Document:

Unassociated Document

Exhibit 10.2

 

BY ACCEPTING THIS OBLIGATION, THE LENDER REPRESENTS AND WARRANTS THAT IT IS NOT A UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SEC 6049(B)(4) OF THE INTERNAL REVENUE CODE AND REGULATIONS THEREUNDER) AND THAT IT IS NOT ACTING FOR OR ON BEHALF OF A UNITES STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SEC. 6049(B)(4) OF THE INTERNAL REVENUE CODE AND THE REGULATIONS THEREUNDER).

REPLACEMENT AND CONSOLIDATED REVOLVING NOTE

	
$1,300,000.00

	
Issuance Date:  as of October 23, 2013

	  	
Effective Date: October 23, 2013

	  	
Due Date:  December 1, 2014

FOR VALUE RECEIVED, SPEEDEMISSIONS, INC., a Florida corporation, and SPEEDY OPERATIONS, INC., a Georgia corporation, whose address is 1015 Tyrone Road, Suite 220, Tyrone, GA 30290 (collectively, the “Borrowers”), jointly, severally and collectively promise to pay to the order of TCA GLOBAL CREDIT MASTER FUND, LP (hereinafter, together with any holder hereof, “Lender”), whose address is 1404 Rodman Street, Hollywood, Florida 33020, on or before December 1, 2014 (the “Revolving Loan Maturity Date”), the lesser of: (i) ONE MILLION THREE HUNDRED THOUSAND AND NO/100 DOLLARS ($1,300,000.00); or (ii) the aggregate principal amount of all Revolving Loans outstanding under and pursuant to that certain Credit Agreement dated as of June 8, 2012, executed by and among Borrowers and Lender, as amended from time to time (as amended, supplemented or modified from time to time, the “Credit Agreement”), together with interest thereon (computed on the actual number of days elapsed on the basis of a 360 day year) on the principal amount outstanding hereunder from time to time, all as set forth and to be repaid as provided in the Credit Agreement.  Capitalized words and phrases not otherwise defined herein shall have the meanings assigned thereto in the Credit Agreement.

This Replacement and Consolidated Revolving Note (“Note”) evidences the Revolving Loans incurred by Borrowers under and pursuant to the Credit Agreement, to which reference is hereby made for a statement of the terms and conditions under which the Revolving Loan Maturity Date may be extended or any payment hereon may be accelerated.  The holder of this Note is entitled to all of the benefits and security provided for in the Credit Agreement and the other Loan Documents, executed by and between each of the Borrowers and Lender.  The Revolving Loans evidenced by this Note shall be repaid by Borrowers on the Revolving Loan Maturity Date, as same may be extended or unless payable sooner, pursuant to the provisions of the Credit Agreement. This Note consolidates, replaces and supersedes any promissory notes previously made and given by Borrowers to Lender under the Credit Agreement which represent a Revolving Loan Commitment less than the amount of this Note.

Principal, interest and other fees and charges shall be paid to Lender as set forth in the Credit Agreement, or at such other place as the holder of this Note shall designate in writing to Borrowers.  The Revolving Loans made by Lender and evidenced by this Note, and all payments on account of the principal and interest thereof, shall be recorded on the books and records of Lender and the principal balance as shown on such books and records, or any copy thereof certified by an officer of Lender, shall be rebuttably presumptive evidence of the principal amount owing hereunder.

 

  

1

  

 

Except for such notices as may be required under the terms of the Credit Agreement, each Borrower waives presentment, demand, notice, protest, and all other demands, or notices, in connection with the delivery, acceptance, performance, default, or enforcement of this Note, and assents to any extension or postponement of the time of payment or any other indulgence.

 

Borrowers shall be solely responsible for the payment of any and all documentary stamps and other taxes applicable to the full face amount of this Note.

