Document:

procon_8k-ex1001.htm

 

Exhibit 10.1

 

STOCK PURCHASE AGREEMENT

 

This STOCK PURCHASE AGREEMENT (the “Agreement”) is made as of the Friday, March 15, 2011 (the “Effective Date”), by and among Joel Stohlman, (A Individual) (thereinafter referred to as “Seller”), and Jacob Graber (the “Purchaser”).

Recitals

A.           Seller and Purchaser are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and such other Federal and state securities exemptions as may be deemed available;

 

B.           Seller is the majority shareholder, and is the beneficial owner of record of 220,000,000 outstanding shares of the Company representing voting rights of 64.7% of ProConcept Marketing Group, Inc. (PMKT.PK) (referred to as the Company): and

 

 

 C.           The Purchaser wishes to purchase from the Seller and the Seller wishes to sell to the Purchaser, upon the terms and conditions stated in this Agreement, the 220,000,000 common outstanding shares of the Company representing voting rights of 64.7% of the company, for an aggregate purchase price of Ninety Eight Thousand Dollars ($98,000.00).

 

 

In consideration of the mutual promises made herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

 1.  Purchase and Sale of the Shares.  Subject to the terms and conditions of this Agreement, on the Closing, the Purchaser shall purchase, and the Seller shall sell and issue to the Purchaser, the 220,000,000 common outstanding shares of the Company representing voting rights of 64.7 of the company in exchange for an aggregate purchase price of Ninety Eight Thousand Dollars ($98,000.00) (the “Purchase Price”).

 

2.  Closing.  Upon confirmation that the other conditions to closing specified herein have been satisfied or duly waived by the Purchaser, the Seller shall deliver to Purchaser a certificate or certificates representing the 220,000,000 common outstanding Shares, duly endorsed for transfer with such medallion guarantees, notarization and/or other similar certification as may be required by the Company’s transfer agent. Purchaser shall immediately deliver the Purchase Price by wire transfer to the Escrow Account.

3.   Representations and Warranties of the Seller.  The Seller, on behalf of himself, individually, and on behalf of the Company in his capacity as majority shareholder, President, Secretary, Treasurer and Director of the Company, hereby represents and warrants to the Purchaser, that as of the Effective Date and as of Closing:

  

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3.1  Organization.  The Company is an entity duly incorporated under the laws of the State of Florida and in good standing. The Federal Tax ID number is 20-4523691.

 

 3.2 Authorization.  The Seller is not a party to any agreement, written or oral, creating rights in respect of any Seller's Shares in any third person or relating to the voting of the Shares. This Agreement constitutes the legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability, relating to or affecting creditors’ rights generally. 

 

 3.3  Capitalization.  The authorized capital stock of the Company on the date hereof and as of Closing consists of 500,000,000 shares of common stock, par value $0.001 per share, of which 340,000,000 are issued and outstanding. There are no shares of capital stock issuable pursuant to any stock plans of the Company, nor  are there any shares of capital stock issuable or reserved for issuance pursuant to securities exercisable for, or convertible into or exchangeable for any shares of capital stock of the Company.  All of the issued and outstanding shares of the Company’s capital stock have been duly authorized and validly issued and are fully paid, no assessable and free of pre-emptive rights and were issued in full compliance with applicable state and federal securities law and any rights of third parties.  No Person is entitled to pre-emptive or similar statutory or contractual rights with respect to any securities of the Company.  As used in this Agreement, “Person” shall mean an individual, corporation, partnership, Limited Liability Company, trust, business trust, association, Joint Stock Company, joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed herein.

 

3.4  Valid Issuance; No Encumbrances.  Seller is the lawful owner of the Shares, free and clear of all security interests, liens, encumbrances, equities and other charges.

 

3.5  Consents.  The execution, delivery and performance by the Seller of this Agreement and the offer and sale of the Shares require no consent of, action by or in respect of, or filing with, any Person, governmental body, agency, or official other than filings that have been made pursuant to applicable state securities laws and post-sale filings pursuant to applicable state and federal securities laws which the Seller undertakes to file within the applicable time periods.

 

 3.6  Delivery of SEC Filings; Business.  The Seller has made available to the Purchaser through the EDGAR system, true and complete copies of any Company’s filings made with the U.S. Securities and Exchange Commission (“SEC”), and/or the Pink Sheets Quotation Service.  The Company no longer reports to the United States Securities and Exchange Commission. 

 

3.7  No General Solicitation or General Advertising.  Neither the Company nor the Seller nor any Person acting on its behalf has offered or sold or will offer or sell any of the Shares by any form of “general solicitation” or “general advertising” (as those terms are used in Regulation D, promulgated under the Securities Act) in connection with the offer or sale of any of the Shares.  The Seller has offered the Shares for sale only to the Purchaser, and certain other “accredited investors” within the meaning of Rule 501(a) under Regulation D, and certain “non-U.S. persons” within the meaning of Rule 902 of Regulation S.

  

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3.8  No Class of Securities Registered Under Section 12(g) of the Exchange Act.  The Company has no class of securities registered with the SEC under Section 12(g) of the Exchange Act. 

 

3.9  No Litigation.  There are no actions, suits or proceedings, at law or in equity, and no proceedings before any arbitrator, or by or before any governmental commission, board, bureau or other administrative agency, pending, or to the Seller’s knowledge, threatened against or affecting the Company, or any properties or rights of the Company.

 

3.10  Company Indebtedness.  As of the Closing, there are no shareholder loans or other instruments or evidence of indebtedness owed by the Company to any shareholder or other third party, and all professional fees incurred by the Company, or by Seller on behalf of the Company, for all services rendered up to and through the Closing, have been paid in full.  

