Document:

cbco_ex10191.htm

EXHIBIT 10.19.1

 

FIRST AMENDMENT

TO EMPLOYMENT AGREEMENT

THIS AMENDMENT is made as of the 16th day of December, 2008, by and between CBC NATIONAL BANK (formerly known as and currently doing business as FIRST NATIONAL BANK OF NASSAU COUNTY), a national banking

association (the “Employer”), and Charles K. Wagner, Jr.,, a resident of the State of Georgia (the “Executive”).

 

RECITALS:

 

The Employer and the Executive previously entered into an employment agreement, dated September 4, 2007 (the “Agreement”).  The Employer and the Executive desire to amend the Agreement for compliance with Section 409A of the Internal Revenue Code of 1986.

In consideration of the Executive’s continued employment by the Employer and the mutual agreements hereinafter set forth, the parties hereby agree to amend the Agreement, effective January 1, 2009, as follows:

1.      By adding the following as flush language to the end of the existing Section 3.2:

“For purposes of this Section 3.2 and Section 3.3., the Executive shall be deemed to have terminated employment only if he has a termination of the employment where either (i) the Executive has ceased to perform any services for the Employer and all affiliated companies that, together with the Employer, constitute the “service recipient” within the meaning of Section 409A of the Internal Revenue Code (the ‘Code’) (collectively, the ‘Service Recipient’) or (ii) the level of bona fide services the Executive performs for the Service Recipient after a given date (whether as an employee or as an independent contractor) permanently decreases (excluding either a decrease as a result of military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as the Executive retains a right to reemployment with the Service Recipient under an applicable statute or by contract or any other decrease permitted under Code Section 409A) to no more than twenty percent (20%) of the average level of bona fide services performed for the Service Recipient (whether as an employee or an independent contractor) over the immediately preceding 36-month period (or the full period of service if the Executive has been providing services to the Service Recipient for less than 36 months).”

2.      By adding the following to the end of the existing Section 3.3.1:

“The pro rata payment of the incentive compensation under Section 4.2 will be paid within thirty (30) days following the last day of the calendar quarter in which the Executive’s termination of employment occurs.”

3.      By adding the following new Section 4.8:

“4.8   Reimbursements.  All expenses eligible for reimbursement under this Section 4 must be incurred by the Executive during the Term to be eligible for reimbursement.  All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred, nor shall the amount of reimbursable expenses incurred in one taxable year affect the expenses eligible for reimbursement in any other taxable year.  The right to a reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.”

 

4.      By inserting the following immediately before the period at the end of the existing Section 16:

“; provided, however, that demand by the prevailing party shall be made no more than thirty (30) days following the final resolution of such litigation and the other party shall pay such costs and expenses to the prevailing party by the fifteenth (15th) day of the third (3rd) month following the final resolution of such litigation”

Except as specifically amended hereby the Agreement will remain in full force and effect as prior to this First Amendment.

 

  

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IN WITNESS WHEREOF, the Employer and the Executive have executed and delivered this First Amendment as of the date first shown above.

 

	 	
CBC NATIONAL BANK

	 
	 	 	 	 
	 	
By: 

	
 /s/ Suellen Garner

	 
	 	 	
Signature

	 
	 	 	Title 	 
	 	 	 	 
	 	 	
Suellen Garner

	 
	 	 	
Print Name

	 
	 	 	 	 
	 	 	
Chariman

	 
	 	 	Title	 
	 	 	 	 
	 	 	 /s/ Charles K. Wagner 	 
	 	 	Charles K. Wagner	 

 

  

2Unassociated Document

EXHIBIT 10.19.2

 

SECOND AMENDMENT

TO EMPLOYMENT AGREEMENT

THIS SECOND AMENDMENT is made as of the 2nd day of September, 2010 (the “Execution Date”), by and between CBC NATIONAL BANK (formerly known as and currently doing business as FIRST NATIONAL BANK OF NASSAU COUNTY), a national banking association (the “Employer”), and Charles K. Wagner, a resident of the State of Georgia (the “Executive”).

 

RECITALS:

 

The Employer and the Executive previously entered into an employment agreement, dated September 4, 2007, as amended by the First Amendment thereto dated December 16, 2008 (the “Agreement”).  The Employer and the Executive desire to amend the Agreement to conform to restrictions on compensation that are or may become applicable to the bonus compensation provisions of the Agreement pursuant to regulations issued by the Department of Treasury under the Troubled Asset Relief Program.

