Document:

Exhibit 10.2

Exhibit 10.2

					
	 	 	 	 	 
	 
	 	
	 	

Advances, Pledge and Security Agreement

Delivery

This Advances, Pledge and Security Agreement (“Agreement”), effective this 4th day of
February, 2011 is entered between United Life Insurance Company (“Member”), with principal
offices at Cedar Rapids, Iowa , and the Federal Home Loan Bank of Des Moines (“Bank”),
with principal offices in Des Moines, Iowa.

WHEREAS, the Bank may from time to time make available extensions of credit to the Member
(“Advances”), in accordance with the Federal Home Loan Bank Act, the regulations and directives of
the Federal Housing Finance Agency, the Confirmations issued hereunder, and the policies and
procedures currently set forth in the Bank’s Member Products Policy, as amended, superseded or
replaced by the Bank’s Board of Directors from time to time, and the Bank’s Credit and Collateral
Procedures, as amended, superseded or replaced by the Bank’s management from time to time
(collectively referred to herein as the “Member Policies and Procedures”);

WHEREAS, the Member desires, from time to time, to obtain Advances from the Bank in accordance
with the terms and conditions of this Agreement, the Confirmations issued hereunder and the Member
Policies and Procedures; and

WHEREAS, the Bank requires that all Advances, and all other indebtedness, arising from any and
all obligations or liabilities of the Member to the Bank be secured pursuant to this Agreement, and
the Member agrees to provide such security;

NOW THEREFORE, for good and valuable consideration, intending to be legally bound, and with
respect to each and every such Advance, the Bank and the Member agree as follows:

Section 1. Applications. The Member shall request an Advance in such form as shall be
specified by the Bank. Nothing contained in this Agreement or the Member Policies and Procedures
shall be construed as an agreement or commitment by the Bank to grant any Advance hereunder. The
Bank expressly reserves its right and power to either grant or deny in its sole discretion any
Advance.

					
	 	 	 	 	 
	ASPA — Delivery
	 	1
	 	January 2009

 

 

 

Section 2. Confirmation of Advance. Each Advance, and, except as otherwise provided,
all other indebtedness, shall be evidenced by a writing or electronic record, in such form or forms
as may be determined by the Bank from time to time (“Confirmation”), issued by the Bank to the
Member. The Member and the Bank shall be bound by the terms and conditions set forth herein, in the
Confirmation and in the Member Policies and Procedures. Any inconsistencies between the terms and
conditions of a Confirmation, this Agreement, any funding agreement, if applicable, or the Member
Policies and Procedures, shall be resolved in favor of this Agreement.

Section 3. Payment to the Bank. The Member shall repay each Advance and make payments
of interest thereon and any and all costs, expenses, fees and penalties relating thereto as
specified herein and in the Member Policies and Procedures and the related Confirmation. All
payments shall be made at the office of the Bank in Des Moines, Iowa, or at such other place as the
Bank, or its successors or assigns, may from time to time appoint in writing.

The Member shall maintain in its demand deposit account(s) with the Bank (collectively, the “Demand
Deposit Account”) an amount at least equal to the amounts then currently due and payable to the
Bank on outstanding Advances. The Member hereby authorizes the Bank to debit the Demand Deposit
Account for all amounts due and payable to the Bank on any Advance or other indebtedness. If the
amount in the Demand Deposit Account is, at any time, insufficient to pay such due and payable
amounts, the Bank may, without notice to the Member, apply any other funds or assets then in the
possession of the Bank to the payment of such amounts.

Past due payments of principal, interest, or other amounts payable in connection with any Advance
may, at the option of the Bank, bear interest until paid at a default rate that is 3% per annum
higher than the then current rate being charged by the Bank for Advances.

Section 4. Creation of Security Interest in Collateral.

A. As collateral security for any and all Advances and other indebtedness, the Member hereby
assigns, transfers, pledges and grants a security interest to the Bank, its successors or assigns
all of the following (collectively, the “Collateral”):

1. all Capital Stock of the Bank now or hereafter owned by Member, and all deposit accounts now or
hereafter maintained by the Member with the Bank; and

2. such property of Member as is described on a Collateral Listing substantially in the form of
Exhibit A or in such other form as may be determined by the Bank from time to time, transmitted
from time to time by Member to Bank and delivered by Member to Bank as collateral hereunder and
identified as such.

The Member shall promptly deliver the Collateral to the Bank or its authorized agents, in the
manner specified by the Member Policies and Procedures or as otherwise specified in writing by the
Bank.