 

3.11  Company Obligations.  There are no contracts, debts, lawsuits, agreements or other obligations of the Company known to the Seller, which, individually or in the aggregate, exceed Five Hundred Dollars ($500.00), attached hereto and incorporated herein by reference. There may be contracts, debts, lawsuits, agreements or other obligations that are unknown to the Seller and that would remain with the Corporation. 

 

4.  Representations and Warranties of the Purchaser.  As of the Effective Date and as of Closing, the Purchaser hereby represents and warrants to the Seller that:

 

4.1  Authorization.  The execution, delivery and performance by the Purchaser of this Agreement constitutes the valid and legally binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability, relating to or affecting creditors’ rights generally.

 

4.2  Purchase Entirely for Own Account.  The Securities to be received by the Purchaser hereunder will be acquired for the Purchaser’s own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the Securities Act, and the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same in violation of the Securities Act without prejudice, however, to the Purchaser’s right at all times to sell or otherwise dispose of all or any part of such Securities in compliance with applicable federal and state securities laws.  Nothing contained herein shall be deemed a representation or warranty by the Purchaser to hold the Securities for any minimum or other specific term nor limiting the Purchaser’s right to sell the Securities at any time in compliance with applicable federal and state securities laws.

  

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4.3  Purchaser Status.  At the time the Purchaser was offered the Shares, he was, and at the date hereof is, an “accredited investor” as defined in Rule 501(a) under the Securities Act. 

 

4.4  Experience of the Purchaser.  The Purchaser, either alone or together with his representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares. Purchaser evaluated the merits and risks of such investment.  The Purchaser is able to bear the economic risk of an investment in the Shares and, at the present time, is able to afford a complete loss of such investment. 

 

4.5  Disclosure of Information.  The Purchaser has had an opportunity to receive all information related to the Company requested by him and to ask questions of and receive answers from the Seller regarding the Company, its business and the terms and conditions of the offering of the Shares.  The Purchaser acknowledges receipt of copies of the SEC Filings.  Neither such inquiries nor any other due diligence investigation conducted by the Purchaser shall modify, amend or affect the Purchaser’s right to rely on the Seller’s representations and warranties contained in this Agreement.

 

4.6  Restricted Securities.  The Purchaser understands that the Securities are characterized as “restricted securities” under the U.S. federal securities laws inasmuch as they are being acquired from the Seller in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under the Securities Act only in certain limited circumstances.

 

4.7  Legend.  The Purchaser understands and agrees that the certificate(s) or the documents representing the Shares will bear one or more restrictive legends determined by counsel to the Company to be necessary or appropriate in order to comply with United States federal or state securities laws or to secure or protect any applicable exemptions from registration or qualification, including a legend in substantially the following form and the Purchaser agrees to abide by the terms thereof:

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED  (THE “ACT”) OR ANY OTHER APPLICABLE SECURITIES LAW OF ANY STATE OR OTHER JURISDICTION, AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. THESE SECURITIES CANNOT BE TRANSFERRED, OFFERED, OR SOLD IN THE UNITED STATES OR TO A “U.S. PERSON” (AS THAT TERM IS DEFINED IN REGULATION S PROMULGATED UNDER THE ACT) UNLESS SUCH SECURITIES ARE REGISTERED UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF THE CORPORATION AND ITS COUNSEL. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.

4.8  No General Solicitation.  The Purchaser is not purchasing the Shares as a result of any “general solicitation” or “general advertising” (as such terms are defined in Regulation D), which includes, but is not limited to, any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or on the internet or broadcast over television, radio or the internet or presented at any seminar or any other general solicitation or general advertisement.

  

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5.  Conditions to Closing. 

 

 5.1  Conditions to the Purchaser’s Obligations. The obligation of the Purchaser to purchase the Shares at the Closing is subject to the fulfillment to the Purchaser’s satisfaction, on or prior to the Closing, of the following conditions, any of which may be waived by the Purchaser:

 

(a)  The representations and warranties made by the Seller in Section 3 hereof shall be true and correct at all times prior to and on the Closing.  The Seller shall have performed in all material respects all obligations and conditions herein required to be performed or observed by him on or prior to the Closing.

 

(b)  The Seller shall have obtained any consents, permits, approvals, registrations and waivers necessary or appropriate for consummation of the purchase and sale of the Shares and the consummation of the transactions contemplated by this Agreement, all of which shall be in full force and effect.

 

(c)  The Seller shall have delivered to the Escrow Agent each of the following:

 

(i)  The certificate(s) evidencing the Shares as set forth in Section 2;

 

5.2  Conditions to Obligations of the Seller. The Seller’s obligation to sell and issue the Shares to Purchaser at the Closing is subject to the fulfillment to the satisfaction of the Seller on or prior to the Closing of the following conditions, any of which may be waived by the Seller: 

 

(a)  The representations and warranties made by the Purchaser in Section 4 hereof shall be true and correct in all material respects when made, and shall be true and correct in all material respects on the Closing.

 

(b)  The Purchaser shall have delivered the initial payment of the Purchase Price to the Sellers.

