Document:

exhibit101.htm

     

    CHECKPOINT
SYSTEMS, INC.

    First
Amendment to Employment Agreement

    Dated: March 17,
2010

     

    WHEREAS,
Checkpoint Systems, Inc. (the “Company”),
and Robert P. van der Merwe (“Executive”)
entered into an Employment Agreement, dated December 27, 2007 (the “Agreement”);
and

     

    WHEREAS,
the Company and Executive now wish to amend the Agreement in accordance
with the provisions of Section 18 to provide for a renewal of the term of the
Agreement.

     

    NOW,
THEREFORE, in consideration of the foregoing, of the mutual premises
contained herein and of other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree to
amend the Agreement as set forth herein.

     

    FIRST:    
Section 1 shall be amended to read as follows:

     

    “Executive hereby
agrees to be employed as Chairman of the Board of Directors, (effective January
1, 2009), President and Chief Executive Officer of Company effective as of
December 27, 2007 (the “Commencement Date”), and Company hereby agrees to retain
Executive as Chairman of the Board of Directors, President and Chief Executive
Officer commencing as of such date.  By executing this Agreement the
Company confirms that the Board of Directors has approved this
Agreement.  The term of Executive’s employment as Chairman of the
Board of Directors, President and Chief Executive Officer under this Agreement
(the “Initial Term”) shall be the period commencing on the Commencement Date and
ending on December 31, 2012.  The term of employment under this
Agreement shall be renewed for successive one (1) year periods ending on each
subsequent December 31st (the Initial
Term and, if the period of employment is so extended, such successive periods of
employment are collectively referred to herein as the “Term”), unless notice of
termination (a “Notice of Non-Renewal”) of this Agreement is given by the
Company or Executive at least six (6) months prior to the end of the Term, in
which case this Agreement shall terminate at the end of the
Term.”

     

    SECOND:   All
references to “the end of the Initial Term” in Sections 6.1 (“Stock Options”)
and 6.2 (“Restricted Stock Units”) shall be replaced by “December 31,
2010”.

     

    THIRD:        Clause
(v) of Section 10.2(b) shall be amended to read as
follows:

     

    “if Executive ceases involuntarily
(other than by reason of death, disability or Termination for Cause) to be the
Chairman of the Board of Directors.”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    FOURTH:    Except
as specifically modified herein, the Agreement shall remain in full force and
effect in accordance with all of the terms and conditions
thereof.

     

     

     

    IN
WITNESS WHEREOF, the Company and Executive have executed this first
amendment to the Agreement as of the date first written
above.

     

    CHECKPOINT
SYSTEMS, INC.

     

     

    By:        /s/
R. Keith
Elliott                                              

     

    Name:  R.
Keith
Elliott                                                      

     

    Title:    
Lead
Director                                                                

     

     

    By:        /s/
John R. Van
Zile                                              

     

    Name:  John
R. Van
Zile                                                      

     

    Title:    
Sr
VP, General
Counsel       

     

    

    ROBERT
P. VAN DER MERWE

     

    By:      
/s/
Robert P. van der Merweexhibit_10-1.htm

SECOND AMENDMENT TO

 

SERVICES AND DEVELOPMENT AGREEMENT

 

THIS SECOND AMENDMENT TO SERVICES AND DEVELOPMENT AGREEMENT (the “Agreement”) is made and entered into as of the 31st day of March, 2010, by and between NTS MORTGAGE INCOME FUND, a Delaware corporation (“Fund”), and RESIDENTIAL MANAGEMENT COMPANY, a Kentucky corporation (“Residential”)

 

R E C I T A L S

 

A.   Effective as of January 1, 2009, Fund and Residential entered into that certain Services and Development Agreement, as amended by that certain First Amendment to Services and Development Agreement dated as of December 31, 2009 (collectively, the “Agreement”), which provided that Residential would manage, develop and operate the Fund’s real properties as set forth in the Agreement;

 

B.   The Term of the Agreement was extended until March 31, 2010;

 

C.   Fund and Residential now desire to further extend the Term of the Agreement through June 30, 2010, and to modify Section 2.2 thereof;.

 

NOW, THEREFORE, in consideration of their mutual undertakings, IT IS AGREED by and between the parties hereto as follows:

 

1.           As of the date of this Second Amendment, the Term of the Agreement is hereby extended through June 30, 2010.

 

2.           Section 2.2 of the Agreement is hereby modified and amended to read as follows:

 

“Subject to Section 2.3 hereof, the term of this Agreement shall be for a period commencing on the effective date hereof and ending on June 30, 2010 (the “Term”).”

 

3.           Section 2.3 of the Agreement is hereby amended and modified to read as follows:

 

“This Agreement may be renewed only by written agreement of both parties on or before the expiration of the Term.”

 

4.           This Second Amendment may be signed in multiple counterparts, and, when counterparts are executed by all parties, such counterparts shall be deemed an original instrument.

 

5.           The parties agree that except as expressly amended or modified above, the Agreement shall remain in full force and effect.

 

  

  

 

  

 

IN WITNESS WHEREOF, the parties have entered into this Second Amendment to Services and Development Agreement as of the date first written above.

