Document:

Exhibit 10.7
    

    
      ANNALY CAPITAL MANAGEMENT, INC.

    

    
      TERMINATION AGREEMENT
    

    
                          WHEREAS,
      the undersigned Executive is employed by Annaly Capital Management, Inc.
      (“Company”); and
    

    
                          WHEREAS,
      the Executive is signatory and subject to an Employment Agreement
      (“Agreement”); and
    

    
                          WHEREAS,
      on May 23, 2013, the stockholders of the Company approved the entry into
      a management agreement with Annaly Management Company LLC (the
      “Manager”) under which the Manager will take responsibility for the
      management of Annaly effective July 1, 2013 (the “Effective Date”); and
    

    
                          WHEREAS,
      Executive has been offered employment with the Manager;
    

    
                          NOW,
      THEREFORE, the Executive and the Company, intending to be legally
      bound, hereby agree as follows:
    

    
      1.        That the Agreement is terminated, as of the Effective Date,
      and shall be of no force or effect thereafter.
    

    
      2.        That the termination of the Agreement does not entitle the
      Executive to the acceleration of any benefits or termination payments,
      including, but not limited to, those set forth in Section 8 of the
      Agreement; provided, however, that the Company acknowledges that if the
      Executive is terminated in the future by the Manager, such Executive
      shall be entitled to similar accelerated benefits pursuant to the
      Executive’s then existing employment agreement with the Manager.
    

    
      3.        That the offer to the Executive of employment with the Manager
      is good and valuable consideration, the sufficiency of which is hereby
      acknowledged by Executive, for the promises and agreements made by
      Executive herein.
    

    	
          
            /s/Rose-Marie Lyght
          

        	
           
        	
          Date:
        	
          
            6/13/2013
          

        	

        
	
          
            Name: Rose-Marie Lyght
          

        	

        	

        	

        	

        
	

        	

        	

        	

        	

        	
           
        
	
          ANNALY CAPITAL MANAGEMENT, INC.
        	

        	

        	

        	

        
	

        	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	

        	
           
        
	
          
            By:
          

        	
          
            /s/Wellington J. Denahan
          

        	

        	
          Date:
        	
          
            6/24/2013
          

        	

        
	

        	
          
            Wellington J. Denahan, CEOExhibit 10.8
    

    
      ANNALY CAPITAL MANAGEMENT, INC.

    

    
      TERMINATION AGREEMENT
    

    
                          WHEREAS,
      the undersigned Executive is employed by Annaly Capital Management, Inc.
      (“Company”); and
    

    
                          WHEREAS,
      the Executive is signatory and subject to an Employment Agreement
      (“Agreement”); and
    

    
                          WHEREAS,
      on May 23, 2013, the stockholders of the Company approved the entry into
      a management agreement with Annaly Management Company LLC (the
      “Manager”) under which the Manager will take responsibility for the
      management of Annaly effective July 1, 2013 (the “Effective Date”); and
    

    
                          WHEREAS,
      Executive has been offered employment with the Manager;
    

    
                          NOW,
      THEREFORE, the Executive and the Company, intending to be legally
      bound, hereby agree as follows:
    

    
      1.        That the Agreement is terminated, as of the Effective Date,
      and shall be of no force or effect thereafter.
    

    
      2.        That the termination of the Agreement does not entitle the
      Executive to the acceleration of any benefits or termination payments,
      including, but not limited to, those set forth in Section 8 of the
      Agreement; provided, however, that the Company acknowledges that if the
      Executive is terminated in the future by the Manager, such Executive
      shall be entitled to similar accelerated benefits pursuant to the
      Executive’s then existing employment agreement with the Manager.
    

    
      3.        That the offer to the Executive of employment with the Manager
      is good and valuable consideration, the sufficiency of which is hereby
      acknowledged by Executive, for the promises and agreements made by
      Executive herein.
    

    	
          
            /s/R. Nicholas Singh
          

        	
           
        	
          Date:
        	
          
            6/13/2013
          

        	

        
	
          Name: R. Nicholas Singh
        	

        	

        	

        	

        
	

        	

        	

        	

        	

        	
           
        
	
          ANNALY CAPITAL MANAGEMENT, INC.
        	