B. The Member undertakes and agrees to keep and maintain at all times Collateral (exclusive of Bank
Capital Stock and Member’s deposit accounts) which has an Advance

					
	 	 	 	 	 
	ASPA — Delivery
	 	2
	 	January 2009

 

 

 

Equivalency sufficient to fully secure its Advances. Advance Equivalency is calculated by applying
commercially reasonable Collateral Maintenance Levels to the fair market value or book value of
Collateral. The Member acknowledges that the Bank may increase such Collateral Maintenance Levels,
in a commercially reasonable and nondiscriminatory manner as determined by the Bank, by providing
written notice of any such increase to the Member at least thirty (30) calendar days prior to
implementing the same.

C. The Bank agrees to allow the Member to withdraw any Collateral specified in a written request to
the Bank, provided that the Bank reasonably determines that the remaining Collateral (exclusive of
Bank Capital Stock and Member’s deposit accounts), after giving effect to such withdrawal, has an
Advance Equivalency at least equal to Member’s Advances.

D. The Member agrees to make, execute and deliver to the Bank such assignments, endorsements,
listings, powers, or other documents or instruments, or to take any such other measures as the Bank
may reasonably request in order to protect its security interest in the Collateral. The Member
authorizes the Bank to file any and all financing statements and amendments thereto as the Bank
reasonably deems desirable to perfect and protect its security interest in the Collateral.

E. The Member agrees to provide any information regarding the Collateral reasonably requested by
the Bank and to make its books and records available to the Bank audits or verification pursuant to
Section 9.

F. Member agrees to provide any information requested by the Bank in connection with an Advance or
Collateral and any information contained in any status report, schedule, or other documents
requested or required hereunder and any other information given from time to time by the Member as
to each item of Collateral.

G. Unless otherwise directed by the Member, the Bank undertakes and agrees to transfer all income
received by the Bank on any Collateral to the Member’s Demand Deposit Account. Notwithstanding the
foregoing, however, in the event that a default as described in Section 6 has occurred and is
continuing, the Bank shall directly apply any such income received in satisfaction of the amount in
default.

H. The sole duty of the Bank with respect to any Collateral delivered by the Member shall be to use
reasonable care in the custody and preservation of the Collateral.

Section 5. Covenants. The Member represents, warrants, and covenants to the Bank, which
representations, warranties, and covenants shall be deemed to be repeated at all times until the
termination of this Agreement:

A. No Event of Default, as defined in Section 6, with respect to the Member has occurred and is
continuing or would occur as a result of the Member entering into or

					
	 	 	 	 	 
	ASPA — Delivery
	 	3
	 	January 2009

 

 

 

performing its obligations under this Agreement or any Advance.

B. The Member owns and has marketable title to the Collateral free and clear of any and all liens,
claims, or encumbrances of any kind, and has the right and authority to grant a security interest
in the Collateral and to subject all of the Collateral to this Agreement.

C. All of the Collateral meets the standards and requirements with respect thereto established by
the Member Policies and Procedures.

D. The Member at all times maintains and accurately reflects the terms of this Agreement, including
the Bank’s interest in Collateral, and all Advances and other indebtedness on its books and
records.

E. The Member has the full power and authority and has received all corporate and governmental
authorizations and approvals as may be required to enter into and perform its obligations under
this Agreement and any Advance.

Section 6. Events of Default. The Bank may consider the Member in default hereunder
upon the occurrence of any of the following events or conditions:

A. Failure of the Member to pay any interest, or repay any principal or pay any other amount due in
connection with any Advance and such failure has not been cured five (5) business days after
receipt of notice of such failure;

B. Breach or failure to perform by the Member of any covenant, promise, condition, obligation or
liability contained or referred to herein, or any other agreement to which the Member and the Bank
are parties and such breach or failure has not been cured five (5) business days after receipt of
notice of such breach or failure;

C. Proof that any representation, statement or warranty made or furnished in any manner to the Bank
by or on behalf of the Member in connection with all or part of any Advance was false in any
material respect when made or furnished;

D. The issuance of any tax levy, seizure, attachment, garnishment, levy of execution or other
process with respect to the Member the amount of which is greater than five percent (5%) of the
Member’s capital and surplus;

E. Any suspension of payment by the Member to any creditor or any events which result in
acceleration of the maturity of any indebtedness of the Member to others under any indenture,
agreement or other undertaking the aggregate amount of which is greater than the lesser of five
percent (5%) of Member’s capital and surplus or five percent (5%) of the Bank’s capital and
surplus, as determined in accordance with the accounting principles governing the Member’s or
Bank’s published financial statements, respectively;

F. Any: (i) application for, or appointment of, a receiver for, the Member or for any part

					
	 	 	 	 	 
	ASPA — Delivery
	 	4
	 	January 2009

 

 

 

of the property of the Member; (ii) voluntary dissolution of or adjudication of insolvency, or
assignment for benefit of creditors, or general transfer of assets by the Member; (iii) takeover of
the management of the Member by any supervisory authority; (iv) liquidation, merger, or sale of a
substantial portion of the Member’s assets outside of the ordinary course of the Member’s business;
(v) termination of the membership of the Member in the Bank; or (vi) at any time that in the case
of Advances made under the provisions of 12 U.S.C. § 1431(g)(4) or any successor provisions are
outstanding, any increase in the creditor liabilities of the Member, excepting its liabilities to
the Bank, in any manner to an amount exceeding 5% of the Member’s net assets; or

G. Determination by the Bank based on reasonable evidence and in good faith that a material adverse
change has occurred in the financial condition of the Member from that disclosed at the time of the
making of any Advance, or from the condition of the Member as theretofore most recently disclosed
to the Bank in any manner.