In consideration of the Executive’s continued employment by the Employer and the mutual agreements hereinafter set forth, the parties hereby agree to amend the Agreement, effective as of July 1, 2010 (the “Effective Date”), as follows:

1.      By deleting Section 4.1 of the Agreement in its entirety and substituting therefor the following:

“4.1     Base Salary.  Effective July 1, 2010, the Executive shall be compensated at a monthly rate of One Hundred Five Thousand Eight Hundred Thirty Three Dollars and Thirty-Three Cents ($105,833.33) (the “Monthly Base Salary”).  The Executive’s Monthly Base Salary shall be reviewed by the Chief Executive Officer of the Employer at least quarterly, and the Executive shall be entitled to receive as frequently as quarterly an increase in such amount, if any, as may be determined by the Chief Executive Officer based on his evaluation of the Executive’s performance after reviewing such material as the Chief Executive Officer determines to be relevant, but in any event including any material as may be provided for consideration by the Executive, subject further to any necessary or desired approval of such adjustment by the Board of Directors of the Employer or any committee thereof.  In addition to Monthly Base Salary, the Employer shall also pay the Executive a monthly amount equal to the Executive’s share, if any, of the cost of coverages under the group health, dental, life and long-term disability plan(s), as may be maintained by the Employer from time to time, and as to which the Executive is then a participant; provided, however, that such monthly amount shall in no event exceed Four Hundred and Fifty Dollars ($420.00).  The amounts payable to the Executive pursuant to this Section 4.1 shall be payable in accordance with the Employer’s normal payroll practices.”

Any supplemental amount already payable to the Executive as of the Execution Date by reason of any adjustment to Monthly Base Salary effected as of the Effective Date shall be paid to the Executive by September 30, 2010.

2.      By deleting Section 4.2 of the Agreement in its entirety and substituting therefor the following:

 

“4.2      Incentive Compensation.  The Executive shall be eligible to receive bonus compensation, if any, as may be determined by the Chief Executive Officer of the Employer based on performance measures established by the Chief Executive Officer or the Board of Directors of the Employer or any committee thereof after consultation with the Executive, pursuant to any incentive compensation program as may be adopted from time to time by the Board of Directors of the Employer or any committee thereof.  Any bonus earned shall be payable in cash in the year following the year in which the bonus is earned in accordance with the Employer’s normal practices for the payment of short-term incentives.  To be entitled to any payment of incentive compensation from the Employer, the Executive must be employed by the Employer on the last day of the applicable performance period.  The payment of any bonus shall be subject to any approvals or non-objections required by any regulator of the Employer and any such obligation shall become void if and to the extent payment of any such bonus is prohibited by applicable law.”

3.      By deleting “Exhibit A’ in its entirety.

Except as specifically amended hereby the Agreement will remain in full force and effect as prior to this Second Amendment.

 

  

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IN WITNESS WHEREOF, the Employer and the Executive have executed and delivered this Second Amendment as of the date first shown above.

 

	 	

CBC NATIONAL BANK

	 
	 	 	 	 
	 	
By: 

	

/s/ Michael G. Sanchez 

	 
	 	 	

Signature

	 
	 	 	 	 
	 	 	Michael G. Sanchez 	 
	 	 	

Print Name

	 
	 	 	 	 
	 	 	

President 

	 
	 	 	

Title

	 
	 	 	 	 
	 	 	

/s/ Charles K. Wagner 

	 
	 	 	

Charles K. Wagner

	 

 

  

2blku_ex1021.htm

EXHIBIT 10.21

 

SIXTH AMENDMENT AND RESTATEMENT OF LOAN AGREEMENT AND PROMISSORY NOTE

 

 

THIS SIXTH AMENDMENT AND RESTATEMENT OF LOAN AGREEMENT AND PROMISSORY NOTE (“Amendment and Note Restatement”) by and between BLINK COUTURE, INC., a Delaware corporation (the "Maker") and REGENT PRIVATE CAPITAL, LLC, an Oklahoma limited liability company (the "Payee") entered into as of January 31, 2012.   Each of the Maker and the Payee are referred to herein as a “Party”, and collectively as the “Parties.”

WHEREAS, on January 31, 2009, the Maker entered into a Loan Agreement and Promissory Note (the “Original Note”) with Fountainhead Capital Management Limited (“Fountainhead”), which Note was amended by a First Amendment to Loan Agreement and Promissory Note, dated as of April 30, 2009, and subsequently amended by a Second Amendment to Loan Agreement and Promissory Note, dated as of July 31, 2010, and then further amended by a Third Amendment to Loan Agreement and Promissory Note, dated as of October 31, 2009, in each case increasing the principal amount of the Original Note (collectively referred to hereafter as the “Fountainhead Note Amendments” and the Original Note and the Fountainhead Note Amendments, as amended and restated by the Fourth Amendment (defined hereafter), the Fifth Amendment (defined hereafter) and this Amendment and Note Restatement, hereinafter being referred to as the “Note”);  and

