Document:

deepdown_10q-ex1002.htm

    
      

    
Exhibit 10.2

     

    WAIVER
AGREEMENT

    

    THIS
WAIVER AGREEMENT (this “Agreement”)
is entered into as of September 10, 2009, and effective as of September 1, 2009
between DEEP DOWN, INC., a Nevada corporation (“Borrower”),
and WHITNEY NATIONAL BANK, a national banking association (the “Lender”).  Capitalized
terms used but not defined in this Waiver have the meanings given them in the
Credit Agreement (defined below).

     

    RECITALS

     

    A.           Borrower
and Lender entered into that certain Credit Agreement dated as of November 11,
2008 (as amended by the First Amendment to Credit Agreement dated December 18,
2008, the Second Amendment to Credit Agreement dated February 13, 2009, the
Third Amendment to Credit Agreement dated May 29, 2009, and as further amended,
restated, or supplemented, the “Credit
Agreement”).

     

    B.           Borrower
has informed Lender of circumstances that, absent the waiver provided under this
Agreement, would constitute the basis for a Default under the Credit Agreement
arising pursuant to Section 11.9 thereof.

     

    NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are acknowledged, the undersigned hereby agree as follows:

     

    1.           Waiver.  Subject
to the conditions set out in this Agreement, Lender (a) waives any violation of
Section
11.9 of the Credit Agreement, or any Default arising thereunder,
resulting solely from the resignation of Robert E. Chamberlain, Jr. and his
ceasing to be an executive officer of the Borrower (constituting a Change of
Management under the Credit Agreement), and (b) agrees not to exercise any of
the rights or remedies available to it under the Loan Documents as a result of
the violation or Default described in clause (a)
above.

     

    2.           Conditions.  This
Agreement shall be effective once each of the following have been delivered to
Lender:

     

    (a)           this
Agreement executed by Borrower and Lender; and

     

    (b)           such
other documents as Lender may reasonably request.

    

    3.           Miscellaneous.

     

    (a)           Headings.  The
headings and captions used in this Agreement are for convenience only and will
not be deemed to limit, amplify or modify the terms of this Agreement, the
Credit Agreement, or the other Loan Documents.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (b)           Costs, Expenses and
Attorneys’ Fees.  Borrower agrees to pay or reimburse Lender on
demand for all its reasonable out-of-pocket costs and expenses incurred in
connection with the preparation, negotiation, and execution of this Agreement,
including, without limitation, the reasonable fees and disbursements of Lender’s
counsel.

     

    (c)           Successors and
Assigns.  This Agreement shall be binding upon and inure to the
benefit of each of the undersigned and their respective successors and permitted
assigns.

     

    (d)           Multiple
Counterparts.  This Agreement may be executed in any number of
counterparts with the same effect as if all signatories had signed the same
document.  All counterparts must be construed together to constitute
one and the same instrument.  This Agreement may be transmitted and
signed by facsimile or portable document format (PDF).  The
effectiveness of any such documents and signatures shall, subject to applicable
law, have the same force and effect as manually-signed originals and shall be
binding on Borrower and Lender.  Lender may also require that any such
documents and signatures be confirmed by a manually-signed original; provided that the failure to
request or deliver the same shall not limit the effectiveness of any facsimile
or PDF document or signature.

     

    (e)           Governing
Law.  This Waiver must be construed, and its performance
enforced, under Texas law.

     

    (f)           Entirety.  This Waiver
Represent the Final Agreement Between Borrower and Lender relating to the
subject matter of this waiver and May Not Be Contradicted by Evidence of Prior,
Contemporaneous, or Subsequent Oral Agreements by the Parties.  There
Are No Unwritten Oral Agreements among the Parties.

     

    

     

    [Signatures are on the following
page.]

     

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    The
Agreement is executed as of the date set out in the preamble to this
Agreement.

     

     

    
      
        	 	
                BORROWER:

              	 
	 	 	 
	 	
                DEEP
      DOWN, INC.,

                a
      Nevada corporation

              	 
	 	 	 	 
	
              	
                By:
      

              	 /s/ Eugene L. Butler	 
	 	 	
                Eugene
      L. Butler

              	 
	 	 	Chief
      Financial Officer	 
	 	 	 	 

      

    

    
       

       

      
        
          	 	
                  
                    LENDER:

                  

                	 
	 	 	 
	 	
                  
                    WHITNEY
      NATIONAL BANK,

                    a
      national banking association

                  

                	 
	 	 	 	 
	
                	
                  By:
      

                	/s/
      Paul W. Cole	 
	 	 	
                  Paul
      W. Cole

                	 
	 	 	
                  Vice
      President

                	 
	 	 	 	 

        

      

      
 

      
 

    

     

    Signature
Page to Waiver Agreement

    

    
      
        
        

      

      
        3deepdown_10q-ex1003.htm

    
      
        

      
Exhibit 10.3

     

    SEVERANCE AND SEPARATION
AGREEMENT

    

    This Severance and Separation Agreement
(the “Agreement”) is between Strategic Capital Services, Inc. and Robert E.
Chamberlain, Jr. (“Consultant”) and Deep Down, Inc., including it’s wholly-owned
subsidiaries (“Deep Down”).

