Document:

EX-10.1

PROMISSORY NOTE

$200,000.00 March   , 2012

FOR VALUE RECEIVED, Circle Entertainment Inc., a Delaware corporation (the “Payor”), hereby
unconditionally promises to pay to the order of XXXXX, (the “Payee”), in lawful money of
the United States of America in immediately available funds, the principal sum of Two Hundred
Thousand Dollars ($200,000.00), together with interest thereon, compounded annually, from the date
hereof through maturity at the rate of 6.00% per annum (calculated on the actual number of days
elapsed and an assumed year of 360 days) (the “Stated Rate”). This principal amount,
together with interest accrued thereon at the Stated Rate commencing on the date hereof, shall be
due and payable in full upon demand.

This Promissory Note (“Note”) evidences Payee’s loan to Payor in the principal amount
of this Note.

Payor shall use the principal amount of this Note for working capital requirements. So long
as any amounts under this Note remain unpaid, Payor shall not incur any indebtedness for borrowed
money without the prior written consent of Payee (which consent shall not be unreasonably withheld,
delayed or conditioned). For the avoidance of doubt and ambiguity, the foregoing restriction on the
incurrence of indebtedness for borrowed money shall not apply to indebtedness incurred by Payor in
the ordinary course of business for goods and services from trade creditors.

The principal and accrued interest balance of this Note may be prepaid in whole or in part at
any time without a premium or penalty of any kind.

If any Acceleration Event (as defined below) shall occur for any reason then and in any such
event, in addition to all rights and remedies of the Payee under this Note, applicable law or
otherwise, all such rights and remedies being cumulative, not exclusive and enforceable
alternatively, successively and concurrently, the Payee may, at its option, declare due any or all
of the Payor’s obligations, liabilities and indebtedness owing to the Payee under this Note
whereupon the then unpaid balance hereof shall immediately be due and payable, together with all
expenses of collection hereof, including, but not limited to, attorneys’ fees and legal expenses
(for this purpose, the Payor shall pay all trial and appellate attorneys’ fees, costs and expenses,
paid or incurred by the Payee in connection with collection of this Note). If the foregoing unpaid
balances, expenses and collection costs are not paid upon demand upon the occurrence of an
Acceleration Event (collectively, the “Unpaid Amounts”), such Unpaid Amounts shall bear
interest until paid in full at the Stated Rate plus 5.00% per annum or the maximum interest rate
then permitted under applicable law (whichever is less) (the “Default Rate”). From and
after maturity of this Note, the Unpaid Amounts shall bear interest until paid in full at the
Default Rate. For purposes hereof, “Acceleration Event” means the first to occur of the following:
(i) if any principal or accrued interest or other amount owing under this Note is not paid when due
and such default continues unremedied for fifteen (15) days after written notice provided by Payee
to Payor, (ii) Payor having made an assignment for the benefit of creditors, filed a petition in
bankruptcy, applied to or petitioned any tribunal for the appointment of a custodian, receiver,
intervener or trustee for Payor, or commenced any proceeding for any arrangement or readjustment of
its debts, (iii) any such petition or application having been filed or proceeding having commenced
against Payor and Payor not having interposed a defense thereto within the time permitted under
applicable law, (iv) the sale or other disposition of all or substantially all of Payor’s assets,
(v) the dissolution of Payor or (vi) the failure by Payor to perform any other covenant, agreement
or condition contained in this Note and such default continues unremedied for thirty (30) days
after written notice thereof is given to Payor by Payee; provided, however, in the event such
default is curable but is not reasonably capable of cure within said 30-day period, Payor shall
have such additional time as required to cure any such default so long as Payor is diligently
undertaking the cure of such default.

The Payor (i) waives diligence, demand, presentment, protest and notice of any kind, except
for any notice expressly required by the provisions of this Note, and (ii) agrees that it will not
be necessary for the Payee to first institute suit in order to enforce payment of this Note.

The validity, interpretation and enforcement of this Note and any dispute arising in
connection herewith or therewith shall be governed by the internal laws of the State of New York
(without giving effect to principles of conflicts of law).

The Payor irrevocably consents and submits to the exclusive jurisdiction of the state courts
of the State of New York located in the County of New York and the United States District Court
whose district covers such county, and waives any objection based on venue or forum non conveniens
with respect to any action instituted therein arising under this Note.