 

5.3  Termination of Obligations to Effect Closing; Effects.

 

(a)  The obligations of the Seller, on the one hand, and the Purchaser, on the other hand, to effect the Closing shall terminate as follows:

 

(i)  Upon the mutual written consent of the Seller and the Purchaser;

 

(ii)  By the Seller if any of the conditions set forth in Section 5.2 shall have become incapable of fulfillment, and shall not have been waived by the Seller;

  

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(iii)  By the Purchaser if any of the conditions set forth in Section 5.1 shall have become incapable of fulfillment, and shall not have been waived by the Purchaser; or 

 

(iv) By either the Seller or the Purchaser (with respect to itself only) if the Closing has not occurred on or prior to March 18, 2011, or such later date as the parties may agree to in writing; provided, however, that, except in the case of clause (i) above, the party seeking to terminate its obligation to effect the Closing shall not then be in breach of any of its representations, warranties, covenants or agreements contained in this Agreement if such breach has resulted in the circumstances giving rise to such party’s seeking to terminate its obligation to effect the Closing.

 

(b)  In the event of termination by the Seller or the Purchaser of its obligations to affect the Closing pursuant to this Section 5.3, written notice thereof shall forthwith be given to the other party.  Nothing in this Section 5.3 shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or to impair the right of any party to compel specific performance by any other party of its obligations under this Agreement. 

 

 6.  Covenants and Agreements of the Seller.

 

6.1  Securities Laws Disclosure; Publicity.  The Seller shall make such filings with the SEC if required following the Closing.  The Seller and the Purchaser shall consult with each other in issuing any press releases with respect to the transactions contemplated hereby, and neither the Seller nor the Purchaser shall issue any such press release or otherwise make any such public statement without the prior consent of the other, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication.  Further, the parties acknowledge and agree that all such press releases shall conform to requirements of Rule 135c of the Securities Act.

 

7.   Survival and Indemnification.

 

7.1  Survival.  The representations, warranties, covenants and agreements contained in this Agreement shall survive the Closing of the transactions contemplated by this Agreement.

 

7.2  Indemnification.  The Seller agrees to indemnify and hold harmless the Purchaser and his affiliates and their respective directors, officers, members, managers, employees and agents from and against any and all losses, claims, damages, liabilities and expenses (including without limitation reasonable attorney fees and disbursements and other expenses incurred in connection with investigating, preparing or defending any action, claim or proceeding, pending or threatened and the costs of enforcement thereof) to which such Person may become subject as a result of any breach of representation, warranty, covenant or agreement made by or to be performed on the part of the Seller under this Agreement, and will reimburse any such Person for all such amounts as they are incurred by such Person.

  

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8.  Miscellaneous.

 

8.1   Successors and Assigns.  This Agreement may not be assigned by a party hereto without the prior written consent of the Seller or the Purchaser, as applicable.  The provisions of this Agreement shall inure to the benefit of and be binding upon the respective permitted successors and assigns of the parties.  Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

8.2  Counterparts; Faxes.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  This Agreement may also be executed and delivered by facsimile or similar instantaneous electronic transmission device pursuant to which the signature of or on behalf of such party can be seen.

 

8.3  Titles and Subtitles.  The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

8.4  Notices.  Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively given as hereinafter described (i) if given by personal delivery, then such notice shall be deemed given upon such delivery, (ii) if given by telex or telecopier, then such notice shall be deemed given upon receipt of confirmation of complete transmittal, (iii) if given by mail, then such notice shall be deemed given upon the earlier of (A) receipt of such notice by the recipient or (B) three days after such notice is deposited in first class mail, postage prepaid, and (iv) if given by an internationally recognized overnight air courier, then such notice shall be deemed given one business day after delivery to such carrier.  All notices shall be addressed to the party to be notified at the address as set forth on the signature page hereto, or at such other address as such party may designate by ten days’ advance written notice to the other party:

 

8.5  Expenses.  The parties hereto shall pay their own costs and expenses in connection herewith.

 

8.6  Amendments and Waivers.  Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Seller and the Purchaser.

 

8.7  Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  To the extent permitted by applicable law, the parties hereby waive any provision of law which renders any provision hereof prohibited or unenforceable in any respect.

  

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8.8   Entire Agreement.  This Agreement, including any Exhibits and Schedules attached hereto, constitute the entire agreement among the parties hereof with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter hereof and thereof.

 

8.9  Further Assurances.  The parties shall execute and deliver all such further instruments and documents and take all such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained.

 

8.10  Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.  This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Florida without regard to the choice of law principles thereof.  Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of Florida for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby.  Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Agreement (other than by telex or facsimile which shall be deemed improper service).  Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court.  Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  Each of the parties hereto waives any right to request a trial by jury in any litigation with respect to this agreement and represents that counsel has been consulted specifically as to this waiver.

 

8.11  Currency.  All amounts referenced and set forth herein hall be in lawful money of the United States.

(This space intentionally left blank)

  

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IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.

 

THE SELLER:

 

/s/ Joel Stohlman

Joel Stohlman

THE PURCHASER:

 

/s/ Jacob Graber

Jacob Graber

  

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Schedule 3.11

 

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  Exhibit 10.25    
    

February 23,
2011 

Kurt
Hoffman

5425 NE 85th Street

Seattle, WA 98115 

Dear
Kurt: 

        This
Employment Agreement (the "Agreement") dated as of February [    ], 2011 and effective as of
April [    ], 2011 (the "Effective Date"), is made by and between Kurt Hoffman (the
"Executive") and Hawaiian Telcom Communications, Inc. and any of its subsidiaries and affiliates as may employ Executive from time to time
(collectively, and together with any successor thereto, the "Company"). Notwithstanding anything herein to the contrary, this Agreement shall be void and of no force and effect if within
20 days of the Effective Date the Company is not, acting reasonably and in good faith, satisfied with the results of a background check on the Executive. 

