Document:

Exhibit 10.2

 

President
Bonus Plan

 

Bonus Calculation

 

The
President of Websense, Inc. (the “Company”) will be eligible for a target
bonus of 75% of his annual salary.  This bonus is based upon the Company
meeting its Billings and/or Operating Income objectives determined by the
Company’s Board of Directors or its Compensation Committee near the beginning
of each fiscal year.

 

Subject
to discretionary adjustment, each half of the Company’s fiscal year (January —
June and July — December) in which the Company meets its budgeted
Billings and/or Operating Income targets, the President is eligible to receive
an amount equal to 50% of his semi-annual salary as a bonus.  Half of the
semi-annual bonus (25%) is earned if the Company meets its semi-annual Billings
objective and the other half of the semi-annual bonus (25%) is earned if the
Company achieves its semi-annual Operating Income target.

 

Subject
to discretionary adjustment, an additional 25% of the President’s annual salary
may be earned, again split evenly between objectives, if the Company achieves
its annual Billings and Operating Income targets.

 

Achievement
of at least 90% of a goal is required for any payment of the portion of the
President’s bonus that is based on achievement by the Company of that goal. 
Should the Company achieve 90% of its Billings or Operating Income goals,
bonuses for that plan goal will be paid at half of the target payment for that
goal.  Should the Company achieve 110% of its Billings or Operating Income
goals, bonuses for that plan goal will be paid at 1.5 times what the President
would have been paid on target for that goal.  Bonuses are prorated for
goal achievement between 90% - 110%.

 

The
Compensation Committee or Board of Directors has the discretion to adjust the
bonus based upon whether the President meets individual objectives set for him
by the Board of Directors.  Bonuses may be adjusted by a percentage of the
bonus, ranging from 0% - 130% based upon achievement of such performance
objectives.

 

Eligibility

 

The
President must be a current employee on the last day of the semi annual period
(June 30th and December 31st) to be eligible to receive a bonus for that half and must be a current
employee on the last day of the fiscal year to be eligible to receive an annual
bonus.  Bonus amounts are based upon actual base salary paid during the
period, exclusive of other payments or bonuses.

 

The
Company reserves the right to change these terms from time to time as it feels
necessary to accomplish its goals, including as a result of market conditions,
personnel, new or different product offerings and/or corporate restructuring.Exhibit 10.3

 

CFO
Bonus Plan

 

Bonus Calculation

 

The
Chief Financial Officer (“CFO”) of Websense, Inc. (the “Company”) will be
eligible for a target bonus of 50% of his annual salary.  This bonus is
based upon the Company meeting its Billings and/or Operating Income objectives.

 

Subject
to discretionary adjustment, each half of the Company’s fiscal year (January —
June and July — December) in which the Company meets its budgeted
Billings and/or Operating Income targets, the CFO is eligible to receive an amount
equal to 33.33% of his semi-annual salary as a bonus.  One-third of the
semi-annual bonus (11.11%) is earned if the Company meets its semi-annual
Billings objective and two-thirds of the semi-annual bonus (22.22%) is earned
if  the Company achieves its semi-annual Operating Income target.

 

Subject
to discretionary adjustment, 16.67% of the CFO’s annual salary may be earned,
again split one-third/two-thirds between the objectives, if the Company
achieves its annual Billings and Operating Income targets.

 

Achievement
of at least 90% of a goal is required for any payment of the portion of the
CFO’s bonus that is based on achievement by the Company of that goal. 
Should the Company achieve 90% of its Billings or Operating Income goals,
bonuses for that plan goal will be paid at half of the target payment for that
goal.  Should the Company achieve 110% of its Billings or Operating Income
goals, bonuses for that plan goal will be paid at 1.5 times what the CFO would
have been paid on target for that goal. Bonuses are prorated for goal
achievement between 90% - 110%.

 

The
Compensation Committee or Board of Directors has the discretion to adjust the
bonus based upon whether the CFO meets individual objectives set for him by the
Chief Executive Officer.  Bonuses may be adjusted by a percentage of the
bonus, ranging from 0% - 130% based upon achievement of such performance
objectives.

 

Eligibility

 

The
CFO must be a current employee on the last day of the semi-annual period (June 30th and December 31st) to be eligible to
receive a bonus for that half and must be a current employee on the last day of
the fiscal year to be eligible to receive an annual bonus.  Bonus amounts
are based upon actual base salary paid during the period, exclusive of other
payments or bonuses.