EACH OF PAYOR AND PAYEE HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION
OR CAUSE OF ACTION ARISING UNDER THIS NOTE, AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR
CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY.

The Payor may not assign this Note and/or delegate any of its obligations hereunder without
the written consent of the Payee. This Note is not secured by any collateral of any nature.
Neither this Note nor all or any portion of the Payee’s rights and interests herein may be
negotiated, assigned, pledged, hypothecated or otherwise transferred by Payee.

The Payor shall be solely responsible for any necessary tax or assessment relating to this
Note; provided, however, that the Payor shall not be responsible for Payee’s tax obligations
arising from receipt of funds set forth herein.

If any term or provision of this Note shall be held invalid, illegal or unenforceable, the
validity of all other terms and provisions hereof shall in no way be affected thereby.

The waiver by the Payee of the Payor’s prompt and complete performance of, or default under,
any provision of this Note shall not operate nor be construed as a waiver of any subsequent breach
or default, and the failure by the Payee to exercise any right or remedy which it may possess
hereunder or under applicable law shall not operate nor be construed as a bar to the exercise of
any such right or remedy upon the occurrence of any subsequent breach or default.

[Signature Page Follows]

1

IN WITNESS WHEREOF, the Payor has executed this Promissory Note the day and year first written
above.

CIRCLE ENTERTAINMENT INC.

By:

Name:

Title:

2EX 10.1 Summary Sheet for Terms of Employment for Named Executive Officers for 2012

EXHIBIT 10.1

Summary Sheet: Terms of Employment for Named Executive Officers for 2012

Employment Status

Pursuant to the Federal Home Loan Bank Act, the employees of the Federal Home Loan Bank of San Francisco (the "Bank"), including the Bank's chief executive officer, the chief operating officer, the chief financial officer and other current named executive officers as of December 31, 2011 (Dean Schultz, Lisa B. MacMillen, Kenneth C. Miller, Steven T. Honda, Lawrence H. Parks, Suzanne Titus-Johnson and David H. Martens) (the “named executive officers”), are “at will” employees. The named executive officers may resign at any time and the Bank may terminate their employment at any time for any reason or no reason, with or without cause and with or without notice. 

Each of the named executive officers receives a base salary and is eligible to participate in the Bank's executive incentive compensation plans and comprehensive benefit programs, including both qualified and nonqualified retirement benefit plans. Subject to review by the Federal Housing Finance Agency, base salaries for 2012 for the named executive officers are: Dean Schultz: $795,900; Lisa B. MacMillen: $509,800; Kenneth C. Miller: $415,000; Steven T. Honda: $357,100, Lawrence H. Parks: $411,400; Suzanne Titus-Johnson: $368,700 and David H. Martens, $357,100.

Senior officers, including the named executive officers, are also eligible to receive reimbursement for financial planning, health club membership, and parking expenses incurred each year up to a maximum amount of $12,000 annually per officer. On occasion, the Bank may pay for resort activities for employees, including our named executive officers, in connection with business-related meetings; and in some cases, the Bank may pay the expenses for spouses/partners accompanying employees to these meetings or other Bank-sponsored events. The President receives use of a Bank-owned vehicle.

A Bank employee, including the named executive officers, may receive severance benefits in the event that the employee's employment is terminated because the employee's job or position is eliminated or because the job or position is substantially modified so that the employee is no longer qualified or cannot perform the revised job. For the named executive officers, severance under the Bank's current policy would be equal to the greater of (i) 12 weeks of the officer's base salary, or (ii) the sum of three weeks of the officer's base salary plus three weeks of the officer's base salary for each full year of service and three weeks of base salary prorated for each partial year of service at the Bank to a maximum of 52 weeks. The Bank's current severance policy also provides one month of continued health and life insurance benefits and, at the Bank's discretion, outplacement assistance.EX 10.6 Board Resolution for Directors' 2012 Compensation and Expense Reimbursement Policy

EXHIBIT 10.6

FEDERAL HOME LOAN BANK OF SAN FRANCISCO

RESOLUTION

December 14, 2011

RESOLVED, that the Board of Directors of the Federal Home Loan Bank of San Francisco hereby approves the 2012 Board of Directors Compensation and Expense Reimbursement Policy attached as Exhibit A.

	
	
	I certify that this is a true and correct copy of a resolution adopted by the Board of Directors of the Federal Home Loan Bank of San Francisco at its meeting on December 14, 2011.

