Document:

exv10w34

Exhibit
10.34

DIRECTOR NOMINATION AGREEMENT

     THIS DIRECTOR NOMINATION AGREEMENT (this “Agreement”) is dated as of April 5, 2012, by
and between EVERBANK FINANCIAL CORP, a Delaware corporation (the “Company”), and SAGEVIEW
PARTNERS L.P., a Delaware limited partnership (the “Investor”).

WITNESSETH:

     WHEREAS, pursuant to that certain Investment Agreement, dated as of July 21, 2008, by and
among EverBank Financial Corp, a Florida corporation (“EverBank (FL)”), and the Investor
(the “Investment Agreement”), EverBank (FL) issued and sold to the Investor 92,500 shares
of 4% Series B Cumulative Participating Perpetual Pay In Kind Preferred Stock (the “Series B
Preferred Stock”);

     WHEREAS, in connection with the Investment Agreement, EverBank (FL) and the Investor entered
into the Transfer and Governance Agreement, dated July 21, 2008 (the “Sageview Agreement”);

     WHEREAS, in anticipation of completing an initial public offering (the “IPO”),
EverBank (FL) is changing its state of incorporation from Florida to Delaware via the merger (the
“Reincorporation Merger”) of EverBank (FL) with and into its wholly owned subsidiary, the
Company, pursuant to which, among other things, the Series B Preferred Stock shall be converted to
common stock, par value $0.01 per share (the “Common Stock”), of the Company;

     WHEREAS, in connection with the Company’s IPO, the Company and the Investor wish to
memorialize, in accordance with the terms and subject to the conditions set forth herein, certain
rights and obligations under the Sageview Agreement with respect to the nomination of directors to
the Board of Directors of the Company (the “Board of Directors”) and other matters relating
to the Board of Directors that will remain in place, from and after the IPO;

     WHEREAS, the Company and the Investor desire that this Agreement be effective upon the
consummation of the Company’s IPO (the “Effective Time”).

     NOW THEREFORE, in consideration of the foregoing and the mutual benefits to be
derived from the covenants and agreements herein contained, and intending to be legally bound
hereby, the parties hereto agree as follows:

	1.	 	Definitions.

          “Affiliate” means with respect to any specified Person, any other Person directly or
indirectly Controlling, Controlled by or under common Control with such specified Person.

          “Agreement” has the meaning set forth in the Preamble.

          “Applicable Law” means any and all applicable federal, state, local, municipal, foreign,
international or multinational constitution, code, law, statute, ordinance, regulation, rule,
standard, administrative ruling, principle of common law, legal doctrine, treaty or process
applicable to a Person or its assets, liabilities, or business, including those promulgated,
interpreted, or enforced by any regulatory authority, including, but not limited to, the Federal
Trade Commission, the United States Department of Justice, the Board of the Governors of the
Federal Reserve System, the Federal Deposit Insurance Company, the Office of Thrift Supervision,
the Office of the Comptroller of the Currency, the Internal Revenue Service, all state regulatory
agencies having

 

 

jurisdiction over the Company and/or its Subsidiaries, the National Association of Securities
Dealers, Inc., the Securities and Exchange Commission and the National Labor Relations Board.

          “Applicable Requirements” includes the Company’s Charter, Bylaws (as defined below), the
Applicable Laws, the Securities Laws (as defined below), the listing standards of any national
securities exchange on which the Common Stock is listed, the submission on a timely basis of such
questionnaires as the Company may reasonably require of its directors generally and any other
information as the Company may reasonably request in connection with the preparation of its filings
under the Securities Laws.

          “Board of Directors” has the meaning set forth in the Recitals.

          “Charter” means the Company’s Amended and Restated Certificate of Incorporation, as may be
amended from time to time.

          “Common Stock” has the meaning set forth in the Recitals.

          “Company” has the meaning set forth in the Preamble.

          “Control,” “Controlling” or “Controlled” means, when used with respect to any specified
Person, the power to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise.

          “Effective Time” has the meaning set forth in the Recitals.

          “EverBank” means Everbank, a federal savings bank and as of the Effective Time, a direct
wholly owned subsidiary of the Company.

          “EverBank (FL)” has the meaning set forth in the Recitals.

          “Investment Agreement” shall have the meaning set forth in the Recitals.

          “Investor” has the meaning set forth in the Preamble.

          “Investor Director” shall have the meaning set forth in Section 2(b) of this Agreement.

          “IPO” has the meaning set forth in the Recitals.

          “Observer” shall have the meaning set forth in Section 2(c) of this Agreement.

          “Permitted Transferee” means: (a) the direct or indirect equity owners of the Investor; (b) a
Person who is an Affiliate of the Investor; or (c) with the consent of the Company’s Board of
Directors, which may be withheld in its sole discretion, any Person that is affiliated with the
Investor even though such Person does not meet the definition of an Affiliate; provided, however,
that no Person shall become a “Permitted Transferee” without first agreeing to be bound by the
terms of this Agreement in a manner satisfactory to the Board of Directors.

          “Person” means any individual, partnership, corporation, limited liability company, trust or
other entity.

          “Reincorporation Merger” has the meaning set forth in the Recitals.

 

 

          “Sageview Agreement” has the meaning set forth in the Recitals.

          “Securities Laws” means the Securities Act of 1933, as amended, and the Securities Exchange
Act of 1934, as amended, and the rules promulgated thereunder.

          “Series B Preferred Stock” has the meaning set forth in the Recitals.

          “Stockholders” has the meaning set forth in Section 2(b) of this Agreement.

          “Threshold Amount” means 10% of the aggregate number of shares of Common Stock issued to the
Investor pursuant to the Reincorporation Merger in respect of the shares of Series B Preferred
Stock purchased by the Investor pursuant to the Investment Agreement (as such number may be
appropriately adjusted from time to time for stock splits, reverse stock splits, recapitalization
or similar transactions).

