Document:

Exhibit 10.2

 

EXECUTION VERSION

 

February 5, 2014

 

Green Mountain Coffee Roasters, Inc.

33 Coffee Lane

Waterbury, VT 05676

Attn: General Counsel

Facsimile: (802) 882-4400

 

Ladies and Gentlemen:

 

This letter agreement, dated as of February 5, 2014 (the “Letter Agreement”), is by and among the undersigned parties.

 

In order to induce Green Mountain Coffee Roasters, Inc., a Delaware corporation (the “Seller”), to enter into a Common Stock Purchase Agreement, dated as of February 5, 2014 (the “Agreement”), with Atlantic Industries, a company incorporated under the laws of the Cayman Islands (the “Purchaser”), The Coca-Cola Company, a Delaware corporation and the sole indirect shareholder of Purchaser (the “Purchaser’s Parent”), in consideration of the benefits to be derived by Purchaser’s Parent from the Agreement, hereby (i) acknowledges and agrees to be bound to the same extent as the Purchaser by the provisions set forth in Sections 5.1 (Public Disclosure), 5.2 (Confidentiality), 5.3 (Consents and Filings), 5.5 (Transfer Restrictions) and 5.6 (Standstill Restrictions) of the Agreement, subject to the terms and conditions of the Agreement, and (ii) unconditionally and irrevocably guarantees to the Seller the full and prompt payment and performance of the obligations of the Purchaser in accordance with the terms of the Agreement, regardless of any amendment, waiver or change to any term of the obligations under or in the Agreement, so long as such amendment, waiver or change shall have been agreed to by Purchaser’s Parent.  Purchaser’s Parent shall have the benefit of all the respective rights, defenses and benefits of the Purchaser under the Agreement.

 

This Letter Agreement shall be binding upon the parties and upon their respective successors and assigns and shall inure to the benefit of the parties and their respective successors and permitted assigns under the Agreement.  All questions concerning the construction, validity, enforcement and interpretation of this Letter Agreement will be governed by and construed and enforced in accordance with the internal procedural and substantive laws of the State of Delaware, without regard to the principles of conflicts of law thereof.  Nothing in this Letter Agreement, express or implied, is intended to confer on any Person other than the undersigned, the parties to the Agreement and their respective successors and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Letter Agreement.

 

 

Each party agrees that all legal proceedings concerning the construction, validity, enforcement and interpretation of this Letter Agreement (whether brought against a party to this Agreement or its respective Affiliates, directors, officers, stockholders, employees or agents) will be solely and exclusively subject to the jurisdiction (a) in the United States District Court for the State of Delaware and (b) in a state court of the State of Delaware located in the County of Wilmington. Each party hereby irrevocably and unconditionally submits to the exclusive jurisdiction of the foregoing courts for the adjudication of any dispute arising in connection with this Letter Agreement and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.  Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at its address as provided in Section 9.2 (Notices) of the Agreement and agrees that such service will constitute good and sufficient service of process and notice thereof.  Nothing contained herein will be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

Capitalized terms used but not defined in this Letter Agreement shall have the meaning given to such term in the Agreement.  This Letter Agreement may be executed in two or more counterparts, all of which when taken together will be considered one and the same agreement and will become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart.

 

The parties agree that if any of the provisions of this Letter Agreement were not performed in accordance with their specific terms or were otherwise breached, irreparable damage would occur, no adequate remedy at Law would exist and damages would be difficult to determine, and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy available at Law or in equity.

 

If the Agreement is terminated pursuant to its terms and conditions, all rights and obligations of the parties under this Letter Agreement will automatically end without any liability or obligation of any party or its Affiliates, except as provided in Section 8.2 (Effect of Termination) of the Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

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Very   truly yours,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
THE   COCA-COLA COMPANY
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Gary P. Fayard
    
	
 
    	
Name:
    	
Gary   P. Fayard
    
	
 
    	
Title:
    	
Executive   Vice President and Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
ATLANTIC   INDUSTRIES
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Gary P. Fayard
    
	
 
    	
Name:
    	
Gary   P. Fayard
    
	
 
    	
Title:
    	
President   and Chief Financial Officer
    
	
 
    	
 
    
	
Accepted   and agreed to as
    	
 
    
	
of   the date first above written:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
GREEN   MOUNTAIN COFFEE
    	
 
    
	
ROASTERS, INC.
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Frances Rathke
    	
 
    	
 
    
	
Name:
    	
Frances   Rathke
    	
 
    	
 
    
	
Title:
    	
CFO
    	
 
    	
 
    

 

[Signature Page to Letter Agreement]Exhibit 10(iii)

 

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS SECOND AMENDMENT TO EMPLOYMENT AGREEMENT, made as of the 1st day of February 2014, by and among PENNS WOODS BANCORP, INC. (“Penns Woods”), a Pennsylvania business corporation, JERSEY SHORE STATE BANK (“JSSB”), a Pennsylvania banking institution and wholly owned subsidiary of Penns Woods (Penns Woods and JSSB are sometimes referred to herein collectively as the “Employer”), and RICHARD A. GRAFMYRE (“Executive”), an adult individual.

