Document:

Exhibit 10.23

 

July 24, 2003

 

 

Brian Crowley

7901 228th St. SE

Woodinville, WA  98072

 

Dear Brian:

 

It
is with great pleasure that I inform you that the Board of Directors has
unanimously elected to promote you to President and Chief Executive Officer of
BSQUARE Corporation, including a position on the Board of Directors.  The effective date of this appointment is on July 25,
2003.

 

You will continue to be an exempt employee and ineligible for
overtime.  BSQUARE’s pay periods remain
bi-weekly.  Your initial salary as
President and CEO will be $200,000 on an annualized basis.  Performance reviews are generally conducted
on an annual basis, and you may be given salary adjustments, based on
performance, at the discretion of the Board of Directors.  Your employee benefits will continue to be
determined by the terms of BSQUARE’s personnel policies and its sponsored
employee benefits plans, which may be revised by BSQUARE from time-to-time.

 

BSQUARE Corporation is also pleased to grant you additional options to
purchase 300,000 shares of BSQR stock (one-eighth vesting quarterly, over a
two-year period), strike price to be fair market value of BSQR stock at close
of market on July 24, 2003.  The
terms of this award are subject to our Stock Option Plan and the Stock Option
Agreement you will sign.

 

You will continue to be employed at will and
terminable with or without cause or prior notice.  However, if BSQUARE Corporation terminates
your employment when neither  “cause” nor
“long term disability” exists, and provided that you release BSQUARE
Corporation and its agents from any and all employment-related claims in a
signed, written release satisfactory in form and substance to BSQUARE
Corporation, BSQUARE Corporation shall pay you a consideration payment as
follows:

 

BSQUARE
Corporation shall pay to you severance equal to six months of your then annual
base salary.  If BSQUARE Corporation
gives you at least a full month’s advance notice of termination, however, the
severance payments shall be reduced by one month’s salary for each full month
of advance termination notice given. 
These severance payments shall be paid out at the rate of your final
base salary on regular payroll days post termination, subject to legally
required and any individually agreed upon payroll deductions.  During this period, you would not be
considered an employee and would therefore receive no Paid Time Off accrual,
nor would you be entitled to benefits under BSQUARE’s health and welfare plans
or retirement savings plan as an active employee.  Also during this period, your stock options
will continue to vest until the final payment is made.  You will have ninety days from the date final
payment is made in which to exercise any vested options, and any non-vested
options would terminate as of the date final payment is made.

 

For purposes of the severance provision indicated above, “cause” is
defined on attachment A hereto, and “long term disability” is defined in our
sponsored Long Term Disability group insurance plan.

 

1

 

Please signify your acceptance of this promotion and these updated
employment terms (which replace and supercede the prior terms) by signing a
copy of this letter and returning one copy to Caprice Pine in Human Resources.

 

On behalf of BSQUARE Corporation, I hope you accept this
promotion.  If you have any questions or
concerns, please feel free to contact me.

 

	
  Sincerely,

  	
   

  	
   

  	
  Accepted by:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ William T. Baker

  	
  7/24/03

  	
   

  	
  /s/ Brian T. Crowley

  	
  7/24/03

  	
   

  
	
  William T. Baxter

  	
  Date

  	
   

  	
  Brian T. Crowley

  	
  Date

  	
   

  
	
  CEO and President

  	
   

  	
   

  
	
  BSQUARE CORPORATION

  	
   

  	
   

  
							

 

2

 

ATTACHMENT A

 

For purposes of this agreement “cause” means and is
limited to dishonesty, fraud, commission of a felony or of a crime involving
moral turpitude, destruction or theft of Company property, physical attack to a
fellow employee, intoxication at work, use of controlled substances or alcohol
to an extent that materially impairs Employee’s performance of his or her
duties, willful malfeasance or gross negligence in the performance of Employee’s
duties, violation of law in the course of employment that has a material
adverse impact on Company or its employees, Employee’s failure or refusal to
perform Employee’s duties, Employee’s failure or refusal to follow reasonable
instructions or directions, misconduct materially injurious to Company, neglect
of duty, poor job performance, or any material breach of Employee’s duties or
obligations to Company that results in material harm to Company.

 

For purposes of this agreement, “neglect of duty”
means and is limited to the following circumstances:  (i) Employee has, in one or more
material respects, failed or refused to perform Employee’s job duties in a
reasonable and appropriate manner (including failure to follow reasonable
directives), (ii) the Board, or a duly appointed representative of the
Board, has counseled Employee in writing about the neglect of duty and given
Employee a reasonable opportunity to improve, and (iii) Employee’s neglect
of duty either has continued at a material level after a reasonable opportunity
to improve or has reoccurred at a material level within one year after Employee
was last counseled.