 RECITALS  

        A.    The
Company desires to engage the Executive to perform services pursuant to the terms and conditions of this Agreement. 

        B.    The
Executive desires to provide services to the Company on the terms herein provided. 

 AGREEMENT  

        NOW, THEREFORE, in consideration of the foregoing and of the covenants set forth below, the parties agree as follows: 

1.    Certain Definitions.    

	(a)
	"Annual Base Salary" shall have the meaning set forth in Section  3(a).

	(b)
	"Board" shall mean the Board of Directors of the Company.

	(c)
	"Cause" to terminate the Executive's employment shall include any of the following facts or
circumstances:

	(i)
	Executive's
failure to follow a legal order of the Board, other than any such failure resulting from the Executive's Disability, and such failure is not
remedied within 30 days after receipt of written notice;

	(ii)
	Executive's
gross or willful misconduct in the performance of duties that causes or is reasonably likely to cause damage to the Company;

	(iii)
	Executive's
conviction of felony or crime involving material dishonesty or moral turpitude;

	(iv)
	Executive's
fraud or, other than with respect to a de minimis amount, personal dishonesty involving the Company's assets; or

	(v)
	The
Executive's unlawful use (including being under the influence) or possession of illegal drugs on the Company's premises or while performing the
Executive's duties and responsibilities under this Agreement. 

Prior
to a termination pursuant to Section 4(a)(iii), the Company shall conduct a reasonable investigation to determine, based on information
reasonably available to the Company, whether Cause for termination exists.  

	(d)
	"Company" shall have the meaning set forth in the preamble.

	(e)
	"Compensation Committee" means the Compensation Committee of the Board. 

 

	(f)
	"Date of Termination" shall mean (i) if the Executive's employment is terminated by his death, the
date of his death; or (ii) if the Executive's employment is terminated pursuant to Section 4(a)(ii) - (vi), either the
date indicated in the Notice of Termination or the date specified by the Company pursuant to Section 4(b), whichever is earlier.

	(g)
	"Disability" shall mean the absence of the Executive from the Executive's duties to the Company on a
full-time basis for a total of six months during any 12-month period as a result of incapacity due to mental or physical illness, which determination is made by a physician
selected by the Company and acceptable to the Executive or the Executive's legal representative (such agreement as to acceptability not to be withheld unreasonably). Notwithstanding the foregoing, a
Disability shall not be "incurred" hereunder until, at the earliest, the last day of the sixth month of such absence and in no event shall Executive be determined to be Disabled unless such physician
determines that such illness can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.

	(h)
	"Executive" shall have the meaning set forth in the preamble.

	(i)
	The
Executive shall have "Good Reason" to resign his employment upon the occurrence of any of the
following:

	1.
	a
material diminution in Executive's authority, duties or responsibilities;

	2.
	the
Company's material breach of this Agreement (including, without limitation, the Company's material failure to provide payments or benefits required under
this Agreement); or

	3.
	the
relocation of the Executive's principal office, without his consent, to a location that is in excess of 100 miles from Honolulu, Hawaii.

	(j)
	The
Executive may not resign his employment for Good Reason unless:

	1.
	the
Executive provides the Company with at least 30 days prior notice of his intent to resign for Good Reason (such notice to be provided to the
Company within 90 days of the initial act or omission claimed to give rise to Good Reason); and

	2.
	the
Company does not remedy the alleged violation(s) within the 30-day notice period.

	(k)
	"Inventions" shall have the meaning set forth in  Section 6(d).

	(l)
	"Notice of Termination" shall have the meaning set forth in  Section 4(b)

	(m)
	"Performance Compensation Plan" shall have the meaning set forth in  Section (3)(b). 

2.    Employment.    

	(a)
	The
Company shall employ the Executive and the Executive shall enter the employ of the Company, for the period set forth in  Section 2(b), in the position set forth in Section 2(c), and upon the other terms and
conditions herein provided.

	(b)
	Executive
will be an employee at-will of the Company. The Company may terminate Executive's employment at any time for any lawful reason, at its
discretion. Likewise, Executive may terminate his employment with the Company at any time for any reason; however, the Company requests that, as a courtesy, the Executive give the Company
30-days advance written notice prior to a voluntary employment separation.

	(c)
	Position and Duties.    The Executive shall serve as Chief Operating Officer of the Company and
shall have the authorities, duties and responsibilities customarily commensurate with such position and such additional responsibilities, duties and authority, as may from time to time be 

2

 

reasonably
assigned to the Executive by the Chief Executive Officer or his designee. The Executive shall report to the Chief Executive Officer. The Executive shall devote his full working time,
attention and efforts to the business and affairs of the Company. The Executive will be knowledgeable of and comply with the Company's rules and policies as adopted by the Company from time to time.
It shall not be a violation of this Agreement for the Executive to (i) serve on industry trade, civic or charitable boards or committees; (ii) deliver lectures or fulfill speaking
engagements; or (iii) manage personal investments, as long as such activities do not materially interfere with the performance of the Executive's duties and responsibilities. The Executive
shall be permitted to serve on for-profit corporate boards of directors and advisory committees if approved in advance by the Board, which approval shall not unreasonably be withheld. In
addition, Executive shall be permitted to fulfill obligations under the terms and conditions of his services agreement as previously disclosed to the Company as long as it does not interfere with
Executive's duties or responsibilities. 

