Document:

exv10w31

 

Exhibit 10.31

Oplink Communications, Inc.

Amendment to

Executive Corporate Event Agreement

     This Amendment (the “Amendment”) to that certain Executive Corporate Event Agreement
dated as of February 24, 2003 (the “Agreement”), by and between Oplink Communications, Inc., a
Delaware corporation (the “Company”), and River Gong (Xiaojiang) (“Executive”), is made as of
August 14, 2003. Capitalized terms not otherwise defined herein shall have the meanings ascribed to
them in the Agreement.

Recital

     Whereas, the Company and Executive previously entered into that certain Executive
Change of Control Agreement dated as of February 24, 2003;

     Whereas, the Company’s Board of Directors has determined that it would be in the best
interests of the Company and its stockholders to amend the Agreement in order to extend the
post-termination exercise period with respect to certain Options in the event of termination of
Executive’s employment in connection with a Corporate Event as detailed below; and

     Whereas, the Company and Executive now desire to amend the Agreement in accordance
with the terms and conditions herein.

Agreement

     Now, Therefore, in consideration of the mutual covenants contained herein and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree to amend the Agreement as follows:

     1. Section 1(b) of the Agreement is hereby amended and restated in its entirety as set forth
below:

     (b) the post-termination exercise period with respect to:

          (1) the Options identified on Exhibit A shall continue to be exercisable until
the earlier of: (i) the date twenty-four (24) months after the Event/Termination
Date, (ii) the maximum term for each Option in effect on the date such Option was
granted, or (iii) the effective date of the Corporate Event if the Corporate Event
is a Non-Assumption Event (as defined in Section 2); and

          (2) the Options not otherwise identified on Exhibit A shall continue to be
exercisable until the earlier of: (i) the date twelve (12) months after the
Event/Termination Date, (ii) the maximum term for each Option in effect on the date
such Option was granted, or (iii) the effective date of the Corporate Event if the
Corporate Event is a Non-Assumption Event.

 

 

     2. General Provisions.

          (a) Continuing Effect of Agreement; No Waiver. All other provisions of the Agreement,
including without limitation the last sentence of Section 1 of the Agreement, shall remain in full
force and effect and unmodified by this Amendment. The parties hereto hereby acknowledge that,
except to the extent any provisions of the Agreement are expressly amended by this Amendment,
nothing in this Amendment shall be construed as a waiver on behalf of the Company or Executive of
any other right or obligation set forth in the Agreement.

          (b) Counterparts. This Amendment may be executed in several counterparts, each of which shall
constitute an original and all of which, when taken together, shall constitute one agreement.

          (c) Governing Law. This Amendment shall be construed in accordance with, and governed in all
respects by, the internal laws of the State of California (without giving effect to principles of
conflicts of laws).

2

 

     In Witness Whereof, the parties hereto have executed this Amendment as of
the date set forth in the first paragraph hereof.

	 	 	 	 	 
	EXECUTIVE:	 	OPLINK COMMUNICATIONS, INC.:
	 
	 	 	 	 
	  /s/ River Gong

	 	Signature:
	 	/s/ Joseph Liu
	 

	 	 	 	 
	River Gong (Xiaojiang)

	 	Print Name:
	 	Joseph Liu
	 

	 	Title:
	 	President and CEO

[Amendment Signature Page]

 

 

EXHIBIT A

Options with 24 month post-termination exercise period

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Grant Date	 	Grant ID	 	 	Plan	 	 	Shares	 	 	Exercise Price	 
	4/5/01
	 	 	00000060	 	 	 	2000	 	 	 	78	 	 	$	2.625	 
	4/5/01
	 	 	20000300	 	 	 	2000	 	 	 	124,922	 	 	$	2.625<PAGE>
                                                                   EXHIBIT 10.18

                             THIRTEENTH AMENDMENT TO
                       AMENDED AND RESTATED LOAN AGREEMENT

     This Thirteenth Amendment to Amended and Restated Loan Agreement (this
"Amendment") is dated as of September 19, 2005, by and between SAI HOLDINGS,
INC., formerly known as SERVICE ASSET INVESTMENTS, INC., a Texas corporation
("Borrower"), and GUARANTY BANK, a federal savings bank ("Bank").