	2.	 	Nomination of Director /Board Observer.

	 	a.	 	From and after the Effective Time and until such time as the Investor
and its Affiliates no longer own in the aggregate a number of shares of Common
Stock at least equal to the Threshold Amount, the Company shall take all necessary
actions within its control (including, without limitation, nominating directors,
calling special Board of Directors and stockholder meetings, and amending the
Company’s By-laws), in order to give effect to the provisions of this Section 2.
	 
	 	b.	 	Designation and Election of the Investor Director. 

	 	i.	 	For so long as the Investor and its Affiliates
own in the aggregate a number of shares of the Company’s Common Stock at
least equal to the Threshold Amount, then one representative designated
by the Investor (the “Investor Director”) shall be included in
management’s slate of nominees recommended to stockholders of the
Company (the “Stockholders”) for election as a director at any
annual or special meeting of the Stockholders at which the Investor
Director’s term expires, subject to satisfaction of the Applicable
Requirements regarding service as a director of the Company and, solely
in respect of any proposed Investor Director other than Scott Stuart,
Ned Gilhuly and any other principal of the Investor, to the reasonable
approval of any nominating or corporate governance committee of the
Board of Directors (such approval not to be unreasonably withheld or
delayed). If the Investor and its Affiliates no longer hold the minimum
number of shares of Common Stock specified in the prior sentence, the
Investor will have no further rights under this Section 2 and, at the
written request of the Board of Directors, shall use its commercially
reasonable efforts to cause the Investor Director to resign from the
Board of Directors as promptly as reasonably practicable thereafter. So
long as the Investor is entitled to nominate an Investor Director, the
Investor shall also be entitled to have the Investor Director serve on
the board of directors of EverBank, and to serve as a member of any
executive or compensation committee of the Board of Directors or of the
EverBank board of directors, in each case, to the extent not prohibited
by the Applicable Requirements.

 

 

	 	ii.	 	Pursuant to the Charter, the Investor Director
may be removed from the Board of Directors only for cause and only by
the affirmative vote of the holders of at least a majority of the voting
power of the Company’s then outstanding capital stock entitled to vote
generally in the election of directors. The Investor Director may be
removed from a subsidiary board or a committee thereof, with or without
cause, solely upon the written request of the Investor and under no
other circumstances. In the event of such removal, or if the Investor
Director dies, resigns or otherwise ceases to serve for any reason, the
Investor will have the right to designate another Investor Director to
fill such vacancy, subject to such individual’s satisfaction of the
Applicable Requirements and, solely in respect of any proposed Investor
Director other than Scott Stuart and Ned Gilhuly, to the reasonable
approval of any nominating or corporate governance committee of the
Board of Directors (such approval not to be unreasonably withheld or
delayed). Any successor that is appointed to fill a vacancy pursuant to
this Section 2(b)(ii) shall have the right to serve until the next
meeting of the Stockholders of the Company at which the Investor
Director’s term expires.
	 
	 	iii.	 	No later than thirty (30) days prior to the
anticipated mailing date of the Company’s proxy statement, pursuant to
the Securities Laws, with respect to any meeting of the Company’s
Stockholders at which the Investor Director’s term expires, the
Secretary of the Company shall notify the Investor of the upcoming
election and anticipated date thereof and request that the Investor take
all necessary action to designate its candidate. Unless earlier notice
shall be required in order to comply with the Applicable Requirements,
the Investor shall notify the Secretary of the Company at least twenty
(20) days prior to such anticipated mailing date. A failure by the
Investor to provide such notification shall be deemed to be a
designation by the Investor of the same candidate as last designated by
the Investor. Any designation pursuant to this Section 2 shall be made
in writing.

	 	c.	 	Designation of Board Observer. 

	 	i.	 	For so long as the Investor and its Affiliates
own in the aggregate a number of shares the Company’s Common Stock equal
to at least the Threshold Amount, then one representative designated by
the Investor at any time and from time to time may act as a non-voting
observer to the Board of Directors (an “Observer”). The Company
shall provide such Observer with written notice of each meeting of the
Board of Directors, at the same time and in the same manner as notice is
provided to the directors, and permit the Observer to attend, as a
non-voting observer, all such meetings, either in person or by telephone
conference. The Observer shall be entitled to receive all written
materials and other information provided to the members of the Board of
Directors in connection with such meetings at the same time such
materials and information are provided to such directors, including,
without limitation, any written materials and other information provided
to the directors in connection with written consents of directors in
lieu of a meeting. If the Investor Director is a representative on the
board of EverBank, the Observer shall be entitled to the same rights
with respect to the board of EverBank as he or she has with respect to
the Board of Directors, in each case to the extent not prohibited by
Applicable Law.

 

 

	 	ii.	 	Notwithstanding the foregoing, (i) the Company
reserves the right to withhold any information and to exclude such
Observer from any meeting or portion thereof if access to such
information or attendance at such meeting could adversely affect the
attorney-client privilege between the Company and its counsel; (ii) the
Board of Directors, in its sole discretion, reserves the right to
withhold any information and to exclude such Observer from any meeting
or portion thereof for any reason; (iii) such Observer shall not be
entitled to attend executive sessions of the Board of Directors; (iv)
such Observer shall comply with the policies of the Company and its
subsidiaries that are applicable to directors of the Company as if he or
she were a director, and shall sign any relevant acknowledgement form
stating that he or she agrees to comply with the policies and procedures
in such policy and (v) such Observer shall, prior to being given any
information or being permitted to attend any meetings, enter into a
confidentiality agreement with the Company, substantially in the form
attached hereto as Exhibit A.

	 	d.	 	Expenses of Directors/Observers. The Company shall pay all
reasonable out-of-pocket expenses incurred by the Investor Director and the
Observer in connection with the performance of his or her duties as a director or
an Observer and in connection with his or her attendance at any meeting of the
Board of Directors.

