Document:

Exhibit 10.1

 

 

February 6, 2014

 

Jamie Lerner

Personal address

 

Dear Jamie:

 

Thank you for your continued interest in a career opportunity with Seagate US LLC (“Seagate”).  Those of us on the Seagate leadership team have enjoyed getting to know you during our recent interactions.  We believe you will bring real strength to Seagate and make significant contributions toward helping us achieve our overall goals as we position ourselves for continued growth and market leadership.

 

Therefore, I am pleased to extend our offer of employment to you for the position of President, Cloud Systems and Solutions.  You will start work with Seagate on March 10, 2014 and will report to me. Your position will be based at our Cupertino facility.

 

We have put together a total compensation package that we believe you will find very attractive.  The key elements of this offer are as follows:

 

·                  Your annualized base salary will be $525,012, payable biweekly and subject to applicable withholdings.

 

·                  Seagate will grant to you two equity awards under Seagate’s 2012 Equity Incentive Plan (the “Equity Plan”), subject to your beginning active employment with Seagate on the agreed-upon start date. Details of the grants are as follows:

 

Types of Awards: Options and Threshold Performance Share Units (TPSUs).

 

Share Awards:

 

One hundred twenty five thousand (125,000) Options and one hundred fifty thousand (150,000) TPSUs.

 

Grant Date:  The grant date for all awards will generally be the 20th of the month next following your date of hire. An email will be sent to you on or about the grant date confirming the exercise price. You will receive your share award agreements within a reasonable period of time thereafter. If there are any inconsistencies between this letter and your award agreements, the terms of the award agreements will govern and be binding on both you and Seagate and its affiliates.

 

Options:

 

Vesting Schedule: One fourth of the shares subject to the option will vest upon your completion of one year of continuous service from your date of hire; 1/48th of the shares will vest upon the completion of each month of continuous service thereafter over the next three years. Therefore, your option will be fully vested after the completion of four years of continuous service from your date of hire. You may purchase the shares subject to the vested portion of your option by exercising your option while it remains outstanding.

 

Page 1 of 4 

 

J. Lerner offer letter

February 6, 2014

 

Vesting Commencement Date: Vesting for your option will commence on your date of hire.

 

Expiration Date: Generally, your option will expire seven years from the date of grant or, if earlier, upon termination of your service with Seagate. Your option may not be exercised after it expires.

 

Exercise Price: The exercise price of your option will be the closing share price on NASDAQ on the grant date.

 

Option Agreement:  The option will be governed by an option agreement in substantially the form attached as Exhibit A.

 

Threshold Performance Share Units:

 

Vesting Schedule: The attached schedule explains how the TPSUs will vest, provided that the award will not vest sooner than at a rate of 25% per year.

 

Executive Performance Unit Agreement:  The TPSUs will be granted under the Equity Plan and governed by an award agreement in substantially the form attached as Exhibit B.  In addition, 100,000 of the TPSUs (the “Transition Award”) will be subject to additional vesting terms, as set forth below and form attached as Exhibit B1, in the event of a Qualifying Termination, as defined below.

 

·                  As a key leader, you will be eligible to participate in the Executive Officer Performance Bonus Plan (“EOPB”), with a target of 100% of your base salary (the “EOPB Target Bonus”).  Your annual EOPB bonus may be higher or lower than target, based on company earnings and an evaluation of your performance at the end of the fiscal year.  The EOPB bonus is payable at the discretion of the Compensation Committee of the Seagate Board of Directors.

 

·                  You will be eligible to receive an annual President MBO Bonus (“MBO bonus”) with a target of 25% of your base salary (the “MBO Target Bonus”).  Your MBO bonus may be equal to or lower than target, based on your achievement of individual performance goals tied to Seagate strategic objectives.  The MBO bonus is payable at the sole discretion of the Compensation Committee of the Seagate Board of Directors.

 