WHEREAS, on December 29, 2009, in connection with certain transactions, Fountainhead assigned all of its right, title and interest in and to the Original Note, along with the Fountainhead Note Amendments including, without limitation, the payment of all amounts due and payable thereunder, to the Payee; and

WHEREAS, pursuant to the provisions of the Original Note and the Fountainhead Note Amendments, all outstanding principal and accrued interest thereon became due and payable on or before January 31, 2010; and

WHEREAS, the Maker did not repay all of the outstanding principal and accrued interest on or before January 31, 2010; and

WHEREAS, the Payee and the Maker entered into a Fourth Amendment and Restatement of Loan Agreement to Promissory Note (the “Fourth Amendment”) to, among other things, further extend the maturity date of the Note to January 31, 2011, and to increase the principal sum due and payable under the Note; and

WHEREAS, the Payee and Maker, during 2010, also entered into three supplements to the Fourth Amendment, further increasing the principal sum due and payable under the Note; and

 

    WHEREAS, the Maker did not repay all of the outstanding principal and accrued interest on or before January 31, 2011; and

WHEREAS, the Payee elected not to declare the Maker in default under the terms of the Note, as permitted pursuant to Paragraph 5 of the Original Note and Paragraph 6 of the Fourth Amendment, but instead entered into a Fifth Amendment and Restatement of Loan Agreement to Promissory Note (the “Fifth Amendment”) to, among other things, further extend the maturity date of the Note to January 31, 2012, and to increase the principal sum due and payable under the Note; and

 

  

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 WHEREAS, the Payee and Maker, during 2011, also entered into three supplements to the Fifth Amendment, further increasing the principal sum due and payable under the Note; and

 WHEREAS, the Maker did not repay all of the outstanding principal and accrued interest on or before January 31, 2012; and

 WHEREAS, the Payee has not elected to declare the Maker in default under the terms of the Note, as permitted pursuant to Paragraph 5 of the Original Note and Paragraph 6 of the Fifth Amendment, but instead has agreed to this Amendment and Note Restatement extending the maturity date of the Note, upon the terms and conditions provided herein; and

 WHEREAS, the Maker has agreed to this Amendment and Note Restatement, upon the terms and conditions provided herein;

 

 NOW THEREFORE, in consideration of the premises, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto hereby agree as follows:

 1.       Extension of Maturity Date.  Effective as of January 31, 2012, the maturity date of the Original Note, which was January 31, 2010, and which was previously extended to January 31, 2011, pursuant to the terms and conditions of the Fourth Amendment, and to January 31, 2012, pursuant to the terms and conditions of the Fifth Amendment, shall be extended through and until January 31, 2013, upon which date the Maker unconditionally promises to pay to the order of the Payee, the principal sum then outstanding under this Note together with accrued interest thereon.

 2.       Additional Advances.  The Parties hereby agree that during the period from November 1, 2011 through January 31, 2012, the Payee has made additional advances to the Maker, in the aggregate amount of $40,936, in payment of the Maker’s operating expenses during that period, so that effective as of January 31, 2012, the total outstanding principal amount due and payable pursuant to this Note was $299,709.

 

 3.       Interest.  Unpaid principal of this Note shall bear interest (computed on the basis of a year of 365 days of actual days elapsed) of 6% per annum in cash or kind, from the date hereof until such principal is paid.

 

 4.       Prepayment.  The Maker shall have the option to prepay any or all of the principal amount due here­under, without penalty, at any time, together with interest accrued thereon to the date of such prepayment.

 

 5.       Place of Payment.  All amounts payable hereunder shall be payable at the address of the Payee at 5727 S. Lewis Avenue, Suite 210 Tulsa, OK 74105, unless another place of payment shall be specified in writing by the Payee.

 

  

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 6.       Event of Default.  It shall be an event of default (“Event of Default”), and the then unpaid portion of this Note shall become immediately due and payable, at the election of Payee, upon the occurrence of any of the following events:

 

(a)  any failure on the part of Maker to make any payment hereunder when due, whether by acceleration or otherwise;

(b)  Maker shall commence (or take any action for the purpose of commencing) any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, moratorium or similar law or statute; or

(c)  a proceeding shall be commenced against Maker under any bankruptcy, reorganization, arrangement, readjustment of debt, moratorium or similar law or statute and relief is ordered against Maker, or the proceeding is controverted but is not dismissed within sixty (60) days after the commencement thereof.

 7.       No Waiver; Remedies.  No failure on the part of the Payee or any other holder of this Note to exercise and no delay in exercising any right, remedy or power hereunder or under any other document or agreement executed in connection herewith shall operate as a waiver thereof, nor shall any single or partial exercise by the Payee or any other holder of this Note of any right, remedy or power hereunder preclude any other or future exercise of any other right, remedy or power.