 

This Note shall be governed and construed in accordance with the laws of the State of Florida, in which state it shall be performed, and shall be binding upon Borrowers and their legal representatives, successors, and assigns.  Wherever possible, each provision of the Credit Agreement and this Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of the Credit Agreement or this Note shall be prohibited by or be invalid under such law, such provision shall be severable, and be ineffective to the extent of such prohibition or invalidity, without invalidating the remaining provisions of the Credit Agreement or this Note.

 

Nothing herein contained, nor in any instrument or transaction relating hereto, shall be construed or so operate as to require any Borrower, or any person liable for the payment of this Note, to pay interest in an amount or at a rate grater than the highest rate permissible under applicable law.  By acceptance hereof, Lender hereby warrants and represents to Borrowers that Lender has no intention of charging a usurious rate of interest.  Should any interest or other charges paid by Borrowers, or any parties liable for the payments made pursuant to this Note, result in the computation or earning of interest in excess of the highest rate permissible under applicable law, any and all such excess shall be and the same is hereby waived by the holder hereof.  Lender shall make adjustments in the Note or Credit Agreement, as applicable, as necessary to ensure that Borrowers will not be required to pay further interest in excess of the amount permitted by Florida law.  All such excess shall be automatically credited against and in reduction of the outstanding principal balance.  Any portion of such excess which exceeds the outstanding principal balance shall be paid by the holder hereof to the Lender and any parties liable for the payment of this Note, it being the intent of the parties hereto that under no circumstances shall Borrowers, or any party liable for the payments hereunder, be required to pay interest in excess of the highest rate permissible under applicable law.

 

Borrowers’ obligations hereunder shall be joint and several.

 

Non-U.S. Status.  THE LENDER IS A NON-U.S. PERSON AS THAT TERM IS DEFINED IN THE UNITED STATES INTERNAL REVENUE CODE.  IT IS HEREBY AGREED AND UNDERSTOOD THAT THE OBLIGATIONS HEREUNDER MAY BE SOLD OR RESOLD ONLY TO NON-U.S. PERSONS.  THE INTEREST PAYABLE HEREUNDER IS PAYABLE ONLY OUTSIDE THE UNITED STATES.  ANY U.S. PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAW.

 

  

2

  

IN WITNESS WHEREOF, the Borrowers have executed this Note as of the date set forth above.

BORROWERS:

	
SPEEDEMISSIONS, INC.

	 	
SPEEDY OPERATIONS, INC.

	  	  	 	  	  
	
By:

	/s/ Richard Parlontieri	 	
By:

	/s/ Richard Parlontieri
	
Name:

	Richard Parlontieri	 	
Name:

	Richard Parlontieri
	
Title:

	Pres/CEO	 	
Title:

	Pres

Signature Page – Replacement Revolving Note

 

 

 

 

 

3EX 10.70 (Oct 2013)

EXHIBIT 10.70
[Blackbaud Letterhead]

        
NOTICE:  THIS AGREEMENT IS SUBJECT TO ARBITRATION PURSUANT TO S.C. CODE ANN. §15-48-10 ET SEQ., TO THE EXTENT PROVIDED IN SECTION 5 BELOW, EXCEPT TO THE EXTENT THAT THE FEDERAL ARBITRATION ACT APPLIES.

October 23, 2013

Anthony W. Boor
5750 Stonechat Lane
Indianapolis, IN  46237 

Dear Tony:

We are pleased that you have accepted the position of interim President and Chief Executive Officer of Blackbaud, Inc. (the “Company”), effective as of September 1, 2013, while you continue to also serve as Senior Vice President and Chief Financial Officer of the Company.  This letter agreement sets forth certain terms of your employment with the Company that apply while you are serving as interim President and Chief Executive Officer.

Reference is made to the following agreements between you and the Company: (i) the Blackbaud Employment Agreement dated November 14, 2011; (ii) the Employee Agreement dated December 16, 2012; and (iii) the Management Transition Agreement dated March 15, 2013 (collectively, the “Employment Agreements”).  The Employment Agreements remain in full force and effect and are not amended except as set forth in this letter agreement.