	3.	 	Miscellaneous

	 	a.	 	Specific Performance. The parties agree that irreparable
damage would occur in the event that any of the provisions of this Agreement were
not performed in accordance with their specific terms. It is accordingly agreed
that the parties shall be entitled to seek specific performance of the terms
hereof, this being in addition to any other remedies to which they are entitled at
law or equity.
	 
	 	b.	 	Entire Agreement; Assignment; Successors and Assigns 

	 	i.	 	This Agreement supersedes and replaces in its
entirety the Sageview Agreement, which the parties acknowledge shall
terminate and be of no further force and effect as of the Effective
Time. This Agreement (including the Exhibit hereto) constitutes the
entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral,
among the parties, with respect to the subject matter hereof.
	 
	 	ii.	 	This Agreement shall inure to the benefit of and
be binding upon the successors and permitted assigns of the parties
hereto. Nothing expressed or mentioned in this Agreement is intended or
shall be construed to give any Person other than the parties hereto and
their respective successors and permitted assigns any legal or equitable
right, remedy or claim under, in or in respect of this Agreement or any
provision herein contained.

	 	c.	 	Waiver and Amendment. This Agreement may be amended, modified
or supplemented only by a written mutual agreement executed and delivered by the
Company and the Investor. Except as otherwise provided herein, any failure of any
party to comply with any obligation, covenant, agreement or condition herein may
be waived by the party entitled to the benefits thereof only by a written
instrument

 

 

	 	 	 	signed by the party granting such waiver, but such waiver or any failure to insist
upon strict compliance with such obligations, covenant, agreement or condition
shall not operate as a waiver of, or estoppel with respect to, any subsequent or
other failure.

	 	d.	 	Notices. Any notice, request, instruction or other document
to be given hereunder by any party to the other will be in writing and will be
deemed to have been duly given (a) on the date of delivery if delivered personally
or by telecopy or facsimile, upon confirmation of receipt, (b) on the first
business day following the date of dispatch if delivered by a recognized next-day
courier service, or (c) on the third business day following the date of mailing if
delivered by registered or certified mail, return receipt requested, postage
prepaid. All notices hereunder shall be delivered as set forth below, or pursuant
to such other instructions as may be designated in writing by the party to receive
such notice.

If to the Investor:

Sageview Capital L.P.

55 Railroad Avenue

Greenwich, Connecticut 06830

Attn: Scott M. Stuart

Telephone:

Fax:

with a copy (which copy alone shall not constitute notice):

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Attn: Sean Rodgers

Telephone: (212) 455-2000

Fax: (212) 455-2502

If to the Company:

EverBank Financial Corp.

501 Riverside Avenue

Jacksonville, Florida 32202

Attn: Thomas A. Hajda

Telephone: (904) 623-8199

Fax: (904) 623-8190

with a copy (which copy alone shall not constitute notice):

Skadden, Arps, Slate, Meagher & Flom LLP

4 Times Square

New York, New York 10036

Attn: Patricia Moran

Telephone: (212) 735-3130

Fax: (917) 777-3130

	 	e.	 	Invalid Provision. The invalidity or unenforceability of any
particular provision of this Agreement shall not affect the other provisions
hereof, and this Agreement shall

 

 

	 	 	 	be construed in all respects as if such invalid or unenforceable provisions were
omitted.

	 	f.	 	Company Record; Conflict with Bylaws. A copy of this
Agreement shall be filed in the records of the Company. In the event of a conflict
in the provisions of this Agreement and the Company’s Amended and Restated By-laws
(the “Bylaws”), as may be amended from time to time, the provisions of
this Agreement shall govern over the provisions of the bylaws in conflict
herewith.
	 
	 	g.	 	Governing Laws. This Agreement will be governed by and
construed in accordance with the laws of the State of New York applicable to
contracts made and to be performed entirely within such State.
	 
	 	h.	 	Consent to Jurisdiction. The parties hereto hereby
irrevocably submit to the exclusive jurisdiction of the courts of the State of New
York and the federal courts of the United States of America located in the Borough
of Manhattan, State of New York, and appropriate appellate courts therefrom, over
any dispute arising out of or relating to this Agreement or any of the
transactions contemplated hereby, and each party hereby irrevocably agrees that
all claims in respect of such dispute or proceeding may be heard and determined in
such courts. The parties hereby irrevocably waive, to the fullest extent permitted
by Applicable Law, any objection which they may now or hereafter have to the
laying of venue of any dispute arising out of or relating to this Agreement or any
of the transactions contemplated hereby brought in such court or any defense of
inconvenient forum for the maintenance of such dispute. Each of the parties hereto
agrees that a judgment in any such dispute may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. This consent to
jurisdiction is being given solely for purposes of this Agreement and is not
intended to, and shall not, confer consent to jurisdiction with respect to any
other dispute in which a party to this Agreement may become involved. Each of the
parties hereto hereby consents to process being served by any party to this
Agreement in any suit, action, or proceeding of the nature specified in the
paragraph above by the mailing of a copy thereof in the manner specified by the
provisions of subsection (e) of this Section 2.

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

	 	i.	 	Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, and all of which shall
together constitute one and the same instrument. Executed signature pages may be
delivered by facsimile and such facsimiles will be deemed sufficient as if actual
signature pages had been delivered.

[Remainder of Page Intentionally Blank]

 

 

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have
executed this Agreement on the date opposite their name.

	 	 	 	 	 

	 	 	EverBank Financial Corp
	 
	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Robert M. Clements
 
 Robert
M. Clements
	 

	 	Title:
	 	Chairman of the Board and Chief
Executive Officer
	 
	 	 	 	 
	 	 	Sageview Partners L.P.
	 	 	By Sageview Capital GenPar, Ltd.,
	 	 	its general partner,

	 	 	 	 	 

	 

	 	By:
	 	/s/ Scott M. Stuart
	 

	 	 	 	 
	 

	 	Name:
	 	Scott M. Stuart
	 

	 	Title:
	 	Director
	 	 	Address: 55 Railroad Ave.
	 

