Document:

cpst_ex109.htm

EXHIBIT 10.9 
 
 
Description of the verbal loan agreement between Jure Perko and Capstone Systems Inc. (the "Company")
 
Jure Perko, our sole officer and director, has informally agreed to advance funds to allow the Company to pay for professional fees, including fees payable in connection with the filing of the Company's Registration Statement on Form S-1 and operation expenses. Mr. Perko has no formal commitment, arrangement or legal obligation to advance or loan funds to the company.EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

CONSENT TO CHANGE IN ROLE 
 This Employment
Agreement Consent to Change in Role (this “Consent”) is entered into this 11th day of December, 2015 (the “Effective Date”) between The J. M. Smucker Company, an Ohio
corporation (the “Company”), and David J. West, an individual (“West”). The Company and West are referred to herein individually as a “Party” and collectively as the “Parties.” 

RECITALS 
 WHEREAS,
reference is made to the Employment Agreement entered into between the Company and West dated February 3, 2015 (the “Employment Agreement”); 

WHEREAS, the Parties now wish to acknowledge and agree upon a change in the role and duties of West as set forth in this Consent; 

NOW, THEREFORE, in consideration of the agreements of the Parties, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties do hereby agree as follows: 
 AGREEMENT 

Section 1 - Consent to Change in Role and Duties 

On March 1, 2016, West will assume (as an employee) the role of Strategic Advisor to the Executive Committee of the Board of Directors of
the Company, and cease to serve as President, Big Heart Pet Food and Snacks. Between the Effective Date and April 30, 2016, West will, in addition to his other duties, assist in transitioning his current role as President, Big Heart Pet Food
and Snacks to his successor. West will continue to report to the Chief Executive Officer of the Company. As Strategic Advisor, West will provide such services in addition to transition services as are commensurate with his position and as are
reasonably requested by the Executive Committee. The Company and West acknowledge and agree that this change in role and duties on March 1, 2016 will not trigger or be deemed a Termination for Good Reason, as defined in Section 4(f)
of the Employment Agreement. On April 30, 2016, West will cease to be an employee of the Company and will have a “separation from service” within the meaning of Internal Revenue Code Section 409A, but will continue to serve as a
member of the Board of the Directors of the Company until the earliest of his resignation, removal or death or the election of his successor. 
 IN WITNESS
WHEREOF, the Parties have executed and delivered this Consent as of the Effective Date. 
  

					
	“Company”	 		 	“West”
			
	The J. M. Smucker Company	 		 	
			
	/s/ Richard K. Smucker	 		 	/s/ David J. West
	Richard K. Smucker, Chief Executive Officer	 		 	David J. Westexhibit_4-23.htm

Exhibit 4.23

Summary of Lease Agreement By and Among Gav Yam Caesarea Ltd. and Elbit Vision Systems Ltd.

 

Note: this summary does not contain a full or direct translation of the terms of the original Hebrew-language lease agreement, and is designated solely for the purpose of providing a general presentation of such agreement.

 

On June 7, 2010, Gav Yam Caesarea Ltd. (the "Lessor") and Elbit Vision Systems Ltd. (the "Lessee") entered into a lease agreement (the "Agreement") as further elaborated below.

 

Leased Premises:

 

The following real-estate, located at the Business and Industrial Park (North), Caesarea, Israel (the "Industrial Park"): (i) a building in the size of 611 square meters (the "Building") and a gallery in the size of 170 square meters (the "Gallery"); and (ii) a common courtyard adjacent to the Building (the "Courtyard" and collectively with Building and Courtyard: the "Leased Premises").

 

Term of Lease:

 

The lease is for a term of forty-eight (48) months, from July 1, 2010 to June 30, 2014 (the "Lease Period") and an additional forty-eight (48) months option period (the "Option" and the "Option Period", respectively), which shall be automatically exercised following the lapse of the Lease Period, provided that the Lessee has not provided Lessor with a prior notice of not exercising the Option.

 

Purpose of the Lease:

 

The Leased Premises are to be used for the purpose of the "High-Tech industry" (the "Purpose").

 

Consideration:

 

During the term of the Lease Period, the Lessee shall pay in consideration for the Leased Premises a total amount of NIS 20,099 + management fees + VAT, per month, as follows:

 

	
1.