        	

        	

        	

        
	

        	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	

        	
           
        
	
          
            By:
          

        	
          
            /s/Wellington J. Denahan
          

        	

        	
          Date:
        	
          
            6/24/2013
          

        	

        
	

        	
          
            Wellington J. Denahan, CEOEXHIBIT 10.1

                             SUBSCRIPTION AGREEMENT

                                   ZLATO INC.

The undersigned (the "Subscriber") hereby irrevocably subscribes for that number
of shares of common stock (the  "Shares")  of Zlato Inc.,  a Nevada  corporation
(the "Company"),  set forth below,  upon and subject to the terms and conditions
set forth in the Company's Prospectus dated ______________, in the United States
Securities and Exchange Commission  Registration Statement on Form S-1, to which
this Subscription Agreement is attached and which the Subscriber acknowledges as
having received and read.

Total number of shares subscribed for at US $0.05 per share: ___________ shares.

Amount paid with this  Subscription  Agreement at a price of US $0.05 per Share:
US $__________________.

This Subscription  Agreement  constitutes the entire agreement among the parties
hereto with  respect to the subject  matter  hereof and may be amended only by a
writing executed by all parties.

The Company  has the right to accept or reject any  Subscription  Agreement,  in
whole  or in  part.  An  executed  acknowledgment  of  the  acceptance  of  your
subscription will be returned to you promptly after acceptance.

IN WITNESS  WHEREOF,  the undersigned has executed this  Subscription  Agreement
this ___ day of _____________, 201__.

Signature: __________________________________________

Print Name: _________________________________________

Address:_____________________________________________

        _____________________________________________

Subscriber's Passport or
National Identification Number ______________________

Name as it should appear on the Certificate:_______________________________

Signature of Co-owners, if applicable:_____________________________________

If Joint Ownership, check one (all parties must sign above):

[ ] Joint Tenants with Right of Survivorship
[ ] Tenants in Common
[ ] Community Property
<PAGE>
                              PAYMENT INSTRUCTIONS

Payment  for the  number of shares  subscribed  for shall be made at the time of
delivery of the properly executed  Subscription  Agreement,  or such date as the
Company shall specify by written notice to subscribers. Payment shall be made by
international  bank draft or money  order in US funds and shall be made  payable
to: Law Offices of Thomas Puzzo, PLLC., ITF Zlato Inc.

                              DELIVERY INSTRUCTIONS

Please send your executed  Subscription  Agreement and bank draft or money order
for payment to:

                                   Zlato Inc.

                   Mlynska 28, 040 01 Kosice, Slovak Republic

                             Phone: 1 (646) 875-5747

                     Attention: Dana Gallovicova, President

                           ACCEPTANCE OF SUBSCRIPTION

The foregoing  Subscription  is hereby  accepted for and on behalf of Zlato Inc.
this _____day of _____________, 201__.

                                            ZLATO INC.

                                            By: ________________________________
                                            Name:  Dana Gallovicova
                                            Title: Presidentexh_101.htm

Exhibit 10.1

 

AMENDMENT NO. 1

TO

EMPLOYMENT AGREEMENT

BETWEEN AMERICA’S CAR-MART, INC. AND WILLIAM H. HENDERSON

This Amendment No. 1 to the Employment Agreement (the “Amendment”) between America’s Car-Mart, Inc., an Arkansas corporation (the “Company”) and William H. Henderson (the “Associate”) is entered into and effective as of November 13, 2009.

RECITALS

WHEREAS, the Company and the Associate have agreed to certain amendments to the Employment Agreement dated on or as of May 1, 2007 between the Company and the Associate (the “Employment Agreement”) as set forth below;

WHEREAS, all capitalized terms not defined herein shall have the same meaning given to such terms in the Employment Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the parties hereto, each intending to be legally bound hereby, agree as follows:

1.           Amendment of Section 3.  Section 3 of the Employment Agreement is hereby deleted in its entirety and replaced with the following:

Term.  Unless otherwise terminated in accordance with Sections 8, 9, 10 or 11, the Employment Term shall be for a term ending April 30, 2015.  This Agreement shall be automatically renewed for successive additional Employment Terms of one (1) year each unless notice of termination is given in writing by either party to the other party at least thirty (30) days prior to the expiration of the initial Employment Term or any renewal Employment Term.

