Document:

exhibit10_2.htm

 

 

 

Exhibit 10.2

 

CONSENT AND AGREEMENT OF GUARANTOR

 

With respect to that certain First Modification Agreement of even date herewith, (the “Modification”), by and between FRANKLIN COVEY CO., a Utah corporation (“Borrower”), and JPMORGAN CHASE BANK, N.A., a national banking association (“Lender”), the undersigned, FRANKLIN DEVELOPMENT CORPORATION, a Utah corporation, FRANKLIN COVEY TRAVEL, INC., a Utah corporation, and FRANKLIN COVEY CLIENT SALES, INC., a Utah corporation (individually and collectively, as the context requires, and jointly and severally, “Guarantor”), agree for the benefit of Lender as of March 13, 2012 as follows:

 

1.           Guarantor acknowledges (i) receiving a copy of and reading the Modification, (ii) the accuracy of the Recitals in the Modification, and (iii) the effectiveness of (A) Guarantor’s Amended and Restated Repayment Guaranty dated as of March 14, 2011 (as amended and modified from time to time, the “Guaranty”), executed by Guarantor in favor of Lender, as modified herein, and (B) any other agreements, documents, or instruments securing or otherwise relating to the Guaranty or the Loan (including, without limitation, any security agreement, arbitration resolution and any environmental indemnity agreement previously executed and delivered by the undersigned), as modified herein.  The Guaranty and such other agreements, documents, and instruments, as modified herein, are referred to individually and collectively as the “Guarantor Documents.”

 

2.           Guarantor consents to the provisions of the Modification and the modification of the Loan Documents as contained therein.

 

3.           Guarantor fully, finally, and forever releases and discharges Lender and its successors, assigns, directors, officers, employees, agents, and representatives from any and all actions, causes of action, claims, debts, demands, liabilities, obligations, and suits of whatever kind or nature, in law or equity, that Guarantor has or in the future may have, whether known or unknown, (i) in respect of the Loan, the Loan Documents, the Guarantor Documents, or the actions or omissions of Lender in respect of the Loan, the Loan Documents, or the Guarantor Documents, and (ii) arising from events occurring prior to the date hereof.

 

4.           Guarantor agrees that all references in the Guarantor Documents, if any, to the Loan, the Credit Agreement, the Note and the Loan Documents shall be deemed to refer to such agreements, documents, and instruments as modified by the Modification.

 

5.           Guarantor reaffirms the Guarantor Documents and agrees that the Guarantor Documents continue in full force and effect and remain unchanged, except as specifically modified by this Consent and Agreement of Guarantor.  Any property or rights to or interests in property granted as security in the Guarantor Documents shall remain as security for the Guaranty and the obligations of Guarantor in the Guaranty.

 

6.           Guarantor agrees that the Loan Documents, as modified by the Modification, and the Guarantor Documents, as modified by this Consent and Agreement of Guarantor, are the legal, valid, and binding obligations of Borrower and the undersigned, respectively, enforceable in accordance with their terms against Borrower and the undersigned, respectively.

 

7.           Each of the undersigned agrees that this Consent and Agreement of Guarantor and the Guarantor Documents shall be effective against each of the undersigned, jointly and severally, notwithstanding the failure of one or more of the other Guarantors to sign this Consent and Agreement of Guarantor, and each of the undersigned acknowledges and agrees that the Loan Documents, as modified by the Modification, and the Guarantor Documents, as modified by this Consent and Agreement of Guarantor, shall be legal, valid, binding and enforceable obligations of Borrower and the undersigned, respectively, notwithstanding the failure of one or more of the Guarantors to sign this Consent and Agreement of Guarantor.

 

  

  

  

8.           Guarantor agrees that Guarantor has no claims, counterclaims, defenses, or offsets with respect to the enforcement against Guarantor of the Guarantor Documents.

 

9.           Each Guarantor represents and warrants to Lender that (a) there has been no material adverse change in Guarantor’s financial condition from the most recent financial statement received by Lender; (b) it is validly existing under the laws of the State of its formation or organization, has not changed its legal name as set forth below, and has the requisite power and authority to execute and deliver this Consent and Agreement of Guarantor and to perform the Guarantor Documents, as modified herein; (c) the execution and delivery of this Consent and Agreement of Guarantor and the performance of the Guarantor Documents as modified herein have been duly authorized by all requisite action by or on behalf of Guarantor; and (d) this Consent and Agreement of Guarantor has been duly executed and delivered on behalf of Guarantor.

