Document:

ceyy_ex101.htm

EXHIBIT 10.1

September 6, 2013

 

Kent Emry

c/o Dakavia

4676 Commercial Street SE, #167

Salem, OR 97302

Re: Offer of employment

 

Dear Mr. Emry:

Fresh Start Private Management, Inc., a Nevada Corporation (the “Company”), is pleased to offer you employment with the Company on the terms described below.

 

	
1.  

	
Position. You will start in a full-time position of Chief Executive Officer of the Company, reporting to the Company’s Board of Directors (the “Board”), with the authority and duties set forth in the Company’s By-laws. You will be appointed to the Board upon your commencement of employment and, subject to legal limitations. For purposes of the letter agreement (this “Agreement”), your first day of work at the Company, which shall be September 13, 2013 or sooner (“Anniversary Date”), will be considered your “Employment Start Date”.

Your employment with the Company will extend every twelve (12) months from your anniversary date unless the board of directors provides prior written notice of non-renewal thirty days prior to anniversary date.

	
2.  

	
Compensation. Your starting annual base salary will be at the rate of two hundred thousand dollars ($200,000) per annum, less any applicable taxes and withholdings, paid in accordance with the Company’s normal payroll practices and subject to annual review for increase and bonus. After year one you will also be eligible to receive an annual bonus as provided by the board of directors based on performance and Company’s performance.

 

 

  

601 North Parkcenter Drive, Suite 103, Santa Ana, CA 92705

Tel (714) 541-6100

K. Emry – Offer of employment

Page 2

 

	
3.  

	
Inducement Stock Option Grant. As a part of the Company’s executive team, we strongly believe that ownership of the Company by our employees is an important factor to our success. Therefore, as part of your compensation, the Company will grant you an option to purchase six million (6,000,000) shares of the Company’s common stock (the “Inducement Option”). The per share exercise price for the inducement Option will be determined by the Plan Administrator of Fresh Start Stock Option Plan on the date of grant as determined by the board of directors. The inducement Option will be issued under, and subject to, the terms and conditions of the Company’s 2012 Stock Option Plan, and, to the extent not inconsistent herewith, the applicable notice of stock option grant and stock option agreement. The Company will issue granted stock the employee stock option to you within five business days of the grant date.

	
4.  

	
Confidential Information. Like all Company employees, you will be required, as a condition of your employment with the Company, to sign the Company’s Confidentiality Agreement.

	
5.  

	
Termination of Employment. If your employment under this Agreement terminates, the provisions below will apply.

The company may terminate your employment with or without Cause. You may terminate your employment with or without Good Reason.

	
6.  

	
Outside Activities.  While you render services to the Company, you agree that you will disclose to the board of directors any other employment, consulting or other business activity.

 

	
7.  

	
Miscellaneous.

 

	
(a)  

	
Governing Law.  The validity, interpretation, construction and performance of this Agreement, and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the state of California, without giving effect to principles of conflicts of law.

 

	
(b)  

	
Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and all of which together shall constitute one and the same agreement.

 

 

  

601 North Parkcenter Drive, Suite 103, Santa Ana, CA 92705

Tel (714) 541-6100

K. Emry – Offer of employment

Page 3

If you wish to accept this offer, please sign and date this letter and return it to me.  As required, by law, your employment with the Company is also contingent upon your providing legal proof of your identity and authorization to work in the United States.  This offer, if not accepted, will expire at the close of business on September 13, 2013.

 

We look forward to having you join us no later than September 13, 2013.

 

	 	
Very truly yours,

	 
	 	 	 
	 	
FRESH START PRIVATE MANAGEMENT, INC

	 
	 	 	 	 
	 	
By: 

	 /s/ Neil Muller	 
	 	 	(Signature)	 
	 	 	 	 
	 	Name: 	
Neil Muller

	 
	 	Title:	
President and Director

	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Jorge Andrade	 
	 	 	
(Signature)

	 
	 	 	 	 
	 	Name: 	Jorge Andrade	 
	 	Title:	CEO and Chairman	 

 

	 	 	 	 
	
ACCEPTED AND AGREED:

	 	 	 
	 	 	 	 
	
Kent Emry

	 	 	 
	
KENT EMRY

	 	 	 
	 	 	 	 
	
/s/ Kent Emry

	 	 	 
	
(Signature)

	 	 	 
	 	 	 	 
	September 9, 2013	 	 	 
	
Date

	 	 	 
	 	 	 	 
	Anticipated Start Date: 	 September 13, 2013	 	 	 

 

601 North Parkcenter Drive, Suite 103, Santa Ana, CA 92705

Tel (714) 541-6100Exhibit 10.1

 

THIRD AMENDMENT TO

MASTER LOAN AGREEMENT

THIS THIRD AMENDMENT TO MASTER LOAN AGREEMENT (this "Amendment") is dated as of September 19, 2013, and is executed by and between M-TRON INDUSTRIES, INC., a Delaware corporation and PIEZO TECHNOLOGY, INC., a Florida corporation, jointly and severally (hereinafter referred to as the "Borrower") and JPMORGAN CHASE BANK, N.A. ("Bank").