    

    WHEREAS, Consultant has been advised
that his consulting services with Deep Down will be ending as set forth in this
Agreement; and

    

    WHEREAS, the parties wish to set forth
here their understanding regarding severance arrangements and certain other
matters in connection with the planned termination of Consultant’s services at
Deep Down; and

    

    WHEREAS, the Consultant and Deep Down
are parties to a Consulting Agreement dated August 6, 2007 (the “Consulting
Agreement”).

    

    WHEREAS, the parties acknowledge that
good and valuable consideration is being received by each party to this
Agreement.

    

    NOW, THEREFORE, the parties agree as
follows:

    

    
      	
               
      

            	
              1.

            	
              The
      Consulting Agreement and Robert E. Chamberlain, Jr.’s named executive
      positions of Chairman of the Board, Director and Chief Acquisitions
      Officer with Deep Down terminated/will terminate effective August 31,
      2009;

            

    

    

    
      	
               
      

            	
              2.

            	
              From
      September 1, 2009 through August 5, 2010, Strategic Capital Services, Inc.
      will receive compensation from Deep Down in the amount of $10,910.08 on
      the 15th
      and the last day of each month for a total of 11 monthly payments of
      $21,820.16 and a final payment of $3,519.38 on August 5, 2010; Mr.
      Chamberlain will continue to consult with the Company on acquisitions and
      any other corporate matters when requested by
  management.

            

    

    

    
      	
               
      

            	
              3.

            	
              Robert
      E. Chamberlain, Jr. shall receive 750,000 shares of Deep Down
      stock.  This stock shall be presented to Robert E. Chamberlain,
      Jr. and he shall be the legal and beneficial owner of the stock no later
      than October 1, 2009;

            

    

    

    
      	
               
      

            	
              4.

            	
              Any
      shares of stock that have been issued to Consultant, but that have not yet
      vested, shall be deemed to be vested upon the signing of this Agreement;
      and

            

    

    

    
      	
               
      

            	
              5.

            	
              Robert
      E. Chamberlain, Jr. will remain in possession of the laptop computer at
      the end of his service with Deep
Down.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    In
exchange for the payments and benefits provided for in this Agreement and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Consultant and Deep Down hereby forever unconditionally and
irrevocably mutually release and discharge each other and all of their direct
and indirect affiliates, subsidiaries (wholly-owned or not), members, branches,
divisions, business units or groups, agencies, predecessors, successors and
assigns, any employee benefit plans established or maintained by any of the
foregoing entities and each and all of their current and former officers,
directors, employees (other than Consultant), trustees, plan administrators,
agents, attorneys, representatives, partners, advisors and shareholders (the
“Released Parties”) from any and all claims, causes of action, complaints,
agreements, promises (express or implied), contracts, undertakings, covenants,
guarantees, grievances, liabilities, damages, rights, obligations, expenses,
debts and demands whatsoever arising out of, in connection with or relating in
any way to Consultant’s employment with Deep Down, in law or equity, known or
unknown, whether present or future, and of whatsoever kind or nature, which
Consultant and Deep Down, their heirs, executors, administrators,
representatives and assigns ever had, now have or hereafter can, shall or may
have, for upon, or by reason of any alleged or actual matter, cause or thing
from the beginning of time until the date this Agreement is signed. Consultant
and Deep Down acknowledge that this release and discharge of claims specifically
includes, but is not limited to, any and all claims for fraud; breach of
contract; breach of the implied covenant of good faith and fair dealing;
inducement of breach; interference with contractual rights; wrongful or unlawful
discharge or demotion; violation of public policy; negligent misrepresentation;
conspiracy; failure to pay wages, benefits, vacation pay, severance pay,
attorney’s fees, or any other compensation of any sort; defamation; claims under
any federal, state or local securities law, including, without limitation, the
Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as
amended, and any similar statute.

