Document:

Exhibit

                                                                                                                                   Exhibit 10.1
PJC Investments, LLC
204 Woodhew Drive
Waco, TX  76712

May 9, 2018

Emergent Capital, Inc.
Board of Directors
c/o Ms. Miriam Martinez, CFO
5355 Town Center Road
Suite 701
Boca Raton, FL 33486

Confidential

Ladies and Gentlemen:

PJC Investments, LLC (“PJC”) hereby confirms it, or its designee(s), will invest, on the terms and subject to the conditions set forth in this letter, up to $2 million (the “Investment”) in Emergent Capital, Inc. (the “Company), at any time during the period from the date of this letter to May 15, 2019, in accordance with the terms below.

The conditions precedent for such an investment are: 
		
	1.
	The Investment will be required upon a determination by the Company’s Board of Directors (the “Board”) that the Company is in need of capital in order to meet its current financial obligations and requires an immediate capital infusion;

		
	2.
	The Investment will be in the form of a either (i) Senior Secured 8.5% Note  (a "Senior Note") issued pursuant to the Company’s Amended and Restated Senior Secured Note Indenture dated as of July 28, 2017 (the “Indenture”), (ii) another form of debt that will not mature earlier than May 15, 2019, (iii) an equity investment, or (iv) a combination of (i) – (iii) above, in any case, as mutually agreed between PJC and the Company;

		
	3.
	The Company must request the Investment by delivering to PJC a written request for funding from PJC indicating the requested amount and form of the Investment  (a “Request”); 

		
	4.
	PJC shall have 30 days from the date of the Request to fund the Investment; 

		
	5.
	PJC and the Company agree that the amount of the Investment committed by PJC pursuant to this letter may be reduced based on the achievement by the Company of certain liquidity targets to be agreed upon between PJC and the Company; provided that any such reduced commitment does not directly result in further liquidity shortfalls or insolvency by the Company; and 

		
	6.
	Management of the Company has developed cash flow estimates which, based on the nature of the business, can be uncertain as to both timing and amount.  This Investment as outlined above is intended to only cover operating cash flow shortfalls based on management’s current projections in the ordinary course of business. Shortfalls arising 

4851-4665-0725v.3

from extraordinary events including events outside of the Company’s control are not contemplated under this support letter.

This letter replaces and supersedes that certain letter to the Company from PJC dated March 13, 2018 relating to a similar commitment, and such prior letter is of no further force and effect.

This letter is for the sole benefit of PJC and the Company. A copy of this letter is being provided to Grant Thornton LLP, 1301 International Parkway, Suite 300, Fort Lauderdale, FL 33323.

Very truly yours,

_/s/ Patrick J. Curry___________
Name: Patrick J. Curry
Title:   Chief Executive Officer

4851-4665-0725v.3Exhibit

89 Summit Avenue
Summit, New Jersey 07901                                                                                             Exhibit 10.2
908.378.2880
www.evermoreglobal.com

May 9, 2018

Emergent Capital, Inc.
Board of Directors
c/o Ms. Miriam Martinez, CFO
5355 Town Center Road
Suite 701
Boca Raton, FL 33486

Confidential

Ladies and Gentlemen:

Evermore Global Advisors, LLC (“EGA”) hereby confirms it, or its designee(s), will invest, on the terms and subject to the conditions set forth in this letter, up to $3 million (the “Investment”) in Emergent Capital, Inc. (the “Company), at any time during the period from the date of this letter to May 15, 2019, in accordance with the terms below.

