Document:

Exhibit 10.2

 

REVOLVING PROMISSORY NOTE

 

		
	
$30,000,000.00
	
May 4, 2015

For value received, GEOSPACE TECHNOLOGIES CORPORATION, a Texas corporation (“Borrower”), does hereby promise to pay to the order of FROST BANK, a Texas state bank (“Lender”), at P.O.  Box 34746, San Antonio, Texas 78265, or at such other address as Lender shall from time to time specify in writing, in lawful money of the United States of America, the sum of THIRTY MILLION AND NO/100 DOLLARS ($30,000,000.00), or so much thereof as from time to time may be disbursed by Lender to Borrower under the terms of that certain Loan Agreement dated September 27, 2013, between Borrower, Guarantor (as defined therein) and Lender (as amended by that certain First Amendment to Loan Agreement executed by the parties thereto on December 16, 2013, and effective as of September 27, 2013, and that certain Second Amendment to Loan Agreement executed by the parties thereto dated May 4, 2015, and as from time to time further amended, restated, supplemented, modified or replaced, the “Loan Agreement”), and be outstanding, together with interest from the date hereof on the principal balance outstanding from time to time as hereinafter provided.  Interest shall be computed on a per annum basis of a year of 360 days and for the actual number of days elapsed, unless such calculation would result in a rate greater than the highest rate permitted by applicable law, in which case interest shall be computed on a per annum basis of a year of 365 days or 366 days in a leap year, as the case may be.  Any capitalized terms used in this Note and not otherwise defined herein shall have the meaning ascribed to them in the Loan Agreement.

1. Payment Terms.  Interest only on amounts outstanding hereunder shall be due and payable monthly as it accrues, on the 1st day of each and every calendar month, beginning May 1, 2015, and continuing regularly and monthly thereafter until the Termination Date, when the entire amount hereof, principal and accrued interest then remaining unpaid, shall be then due and payable; interest being calculated on the unpaid principal each day principal is outstanding and all payments made credited to any collection costs and late charges, to the discharge of the interest accrued and to the reduction of the principal, in such order as Lender shall determine.

2. Interest Rate.  Interest on the outstanding and unpaid principal balance hereof shall be computed at a per annum rate equal to the lesser of (a) a rate equal to the Prime Rate, plus zero percent (0.0%) per annum, or (b) the Maximum Rate.  The term “Prime Rate,” as used herein, shall mean the maximum “Latest” “U.S.” prime rate of interest per annum published from time to time in the Money Rates section of The Wall Street Journal (U.S. Edition) or in any successor publication to The Wall Street Journal.  Borrower understands that the Prime Rate may not be the best, lowest, or most favored rate of Lender or The Wall Street Journal, and any representation or warranty in that regard is expressly disclaimed by Lender.  Borrower acknowledges that (i) if more than one U.S. prime rate is published at any time by The Wall Street Journal, the highest of such prime rates shall constitute the Prime Rate hereunder, and (ii) if at any time The Wall Street Journal ceases to publish a U.S. prime rate, Lender shall have the right to select a substitute rate that Lender determines, in the exercise of its reasonable commercial discretion, to be comparable to such prime rate, and the substituted rate as so selected, upon the sending of written notice thereof to Borrower, shall constitute the Prime Rate hereunder.  Upon each increase or decrease hereafter in the Prime Rate, the rate of interest upon the unpaid principal balance hereof shall be increased or decreased by the same amount as the increase or decrease in the Prime Rate, such increase or decrease to become effective as of the day of each such change in the Prime Rate and without notice to Borrower or any other person.

3. Late Charge.  If a payment is made more than 10 days after it is due, Borrower will be charged, in addition to interest, a delinquency charge of (a) 5% of the unpaid portion of the regularly scheduled payment, or (b) $250.00, whichever is less.  Additionally, upon maturity of this Note, if the outstanding principal balance (plus all accrued but unpaid interest) is not paid within 10 days of the maturity date, Borrower will be charged a delinquency charge of (i) 5% of the sum of the outstanding principal balance (plus all accrued but unpaid interest), or (ii) $250.00, whichever is less.  Borrower agrees with Lender that the charges set forth herein are reasonable compensation to Lender for the handling of such late payments.