 

For purposes of this agreement, “poor job performance”
means and is limited to the following circumstances:  (i) Employee has, in one or more
material respects, failed to perform Employee’s job duties in a reasonable and
appropriate manner, (ii) the Board, or a duly appointed representative of
the Board, has counseled Employee in writing about the performance problems and
given Employee a reasonable opportunity to improve, and (iii) Employee’s
performance problems either have continued at a material level after a
reasonable opportunity to improve or the same or similar performance problems
have reoccurred at a material level within one year after Employee was last
counseled.

 

3Exhibit 10.1

 

SECOND SUPPLEMENTAL INDENTURE

 

This Supplemental Indenture (this “Supplemental Indenture”),
dated as of July 12, 2004, by and among Great Lakes Dredge & Dock
Company, LLC, a Delaware limited liability company (the “Guaranteeing
Subsidiary”), Great Lakes Dredge & Dock Corporation, a Delaware
corporation (the “Issuer”), Great Lakes Dredge & Dock Company,
a New Jersey corporation, Great Lakes
Caribbean Dredging, Inc., a Delaware corporation, Dawson Marine Services
Company, a Delaware corporation, North American Site Developers, Inc., a
Massachusetts corporation, Fifty-Three Dredging Corporation, a New Jersey
corporation, and JDC Soil Management & Development Inc., a
Massachusetts corporation (each an “Existing Guarantor” and,
collectively, the “Existing Guarantors”) and BNY Midwest Trust Company,
as trustee under the Indenture referred to below (the “Trustee”).

 

WITNESSETH

 

WHEREAS, the Issuer and the Existing Guarantors have previously
executed and delivered to the Trustee an indenture, dated as of December 22,
2003, as supplemented and amended from time to time (the “Indenture”),
providing for the issuance of an aggregate principal amount of up to
$175,000,000 of 7 3⁄4% Senior Subordinated Notes due 2013 (the “Notes”);

 

WHEREAS, pursuant to Section 4.19 of the Indenture, the Guaranteeing
Subsidiary is required to become a Subsidiary Guarantor and execute a
supplemental indenture to the Indenture; and

 

WHEREAS, pursuant to Section 9.06 of the Indenture, the Trustee is
authorized to execute and deliver this Supplemental Indenture.

 

NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the
parties hereto mutually covenant and agree for the equal and ratable benefit of
the Holders of the Notes as follows:

 

1.          Capitalized
Terms. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture.

 

2.          Agreement
to Guarantee.  The Guaranteeing
Subsidiary hereby agrees as follows:

 

(1)        Along
with all Subsidiary Guarantors named in the Indenture, to unconditionally
guarantee (each such guarantee to be referred to herein as a “Subsidiary
Guarantee”) to each Holder of a Note authenticated and delivered by the
Trustee and to the Trustee and its successors and assigns, irrespective of the
validity and enforceability of this Supplemental Indenture, the Notes or the
obligations of the Issuer hereunder or thereunder, that:  (i) the

 

 

principal of and interest on the Notes will be promptly paid in full
when due, whether at maturity, by acceleration, redemption or otherwise, and
interest on the overdue principal of and interest on the Notes, if any, if
lawful, and all other obligations of the Issuer to the Holders or the Trustee
hereunder or thereunder will be promptly paid in full or performed, all in
accordance with the terms hereof and thereof; and (ii) in case of any
extension of time of payment or renewal of any Notes or any of such other
obligations, that same will be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated
maturity, by acceleration or otherwise. 
Failing payment when due of any amount so guaranteed or any performance
so guaranteed for whatever reason, the Guaranteeing Subsidiary shall be jointly
and severally obligated to pay the same immediately.  The Guaranteeing Subsidiary agrees that this
is a guarantee of payment and not a guarantee of collection.

 

(2)        The
Guaranteeing Subsidiary hereby agrees that its obligations hereunder shall be
unconditional, irrespective of the validity, regularity or enforceability of
the Notes or this Supplemental Indenture, the absence of any action to enforce
the same, any waiver or consent by any Holder of the Notes with respect to any provisions
hereof or thereof, the recovery of any judgment against the Issuer, any action
to enforce the same or any other circumstance which might otherwise constitute
a legal or equitable discharge or defense of any other Subsidiary Guarantor. The
Guaranteeing Subsidiary hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of insolvency or bankruptcy
of the Issuer, any right to require a proceeding first against the Issuer,
protest , notice and all demands whatsoever and covenants that its Subsidiary
Guarantee shall not be discharged except by complete performance of the
obligations contained in the Notes, the Indenture and this Subsidiary
Guarantee.

 

(3)        If
any Holder or the Trustee is required by any court or otherwise to return to
the Issuer, to any Subsidiary Guarantor, or any custodian, trustee, liquidator
or other similar official acting in relation to either the Issuer or to any
Subsidiary Guarantor, any amount paid by either the Trustee or such Holder, the
Subsidiary Guarantee, to the extent theretofore discharged, shall be reinstated
in full force and effect.