R E C I T A L S:

WHEREAS, Bank extended to Borrower facilities to finance the acquisition of certain assets and fund certain operating expenses through advances made under credit facilities including (i) a revolving line of credit in the initial principal amount of $4,000,000.00; (ii) commercial line of credit in the amount of $2,000,000.00; and (iii) term loan in the amount of $536,192.17 (collectively, the "Loans"); and

WHEREAS, the Loans are subject to the terms and conditions of that certain Master Loan Agreement between Borrower and Bank dated June 30, 2011, as amended by a First Amendment thereto dated June 28, 2012, and as further amended by a Second Amendment thereto dated September 28, 2012 (collectively, the "Existing Loan Agreement"); and

WHEREAS, Borrower and Bank desire to hereby modify and amend the Existing Loan Agreement.

NOW, THEREFORE, in consideration of the premises and the mutual agreements, covenants and conditions herein, Borrower and Bank agree as follows:

1.            Recitals and Terms

.  The foregoing Recitals are true and correct, and are incorporated herein by this reference.  Capitalized terms used and not defined herein shall have the meanings assigned thereto in the Existing Loan Agreement.

2.            Modifications

.

	
(a)

	
Section 3.13(c) of Article III of the Existing Loan Agreement is hereby deleted in its entirety and the following is substituted in lieu thereof:

(c)            Minimum Tangible Net Worth.  Upon the end of every fiscal quarter of Borrower during the term of the Loan, the Borrower's Minimum Tangible Net Worth shall not be less than the sum of $6,000,000.00.  For the purposes of the foregoing, "Minimum Tangible Net Worth" shall mean total assets less the sum of Intangible Assets and total liabilities.

"Intangible Assets" shall mean the aggregate amount of: (1) all assets classified as intangible assets under generally accepted accounting principles, including, without limitation, goodwill, trademarks, patents, copyrights, organization expenses, franchises, licenses, trade names, brand names, mailing lists, catalogs, excess of costs over book value of assets acquired, and bond discount and underwriting expenses [and] (2) loans or advances to, investments in, or receivables from (i) Affiliates, officers, directors, employees or shareholders of the Borrower or (ii) any person or entity if such loan, advance, investment or receivable is outside the Borrower's normal course of business and (3) security deposits. 

3.            Reaffirmation of Representations and Warranties

. Borrower hereby reaffirms to Bank each of Borrower's representations and warranties, covenants and agreements set forth in the Existing Loan Agreement with the same force and effect as if each were fully restated herein and made as of the date hereof, and Borrower hereby certifies to Bank that no default or event of default has occurred or is presently occurring under the Existing Loan Agreement or the other loan documents executed in connection therewith.

4.            No Claims or Offsets

.  Borrower hereby acknowledges and certifies to Bank that, as of the date of this Amendment, there are not counterclaims, defenses or offsets whatsoever against Bank with respect to the Existing Loan Agreement, or with respect to the documents, instruments and agreements related to the Existing Loan Agreement or executed in connection therewith.

5.            No Other Changes

.  Except as otherwise set forth in this amendment, the Existing Loan Agreement shall remain unchanged in full force and effect.

(SIGNATURES APPEAR ON NEXT PAGE)

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized offices as of the day and year first above written.

                                                                                                         BORROWER:

		
M-TRON INDUSTRIES, INC., a Delaware corporation

		
		
By:

	
/s/ R. LaDuane Clifton

			
Name:

	
R. LaDuane Clifton

			
Title:

	
Chief Financial Officer and Secretary

		
PIEZO TECHNOLOGY

		
 

		
By:

	
/s/ R. LaDuane Clifton

			
Name:

	
R. LaDuane Clifton

			
Title: 

	
Chief Financial Officer and Secretary

                                                                                                         BANK:

		
THE LGL GROUP, INC.

		
		
By:

	
/s/ Taylor Kennedy

			
Name:

	
Taylor Kennedy

			
Title:

	
Officer

3

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