4. Default Rate.  For so long as any Event of Default exists, regardless of whether or not there has been an acceleration of the indebtedness evidenced by this Note, and at all times after the maturity of the indebtedness evidenced by this Note (whether by acceleration or otherwise), and in addition to all other rights and remedies of Lender hereunder, interest shall accrue at the applicable rate stated in Section 2 above plus two percent (2%) per annum, but in no event in excess of the Maximum Rate, and such accrued interest shall be immediately due and payable.  Borrower acknowledges that it would be extremely difficult or impracticable to determine Lender’s actual damages resulting from any Event of Default, and such accrued interest is a reasonable estimate of those damages and does not constitute a penalty.

 

 

5. Revolving Line of Credit.  Under the Loan Agreement, Borrower may request advances and make payments hereunder from time to time, provided that it is understood and agreed that the aggregate principal amount outstanding from time to time hereunder shall not at any time exceed the amount permitted under the terms of the Loan Agreement.  The unpaid balance of this Note shall increase and decrease with each new advance or payment hereunder, as the case may be.  This Note shall not be deemed terminated or canceled prior to the date of its maturity other than in accordance with the terms of the Loan Agreement, although the entire principal balance hereof may from time to time be paid in full.  Borrower may borrow, repay and re-borrow hereunder.  All payments and prepayments of principal or interest on this Note shall be made in lawful money of the United States of America in immediately available funds, at the address of Lender indicated above, or such other place as the holder of this Note shall designate in writing to Borrower.  If any payment of principal or interest on this Note shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and any such extension of time shall be included in computing interest in connection with such payment.  The books and records of Lender shall be prima facie evidence of all outstanding principal of and accrued and unpaid interest on this Note.

6. Prepayment.  Borrower reserves the right from time to time to prepay, prior to maturity, all or any part of the principal of this Note without premium or penalty.  Any prepayments shall be applied first to accrued interest and then to principal.  Borrower will provide written notice to the holder of this Note of any such prepayment of all or any part of the principal at the time thereof.  All payments and prepayments of principal or interest on this Note shall be made in lawful money of the United States of America in immediately available funds, at the address of Lender indicated above, or such other place as the holder of this Note shall designate in writing to Borrower.

7. Default.  It is expressly provided that upon the occurrence and during the continuance of an Event of Default the holder of this Note may, at its option, exercise the remedies of Lender provided in Section 9.02 of the Loan Agreement; and in the event default is made in the prompt payment of this Note when due or declared due, and the same is placed in the hands of an attorney for collection, or suit is brought on same, or the same is collected through probate, bankruptcy or other judicial proceedings, then the Borrower agrees and promises to pay all out-of-pocket costs of collection, including reasonable attorney’s fees.

8. No Usury Intended; Usury Savings Clause.  In no event shall interest contracted for, charged or received hereunder, plus any other charges in connection herewith which constitute interest, exceed the Maximum Rate.  The amounts of such interest or other charges previously paid to the holder of the Note in excess of the amounts permitted by applicable law shall be applied by the holder of the Note to reduce the principal of the indebtedness evidenced by the Note, or, at the option of the holder of the Note, be refunded.  To the extent permitted by applicable law, determination of the Maximum Rate shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the loan and indebtedness, all interest at any time contracted for, charged or received from the Borrower hereof in connection with the loan and indebtedness evidenced hereby, so that the actual rate of interest on account of such indebtedness is uniform throughout the term hereof.

9. Security.  This Note has been executed and delivered pursuant to the Loan Agreement and is secured by a Security Agreement dated as of September 27, 2013, by and among Borrower, each of the domestic subsidiaries of Borrower identified on Schedule 1 attached hereto and Lender, covering certain collateral as more particularly described therein.  The holder of this Note is entitled to the benefits and security provided in the Loan Documents.

10. Joint and Several Liability; Waiver.  Each maker, signer, surety and endorser hereof, as well as all successors and assigns of said parties, shall be directly and primarily, jointly and severally, liable for the payment of all indebtedness hereunder.  Lender may release or modify the obligations of any of the foregoing persons or entities, or guarantors hereof, in connection with this Note without affecting the obligations of the others.  All such persons or entities expressly waive presentment and demand for payment, notice of default, notice of intent to accelerate maturity, notice of acceleration of maturity, protest, notice of protest, notice of dishonor, and all other notices and demands for which waiver is not prohibited by applicable law, and diligence in the collection hereof; and agree to all renewals, extensions, indulgences, partial payments, releases or exchanges of collateral, or taking of additional collateral, with or without notice, before or after maturity.  No delay or omission of Lender in exercising any right hereunder shall be a waiver of such right or any other right under this Note.