3.    Compensation and Related Matters.    

	(a)
	Annual Base Salary.    The Executive shall receive a base salary at a rate of $400,000 per annum,
which shall be paid in accordance with the customary compensation practices or policies of the Company (the "Annual Base Salary"). Annual Base Salary may be increased, but not decreased, from time to
time by the Board. Paydays are expected to be every other Friday (normally 26 pay days a year). Executive's paycheck shall be delivered to Executive or made available to Executive on such dates. If a
payday falls on a holiday or weekend, Executive may pick up his paycheck on the weekday immediately preceding the payday.

	(b)
	Moving Allowance.    In addition to your Base Salary, you will receive a moving allowance of
$50,000, payable in the first payroll cycle after your Effective Date according to usual payroll practices. This payment is subject to normal taxes.

	(c)
	Annual Performance Payment.    The Executive will participate in an annual performance-based
compensation plan ("Performance Compensation Plan") established by the Company's Board of Directors or Compensation Committee thereof, at a level that
is consistent with the Performance Compensation Plan (current specified target of 75% of your Annual Base Salary). The actual payment, if any, shall be pursuant to the terms and conditions set forth
in the Performance Compensation Plan and shall be payable at such time as such payments are paid to other senior executive officers who participate therein. Payment of any annual performance
compensation described in this subsection (c) will be subject to your continued employment with the Company through the date the payment is paid pursuant to the Performance Compensation Plan,
except in the event sections 5(b)(ii) or 5(c)(iii) below apply.

	(d)
	2010 Equity Incentive Plan Award.    The Executive shall be granted a restricted stock unit award
under the Company's 2010 Equity Incentive Plan that shall be governed by the terms of the Company's standard form of restricted stock unit agreement, attached hereto as Exhibit A. The
restricted stock unit award shall have a grant date that is the Effective Date of employment and shall represent a three-year award totaling 195% of the Executive's Annual Base Salary
(i.e., 65% of Annual Base Salary for each year). It is expressly understood that the Executive's entitlement to participation in the 2010 Equity Incentive Plan Award is not a guarantee that the
award referenced herein shall attain any particular value in the future.

	(e)
	Benefits.    The Executive shall be entitled to participate in all employee benefit plans,
programs and arrangements of the Company which are applicable to the senior officers of the Company at a level commensurate with the Executive's position. 

3

 

	(f)
	Expenses.    The Company shall reimburse the Executive for all reasonable travel and other
business expenses incurred by him in the performance of his duties to the Company in accordance with the Company's expense reimbursement and travel policies.

	(g)
	Vacation.    The Executive shall be entitled to no less than four weeks paid vacation for each
completed 12 month period of service. Any vacation shall be taken at the reasonable and mutual convenience of the Company and the Executive. Paid vacation that has not been taken by Executive
during the twelve month period following the period in which it is earned shall carry over to any subsequent period up to a maximum accumulated six weeks. Vacation will be accrued depending on month
of hire for the first year of employment per the Company vacation policy. 

4.    Termination.    

        The
Executive's employment may be terminated by the Company or the Executive, as applicable, without any breach of this Agreement under the following
circumstances: 

	(a)
	Circumstances.

	(i)
	Death.    The Executive's employment shall terminate upon his death.

	(ii)
	Disability.    If the Executive has incurred a Disability, the Company may give the Executive
written notice of its intention to terminate the Executive's employment. In that event, the Executive's employment with the Company shall terminate effective on the 30th day after receipt of
such notice by the Executive, provided that within the 30 days after such receipt, the Executive shall not have returned to full-time performance of his duties. This
Section 4 (a) (ii) shall be construed in a manner consistent with the requirements of the Americans With Disabilities Act and Hawaii Employment Practices law.

	(iii)
	Termination for Cause.    The Company may terminate the Executive's employment for Cause.

	(iv)
	Termination without Cause.    The Company may terminate the Executive's employment without Cause.

	(v)
	Resignation for Good Reason.    The Executive may resign his employment for Good Reason.

	(vi)
	Resignation without Good Reason.    The Executive may resign his employment without Good Reason.

	(b)
	Notice of Termination.    Any termination of the Executive's employment by the Company or by the
Executive under this Section 4 (other than termination pursuant to paragraph (a)(i) (death) shall be communicated by a written notice to
the other party indicating the specific termination provision in this Agreement relied upon and specifying a Date of Termination which, if submitted by the Executive, shall be at least 30 days
following the date of such notice (a "Notice of Termination") provided, however, that the Company may, in its sole discretion, change the Date of
Termination to any date following the Company's receipt of the Notice of Termination. A Notice of Termination submitted by the Company may provide for a Date of Termination on the date the Executive
receives the Notice of Termination, or any date thereafter elected by the Company in its sole discretion. The failure by the Executive or the Company to set forth in the Notice of Termination any fact
or circumstance that contributes to a showing of Cause or Good Reason shall not waive any right of the Executive or the Company or preclude the Executive or the Company from asserting such fact or
circumstance in enforcing the Executive's or the Company's rights. 

4

 

	(c)
	Company Obligations Upon Termination.    Upon termination of the Executive's employment, the
Executive (or the Executive's estate) shall be entitled to receive a lump sum equal to the Executive's Annual Base Salary through the Date of Termination not theretofore paid, any performance
compensation payment if declared or earned but not yet paid for a completed fiscal year, any expenses owed to the Executive, any accrued vacation pay owed to the Executive, and any amount arising from
the Executive's participation in, or benefits under any employee benefit plans, programs or arrangements, which amounts shall be payable in accordance with the terms and conditions of such employee
benefit plans, programs or arrangements. 

5.    Severance Payments.    

	(a)
	Termination for Cause or resignation without Good Reason.    If the Executive's employment shall
terminate pursuant to sections 4(a)(iii) for Cause, or Section 4(a)(vi) without Good Reason, the Executive shall not be entitled to any severance payment.

