Document:

ex10-2.htm

 Exhibit 10.2

 

AFFIRMATION OF SUBORDINATION AND INTERCREDITOR AGREEMENT

 

THIS AFFIRMATION OF SUBORDINATION AND INTERCREDITOR AGREEMENT is made as of March 28, 2013 (“Affirmation”), by the undersigned creditor (“Creditor”) for the benefit of Comerica Bank (“Bank”).

 

RECITALS

 

A.           GLOWPOINT, INC. (“Borrower”) and Bank are parties to that certain Loan and Security Agreement dated as of October 1, 2012, as may be amended from time to time (the “Agreement”).

 

B.           In connection with the Agreement, Creditor entered into that certain Subordination and Intercreditor Agreement dated as of October 1, 2012 (the “Subordination Agreement”).

 

C.           Borrower and Bank desire to amend the Agreement in accordance with the terms of that certain First Amendment to Loan and Security Agreement dated as of the date hereof (the “Amendment”).  Bank has agreed to enter into the Amendment, provided, among other things, that Creditor consents to the entry by Borrower into the Amendment and related documents, and agrees that the Subordination and Intercreditor Agreement will remain effective.

 

AGREEMENT

 

NOW, THEREFORE, the parties agree as follows:

 

1. Creditor consents to the execution, delivery and performance by the Borrower of the Amendment.  The Subordination and Intercreditor Agreement shall remain in full force and effect, on the terms and conditions set forth therein, with respect to all of Borrower’s obligations to Bank under the Agreement.

 

2. The Subordination and Intercreditor Agreement shall remain in full force and effect.

 

3. Creditor confirms that it has no defenses against its obligations under the Subordination and Intercreditor Agreement.  Creditor represents and warrants that the representations and warranties contained in the Subordination and Intercreditor Agreement are true and correct as of the date of this Affirmation.

 

4. Unless otherwise defined, all capitalized terms in this Affirmation shall be as defined in the Subordination and Intercreditor Agreement.  This Affirmation may be signed in two or more counterparts, each of which shall be deemed an original and all of which shall constitute one instrument.

[Remainder of page intentionally left blank.  Signature page follows.]

  

-1-

  

 

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

 

“Creditor”

ESCALATE CAPITAL PARTNERS SBIC, L.P.

 

By:  Escalate SBIC Capital Management, LLC,

its general partner

 

By: /s/ William A. Schell

Name: William A. Schell

Title: Member

“Bank”

COMERICA BANK

By: /s/ Ramesh Bart

Title: Vice President

The undersigned approves of the terms of this Agreement.

“Borrower”

GLOWPOINT, INC.

By: /s/ Peter Holst

Title: President and Chief Executive Officer

-2-CAG-2.24-2013-10Q3 Ex10.1

AMENDMENT THREE
CONAGRA FOODS, INC. AMENDED AND RESTATED
VOLUNTARY DEFERRED COMPENSATION PLAN
(January 1, 2009 Restatement)
This Amendment Three to the ConAgra Foods, Inc. Amended and Restated Voluntary Deferred Compensation Plan (the “Plan”) is adopted by ConAgra Foods, Inc. (the “Company”) and is effective on January 1, 2013.
RECITALS
1.      Initial capitalized terms that are not otherwise defined herein shall have the meaning ascribed to such terms in the Plan.
2.    The Company desires to amend the Plan to permit Employer contributions.
AMENDMENT
1.    Section 1.1 is revised to read in its entirety as follows:
1.1.    AccountThe term “Account” means the bookkeeping account established by the Company to which post‐2004 Compensation Deferral Contributions, Employer Matching Contributions, Employer Non-elective Contributions and earnings and losses thereon, are credited for any Participant, except that for a Participant who had an account balance in the Lamb-Weston Plan immediately before the Lamb-Weston Plan was merged into this Plan, the term shall mean the Participant’s entire account in this Plan, including any amounts credited to the Participant’s account in the Lamb-Weston Plan before 2005.
2.    A new Section 1.5 is added as follows, and subsequent Sections are renumbered accordingly:

1.5.    Credited Service.  The term “Credited Service” means the period of time that the Participant performs service for the Employer.  The applicable period of time begins with the date the Participant is first employed with the Employer and ends on the Participant’s Separation from Service.  A Participant’s Credited Service shall be determined without regard to whether he or she is a Participant or eligible to participate in the Plan during his or her period of service.  A Participant’s Credited Service shall be expressed in years and portions of years and shall be measured in cumulative monthly increments with 12 months of Credited Service equaling a year of Credited Service, irrespective of whether this year of Credited Service was completed within a 12-consecutive-month period.

3.    A new Section 1.8 is added as follows, and subsequent Sections are renumbered accordingly:

1.8.    Employer Matching Contribution.  The term “Employer Matching Contribution” means a contribution made to the Plan by the Employer pursuant to Section 3.2.

4.    A new Section 1.9 is added as follows, and subsequent Sections are renumbered accordingly:

1.9.    Employer Non-elective Contribution.  The term “Employer Non-elective Contribution” means a contribution made to the Plan by the Employer pursuant to Section 3.3.