	 	 	 	     Greenwich, CT 06830
	 	 	Telephone: (203) 625-4230
	 	 	Facsimile: (203) 625-4231

 

 

Exhibit A

[DATE]

[Name of Observer]

[Address]

          In connection with your appointment by Sageview Partners L.P. (“Sageview”) to act as a
non-voting observer (an “Observer”) of the Board of Directors of EverBank Financial Corp, a
Delaware corporation (the “Company”), this letter memorializes your agreement that you
shall (1) use all non-public information received or observed by you in your capacity as an
Observer (the “Confidential Information”) solely in connection with your service as an
Observer in accordance with the Director Nomination Agreement, dated as of [•], 2011 by and between
the Company and Sageview and (2) not disclose the Confidential Information to any third party
except as required by applicable law, rule or regulation or as may be required by any governmental,
or regulatory authority. “Confidential Information” does not include information that (i) is or
becomes generally available to the public other than as a result of an act or omission by you in
breach of this letter agreement, (ii) you or Sageview receives on a non-confidential basis from a
source other than the Company, or (iii) is known to you or Sageview on a non-confidential basis or
is in your or Sageview’s possession prior to disclosure by the Company.

          You hereby acknowledge and agree that you (i) shall comply with the policies of the Company
and its subsidiaries that are applicable to directors of the Company as if you were a director;
provided that such policies are made available to you as soon as reasonably practicable prior to
such policies becoming applicable to you and (ii) are aware that the United States securities laws
prohibit any person who has received any material, non-public information about an issuer from
purchasing or selling securities of such issuer or from communicating such information to any other
person under circumstances in which it is reasonably foreseeable that such person is likely to
purchase or sell such securities in violation of those laws.

          You understand and agree that irreparable damage would occur in the event that any of the
provisions of this letter agreement were not performed in accordance with their specific terms. It
is accordingly agreed that the Company shall be entitled to see specific performance of the terms
hereof, this being in addition to any other remedies to which they are entitled at law or equity.

          This letter agreement shall be governed by and construed in accordance with the laws of the
State of New York (without regard to principles of conflicts of laws to the extent that the
application of the laws of another jurisdiction would be required thereby).

          Please confirm your agreement with the foregoing by signing and returning one copy of this
letter agreement to the Company, whereupon this letter agreement shall become a binding agreement
between you and the Company.

	 	 	 	 	 

	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	EverBank Financial Corp
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

	 	 	 	 	 

	Agreed and Accepted as of the Above Date:
	 
	 	 	 	 
	[Name of Observer]	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:
	 	 	 	 
	Address:	 	 
	Telephone:	 	 
	Facsimile:gameplan_8k-1001.htm

Exhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

This Executive Employment Agreement (the “Agreement”), dated 2/24/2012 is between Game Plan Holdings, Inc., a Nevada corporation (the “Company”), and Andrew Bachman, an individual (“Executive”). Company and Executive may be referred to herein individually as a “Party” or collectively as the “Parties.”

 

	
1.

	
POSITION AND RESPONSIBILITIES

 

 

a.      Position  Executive has extensive training and experience managing companies in the technology field and Company desires to employ Executive to render services to the Company in the position of President. Executive shall perform such duties and responsibilities as are normally related to such position in accordance with the standards of the industry and any additional duties now or hereafter assigned to Executive by the Company, including, but not limited to, marketing, raising capital, and identifying and negotiating potential mergers and acquisitions. Executive shall abide by the rules, regulations, and practices as adopted or modified from time to time in the Company’s sole discretion.

 

 

b.      No Conflict  Executive represents and warrants that Executive’s execution of this Agreement, Executive’s employment with the Company, and the performance of Executive’s proposed duties under this Agreement shall not violate any obligations the  Executive may have to any other employer, person or entity, including any obligations with respect to proprietary or confidential information of any other person or entity.

 

 

	
2.

	
COMPENSATION AND BENEFITS

 

 

a.      Initial Compensation In consideration of the services to be rendered under this Agreement, the Company shall pay Executive the initial compensation of (1) an option to purchase one million (1,000,000) shares of common stock exercisable at $0.30 per share, which shall be valid for a term of one year and shall be subject to registration rights pursuant to Form S-8 to be filed with the Securities and Exchange Commission, pursuant to the option agreement attached hereto as Exhibit “A” and incorporated by reference herein; and (2) an option to acquire an additional three million (3,000,000) shares of restricted common stock  from designated Company shareholders exercisable at $0.30 per share, which shall be valid for a term of one year, pursuant to the option agreement attached hereto as Exhibit “B” and incorporated by reference herein (collectively, subections (1) and (2) shall be referred to herein as the “Initial Compensation”). Executive’s Initial Compensation will be reviewed from time to time in accordance with the established procedures of the Company for adjusting salaries for similarly situated employees and may be adjusted in the sole discretion of the Company.

 

 

  

1

  

 

 

b.      Merger Transaction  Executive has identified two merger opportunities for the Company. In the event the Company consummates a transaction with either of the merger candidates, or any other companies procured by Executive (a “Merger Transaction”), from the time this Agreement is executed (the “Final Closing Date”) until one year from the Final Closing Date, then the Company shall issue one million (1,000,000) restricted shares of common stock to Executive for each closed Merger Transaction. Company and Executive hereby unconditionally agree that acceptance or rejection of a proposed Merger Transaction is at the sole discretion of the Company.

 

 

c.      Benefits  Executive shall be eligible to participate in the benefits made generally available by the Company to similarly situated Executives, in accordance with the benefit plans established by the Company, and as may be amended from time to time in the Company’s sole discretion.

 

 

d.      Expenses  The Company shall reimburse Executive for reasonable business expenses incurred in the performance of Executive’s duties hereunder in accordance with the Company’s expense reimbursement guidelines. However, Executive must get prior written approval by a duly authorized representative of the Company other than Executive for any expenses over $100.

 

 

	
3.

	
TERM OF EMPLOYMENT; AT-WILL EMPLOYMENT; TERMINATION BY COMPANY

 

 

g.      At-Will Employment  The employment of Executive shall be “at-will” and may be terminated at any time for any reason or no reason by the Company or Executive upon thirty (30) days’ written notice.  Either Party hereto shall have the right to terminate this Agreement without notice in the event of the death, bankruptcy, insolvency, or assignment for the benefit of creditors of the other Party.

