Document:

ex10-a.htm

 

EXHIBIT 10-a

COMPENSATION AGREEMENT

THIS COMPENSATION AGREEMENT is made effective as of the 1st day of January, 2011, and is entered into as of the dates set forth below, by and between PANAM TERRA, INC., a Nevada corporation, with principal offices located at 900 Biscayne Boulevard, Suite No. 3307, Miami, Florida, 33132, hereinafter referred to as “Company,” and ANGEL LANA, of 106 Winged Foot Lane, Boca Raton, Florida, 33431, hereinafter referred to as
“Lana.”

RECITALS:

Company is a land and agricultural company with a history as a public company and a need for updated financial statements and chief financial officer services.

Lana is a Certified Public Accountant with experience in preparing financial statements for public companies and providing chief financial services to other companies.

Company wishes to retain Lana and Lana wishes to be retained by Company to assist Company in the preparation of financial statements and to provide chief financial officer services for Company;

In return for Lana providing services to Company, including the chief financial officer services for the one (1) year period beginning January 1, 2011, Company has agreed to provide Lana with compensation on the basis set forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants set forth below, it is agreed as follows:

1.      RECITALS.  The above recitals are true and accurate in all respects and are incorporated herein by reference.

2.      COMPENSATION.  Company agrees to engage Lana and Lana agrees to perform financial services, including chief financial officer services, for the Company for a period of one (1) year beginning on January 1, 2011, in return for the delivery to him of a total of Seven Hundred Fifty Thousand (750,000) shares of restricted shares of the Company’s common stock (the “Shares”).  Such restricted stock shall cover the services Lana provides for the Company on a quarterly basis for the period of January 1, 2011 through
December, 31, 2011, by providing to him One Hundred Seventy-Five Thousand (175,000) restricted shares for the first calendar quarter of 2011, Two Hundred Thousand (200,000) restricted shares for the second calendar quarter of 2011,  Two Hundred Twenty-Five Thousand (225,000) restricted shares for the third calendar quarter of 2011, and One Hundred Fifty Thousand (150,000) restricted shares for the fourth calendar quarter.  At the conclusion of such one (1) year period, Company shall insure that (i) a Company stock certificate or certificates are delivered to Lana representing the Shares, (ii) the Company has taken all actions necessary to approve the issuance to Lana of the Shares, including properly authorizing the grant and issuance to Lana of the Shares, and (iii) the Shares are validly issued in the name of Lana and non-assessable.  Company and Lana
further agree that the Company may place a restrictive legend on the Shares but that Lana shall be able to sell the Shares in private transactions or in compliance with Rule 144 in the event a public market for Company stock develops.

  

  

  

3.      INDEPENDENT CONTRACTOR STATUS.  Lana shall at all time act as an independent contractor and not as an employee of Company.  In that connection, Company acknowledges that Lana will be free to perform accounting, tax preparation, chief financial officer and related services for others during the time that he performs services for Company hereunder.

4.      PRIOR AGREEMENTS.  This Agreement supersedes in its entirety any and all prior agreements between Company and Lana with respect to the subject matter addressed herein.

5.      INVALID OR UNENFORCEABLE PROVISIONS.  The invalidity or unenforceability of any particular provision of this Agreement, as determined by a court of competent jurisdiction, shall not affect the other provisions of this Agreement and this Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted or modified by a court of competent jurisdiction in such a way as to make it valid and enforceable.

6.      BENEFIT AND BURDEN.  This Agreement shall inure to the benefit of, and be binding upon, the parties and their heirs, successors and assigns; however, the right of retention of Lana under this Agreement is personal in nature and may not be assigned by Lana.

7.      WAIVER AND MODIFICATION.  No change or modification of this Agreement shall be valid unless it is in writing and is signed by the parties hereto.  No waiver of any provision of this Agreement shall be valid unless in writing and signed by the party against whom it is sought to be enforced.  Failure of any party at any time to insist upon strict performance of a condition, promise, agreement, or understanding set forth herein, shall not be construed as a waiver or relinquishment of the right to insist upon strict
performance of the same condition, promise, agreement or understanding at a future time.

8.      HEADINGS.  Headings and other captions in this Agreement are for convenience of reference only and shall not be used in interpreting, construing or enforcing any of the provisions of this Agreement.

9.      GENDER.  Whenever this Agreement refers to a party in any gender, it is understood that such person may be a male, female or legal entity.

10.    LAW GOVERNING AGREEMENT.  This Agreement shall be governed by and construed in accordance with the laws of the State of Florida and venue shall be in Palm Beach County in the State of Florida.

11.    ATTORNEYS’ FEES AND COSTS.  If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to all attorneys’ fees, court costs, or other costs incurred and necessary disbursements made, in addition to any other relief to which he, she or it may be entitled.

[The next page is the signature page.]

 

  

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IN WITNESS WHEREOF, the Company has by a duly authorized officer authorized this Agreement on this 1st day of October, 2011.

 

 

	 	 
COMPANY:

	 	 
	 	 
PANAM TERRA, INC.,

	 	 
  a Nevada corporation

	 	 
	 	 
By: /s/ Alexandre Clug

	 	 
       Alexandre Clug, President

IN WITNESS WHEREOF, Lana has accepted the terms this Agreement on this 1st day of October, 2011.