                                    RECITALS:

     A. Borrower and Bank have entered into that certain Amended and Restated
Loan Agreement dated as of April 30, 2001 (as the same has been or may be
amended, restated, modified or supplemented from time to time, the "Agreement"),
pursuant to which Bank agreed to extend credit to Borrower in the form of a term
loan under the terms and provisions stated therein.

     B. Borrower has requested that Bank amend certain provisions of the
Agreement to, among other things, (i) modify the Minimum Debt Service Coverage
Requirement for Penson Worldwide, (ii) decrease the Regulatory Capital of Penson
Financial Services, Inc., and (iii) allow the incurrence of additional Debt by
Penson Worldwide, Inc., which Bank is willing to do pursuant to the terms and
conditions hereinafter provided.

     C. Borrower and Bank now desire to amend the Agreement as herein set forth.

     NOW, THEREFORE, in consideration of the premises herein contained and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

                                    ARTICLE I

                                   Definitions

     Section 1.1 Definitions. Capitalized terms used in this Amendment, to the
extent not otherwise defined herein, shall have the same meaning as in the
Agreement, as amended hereby.

                                   ARTICLE II

                                   Amendments

     Section 2.1 Modification of Definition. Effective as of the date hereof,
the following definition in Section 1.1 of the Agreement is amended and restated
in its entirety as follows:

          "EBITDA" means, for each period of determination, the sum of (a)
     consolidated net income of a Person and its Subsidiaries for such period,
     as determined in accordance with GAAP, plus (b) to the extent deducted in
     arriving at consolidated net income for the period, depreciation,
     amortization, non-cash charges, taxes, and interest expense of such

<PAGE>

     Person and its Subsidiaries for such period, provided, however, the
     Borrower may add back one time non-recurring expenses incurred during its
     fiscal quarters ending June 30, 2005 and September 30, 2005, associated
     with severance costs, temporary and contract employee costs, and consultant
     expenses in an amount not to exceed $1,500,000 in the aggregate for such
     periods.

     Section 2.2 Addition of Definitions. Effective as of the date hereof, the
following definitions are added in alphabetical order to Section 1.1 of the
Agreement to read as follows:

          "CCS Transition" means (a) the occurrence of the customer conversions
     to PFS from CCS that are planned by PFS and (b) the return of capital from
     CCS to PFS that was loaned by PFS to CCS.

     Section 2.3 Amendment to Section 10.18. Effective as of the date hereof,
Section 10.18 of the Agreement is amended and restated in its entirety as
follows:

          Section 10.18. Penson Worldwide Debt. Borrower shall not permit Penson
     Worldwide to incur any Debt other than the Short Term Debt, the SunGard
     Debt, and the Service Lloyd's Debt plus $15,000,000 in other Debt.
     Furthermore, Borrower shall not permit Penson Worldwide to make any
     prepayments under the SunGard Debt at any time before this Agreement is
     terminated. In addition, Borrower shall not permit Penson Worldwide to make
     any payments under the Service Lloyd's Debt, the Short Term Debt, or the
     SunGard Debt upon the occurrence of a Default or Event of Default under
     this Agreement, or a "default" (as such term is defined therein) under the
     Service Lloyd's Debt, the Short Term Debt, or the SunGard Debt.

     Section 2.4 Amendment to Section 11.4. Effective as of the date hereof,
Section 11.4 of the Agreement is amended and restated in its entirety as
follows:

          Section 11.4 Monthly Minimum Capital Requirements. Borrower shall
     cause PFS to maintain as of the end of each fiscal month Regulatory Capital
     which exceeds the sum of (a) 5% of the Debit Balances, plus (b) the
     Additional Amount. For purposes of this Section 11.4, "Additional Amount"
     shall mean $8,000,000, provided, however, the Additional Amount shall mean
     $3,000,000 until December 30, 2005.