	(b)
	Termination upon death or Disability.    If the Executive's employment shall terminate pursuant to
Sections 4(a)(i) due to the Executive's death, or pursuant to Section 4(a)(ii) due to the Executive's Disability, the Company shall pay to the Executive (or the Executive's
estate):

	(i)
	within
30 days following the date of death or Disability, as applicable, and otherwise in separate and distinct equal installment payments in
accordance with the Company's regular payroll practice at the time of Executive's death or Disability, an amount equal to the Annual Base Salary that the Executive would have been entitled to receive
if the Executive had continued his employment for a period of six months following the date of death or Disability, as applicable; and

	(ii)
	a
prorated amount of the Executive's annual performance compensation payment based on the Company's year-to-date performance
through the date of death or Disability, as applicable, in relation to the performance targets set forth in the Performance Compensation Plan (such amount to be determined in good faith by the
Compensation Committee and paid in the calendar year following the calendar year in which the death or Disability occurs at such time as such payments are paid to other executive officers who
participate in the Performance Compensation Plan).

	(c)
	Termination without Cause or Resignation for Good Reason. 

        (1)   If
the Executive's employment shall terminate without Cause pursuant to Section 4(a)(iv) or for Good Reason
pursuant to Section 4(a)(v) (and such termination constitutes a "separation from service" as defined in Treasury
Regulation 1.409A-1(h) ("Separation")), the Company shall: 

	(i)
	Continue
to pay, in separate and distinct equal installment payments in accordance with normal payroll practices at the time of the Separation, the
Executive's Annual Base Salary for the period beginning on the date of Separation and ending on the earliest to occur of (a) the eighteen month anniversary of the date of Separation,
(b) the first date the Executive violates any covenant contained in Section 6, (c) the fifth (5th) day following the date of
Separation in the event the Company has not received by that date the Executive's executed general waiver and release of claims in the Company's customary form and voluntary waiver of any review
period, or (d) the first date of the Executive's revocation of the general waiver and release; and 

5

 

 

	(ii)
	Continue
coverage (at the Company's expense), for the period set forth in clause (i) above, for the Executive and any dependents under the Company
group health benefit plan in which the Executive and any dependents were entitled to participate immediately prior to the date of Separation, excluding Exec-U-Care or similar
supplemental coverage policies for senior executives; and

	(iii)
	Pay
you a pro-rated performance compensation payment for the year of Separation, which except for the pro-ration shall be pursuant
to the terms and conditions set forth in the Performance Compensation Plan and shall be paid in the calendar year following the calendar year in which the Separation occurs at such time as such
payments are paid to other executive officers who participate therein. 

        (2)   This
Section 5(c)(2) shall apply only to the extent that any payment under this Agreement constitutes "nonqualified deferred compensation" for purposes of
Section 409A of the Internal Revenue Code of 1986, as amended (the "Code") and not to payments that are exempt from Section 409A of the
Code (due to, for example, application of the short term deferral rule or separation pay exceptions). To the extent any such payment of any amount constitutes "nonqualified deferred compensation" and
the Executive is deemed on the date of termination to be a "specified employee" within the meaning of Code Section 409A(a)(2)(B), any amounts to which Executive is entitled under this
Section 5 that constitute "non-qualified deferred compensation" under Code Section 409A and would otherwise be payable prior to the earlier of (i) the
6-month anniversary of the Executive's Separation and (ii) the date of the Executive's death (the "Delay Period") shall instead be
paid in a lump sum immediately upon (and not before) the expiration of the Delay Period to the extent such delay is required under Section 409A of the Code. Any lump sum payment of delayed
payments under this Section 5(c)(2) shall be paid with interest to reflect the period of delay, with such interest to accrue at the prime rate in effect at Citibank, N.A. at the time of the
Separation. Any remaining payments due under the Agreement shall be paid as otherwise provided herein. The determination of whether
the Executive is a "specified employee" for purposes of Code Section 409A(a)(2)(B)(i) as of the time of Separation shall made by the Company in accordance with the terms of Code
Section 409A and applicable guidance thereunder (including without limitation Treasury Regulation Section 1.409A-1(i) and any successor provision thereto). 

	(d)
	Survival.    The termination of employment hereunder shall not impair the rights or obligations of
any party that accrued prior to such termination. 

6.    Restrictive Covenants.    

	(a)
	Non-Compete.    Executive acknowledges that by virtue of his position with the
Company, he will develop considerable expertise in the business of the Company. During Executive's employment with the Company and for a period of 365 days following the date of the Executive's
termination of employment for any reason (the "Non-Competition Period"), the Executive shall not directly or indirectly engage in, have any equity interest in, or manage or operate any
person, firm, corporation, partnership or business (whether as director, officer, employee, agent, representative, partner, security holder, consultant or otherwise) that engages in any business that
competes with any telecommunications business of the Company or any entity owned by the Company anywhere in the State of Hawaii provided, however, that the Executive shall be permitted to acquire a
passive stock or equity interest in such a business provided the stock or other equity interest acquired is not more than five percent (5%) of the outstanding interest in such business. Nothing herein
shall prevent the Executive from engaging in any activity with, or holding any financial interest in, a non-competitive division, 

6

 

subsidiary
or affiliate of an entity engaged in a business that competes with the Company so long as such activities do not harm the Company.  