Section 7. Bank Remedies in the Event of Default. Upon the occurrence of any Event of
Default hereunder, the Bank may, at its option, declare the entire amount of any and all Advances
or other indebtedness to be immediately due and payable. Without limitation of any of its rights
and remedies hereunder or under other law. the Bank shall have all of the remedies of a secured
party under the Uniform Commercial Code of the State of Iowa. The Member agrees to pay all the
costs and expenses of the Bank in the collection of the secured indebtedness and enforcement of the
Bank’s rights hereunder including, without limitation, reasonable attorney’s fees. The Bank may
sell the Collateral or any part thereof in such manner and for such price as the Bank deems
appropriate without any liability for any loss due to decrease in the market value of the
Collateral during the period held. The Bank shall have the right to purchase all or part of the
Collateral at public or private sale. If any notification of intended disposition of any of the
Collateral is required by law, such notification shall be deemed reasonable and properly given if
mailed, postage prepaid, at least five days before any such disposition to the address of the
Member appearing on the records of the Bank.

The proceeds of any sale shall be applied in the following order: first, to pay all costs and
expenses of every kind for the enforcement of this Agreement or the care, collection, safekeeping,
sale, foreclosure, delivery or otherwise respecting the Collateral (including expenses for legal
services); then to interest and fees on all indebtedness of the Member to the Bank; then to the
principal amount of any such indebtedness whether or not such indebtedness is due or accrued. The
Bank, at its discretion or as assigned by law, may apply any surplus to indebtedness of Member to
third parties claiming a secondary security interest in the Collateral. Any remaining surplus shall
be paid to the Member.

Section 8. Appointment of Bank as Attorney-in-Fact. Member does hereby make, constitute
and appoint Bank its true and lawful attorney-in-fact to deal with the Collateral in the Event of
Default and, in its name and stead to release, collect, compromise, settle, and release or record
any note, mortgage or deed of trust which is a part of such Collateral as fully as the Member could
do if acting for itself. The powers herein granted are coupled with an interest, and are
irrevocable, and full power of substitution is granted to the Bank in the premises.

					
	 	 	 	 	 
	ASPA — Delivery
	 	5
	 	January 2009

 

 

 

Section 9. Audit and Verification of Collateral. In extension and not in limitation of
all requirements of law respecting examination of the Member by or on behalf of the Bank, the
Member agrees that all Collateral pledged hereunder shall always be subject to audit and
verification by or on behalf of the Bank in its corporate capacity.

Section 10. Resolution to be Furnished by Member. The Member agrees to furnish to the
Bank at the execution of this Agreement, and from time to time hereafter, a certified copy of a
resolution of its Board of Directors or other governing body authorizing such of the Member’s
officers, agents, and employees as the Member shall select, to apply for Advances from the Bank. In
lieu of requiring an additional resolution upon execution of this Agreement, the Bank may rely on a
previously furnished resolution of the Member’s Board of Directors or other governing body with
respect to Advances made pursuant to this Agreement.

Section 11. Applicable Law. This Agreement and all Advances and other indebtedness
obtained hereunder shall be governed by the statutory and common law of the United States and, to
the extent federal law incorporates or defers to state law, the laws (exclusive of choice of law
provisions) of the State of Iowa. Notwithstanding the foregoing, the Uniform Commercial Code as in
effect in the State of Iowa shall apply to the parties’ rights and obligations with respect to the
Collateral. If any portion of this Agreement conflicts with applicable law, such conflict shall not
affect any other provision of this Agreement that can be given effect without the conflicting
provision, and to this end the provisions of this Agreement are severable.

Section 12. Jurisdiction. In any action or proceeding brought by the Bank or the Member
in order to enforce any right or remedy under this Agreement, Member hereby submits to the
jurisdiction of the United States District Court for the Southern District of Iowa, or if such
action or proceeding may not be brought in Federal Court, the jurisdiction of the Iowa District
Court in Polk County. If any action or proceeding is brought by the Member seeking to obtain relief
against the Bank arising out of this Agreement and such relief is not granted by a court of
competent jurisdiction, the Member will pay all attorney’s fees and court costs incurred by the
Bank in connection therewith.