11. Texas Finance Code.  In no event shall Chapter 346 of the Texas Finance Code (which regulates certain revolving loan accounts and revolving tri-party accounts) apply to this Note.  To the extent that Chapter 303 of the Texas Finance Code is applicable to this Note, the “weekly ceiling” specified in such article is the applicable ceiling; provided that, if any applicable law permits greater interest, the law permitting the greatest interest shall apply.

 

	
Revolving Promissory Note
	
2
	
 

 

 

12. Governing Law; Venue.  This Note is being executed and delivered, and is intended to be performed in the State of Texas.  Except to the extent that the laws of the United States of America may apply to the terms hereof, the substantive laws of the State of Texas (without regard to conflicts of laws) shall govern the validity, construction, enforcement and interpretation of this Note.  In the event of a dispute involving this Note or any other instruments executed in connection herewith, the undersigned irrevocably agrees that venue for such dispute shall lie in any court of competent jurisdiction in Bexar County, Texas.

13. Purpose of Loan.  Borrower agrees that no advances under this Note shall be used for personal, family or household purposes, and that all advances hereunder shall be used solely for business, commercial, investment, or other similar purposes.

14. Captions.  The captions in this Note are inserted for convenience only and are not to be used to limit the terms herein.

15. Renewal.  This Note is given in renewal, extension and decrease, but not extinguishment, of all amounts left owing and unpaid on that certain Revolving Promissory Note dated September 27, 2013, executed and delivered by Borrower, formerly known as Geospace Technologies Corporation, a Delaware corporation, and payable to the order of Lender in the original face amount of $50,000,000.00.

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[SIGNATURE PAGE FOLLOWS]

 

 

 

 

	
Revolving Promissory Note
	
3
	
 

 

 

 

		
	
BORROWER:

	
 

	
GEOSPACE TECHNOLOGIES CORPORATION, a Texas corporation

	
 

	
By:
	
  /s/ Thomas T. McEntire

	
 
	
  Thomas T.  McEntire, Vice President,

	
 
	
  Chief Financial Officer and Secretary

 

 

 

	
Revolving Promissory Note
	
Signature Page

to Revolving Promissory Note
	
 

 

 

SCHEDULE 1

TO

REVOLVING PROMISSORY NOTE

	
(1)
	
GTC, Inc., a Texas corporation

	
(2)
	
Exile Technologies Corporation, a Texas corporation

	
(3)
	
Geospace Engineering Resources International, Inc., a Texas corporation

	
(4)
	
Geospace Finance Corp., a Texas corporation

	
(5)
	
Geospace J.V., Inc., a Texas corporation

	
(6)
	
Geospace Technologies, Sucursal Sudamericana LLC, a Texas limited liability company

 

	
Revolving Promissory Note
	
Schedule 1

to Revolving Promissory NoteExhibit 10.1

		
			Exhibit 10.1
		

		
			BBX Capital Corporation
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			EMPLOYMENT AGREEMENT
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			THIS EMPLOYMENT AGREEMENT (this “Agreement"), is signed as of May 6, 2015, by and between BBX Capital Corporation, a Florida corporation (the "Company"') and Raymond Lopez (the “Executive") but effective as of March 16, 2015 (the "Effective Date").
		

		
			 
		

		
			WHEREAS, the Company desires to employ the Executive as Chief Financial Officer and Chief Risk Officer, the Executive desires to accept such employment, all upon the terms and conditions set forth in this Agreement;
		

		
			 
		

		
			WHEREAS, the Executive has experience and expertise in the Company's business (the “Business"). By virtue of his employment with Company, and the predecessors from which it emerged, the Executive has become familiar with and possesses knowledge of the manner, methods, trade secrets and other confidential information pertaining to the Business.
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set forth in this Agreement, the Company and the Executive agree as follows:
		

		
			 
		

		
			1.Recitals: Defined Terms. The above recitals are true and correct and are incorporated herein by reference. When used in this Agreement a “Change in Control” shall be deemed to occur if:
		

		
			 
		