The conditions precedent for such an investment are: 
		
	1.
	The Investment will be required upon a determination by the Company’s Board of Directors (the “Board”) that the Company is in need of capital in order to meet its current financial obligations and requires an immediate capital infusion;

		
	2.
	The Investment will be in the form of a either (i) Senior Secured 8.5% Note  (a "Senior Note") issued pursuant to the Company’s Amended and Restated Senior Secured Note Indenture dated as of July 28, 2017 (the “Indenture”), (ii) another form of debt that will not mature earlier than May 15, 2019, (iii) an equity investment, or (iv) a combination of (i) – (iii) above, in any case, as mutually agreed between EGA and the Company;

		
	3.
	The Company must request the Investment by delivering to EGA a written request for funding from EGA indicating the requested amount and form of the Investment  (a “Request”); 

		
	4.
	EGA shall have 30 days from the date of the Request to fund the Investment; 

		
	5.
	EGA and the Company agree that the amount of the Investment committed by EGA pursuant to this letter may be reduced based on the achievement by the Company of certain liquidity targets to be agreed upon between EGA and the Company; provided that any such reduced commitment does not directly result in further liquidity shortfalls or insolvency by the Company; and 

4851-4665-0725v.3

		
	6.
	Management of the Company has developed cash flow estimates which, based on the nature of the business, can be uncertain as to both timing and amount.  This Investment as outlined above is intended to only cover operating cash flow shortfalls based on management’s current projections in the ordinary course of business. Shortfalls arising from extraordinary events including events outside of the Company’s control are not contemplated under this support letter.

This letter is for the sole benefit of EGA and the Company. A copy of this letter is being provided to Grant Thornton LLP, 1301 International Parkway, Suite 300, Fort Lauderdale, FL 33323.

Very truly yours,

__/s/ Eric Le Goff___________
Name:  Eric LeGoff
Title:    President

4851-4665-0725v.3Exhibit

                                                                                                                                       Exhibit 10.3

River City Capital, LLC
13616 California Street, Suite 110
Omaha, NE 68154

May 9, 2018

Emergent Capital, Inc.
Board of Directors
c/o Ms. Miriam Martinez, CFO
5355 Town Center Road
Suite 701
Boca Raton, FL 33486

Confidential

Ladies and Gentlemen:

River City Capital, LLC (“RCC”) hereby confirms it, or its designee(s), will invest, on the terms and subject to the conditions set forth in this letter, up to $2 million (the “Investment”) in Emergent Capital, Inc. (the “Company), at any time during the period from the date of this letter to May 15, 2019, in accordance with the terms below.

The conditions precedent for such an investment are: 
		
	1.
	The Investment will be required upon a determination by the Company’s Board of Directors (the “Board”) that the Company is in need of capital in order to meet its current financial obligations and requires an immediate capital infusion;

		
	2.
	The Investment will be in the form of a either (i) Senior Secured 8.5% Note  (a "Senior Note") issued pursuant to the Company’s Amended and Restated Senior Secured Note Indenture dated as of July 28, 2017 (the “Indenture”), (ii) another form of debt that will not mature earlier than May 15, 2019, (iii) an equity investment, or (iv) a combination of (i) – (iii) above, in any case, as mutually agreed between RCC and the Company;

		
	3.
	The Company must request the Investment by delivering to RCC a written request for funding from RCC indicating the requested amount and form of the Investment  (a “Request”); 

		
	4.
	RCC shall have 30 days from the date of the Request to fund the Investment; 

		
	5.
	RCC and the Company agree that the amount of the Investment committed by RCC pursuant to this letter may be reduced based on the achievement by the Company of certain liquidity targets to be agreed upon between RCC and the Company; provided that any such reduced commitment does not directly result in further liquidity shortfalls or insolvency by the Company; and 

		
	6.
	Management of the Company has developed cash flow estimates which, based on the nature of the business, can be uncertain as to both timing and amount.  This Investment as outlined above is intended to only cover operating cash flow shortfalls based on 

4851-4665-0725v.4

management’s current projections in the ordinary course of business. Shortfalls arising from extraordinary events including events outside of the Company’s control are not contemplated under this support letter.

This letter is for the sole benefit of RCC and the Company. A copy of this letter is being provided to Grant Thornton LLP, 1301 International Parkway, Suite 300, Fort Lauderdale, FL 33323.