 

10.           All capitalized terms used herein without definition shall have and be interpreted consistent with the meaning ascribed to them in the Modification.

 

11.           This Consent and Agreement of Guarantor 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.  Each Guarantor may sign on a separate counterpart and such signature page may be delivered to Lender via facsimile or email which shall constitute conclusive evidence of execution.  Signature pages may be detached from the counterparts and attached to a single copy of this Consent and Agreement of Guarantor to physically form one document.

 

12.           This Consent and Agreement of Guarantor shall be governed by and construed in accordance with the laws of the State of Utah, without giving effect to conflicts of law principles.

 

[Remainder of Page Intentionally Left Blank]

  

  

  

 

 

DATED as of the date first above stated.

 

 

	  	
FRANKLIN DEVELOPMENT CORPORATION

a Utah corporation

 

 

	
By:

	  /s/ Stephen D. Young
	  	
Name: Stephen D. Young

Title: President

 

 

 

	  	
FRANKLIN COVEY TRAVEL, INC.

a Utah corporation

 

 

	
By:

	  /s/ Stephen D. Young
	  	
Name: Stephen D. Young

Title: President

 

 

	  	  
	  	
FRANKLIN COVEY CLIENT SALES, INC.

a Utah corporation

 

 

	
By:

	  /s/ Stephen D. Young
	  	
Name: Stephen D. Young

Title: President

 “Guarantor”sec10k123111_ex10-2.htm

EXHIBIT 10.2

SCHEDULE A TO EXHIBIT 10.1

The following individuals entered into Executive Group Life Split Dollar Plans with The Ohio Valley Bank Company identified below which are identical to the Executive Group Life Split Dollar Plan, dated April 29, 2003, between Jeffrey E. Smith and The Ohio Valley Bank Company filed herewith.

Date of

Name                                                                           Executive Group Life Split Dollar Plan

Katrinka V. Hart                                                                    March 21, 2000

E. Richard Mahan                                                                   March 23, 2000

Larry E. Miller II                                                                     March 22, 2000

Scott W. Shockey                                                                   March 19, 2009

Thomas E. Wiseman                                                                December 31, 2011sec10k123111_ex10-4.htm

EXHIBIT 10.4

SCHEDULE A TO EXHIBIT 10.3

The following individuals entered into Director Retirement Agreements with The Ohio Valley Bank Company identified below which are identical to the Director Retirement Agreement, dated December 28, 2007, between Jeffrey E. Smith and The Ohio Valley Bank Company incorporated herein by reference to Exhibit 10.3 to Ohio Valley’s Annual Report on Form 10-K for fiscal year ending December 31, 2007 (SEC File No. 0-20914.

Date of

Name                                                                           Director Retirement Agreement

Anna P. Barnitz                                                                  December 28, 2007

Steven B. Chapman                                                            December 28, 2007

Harold A. Howe                                                                 December 28, 2007

Brent A. Saunders                                                               October 16, 2007

David W. Thomas                                                               June 17, 2008

Roger D. Williams                                                               October 16, 2007

Lannes C. Williamson                                                          December 28, 2007

Thomas E. Wiseman                                                            December 28, 2007sec10k123111_ex10-7a.htm

EXHIBIT 10.7(a)

SCHEDULE A TO EXHIBIT 10.6(a)

The following individuals entered into Director Deferred Fee Agreements with The Ohio Valley Bank Company identified below which are identical to the Director Deferred Fee Agreement, dated December 28, 2007, between Anna P. Barnitz and The Ohio Valley Bank Company incorporated herein by reference to Exhibit 10.6(a) to Ohio Valley’s Annual Report on Form 10-K for fiscal year ending December 31, 2007 (SEC File No. 0-20914).

Date of

Name                                                                           Director Deferred Fee Agreements

Steven B. Chapman                                                                December 28, 2007

Harold A. Howe                                                                     December 28, 2007

Brent A. Saunders                                                                   October 16, 2007

David W. Thomas                                                                   June 17, 2008

Roger D. Williams                                                                   December 28, 2007

Lannes C. Williamson                                                              December 28, 2007

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]