Document:

bmnm8k04182008ex10-2.htm

    
      

    

     

    Exhibit
10.2

     

     

    RETENTION AND SEVERANCE AGREEMENT

     

     

    This
Retention and Severance Agreement (this “Agreement”) is entered into this 18th
day of April, 2008, between Bimini Capital Management, Inc. (the “Company”) and
J. Christopher Clifton (the “Executive”) (collectively, the
“Parties”).

     

     

    WHEREAS,
Executive currently serves as Executive Vice President, General Counsel, Chief
Compliance Officer and Secretary of the Company; and

     

     

    WHEREAS,
the retention of Executive during the term of this Agreement is critical to
fulfilling the objectives of the Company and ensuring the ongoing continuity of
other key personnel; and

     

     

    WHEREAS,
the Parties mutually desire to enter into this Agreement for the mutual benefit
of the Parties so as to incentivize the Executive to remain in the employ of the
Company throughout the term of this Agreement.

     

     

    NOW,
THEREFORE, in consideration of the premises and the mutual covenants and
promises hereinafter set forth, it is agreed by the Parties as
follows:

     

    
      	
              1.  

            	
              Provided
      that (i) Executive has not voluntarily resigned his employment with the
      Company prior to December 15, 2008, and (ii) the Company has not
      terminated Executive’s employment with the Company prior to December 15,
      2008, for Cause (as defined below) or due to Executive’s death or
      incapacitation, the Company shall pay Executive a lump-sum cash bonus on
      December 15, 2008, in an amount not less than $75,000, less applicable
      withholding taxes (such lump-sum cash bonus being referred to herein as,
      the “December Bonus”).

            

    

    

    
      	
              2.  

            	
              Provided
      that (i) Executive has not voluntarily resigned his employment with the
      Company prior to January 15, 2009, and (ii) the Company has not terminated
      Executive’s employment with the Company prior to January 15, 2009, for
      Cause (as defined below) or due to Executive’s death or incapacitation,
      the Company shall pay Executive a lump-sum cash bonus on January 15, 2009,
      in an amount not less than $75,000, less applicable withholding taxes
      (such lump-sum cash bonus being referred to herein as, the “January
      Bonus,” and together with the December Bonus, collectively, the “Minimum
      Retention Bonus”).

            

    

    

    
      	
              3.  

            	
              The
      Minimum Retention Bonus may be increased, but not decreased, in the
      discretion of the Compensation Committee of the Board of Directors of the
      Company.  Except as otherwise explicitly set forth herein, any
      unpaid portion of the Minimum Retention Bonus shall become immediately due
      and payable if the Company terminates Executive’s employment with the
      Company for any reason other than for Cause (as defined
      below).  For purposes of this Agreement, “Cause” shall mean any
      (i) fraud, gross negligence, or willful or criminal misconduct by
      Executive involving the Company or any of its subsidiaries or affiliates,
      (ii) failure by Executive to substantially perform within a reasonable
      time frame the duties properly assigned to Executive, or (iii) repeated
      failure by Executive to adhere to the Company’s policies and
      practices.

            

    

    

    
      	
              4.  

            	
              Upon
      a termination of Executive’s employment by the Company for Cause or due to
      Executive’s death or incapacitation, Executive shall be deemed to have
      forfeited any unpaid portion of the Minimum Retention
      Bonus.  The foregoing notwithstanding, the Company expressly
      reserves its rights to pursue any remedies available at law or in equity
      upon a termination of Executive’s employment for
  Cause.

            

    

    

    
      	
              5.  

            	
              If
      the Company terminates Executive’s employment for any reason other than
      Cause prior to January 15, 2009, any unpaid portion of the Minimum
      Retention Bonus shall only be payable if Executive executes a general
      release of all claims that Executive has or may have against the Company
      relating to events occurring at or prior to the termination of Executive’s
      employment, and such general release has become effective and irrevocable
      following the expiration of any statutory waiting
  periods.