	(b)
	Non-Solicitation of Employees and Customers.    During the Non-Competition
Period, the Executive will not and will not permit any of his associates to, directly or indirectly, recruit or otherwise solicit or induce any non-clerical employee, customer, subscriber
or supplier of the Company to terminate, or otherwise change its relationship with the Company, or establish any relationship with the Executive or any of his associates for any business purpose that
is prohibited by subsection (a) above. Nothing herein shall prevent the Executive from serving as a reference.

	(c)
	Confidentiality.    The Executive shall, in perpetuity, maintain in confidence and shall not
directly, indirectly or otherwise, use, disseminate, disclose or publish, or use for his benefit or the benefit of any person, firm, corporation or other entity any confidential or proprietary
information or trade secrets of or relating to the Company, including, without limitation, information with respect to the Company's operations, processes, products, inventions, business practices,
finances, principals, vendors, suppliers, customers, potential customers, marketing methods, costs, prices, contractual relationships, regulatory status, compensation paid to employees or other terms
of employment, or deliver to any person, firm, corporation or other entity any document, record, notebook, computer program or similar repository of or containing any such confidential or proprietary
information or trade secrets. The parties hereby stipulate and agree that as between them the foregoing matters are important, material and confidential proprietary information and trade secrets and
affect the successful conduct of the businesses of the Company (and any successor or assignee of the Company). The Executive may respond to a lawful and valid subpoena or other process but shall:
(i) give the Company the earliest reasonably possible notice thereof, (ii) as much reasonably in advance of the return date as possible, make available to the Company and its counsel the
documents and other information sought, and (iii) reasonably assist (the "Assistance") such counsel in resisting or otherwise responding to such process. The Company shall reimburse Executive
for all reasonable expenses he incurs in providing such Assistance. Notwithstanding Section 6(c), the Executive may use or disclose information that is public knowledge.

	(d)
	Inventions.    All rights to discoveries, inventions, improvements and innovations (including all
data and records pertaining thereto) directly related to the Company's business, whether or not patentable, copyrightable, registrable as a trademark, or reduced to writing, that the Executive may
discover, invent or originate during the Non-Competition Period, either alone or with others and whether or not during working hours or by the use of the facilities of the Company
("Inventions"), shall be the exclusive property of the Company. The Executive shall promptly disclose all Inventions to the Company, shall execute at
the request of the Company any assignments or other documents the Company may deem necessary to protect or perfect its rights therein, and shall assist the Company, at the Company's expense, in
obtaining, defending and enforcing the Company's rights therein. The Executive hereby appoints the Company as his attorney-in-fact to execute on his behalf any assignments or
other documents deemed necessary by the Company to protect or perfect its rights to any Inventions.

	(e)
	Non-Disparagement.    During the Non-Competition Period, the Executive
shall not disparage the Company or any of its affiliates, any of their respective products or practices, or any of their respective directors, officers, agents, employees, representatives,
shareholders, members or affiliates, either orally or in writing.

	(f)
	Interpretation.    The Executive and the Company acknowledge and agree that the time, scope,
geographic area and other provisions of the covenants set forth herein have been specifically negotiated by sophisticated parties and that such provisions are reasonable under the 

7

 

circumstances.
The parties further agree that if, despite the foregoing acknowledgement, a court or other tribunal of competent jurisdiction holds that any of the restrictions of the covenants set
forth herein are unenforceable, the maximum restrictions of time, scope or geographic area reasonable under the circumstances, as determined by such court or tribunal, shall be substituted for any
such restrictions held unenforceable. The provisions of this Agreement shall survive the termination of Employee's employment with the Company.  

	(g)
	Injunctive Relief.    Executive acknowledges and agrees that that a breach of any of the covenants
contained in this Agreement will cause irreparable damage to the Company and its goodwill, the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any
such breach will be inadequate. Accordingly, the Executive agrees that in the event of a breach of any of the covenants contained in this Agreement, in addition to any other remedy which may be
available at law or in equity, the Company will be entitled to specific performance and injunctive relief. 

7.    Assignment and Successors.    

The
Company may assign its rights and obligations under this Agreement to any entity, including any successor to all or substantially all the assets of the Company, by merger or otherwise, and may
assign or encumber this Agreement and its rights hereunder as security for indebtedness of the Company and its affiliates, provided said successor entity assumes all of the obligations of the Company
hereunder. The Executive may not assign his rights or obligations under this Agreement to any individual or entity, except his estate upon his death. 

8.    Governing Law.    

This
Agreement shall be, interpreted and enforced in accordance with the laws of the State of Hawaii and, where applicable, the laws of the United States. 

9.    Notices.    

Any
notice, request, claim, demand, document and other communication hereunder to any party shall be effective upon receipt (or refusal of receipt) and shall be in writing and delivered personally or
sent by telex, telecopy, electronic mail, overnight courier service or certified or registered mail, postage prepaid, as follows: 

	(a)
	If
to the Company: 

Hawaiian
Telcom

1177 Bishop Street

Honolulu, HI 96813

Fax:  (808) 546-8955

Attn: President and Chief Executive Officer 

	(b)
	If
to the Executive: 

Kurt
Hoffman, at his last known address.  

	(c)
	or
at any other address as any party shall have specified by notice in writing to the other party. 

10.    Counterparts.    

This
Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement. 

8

 

11.    Entire Agreement.    

The
terms of this Agreement and the other agreements and instruments contemplated hereby or referred to herein (collectively the "Related Agreements")
are intended by the Parties to be the final expression of their agreement with respect to the employment of the Executive by the Company and may not be contradicted by evidence that attempts to modify
the express terms of this Agreement. The parties further intend that this Agreement and the Related Agreements shall constitute the complete and exclusive statement of their terms and that no
extrinsic evidence whatsoever may be introduced in any judicial, arbitral, administrative, or other legal proceeding to vary the terms of this Agreement and the Related Agreements. 