	
				
	1.
	Titles and Duties:
	 
	You will serve as interim President and Chief Executive Officer of the Company (“Interim CEO”).  While serving in the position of Interim CEO, you will have the customary authorities, duties and responsibilities that accompany the position of chief executive officer of a company of similar size to the Company; provided, that you will report directly to the Board of Directors of the Company (the “Board”).

While serving as the Interim CEO, you also will continue to serve as Senior Vice President and Chief Financial Officer of the Company, and will be required to continue to perform the duties and responsibilities of those positions.  

	 
	 
	 
	 

	2.
	Interim CEO Service Period:
	 
	It is anticipated that your service as Interim CEO (the “Interim CEO Service Period”) will continue for an indefinite period of time from September 1, 2013 until the date a new President and Chief Executive Officer commences employment with the Company, subject to the discretion of the Board.

                            

Mr. Boor
October 23, 2013
Page 2

	
				
	 
	 
	 
	 

	3.
	Interim Compensation:
	 
	During the period from September 1, 2013 to and including February 28, 2014, your interim monthly base compensation will include an additional payment of $60,000 per calendar month (less applicable withholdings), payable in accordance with the Company’s normal payroll procedures and pro-rated for partial months.  For the avoidance of doubt, such amount is (i) in addition to your compensation as Senior Vice President and Chief Financial Officer of the Company and (ii) not subject to reduction, even if a permanent Chief Executive Officer is retained by the Company prior to February 28, 2014.  Effective March 1, 2014, provided that you are no longer serving as Interim CEO, your compensation will return to the same compensation paid to you prior to this letter agreement, unless otherwise provided by the Board.

	 
	 
	 
	 

	4.
	End of Interim CEO Service Period:
	 
	Upon the expiration of the Interim CEO Service Period, you will no longer hold the position or title of Interim CEO, but you will continue in your position and title of Senior Vice President and Chief Financial Officer of the Company on an at-will basis.

	 
	 
	 
	 

	5.
	Dispute Resolution:
	 
	All disputes, controversies and claims arising between the parties concerning the subject matter of this letter agreement will be settled by arbitration in South Carolina in accordance with the laws of South Carolina.  If the parties are unable to agree upon an arbitrator or arbitrators, then the mater shall be resolved by an arbitrator or arbitrators appointed by the American Arbitration Association, as it may determine, in accordance with the rules and practices, then obtaining, of such association. Any arbitration pursuant to this Section 5 shall be final and binding on the parties, and judgment upon the award rendered in any such arbitration may, be entered in any court, state or federal, having jurisdiction. You shall be entitled to the benefits of all provisions of the Certificate of Incorporation of the Company, as amended, and the Bylaws of the Company, as amended, that provide for indemnification of officers and directors of the Company, to the fullest extent permitted by law.

	 
	 
	 
	 

	6.
	Miscellaneous:
	 
	Since the services to be rendered by you as Interim CEO are unique and personal in nature, you may not assign any of your duties or rights under this Agreement.  This letter agreement and all questions, disputes or controversies arising out of or relating to this letter agreement shall be governed by and construed in accordance with the laws of the State of South Carolina, without regard to conflict of law principles.

	 
	 
	 
	 

	7.
	Nature of Employment:
	 
	Nothing in this letter agreement modifies the “at-will” nature of your employment with the Company.  The terms of this letter agreement do not and are not intended to create either an express or implied contract of employment with the Company for any particular period of time, and either party may terminate the employment relationship at any time for any reason or no reason.

Mr. Boor
October 23, 2013
Page 3

	
					
	 
	 
	 
	 
	 

The Board appreciates your dedication to the Company and your service as Interim CEO.  If you are in agreement with the terms of this letter, please indicate your acceptance by signing and returning this letter agreement to me.

Sincerely,

	
			
	/s/ Andrew Leitch
	 
	 

	Andrew Leitch
	 
	 

	Chairman, Board of Directors
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	ACCEPTED AND AGREED:

	 
	 
	 

	 
	 
	/s/ Anthony W. Boor

	 
	 
	Anthony W. Boor

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