 

The
Company reserves the right to change these terms from time to time as it feels
necessary to accomplish its goals, including as a result of market conditions,
personnel, new or different product offerings and/or corporate restructuring.Exhibit 10.4

 

Officer
Bonus Plan

 

Bonus Calculation

 

All
vice presidents (“Participants”) of Websense, Inc. (the “Company”) not
covered by another cash incentive compensation program will be eligible for a
target bonus of 30% of their annual salary.  This bonus is based upon the
Company meeting its Billings and/or Operating Income objectives.

 

Subject
to discretionary adjustment, each half of the Company’s fiscal year (January —
June and July — December) in which the Company meets its budgeted
Billings and/or Operating Income targets, each Participant is eligible to
receive an amount equal to 20% of their semi-annual salary as a bonus. 
Half of the semi-annual bonus (10%) is earned if the Company meets its
semi-annual Billings objective and the other half of the semi-annual bonus
(10%) is earned if the Company achieves its semi-annual Operating Income
target.

 

Subject
to discretionary adjustment, an additional 10% of a Participant’s annual salary
may be earned, again split evenly between objectives, if the Company achieves
its annual Billings and Operating Income targets.

 

Achievement
of at least 90% of a goal is required for any payment of the portion of the
Participant’s bonus that is based on achievement by the Company of that
goal.  Should the Company achieve 90% of its Billings or Operating Income
goals, bonuses for that plan goal will be paid at half of the target payment
for that goal.  Should the Company achieve 110% of its Billings or
Operating Income goals, bonuses for that plan goal will be paid at 1.5 times
what a Participant would have been paid on target for that goal.  Bonuses
are prorated for goal achievement between 90% - 110%.

 

The
Compensation Committee or Board of Directors has the discretion to adjust the
bonus based upon whether the Participant meets individual objectives set for
the Participant by the Participant’s manager.  Bonuses may be adjusted by
a percentage of the bonus, ranging from 0% - 130% based upon achievement of
such performance objectives.

 

Eligibility

 

Participants
must be a current employee on the last day of the semi annual period (June 30th and December 31st) to be eligible to
receive a bonus for that half and must be a current employee on the last day of
the fiscal year to be eligible to receive an annual bonus.  Participants
who start their employment during a period or are promoted into a Participant
position must be employed for at least the full final quarter of the semi
annual period or annual period to be eligible, and will have their bonus
prorated accordingly.  Bonus amounts are based upon actual base salary
paid during the period, exclusive of other payments or bonuses.

 

The
Company reserves the right to change these terms from time to time as it feels
necessary to accomplish its goals, including as a result of market conditions,
personnel, new or different product offerings and/or corporate restructuring.Exhibit 10.61

 

FOURTH 
AMENDMENT TO AMENDED

 

AND RESTATED CREDIT AGREEMENT

 

This Fourth
Amendment is made as of March 14, 2008 (the “Amendment”), by and between
ML Macadamia Orchards, L.P., a Delaware limited partnership, and ML Resources, Inc.,
a Hawaii corporation (collectively, the “Borrower”) and American AgCredit, PCA
(the “Lender”).

 

RECITALS

 

A.           Borrower and Lender
entered into an Amended and Restated Credit Agreement dated as of May 1,
2004, as amended by that certain Amendment to Amended and Restated Credit
Agreement dated as of August 17, 2004, that certain Waiver and Amendment
dated as of March 15, 2005, that certain Second Amendment to Amended and
Restated Credit Agreement dated as of December 27, 2005, that certain
Waiver dated as of March 29, 2007, and that certain Third Amendment to
Amended and Restated Credit Agreement dated as of July 5, 2007 (as
amended, the “Agreement”).  The Agreement
governs the payment of a Term Loan Promissory Note dated May 1, 2000 in
the sum of $4,000,000.00 and a Revolving Loan Promissory Note dated May 1,
2004 in the sum of $5,000,000.00 (the “Notes”) and a Supplemental Security
Agreement dated May 1, 2004.

 

B.             The principal amount
outstanding on the Notes as of the date of this Amendment is
$4,700,000.00.  There remains available a
commitment to fund $1,500,000.00 on the May 1, 2004 Revolving Loan
Promissory Note.