2.           Amendment of Section 4(a).  Section 4(a) of the Employment Agreement is hereby deleted in its entirety and replaced with the following:

(a)           Base Salary and Benefits.  The base annual salary of the Associate for his employment services hereunder shall be $300,000 or such higher annual salary, if any, as shall be approved by the Board of Directors of the Parent Company from time to time (the “Base Salary”), which shall be payable in accordance with the Company’s payroll policy.  Effective as of May 1, 2010, the Base Salary for the Associate shall be $350,000 or such higher annual salary, if any, as shall be approved by the Board of Directors 

*Filed under application for confidential treatment.

 

  

of the Parent Company from time to time.  Nothing contained herein shall affect or in any way limit the Associate’s rights as an Associate of the Company to participate in any Company 401(k) profit sharing plan or medical and life insurance programs offered by the Company to its employees, or affect or in any way limit any other benefits provided to the Associate as of the date hereof or as may be approved by the Board of Directors 

 

3.           Amendment to Section 4(b).  Section 4(b) of the Employment Agreement is hereby deleted in its entirety and replaced with the following:

(b)           Bonus.

(i)           In addition to the Base Salary and fringe benefits described above, the Associate shall be eligible to earn an annual cash bonus (the “Bonus”) during the term beginning May 1, 2007 and ending April 30, 2010.  The Bonus range shall be $40,000 to $60,000 per fiscal year, and shall be based upon Parent Company’s Economic Profit Per Share as defined and described below. The Bonus will depend on the Parent Company attaining a minimum of 85% of its projected economic profit per share (in which case a $40,000 bonus would be paid) and will increase ratably up to 115% of its projected economic profit per share (in which case a $60,000 bonus would be paid), as set forth in Appendix A to this Agreement; provided however, Associate expressly acknowledges and agrees that the projected Parent Company Economic Profit Per Share for fiscal 2009 and fiscal 2010 shall be subject to adjustment by the Compensation Committee of the Board of Directors of the Parent Company, in its sole discretion.

(ii)           In addition to the Base Salary and fringe benefits described above and the Bonus described above, the Associate shall be eligible to earn an additional cash bonus of $60,000 for the period beginning May 1, 2009 and ending April 30, 2010 if for such period Parent Company’s GAAP Earnings Per Share (as defined below) is $2.20 or more; provided, however, that for purposes of this Section 4(b)(ii), the Parent Company’s GAAP Earnings Per Share shall exclude any and all compensation expense or charges associated with the amendments dated as of November 13, 2009 to the Employment Agreements dated as of May 1, 2007, between the Company and its “named executive officers” (as listed in the Parent Company’s annual definitive proxy statement filed with the Securities and Exchange Commission).

(iii)           In addition to the Base Salary and fringe benefits described above, the Associate shall be eligible to earn a Bonus for each of the fiscal years during the term beginning May 1, 2010 and ending April 30, 2015.  The Bonus shall be based upon Parent Company’s projected fully diluted earnings per share calculated in accordance 

*Filed under application for confidential treatment.

2

  

with GAAP for each fiscal year (“GAAP Earnings Per Share”). The Bonus will depend on the Parent Company attaining a minimum of 95% of its projected GAAP Earnings Per Share, as set forth in Appendix C to this Agreement.

 

(iv)           “Parent Company’s Economic Profit Per Share” shall be defined as net operating profit after tax, less a capital charge (after tax) applied to the “Economic Capital” required to generate said profits, divided by fully diluted shares outstanding.  “Economic Capital” is defined as net assets plus debt plus cumulative after tax interest expense at the end of the fiscal year. The Parent Company Economic Profit Per Share shall exclude any and all compensation associated with the Employment Agreements dated as of May 1, 2007, between the Company and its “named executive officers” (as listed in the Parent Company’s annual definitive proxy statement filed with the Securities and Exchange Commission).

(v)           The Bonus, if any, shall be paid each fiscal year, within fifteen (15) days following the Parent Company’s filing of its annual report on Form 10-K for such fiscal year, based upon the Parent Company’s Economic Profit Per Share or GAAP Earnings Per Share for that fiscal year.  Any Bonus shall be deemed to be earned by the Associate if the Associate was an employee of the Company as of the last day of the fiscal year in question.