Your eligibility for severance benefits, in the event of an involuntary termination of your employment with Seagate, will generally be determined in accordance with the terms of the Fifth Amended and Restated Executive Severance and Change in Control Plan (or any successor thereto) in effect at the time of your termination (the “Plan”), with available benefits being determined in accordance with the Plan Benefits Schedule applicable to Tier 2 executives.  Notwithstanding the foregoing, should you be terminated without Cause (as defined in the Plan) or resign for Good Reason (as defined in the Plan) outside of a Change in Control Period (as defined in the Plan) on or prior to the second anniversary of your date of hire (a “Qualifying Termination”), you will be eligible for the following severance benefits (the “Severance Benefits”), provided that you meet other Plan requirements for the receipt of severance benefits, including, but not limited to, timely execution of Release and Covenant Documents (as defined in the Plan) (provided the term of the Restrictive Covenants referenced in Section 6(a) through (c) of the Plan will not exceed one year).  The Severance Benefits which you will be eligible to receive if you experience a Qualifying Termination on or prior to the second anniversary of your date of hire are as follows: (a) twenty-four (24) months of Pay (as defined in the Plan), (b) your EOPB Target Bonus and MBO Target Bonus for the fiscal year in which the Qualifying Termination takes place, and (c)  with respect to the unvested portion of the Transition Award, you will be deemed to vest in such award in equal daily increments, and will become vested in such number of shares under the Transition Award as would have vested upon the date that is two years following the date of the Qualifying Termination.  The Severance Benefits will be payable within 20 business days following the Payment Confirmation Date (as defined in the Plan).

 

Page 2 of 4 

 

J. Lerner offer letter

February 6, 2014

 

·                  Seagate offers you a comprehensive benefits package including medical, dental, life insurance, vision, flexible spending accounts, and more.  A detailed description of these benefits can be reviewed on the Seagate careers website: http://www.seagate.com/about/jobs/

 

·                  Seagate provides executives with time off for vacation and leave purposes, subject to management approval and business need, and in accordance with applicable legal requirements.  Executives do not accrue vacation or annual leave time and will not receive any payout of vacation or leave time at the end of their employment.

 

·                  You will be eligible to participate in Seagate’s Deferred Compensation Plan that will allow you to set aside a percentage of your base pay and bonus compensation on pre-tax basis.  This program is in addition to any 401(k) plan contributions you may make during the year.

 

Contingencies:

 

This offer is contingent upon the following:

 

·                  Satisfactory completion of a background investigation, reference checks, and obtaining an export license, if required.  U.S. citizens and permanent residents are not subject to export control license requirements, but an export license application may be required in other certain circumstances.  Please complete and return the attached forms immediately so that we may begin the required checks. We will notify you when the background investigation has been successfully completed and we have confirmed that you are not subject to export control license requirements.

 

·                  Your ability to provide documentation of your identity and eligibility to legally work in the United States in accordance with the 1986 Immigration and Reform Control Act.

 

·                  If you currently serve on any Boards of Directors or Advisory Boards, please advise us of the nature of these organizations.  We will review your board service with you and consent to your continuing with these activities so long as they do not create any actual conflict of interest or potential appearance of a conflict of interest with your new Seagate duties.

 

·                  Your review and execution of the enclosed Seagate “At-Will Employment, Confidential Information and Invention Assignment Agreement”.

 

This offer will remain open until February 13, 2014.  Your confirmation and acceptance of this offer represents an agreement between you and Seagate regarding the terms and conditions of your employment at Seagate.  No prior promises, representations or understanding relative to any terms or conditions of this offer of employment are to be considered as part of this agreement unless expressed in writing in this letter.  Your employment in this position at Seagate will be “at-will” and terminable at any time by yourself or Seagate, with or without cause or notice.

 

Jamie, our management team is excited about the possibility of you joining our team as soon as possible. I look forward to a successful conclusion to our discussions and a close working relationship.  We are confident that you will enjoy working on the Seagate team as we embark upon important and exciting change efforts aimed at connecting Seagate with a world of new partners, customers and opportunities.

 

Page 3 of 4 

 

J. Lerner offer letter

February 6, 2014

 

Sincerely,

 

SEAGATE US LLC

 

Stephen J. Luczo

Chief Executive Officer

 

I accept the offer above, subject to the noted contingencies.

 

	
 
    	
 
    	
 
    
	
Jamie   Lerner
    	
 
    	
Date
    

 

cc:                                Joy Nyberg, SVP, HR, Communications & Community Engagement

 

To expedite the process, please complete the asterisked forms below, scan, and email to John W. Cleveland@seagate.com.

 

Exhibits:

 

A               Form of Option Agreement

B               Form of Executive Performance Unit Agreement

B1        Jamie Lerner Transition Award Vesting Schedule

C               Form of Indemnity Agreement

 

Other Attachments:

 

·                  Fifth Amended and Restated Seagate Technology Executive Severance and Change in Control (CIC) Plan

·                  Threshold Performance Share Unit Vesting Schedule

 

Page 4 of 4Exhibit 10.1

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made and entered into as of February 18, 2014, among GASCO ENERGY, INC., a Nevada corporation (“Borrower”), the lenders from time to time party to the Credit Agreement (defined below) (each a “Lender” and collectively, the “Lenders”), and OROGEN ENERGY, INC., a Delaware corporation, as administrative agent for itself and the other Lenders (in such capacity, and together with its successors in such capacity, the “Agent”).  Capitalized terms used but not defined in this Amendment have the meanings given such terms in the Credit Agreement (defined below).