	
In consideration for leasing the Building – a total amount of NIS 17,719 + VAT, per month;

 

	
2.

	
In consideration for leasing the Gallery – a total amount of NIS 2,380 + VAT, per month; and

 

	
3.

	
Management fees in the total amount of NIS 120 per square meter + VAT, per month, for the provision of certain management and maintenance services provided by the Company for the Development of Caesarea Edmond de Rotchild Ltd. (the "Development Company").

 

The total Consideration shall be linked to the Israeli Consumer Price Index, and the Consumer Price Index published by Israel's Central Bureau of Statistics on May 15, 2010 shall be used as the base index.

 

In the event that the Option is exercised, a one-time increase of 6% to the Consideration shall apply with respect to the Option Period.

 

Termination of the Lease Agreement:

 

The Lessor may immediately terminate the Agreement upon: (i) the Lessee's use of the Leased Premises not in accordance with Purpose; (ii) an unauthorized transfer or assignment of the Lessee's rights in the Leased Premises to a third party; or (iii) the Lessee's failure to pay any due amount to the Lessor within thirty (30) days of its due date.

 

Liability for Injury, Damage or Loss:

 

The Lessee shall be liable for any injury, damage or loss to the body or property of any person or corporation, caused by his act or omission in, or in connection with, the Leased Premises and shall be held liable and indemnify the Lessor, its employees or any other party for such expenses, damages or incurred due to injuries caused in relation with the Lessee's activities in the Leased Premises.

 

Insurance and Indemnity:

 

The Lessee shall maintain such standard practice insurance policies as required by any applicable law and as customary with respect to the Lessee's operations.

 

  

  

  

Easement:

 

The Development Company has the right to transfer, or permit others to transfer, through the Leased Premises, tubes, lines and systems of water, gas, sewer, telephone etc., and to do and permit others to do anything which it deems necessary with respect thereto. In addition, the Lessee shall allow the Development Company to perform certain development projects, including pavement of roads, installing sidewalks, installing water supply systems etc.

 

Letter of Undertaking:

 

The Lessee signed a letter of undertaking in favor of the Development Company, under which is undertook not to do any unauthorized use of the Leased Premises.

 

In addition, the Development Company shall provide the Lessee with certain management services with respect to the public property in the Industrial Park under the Affidavit, including guarding services, advertisement services, insurance services, cleaning and maintenance services etc, all as shall be determined in its sole discretion.Exhibit

EXECUTION VERSION

SUPPLEMENTAL INDENTURE
FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of December 15, 2015, by and among Churchill Downs Incorporated, a Kentucky corporation (the “Issuer”), each of the parties identified on Annex A hereto (the “Initial Guarantors”), each of the parties identified on Annex B hereto (the “Additional Guarantors”) and U.S. Bank National Association, a national banking association, as Trustee (the “Trustee”).
WITNESSETH:
WHEREAS, the Issuer, the Initial Guarantors, and the Trustee are party to an indenture, dated as of December 16, 2013 (the “Base Indenture” and, together with this Supplemental Indenture, the “Indenture”), providing for the issuance by the Issuer of its 5.375% Senior Notes due 2021; 
WHEREAS, pursuant to and on the date of the Base Indenture, the Issuer initially issued $300,000,000 aggregate principal amount of its 5.375% Senior Notes due 2021 (the “Existing Notes”); 
WHEREAS, Section 2.1 of the Base Indenture provides that the Issuer may, from time to time and in accordance therewith, create and issue Additional Notes (as defined in the Base Indenture) under the Base Indenture;

WHEREAS, the Issuer wishes to issue an additional $300,000,000 aggregate principal amount of its 5.375% Senior Notes due 2021 as Additional Notes (the “New Notes”);
WHEREAS, the Base Indenture provides that under certain circumstances the Additional Guarantors shall execute and deliver to the Trustee a supplemental indenture to which the Additional Guarantors shall unconditionally guarantee, on a joint and several basis with the Initial Guarantors, all of the Company’s Obligations under the Existing Notes, New Notes and the Base Indenture on the terms and conditions set forth herein and under the Base Indenture (the “Guarantee”);
WHEREAS, Section 9.1 of the Base Indenture provides that, without the consent of the Holders of any Notes, the Issuer, any Guarantor and the Trustee may amend or supplement the Base Indenture to provide for or confirm the issues of Additional Notes and to add additional guarantors in accordance with the terms of the Base Indenture;
WHEREAS, the Issuer, the Initial Guarantors and the Additional Guarantors are authorized to execute and deliver this Supplemental Indenture; 
WHEREAS, the Issuer has requested that the Trustee execute and deliver this Supplemental Indenture; and  
WHEREAS, all conditions and requirements necessary to the execution and delivery of this Supplemental Indenture have been done and performed, and the execution and delivery hereof has been in all respects authorized.
NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged the Issuer, the Initial Guarantors, the Additional Guarantors and the Trustee mutually covenant and agree as follows:
1.Defined Terms.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Base Indenture.  The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