     Section 2.5 Amendment to Section 11.6. Effective as of the date hereof,
Section 11.6 of the Agreement is amended and restated in its entirety as
follows:

          Section 11.6 Minimum Debt Service Coverage Requirement. Borrower shall
     cause Penson Worldwide to maintain, on a consolidated basis with its
     Subsidiaries, as of the end of each fiscal quarter, tested quarterly for
     the twelve-month period then ending, a Debt Service Coverage Ratio of at
     least a ratio of (a) 1.00 to 1.00 for the fiscal quarters ending June 30,
     2005, September 30, 2005 and December 31, 2005, and (b) 1.25 to 1.00
     thereafter.

                                       2
<PAGE>
                                  ARTICLE III

                              Conditions Precedent

     Section 3.1 Conditions. The effectiveness of this Amendment is subject to
the satisfaction of the following conditions precedent:

          (a) Bank shall have received all of the following, each dated (unless
     otherwise indicated) the date of this Amendment, in form and substance
     satisfactory to Bank:

               (1) Amendment. This Amendment, duly executed by Borrower and
          ratified by Guarantors;

               (2) Attorneys' Fees and Expenses. Payment of all outstanding
          attorneys' fees and expenses incurred by Bank in connection with the
          Agreement, as amended; and

               (3) Amendment Fee. Payment of an amendment fee in the amount of
          $30,000 to Bank.

               (4) Additional Information. Such additional documents,
          instruments and information as Bank or its legal counsel, Winstead
          Sechrest & Minick P.C., may reasonably request.

          (b) The representations and warranties contained herein and in all
     other Loan Documents, as amended hereby, shall be true and correct as of
     the date hereof as if made on the date hereof, except to the extent such
     representations and warranties relate solely to an earlier date in which
     case they shall have been true and accurate in all respects as of such
     earlier date.

          (c) No Event of Default shall have occurred and be continuing and no
     event or condition shall have occurred that with the giving of notice or
     lapse of time or both would be an Event of Default.

          (d) All corporate proceedings taken in connection with the
     transactions contemplated by this Amendment and all documents, instruments,
     and other legal matters incident thereto shall be satisfactory to Bank and
     its legal counsel, Winstead Sechrest & Minick P.C.

                                   ARTICLE IV

                                  Miscellaneous

     Section 4.1 Representations and Warranties. Borrower hereby represents and
warrants to Bank that (a) the execution, delivery and performance of this
Amendment and any and all other Loan Documents executed and/or delivered in
connection herewith have been authorized by all requisite corporate action on
the part of Borrower and will not violate the articles of incorporation or
bylaws of Borrower, (b) the representations and warranties contained in the

                                       3
<PAGE>

Agreement, as amended hereby, and any other Loan Document are true and correct
on and as of the date hereof as though made on and as of the date hereof, (c) no
Event of Default has occurred and is continuing and no event or condition has
occurred that with the giving of notice or lapse of time or both would be an
Event of Default, and (d) Borrower is in full compliance with all covenants and
agreements contained in the Agreement as amended hereby.

     Section 4.2 Ratifications. Except as expressly modified and superseded by
this Amendment, the terms and provisions of the Agreement and the other Loan
Documents are ratified and confirmed and shall continue in full force and
effect. The representations and warranties contained herein and in all other
Loan Documents, as amended hereby, shall be true and correct as of, and as if
made on, the date hereof. Borrower and Bank agree that the Agreement as amended
hereby shall continue to be legal, valid, binding and enforceable in accordance
with its respective terms.

     Section 4.3 Reference to the Agreement. Each of the Loan Documents,
including the Agreement and any and all other agreements, documents or
instruments now or hereafter executed and delivered pursuant to the terms hereof
or pursuant to the terms of the Agreement as amended hereby, are hereby amended
so that any reference in such Loan Documents to the Agreement shall mean a
reference to the Agreement as amended hereby.

