Document:

Tenth Amendment dated January 1, 2009 to Employment Agreement and Incentive Plan

 Exhibit 10.1 
 TENTH AMENDMENT 
 TO 
 EMPLOYMENT AGREEMENT 
 This
Tenth Amendment to Employment Agreement is made and entered into effective as of January 1, 2009, by and between WATSCO, INC., a Florida corporation (hereinafter called the “Company”), and ALBERT H. NAHMAD (hereinafter
called the “Employee”). 
 RECITALS 
 WHEREAS, the Company and the Employee entered into an Employment Agreement effective as of January 31, 1996 (the “Employment Agreement”) pursuant to which the Employee renders certain services to
the Company; and 
 WHEREAS, the Compensation Committee of the Company’s Board of Directors amended the Employment Agreement
effective as of January 1, 2001, January 1, 2002, January 1, 2003, January 1, 2004, January 1, 2005, January 1, 2006, January 1, 2007, January 1, 2008 and December 10,
2008; and  
 WHEREAS, the Compensation Committee of the Company’s Board of Directors has set the targets for the
performance based compensation payable by the Company to the Employee for the year 2009; and 
 WHEREAS, the Company and the Employee
now desire to amend the Employment Agreement and Exhibit A-1 to the Employment Agreement to specify the performance based compensation amount payable by the Company to the Employee for the calendar year 2009. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants set forth in this Tenth Amendment, and other good and valuable
consideration, the parties to this Tenth Amendment agree as follows: 
 1. All capitalized terms in this Tenth Amendment shall have the same
meaning as in the Employment Agreement, unless otherwise specified. 
 2. The Employment Agreement is hereby amended by replacing
“Exhibit A-1 — 2008 Performance Goals and Performance Based Compensation” with the attached “Exhibit A-1 — 2009 Performance Goals and Performance Based Compensation” thereto. 
 3. All other terms and conditions of the Employment Agreement shall remain the same. 

 IN WITNESS WHEREOF, the parties have caused this Tenth Amendment to be duly executed effective as
of the day and year first above written. 
  

			
	COMPANY:
	
	WATSCO, INC.
		
	By:	 	 /s/ Barry S. Logan

		 	Barry S. Logan, Senior Vice President
	
	EMPLOYEE:
	
	 /s/ Albert H. Nahmad

	Albert H. Nahmad

 EXHIBIT A-1 
 2009 Performance Goals and Performance Based Compensation 
  

								
	IV.	  	Formula	  		
	A.	  	Earnings Per Share	  	Performance Based
Compensation Formula
			
		  	For each $.01 increase	  	$	65,250
			
	B. 	  	Increase in Common Stock Price	  		
			
		  	(i) If the closing price of a share of Common Stock on 12/31/09 does not exceed $38.40	  	$	0
			
		  	(ii) If the closing price of a share of Common Stock on 12/31/09 exceeds $38.40 but does not equal or exceed $44.15, for each $0.01 increase in per share price of a share of Common
Stock above $38.40	  	$	1,200
			
		  	(iii) If the closing price of a share of Common Stock on 12/31/09 equals or exceeds $44.15, for each $0.01 increase in per share price of a share of Common Stock above
$38.40	  	$	1,800
		
	V.	  	Method of Payment
			
		  	A.	  	Cash. The Performance Based Compensation determined for 2009 under the formula set forth in Section I above shall be paid in cash if and to the extent such Compensation does
not exceed $5,000,000.
			
		  	B.	  	Restricted Stock. If the Performance Based Compensation determined for 2009 under the formula set forth in Section I above exceeds $5,000,000 (such excess amount being
referred to as the “Additional Amount”), the Executive shall be granted a number of shares of restricted Class B Common Stock of the Company (the “Shares”) equal to the amount determined by dividing (i) two times the
Additional Amount, by (ii) the closing price for the Class B Common Stock of the Company on the American Stock Exchange as of the close of trading on December 31, 2009. The value of any fractional shares shall be paid in cash. The
restrictions on the Shares shall lapse on the first to occur of (i) October 15, 2018 (ii) termination of the Executive’s employment with the Company by reason of Executive’s disability or death, (iii) the
Executive’s termination of employment with the Company for Good Reason; (iv) the Company’s termination of Executive’s employment without Cause, or (v) the occurrence of a Change in Control of the Company (“Good
Reason”, “Cause”, and “Change in Control” to be defined in a manner consistent with the most recent grant of Restricted Stock by the Company to the Executive).
		