 

 

h.      Severance  Except in situations where the employment of Executive is terminated For Cause, By Death or By Disability (as defined in Section 4 below), in the event that the Company terminates the employment of Executive at any time, Executive will be eligible to receive an amount equal to three (3) months of the then-current Base Salary of the Executive payable in the form of salary continuation.  Executive shall not be entitled to any severance payments if Executive’s employment is terminated For Cause, By Death or By Disability (as defined in Section 4 below) or if Executive’s employment is terminated by Executive (in accordance with Section 5 below).

 

 

	
4.

	
OTHER TERMINATIONS BY COMPANY

 

 

i.      Termination for Cause  For purposes of this Agreement, “For Cause” shall mean: (i) Executive commits a crime involving dishonesty, breach of trust, or physical harm to any person; (ii) Executive willfully engages in conduct that is in bad faith and materially injurious to the Company, including but not limited to, misappropriation of trade secrets, fraud or embezzlement; (iii) Executive commits a material breach of this Agreement, which breach is not cured within twenty (20) days after written notice to Executive from the Company; (iv) Executive willfully refuses to implement or follow a lawful policy or directive of the Company, which breach is not cured within twenty (20) days after written notice to Executive from the Company; or (v) Executive engages in misfeasance or malfeasance demonstrated by a pattern of failure to perform job duties diligently and professionally.  The Company may terminate Executive’s employment For Cause at any time, without any advance notice.  The Company shall pay to Executive all compensation to which Executive is entitled up through the date of termination, subject to any other rights or remedies of Employer under law; and thereafter all obligations of the Company under this Agreement shall cease.

 

 

j.      By Death  Executive’s employment shall terminate automatically upon Executive’s death.  The Company shall pay to Executive’s beneficiaries or estate, as appropriate, any compensation then due and owing.  Thereafter all obligations of the Company under this Agreement shall cease.  Nothing in this Section shall affect any entitlement of Executive’s heirs or devisees to the benefits of any life insurance plan or other applicable benefits.

 

 

k.      By Disability  If Executive becomes eligible for the Company’s long term disability benefits or if, in the sole opinion of the Company, Executive is unable to carry out the responsibilities and functions of the position held by Executive by reason of any physical or mental impairment for more than ninety (90) consecutive days or more than one hundred and twenty (120) days in any twelve (12) month period, then, to the extent permitted by law, the Company may terminate Executive’s employment.  The Company shall pay to Executive all compensation to which Executive is entitled up through the date of termination, and thereafter all obligations of the Company under this Agreement shall cease.  Nothing in this Section shall affect Executive’s rights under any disability plan in which Executive is a participant.

 

 

	
5.

	
TERMINATION BY EXECUTIVE

 

 

l.      At-Will Termination by Executive  Executive may terminate employment with the Company at any time for any reason or no reason at all, upon thirty (30) days’ advance written notice.  During such notice period Executive shall continue to diligently perform all of Executive’s duties hereunder.  The Company shall have the option, in its sole discretion, to make Executive’s termination effective at any time prior to the end of such notice period as long as the Company pays Executive all compensation to which Executive is entitled up through the last day of the thirty-day notice period.  Thereafter all obligations of the Company shall cease.

 

 

	
6.

	
TERMINATION OBLIGATIONS

 

 

m.      Return of Property Executive agrees that all property (including without limitation all electronic devices, equipment, tangible proprietary information, documents, records, notes, contracts and computer-generated materials) which was furnished, created, or prepared incidentally to Executive’s employment belongs to the Company and shall be promptly returned to the Company upon termination of Executive’s employment.

 

 

n.      Resignation and Cooperation Upon termination of Executive’s employment, Executive shall be deemed to have resigned from all offices and directorships then held with the Company.  Following any termination of employment, Executive shall cooperate with the Company in the winding up of pending work on behalf of the Company and the orderly transfer of work to other employees.  Executive shall also cooperate with the Company in the defense of any action brought by any third party against the Company that relates to Executive’s employment by the Company.

 

 

	
7.

	
INVENTIONS AND PROPRIETARY INFORMATION; PROHIBITION ON THIRD PARTY INFORMATION

 

 

o.      Non-Solicitation Executive acknowledges that because of Executive’s position in the Company, Executive will have access to material intellectual property and confidential information.  During the term of Executive’s employment and for one (1) year thereafter,  in addition to Executive’s other obligations hereunder, Executive shall not, for Executive or any third party, directly or indirectly (a) divert or attempt to divert from the Company any business of any kind, including without limitation the solicitation of or interference with any of its customers, clients, members, business partners or suppliers, or (b) solicit or otherwise induce any person employed by the Company to terminate his employment with the Company.

 

 

p.      Confidentiality  Executive acknowledges that Executive will have access to proprietary information regarding the business operations of the Company and agrees to keep all such information secret and confidential and not to use or disclose any such information to any individual or organization without the Company’s prior written consent.  It is hereby agreed that from time to time Executive and the Company may designate certain disclosed information as confidential for purposes of this Agreement.

 

 

q.      Non-Disclosure of Third Party Information Executive represents and warrants and covenants that Executive shall not disclose to the Company, or use, or induce the Company to use, any proprietary information or trade secrets of others at any time, including but not limited to any proprietary information or trade secrets of any former employer, if any; and Executive acknowledges and agrees that any violation of this provision shall be grounds for Executive’s immediate termination and could subject Executive to substantial civil liabilities and criminal penalties.  Executive further specifically and expressly acknowledges that no officer or other employee or representative of the Company has requested or instructed Executive to disclose or use any such third party proprietary information or trade secrets.

 

  

2

  

 

 

	
8.

	
GOVERNING LAW; ARBITRATION

 

 

This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada.  In the event of a dispute related to or arising from the terms of this Agreement: (i) such dispute shall be resolved before the American Arbitration Association in Las Vegas, Nevada and (ii) the prevailing Party shall be entitled to all attorneys’ fees and costs.

 

 

	
9.

	
AMENDMENTS; WAIVERS; REMEDIES

 

 

This Agreement may not be amended or waived except by a writing signed by Executive and by a duly authorized representative of the Company other than Executive.  Failure to exercise any right under this Agreement shall not constitute a waiver of such right.  Any waiver of any breach of this Agreement shall not operate as a waiver of any subsequent breaches.  All rights or remedies specified for a Party herein shall be cumulative and in addition to all other rights and remedies of the Party hereunder or under applicable law.

