Document:

Exhibit

EXHIBIT 10.4

FORGIVABLE LOAN TERMINATION AGREEMENT
This FORGIVABLE LOAN TERMINATION AGREEMENT (this “Agreement”) is made by and between National Financial Services LLC (“NFS”) and Ladenburg Thalmann Financial Services Inc. (“Ladenburg” and, together with NFS, the “Parties” and individually, a “Party”) and shall be effective as of the last date executed by the Parties as set forth below (“Effective Date”).  
WHEREAS, NFS and Ladenburg are parties to that certain Forgivable Loan Agreement, dated November 4, 2011 (the “Loan Agreement”); 
WHEREAS, NFS and the certain broker-dealers that are wholly-owned subsidiaries of Ladenburg have entered into amendments extending the terms of the of the following clearing agreements for a six (6) year renewal term which commences on April 1, 2018:  (1) Fully Disclosed Clearing Agreement, dated February 13, 2007, between NFS and Ladenburg Thalmann & Co. Inc.; (2) Amended and Restated Fully Disclosed Clearing Agreement, dated November 4, 2011, between NFS and Triad Advisors Inc.; (3) Fully Disclosed Clearing Agreement, dated April 24, 2008, between NFS and Investacorp, Inc.; (4) Fully Disclosed Clearing Agreement, dated November 4, 2009, between NFS and Securities America, Inc.; (5) Fully Disclosed Clearing Agreement, dated April 22, 2010, between NFS and Securities Service Network, Inc. and such amendments are collectively referred to herein as the “2018 FDCA Amendments”; and
WHEREAS, in connection with, and subject to, NFS and each of the applicable Ladenburg subsidiary broker-dealers executing the 2018 FDCA Amendments, NFS has agreed to forgive the repayment of the remaining principal and interest due under the Loan Agreement and NFS and Ladenburg have agreed to terminate the Loan Agreement;
 NOW, THEREFORE, in consideration of the premises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:
1. Forgiveness of Principal; Termination of the Loan Agreement. Effective upon the execution by NFS and the applicable subsidiary broker-dealer of each of the 2018 FDCA Amendments, (a) NFS hereby forgives the obligation of Ladenburg to pay any outstanding principal and interest due under the Loan Agreement; and (b) NFS and Ladenburg hereby agree and acknowledge that, notwithstanding any term of the Loan Agreement, as of the Effective Date, the Loan Agreement is terminated, except for Section 11 (Confidentiality) and Section 20 (Indemnification) of the Loan Agreement which, in accordance with their terms, survive termination of the Loan Agreement.
2.  Counterparts. This Agreement may be executed in counterparts (including by facsimile or other electronic transmission), each one of which shall be deemed an original and all of which together shall constitute one and the same Agreement.

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3.  Governing Law. This Agreement shall be governed by, interpreted under, and construed and enforced in accordance with, the Law of the State of New York, not taking into account any rules of conflicts of laws that would cause the application of the laws of any other jurisdiction.
4.  Further Assurances. Each Party shall execute and deliver such additional documents as may be reasonably requested by any other Party to consummate the transactions contemplated by this Agreement.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above.
	
		
	NATIONAL FINANCIAL SERVICES LLC   

By:   /s/ Lisa O. Smith
Name:   Lisa O. Smith
Title:   VP- Fidelity Clearing & Custody Solutions
Date:   5/8/2018
	LADENBURG THALMANN FINANCIAL SERVICES INC. 

By:   /s/ Brian Heller
Name:   Brian Heller
Title:   SVP - Business and Legal Affairs
Date:   5/7/2018

2Exhibit

                                                    
Exhibit 10.2

WRITTEN CONSENT OF PREFERRED MAJORITY HOLDER 
January 23, 2018

RECITALS

WHEREAS, following its initial public offering, ADT Inc. (the “Company”) may seek to make a distribution to its holders of common equity (a “Distribution”);

WHEREAS, pursuant to Section 9(a)(i) of the Second Amended and Restated Certificate of Designation of Series A Preferred Securities of the Company (the “Series A Designation”), the Company is prohibited from making any Distribution without the prior written consent of Koch SV Investments, LLC (“Koch”), the Preferred Majority Holder (as defined in the Series A Designation), in accordance with Section 10 of the Series A Designation; and

WHEREAS, Koch desires to consent to a one-time distribution on or before June 30, 2018, not to exceed $50,000,000.

WRITTEN CONSENT

1.Consent.  In exchange for good and valuable consideration, the receipt of which is acknowledged, Koch hereby consents to one distribution on or before June 30, 2018, not to exceed $50,000,000 (the “Permitted Distribution”), in accordance with Section 10 of the Series A Designation and accordingly the Permitted Distribution shall not result in, upon notice or passage of time or otherwise, in a default, breach or violation of the Series A Designation or any Related Agreement (as defined in the Series A Designation).

2.Effect of Consent.  Except as expressly provided in Section 1, this Written Consent of Preferred Majority Holder does not, by implication or otherwise, nor shall it be deemed to operate to, alter, modify, waive, amend or in any way affect any of the rights, remedies, powers, privileges or covenants contained in the Series A Designation or in any Related Agreement.  The consent set forth in Section 1 above will not be deemed to (a) be consent to any past, current or future amendment, waiver or modification of any other term or condition of the Series A Designation or any Related Agreement or (b) otherwise prejudice any right or remedy which Koch may now have or may have in the future under or in connection with the Series A Designation or any Related Agreement.  

This Written Consent shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any choice or conflict of law provision or rule (whether the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

[Signature page follows]

     IN WITNESS WHEREOF, this Written Consent is executed as of the date first written above.