 

 

	 	
FUND:

	 	  
	 	
NTS MORTGAGE INCOME FUND, a Delaware

corporation

	 	  	  
	 	
By:

	/s/ Brian F. Lavin
	 	  	
Brian F. Lavin

	 	  	
Chief Executive Officer and President

	 	  
	 	  
	 	
RESIDENTIAL:

	 	  
	 	
RESIDENTIAL MANAGEMENT COMPANY, a

Kentucky corporation

	 	  	  
	 	
By:

	/s/ Gregory A. Wells
	 	  	
Gregory A. Wells

	 	  	
Executive Vice Presidentexhibit_10-2.htm

10172 Linn Station Road

Louisville, KY 40223

 

 

March 18, 2010

 

To the Audit Committee of the Board of Directors of NTS Mortgage Income Fund (the “Audit Committee”):

 

NTS Development Company and Residential Management Company (collectively referred to herein as “NTS”) agree to defer amounts owed to them by the NTS Mortgage Income Fund or its subsidiaries (the “Fund”) as of March 18, 2010, and to permit any such amounts to accrue from the date of this agreement through June 30, 2010, other than as permitted by cash flows of the Fund. As of March 18, 2010, the Fund owed $4,695,488.95 to NTS and their affiliates.

 

NTS further agrees to advance to the Fund such monies as are reasonably necessary to cover any shortfalls for expenses incurred between March 18, 2010 and June 30, 2010, and for those expenses provided for in the Fund’s 2010 Budget as approved by the Fund’s Board of Directors through June 30, 2010.  Unless NTS otherwise agrees, any such advances shall exclude any principal repayments on the mortgage note owed by the Fund to PNC Bank, National Association.

 

The terms of any deferrals or advances from NTS will be presented to the Audit Committee for prior approval and may be documented through a promissory note or notes from the Fund to NTS or their affiliates which shall mature on June 30, 2010.  Any amounts so deferred or advanced by NTS shall accrue interest at the same rate as the NTS cost of funds rate which is currently 5.34%.

 

NTS has the financial ability to allow such deferrals and advances and will provide evidence of such upon reasonable request of the Audit Committee.

 

 

	 	 /s/ J. D. Nichols	 
	 	
J.D. Nichols

Chairman of NTS Development Company

and Residential Management Company

	 
	 	 	 
	 	 	 
	 	/s/ Brian F. Lavin	 
	 	
Brian F. Lavin

President of NTS Development Company

and Residential Management Companyexhibit_10-3.htm

FIRST AMENDMENT TO CONSOLIDATED AND AMENDED AND RESTATED

PROMISSORY NOTE

 

THIS FIRST AMENDMENT TO CONSOLIDATED AND AMENDED AND RESTATED PROMISSORY NOTE (the “Amendment”) is made and entered into as of March 31, 2010 by and between [i] NTS MORTGAGE INCOME FUND, a Delaware corporation, having an address of 10172 Linn Station Road, Louisville, Kentucky 40223 (“Borrower”), and [ii] NTS DEVELOPMENT COMPANY, a Kentucky corporation, having an address of 10172 Linn Station Road, Louisville, Kentucky 40223 (“Lender”).

 

RECITALS:

 

A.   Borrower and Lender are parties to that certain Consolidated and Amended and Restated Promissory Note dated as of February 1, 2010, evidencing amounts due from Borrower to Lender on or before March 31, 2010 in the face principal amount of Four Hundred Eighty Seven Thousand One Hundred Dollars and Seventy Three Cents ($487,100.73) (the “Note”).  Certain terms defined in the Note when used and initially capitalized herein shall have the meanings ascribed to them in the Note unless expressly otherwise defined herein.

 

B.   Borrower has requested an extension of the maturity date of the Note from March 31, 2010 to June 30, 2010, and Lender has agreed to such modification.

 

NOW THEREFORE, by mutual agreement of the parties and in mutual consideration of the agreements contained herein and for other good and valuable considerations, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree that the Note is hereby modified as set forth in this Amendment.

 

1.   Accuracy of Recitals.  Borrower acknowledges the accuracy of the Recitals stated above.

 

2.   Amendment of Note.  The Note is amended as follows:

 

              The “Maturity Date” of the Note is hereby extended from March 31, 2010 until June 30, 2010, which date shall hereafter be the new “Maturity Date.”

 

3.   Ratification of Note.  Except as expressly modified by this Amendment, all terms and conditions of the Note shall remain in full force and effect as they were before the execution and delivery of this Amendment, and those terms and conditions as modified are hereby incorporated by reference in this Amendment and shall govern this Amendment in all respects.  The Note is hereby ratified and reaffirmed by Borrower and shall remain in full force and effect as previously modified and assumed, and as modified by this Amendment.

 

4.   Counterpart Execution.  This Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same document.  Signature pages may be detached from the counterparts and attached to a single copy of this Amendment to physically form one document.

 

  

  

 

  

5.   No Novation.  This Amendment is a modification only and not a novation.  Except for the modifications contained herein, the Note shall be and remain in full force and effect with the changes in this Amendment deemed to be incorporated therein.  This Amendment is to be considered attached to the Note and made a part of the Note.  This Amendment shall not release or affect the liability of any guarantor, surety or endorser of the Note or release any owner of any collateral securing the Note.  The validity, priority and enforceability of the Note shall not be impaired by this Amendment.

 

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

 

	
LENDER:

 

NTS DEVELOPMENT COMPANY,

a Kentucky corporation

 

 

By:         /s/ Brian F. Lavin      

Brian F. Lavin, President

 

	
BORROWER:

 

NTS MORTGAGE INCOME FUND, a Delaware

corporation

 

 

By:         /s/ Gregory A. Wells         

       Gregory A. Wells,

Secretary/Treasurer/Chief Financial Officer

 

 

2

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