 

 

	
10.

	
ASSIGNMENT; BINDING EFFECT

 

 

r.      Assignment  The performance of Executive is personal hereunder, and Executive agrees that Executive shall have no right to assign, and shall not assign or purport to assign, any rights or obligations under this Agreement.  This Agreement may be assigned or transferred by the Company; and nothing in this Agreement shall prevent the consolidation, merger or sale of the Company or a sale of any or all or substantially all of its assets.

 

 

s.      Binding Effect Subject to the foregoing restriction on assignment by Executive, this Agreement shall inure to the benefit of and be binding upon each of the parties; the affiliates, officers, directors, agents, successors and assigns of the Company; and the heirs, devisees, spouses, legal representatives and successors of Executive.

 

 

	
11.

	
NOTICES

 

 

All notices or other communications required or permitted hereunder shall be made in writing and shall be deemed to have been duly given if delivered:  (a) by hand; (b) by a nationally recognized overnight courier service; or (c) by United States first class registered or certified mail, return receipt requested, to the principal address of the other party.  The date of notice shall be deemed to be the earlier of: (i) actual receipt of notice by any permitted means, or (ii) five business days following dispatch by overnight delivery service or the United States Mail.  Executive shall be obligated to notify the Company in writing of any change in Executive’s address.

 

  

3

  

 

 

	
12.

	
SEVERABILITY

 

 

If any provision of this Agreement shall be held by a court or arbitrator to be invalid, unenforceable, or void, such provision shall be enforced to the fullest extent permitted by law, and the remainder of this Agreement shall remain in full force and effect.  In the event that the time period or scope of any provision is declared by a court or arbitrator of competent jurisdiction to exceed the maximum time period or scope that such court or arbitrator deems enforceable, then such court or arbitrator shall reduce the time period or scope to the maximum time period or scope permitted by law.

 

 

	
13.

	
TAXES

 

 

All amounts paid under this Agreement (including without limitation Initial Compensation and Severance) shall be paid less all applicable state and federal tax withholdings and any other withholdings required by any applicable jurisdiction.

 

 

	
14.

	
INTERPRETATION

 

 

This Agreement shall be construed as a whole, according to its fair meaning, and not in favor of or against any Party.  Sections and section headings contained in this Agreement are for reference purposes only, and shall not affect in any manner the meaning or interpretation of this Agreement.  Whenever the context requires, references to the singular shall include the plural and the plural the singular.

 

 

	
15.

	
OBLIGATIONS SURVIVE TERMINATION OF EMPLOYMENT

 

 

Executive agrees that any and all of Executive’s obligations under this Agreement, shall survive the termination of employment and the termination of this Agreement.

 

 

	
16.

	
COUNTERPARTS

 

 

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original of this Agreement, but all of which together shall constitute one and the same instrument.

 

 

	
17.

	
AUTHORITY

 

 

Each Party represents and warrants that such Party has the right, power and authority to enter into and execute this Agreement and to perform and discharge all of the obligations hereunder and that this Agreement constitutes the valid and legally binding agreement and obligation of such Party and is enforceable in accordance with its terms.

 

 

	
18.

	
ENTIRE AGREEMENT

 

 

This Agreement is intended to be the final, complete, and exclusive statement of the terms of Executive’s employment by the Company and may not be contradicted by evidence of any prior or contemporaneous statements or agreements.  To the extent that the practices, policies or procedures of the Company, now or in the future, apply to Executive and are inconsistent with the terms of this Agreement, the provisions of this Agreement shall control.

 

 

	
19.

	
EXECUTIVE ACKNOWLEDGEMENT

 

 

EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE HAS HAD THE OPPORTUNITY TO CONSULT LEGAL COUNSEL CONCERNING THIS AGREEMENT, THAT EXECUTIVE HAS READ AND UNDERSTANDS THE AGREEMENT, THAT EXECUTIVE IS FULLY AWARE OF ITS LEGAL EFFECT, AND THAT EXECUTIVE HAS ENTERED INTO IT FREELY BASED ON EXECUTIVE’S OWN JUDGMENT AND NOT ON ANY REPRESENTATIONS OR PROMISES OTHER THAN THOSE CONTAINED IN THIS AGREEMENT.

 

 

 

 

[SIGNATURE PAGE TO FOLLOW]

 

 

 

  

4

  

 

 

In Witness Whereof, the parties have duly executed this Agreement as of the date first written above.

 

	
GAME PLAN HOLDINGS, INC.

	  	
EXECUTIVE:

	
By:

	  /s/ Charles F. Hazzard	  	  /s/ Andrew Bachman
	
Name:

	  Charles F. Hazzard	  	
ANDREW BACHMAN

	
Title:

	  President/CEO	  	  
	  	  	  	  

  

5

  

 

EXHIBIT A

OPTION CERTIFICATE AND AGREEMENT

 

THIS OPTION CERTIFICATE AND AGREEMENT (this "Option Agreement") is made and entered into as of  the date set forth in Schedule 1 to this Agreement and is by and between Game Plan Holdings, Inc., a Nevada corporation (the "Company") and the holder of this Option set forth in Schedule 1 to this Agreement (“Holder”).  The Company and the Holder shall sometimes be collectively referred to herein as the “Parties.”

 

RECITALS

 

WHEREAS, the Company desires to enter into this Option Agreement with Holder  whereby the Company has reserved up to 1,000,000 options (the “Options”) to acquire the common stock of the Company at $0.30 per share (the “Shares”);

 

WHEREAS, this Option Agreement contains the terms pursuant to which the Holder shall have the right, but not the obligation, to acquire additional Shares of the Company.

 

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the Parties hereto agree as follows:

 

 

AGREEMENT

 

1.           Shares.  This Option Agreement shall entitle the Holder to buy the number of Shares set forth in Schedule 1 hereto, which Shares shall be registered pursuant to Form S-8 of the Securities Act of 1933, if Form S-8 is available to the Company at the time of exercise of this Option.