 8.       Enforceability.  This Note shall be binding upon the Maker and the Maker’s successors and assigns.

 9.       Governing Law.  This Note shall be governed by and construed in accordance with the laws of the State of Delaware, excluding the conflicts of laws principles thereof.

10.      Severability.   In the event that any one or more of the provisions of this Note shall for any reason be held to be invalid, illegal or unenforceable, in whole or in part, or in any respect, or in the event that any one or more of the provisions of this Note shall operate, or would prospectively operate, to invalidate this Note, then, and in any such event, such provision or provisions only shall be deemed null and void and of no force or effect and shall not affect any other provision of this Note, and the remaining provisions of this Note shall remain operative and in full force and effect, shall be valid, legal and enforceable, and shall in no way be affected, prejudiced or disturbed thereby.

11.  Usury.  All agreements between the Maker and the Payee, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever, whether by acceleration of the maturity of this Note or otherwise, shall the amount paid, or agreed to be paid, to the Maker, or any other holder of this Note, for the use, forbearance or detention of the money to be loaned hereunder or otherwise, exceed the maximum amount permissible under applicable law.

 

 12.     Assignment.  Subject to applicable federal and state securities laws, the Payee may assign this Note without first obtaining the consent of the Maker.

 

  

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13.      Certain Waivers.  EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED HEREIN, THE MAKER, AND ALL OTHERS THAT MAY BECOME LIABLE FOR ALL OR ANY PART OF THE OBLIGATIONS EVIDENCED BY THIS NOTE, HEREBY WAIVES PRESENTMENT, DEMAND, NOTICE OF NONPAYMENT, PROTEST AND ALL OTHER DEMANDS AND NOTICES IN CONNECTION WITH THE DELIVERY, ACCEPTANCE, PERFORMANCE OR ENFORCEMENT OF THIS NOTE, AND DOES HEREBY CONSENT TO ANY NUMBER OF RENEWALS OR EXTENSIONS OF THE TIME OF PAYMENT HEREOF AND AGREE THAT ANY SUCH RENEWALS OR EXTENSIONS MAY BE MADE WITHOUT NOTICE TO ANY SUCH PERSONS AND WITHOUT AFFECTING THEIR LIABILITY HEREIN AND DO FURTHER CONSENT TO THE RELEASE OF ANY PERSON LIABLE WITH RESPECT TO FAILURE TO GIVE SUCH NOTICE, (ALL WITHOUT AFFECTING THE LIABILITY OF THE OTHER PERSONS, FIRMS, OR CORPORATIONS LIABLE FOR THE PAYMENT OF THIS NOTE).

14.      Waiver of Jury Trial.  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE MAKER HEREBY KNOWINGLY AND VOLUNTARILY WAIVES TRIAL BY JURY AND THE RIGHT THERETO IN ANY ACTION OR PROCEEDING OF ANY KIND ARISING UNDER OR OUT OF OR OTHERWISE RELATED TO OR CONNECTED WITH THIS NOTE OR ANY RELATED DOCUMENT.

15.      Miscellaneous.  If any payment of principal or interest on this Note shall become due on a Saturday, Sunday, or a public holiday under the laws of the State of Delaware, such payment shall be made on the next succeeding business day and such extension of time shall be included in computing interest in connection with such payment.  Upon payment in full of all aggregate unpaid principal and interest payable hereunder, this Note shall be surrendered to the Maker for cancellation.

 

16.  Fees and Expenses. The Maker shall reimburse the Payee for all fees in connection with the documentation and administration of this Note upon an invoice being provided by the Payee.

 

17.  Entire Agreement.  This Amendment and Note Restatement shall set forth the entire agreement of the Parties with respect to the subject matter contained herein and shall replace all prior agreements and understandings relating to the subject matter contained herein, whether oral or written, including without limitation the Original Note and the Note Amendments.

 

Signature Page Follows

 

  

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IN WITNESS WHEREOF, the Maker has caused this Sixth Amendment and Restatement of Loan and Promissory Note to be duly executed and delivered as of the day and year first written above.

 

	 	
BLINK COUTURE, INC.

	 
	 	 	 	 
	 	
By: 

	
/s/ Lawrence Field 

	 
	 	 	
Name: Lawrence Field

	 
	 	 	
Title: President & CEO

	 
	 	 	 	 
	 	REGENT PRIVATE CAPITAL, LLC	 
	 	 	 	 
	 	By:	/s/ Cindy S. Field 	 
	 	 	Name: Cindy S. Field	 
	 	 	Title: Secretary	 

 

 

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