 

C.             Borrower has
requested that Lender (i) waive compliance with the terms of the
Restricted Payment covenant, Debt Coverage Ratio and Minimum Tangible Net Worth
requirement in the Agreement for fiscal year ended December 31, 2007 and (ii) modify
the Minimum Tangible Net Worth requirement.

 

D.            Lender has agreed to
the waiver and amendment requested.

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants
hereinafter contained, the parties hereto agree as follows:

 

1.                                       Defined
Terms.  All capitalized terms not
defined herein shall have the meanings assigned in the Agreement.

 

2.                                       Conditions
Precedent.  The
waiver and amendment are hereby granted provided the following conditions are
satisfied by no later than March 14, 2008:

 

(a)                                  Execution
and delivery of this Amendment to Lender.

 

(b)                                 Payment by Borrower of
a waiver and amendment fee in the amount of $14,250.

 

 

3.                                       Maximum
Revolving Loan Amount, Reduction. 
The “Maximum Revolving Loan” amount is hereby reduced from Five Million
Dollars ($5,000,000) to Four Million Five Hundred Thousand Dollars
($4,500,000).

 

4.                                       RLOC
Pricing Grid, Revision.  For fiscal
years 2008 and thereafter, until Lender’s receipt of Borrower’s 2008 year end
audited financial statements (at which time the pricing grid shall revert to
that originally provided in the Agreement), the pricing grid set forth in Section 2.4(c) of
the Agreement is hereby amended to read as follows:

 

	
  Consolidated

  Funded Debt to

  Consolidated

  EBITDA Ratio

  Level

  	
   

  	
  Applicable

  Margin

  Fixed Rate

  	
   

  	
  Applicable

  Margin

  Base Rate

  	
   

  
	
  All Tiers

  	
   

  	
  2.50

  	
  %

  	
  0.75

  	
  %

  

 

5.                                       Term
Loan Tranche B Pricing Grid, Revision. 
For fiscal years 2008 and thereafter, until Lender’s receipt of Borrower’s
2008 year end audited financial statements (at which time the pricing grid
shall revert to that originally provided in the Agreement), the pricing grid
set forth in Section 2.5(c) of the Agreement is hereby amended to
read as follows:

 

	
  Consolidated Funded

  Debt to Consolidated

  EBITDA Ratio Level

  	
   

  	
  Applicable

  Margin

  Fixed Rate

  	
   

  
	
  All Tiers

  	
   

  	
  2.75

  	
  %

  

 

6.                                     Monthly
Financial Reporting.  Section 6.1(a) of
the Agreement is hereby amended to read as follows:

 

(a)                                  Within
fifteen (15) days after the end of each calendar month ending January 31, February 28/29,
April 30, May 31, July 31, August 31, October 31 and November 30,
and forty five (45) days after the end of each calendar quarter ending March 31,
June 30, September 30 and December 31  (i) financial and other information
requested by Lender, including an internally-prepared (or publicly-filed, if
available) statement of income and cash flow, balance sheet (and management
letter, if the month end is also a Fiscal Quarter end), each of which shall provide
comparisons to the prior year’s equivalent period and to the budgets provided
to Lender, (ii) the certification of the chief 

 

 

financial officer of Borrower that all such financial statements and
schedules are complete and correct and present fairly in accordance with GAAP
(subject to normal year-end adjustments), the financial position, the results
of operations and the statements of cash flows of Borrower as at the end of
such month (and for the Fiscal Quarter just ended, if applicable), and that there
was no Default or Event of Default in existence as of such time; and (iii) if
the month end is also a Fiscal Quarter end, a certificate in the form attached
hereto as Exhibit B, containing the certification of Borrower’s chief
financial officer that Borrower has complied with all of the covenants set
forth in Section 8.12 as of the end of such Fiscal Quarter;

 

7.                                     Restricted
Payments, Waiver, Revision.  Borrower’s
non-compliance with the provisions of Section 8.9 for fiscal year end 2007
is waived.  Additionally, item (d) in
Section 8.9 of the Agreement is hereby amended to read as follows:

 

“(d) no Restricted Payments shall be
declared or made  during fiscal year
2008.”