Very truly yours,

_/s/ Roy Patterson___________
Name: Roy Patterson
Title:   Managing Member

4851-4665-0725v.4xone-ex101_126.htm

 

Exhibit 10.1

 

The ExOne Company

2018 Annual Incentive Program (“AIP”)

Notice of Inclusion

Upon your signature and return of this Notice, you will be included in The ExOne Company (“Company”) 2018 Annual Incentive Program on the following terms and conditions:

 

	
Name of Participant:
	
  [__________]

	
 
	
 

	
Target Value of Award (“Award”): 
	
$[__________] or [___]% of Base Salary

	
 
	
 

	
Date of Notice:
	
March 14, 2018

	
 
	
 

	
Performance Period:
	
January 1, 2018 through December 31, 2018 

	
 
	
 

	
Performance Goals: 
	
See Exhibit A and 2018 AIP Discussion attached 

	
 
	
 

	
Payment Schedule and Conditions:
	
Awards and payment will be made following issuance of the Company’s audited financial statements for 2018.   Awards will be subject to the Company’s satisfactory achievement of the Target Performance Goals for 2018 (as determined by the Compensation Committee of the Board of Directors of the Company (the “Committee”) in its sole discretion); provided that you continue to be employed by the Company through the payment date.   Notwithstanding the foregoing or anything to the contrary in the AIP, the Committee retains discretion to reduce, eliminate or determine the source of any payment or award without regard to any particular factors specified in the AIP.  The interpretation and construction by the Committee of any provisions of the AIP shall be final.  

You and the Company agree that your participation is governed by the terms and conditions of the AIP (see attached).  Equity awards when made will be governed by The ExOne Company 2013 Equity Incentive Plan (the “Plan”). 

You also agree that the Company may deliver by email all documents relating to the AIP or your participation (including, without limitation, prospectuses required by the Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements). You also 

 

 

agree that the Company may deliver these documents by posting them on a web site maintained by the Company or by a third party under contract with the Company. If the Company posts these documents on a web site, it will notify you by email. 

 

					
	
Participant:
	
 
	
The ExOne Company

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
By:
	
 

	
[Name]
	
 
	
 
	
 

	
 
	
 
	
 
	
Title:
	
 

2

 

 

The ExOne Company

2018 Annual Incentive Program Terms & Conditions

 

 

		
	
Defined Terms
	
Prior to issuance of awards following the close of the Company’s 2018 fiscal year, terms shall be defined by the AIP.  Following any equity issuance pursuant to the AIP, such equity award shall be governed by the Plan and the terms of the Plan shall control.

	
 
	
 

	
Form of Payment
	
Payment of awards shall be delivered in shares of the Company.  Shares will be fully vested on issuance on conditions determined by the Compensation Committee of the Board of Directors (“Committee”).  Notwithstanding the foregoing, the Committee retains discretion to substitute forms of payment of equivalent value to any participant in the AIP.  

	
 
	
 

	
Payment of Award
	
No payment (other than required tax withholding) will be required for awards under the AIP. 

	
 
	
 

	
Performance Conditions 
	
Awards under the AIP are subject to achievement of the Performance Goals described on Exhibit A, which determination shall be made by the Committee following the close of the Company’s 2018 fiscal year.  Notwithstanding the foregoing or anything to the contrary in the AIP or the Plan, the Committee retains discretion to reduce or eliminate any payment or award without regard to any particular factor specified therein. The interpretation and construction of any provisions of the AIP or the Plan shall be final. 

The amount of any award shall be determined following the close of the performance period and final determination by the Committee and the ExOne Board of Directors.   The number of shares that you may receive will be determined by dividing the dollar value of your award by the value ExOne shares on the date such determination is made. 

	
 
	
 

	
Forfeiture
	
If your employment terminates for any reason, unless the Committee determines otherwise, your participation in the AIP will automatically be forfeited as of your Termination Date.

	
 
	
 

3

 

 

		
	
Leaves of Absence and Part-Time Work
	
Your employment with or service to the Company will not be Terminated when you go on a military leave, a sick leave, or a leave of absence approved by the Committee of not more than 90 days. 

In addition, no Termination will occur if you go on a leave of absence for which continued crediting of service is required by applicable law or the Company’s written leave of absence policy. 

