Document:

Exhibit 10.1

 

FORM OF VOTING AGREEMENT

This Voting Agreement (“Agreement”) dated as of April ___, 2018, is by and between Khandwala Capital Management, Inc., a Connecticut corporation (“Purchaser”), Wright Investors’ Service Holdings, Inc., a Delaware corporation (“Seller”), and each of Harvey P. Eisen, Peter M. Donovan, Marshall S. Geller, Richard C. Pfenniger, Jr. and Lawrence G. Schafran, the directors of Seller (collectively, the “Holders”, each a “Holder”).  WITNESSETH:

 

WHEREAS, concurrently herewith, Seller, Purchaser and Amit S. Khandwala are entering into a Stock Purchase Agreement (the “Purchase Agreement”; capitalized terms used but not defined herein shall have the meanings set forth in the Purchase Agreement), pursuant to which Seller, as the sole shareholder of The Winthrop Corporation (the “Company”), is selling all of the issued and outstanding shares of the Company’s Common Stock to Purchaser upon the terms set forth therein; and

 

WHEREAS, as of the date hereof, each Holder beneficially owns or controls certain shares and, collectively they own or control approximately 37.89% of the issued and outstanding common capital stock of Seller (such shares together with any other shares of Seller’s common capital stock acquired after the date hereof and prior to the termination hereof, whether upon exercise of options, dividends, conversion of convertible securities or otherwise, and as adjusted by any stock split or similar event, being collectively referred to herein as the “Seller’s Shares”).

 

NOW, THEREFORE, as a condition to its willingness to enter into the Purchase Agreement, Purchaser has required that each Holder agree, and each Holder has agreed, to vote his or Seller’s Shares in the manner and on the terms and conditions provided for herein.

 

AGREEMENT

 

In consideration of the mutual covenants and agreements contained herein, the parties severally agree as follows:

 

1.          Voting and Other Obligations.  Each Holder hereby agrees that, at all times prior to the Expiration Date (as defined herein), at any meeting of the shareholders of Seller however called at which any of the following is put to a vote of shareholders, such Holder shall (a) vote the Seller’s Shares he owns or controls in favor of the transaction contemplated by the Purchase Agreement (including, but not limited to, all approvals which may be required by the business governance rules, including, but not limited to, those issued or promulgated by FINRA, applicable to companies with shares that trade on the Over the Counter Bulletin Board as contemplated by the Proxy Statement/Prospectus); (b) vote the Seller’s Shares he owns or controls against any action or agreement that would result in a breach in any material respect of any covenant, representation or warranty or any other obligation or agreement of Seller under the Purchase Agreement; and (c) vote the Seller’s Shares he owns or controls against any action or agreement (other than the Purchase Agreement or the transactions contemplated thereby) that would reasonably be expected to impede, interfere with, delay, postpone or discourage the transaction.

 

 

 

2.          Expiration.  This Agreement shall terminate on the Expiration Date.  As used herein, the term “Expiration Date” means the first to occur of (a) the Closing under the Purchase Agreement, (b) termination of the Purchase Agreement in accordance with its terms, (c) a material amendment of the Purchase Agreement (unless the parties hereto also amend this Agreement to confirm it will survive the change), and (d) written notice of termination of this Agreement by Purchaser to Holders.

 

3.          Representations and Warranties of Holders.  Each Holder hereby represents and warrants to Purchaser as follows:

 

 (a)          Power; Binding Agreement.  Holder has the legal capacity, power and authority to enter into and perform all of his obligations under this Agreement.  The execution, delivery and performance of this Agreement by Holder will not violate any other agreement to which Holder is a party including, without limitation, any voting agreement, stockholders agreement or voting trust.  This Agreement has been duly and validly executed and delivered by Holder and constitutes a valid and binding agreement of Holder, enforceable against Holder in accordance with its terms.

 

 (b)          Governmental Authorization.  The execution, delivery and performance by Holder of this Agreement and the voting requirements contemplated hereby require no action by or in respect of, or filing with, any governmental body, agency, official or authority other than (i) compliance with any applicable requirements of the Exchange Act, (ii) any applicable state and foreign takeover, antitrust and competition law filings and approvals, and (iii) such other actions and filings the failure to make or obtain which would not reasonably be expected to prevent consummation of the transaction.