	 

	/s/ Suzanne Titus-Johnson

	Suzanne Titus-Johnson, Senior Vice President and 
General Counsel-Corporate Secretary

Exhibit A

FEDERAL HOME LOAN BANK OF SAN FRANCISCO

Board of Directors
Compensation and Expense Reimbursement Policy
2012

The Board of Directors of the Federal Home Loan Bank of San Francisco hereby establishes the following Compensation and Expense Reimbursement Policy for 2012.

Compensation

To provide the Directors with reasonable compensation for the performance of their duties as members of the Board of Directors and the amount of time spent on official Bank business, the Bank will pay service and meeting fees to each member of the Board of Directors in accordance with the applicable position held by the Director as set forth below. 
	
												
	Position
	Maximum Annual 
Service Fee
	

	 
	Maximum Annual 
Meeting Fees
	

	 
	Total Maximum 
Annual Compensation
	

	Chairman
	$
	53,000
	

	 
	$
	42,000
	

	 
	$
	95,000
	

	Vice Chairman
	$
	48,000
	

	 
	$
	42,000
	

	 
	$
	90,000
	

	Committee Chair
	$
	43,000
	

	 
	$
	42,000
	

	 
	$
	85,000
	

	Directors on Audit Committee
	$
	33,000
	

	 
	$
	42,000
	

	 
	$
	75,000
	

	Other Directors
	$
	28,000
	

	 
	$
	42,000
	

	 
	$
	70,000
	

Service fees for the above positions will be paid for continuous service as a Bank director. 

The annual service fee will be pro-rated and paid with the meeting fee, if applicable, at the conclusion of each two-month service period on the Board of Directors (i.e., month-end February, April, June, August, October and December). If a director holds more than one position on the Board, during any applicable payment period, the director's service fee for that period will be calculated based on the position that pays the highest service fee, and will be pro-rated for the number of days the director held that position during the applicable payment period. Any member of the Board of Directors who joins or leaves the Board between service fee payments will receive a pro rata service fee for the number of days the director was on the Board during the service period.  Additionally, each director will receive a meeting fee of $8,400 for attending any portion of five of the six regularly scheduled two-day Board meetings.  

A Board member may receive a meeting fee for participation in one regularly-scheduled Board meeting by telephone. 

No other fee will be paid for participation in meetings of the Board or committees by telephone or participation in other Bank or Federal Home Loan Bank System activities.

The President of the Bank is authorized to interpret this Policy, as necessary, according to applicable statutory, regulatory and policy limits. 

1

Expense Reimbursement

The Bank will reimburse Directors for necessary and reasonable travel, subsistence and other related expenses incurred in connection with the performance of their official duties, which may include participation in meetings or activities for which no fee is paid.

For expense reimbursement purposes, Directors' “official duties” include:  

		
	1)
	Meetings of the Board and Board committees

		
	2)
	Meetings requested by the Federal Housing Finance Agency and Federal Home Loan Bank System committees

		
	3)
	Meetings of the Council of Federal Home Loan Banks and its committees

		
	4)
	Meetings of the Bank's Affordable Housing Advisory Council

		
	5)
	Events attended on behalf of the Bank when requested by the President in consultation with the Chairman

		
	6)
	Other events attended on behalf of the Bank with the prior approval of the EEO-Personnel-Compensation Committee of the Board

		
	7)
	Director education events attended with the prior approval of the Chairman.

Each Director is responsible for making his or her own travel arrangements to attend meetings and other events for which expenses may be reimbursed.

Expenses reimbursable for Directors are the same as the expenses reimbursable for senior officers under the Bank's Reimbursement and Travel Expense Policy, except that Directors may not be reimbursed for gift or entertainment expenses.

To be reimbursed for allowable expenses, a Director must complete a statement itemizing the expenses within 30 days of completion of any covered trip or activity.  The statement, prepared on the Director's letterhead, must be submitted to the Bank's Assistant Corporate Secretary and must include the following information:

		
	1)
	Meeting(s) or event(s) attended, with dates and locations

		
	2)
	Itemization of reimbursable expenses, with supporting receipts for any expense exceeding $50.00

		
	3)
	Ticket receipt or e-ticket confirmation for airline travel

		
	4)
	To whom reimbursement should be made payable.

Records

The Bank will maintain records of (i) Directors' attendance at meetings of the Board and Board committees; (ii) total compensation paid; and (iii) expenses reimbursed.

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]