PREFERRED MAJORITY HOLDER
KOCH SV INVESTMENTS, LLC
                                                           	
		
	By:
	/s/ Brett Watson

	Name:
	Brett Watson

	Title:
	Vice President

[SIGNATURE PAGE TO WRITTEN CONSENT OF PREFERRED MAJORITY HOLDER]Exhibit

Exhibit 10.3

AGREEMENT AND  CONSENT 
This Agreement and Consent, dated as of May 8, 2018 (this “Agreement and Consent”) is entered into by and among Koch SV Investments, LLC (“Koch”) and ADT Inc. (the “Company”), to specify certain rights and obligations of Koch and the Company pursuant to the Second Amended and Restated Certificate of Designation of Series A Preferred Securities (the “Series A Designation”) of the Company and all Related Documents.  Terms used but not defined herein shall have the meaning assigned in the Series A Designation. 
 
RECITALS

WHEREAS, pursuant to Section 9(a)(i) of the Series A Designation of the Company, the Company is prohibited from making any Restricted Payment without the prior written consent of Koch, which is the Preferred Majority Holder, in accordance with Section 10 of the Series A Designation; 

WHEREAS, on January 23, 2018, Koch consented to a one-time distribution to be made by the Company to its holders of common equity in an amount not to exceed $50,000,000 (the “First Distribution”);

WHEREAS, the Company used the First Distribution to declare and pay a quarterly dividend to its stockholders on April 5, 2018 in an aggregate amount equal to $26,839,525.90; 

WHEREAS, the Company seeks to declare and pay another quarterly dividend to its stockholders on or before July 2, 2018 in an amount not to exceed $27,000,000 (the “Second Distribution”);

WHEREAS, Koch desires to consent to the Second Distribution;

WHEREAS, pursuant to Section 6(a)(i) of the Series A Designation, the Company may elect to redeem the Series A Preferred Securities at any time and from time to time; and

WHEREAS, in consideration for Koch’s consent to the Second Distribution, the Company agrees to redeem all of the outstanding Series A Preferred Securities of the Company on July 2, 2018 (the “Redemption Date”) pursuant to the terms of the Series A Designation. 

AGREEMENT AND CONSENT

1.Consent of Preferred Majority Holder.  In exchange for good and valuable consideration, the receipt of which is acknowledged, in accordance with Section 10 of the Series A Designation, Koch hereby consents to the Second Distribution and accordingly, the Second Distribution shall not result, upon notice or passage of time or otherwise, in a default, breach or violation of the Series A Designation or any Related Agreement.

2.Agreement to Redeem the Series A Preferred Securities.     In exchange for good and valuable consideration, the receipt of which is acknowledged, the Company hereby agrees to redeem in full all of the outstanding Series A Preferred Securities on the Redemption Date (the “Redemption”) at the Redemption Price in accordance with Section 6 of the Series A Designation.  The Company acknowledges and agrees that the aggregate amount of the distribution required to be made prior to the Redemption pursuant to Section 6(a)(i) of the Series A Designation shall be approximately $201,000,000, and shall be calculated in accordance with the provisions of the Series A Designation.

Exhibit 10.3

3.Redemption of the Koch Preferred Securities.        Upon payment of the Redemption Price with respect to all of the Series A Preferred Securities, no Series A Preferred Securities shall remain outstanding and Dividends shall cease to accumulate thereon.  Upon payment of the Redemption Price with respect to all of the Series A Preferred Securities, except to the extent otherwise provided in Section 2.1 of the Second Amended and Restated Series A Investor Rights Agreement, the Preferred Majority Holder and the Company, each on behalf of itself and its successors, assigns and other legal representatives, hereby shall, automatically and without any notice or demand, absolutely, unconditionally and irrevocably release, remise and forever discharge the Company or the Preferred Majority Holder, respectively, and its present and former shareholders, direct and indirect owners, partners, members, managers, consultants, affiliates, subsidiaries, divisions, predecessors, current or former directors, officers, attorneys, advisors, financial advisors, principals, employees, agents, managed funds representatives and other representatives, together with such person’s predecessors, successors, heirs, executors and assigns, and all persons acting by, through, under or in concert with any of them (together the “Releasees”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, debts, liabilities, reckonings, damages and any and all other claims, counterclaims, defenses, recoupment, rights of setoff, demands and liabilities whatsoever of every name and nature, known or unknown, contingent or mature, suspected or unsuspected, foreseen or unforeseen or liquidated or unliquidated, both at law and in equity, or upon contract or tort or under any state or federal law or otherwise (collectively, “Released Claims”), which the Preferred Majority Holder, the Company or any other party hereto, or any of their respective successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them (including, without limitation, any other matter relating to the Company, its affiliates or their operations), in each case arising out of the Series A Designation and any Related Agreement. 

4.Effect of Agreement and Consent.  Except as expressly provided in Section 1 and Section 2 hereof, this Agreement and Consent does not, by implication or otherwise, nor shall it be deemed to operate to, alter, modify, waive, amend or in any way affect any of the rights, remedies, powers, privileges or covenants contained in the Series A Designation or in any Related Agreement.  This Agreement and Consent shall not be deemed to be consent to any past, current or future amendment, waiver or modification of any other term or condition of the Series A Designation or any Related Agreement.  

This Agreement and Consent shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any choice or conflict of law provision or rule (whether the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

[Signature page follows]

Exhibit 10.3

      IN WITNESS WHEREOF, this Agreement and Consent is executed as of the date first written above.

PREFERRED MAJORITY HOLDER
KOCH SV INVESTMENTS, LLC

    	
		
	By:
	/s/ Brett Watson

	Name:
	Brett Watson

	Title:
	Vice President

THE COMPANY
ADT Inc.

    	
		
	By:
	/s/ Timothy J. Whall

	Name:
	Timothy J. Whall

	Title:
	CEO

[Signature Page - Agreement and Consent]

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