	VI.	  	2001 Incentive Compensation Plan
		
		  	 The performance based award and method of payment specified above (the “Award”) were made by the Compensation Committee in accordance with
Section 8 of the Company’s 2001 Incentive Compensation Plan (the “Incentive Plan”) and are subject to the limitations contained in Section 5 of the Incentive Plan. The Award is intended to qualify as “performance based
compensation” under Section 162(m) of the Internal Revenue Code.

  

					
	Dated: Effective as of January 1, 2009	 		 	 /s/ Paul Manley

		 		 	Paul Manley, Chairman
		 		 	Compensation Committee
			
		 		 	Acknowledged and Accepted:
			
		 		 	 /s/ Albert H. Nahmad

		 		 	Albert H. NahmadSummary of Compensation Arrangements with Executive Officers

 Exhibit 10.1 
 Summary of Compensation Arrangements with Executive Officers 
 as of March 3, 2009

 On March 3, 2009, the Compensation Committee (the “Committee”) of the Board of Directors of JMP Group Inc. (the
“Company”) completed its annual performance and compensation review of the Company’s named executive officers and approved the 2009 base salaries of the Company’s named executive officers. The Committee also approved the
performance objectives for the named executive officers under the 2007 Senior Executive Bonus Plan, as more fully described below. 
 Base Salaries 

 The 2009 annual base salaries for the Company’s named executive officers are as follows: 
  

				
	 Name and Position
	  	Base Salary
	 Joseph A. Jolson, Chairman and Chief Executive Officer
	  	$	200,000
	 Thomas B. Kilian, Chief Financial Officer
	  	$	200,000
	 Craig R. Johnson, President
	  	$	200,000
	 Mark L. Lehmann, Director of Equities and Co-President of JMP Securities
	  	$	200,000
	 Carter D. Mack, Director of Investment Banking and Co-President of JMP Securities
	  	$	200,000

 2007 Senior Executive Bonus Plan 
 The Committee established performance objectives for 2009 with respect to the payment of cash bonuses to each of the named executive officers under the
2007 Senior Executive Bonus Plan. Under the 2007 Senior Executive Bonus Plan, each of the named executive officers may, subject to the Compensation Committee’s authority to reduce any such bonus in its sole and absolute discretion, receive a
cash bonus payment upon either or both of the following: (i) the achievement by the Company of a certain performance target with respect to operating income for the fiscal year ending December 31, 2009, and (ii) with respect to each
named executive officer, the production of revenues attributable to his area of business responsibility or production. Any cash bonus payments with respect to 2009 under the 2007 Senior Executive Bonus Plan will be paid in one lump sum payment
shortly after the end of the 2009 fiscal year subject to the terms of any applicable compensation program, including, without limitation, that which provides for the election of the form of compensation over certain breakpoints or other applicable
compensation plan. 
 This document is intended to be a summary of existing oral, at will arrangements, and in no way is intended to provide
any additional rights to any of the named executive officers.Amendment No. 1 dated February 13, 2009 to the Stock Purchase Agreement

 Exhibit 10.1 
 February 13, 2009 
 Bill Futterer 
 Managing Member 
 Gulf Coast Entertainment, LLC 
 c/o Futterer Partners LLC/PSE-3 
 4030 Wake Forest Road 
 Suite 300 
 Raleigh, NC 27609 
  

	 	RE:	Stock Purchase Agreement (“Agreement”) dated the 28th day of January, 2009 between Midwest Racing, Inc., Dover Motorsports, Inc., Gulf Coast Entertainment,
L.L.C. 

 Dear Bill: 
 As
promised (and in less than a page). 
 Please have this letter countersigned below to reflect our agreement to amend Section 3.4 to the
Agreement as follows: 
 In the last sentence, strike the words “and for the racetrack facility to be owned or operated by Buyer at the
Alabama Motorsports Park, a Dale Earnhardt, Jr. Speedway.” Then add a sentence which reads: “Dover shall have first negotiating rights relative to a management agreement for the racetrack facility to be owned or operated by Buyer at the
Alabama Motorsports Park, a Dale Earnhardt, Jr. Speedway.” 
 Thank you. 
 Sincerely, 
  

					
	Dover Motorsports, Inc.	 		 	Midwest Racing, Inc.
		 		 	