     Section 4.4 Expenses of Bank. As provided for in the Agreement, Borrower
agrees to pay on demand all reasonable costs and expenses incurred by Bank in
connection with the preparation, negotiation, execution of this Amendment, and
the other Loan Documents executed pursuant hereto and any and all amendments,
modifications and supplements thereto including, without limitation, the
reasonable costs and fees of Bank's legal counsel, and all reasonable costs and
expenses incurred by Bank in connection with the enforcement or preservation of
any rights under the Agreement, as amended hereby, or any other Loan Documents.

     Section 4.5 Severabilitv. Any provisions of this Amendment held by court of
competent jurisdiction to be invalid or unenforceable shall not impair or
invalidate the remainder of this Amendment and the effect thereof shall be
confined to the provisions so held to be invalid or unenforceable.

     Section 4.6 Applicable Law. This Amendment and all other Loan Documents
executed pursuant hereto shall be governed by and construed in accordance with
the laws of the State of Texas.

     Section 4.7 Successors and Assigns. This Amendment is binding upon and
shall inure to the benefit of Bank and Borrower and their respective successors
and assigns.

     Section 4.8 Counterparts. This Amendment may be executed in one or more
counterparts, each of which when so executed shall be deemed to be an original
(including electronic copies) but all of which when taken together shall
constitute one and the same instrument.

     Section 4.9 Headings. The headings, captions, and arrangements used in this
Amendment are for convenience only and shall not affect the interpretation of
this Amendment.

                                       4
<PAGE>

     Section 4.10 NO ORAL AGREEMENTS. THIS AMENDMENT AND ALL OTHER INSTRUMENTS,
DOCUMENTS AND AGREEMENTS EXECUTED AND DELIVERED IN CONNECTION HEREWITH REPRESENT
THE FINAL AGREEMENT BETWEEN THE PARTIES, AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

      [Remainder of Page Intentionally Left Blank; Signature Page Follows]

                                       5
<PAGE>

EXECUTED as of the day and year first above written.

                                          BORROWER:

                                          SAI HOLDINGS, INC., formerly known as
                                          SERVICE ASSET INVESTMENTS, INC.

                                          By: /s/ ROGER J. ENGEMOEN, JR.
                                             -----------------------------------
                                          Name:
                                               ---------------------------------
                                          Title:
                                                --------------------------------

                                          BANK:

                                          GUARANTY BANK

                                          By: /s/ CASWELL O. ROBINSON, JR.
                                             -----------------------------------
                                          Name: Caswell O. Robinson, Jr.
                                               ---------------------------------
                                          Title: Senior Vice President
                                                --------------------------------

                                 Signature Page
                             Thirteenth Amendment to
                       Amended and Restated Loan Agreement

<PAGE>

                REAFFIRMATION OF AMENDED AND RESTATED GUARANTIES

     Each of the undersigned hereby (i) consents to the execution and delivery
of the Amendment to which this Reaffirmation of Amended and Restated Guaranties
is attached (the "Amendment") by the parties thereto, (ii) agrees that the
Amendment shall not limit or diminish the obligations of each of the undersigned
under certain Fifth Amended and Restated Guaranties (Limited) dated as of
December 31, 2002 (each, a "Guaranty"), executed or joined in by each of the
undersigned and delivered to Bank, (iii) reaffirms its obligations under its
respective Guaranty, and (iv) agrees that its Guaranty remains in full force and
effect, as limited by the terms of such Guaranty, and is hereby ratified and
confirmed.

Dated as of September___, 2005.

                                             GUARANTORS:

                                             -----------------------------------
                                             William D. Gross

                                             -----------------------------------
                                             Daniel P. Son

                                             -----------------------------------
                                             Philip A. Pendergraft

                                             -----------------------------------
                                             Roger J. Engemoen, Jr.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]