5.    The following paragraph is added to the end of Article II:

Employer Matching Contributions and Employer Non-elective Contributions may be made by the Employer to those employees of the Employer who either have been selected by, and at the sole and absolute discretion of, the Committee, or who have annual total cash compensation in excess of the Code Section 401(a)(17) limitation.

6.    The fourth sentence of Section 3.1 is revised to read in its entirety as follows:

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The maximum deposit shall be determined and changed by the Committee from time to time (which may be set forth in the Compensation Deferred Agreement) and, in the absence of any such determination shall be (1) fifty percent (50%) of the Participant’s normal salary, (2) ninety percent (90%) of the Participant’s short term incentive, and (3) ninety percent (90%) of the sum of the Participant’s normal salary plus short-term incentive in excess of the Code Section 401(a)(17) limitation in effect for such Plan Year.

7.    Section 3.2 is revised to read in its entirety as follows:

3.2.    Employer Matching Contributions.  Effective January 1, 2014, the Employer will credit, at the end of each Plan Year , an eligible Participant’s Account with Employer Matching Contributions equal to a dollar for dollar match, limited to 6% of compensation earned by the Participant and paid by the Employer in excess of the Code Section 401(a)(17) limitation.  Examples:  (1) If a Participant receives total cash compensation of $300,000 in 2014, and she  deferred $20,000 for 2014, she would receive an Employer Matching Contribution (assuming the Code Section 401(a)(17) limitation for 2014 is $255,000) of $2,700 (6% of $45,000); (2) If the Participant, in the first example, only deferred $900 for 2014, she would receive an Employer Matching Contribution of $900 (2% of $45,000).

Compensation, for purposes of calculating Employer Matching Contributions, shall be defined in the same manner as the term “Pay” is defined in the ConAgra Foods, Inc. Pension Plan for Salaried Employees (#009).

Notwithstanding the foregoing, the HR Committee may, in its sole discretion, amend or modify any future Employer Matching Contributions by amending the Plan. No Participant listed in Schedule 1 shall be eligible to receive an Employer Matching Contribution.

8.    A new Section 3.3 is added as follows:

3.3.    Employer Non-elective Contributions.  The Employer will credit, at the end of each Plan Year, a Participant’s Account with Employer Non-elective Contributions equal to three percent (3%) of an eligible Participant’s normal compensation and short term incentive in excess of the Code Section 401(a)(17) limitation in effect for such Plan Year; provided, however, that a nine percent (9%) Employer Non-elective Contribution will instead be made for the 2013 Plan Year and such amount will be credited to Participants’ Accounts.  Compensation, for purposes of calculating Employer Non-elective Contributions, shall be defined in the same manner as the term “Pay” is defined in the ConAgra Foods, Inc. Pension Plan for Salaried Employees (#009).

Notwithstanding the foregoing, the HR Committee may, in its sole discretion, amend or modify any future Employer Non-elective Contributions by amending the Plan. No Participant listed in Schedule 1 shall be eligible to receive an Employer Non-elective Contribution.

9.    A new Article IV is added as follows, and subsequent Articles and Sections are renumbered accordingly:

ARTICLE IV

VESTING

4.1.    Compensation Deferral Contributions.  Each Participant shall have a fully 100% vested and nonforfeitable interest in his or her Compensation Deferral Contributions at all times.

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4.2.    Employer Contributions.  Unless the Employer determines otherwise with respect to a Participant, the interest of each Participant in his or her Employer Matching Contributions and Employer Non-elective Contributions shall vest in accordance with the following schedule: 
	
			
	Years of 
Credited Service
	Vested Percentage

	Less than one year
	0
	%

	One but less than two
	20
	

	Two but less than three
	40
	

	Three but less than four
	60
	

	Four but less than five
	80
	

	Five years or more
	100
	

4.3.    Full Vesting Rule.  Notwithstanding the foregoing provisions of this Article IV, a Participant shall have a fully 100% vested and nonforfeitable interest in his or her Employer Matching Contributions and Employer Non-elective Contributions if the Participant dies, becomes permanently disabled, or reaches age 65 while employed with the Employer.
4.4.    Forfeitures.  The nonvested portions of a Participant’s Employer Matching Contributions and Employer Non-elective Contributions shall be immediately forfeited upon the Participant’s Separation from Service.  
10.    Section 7.3 is revised to read in its entirety as follows:
7.3.    AccountingSeparate accounting shall be maintained for each Participant’s Account and Grandfathered Amounts.  Each Participant’s Account and Grandfathered Amount shall be adjusted for Compensation Deferral Contributions, Employer Matching Contributions, Employer Non-elective Contributions and earnings and losses, to the extent applicable.

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IN WITNESS WHEREOF, this Amendment Three is executed this 6th day of March 2013, but effective as of the date set forth herein.
                        
	
	
	CONAGRA FOODS, INC.

	 

	By: /s/ Nicole B. Theophilus

	Name: Nicole B. Theophilus

	Position:  SVP, Human Resources

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