12.    Amendments; Waivers.    

This
Agreement may not be modified, amended, or terminated except by an instrument in writing, signed by the Executive and a duly authorized officer of Company. By an instrument in writing similarly
executed, the Executive or a duly authorized officer of the Company may waive compliance by the other party with any provision of this Agreement provided; however, that such waiver shall not operate
as a waiver of, or estoppel with respect to, any other contractual term or subsequent breach. No failure to exercise or delay in exercising any right under this Agreement may be construed as waiver of
that right. 

13.    No Inconsistent Actions.    

The
parties shall not voluntarily undertake or fail to undertake any action or course of action inconsistent with the provisions or essential intent of this Agreement. The Parties intend to act in a
fair and reasonable manner with respect to the interpretation and application of this Agreement. 

14.    Construction.    

This
Agreement shall be deemed drafted equally by both parties. Its language shall be construed as a whole and according to its fair meaning. Any presumption or principle that the language is to be
construed against any party shall not apply. The headings in this Agreement are only for convenience
and are not intended to affect construction or interpretation. Any references to paragraphs, subparagraphs, sections or subsections are to those parts of this Agreement, unless the context clearly
indicates to the contrary. 

15.    Arbitration.    

Any
dispute or controversy between the Parties arising under or in connection with this Agreement or Executive's hire, employment, or termination from employment shall be settled exclusively by
arbitration, conducted before an arbitrator in Hawaii in accordance with the employment rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitration award
in any court having jurisdiction, provided, however, that the Company shall be entitled to seek a restraining order or injunction in any court of
competent jurisdiction to prevent any continuation of any violation of the Agreement and the Executive hereby consents that such restraining order or injunction may be granted without requiring the
Company to post a bond. Only individuals who are (i) lawyers engaged in the practice of law; and (ii) on the AAA register of arbitrators shall be selected as an arbitrator. Within
20 days of the closure of the arbitration record, the arbitrator shall prepare written findings of fact and conclusions of law. It is mutually agreed that the written decision of the arbitrator
shall be valid, binding, final and non-appealable, provided however, that the parties agree that the arbitrator shall not be empowered to award punitive damages against any party to such
arbitration in connection with claims arising out of this Agreement. The arbitrator, as permitted by law, shall require the non-prevailing party to pay the arbitrator's full fees and
expenses or, if in the arbitrator's opinion there is no prevailing party, the arbitrator's fees and expenses will be borne equally by the parties thereto. In the event action is 

9

 

brought
to enforce the provisions of this Agreement pursuant to this Section 15, the non-prevailing parties shall be required to pay
the reasonable attorney's fees and expenses of the prevailing parties to the extent determined to be appropriate by the arbitrator, acting in its sole discretion. 

16.    Validity; Enforcement.    

If
any provision of this Agreement is held to be illegal, invalid or unenforceable, such provision shall be severable and this Agreement shall be construed and enforced as if such provision had never
comprised a portion of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect. Furthermore, in lieu of such illegal, invalid or unenforceable provision
there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable. 

17.    Withholding    

The
Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local or foreign withholding or other taxes or charges which the Company is required to
withhold. The Company shall be entitled to rely on an opinion of counsel if any questions as to the amount or requirement of withholding shall arise. 

18.    Warranty of Noninterference.    

The
Executive warrants that he has taken all actions required under the terms of any prior employment in order to terminate that employment and that the provisions contained in any prior agreements
with former employers, if any, do not affect the Executive's ability to carry out his responsibilities on behalf of the Company. Executive warrants that his full compliance with this Agreement shall
not interfere with, breach, violate, or abridge any other contractual (express or implied) legal or fiduciary obligation of Executive to any other person or business organization including, without
limitation, any duty of protection, non-use or non-disclosure with respect to confidential or proprietary information or trade secrets concerning any of Executive's prior
employers or their employees, customers , prospective customers or providers. Executive further represents and warrants that he has not been induced by the Company to breach any existing contractual
relation in order to come to work for the Company. 

19.    Indemnification and Insurance.    

The
Company shall indemnify the Executive to the fullest extent permitted by the laws of the State of Hawaii, as in effect at the time of the subject act or omission, and he will be entitled to the
protection of any insurance policies the Company may elect to maintain generally for the benefit of its directors and senior executive officers against all costs, charges and expenses incurred or
sustained by him in connection with any action, suit or proceeding to which he may be made a party by reason of his being or having been a director, officer or employee of the Company or any of its
subsidiaries or his serving or having served any other enterprise, plan or trust as a director, officer, employee or fiduciary at the request of the Company (other than any dispute, claim or
controversy arising under or relating to this Agreement (except for this Section 19)). The provisions of this  Section 19 shall survive any
termination of Executive's employment or any termination of this Agreement. 

20.    Employee Acknowledgement    

The
Executive acknowledges that he has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance upon any representations or promises made by the Company other
than those contained in writing herein, and has entered into this Agreement freely based on his own judgment. 

10

 

        IN
WITNESS WHEREOF, the parties have executed this Agreement on the date and year first above written. 

 

 

					
	 	 	Hawaiian Telcom Communications, Inc.
	

 	
 	
By	
 	
/s/ Eric K. Yeaman

  Eric K. Yeaman

Its President and Chief Executive Officer
	

 	
 	
 	
 	
/s/ Kurt Hoffman

  Kurt Hoffman

 

 11

QuickLinks

Exhibit 10.25

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