		
			1.1   any "person”(as such term is utilized in Section 13(d) and Section 14(d)(2) of the Securities and Exchange Act), including without limitation any “group”  (as such term is utilized in Section 13(d)(3) of the Exchange Act), who is not, on the date of this Agreement, either ( 1) an affiliate of the Company, or (2) the beneficial owner of 10% or more of the Company's issued and outstanding common stock, shall become the "beneficial owner" (as such term is defined in Rule 13d-3 under the Exchange Act) of securities of the Company (or any successor thereto) representing more than 33% of the votes that may be cast for the election of directors of the Company, or any successor company as the case may be: or
		

		
			 
		

		
			1.2   any person who is not, on the date of this Agreement an affiliate of the Company, shall become a  shareholder of the Company holding fifty percent or more of the outstanding stock of any class of the Company: or
		

		
			 
		

		
			1.3     as the result of, or in connection with, any cash or other tender offer, or exchange offer, merger, consolidation or other business combination, or any combination of any one or more of the foregoing transactions, the persons who were directors of the Company immediately prior to the consummation of any such transaction or combination of transactions shall cease to constitute a majority of the directors of the Company, or any successor thereto; or as a result of a sale  of  all  or  substantially  all  of  the  assets  of  the  Company,  or  any  liquidation,  dissolution,
		

		
			 
		

		

		

		 

		

			 

		

		

			 

		

 

		 
		

		
			 
		

		
			bankruptcy, assignment for the benefit of creditors (whether such action is voluntary or involuntary by the Company), or any similar transaction or any combination of any one or more of the foregoing or similar transactions, the persons who were directors of the Company immediately prior to the consummation of any such transaction or combination of transactions shall cease to constitute a majority of the directors of the successor to the Company.
		

		
			 
		

		
			2.Employment Term.  The term of the Executive's employment (the "Term") begins on the Effective Date and concludes if (i) the Executive terminates this Agreement for Good Reason (defined below), (ii) the Company terminates this Agreement for Cause (defined below) or (iii) this Agreement is otherwise terminated in accordance with its provisions.
		

		
			 
		

		
			3.Services.
		

		
			 
		

		
			3.1   Office and Duties. During the Term, the Executive shall serve as Chief Financial Officer of the Company, subject to the terms of this Agreement, with such duties, authority and responsibility as are commensurate with such position, subject to oversight and direction of the Company's Chief Executive Officer. In exercising his duties and responsibilities, the Executive shall have all the power and authority necessary to fulfill and discharge his duties and responsibilities and shall abide by lawful directions given by the Board. The Executive shall be responsible for such additional duties commensurate with his position not materially inconsistent with the foregoing as may be reasonably determined by the Board from time to time.
		

		
			 
		

		
			3.2   Best Efforts. During the Term, the Executive shall diligently and competently devote his best efforts and energies to the Business and affairs of the Company, and shall use his best efforts, skills and abilities to promote the interests of the Company and otherwise to discharge his obligations under this Agreement; provided, however, that nothing in this Agreement shall restrict the Executive from serving in executive capacities with any affiliated companies or pursuing interests in accordance with historical practice.
		

		
			 
		

		
			4.Compensation.
		

		
			 
		

		
			4.1   Annual Base Salary. During the Term, the Executive shall receive a base salary at the initial annual rate of one hundred seventy four thousand five hundred dollars ($174,500.00)  ("Base Salary"), payable in accordance with the Company's normal payroll practices or at such other reasonable intervals as may from time to time be used by the Company for paying its other employees. The Executive will be entitled to annual salary reviews and as such the Executive's Base Salary may be increased by the Company's Compensation Committee (the "Compensation Committee") from time to time during the term of this Agreement but shall not be reduced without his written consent.
		

		
			 
		

		
			4.2   Annual Bonus. An annual bonus (the ''Annual Bonus'') may be paid to the Executive of up to 60% of Base Salary at the discretion of the Compensation Committee. Such Annual Bonus amount shall include consideration of certain performance factors as determined by the Compensation Committee. Payments of Annual Bonus amounts to the Executive shall be made by March 31 of each year for the prior year's performance. The Executive's Annual Bonus opportunity shall commence in 2015, payable in cash by March 31, 2016 for 2015 performance.
		

		
			 
		

		

		

		 

		

			 

		

		

			 

		

 

		
		

		
			 
		

			
	
			
				 5.
			