 

4.           Addition of Section 4(e).  A new Section 4(e) is hereby inserted into the Employment Agreement after Section 4(d) but before Section 5:

(e)           Additional Equity Awards.  On November 27, 2009, the Parent Company will grant to the Associate the following equity awards: (i) a non-qualified stock option to purchase 240,000 shares of Parent Company common stock pursuant to the Parent Company’s 2007 Stock Option Plan, which options shall vest in equal installments (48,000 options) on each of April 30, 2011, April 30, 2012, April 30, 2013, April 30, 2014 and April 30, 2015; and (ii) 10,000 shares of restricted stock pursuant to the Parent Company’s Stock Incentive Plan, which shares of restricted stock shall vest on April 30, 2015 if the Parent Company attains at least 70% of its cumulative projected GAAP Earnings Per Share for the period commencing on May 1, 2010 and ending on April 30, 2015.

 

5.           Addition of Appendix C.  A new Appendix C, as attached to this Amendment, is hereby appended to the Employment Agreement after Appendix B.

6.           Reaffirmation.  Except to the extent the provisions of the Employment Agreement are specifically amended, modified or superseded by this Amendment, the Employment Agreement is in full force and effect and is hereby ratified and confirmed.

7.           Amendment.  This Amendment and the Employment Agreement may only be amended by a writing signed by each party hereto.

 

*Filed under application for confidential treatment.

3

  

8.           Counterparts.  This Amendment may be executed in counterpart signature pages, each of which shall constitute an original but all taken together to constitute one instrument.

 

[SIGNATURE PAGE FOLLOWS.]

 

 

 

 

 

 

 

 

*Filed under application for confidential treatment.

4

  

IN WITNESS WHEREOF, the parties have executed this Amendment on and effective as of the date first written above.

 

	 	
COMPANY:

 

AMERICA’S CAR-MART, INC.

	 	 	 
	 	 	 
	 	By:	
/s/ Jeffrey A. Williams

	 	Name:	
Jeffrey A. Williams

	 	Title:	
Vice President Finance, Secretary and Chief Financial Officer

	 	 	 
	 	 	 
	 	
ASSOCIATE:

	 	 	 
	 	 	 
	 	
/s/ William H. Henderson

	 	
William H. Henderson

	 	 	 

 

 

 

*Filed under application for confidential treatment.

5

  

APPENDIX C

Applicable to the Bonus pursuant to Section 4(b)(iii)

of the

Employment Agreement

Fiscal 2011-2015

	  	
Fiscal Year

	  	
2011

	
2012

	
2013

	
2014

	
2015

	
Projected GAAP Earnings Per Share

	
2010 Actual

GAAP

Earnings Per

Share

multiplied

by 1.15

	
2011

Projected

GAAP

Earnings

Per Share

multiplied

by 1.15

	
2012

Projected

GAAP

Earnings

Per Share

multiplied

by 1.15

	
2013

Projected

GAAP

Earnings Per

Share

multiplied

by [X.XX]*

	
2014

Projected

GAAP

Earnings Per

Share

multiplied by

[X.XX]*

	
Bonus Potential:

	
$125,000

	
$137,500

	
$151,250

	
$166,375

	
$183,013

If Parent Company’s actual GAAP Earnings Per Share equals 95-99% of Parent Company’s projected GAAP Earnings Per Share (rounded to the nearest whole percentage point), the Bonus for such fiscal year shall be the Bonus Potential for such fiscal year multiplied by 0.67.

If Parent Company’s actual GAAP Earnings Per Share equals 100-104% of Parent Company’s projected GAAP Earnings Per Share (rounded to the nearest whole percentage point), the Bonus for such fiscal year shall be the Bonus Potential for such fiscal year multiplied by 1.00.

If Parent Company’s actual GAAP Earnings Per Share equals 105% or more of Parent Company’s projected GAAP Earnings Per Share (rounded to the nearest whole percentage point), the Bonus for such fiscal year shall be the Bonus Potential for such fiscal year multiplied by 1.33.

 

 

 

  

*Filed under application for confidential treatment.

C-1

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