 

(4)        The
Guaranteeing Subsidiary agrees that it shall not be entitled to any right of
subrogation in relation to the Holders in respect of any Subsidiary Guarantee
until payment in full of all obligations guaranteed under this Supplemental
Indenture. The Guaranteeing Subsidiary further agrees that, as between it, on
the one hand, and The Holders and the Trustee, on the other hand, (x) the
maturity of The obligations guaranteed hereby may be accelerated as provided

 

 

in Article 6 of the Indenture for the purposes of this Subsidiary Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (y) in the
event of any declaration of acceleration of such obligations as provided in Article 6
of the Indenture, such obligations (whether or not due and payable) shall
forthwith become due and payable by the Guaranteeing Subsidiary for the purpose
of this Subsidiary Guarantee. The Guaranteeing Subsidiary shall have the right
to seek contribution from any non-paying Subsidiary Guarantor so long as the
exercise of such right does not impair the rights of the Holders under this
Subsidiary Guarantee.

 

3.          Incorporation
of Terms of Indenture. The obligations of the Guaranteeing Subsidiary under
the Subsidiary Guarantee shall be governed in all respects by the terms of the
Indenture and shall constitute a Subsidiary Guarantee thereunder. Each of the
parties hereto shall be bound by the terms of the Indenture as they relate to
the Subsidiary Guarantees.

 

4.          No
Recourse Against Others. No past, present or future director, officer,
employee, incorporator or stockholder of the Guaranteeing Subsidiary shall have
any person liability under this Subsidiary Guarantee by reason of his, her or
its status as such director, officer, employee, incorporator or stockholder.

 

5.          Governing
Law. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO
CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS
OF ANOTHER JURSDICTION WOULD BE REQUIRED THEREBY.

 

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

 

7.          Effect
of Headings. The headings in this Supplemental Indenture have been inserted
for convenience of reference only, are not to be considered a part of his
Supplemental Indenture and shall in no way modify or restrict any of the terms
or provisions hereof.

 

8.          Disclaimer
by Trustee. The Trustee makes no representation as to the validity of this
Supplemental Indenture or the proper authorization or due execution of this
Supplemental Indenture by the Issuer, the Existing Guarantors or the
Guaranteeing Subsidiary.

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed and attested, all as of July 12, 2004.

 

 

	
   

  	
  GREAT LAKES DREDGE & DOCK COMPANY, 

  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Deborah A. Wensel

  	
   

  
	
   

  	
   

  	
  Name: Deborah A. Wensel

  
	
   

  	
   

  	
  Title:   Sr. VP & CFO

  
	
   

  	
   

  
	
   

  	
  GREAT LAKES DREDGE & DOCK CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Deborah A. Wensel

  	
   

  
	
   

  	
   

  	
  Name: Deborah A. Wensel

  
	
   

  	
   

  	
  Title:   Sr. VP & CFO

  
	
   

  	
   

  
	
   

  	
  GREAT LAKES DREDGE & DOCK COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Deborah A. Wensel

  	
   

  
	
   

  	
   

  	
  Name: Deborah A. Wensel

  
	
   

  	
   

  	
  Title:   Sr. VP & CFO

  
	
   

  	
   

  
	
   

  	
  GREAT LAKES CARIBBEAN DREDGING, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Deborah A. Wensel

  	
   

  
	
   

  	
   

  	
  Name: Deborah A. Wensel

  
	
   

  	
   

  	
  Title:   Sr. VP & CFO

  
	
   

  	
   

  
	
   

  	
  DAWSON MARINE SERVICES COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Deborah A. Wensel

  	
   

  
	
   

  	
   

  	
  Name: Deborah A. Wensel

  
	
   

  	
   

  	
  Title:   Sr. VP & CFO

  

 

 

	
   

  	
  NORTH AMERICAN SITE DEVELOPERS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Deborah A. Wensel

  	
   

  
	
   

  	
   

  	
  Name: Deborah A. Wensel

  
	
   

  	
   

  	
  Title:   Sr. VP & CFO

  
	
   

  	
   

  
	
   

  	
  FIFTY-THREE DREDGING CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul Dinquel

  	
   

  
	
   

  	
   

  	
  Name: Paul Dinquel

  
	
   

  	
   

  	
  Title:   VP

  
	
   

  	
   

  
	
   

  	
  JDC SOIL MANAGEMENT & DEVELOPMENT INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Deborah A. Wensel

  	
   

  
	
   

  	
   

  	
  Name: Deborah A. Wensel

  
	
   

  	
   

  	
  Title:   Sr. VP & CFO

  
	
   

  	
   

  
	
   

  	
  BNY MIDWEST TRUST COMPANY, As Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. Bartolini

  	
   

  
	
   

  	
   

  	
  Name: J. Bartolini

  
	
   

  	
   

  	
  Title:   Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}]]