2.Amount of New Notes.  The aggregate principal amount of New Notes to be authenticated and delivered under this Supplemental Indenture on December 15, 2015 is $300,000,000.

3.Terms of New Notes.  The New Notes are to be issued as Additional Notes under the Indenture and shall:

		
	a.
	be issued as part of the existing series of Existing Notes under the Indenture, and the New Notes and the Existing Notes shall be a single class for all purposes under the Indenture, including, without limitation, with respect to waivers, amendments, redemptions and offers to purchase;

		
	b.
	be issued on December 15, 2015 at a purchase price of 101.000% of the principal amount and will accrue interest from December 15, 2015;

		
	c.
	be issuable in whole in the form of one or more Global Notes to be held by DTC and in the form, including appropriate transfer restriction legends, provided in Exhibit A to the Base Indenture;

		
	d.
	initially bear, in the case of New Notes sold under Rule 144A of the Securities Act, the CUSIP number of 171484 AC2 and ISIN of US171484AC26, and, in the case of New Notes sold under Regulation S of the Securities Act, the CUSIP number of U1714Q AB0 and ISIN of USU1714QAB06;

		
	e.
	the New Notes shall be subject to the transfer restrictions applicable to a Restricted Note and shall have a different CUSIP number than that of the Existing Notes.

4.Agreement to be Bound; Guarantee

a.Each Additional Guarantor hereby becomes a party to the Base Indenture as a Guarantor and as such will have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Base Indenture.

b.The Additional Guarantors agree, on a joint and several basis with all the existing Guarantors, to fully, unconditionally and irrevocably Guarantee to each Holder of the Existing Notes and New Notes and the Trustee and the Agent the Guaranteed Obligations pursuant to Article X of the Base Indenture on a senior basis subject to all the provisions thereof.

5.Amendments to the Indenture

a.The definition of “Initial Purchasers” under Section 1.1 of the Indenture is hereby deleted in its entirety and replaced with the following:

“ “Initial Purchasers” means, with respect to the Initial Notes, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BB&T Capital Markets, a division of BB&T Securities, LLC, Fifth Third Securities, Inc., PNC Capital Markets LLC and U.S. Bancorp Investments, Inc. and, with respect to the Additional Notes, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, U.S. Bancorp Investments, Inc. and PNC Capital Markets LLC (each an “Initial Purchaser”).” 
b.The definition of “Registration Rights Agreement” under Section 1.1 of the Indenture is hereby deleted in its entirety and replaced with the following:

“ “Registration Rights Agreement” means, with respect to the Initial Notes, the Registration Rights Agreement, dated as of the Issue Date, among the Company, the Guarantors and the Initial Purchasers, as the same may be amended from time to time in accordance with the terms thereof and, with respect to the Additional Notes, the Registration Rights Agreement, dated as of December 15, 2015, among the Issuer, the guarantors party thereto and the Initial Purchasers, as the same may be amended from time to time in accordance with the terms thereof.”
6.Ratification of Base Indenture; Supplemental Indenture Part of Indenture.  The Base Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall form a part of the Base Indenture for all purposes, and every Holder of a Note or New Note heretofore or hereafter authenticated and delivered shall be bound hereby.