A Termination will occur if you do not immediately resume providing services to the Company at the end of any approved or permitted leave of absence.

If you go on a leave of absence, then your participation may be adjusted in accordance with the Company’s leave of absence policy or the terms of your leave. If you commence working on a part-time basis, then your participation may be adjusted in accordance with the Company’s part-time work policy or the terms of an agreement between you and the Company pertaining to your part-time schedule.

	
 
	
 

	
Withholding Taxes
	
No stock certificates will be released to you unless you have made acceptable arrangements to pay any withholding taxes that may be due as a result of the shares delivered. With the Company’s consent, these arrangements may include (a) withholding shares of Company stock that otherwise would be issued to you, (b) by surrendering shares that you previously acquired or (c) by paying via check. The fair market value of the shares you surrender, determined as of the date when taxes otherwise would have been withheld in cash, will be applied as a credit against the withholding taxes.

	
 
	
 

	
Restrictions on Resale
	
You agree not to sell any shares at a time when applicable laws, Company policies (including but not limited to any stock ownership and/or retention guidelines that may apply to you), or an agreement between the Company and its underwriters prohibit a sale. This restriction will apply as long as your service continues and for such period of time after the termination of your service as the Company may specify.

	
 
	
 

	
No Retention Rights
	
Your inclusion in the AIP does not give you the right to be employed or retained by the Company or a subsidiary of the Company in any capacity. The Company and its subsidiaries reserve the right to terminate your employment at any time, with or without cause.

	
 
	
 

	
Applicable Law
	
This Notice will be interpreted and enforced under the laws of the State of Delaware, without regard to its choice-of-law provisions.

	
 
	
 

4

 

 

		
	
The Plan and Other Agreements
	
The text of the Plan is incorporated in this Notice by reference, and this Notice is subject to the terms of the Plan with respect to any equity award once made.  This Notice and the Plan constitute the entire understanding between you and the Company regarding this AIP and your participation in the AIP. Any prior agreements, commitments or negotiations concerning the AIP are superseded. This agreement may be amended only by another written agreement between the parties.

 

 

By signing the Notice of Inclusion, you agree to all of the 

terms and conditions described above and in the Plan.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

Exhibit A – Performance Goals for 2018 Annual Incentive Program

 

 

 

 

			
	
Performance Goal
	
Target Performance Level
	
Weighting

	
Revenue Growth 2018 vs 2017
	
[____________________]
	
25%

	
Adjusted EBITDA
	
[____________________]
	
25%

	
Total Cash and Restricted Cash
	
[____________________]
	
25%

	
Shareholder Value
	
[____________________]
	
25%

 

 

The Target Value of your Award shall be based on the Company’s successful achievement of the above- referenced Performance Goals, subject to adjustment by a multiplier that may decrease or increase the Target Value of your Award depending on the number of Performance Goals achieved as described in the table below.  In no event, may the payment of your Award exceed 125% of the Target Value of your Award.  The Committee retains negative discretion to adjust any payment amounts resulting in a reduction in your final Award.

 

Multiplier Effect of Performance Goals (Performance-Based Award x Multiplier)

 

				
	
Target Award Value
	
Number of Goals Achieved
	
Multiplier
	
Adjusted Target Award Value

	
$100,000
	
0 or 1
	
50%
	
$50,000

	
$100,000
	
2 
	
75%
	
$75,000

	
$100,000
	
3
	
100%
	
$100,000

	
$100,000
	
4
	
125%
	
$125,000

 

 

Performance Goal Definitions

 

“Adjusted EBITDA” (earnings before interest, taxes, depreciation and amortization) is defined as net income (loss) (as calculated under accounting principles generally accepted in the United States (”GAAP”) plus interest expense, provision (benefit) for income taxes, depreciation and amortization, equity-based compensation, and other (income) expense-net.  Added to adjusted EBITDA will also be certain qualifying research and development expenses, Program expenses and other costs.

 

 

 

 

 

 

 

 

 

6

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