 

RECITALS

 

A.                                    Borrower, Agent and Lenders entered into that certain Credit Agreement dated as of October 18, 2013 (as amended, restated or supplemented, the “Credit Agreement”).

 

B.                                    Borrower, Agent and Lenders have agreed to amend the Credit Agreement, subject to the terms and conditions of this Amendment.

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, the undersigned hereby agree as follows:

 

1.                                      Amendments to Credit Agreement.  Appendix 1 of the Credit Agreement is amended to delete in its entirety the defined term “Revolving Credit Termination Date” and replace it with the following:

 

Revolving Credit Termination Date means the earlier of (a) May 19, 2014, (b) the effective date that Lenders’ Commitment to make Advances under the Revolving Credit Facility is otherwise canceled or terminated, and (c) the date Agent makes written demand for payment in full of the Obligation.

 

2.                                      Conditions.  This Amendment shall be effective once each of the following have been delivered to Agent:

 

(a)                                 this Amendment executed by Borrower, Agent, and Lenders;

 

(b)                                 Guarantor’s Consent and Agreement attached to this Amendment; and

 

(c)                                  such other documents as Agent may reasonably request.

 

3.                                      Representations and Warranties.  Borrower represents and warrants to Agent and Lenders that (a) it possesses all requisite power and authority to execute, deliver and comply with the terms of this Amendment, (b) this Amendment has been duly authorized and approved by all requisite corporate action on the part of Borrower, (c) no other consent of any Person (other than Agent and Lenders) is required for this Amendment to be effective, (d) the execution and delivery of this Amendment does not violate its organizational documents, (e) the representations and warranties in each Loan Document to which it is a party are true and correct

 

 

in all material respects on and as of the date of this Amendment as though made on the date of this Amendment (except to the extent that such representations and warranties speak to a specific date), (f) it is in full compliance with all covenants and agreements contained in each Loan Document to which it is a party, and (g) no Default or Event of Default has occurred and is continuing.  The representations and warranties made in this Amendment shall survive the execution and delivery of this Amendment.  No investigation by Agent or any Lender is required for Agent and Lenders to rely on the representations and warranties in this Amendment.

 

4.                                      Scope of Amendment; Reaffirmation; Release.  All references to the Credit Agreement shall refer to the Credit Agreement as amended by this Amendment.  Except as affected by this Amendment, the Loan Documents are unchanged and continue in full force and effect.  However, in the event of any inconsistency between the terms of the Credit Agreement (as amended by this Amendment) and any other Loan Document, the terms of the Credit Agreement shall control and such other document shall be deemed to be amended to conform to the terms of the Credit Agreement.  Borrower hereby reaffirms its obligations under the Loan Documents to which it is a party and agrees that all Loan Documents to which it is a party remain in full force and effect and continue to be legal, valid, and binding obligations enforceable in accordance with their terms (as the same are affected by this Amendment).  Borrower hereby releases Agent and Lenders from any liability for actions or omissions in connection with the Credit Agreement and the other Loan Documents prior to the date of this Amendment.

 

5.                                      Miscellaneous.

 

(a)                                 No Waiver of Defaults.  This Amendment does not constitute (i) a waiver of, or a consent to, (A) any provision of the Credit Agreement or any other Loan Document not expressly referred to in this Amendment, or (B) any present or future violation of, or default under, any provision of the Loan Documents, or (ii) a waiver of Agent’s and Lenders’ right to insist upon future compliance with each term, covenant, condition and provision of the Loan Documents.

 

(b)                                 Form.  Each agreement, document, instrument or other writing to be furnished Agent under any provision of this Amendment must be in form and substance satisfactory to Agent and its counsel.

 

(c)                                  Headings.  The headings and captions used in this Amendment are for convenience only and will not be deemed to limit, amplify or modify the terms of this Amendment, the Credit Agreement, or the other Loan Documents.

 

(d)                                 Costs, Expenses and Attorneys’ Fees.  Borrower agrees to pay or reimburse Agent on demand for all its reasonable out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, and execution of this Amendment, including, without limitation, the reasonable fees and disbursements of Agent’s counsel.

 

2

 

(e)                                  Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of each of the undersigned and their respective successors and permitted assigns.