 

2.           Term of Option.  The Options shall be outstanding for a term of one year (the “Term”) commencing upon the date of vesting. The Options listed on Schedule 1 shall vest immediately upon execution of this Option Agreement.

 

3.           Procedures for Exercise. In the event Holder elects, at its sole and absolute discretion, to exercise this Option, it shall:

 

a.           Deliver the Stock Option Exercise Form which is attached hereto as Schedule 2 to the Company secretary.

 

b.           The Stock Option Exercise Form shall be accompanied by a check in the amount of the aggregate exercise price.

 

c.           Upon such exercise, this Option Agreement shall be canceled and a new Option Agreement shall be issued to Holder reflecting the reduced number(s) of remaining Shares.

 

4.           Mutilated or Missing Exercise Form.  In case the Stock Option Exercise Form shall be mutilated, lost, stolen or destroyed prior to its expiration date, the Company shall issue and deliver, in exchange and substitution for and upon cancellation of the mutilated Certificate, or in lieu of and in substitution for the Stock Option Exercise Form lost, stolen or destroyed, a new Stock Option Exercise Form of like tenor and representing an equivalent right or interest.

 

  

6

  

 

5.           Reservation of Shares.  The Company will at all times reserve and keep available, free from preemptive rights, out of the aggregate of its authorized but unissued Shares or its authorized and issued Shares held in its treasury for the purpose of enabling it to satisfy its obligation to issue Shares upon exercise of Shares, the full number of Shares deliverable upon the exercise of all outstanding Shares.  The Company covenants that all Shares which may be issued upon exercise will be validly issued, fully paid and nonassessable outstanding Shares of the Company.

 

6.           Rights of Holder.  The Holder shall not, by virtue of anything contained in this Option Agreement or otherwise, prior to exercise of this Agreement, be entitled to any right whatsoever, either in law or equity, of a stockholder of the Company, including without limitation, the right to receive dividends or to vote or to consent or to receive notice as a shareholder in respect of the meetings of shareholders or the election of directors of the Company or any other matter.

 

7.           Investment Intent.  Holder represents to the Company that Holder is acquiring the Shares for investment and with no present intention of distributing or reselling any of the Shares.

 

8.           Consolidation, Merger or Sale of the Company.  If the Company is a party to a consolidation, merger or transfer of assets which effects a change in control of the Company involving at least 51% of its voting stock, the successor corporation (or corporation controlling the successor corporation or the Company, as the case may be), shall by operation of law assume the Company's obligations under this Agreement.  Upon consummation of such transaction the Options shall automatically become exercisable for the kind and amount of securities, cash or other assets which the holder of Shares would have owned immediately after the consolidation, merger or transfer if the holder had exercised the Option immediately before the effective date of such transaction.

 

9.           Successors.  All the covenants and provisions of this Agreement by or for the benefit of the Company or Holder shall bind and inure to the benefit of their respective successors and assigns hereunder.

 

10.           Counterparts.  This Agreement may be executed in any number of counterparts and each of such counterparts shall for all proposes be deemed to be an original, and such counterparts shall together constitute by one and the same instrument.

 

11.           Notices.  All notices or other communications under this Option Agreement shall be in writing and shall be deemed to have been given if delivered by hand or mailed by certified mail, postage prepaid, return receipt requested, if to the Company at its principal business address, if to the Holder at the address of the Holder appearing on the books of the Company or the Company’s transfer agent, if any.  Either the Company or the Holder may from time to time change the address to which notices to it are to be mailed hereunder by notice in accordance with the provisions of this Paragraph.

 

  

7

  

 

12.           Severability.  If for any reason any provision, paragraph or term of this Option Agreement is held to be invalid or unenforceable, all other valid provisions herein shall remain in full force and effect and all terms, provisions and paragraphs of this shall be deemed to be severable.

 

13.           Governing Law; Arbitration.  This shall be deemed to be a contract made under the laws of the State of Nevada and for all purposes shall be governed and construed in accordance with the laws of said State.  Any dispute arising under this Agreement shall be resolved before the American Arbitration Association in Las Vegas, Nevada.

 

IN WITNESS WHEREOF, the Parties hereto have caused this Option Agreement to be duly executed, as of the date and year first above written.

 

	
"COMPANY"

 

GAME PLAN HOLDINGS, INC.

 

 

By:  /s/ Chuck Hazzard         

Chuck Hazzard

 

	
Its President

  

8

  

 

SCHEDULE 1

	
Name:

	
Andrew Bachman

	  	  
	
Address:

	  
	  	  
	  	  
	
Number of Options:

	
1,000,000

	  	  
	
Date of Issuance:

	  

  

9

  

 

SCHEDULE 2

STOCK OPTION EXERCISE FORM

The undersigned being the Holder of options to acquire shares of common stock of Game Plan Holdings, Inc. hereby exercises the number of options set forth below at the exercise price set forth below:

Number of Options Exercised: __________________________

Exercise Price Per Option:  $0.30                                               

Total Exercise Price: __________________________

Signature of Party Exercising Option: /s/ Andrew Bachman         

 

 

  

10

  

EXHIBIT B

 

 

THE SECURITIES REPRESENTED BY THIS OPTION CERTIFICATE AND AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED, OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO (i) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND ANY APPLICABLE STATE LAWS, (ii) TO THE EXTENT APPLICABLE, RULE 144 UNDER THE ACT (OR ANY SIMILAR RULE UNDER THE ACT RELATING TO THE DISPOSITION OF SECURITIES), OR (iii) AN OPINION OF COUNSEL, IF SUCH OPINION SHALL BE REASONABLY TO COUNSEL TO THE ISSUER, THAT AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE LAW IS AVAILABLE.

 

OPTION CERTIFICATE AND AGREEMENT

 

THIS OPTION CERTIFICATE AND AGREEMENT (this "Option Agreement") is made and entered into as of  the date set forth in Schedule 1 to this Option Agreement and is by and between Game Plan Holdings, Inc., a Nevada corporation (the "Company") and the holder of this Option set forth in Schedule 1 to this Agreement (“Holder”).  The Company and the Holder shall sometimes be collectively referred to herein as the “Parties.”