 

8.                                     Minimum
Tangible Net Worth, Waiver, Revision. 
Borrower’s non-compliance with the provisions of Section 8.12(a) for
fiscal year end 2007 is waived. 
Additionally, Section 8.12(a) of the Agreement is hereby
amended and restated in its entirety to provide as follows:

 

(a)                                  Minimum
Tangible Net Worth.  MLO shall not
permit its Tangible Net Worth, as of the last day of any Fiscal Year, beginning
with the Fiscal Year ending December 31, 2008, to be less than the
applicable “Minimum Tangible Net Worth Amount.” 
The Minimum Tangible Net Worth Amount shall be Thirty-Nine Million
Dollars ($39,000,000.00).

 

9.                                     Consolidated
Debt Coverage Ratio, Waiver. 
Borrower’s non-compliance with the provisions of Section 8.12(c) for
fiscal year end 2007 is waived. 
Additionally, Section 8.12 (c) of the Agreement is hereby
amended to include the following:

 

The Debt Coverage Ratio shall not be measured
for the quarters ending March 31, 2008, June 30, 2008, September 30,
2008 and December 31, 2008.

 

10.                                 Minimum
Quarterly Consolidated EBITDA, New. 
The following subsection is hereby added to Section 8.12 of the Agreement
for fiscal year 2008:

 

 

(d)                                 Minimum Quarterly
EBITDA.  MLO shall not permit its
Consolidated EBITDA for each Fiscal Quarter of 2008, beginning with the Fiscal
Quarter ending March 31, 2008, to be less than the applicable “Minimum
Quarterly Consolidated EBITDA Amount.” 
The Minimum Quarterly Consolidated EBITDA Amount for each such Fiscal
Quarter is set forth in the following table:

 

	
  Fiscal Quarter ended 3/31/2008

  	
   

  	
  $

  	
  (55,000

  	
  )

  
	
  Fiscal Quarter ended 6/30/2008

  	
   

  	
  $

  	
  (300,000

  	
  )

  
	
  Fiscal Quarter ended 9/30/2008

  	
   

  	
  $

  	
  950,000

  	
   

  
	
  Fiscal Quarter ended 12/31/2008

  	
   

  	
  $

  	
  (1,950,000

  	
  )

  

 

11.                               Additional
Security.   On or before May 1,
2008, Borrower shall execute and deliver to Lender, as additional security for
the Loans, a mortgage or deed of trust in form and substance satisfactory to
Lender in Lender’s sole and absolute discretion, granting to Lender a first
lien on the real property described in Exhibit “A” attached hereto (the “Orchards”),
including crops grown and to be grown thereon.

 

12.                               No
Defaults.  Borrower represents and
warrants that, except as disclosed herein, it is in compliance with all of the
terms and conditions contained in the Agreement as previously modified and that
it is not aware of any event that is or would become an Event of Default as
that term is defined in the Agreement.

 

13.                               Authorization.  Borrower further represents and warrants that
each of the signatories hereto has taken all necessary action to authorize the
execution, delivery and performance of this Amendment.

 

14.                               Continuing
Validity.  Except as expressly
modified or changed by this Amendment, the terms of the original Agreement and
all other related loan documents remain unchanged and in full force and
effect.  Consent by the Lender to the
changes described herein does not waive Lender’s right to strict performance of
the terms and conditions contained in the Agreement as amended, nor obligate
the Lender to make future changes in terms. 
Nothing in this Amendment will constitute a satisfaction of the
Indebtedness.  It is the Lender’s intention
to retain as liable parties all makers, guarantors, endorsers of the original
Indebtedness, unless Lender expressly releases such party in writing.

 

15.                               Counterparts.  This Amendment may be executed in any number
of separate counterparts, each of which shall be deemed an original, but all
such counterparts together shall constitute one and the same instrument.

 

 

IN WITNESS
WHEREOF, this Amendment has been duly executed as of the date first written
above.

 

 

	
   

  	
  ML MACADAMIA
  ORCHARDS, L.P., a Delaware

  limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  ML
  RESOURCES, INC., a Hawaii corporation, its 

  
	
   

  	
  managing
  general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
       /S/
  Dennis J. Simonis

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Dennis J.
  Simonis

  
	
   

  	
   

  
	
   

  	
  Title:

  	
        President/CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ML
  RESOURCES, INC., a Hawaii corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
       /s/
  Dennis J. Simonis

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Dennis J.
  Simonis

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  President &
  CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AMERICAN
  AGCREDIT, PCA

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Vern
  Zander

  
	
   

  	
   

  
	
   

  	
  Vern Zander, Vice-President

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