	 /s/ Klaus M. Belohoubek
	 		 	 /s/ Klaus M. Belohoubek

	Klaus M. Belohoubek	 		 	Klaus M. Belohoubek
	Senior Vice President – General Counsel	 		 	Senior Vice President – General Counsel

  

			
	ACCEPTED AND AGREED
	
	Gulf Coast Entertainment, LLC
		
	By:	 	 /s/ Michael C. Dow

		
	Date:	 	 2-13-09Amendment No. 2 dated April 24, 2009 to the Stock Purchase Agreement

 Exhibit 10.2 
 AMENDMENT NO. 2 TO 
 STOCK PURCHASE AGREEMENT 
 This Second Amendment dated this 24th day of April, 2009 amends that certain Stock Purchase Agreement (as amended, the “Agreement”) dated the
28th day of January, 2009 between Midwest Racing, Inc., a California corporation (“Midwest”), Dover Motorsports, Inc., (“Dover”, and collectively with Midwest, “Seller”) and Gulf Coast Entertainment, L.L.C., a Delaware
limited liability company (“Buyer”). 
 WITNESSETH 
 WHEREAS, Buyer wishes to extend the Closing Date; and 
 WHEREAS, Seller is agreeable to such an extension provided that Buyer agrees to make certain additional non-refundable deposits, as provided herein; 
 NOW, THEREFORE, in consideration of the promises herein, the parties agree as follows: 
 Section 1. Section 2.2 to the Agreement is restated in its entirety to read as follows: 

	“2.2.	Cash Purchase Price. The Cash Purchase Price of $10,000,000 shall be paid to Seller by wire transfer as follows: 

 On February 27, 2009, Buyer paid to Seller a non-refundable deposit of $100,000. 
 If Closing shall not have occurred by May 1, 2009, then Buyer shall pay to Seller an additional non-refundable deposit of $100,000 that is due on
May 1, 2009 and delinquent if not paid by 5 p.m. EDT on May 15, 2009. 
 If Closing shall not have occurred by June 1, 2009,
then Buyer shall pay to Seller an additional non-refundable deposit of $100,000 that is due on June 1, 2009 and delinquent if not paid by 5 p.m. EDT on June 15, 2009. 
 All deposits shall be credited against the Cash Purchase Price at Closing or retained by Seller if Buyer fails to make the additional deposits called for
above or if Closing does not occur through no fault of Seller or Memphis International Motorsports Corporation d/b/a Memphis Motorsports Park and the Agreement is terminated as permitted by Section 2.6. 
 Upon Closing, the unpaid balance of the Cash Purchase Price shall be paid by 5:00 PM EDT on the Closing Date.” 

 Exhibit 10.2 
 Section 2. Section 2.5 to the Agreement is revised as follows: 
 The reference to
“April 30, 2009” on the first line shall be changed to “June 29, 2009.” The figure “$9,900,000” on the last line shall be deleted. 
 Section 3. Section 2.6 to the Agreement is revised as follows: 
 The reference to
“April 30, 2009” on the penultimate line shall be changed to “June 29, 2009.” 
 Section 4. All other terms
and conditions of the Agreement shall remain in full force and effect. 
 IN WITNESS WHEREOF, Buyer and Seller have caused this Amendment to
be executed by its duly authorized officers as of the date first above written. 
  

			
	Midwest Racing, Inc.
		
	By:	 	 /s/ Denis McGlynn

	Name:	 	Denis McGlynn
	Title:	 	President and Chief Executive Officer
	
	Memphis International Motorsports Corporation d/b/a Memphis Motorsports Park
		
	By:	 	 /s/ Denis McGlynn

	Name:	 	Denis McGlynn
	Title:	 	President and Chief Executive Officer
	
	Dover Motorsports, Inc.
		
	By:	 	 /s/ Denis McGlynn

	Name:	 	Denis McGlynn
	Title:	 	President and Chief Executive Officer
	
	Gulf Coast Entertainment L.L.C.
		
	By:	 	 /s/ Michael C. Dow

	Name:	 	Michael C. Dow
	Title:	 	President and General Manager

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