Section 13. Effective Date; Agreement Constitutes Entire Agreement. This Agreement
shall be effective on the date of execution of this Agreement by the parties hereto. Except as set
forth in this paragraph, this Agreement, together with the Member Policies and Procedures and any
applicable Confirmations, shall embody the entire agreement and understanding between the parties
hereto relating to the subject matter hereof and thereof. This Agreement may not be amended except
by written amendment executed by the Bank and the Member. Each such Confirmation and the Member
Policies and Procedures shall be incorporated herein. Advances made by the Bank to the Member prior
to the effective date of this Agreement shall be governed exclusively by the terms of the prior
agreements pursuant to which such Advances were made, except that (i) any default thereunder shall
constitute default hereunder, (ii) Collateral furnished as security hereunder shall also secure
such prior Advances and (iii) the rights and obligations with respect to such Collateral shall be
governed by the terms of this Agreement and the Member Policy and Procedures as amended, superseded
or replaced from time to time.

					
	 	 	 	 	 
	ASPA — Delivery
	 	6
	 	January 2009

 

 

 

Section 14. Section Headings. Section headings are not to be considered part of this
Agreement. Section headings are solely for convenience of reference, and shall not affect the
meaning or interpretation of this Agreement or any of its provisions.

Section 15. Successors and Assigns. This Agreement shall be binding upon each of the
parties, successors and permitted assigns. The Member may not assign any obligation hereunder
without the prior written consent of the Bank. The Bank may assign any or all of its rights and
obligations hereunder or with respect to any Advance or other indebtedness to any other party.

Section 16. No Waiver of Rights. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or
partial exercise of any right, power or privilege will not be presumed to preclude any subsequent
or further exercise of any right, power, or privilege or the exercise of any other right, power or
privilege.

Section 17. Remedies Cumulative. The rights, powers, remedies and privileges provided
in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges
provided by law.

					
	 	 	 	 	 
	ASPA — Delivery
	 	7
	 	January 2009

 

 

 

IN WITNESS WHEREOF, each of the parties has caused this Agreement to be signed in its
name by its duly authorized representatives as of the dates below.

	 	 	 	 	 

	Randy A. Ramlo	 	 
	 	 	 
	Full Corporate Name of Customer	 	 
	 
	 	 	 	 
	By:

	 	/s/ Randy A. Ramlo
	 	 
	 

	 	 	 	 
	 

	 	Randy A. Ramlo	 	 
	Title: President / CEO	 	 
	Date: February 4, 2011	 	 
	 
	 	 	 	 
	FEDERAL HOME LOAN BANK OF DES MOINES	 	 
	 
	 	 	 	 
	By:

	 	/s/ Jodie L. Stephens	 	 
	 

	 	 	 	 
	 

	 	Jodie L. Stephens	 	 
	Title: Collateral Risk Manager	 	 
	Date: 2/07/11	 	 

					
	 	 	 	 	 
	ASPA — Delivery
	 	8
	 	January 2009Exhibit 10.13

Exhibit 10.13

Primo Water Corporation

Non-Employee Director Compensation Policy

In general, director compensation will be approximately 50% Cash and 50% Equity. Cash retainers
will be paid, and equity grants will be made, on the first business day following the company’s
annual meeting of stockholders. Meeting fees will be paid within a reasonable period after the
applicable meeting date.

Cash Component — approximately $25,000 per year, depending on committee roles and meetings
attended:

	 	 	 
	Retainer:

	 	$2.5K per year for non-committee chairs
	 
	 	 
	 

	 	$5.0k per year for committee chairs
	 
	 	 
	Attendance:

	 	$2.5k per meeting for in person regularly scheduled board meetings
	 
	 	 
	 

	 	$1.0k for telephonic attendance
	 
	 	 
	 

	 	$1.0k for ad hoc scheduled telephonic special board meetings
	 
	 	 
	Committee Mtgs:

	 	$1.0k per attendance each regularly scheduled committee mtg.
	 
	 	 
	 

	 	$0.5k for each ad hoc committee mtg telephonic
	 
	 	 
	Anticipated Meeting Schedule
	Audit:

	 	4 times/year, prior to each board meeting
	 
	 	 
	 

	 	1 additional meeting for annual audit review with auditors
	 
	 	 
	Governance:

	 	2 time/year, but initially meet prior to each board meeting for the first year
	 
	 	 
	Compensation:

	 	2 time/year
	 
	 	 
	Equity Component — $25,000 per year:
	 
	 	 
	50% Restricted Stock
	 
	 	 
	50% Stock Options (valued using Black Scholes)
	 
	 	 
	Vesting after 1 year and 1 day

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}]]