 

 (c)          Non-Contravention.  The execution, delivery and performance by Holder of this Agreement and the consummation by Holder of the voting requirements contemplated hereby do not and will not (i) assuming compliance with the matters referred to in subsection 3(b), contravene or conflict with any provision of law, regulation, judgment, injunction, order or decree binding upon Holder, or (ii) constitute a default under or give rise to any right of termination, cancellation or acceleration of any right or obligation of Holder or to a loss of any benefit to which Holder is entitled under any provision of any agreement, contract or other instrument binding upon Holder, with such exceptions with respect to the matters referred to in clauses (i) and (ii) as would not reasonably be expected to prevent consummation of the transaction.

 

4.          Certain Covenants of Holders.  Except in accordance with the terms of this Agreement, each Holder hereby covenants and agrees while this Agreement is in effect, and except as contemplated hereby, not to grant any proxies, deposit any Seller’s Shares into a voting trust or enter into a voting agreement with respect to any Seller’s Shares that would have the effect of preventing or disabling Holder from performing his obligations under this Agreement.

 

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5.          Capacity as Stockholder.  Each Holder signs this Agreement solely in his capacity as a stockholder of Seller, and not in Holder’s capacity as a director or officer of the Seller or any of its Subsidiaries.  Nothing herein shall in any way restrict a director or officer of the Seller in the exercise of his fiduciary duties solely as a director or officer of the Seller or prevent or be construed to create any obligation on the part of any director or officer of the Seller from taking any action solely in his capacity as such director or officer of the Seller or otherwise limit such Holder from taking any action permitted to be taken by the Seller under the Stock Purchase Agreement.  For purposes of this Agreement, neither the Seller nor any of its Subsidiaries shall be deemed to be affiliates of any Holder.

 

6.          Miscellaneous.

 

 (a)          Entire Agreement; Assignment.  This Agreement (i) constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all other prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof and (b) shall not be assigned by operation of law or otherwise.

 

 (b)          Amendments.  This Agreement may not be modified, amended, altered or supplemented, except upon the execution and delivery of a written agreement executed by the parties hereto.

 

 (c)          Governing Law.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware.

 

 (d)          Specific Performance.  Each of the parties hereto recognizes and acknowledges that a breach by the Holders of any covenants or agreements contained in this Agreement will cause Purchaser to sustain damages for which it would not have an adequate remedy at law for money damages, and therefore each Holder agrees that in the event of any such breach Purchaser shall be entitled to the remedy of specific performance of such covenants and agreements and injunctive and other equitable relief in addition interpreted in such manner as to be effective and valid under applicable law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in nay respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or portion of any provision in such jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein.

 

 (e)          Counterparts.  This Agreement may be executed in one or more counterparts, including a facsimile thereof, each of which shall be deemed to be an original, including the signature thereon, but all of which together shall constitute one and the same agreement.  A facsimile or electronically transmitted signature shall have the same force and effect as an original and shall bind any party signing in such manner.

 

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

 

SELLER:  Wright Investors’ Service Holdings, Inc.

	
By:

	  	 
	
Name:  

	  	 
	
Title:

	  	 

 

PURCHASER:  Khandwala Capital Management, Inc.

	
By:

	  	 
	
Name:  

	  	 
	
Title:

	
Chief Executive Officer

	 

HOLDERS:

 

	  	 	  
	
Harvey P. Eisen

	 	
Peter M. Donovan

	 	 	 
	  	 	  
	
Marshall S. Geller

	 	
Richard C. Pfenniger

	 	 	 
	  	 	 
	
Lawrence G. Schafran

	 	 

 

4EX 101

		

			

		

		
			EXHIBIT 10.1
		

		
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			EIGHTH COMMITMENT AMENDMENT TO
		

		
			LOAN SALE AND SERVICING AGREEMENT
		

		
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			THIS EIGHTH COMMITMENT AMENDMENT TO LOAN SALE AND SERVICING AGREEMENT (this “Eighth Amendment”), dated as of April 6, 2018, is entered into by and among BBCV Receivables-Q 2010 LLC, a Delaware limited liability company, as seller (the “Seller”), Quorum Federal Credit Union, a federally chartered credit union, as buyer (the “Buyer”), Vacation Trust, Inc., a Florida Corporation, as Club Trustee (the “Club Trustee”), U.S. Bank National Association, a national banking association, as custodian and paying agent (the “Custodian”), Bluegreen Vacations Corporation, a Florida corporation, as servicer (the “Servicer”), and Concord Servicing Corporation, an Arizona corporation, as backup servicer (the “Backup Servicer”).
		