			
	
			
			Reimbursement of Expenses: Benefits.

		
			 
		

		
			5.1     Reimbursement of Expenses.  Upon submission of appropriate documentation in accordance with the Company's policy, the Executive shall be entitled to reimbursement for all reasonable, out-of-pocket expenses incurred by him during the Term in connection with the proper and efficient discharge of his duties hereunder, including, without limitation, all reasonable expenses incurred by the Executive for travel to promote the interests of the Company, as well as reasonable expenses for meals, hotels or other accommodation, and other customary items during any such trips, including existing expense reimbursement arrangements and practices.
		

		
			 
		

		
			5.2     Employee Benefit Plans and Programs. During the Term, the Executive shall be entitled to participate in the Company's employee benefit plans and programs, including such 401 (k) plans, health insurance and welfare plans as the Company may adopt for employees generally or for the Company's executives, including existing plans and programs under existing practices.
		

		
			 
		

		
			5.3   Vacations. The Executive shall be entitled to paid vacation during each calendar year in such amounts as are commensurate with his position and company policy, however, no less than existing practices.
		

		
			 
		

			
	
			
				 6.
			Termination. The Executive's employment under this Agreement may be terminated by the Company or the Executive without any breach of this Agreement only under  the circumstances set forth in ensuing Sections 6.1  through 6.4 and upon provision of the applicable compensation set forth in Section 7:

		
			 
		

		
			6.1     Death. This Agreement and the Executive’s employment under this Agreement shall terminate immediately and automatically upon the Executive's death.
		

		
			 
		

		
			6.2     By Company for Cause.  The Company may terminate the Executive's employment under this Agreement for Cause (as hereinafter defined). "Cause," as to the Executive, shall mean: (a) committing fraud against the Company or embezzlement of Company property; (b) being convicted of a felony or any other crime that involves moral turpitude under applicable laws of the United States or any state thereof; (c) an action or omission of the Executive which constitutes a willful and material breach of this Agreement which is not the result of the Executive's death or disability and which is not cured within fifteen (15) days after receipt by the Executive of written notice of the same from the Board.
		

		
			 
		

		
			6.3   By Company Without Cause. The occurrence of any of the following shall be deemed to be a termination by the Company of the Executive's employment under this Agreement “Without Cause:” (a) any action taken by the Company to terminate the Executive's employment other than for Cause; (b) any breach of this Agreement by the Company: or (c) upon the Disability (defined below) of the Executive. Failure of the Executive to timely terminate his employment upon the occurrence of an event described in subsection (b), above shall not result in a waiver of any right the Executive may have to terminate his employment based   upon   any   future occurrence. “Disability'' shall mean any incapacity or disability of the Executive which renders the Executive mentally or physically unable to perform his duties under this Agreement as determined in accordance with Company policy. Termination due to Disability shall be deemed to have occurred upon the first day of the month following the determination of Disability as defined in the preceding sentence.
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			 

		

		

			 

		

 

		6.4   By Executive for Good Reason.  The occurrence of any of the following shall be deemed to be grounds for the Executive to terminate employment for Good Reason: (a) any action taken by the Company to materially diminish, or attempt to materially diminish, the duties, responsibilities or authority of the Executive if, within sixty (60) days after the Executive becomes aware of such action, the Executive notifies the Company in writing and the Company does not immediately correct such action(s); or (b) any action taken by the Company to materially change, or attempt to materially change the Executive's title or his position in the hierarchy of the Company if, within sixty (60) days after the Executive becomes aware of such action, the Executive notifies the Company in writing and the Company does not immediately correct such action(s); or (c) any breach of this Agreement by the Company. Failure  of  the  Executive  to  timely  terminate  his  employment  upon  the  occurrence  of  an  event described in subsections (a), (b), or (c) above shall not result in a waiver of any right the Executive may have to terminate his employment based upon any future occurrence.
		

		
			 
		

			
	
			
				 7.
			

