Plan after six months of employment.  You may then contribute up to 100% of your available gross pay, up to the IRS maximum for the year.  The Company will match dollar-for-dollar of your per pay period deferral up to 4% of pay for that period.

 

In addition to the contribution and match features, the Plan also has a profit sharing feature.  At the Company’s discretion, it may make a profit sharing contribution to the Plan.  To be eligible for the profit sharing, you must complete a minimum of one-year employment and 1,000 hours within that year.  Once you meet initial eligibility, you must work at least 1,000 hours in the Plan year and be employed on the last day of the Plan year (December 31) to be eligible for the profit sharing contribution.

 

This offer is contingent upon the premise that pre and post employment requirements are satisfactory.  This offer of employment is also conditioned upon your being able to fully perform all duties and responsibilities required of the position being offered with or without accommodation of any disability.  It also assumes there are no restrictions or limitations contained in any current or former employment agreements or in any anti-competition or anti-solicitation clauses therein.  Please note that no provisions in this offer letter, including any repayment provisions should be interpreted to guarantee employment for any specific period of time or contradict the employment-at-will status of your employment.  By signing this conditional offer of employment-at-will, you are stating that you understand and agree that you or the Company may terminate your employment with or without cause and with or without notice at any time.

This letter contains the entire agreement and understanding between you and the Company with respect to this offer of employment and supersedes any and/or all prior conversations you may have had on this matter.  If the offer is agreeable, please confirm acceptance by signing below and returning a copy of this letter to me.

Sincerely,

/s/ John C. Dean

John C. Dean

Executive Chairman

Accepted:

/s/ Catherine Ngo                   11/23/10

Catherine Ngo                    Dateex10-1112310.htm

Exhibit 10.1

FIFTH AMENDMENT TO CREDIT AGREEMENT

 

 

THIS AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is entered into as of November 23, 2010, by and between MEDTOX SCIENTIFIC, INC., MEDTOX DIAGNOSTICS, INC., and MEDTOX LABORATORIES, INC., each a Delaware corporation (each individually a "Borrower"), and WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank").  Each reference herein to “Borrower” shall mean each and every party, collectively and individually, defined above as a Borrower.

 

 

RECITALS

 

 

 WHEREAS, Borrower is currently indebted to Bank pursuant to the terms and conditions of that certain Credit Agreement between Borrower and Bank dated as of December 1, 2005, as amended from time to time ("Credit Agreement").

 

 

 WHEREAS, Bank and Borrower have agreed to certain changes in the terms and conditions set forth in the Credit Agreement and have agreed to amend the Credit Agreement to reflect said changes.

 

 

 NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree that the Credit Agreement shall be amended as follows:

 

 

 1. Section 1.1 (a) is hereby amended by deleting "Eight Million Dollars ($8,000,000.00)" as the maximum principal amount available under the Line of Credit, and by substituting for said amount "Twelve Million Dollars ($12,000,000.00).

 

 

2. Section 4.9 is hereby deleted in their entirety, and the following substituted therefor:

 

 

 "SECTION 4.9. FINANCIAL CONDITION.  Maintain Borrower's financial condition as follows using generally accepted accounting principles consistently applied and used consistently with prior practices (except to the extent modified by the definitions herein):

 

 

(a) Current Ratio not less than 1.45 to 1.0 at each month end, with “Current Ratio” defined as total current assets divided by total current liabilities.  Borrower will at all times classify its line of credit borrowings as a current liability.

 

 

 (b) Tangible Net Worth not less than $35,000,000.00 at each month end, with "Tangible Net Worth" defined as the aggregate of total stockholders' equity plus subordinated debt less any intangible assets.

 

 

 (c) Pre-tax profit not less than $1,500,000.00 on rolling 4-quarter basis, determined as of each fiscal quarter end.”

 3. Except as specifically provided herein, all terms and conditions of the Credit Agreement remain in full force and effect, without waiver or modification.  All terms defined in the Credit Agreement shall have the same meaning when used in this Amendment.  This Amendment and the Credit Agreement shall be read together, as one document.

 

 

 4. Borrower hereby remakes all representations and warranties contained in the Credit Agreement and reaffirms all covenants set forth therein.  Borrower further certifies that as of the date of this Amendment there exists no Event of Default as defined in the Credit Agreement, nor any condition, act or event which with the giving of notice or the passage of time or both would constitute any such Event of Default.

  

  

  

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the day and year first written above.

 

 

                                                                                                                            WELLS FARGO BANK,

MEDTOX SCIENTIFIC, INC.                                                                                                    NATIONAL ASSOCIATION

By: /s/Kevin J. Wiersma                                                                                                By: /s/ Steven P. Johnson

                                Steven P. Johnson,

Title: V.P. & CFO                                                                                          Vice President

 

 

MEDTOX DIAGNOSTICS, INC.

 

 

By: /s/Kevin J. Wiersma

 

 

Title: V.P. & CFO

 

 

MEDTOX LABORATORIES, INC.

 

 

By:/s/Kevin J. Wiersma

 

 

Title: V.P. & CFOex10-2112310.htm

Exhibit 10.2

FIRST MODIFICATION TO PROMISSORY NOTE

 

 

 

 

 THIS MODIFICATION TO PROMISSORY NOTE (this “Modification”) is entered into as of November 23, 2010, by and between MEDTOX SCIENTIFIC, INC., MEDTOX DIAGNOSTICS, INC., and MEDTOX LABORATORIES, INC. (“Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”).

 

 

RECITALS

 

 

 WHEREAS, Borrower is currently indebted to Bank pursuant to the terms and conditions of that certain Line of Credit Note in the maximum principal amount of $8,000,000.00, executed by Borrower and payable to the order of Bank, dated as of October 29, 2009 (the "Note"), which Note is subject to the terms and conditions of a loan agreement between Borrower and Bank dated as of December 1, 2005, as amended from time to time (the "Loan Agreement").

 

 

 WHEREAS, Bank and Borrower have agreed to certain changes in the terms and conditions set forth in the Note, and have agreed to modify the Note to reflect said changes.

 

 

 NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree that the Note shall be modified as follows:

 

 

 1. The maximum principal amount available under the Note is hereby modified to be Twelve Million Dollars ($12,000,000.00).

 

 

 2 The effective date of the changes set forth herein shall be November 23, 2010.

 

 

 3. Except as expressly set forth herein, all terms and conditions of the Note remain in full force and effect, without waiver or modification.  All terms defined in the Note or the Loan Agreement shall have the same meaning when used in this Modification.  This Modification and the Note shall be read together, as one document.

 

 

 4. Borrower certifies that as of the date of this Modification there exists no Event of Default under the Note, nor any condition, act or event which with the giving of notice or the passage of time or both would constitute any such Event of Default.

 

 

 

 

  

  

  

IN WITNESS WHEREOF, the parties hereto have caused this Modification to be executed as of the day and year first written above.

 

 

                                                                                                     WELLS FARGO BANK,

MEDTOX SCIENTIFIC, INC.                                                                                                    NATIONAL ASSOCIATION

By: /s/ Kevin J. Wiersma                                                                                                   By: /s/ Steven P. Johnson

                                Steven P. Johnson,

Title: V.P. & CFO                                                                            Vice President

 

 

MEDTOX DIAGNOSTICS, INC.

 

 

By: /s/ Kevin J. Wiersma

 

 

Title: V.P. & CFO

 

 

MEDTOX LABORATORIES, INC.

 

 

By:/s/ Kevin J. Wiersma

 

 

Title: V.P. & CFO

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