            

    

    

    
      	
              6.  

            	
              This
      Agreement shall be governed by and construed in accordance with the
      internal substantive laws, without reference to the choice of law rules,
      of the State of Florida.

            

    

    

    
      	
              7.  

            	
              EACH
      PARTY HEREBY IRREVOCABLY WAIVES ITS RIGHTS TO A TRIAL BY JURY IN
      CONNECTION WITH ANY DISPUTE ARISING BETWEEN THE PARTIES CONCERNING THE
      ENFORCEMENT OR INTERPRETATION OF THIS
AGREEMENT.

            

    

    

    
      	
              8.  

            	
              This
      Agreement constitutes the entire agreement between the Parties concerning
      the subject matter hereof and supersedes any and all prior or
      contemporaneous oral or written agreements between the Parties relating to
      such subject matter. This Agreement may be amended or modified only by an
      agreement in writing signed by both
Parties.

            

    

     

    IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date
first written above.

     

    

    /s/ J. Christopher
Clifton                                                                           

    J.
Christopher Clifton

     

    BIMINI
CAPITAL MANAGEMENT, INC.

     

     

    

     

    By: /s/ Robert E.
Cauley

         Name:  Robert
E. Cauley

         Title:  President
& Chief Executive OfficerUnassociated Document

     

    EXHIBIT 10.1

     

    
      	Name of
      Subscriber: 	 
	Number of
      Shares: 	_______________________ 
	Total
      Investment: 	$                
                    
                          
      

    

     

     

    MACROSOLVE,
INC.

     

    SUBSCRIPTION
AND INVESTMENT

    REPRESENTATION
AGREEMENT

     

    MacroSolve,
Inc.

    5800 East
Skelly Drive

    Suite
300

    Tulsa,
Oklahoma 74135

    Attn:
James C. McGill

    

    Gentlemen:

    

    This
Subscription and Investment Representation Agreement (the “Agreement”) shall
serve as the agreement of the undersigned subscriber (the "Sub­scriber") to
purchase from MacroSolve, Inc., an Oklahoma corporation (the "Corporation"),
30,600 shares of common stock of the Corporation, $.01 par (“Common Stock”), as
further described in the Private Placement Memorandum previously delivered by
the Corporation to the Subscriber.  The undersigned hereby subscribes
to purchase such Common Stock at a purchase price of $6.5359 per share, for a
total purchase price paid by Subscriber of $200,000 (the
“Subscription”).  The undersigned Subscriber hereby tenders to the
Corporation a certified check in the amount of the Subscription.

    

    The Subscription may be held in an
escrow account set up in the name of the Corporation until this Subscription is
accepted or rejected by the Corporation.  It is understood that this
Subscription may be accepted or rejected by the Corporation for any reason in
the Corporation’s sole discretion.  If this Subscription is rejected,
then this Agreement shall automatically terminate, the Subscriber shall be
released from all obligations hereunder, except from Subscriber’s
representations and warranties set forth herein, and any Subscription payment
shall be promptly refunded to the Subscriber without interest.

    

    As
conditions precedent to the Subscriber’s potential purchase of the Common Stock,
the undersigned Subscriber hereby represents and warrants to the Corporation as
follows:

    

    1.           Authorization.  Subscriber
has the full power and authority to enter into this Agreement.  This
Agreement constitutes a valid and legally binding obligation of such
Subscriber.  If the Subscriber is an individual, the Subscriber is
over twenty-one (21) years of age and is legally competent to execute this
Agreement.