		
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			RECITALS
		

		
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			WHEREAS, the Buyer, the Seller, the Servicer, and the Backup Servicer have previously entered into that certain Loan Sale and Servicing Agreement, dated as of December 22, 2010, as amended by that certain Omnibus Amendment, dated as of May 3, 2011, that certain Omnibus Amendment No. 2, dated as of February 7, 2012, that certain First Commitment Amendment, dated as of March 1, 2012, that certain Second Commitment Amendment, dated as of January 31, 2013, that certain Third Commitment Amendment dated as of April 1, 2014, that certain First General Amendment, dated as of April 1, 2014, that certain Fourth Commitment Amendment, dated as of November 1, 2014, that certain Fifth Commitment Amendment, dated as of December 23, 2014, that certain Omnibus Amendment No. 3, dated as of June 30, 2015, that certain Sixth Commitment Amendment, dated as of July 1, 2015, that certain Seventh Commitment Amendment, dated September 1, 2016, and that certain Omnibus Amendment No. 4, dated as of June 30, 2016 (as may be amended, supplemented or restated from time to time, the “Loan Sale and Servicing Agreement”). 
		

		
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			WHEREAS, Standard Definitions are attached to the Loan Sale and Servicing Agreement at Annex A (the “Standard Definitions”). 
		

		
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			WHEREAS, the parties hereto desire to modify the Loan Sale and Servicing Agreement as set forth in this Eighth Amendment.
		

		
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			WHEREAS, capitalized terms used herein not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Sale and Servicing Agreement.
		

		
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			NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
		

		
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				 1.
			Amendment of Standard Definitions.  

		 

		

			 

		

		

			 

		

		

			BBCV 8th Commitment Amendment1

		

 

		

			

		

			
	
			
				 (a)
			

			
	
			
			The following definitions shall replace the corresponding definition in the Standard Definitions:

		
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			“Commitment Period” shall mean the period commencing on January 1, 2018 and continuing until June 30, 2020.
		

		
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			“Commitment Purchase Period” shall mean the period commencing on January 1, 2018 and continuing until September 30, 2018.
		

		
			
"Facility Termination Date" shall mean the first date following December 31, 2032, on which, if all Net Investment Amounts for all Sale Date Loan Pools sold by the Seller to the Buyer pursuant to the Agreement have not previously been reduced to zero, all Net Investment Amounts for all Sale Date Loan Pools sold by the Seller to the Buyer pursuant to the Agreement shall be reduced to zero pursuant to Section 4.3(a) of the Agreement or by sale or otherwise.
		

		
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			"Reacquisition Date" shall mean, with respect to the reacquisition of the First Aggregate Sale Date Loan Pool, the Second Aggregate Sale Date Loan Pool, the Third Aggregate Sale Date Loan Pool, the Fourth Aggregate Sale Date Loan Pool or the Fifth Aggregate Sale Date Loan Pool on or after the First Optional Reacquisition Date, the Second Optional Reacquisition Date, the Third Optional Reacquisition Date, the Fourth Optional Reacquisition Date, or the Fifth Optional Reacquisition Date respectively, the date fixed pursuant to Section 11.3 of this Agreement.
		

		
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			"Reacquisition Price" shall mean, with respect to the First Aggregate Sale Date Loan Pool, the Second Aggregate Sale Date Loan Pool, the Third Aggregate Sale Date Loan Pool, the Fourth Aggregate Sale Date Loan Pool, or the Fifth Aggregate Sale Date Loan Pool, the sum of the Net Investment Amounts of all Sale Date Loan Pools comprising the First Aggregate Sale Date Loan Pool, the Second Aggregate Sale Date Loan Pool, the Third Aggregate Sale Date Loan Pool, the Fourth Aggregate Sale Date Loan Pool, or the Fifth Aggregate Sale Date Loan Pool respectively, together with the Program Fee accrued and unpaid thereon at the applicable Program Fee Rate up to and including the Reacquisition Date.
		

		
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				 (b)
			The following definitions shall be added to the Standard Definitions:

		
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			"Fourth Aggregate Sale Date Loan Pool" shall mean, on any date of determination, all Timeshare Loans sold to the Buyer on each Sale Date occurring between June 30, 2015 and December 31, 2017.
		

		
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			"Fifth Aggregate Sale Date Loan Pool" shall mean, on any date of determination, all Timeshare Loans sold to the Buyer on each Sale Date occurring after January 1, 2018.
		