7.Miscellaneous

		
	a.
	Notices.  All notices and other communications to the Additional Guarantors shall be given as provided in the Base Indenture to the Issuer, at the address of the Issuer set forth in the Base Indenture.

		
	b.
	Merger and Consolidation.  None of the Additional Guarantors shall sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into another Person (other than the Company or any Restricted Subsidiary that is a Guarantor or becomes a Guarantor concurrently with the transaction) except in accordance with Section 4.1(f) of the Base Indenture.

		
	c.
	Release of Guarantee.  This Guarantee shall be released in accordance with Section 10.2 of the Indenture.

		
	d.
	Benefits Acknowledged.  The Additional Guarantors’ Guarantees are subject to the terms and conditions set forth in the Base Indenture.  Each Additional  Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Base Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Guarantee are knowingly made in contemplation of such benefits.

8.GOVERNING LAW.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

9.Trustee’s Assumption; Trustee Makes No Representation.  The Trustee assumes no duties, responsibilities or liabilities under this Supplemental Indenture other than as set forth in the Base Indenture.  The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture.  The Trustee shall not be responsible for any statement or recital herein or any statement or recital contained in any document in connection with the sale of the New Notes.

10.Counterparts.  The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.

11.Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction thereof.

If the foregoing is in accordance with your understanding, please indicate your acceptance of this Agreement by signing in the space provided below.
Very truly yours,
CHURCHILL DOWNS INCORPORATED
By:    /s/ Marcia A. Dall              
Name:    Marcia A. Dall
Title:    Executive Vice President and Chief             Financial Officer

GUARANTORS
BB Development LLC
Big Fish Games, Inc.
Calder Race Course, Inc.
Churchill Downs Management Company, LLC
Churchill Downs Racetrack, LLC
Churchill Downs Technology Initiatives Company
HCRH, LLC
Magnolia Hill, LLC
MVGR, LLC
SW Gaming LLC
Tropical Park, LLC
Youbet.com, LLC
By:    /s/ Marcia A. Dall    
Name:    Marcia A. Dall
Title:    Treasurer
BFG Holding LLC
By:    Big Fish Games, Inc. 
Its:    Sole Member
By:    /s/ Marcia A. Dall    
Name:    Marcia A. Dall
Title:    Treasurer

3 Minute Games LLC
Slots, Slot Machines and Slots Tournaments LLC
By:    /s/ Paul J. Thelen    
Name:    Paul J. Thelen
Title:    Manager
CDTC LLC
By:    /s/ William E. Mudd    
Name:    William E. Mudd
Title:    Treasurer
Arlington OTB Corp.
Quad City Downs, Inc.
By:    /s/ Alan K. Tse             
Name:    Alan K. Tse
Title:    Secretary
Arlington Park Racecourse, LLC
Churchill Downs Louisiana Horseracing Company, L.L.C.
Churchill Downs Louisiana Video Poker Company, L.L.C.
United Tote Company
Video Services, L.L.C.
By:    /s/ Michael W. Anderson    
Name:    Michael W. Anderson
Title:    Treasurer 

U.S. BANK NATIONAL ASSOCIATION,
as Trustee
By:     /s/ Karolina K. Donlin                      
Name: Karolina K. Donlin
Title:   Vice President

Annex A

Arlington Park Racecourse, LLC, an Illinois limited liability company

Arlington OTB Corp., a Delaware corporation

BB Development LLC, a Maine limited liability company

Calder Race Course, Inc., a Florida corporation

CDTC LLC, a Nevada corporation

Churchill Downs Louisiana Horseracing Company, L.L.C., a Louisiana limited liability company

Churchill Downs Louisiana Video Poker Company, L.L.C., a Louisiana limited liability company

Churchill Downs Management Company, LLC, a Kentucky limited liability company

Churchill Downs Racetrack, LLC, a Kentucky limited liability company

Churchill Downs Technology Initiatives Company, a Delaware corporation

HCRH, LLC, a Delaware limited liability company

Magnolia Hill, LLC, a Delaware limited liability company

MVGR, LLC, a Delaware limited liability company

Quad City Downs, Inc., an Iowa corporation

SW Gaming LLC, a Mississippi limited liability company

Tropical Park, LLC, a Florida limited liability company

United Tote Company, a Montana corporation

Video Services, L.L.C., a Louisiana limited liability company

Youbet.com, LLC, a Delaware corporation

Annex B

Big Fish Games, Inc., a Washington corporation

BFG Holding LLC, a Washington limited liability company

3 Minute Games LLC, a Washington limited liability company

Slots, Slot Machines and Slots Tournaments LLC, a Washington limited liability company

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