    

    2.           Purchase Entirely for Own
Account.  Subscriber is purchasing the Common Stock for
investment purposes only, solely for its own account, and not as a nominee or
agent, and not with a view to, in connection with, or with intent for, the
resale or distribution of all or any part of the Common Stock. Investor has no
present intention of selling, granting any participation in, or otherwise
distributing all or any part of the Common Stock.  Subscriber has made
no agreement with any other person or entity concerning the offer or sale of all
or any part of the Common Stock.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    3.           Restricted
Stock.  Subscriber understands and acknowledges that the Common
Stock is restricted stock and has not been registered under federal or state
law, and that the sale or resale of the securities will not be permitted under
federal or state law unless such securities are first registered, or the sale is
a transaction exempt from registration under both state and federal laws.
Subscriber shall not sell, transfer, assign, encumber or otherwise dispose of
the Common Stock in the absence of an effective registration statement covering
said Common Stock under the Securities Act of 1933, as amended, and applicable
state laws or an opinion of legal counsel, in such form and substance as may be
reasonably acceptable to legal counsel for the Corporation that the transaction
will not result in a violation of federal or state securities
laws.  The Common Stock is not transferable except under extremely
limited conditions and Subscriber has no need for liquidity of this
investment.  Subscriber consents to the placing of a stop transfer
notification on the securities records of the Corporation with respect to the
Common Stock.  Subscriber agrees to indemnify and hold harmless the
Corporation from and against any claim, liability, cost or expense (including
without limitation attorneys fees) arising from any alleged unlawful sale or
offer or agreement to sell, assign, pledge or otherwise transfer all or any
portion of the Common Stock by Subscriber or its representatives or
agents.

    

    4.           Legends.  Subscriber
consents to the placement of the following legend on the certificates for the
Common Stock:

    

    THE
COMMON STOCK HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR UNDER ANY STATE SECURI­TIES LAW.  THE SECURITIES HAVE
BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, OFFERED FOR SALE OR
TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY IN
FORM AND SUBSTANCE TO COUNSEL FOR THE CORPORATION THAT THE TRANSACTION WILL NOT
RESULT IN A VIOLATION OF FEDERAL OR STATE SECURITIES LAWS.

    

    5.           No
Approval.  Subscriber is aware that no federal or state agency
has approved or disapproved of the Common Stock or made any review of the
offering or sale of the Common Stock or any finding or determination as to the
fairness of the terms thereof as an investment, the adequacy of any disclosures
made by the Corporation, nor any recommendation or endorsement of the Common
Stock as an investment.

    

    6.           Accredited
Investor.  Subscriber represents and warrants that it satisfies
one or more of the following:

    

    
      	
               
      

            	
              (a)

            	
              Subscriber
      is a natural person with individual net worth, or joint net worth with
      his/her spouse, at the time of purchase exceeding
    $1,000,000;

            

    

    

    
      	
               
      

            	
              (b)

            	
              Subscriber
      is a natural person who had individual income in excess of $200,000 in
      each of the two most recent years or joint income with his/her spouse in
      excess of $300,000 in each of those years and has a reasonable expectation
      of reaching the same income level in the current
  year;

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (c)

            	
              Subscriber
      is a trust, with total assets in excess of $5,000,000, not formed for the
      specific purpose of acquiring Common Stock of the Corporation, whose
      purchase is directed by a person who is experienced in invest­ment and
      business matters and has such knowl­edge and ex­perience in
      financial and business matters to enable Subscriber to evaluate the merits
      and risks of the proposed
investment;

            

    

    

    
      	
               
      

            	
              (d)

            	
              Subscriber
      is an organization described in Section 501(c)(3) of the Internal Revenue
      Code, corporation, Massachusetts or similar business trust, or
      partnership, not formed for the specific purpose of acquiring Common Stock
      of the Corporation, with total assets in excess of
    $5,000,000;

            

    

    

    
      	
               
      

            	
              (e)

            	
              Subscriber
      is a private business development company as defined in section 202(a)(22)
      of the Investment Advisors Act of
1940;

            

    

    

    
      	
               
      

            	
              (f)

            	
              Subscriber
      is an entity in which all of the equity owners are “accredited investors”,
      as such term is defined in Rule 501(a) of Regulation D, promulgated under
      the Securities Act of 1933 (the “Act”);
and/or

            

    

    

    
      	
               
      

            	
              (g)

            	
              Subscriber
      otherwise qualifies as an “accredited investor” under Rule 501 of
      Regulation D, promulgated under
Act.