 

 

	 	LANA:
	 	 
	 	 
/s/ Angel Lana

	 	 
Angel Lana

 

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                                                                         :Exhibit 4.1

 

 

FOURTH SUPPLEMENTAL INDENTURE

Dated as of December 22, 2011

 

to the

 

INDENTURE

Dated as of August 1, 2006

 

Between

 

INTERNATIONAL LEASE FINANCE CORPORATION

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee

 

 

 

This FOURTH SUPPLEMENTAL INDENTURE, dated as of December 22, 2011 (this “Supplemental Indenture”) between International Lease Finance Corporation, a corporation duly organized and existing under the laws of the State of California (herein called the “Company”), and Deutsche Bank Trust Company Americas, a New York banking corporation, as Trustee (herein called the “Trustee”).

 

RECITALS

 

WHEREAS, the Company and the Trustee have heretofore executed and delivered an indenture, dated as of August 1, 2006, as supplemented by the First Supplemental Indenture, dated as of August 20, 2010, the Second Supplemental Indenture, dated as of December 7, 2010, and the Third Supplemental Indenture, dated as of May 24, 2011 (as supplemented, the “Indenture”), providing for the issuance from time to time of its Securities, to be issued in one or more series as provided in the Indenture;

 

WHEREAS, the Company has authorized the issuance of $650,000,000 aggregate principal amount of 8.625% Senior Notes due 2022 (the “Notes”) pursuant to an Officers’ Certificate under Section 301 of the Indenture;

 

WHEREAS, Sections 901(4) and 901(5) of the Indenture provides that without the consent of the Holders, the Company and the Trustee may add to, change or eliminate any of the provisions of the Indenture in respect of one or more series of Securities, subject to certain requirements;

 

WHEREAS, pursuant to Sections 901(4) and 901(5) of the Indenture, the Company and the Trustee wish to amend the Indenture solely with respect to certain provisions of the Notes and no other series of Securities issued under the Indenture; and

 

WHEREAS, all conditions precedent provided for in Section 901 of the Indenture with respect to the execution of this Supplemental Indenture have been complied with.

 

NOW, THEREFORE, in consideration of the foregoing, the Company and the Trustee agree as follows:

 

1.              Definitions.  All capitalized terms used herein and not defined shall have the meanings set forth in the Indenture.

 

2.              Amendment of Section 506 of the Indenture.  The Indenture, solely with respect to the Notes, is hereby supplemented by adding the words “and property” after “Any money” in the first sentence of Section 506, deleting the period at the end of Section 506, replacing such period with “; and,” and adding the following:

 

“THIRD: If any funds shall be left remaining, to the Company.”

 

3.              Amendment of Section 704 of the Indenture.  The Indenture, solely with respect to the Notes, is hereby supplemented by replacing the introductory phrase to Section 704(1) “deliver to the Trustee, within 15 days after the Company files” with “deliver to the

 

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Trustee, within 15 days after the Company is required to file,” and replacing the introductory phrase to Section 704(4) “furnish to the Trustee, no less often than annually” with “furnish to the Trustee, within 120 days of the end of each fiscal year of the Company”.

 

4.              Amendment of Section 902 of the Indenture.  The Indenture, solely with respect to the Notes, is hereby supplemented by adding to the end of Section 902(2) “amend, change or modify any provision of this Indenture affecting the ranking of any Outstanding Security in a manner adverse to the Holders of each Outstanding Security affected thereby, or”.

 

5.              Ratification.  Except as hereby expressly amended, the Indenture is in all respects ratified and confirmed and all the terms, provisions and conditions thereof shall be and remain in full force and effect.

 

6.              Conflict with Trust Indenture Act.  If any provision of this Supplemental Indenture limits, qualifies or conflicts with another provision hereof which is required to be included in this Supplemental Indenture by any of the provisions of the Trust Indenture Act or which is automatically deemed included in this Supplemental Indenture by any of the provisions of the Trust Indenture Act, such required or automatically included provision shall control.

 

7.              Separability.  In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

8.              Effect of Headings.  The section headings herein are for convenience only and shall not affect the construction hereof.

 

9.              Benefits of this Supplemental Indenture.  Nothing in this Supplemental Indenture, express or implied, shall give to any Person, other than the parties to the Supplemental Indenture and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Supplemental Indenture.

 

10.       Successors and Assigns.  All covenants and agreements in this Supplemental Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

 

11.       Governing Law.  This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York without regard to its conflict of law principles (except Sections 5-1401 and 5-1402 of the New York General Obligations Law).

 

12.       Counterparts.  This Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Supplemental Indenture.

 

[Remainder of page intentionally left blank.]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the day and year first above written.

 

	
 
    	
 
    	
INTERNATIONAL   LEASE FINANCE CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Frederick S. Cromer
    
	
 
    	
 
    	
Name:
    	
Frederick S. Cromer
    
	
 
    	
 
    	
Title:
    	
President
    
	
 
    	
 
    	
 
    
	
Attest:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Pamela S. Hendry
    	
 
    	
 
    
	
Name:
    	
Pamela S. Hendry
    	
 
    	
 
    
	
Title:
    	
Senior Vice President, Treasurer and
   Assistant Secretary
    	
 
    	
 
    

 

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DEUTSCHE   BANK TRUST COMPANY

AMERICAS,
    
	
 
    	
as   Trustee
    
	
 
    	
 
    
	
 
    	
By:
    	
Deutsche   Bank National Trust Company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Kenneth R. Ring
    
	
 
    	
 
    	
Name:
    	
Kenneth   R. Ring
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Jeffrey Schoenfeld
    
	
 
    	
 
    	
Name:
    	
Jeffrey   Schoenfeld
    
	
 
    	
 
    	
Title:
    	
Associate
    
	
 
    	
 
    	
 
    	
 
    
	
Attest:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/   Kelvin Vargas
    	
 
    	
 
    	
 
    
	
Name:
    	
Kelvin   Vargas
    	
 
    	
 
    	
 
    
	
Title:
    	
Associate

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