		
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			"Fifth Optional Reacquisition Date" shall mean the first date on which the then current aggregate Net Investment Amounts in respect of all Timeshare Loans in the Fifth Aggregate Sale Date Loan Pool is less than or equal to fifteen percent (15%) of all of the original aggregate Net Investment Amounts in respect of all of the Timeshare Loans sold in each Sale Date Loan Pool corresponding to the Fifth Aggregate Sale Date Loan Pool on the related Sale Date.
		

		
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			BBCV 8th Commitment Amendment2

		

 

		

			

		

			
	
			
				 2.
			Section 11.1 of the Loan Sale and Servicing Agreement is hereby deleted in its entirety and replaced with the following:

		
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			SECTION 11.1. Clean-up Call; Optional Reacquisition; Election to Reacquire.  
		

		
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			The initial Servicer shall have the option to reacquire not less than all of the Timeshare Loans in the First Aggregate Sale Date Loan Pool, the Second Aggregate Sale Date Loan Pool, the Third Aggregate Sale Date Loan Pool, the Fourth Aggregate Sale Date Loan Pool or the Fifth Aggregate Sale Date Loan Pool any date after the First Optional Reacquisition Date, the Second Optional Reacquisition Date, the Third Optional Reacquisition Date, the Fourth Optional Reacquisition Date, or the Fifth Optional Reacquisition Date respectively, by payment of an amount equal to the Reacquisition Price (unless amounts in the Trust Accounts are sufficient to make such payments). 
		

		
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				 3.
			Section 11.2 of the Loan Sale and Servicing Agreement is hereby deleted in its entirety and replaced with the following:

		
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			SECTION 11.2. Notice to Buyer.  
		

		
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			The Servicer shall give written notice of its intention to reacquire the First Aggregate Sale Date Loan Pool, the Second Aggregate Sale Date Loan Pool, the Third Aggregate Sale Date Loan Pool, the Fourth Aggregate Sale Date Loan Pool, or the Fifth Aggregate Sale Date Loan Pool as applicable, to the Buyer at least fifteen (15) days prior to the Reacquisition Date (unless a shorter period shall be satisfactory to the Buyer).
		

		
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				 4.
			Section 11.3 of the Loan Sale and Servicing Agreement is hereby deleted in its entirety and replaced with the following:

		
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			SECTION 11.3. Notice of Reacquisition by the Servicer.  
		

		
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			Notices of reacquisition shall be given by electronic transmission and by first class mail, postage prepaid, mailed not less than fifteen (15) days prior to the Reacquisition Date, to the Buyer. All notices of reacquisition shall state (a) the Reacquisition Date, (b) the Reacquisition Price, (c) that the First Aggregate Sale Date Loan Pool, the Second Aggregate Sale Date Loan Pool, the Third Aggregate Sale Date Loan Pool, the Fourth Aggregate Sale Date Loan Pool, or the Fifth Aggregate Sale Date Loan Pool is being reacquired, (d) the Timeshare Loans comprising the First Aggregate Sale Date Loan Pool, the Second Aggregate Sale Date Loan Pool, the Third Aggregate Sale Date Loan Pool, the Fourth Aggregate Sale Date Loan Pool, or the Fifth Aggregate Sale Date Loan Pool, and (e) that on the Reacquisition Date, the Reacquisition Price shall become due and payable in respect of the reacquisition of the First Aggregate Sale Date Loan Pool, the Second Aggregate Sale Date Loan Pool, the Third Aggregate Sale Date Loan Pool, the Fourth Aggregate Sale Date Loan Pool, or the Fifth Aggregate Sale Date Loan Pool as applicable, and that the Program Fee shall cease to accrue if payment is made on the Reacquisition Date.
		

		
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				 5.
			Section 11.5 of the Loan Sale and Servicing Agreement is hereby deleted in its entirety and replaced with the following:

		

		

		 

		

			 

		

		

			 

		

		

			BBCV 8th Commitment Amendment3

		

 

		

			

		

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			SECTION 11.5. Timeshare Loans on Reacquisition Date.  
		