			
	
			
			Payments After Termination.  If this Agreement or the Executive's employment hereunder are terminated for the reasons set forth in Section 6.1 hereof, then the Executive's estate shall receive the annual Base Salary through the date of termination in accordance with the terms of this Agreement and the prorated portion of the Annual Bonus, to be calculated based on the average bonus paid over the prior two (2) years, through the date of termination in accordance with the terms of this Agreement. If this Agreement or the Executive's employment hereunder are terminated for the reasons set forth in Sections 6.2 hereof; then the Executive shall receive the Base Salary through the date of termination in accordance with the terms of this Agreement. If this Agreement is terminated pursuant to Section 6.3 or 6.4 hereof; then the Executive shall receive:

		
			 
		

			
	
			
				 (a)
			A severance payment in the amount that equals 1.0 times (or 1.5 times if within 2 years of a change in control) the Executive’s annual base salary and 1.0  times (or 1.5 times if within 2 years of a change in control) the annual bonus opportunity at the time of termination plus

		
			 
		

			
	
			
				 (b)
			Continuation of health insurance, life insurance, dental insurance and other benefits received at the time of separation from the Company through 12 months from the time of separation.

		
			 
		

		
			 
		

		
			Subsequent to Termination, the Executive shall not be entitled to receive any further compensation or benefits from the Company, except as expressly provided by this Agreement.  A condition to the Company's obligation to provide the severance payments and benefits provided by this Agreement is that Executive complies with the obligations of non-competition, non-solicitation of customers, confidentiality and non-disclosure referenced in Section 8 of this Agreement and provided for by  Florida law and executes a general release in a form acceptable to the Board.
		

		
			 
		

			
	
			
				 8.
			

			
	
			
			Non-Competition:   Non-Disclosure.    Confidentiality  and Non-Solicitation of  Customers. Subsequent to the execution of this Agreement, Executive agrees to sign a Non-Competition, Non-Disclosure, Confidentiality, and Non-Solicitation of Customers in term and scope acceptable to both parties.

		
			 
		

			
	
			
				 9.
			Withholding. Anything to the contrary notwithstanding, all payments required to be made by the Company hereunder to the Executive or the Executive's estate or beneficiaries shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Company may reasonably determine it should withhold pursuant to any applicable law or regulation.

		
			 
		

		

		

		 

		

			 

		

		

			 

		

 

		
		

		
			 
		

			
	
			
				 10.
			Notices. All notices, requests, demands or other communications by the terms hereof required or permitted to be given by one party to another shall be given in writing by personal delivery, by facsimile or by regular mail postage prepaid, addressed to such other party or delivered to such other party as follows:

		
			 
		

		
			If to the Company:
		

		
			
		

		
			BBX Capital Corporation
		

		
			c/o Compensation Committee Chair
		

		
			P.O. Box 39001
		

		
			Fort Lauderdale. FL  33303
		

		
			Telephone: (954) 940-5020 
		

		
			 
		

		
			If to the Executive:
		

		
			 
		

		
			Raymond Lopez
		

		
			P.O. Box 39001
		

		
			Fort Lauderdale. FL  33303
		

		
			Telephone: (954) 940-4925 
		

		
			 
		

		
			 
		

		
			or at such other address or facsimile number as may be given by any of them to the others in writing from time to time and such notices, requests, demands or other communication shall be deemed to have been received when hand delivered, on the day after the date sent by facsimile (with receipt confirmed) or, if mailed, the fourth day following the day of the mailing thereof: provided that if any such notice, request, demand or other communication shall have been mailed and if regular mail service shall be interrupted by strikes or other irregularities, such notice, request, demand or other communication shall  be deemed to have been received on the fourth business day following the resumption of normal mail service.
		

		
			 
		

			
	
			
				 11.
			Prevailing Party. In the event of any dispute with regard to this Agreement the prevailing party shall be entitled to receive from the non-prevailing party and the non-prevailing party shall pay upon demand all reasonable fees and expenses of counsel for the prevailing party.

		
			 
		

		
			 
		

			
	
			
				 12.
			Entire Agreement. This Agreement sets forth the entire agreement and understanding between the parties, and merge and supersede all prior discussions, agreements and understandings of every kind and nature among them as to the subject matter hereof.

		
			 
		

			
	
			
				 13.
			Amendments to Agreement. This Agreement shall not be amended except by a writing signed by each party to the Agreement, and this Agreement may not be discharged except by performance in accordance with its terms or by a writing signed by each party to the Agreement.