 

BACKGROUND

 

1.                                      Penns Woods, JSSB and Executive are presently parties to an employment agreement, dated as of October 29, 2010, as amended on June 12, 2012 (as so amended, the “Employment Agreement”).

 

2.                                      Penns Woods, JSSB and Executive have agreed to certain modifications to the Employment Agreement.

 

AGREEMENT:

 

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

 

1.                                      Amendment of Section 4(a) of the Employment Agreement.  Section 4(a) of the Employment Agreement is hereby amended and restated in its entirety to read as follows:

 

“(a)                           Salary.  During the Employment Period, Executive shall be paid a base salary at the rate of $425,000 per year, payable at such times as salaries are paid to other executive officers of the Employer.  The Board of Directors of Penns Woods or JSSB shall review Executive’s base salary annually and may, from time to time, in its discretion increase Executive’s base salary.  Any and all such increases in base salary shall be deemed to constitute amendments to this subsection to reflect the increased amounts, effective as of the dates established for such increases by appropriate corporate action.”

 

2.                                      Amendment of Section 4(c) of the Employment Agreement.  Section 4(c) of the Employment Agreement is hereby amended and restated in its entirety to read as follows:

 

“(c)                            Vacation and Sick Leave.  During the Employment Period, Executive shall be entitled to such paid vacation as may be determined in accordance with the personnel policies of the Employer from time to time in effect, but in no event less than five (5) weeks per annum.  During the Employment Period, Executive shall be entitled to an annual sick leave benefit as may be determined in accordance with the personnel policies of the Employer from time to time in effect, but in no event less than forty (40) hours per year.  Executive shall not be entitled to receive any additional compensation from the Employer for failure to take all of his entitled vacation or sick leave time, nor shall Executive be able to accumulate unused vacation or sick leave time from one year to the next, unless otherwise provided by the personnel policies of the Employer from time to time in effect.  In the event the personnel policies of the Employer provide for paid time

 

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off with no distinction between vacation and sick leave, the Executive shall be entitled to no less than 30 days of paid time off per year.”

 

3.                                      Amendment of Section 5(a) of the Employment Agreement.  Section 5(a) of the Employment Agreement is hereby amended and restated in its entirety to read as follows:

 

“(a)                           Benefits.  If a Change in Control (as defined in Section 5(e)) shall occur and concurrently therewith or during a period of twenty-four (24) months thereafter Executive’s employment hereunder is terminated by the Employer without Cause (other than for the reasons set forth in Section 3(d)) or by Executive with Good Reason, Executive shall be entitled to receive a lump-sum cash payment, no later than thirty (30) days following the date of such termination, in an amount equal to two (2.0) times the sum of (i) Executive’s annual base salary then in effect (or immediately prior to any reduction resulting in a termination for Good Reason) and (ii) the average of the last three (3) annual bonuses paid by the Employer to Executive.”

 

4.                                      Amendment of Section 5(d)(ii) of the Employment Agreement.  Section 5(d)(ii) of the Employment Agreement is hereby amended to refer to a distance of 25 miles, rather than 50 miles, from the location of his office on the date of the Change in Control.

 

5.                                      Ratification of Agreement.  Except as otherwise provided in this Amendment to Employment Agreement, all terms and conditions of the Employment Agreement remain in full force and effect, and nothing contained in this Amendment to Employment Agreement shall be deemed to alter or amend any provision of the Employment Agreement except as specifically provided herein.  References in the Employment Agreement to the “Agreement” shall be deemed to be references to the Agreement as amended hereby.

 

6.                                      Waiver. No provision of this Amendment to Employment Agreement may be modified, waived, or discharged unless such waiver, modification, or discharge is agreed to in writing and signed by Executive and the Employer.  No waiver by any party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Amendment to Employment Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

 

7.                                      Assignment.  This Amendment to Employment Agreement shall not be assignable by any party, except by the Employer to any affiliated company or to any successor in interest to its business.

 

8.                                      Entire Agreement.  This Amendment to Employment Agreement contains the entire agreement of the parties relating to the subject matter hereof.

 

9.                                      Applicable Law.  This Agreement shall be governed by and construed in accordance with the domestic, internal laws of the Commonwealth of Pennsylvania, without regard to its conflicts of laws principles.

 

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IN WITNESS WHEREOF, the parties have executed this Amendment to Employment Agreement as of the date first above written.

 

	
 
    	
 
    	
PENNS   WOODS BANCORP, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Brian L. Knepp
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Attest:
    	
/s/   Kimberly R. Yale
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
JERSEY   SHORE STATE BANK
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Brian L. Knepp
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Attest:
    	
/s/   Kimberly R. Yale
    
	
 
    	
 
    	
 
    
	
Witness:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   Kimberly R. Yale
    	
 
    	
/s/   Richard A. Grafmyre
    
	
 
    	
 
    	
Richard   A. Grafmyre
    

 

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