		
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			Notice of reacquisition having been given as provided in Section 11.2 hereof and deposit of the Reacquisition Price with the Buyer having been made as provided in Section 11.4 hereof, the First Aggregate Sale Date Loan Pool, the Second Aggregate Sale Date Loan Pool, the Third Aggregate Sale Date Loan Pool, the Fourth Aggregate Sale Date Loan Pool, or the Fifth Aggregate Sale Date Loan Pool being reacquired shall on the Reacquisition Date, become due and payable at the Reacquisition Price, and, on such Reacquisition Date, the First Aggregate Sale Date Loan Pool, the Second Aggregate Sale Date Loan Pool, the Third Aggregate Sale Date Loan Pool, the Fourth Aggregate Sale Date Loan Pool, or the Fifth Aggregate Sale Date Loan Pool, as applicable, shall cease to accrue the Program Fee. The Buyer shall apply all available funds in the Trust Accounts and the Buyer shall be paid any remaining portion of the Reacquisition Price by the Servicer upon transfer of the First Aggregate Sale Date Loan Pool, the Second Aggregate Sale Date Loan Pool, the Third Aggregate Sale Date Loan Pool, the Fourth Aggregate Sale Date Loan Pool, or the Fifth Aggregate Sale Date Loan Pool being purchased by the Servicer or its designee. If the Servicer shall have failed to deposit the Reacquisition Price with the Buyer, the principal and the Program Fee with respect to the First Aggregate Sale Date Loan Pool, the Second Aggregate Sale Date Loan Pool, the Third Aggregate Sale Date Loan Pool, the Fourth Aggregate Sale Date Loan Pool, or the Fifth Aggregate Sale Date Loan Pool as applicable, shall, until paid, continue to accrue at the applicable Program Fee Rate. The Servicer's failure to deposit the Reacquisition Price shall not constitute a Purchase Termination Event hereunder.
		

		
			    
		

			
	
			
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			Choice of Law and Venue. This Eighth Amendment shall be construed in accordance with the internal laws of the State of New York.

		
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				 7.
			Binding Effect. This Eighth Amendment shall inure to the benefit of and be binding upon the parties to this Eighth Amendment and their successors and assigns. 

		
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				 8.
			Counterpart Execution. This Eighth Amendment may be executed in counterpart, and any number of copies of this Eighth Amendment which in the aggregate have been executed by all parties to this Eighth Amendment shall constitute one original.

		
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				 9.
			Time is of the Essence. Time is of the essence in the performance of the obligations in this Eighth Amendment.

		
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				 10.
			No Third-Party Beneficiary. No third party shall be a beneficiary hereof.

		
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			BBCV 8th Commitment Amendment4

		

 

		

			

		

		IN WITNESS WHEREOF, the parties hereto have executed this Eighth Amendment as of the date set forth above.
		

		
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						THE BUYER:

					
					
						QUORUM FEDERAL CREDIT UNION

				
	
					
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						By: /s/ Bruno Sementilli

				
	
					
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						Bruno Sementilli,

				
	
					
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						President and CEO

				
	
					
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						THE SELLER:

					
					
						BBCV Receivables-Q 2010 LLC

				
	
					
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						By: /s/ Allan J. Herz

				
	
					
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						Allan J. Herz

				
	
					
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						President and Assistant Treasurer

				
	
					
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						THE SERVICER:

					
					
						BLUEGREEN VACATIONS CORPORATION

				
	
					
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						By: /s/ Anthony M. Puleo

				
	
					
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						Anthony M. Puleo

				
	
					
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						Executive Vice President, CFO & Treasurer

				
	
					
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						THE BACKUP SERVICER:

					
					
						CONCORD SERVICING CORPORATION

				
	
					
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						By: /s/ Sonja M. Yurkiw, Esq.

				
	
					
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						Sonja M. Yurkiw, Esq.

				
	
					
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						Vice President & General Counsel

				
	
					
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						THE CUSTODIAN:

					
					
						U.S. BANK NATIONAL ASSOCIATION, 

					
						not in its individual capacity but solely as Custodian 

					
						and Paying Agent hereunder 

				
	
					
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						By: /s/ Timothy Matyi

				
	
					
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						Timothy Matyi

				
	
					
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						Vice President

				
	
					
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						THE CLUB TRUSTEE:

					
					
						VACATION TRUST, INC., 

					
						as Club Trustee

				
	
					
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						By: /s/ Constance G. Dodd

				
	
					
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						Constance G. Dodd

				
	
					
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						President, Treasurer and Secretary

				

		
			 
		

		

		

		 

		

			 

		

		

			 

		

		

			BBCV 8th Commitment Amendment5

		

 

		

			

		

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