 

(f)                                   Multiple Counterparts.  This Amendment may be executed in any number of counterparts with the same effect as if all signatories had signed the same document.  All counterparts must be construed together to constitute one and the same instrument.  This Amendment may be transmitted and signed by facsimile or other electronic means (including “pdf” or “tif”).  The effectiveness of any such documents and signatures shall, subject to applicable law, have the same force and effect as manually-signed originals and shall be binding on Borrower, Agent and Lenders.  Agent may also require that any such documents and signatures be confirmed by a manually-signed original; provided that the failure to request or deliver the same shall not limit the effectiveness of any facsimile document or signature.

 

(g)                                  Governing Law.  This Amendment and the other Loan Documents must be construed, and their performance enforced, under Colorado law.

 

(h)                                 Entirety.  THE LOAN DOCUMENTS (AS AMENDED HEREBY) REPRESENT THE FINAL AGREEMENT BETWEEN BORROWER, AGENT, AND LENDERS AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BY THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

[Signatures appear on the next page.]

 

3

 

The Amendment is executed as of the date set out in the preamble to this Amendment.

 

BORROWER:

 

	
 
    	
GASCO   ENERGY, INC.
    
	
 
    	
a   Nevada corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Richard S. Langdon
    
	
 
    	
 
    	
Richard S. Langdon
    
	
 
    	
 
    	
President and Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
AGENT:
    
	
 
    	
 
    
	
 
    	
OROGEN   ENERGY, INC.,
    
	
 
    	
a   Delaware corporation, as Agent
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ John Dorrier
    
	
 
    	
 
    	
John Dorrier
    
	
 
    	
 
    	
Chairman and CEO
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
LENDER:
    
	
 
    	
 
    
	
 
    	
OROGEN   ENERGY, INC.,
    
	
 
    	
a   Delaware corporation, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ John Dorrier
    
	
 
    	
 
    	
John Dorrier
    
	
 
    	
 
    	
Chairman and CEO
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
LENDER:
    
	
 
    	
 
    
	
 
    	
MARKHAM,   LLC,
    
	
 
    	
a   Delaware limited liability company, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Venkat Siva
    
	
 
    	
 
    	
Venkat Siva
    
	
 
    	
 
    	
Vice President and Secretary
    

 

Signature Page to First Amendment to Credit Agreement

 

 

GUARANTOR’S CONSENT AND AGREEMENT

 

As an inducement to Agent and Lenders to execute, and in consideration of Agent and Lenders’ execution of, this Amendment, the undersigned hereby consents to this Amendment and agrees that this Amendment shall in no way release, diminish, impair, reduce or otherwise adversely affect the obligations and liabilities of the undersigned under the Guaranty and security documents executed by the undersigned in connection with the Credit Agreement, or under any Loan Documents, agreements, documents or instruments executed by the undersigned to create liens, security interests or charges to secure any of the Obligation (as defined in the Credit Agreement), all of which are in full force and effect.  The undersigned further represents and warrants to Agent and Lenders that (a) the representations and warranties in each Loan Document to which it is a party are true and correct in all material respects on and as of the date of this Amendment as though made on the date of this Amendment (except to the extent that such representations and warranties speak to a specific date), (b) it is in full compliance with all covenants and agreements contained in each Loan Document to which it is a party, and (c) no Default or Event of Default has occurred and is continuing.  Guarantor hereby releases Agent and each Lender from any liability for actions or omissions in connection with the Loan Documents prior to the date of this Amendment.  This Consent and Agreement shall be binding upon each of the undersigned, and its permitted assigns, and shall inure to the benefit of Agent and Lenders, and each of their respective successors and assigns.

 

	
 
    	
GUARANTORS:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MYTON   OILFIELD RENTALS, LLC,
    
	
 
    	
a   Nevada limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Richard S. Langdon
    
	
 
    	
 
    	
Richard S. Langdon
    
	
 
    	
 
    	
President and Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
RIVERBEND   GAS GATHERING, LLC,
    
	
 
    	
a   Nevada limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Richard S. Langdon
    
	
 
    	
 
    	
Richard S. Langdon
    
	
 
    	
 
    	
President and Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GASCO   PRODUCTION COMPANY,
    
	
 
    	
a   Delaware corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Richard S. Langdon
    
	
 
    	
 
    	
Richard S. Langdon
    
	
 
    	
 
    	
President and Chief Executive Officer
    

 

Guarantor’s Consent and Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00226-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00226-of-00352.parquet"}]]