    

    Consultant and Deep Down understand and
acknowledge that by signing this Agreement they are waiving and releasing any
and all claims they may have concerning the terms and conditions of Consultant’s
employment and the termination of his employment under any U.S. or Canadian law
or the last of any state, city, province, locality or commonwealth, including
those prohibiting discrimination on the basis of age, sex, race, color,
disability, religion, creed, national origin, ancestry, sexual orientation,
handicap, pregnancy, marital status, citizenship or any other protected factor
or characteristic, prohibiting discrimination for requesting or taking a family
or medial leave, prohibiting discrimination with regard to benefits or any other
terms and conditions of employment, or prohibiting retaliation in connection
with any complaint or claim of alleged discrimination or harassment and that he
intends to do so.  As such, this release includes, but is not limited
to, any claims arising under the Americans with Disabilities Act (“ADA”), the
Civil Rights Act of 1991, Title VII of the Civil Rights Act of 1964, as amended,
the Civil Rights Act of 1866, as amended, the Family and Medical Leave Act of
1993, the Employee Retirement Income Security Act, as amended (“ERISA”), the
Worker Adjustment and Retraining Notification Act (“WARN”), the Fair Labor
Standards Act (“FLSA”), the Age Discrimination in Employment Act, as amended,
and any other relevant Texas Act.

    

    Consultant
and Deep Down each represent and warrant that it has not assigned or subrogated
any of its rights, claims and causes of actions, including any claims referenced
in this Agreement, or authorized any other person or entity to assert such claim
or claims on its behalf, and Consultant and Deep Down each agree to indemnify
and hold harmless the other party and the Released Parties of the other party
against any assignment of said rights, claims and/or causes of
action.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Consultant
further acknowledges the following:

    

    
      	
               
      

            	
              i.

            	
              Deep
      Down, by providing this Agreement on September 3, 2009, advised the
      Consultant to consult with an attorney prior to executing this
      Agreement;

            

    

    
      	
               
      

            	
              ii.

            	
              Deep
      Down has provided Consultant the opportunity to review and consider the
      Agreement for twenty-one days from the date Consultant receives this
      Agreement.  At Consultant’s option and sole discretion,
      Consultant may waive the twenty-one day review period and execute this
      Agreement before the expiration of twenty-one days.  In electing
      to waive the twenty-one day review period, Consultant acknowledges and
      admits that he was given a reasonable period of time within which to
      consider this Agreement and his waiver is made freely and voluntarily,
      without duress or any coercion by any other person;
  and

            

    

    
      	
               
      

            	
              iii.

            	
              Consultant
      may revoke this Agreement within a period of seven days after execution of
      this Agreement.  Consultant agrees that any such revocation is
      not effective unless it is made in writing and delivered to Deep Down
      before the end of the seventh calendar day.  Under any such
      valid revocation, Consultant will not be entitled to any rights under this
      Agreement.  This Agreement becomes effective on the eighth
      calendar day after it is executed by both parties (the “Effective
      Date”).

            

    

    

    This Agreement contains the entire
agreement between Consultant and Deep Down and supersedes and cancels any
agreement and understanding between the parties on the subjects covered herein,
and no agreements, representations or statements of either party not contained
in this Agreement shall bind that party.  This Agreement can be
modified only in writing signed by both parties.

    

    The
provisions of this Agreement are severable, and if for any reason any part
hereof shall be found to be unenforceable, the remaining provisions shall be
enforced in full.  If any provision of this Agreement is found to be
invalid or unenforceable, such provision shall be modified as necessary to
permit this Agreement to be upheld and enforced to the maximum extent permitted
by law.

    

    IN WITNESS WHEREOF, the parties have
executed this Agreement on the 3rd day
of September, 2009.

     

    
      
        	STRATEGIC
      CAPITAL SERVICES, INC.  	 	 	DEEP
      DOWN, INC.	 
	 	 	 	 	 
	
                By:
      /s/ Robert E. Chamberlain,
      Jr.

              	 	 	
                By:
      /s/ Eugene L. Butler

              	 
	
                Printed
      Name: Robert E. Chamberlain,
      Jr.  

              	 	 	
                Printed
      Name: Eugene L.
Butler

              	 
	
                Title:
      President   

              	 	 	
                Title:
      Chief Financial Officer

              	 
	 	 	 	 	 
	 	 	 	 	 
	
                CONSULTANT

              	 	 	 	 
	 	 	 	 	 
	
                /s/ Robert E. Chamberlain,
    Jr.

              	 	 	 	 
	
                Robert
      E. Chamberlain, Jr.

              	 	 	 	 

      

    

    
      
        
        

      

      
        3

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