            

    

    

    7.           Receipt of
Information.  Subscriber acknowledges that it has received,
read and understands the Private Placement Memorandum and understands the risks
associated with a purchase of the Common Stock of the Corporation, including the
potential loss of the entire amount of the investment.  Subscriber
represents and warrants that in making the decision to purchase the Common
Stock, Subscriber has been advised to rely upon, and has relied upon,
independent investigations made by Subscriber or Subscriber's representatives,
including its own profes­sional tax and business advisors, and that such
persons have been given full and complete access to all information of the
Corporation, including the opportunity to examine all relevant documents and to
ask questions of and to receive answers from the Corporation or persons acting
on its behalf concerning the terms and conditions of the offering and all other
matters relating to an investment in the Corporation, and to obtain any
additional information necessary to verify the accuracy of the information set
forth therein.

    

    8.           Investment
Experience.  The Subscriber believes that, either alone or with
the assistance of the Subscriber’s own professional advisors, it can fend for
itself and that it has the knowledge and experience in business and financial
matters to make the Subscriber capable of reading, interpreting and
understanding the Private Placement Memorandum and the Corporation’s financial
statements and all other information of the Corporation, and of evaluating the
merits and risks of an investment in the Common Stock.  Subscriber has
been fully informed of and is aware that an investment in the Common Stock of
the Corporation is highly speculative and involves a high degree of risk, which
risk includes the possible loss of the entire amount invested by
Subscriber.

    

    9.           No Public
Market.  Subscriber acknowledges that there presently is no
public market for the Common Stock and there may never be a public market for
the Common Stock.  The Subscriber may not be able to liquidate its
investment in the Common Stock in the event of an emergency or to pledge its
Common Stock as collateral for loans.  Subscriber represents and
warrants that the Common Stock constitutes an investment which is suitable and
consistent with Subscriber's overall investment program and that its financial
situation enables Subscriber to bear the risks of this investment for an
indefinite period of time.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

       

    

    10.           Address.  If
the Subscriber is an individual, the address set forth below is its true and
correct residence, and Subscriber has no present intention of becoming a
resident or state of any other state or jurisdiction.  If the
Subscriber is a corporation, limited liability company, partnership, trust or
other entity, its principal place of business is at the address set forth below,
and such entity was not formed specifically to acquire the Common
Stock.

    

    11.           Complete and Correct
Information.  All of the information furnished to the
Corporation by Subscriber, including all information set forth herein is correct
and complete as of the date hereof.  If there should be any material
change in any of such information prior to the admission of Subscriber as a
stockholder of the Corporation, the Subscriber will immediately furnish the
revised or corrected information to the Corporation.

    

    12.           Reliance by the
Corporation.  Subscriber acknowledges that the Corporation will
rely upon the repre­sentations, warranties, agreements and understandings
made herein in its decision whether to accept the Subscription of Subscriber,
and that the foregoing representations, warranties, agreements and
understandings shall survive the purchase of the Common Stock, and will survive
any acceptance or rejection of a Subscription for the Common
Stock.  Subscriber agrees to indemnify and hold harmless the
Corporation from and against any claim, liability, cost or expense (including
without limitation attorneys fees) due to, or arising from, any breach of any
representation, warranty or agreement of the Subscriber contained
herein.

    

    DATED as of the.

     

    
      	_______________________________________________ 	_______________________________________________ 
	Name of
      Subscriber 	Signature of
      Subscriber 
	 	_______________________________________________ 
	 	Printed
      Name 
	 	_______________________________________________ 
	 	Title 
	 	 
	 	 
	 	_______________________________________________  
	_______________________________________________  	_______________________________________________  
	Federal ID Number
      or 	Subscriber's
      Address 
	      
              Social
      Security Number 

            	 

    

     

     

     

    4

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