		
			 
		

			
	
			
				 14.
			U.S.  Dollars. All  dollar  amounts  in this  Agreement  are stated  in  United   States Dollars.

		
			 
		

		
			 
		

		

		

		 

		

			 

		

		

			 

		

 

		 
		

			
	
			
				 15.
			Law. This Agreement and its validity, construction and performance shall be governed in all respects by the law of the State of Florida, without giving effect to principles of conflicts of laws. Any controversies of any nature whatsoever arising under this Agreement shall be subject to the exclusive jurisdiction of the courts of Broward County, Florida, which shall be the exclusive jurisdiction and venue for any disputes, actions or lawsuits arising out of or relating to this Agreement. The parties to this Agreement irrevocably waive to the fullest extent permitted by law, any objection which they may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement, or any judgment entered by any court in respect hereof, brought in Broward County, Florida and further irrevocably waive any claim that any suit, action or proceeding brought in Broward County, Florida, has been brought in an inconvenient forum.

		
			 
		

			
	
			
				 16.
			Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement may not be assigned by the Executive without the prior written consent of the Company. This Agreement may be assigned by the Company in connection with the sale, transfer or other disposition of all or substantially all of the Company's assets or business.

		
			 
		

			
	
			
				 17.
			Pronouns. Whenever the context requires, the use in this Agreement of a pronoun of any gender shall be deemed to refer also to any other gender, and the use of the singular shall be deemed to refer also to the plural.

		
			 
		

			
	
			
				 18.
			Headings. The headings of this Agreement are inserted for convenience of reference only and shall not constitute a part hereof.

		
			 
		

			
	
			
				 19.
			Calculation of Time Periods. When calculating the period of time within which or following which any act is to be done or step taken pursuant to this Agreement, the date which is the reference date in calculating such period shall be excluded.

		
			 
		

		
			20.Execution in Counterparts.  This Agreement may be executed in several counterparts, by original or facsimile signature, each of which so executed shall be deemed to be an original and such counterparts together shall be deemed to be one and the same instrument, which shall be deemed to be executed as of the date first above written.
		

		
			 
		

			
	
			
				 21.
			Further Assurances. The parties hereto shall sign such further documents and do and perform and cause to be done and performed such further and other acts and things as may be necessary or desirable in order to give full effect to this Agreement and every party thereof.

		
			 
		

			
	
			
				 22.
			Survival. Any termination of this Agreement shall not affect the ongoing provisions of this Agreement, which shall survive such termination in accordance with their terms.

		
			 
		

			
	
			
				 23.
			Severability. The invalidity or unenforceability, in whole or in part, or any covenant, promise or undertaking, or any section, subsection, paragraph, sentence, clause, phrase or word or of any provision of this Agreement shall not affect the validity or enforceability of the remaining portions thereof.

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			 

		

 

		 
		

		
			24.Participation of Parties:  Construction. The parties hereto acknowledge that this agreement and all matters contemplated herein have been negotiated between both of the parties hereto and their respective legal counsel and that both parties have participated in the drafting and preparation of this Agreement from the commencement of negotiations at all times through the execution hereof. The parties hereto acknowledge that they have each read this Agreement and understand the effect of its provisions. Accordingly, this Agreement shall be interpreted and construed  without  reference  to  any  rule  requiring  that  this  Agreement  be  interpreted  or construed against the party causing it to be drafted.
		

		
			 
		

			
	
			
				 25.
			Independent Counsel. The Executive acknowledges that counsel to the Company has not represented him nor provided him with legal or other advice in connection with the transactions contemplated by this Agreement and that he has been urged to seek independent legal, tax and financial advice in order to analyze the risks and merits of the transactions contemplated by this Agreement.

		
			 
		

			
	
			
				 26.
			Director and Officer Insurance: Indemnification. The Company shall indemnify the Executive to the same extent as it indemnifies its other Named Executive Officers, and the Company shall provide coverage for the Executive under its policies of Director's and Officer's insurance as the same may be in effect from time to time.

		
			 
		

		
			IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth in the first paragraph of this Agreement.
		

		
			 
		

		
			 
		

		
			 
		

			
					
						 

				
	
					
						THE COMPANY:

				
	
					
						 

				
	
					
						BBX CAPITAL CORPORATION,

				
	
					
						a Florida corporation

				
	
					
						 

				
	
					
						By: /s/Alan B. Levan

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						THE EXECUTIVE:

				
	
					
						 

				
	
					
						 

				
	
					
						By: /s/Raymond S. Lopez

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}]]