 

RECITALS

 

WHEREAS, the Company desires to enter into this Option Agreement with Holder  whereby the Company has reserved up to 3,000,000 options (the “Options”) to acquire the common stock of the Company at $0.30 per share (the “Shares”);

 

WHEREAS, this Option Agreement contains the terms pursuant to which the Holder shall have the right, but not the obligation, to acquire additional Shares of the Company.

 

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the Parties hereto agree as follows:

 

 

AGREEMENT

 

1.           Shares.  This Option Agreement shall entitle the Holder to buy the number of Shares set forth in Schedule 1 hereto.

 

2.           Term of Option.  The Options shall be outstanding for a term of one year (the “Term”) commencing upon the date of vesting. The Options listed on Schedule 1 shall vest immediately upon execution of this Option Agreement.

 

3.           Procedures for Exercise. In the event Holder elects, at its sole and absolute discretion, to exercise this Option, it shall:

 

	
  

	
a.

	
Deliver the Stock Option Exercise Form which is attached hereto as Schedule 2 to the Company secretary.

 

  

11

  

 

b.           The Stock Option Exercise Form shall be accompanied by a check in the amount of the aggregate exercise price.

 

c.           Upon such exercise, this Option Agreement shall be canceled and a new Option Agreement shall be issued to Holder reflecting the reduced number(s) of remaining Shares.

 

4.           Mutilated or Missing Exercise Form.  In case the Stock Option Exercise Form shall be mutilated, lost, stolen or destroyed prior to its expiration date, the Company shall issue and deliver, in exchange and substitution for and upon cancellation of the mutilated Certificate, or in lieu of and in substitution for the Stock Option Exercise Form lost, stolen or destroyed, a new Stock Option Exercise Form of like tenor and representing an equivalent right or interest.

 

5.           Reservation of Shares.  The Company will at all times reserve and keep available, free from preemptive rights, out of the aggregate of its authorized but unissued Shares or its authorized and issued Shares held in its treasury for the purpose of enabling it to satisfy its obligation to issue Shares upon exercise of Shares, the full number of Shares deliverable upon the exercise of all outstanding Shares.  The Company covenants that all Shares which may be issued upon exercise will be validly issued, fully paid and nonassessable outstanding Shares of the Company.

 

6.           Rights of Holder.  The Holder shall not, by virtue of anything contained in this Option Agreement or otherwise, prior to exercise of this Agreement, be entitled to any right whatsoever, either in law or equity, of a stockholder of the Company, including without limitation, the right to receive dividends or to vote or to consent or to receive notice as a shareholder in respect of the meetings of shareholders or the election of directors of the Company or any other matter.

 

7.           Investment Intent.  Holder represents to the Company that Holder is acquiring the Shares for investment and with no present intention of distributing or reselling any of the Shares.

 

8.           Consolidation, Merger or Sale of the Company.  If the Company is a party to a consolidation, merger or transfer of assets which effects a change in control of the Company involving at least 51% of its voting stock, the successor corporation (or corporation controlling the successor corporation or the Company, as the case may be), shall by operation of law assume the Company's obligations under this Agreement.  Upon consummation of such transaction the Options shall automatically become exercisable for the kind and amount of securities, cash or other assets which the holder of Shares would have owned immediately after the consolidation, merger or transfer if the holder had exercised the Option immediately before the effective date of such transaction.

 

9.           Unregistered Shares.  Holder understands and acknowledges that the Shares are offered pursuant to exemptions provided by the Securities Act of 1933, as amended (the “Act”) and therefore, the Shares purchased pursuant to this Option Agreement are not registered with the Securities and Exchange Commission and may not be transferred in the absence of an effective registration under the Act or an opinion of counsel acceptable to the Company and its counsel that such registration is not required.

 

  

12

  

 

10.           Successors.  All the covenants and provisions of this Agreement by or for the benefit of the Company or Holder shall bind and inure to the benefit of their respective successors and assigns hereunder.

 

11.           Counterparts.  This Agreement may be executed in any number of counterparts and each of such counterparts shall for all proposes be deemed to be an original, and such counterparts shall together constitute by one and the same instrument.

 

12.           Notices.  All notices or other communications under this Option Agreement shall be in writing and shall be deemed to have been given if delivered by hand or mailed by certified mail, postage prepaid, return receipt requested, if to the Company at its principal business address, if to the Holder at the address of the Holder appearing on the books of the Company or the Company’s transfer agent, if any.  Either the Company or the Holder may from time to time change the address to which notices to it are to be mailed hereunder by notice in accordance with the provisions of this Paragraph.

 

13.           Severability.  If for any reason any provision, paragraph or term of this Option Agreement is held to be invalid or unenforceable, all other valid provisions herein shall remain in full force and effect and all terms, provisions and paragraphs of this shall be deemed to be severable.

 

14.           Governing Law; Arbitration.  This shall be deemed to be a contract made under the laws of the State of Nevada and for all purposes shall be governed and construed in accordance with the laws of said State.  Any dispute arising under this Agreement shall be resolved before the American Arbitration Association in Las Vegas, Nevada.

 

IN WITNESS WHEREOF, the Parties hereto have caused this Option Agreement to be duly executed, as of the date and year first above written.

 

	
"COMPANY"

 

GAME PLAN HOLDINGS, INC.

 

 

By:  /s/ Chuck Hazzard      

Chuck Hazzard

 

	
Its President

  

13

  

 

SCHEDULE 1

	
Name:

	
Andrew Bachman

	  	  
	
Address:

	  
	  	  
	  	  
	
Number of Options:

	
3,000,000

	  	  
	
Date of Issuance:

	  

 

 

  

14

  

 

SCHEDULE 2

STOCK OPTION EXERCISE FORM

The undersigned being the Holder of options to acquire shares of common stock of Game Plan Holdings, Inc. hereby exercises the number of options set forth below at the exercise price set forth below:

Number of Options Exercised: _______________________________

Exercise Price Per Option: $0.30                  

Total Exercise Price: ___________________________

Signature of Party Exercising Option: /s/ Andrew Bachman         

 

 

 

 

 

 

15

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