Document:

ex10-1.htm

    
 

    Exhibit
10.1

    Financial
Advisory and Investment Banking Agreement

     

    

    

    

    
      	 
      	
              May
      5, 2008

            

    

    Mr.
Robert G. Oberosler

    Chairman
& Chief Executive Officer

    Theater
Xtreme Entertainment Group, Inc.

    250
Corporate Blvd.

    Suite
E

    Newark,
DE 19702

    

    Re.:           Financial
Advisory and Investment Banking Agreement

    

    Dear Mr.
Oberosler:

    

    American
Capital Partners, LLC (“American”) is pleased to propose to Theater Xtreme
Entertainment Group, Inc., a Florida corporation (the “Company”) this Financial
Advisory and Investment Banking Agreement (“Agreement”).  This
Agreement provides for American to act as a non – exclusive financial and
investment banking advisor (“Advisor”) on matters related to investment banking
and corporate financing activities involving the Company.

    

    It is
expressly understood by the parties hereto that this Agreement is based upon
American’s discussions with the Company, financial materials provide by the
Company and various representations made to American by the Company, its
principals, its present and proposed business activities, as well as, its
operations and financial conditions.

    

    The
following sets forth our understanding with respect to American providing
financial advisory services for the Company.

    

    1.           For
a period of twelve (12) months from the date of this agreement, to be extended
by mutual consent, American Capital will render financial consulting and
investment banking – related services to the Company on a non – exclusive basis
as such services shall be required, services shall be reasonable within the
criteria of industry standards for non – exclusive advisory services which shall
include the following:

    

    (a)           to
advise and assist in matters pertaining to the financial matters and
requirements of the Company and to assist, as and when required, in formulating
plans and methods of financing, including, but not limited to: equity and debt
financing, mergers and acquisitions, divestiture and restructuring
possibilities; and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)           should
the Company determine to pursue and complete any financing American Capital
shall have the right of first refusal to participate as placement agent or other
similar role or capacity.  A separate agreement for the services
mentioned in this paragraph (1 (b)) shall be negotiated and finalized;
and

    

    (c)           corporate
public relations, as may be requested or advisable, services may include, but
not limited to, introducing the Company to various institutional investors,
holding public seminars and presentations and exposing the Company to various
media sources.

    

    2.           Services
requiring travel or an expenditure of consecutive days, shall be requested by
the Company in writing and upon not less than three business days notice, unless
such notice is waived by American. Such notice shall be to the address specified
above or to such other place designated in writing.

    

    3.           For
American Capital’s services to be performed hereunder, and for American
Capital’s continued availability to perform such services, the Company will pay
American Capital three hundred fifty thousand (350,000) shares of common stock
in the Company, restrictions if any will last no longer then 12 months from the
date of issuance, which shall be granted as of the date of this agreement. Any
shares will have “piggy-back” registration rights for any registration statement
filed by the company within the next 12 months. Securities received from the
Company may be assigned in whole or in part during such period to any officers,
directors, affiliates, or employees of American.

    For monthly services we shall receive a
fee of $5,000 per month, which fee shall be paid to us as follows: (i) $5,000
upon execution of this Agreement; and (ii) the balance of $5,000 upon the first
of each month thereafter for the duration of this Agreement.

    

    4.           The
Company acknowledges that all opinions and advice (written or oral) to be given
by American Capital to the Company in connec­tion with American Capital's
engagement hereunder are intended solely for the benefit and use of the Company,
they are not intended to be relied upon by any person or entity other than the
Company, and no such opinion or advice shall be used for any other purpose or
reproduced, disseminated, quoted or referred to at any time, in any manner or
for any purpose, nor may the Company make any public references to American
Capital, or use American Capital's name in any annual reports or any other
reports or releases of the Company without American Capital's prior written
consent or as may be required by law.

    

    5.           The
parties expressly acknowledge and agree that, regardless of whether a
transaction is consummated, the Company shall be responsible for, and shall pay
all reasonable expenses incurred in connection with this Agreement, including
American’s reasonable out – of – pocket expenses.  American shall
receive the Company’s written consent prior to incurring expenses in excess of
five hundred dollars ($500.00).  The reimbursement shall survive the
expiration or termination of this agreement if expenses were incurred during the
term.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    6.           The
Company acknowledges that American Capital and its affiliates are in the
business of providing financial services and consulting advice to
others.  Nothing herein contained shall be construed to limit or
restrict American Capital in conducting such business with respect to others, or
in rendering such advice to others, except that American Capital will not
provide services to others when such services may materially and adversely
affect the Company.

    

    7.           This
Agreement has been duly approved by the Company’s Board of Directors, and that
the Company has warranted that this Agreement does not conflict with, and will
not result in the default or material breach and other agreement to which the
Company is a party or by which it is bound.

    

    8.           American
Capital shall have no authority to bind the Company to any contract or
commitment, inasmuch as American Capital’s services hereunder are advisory in
nature.

    

    9.           The
Company recognizes and confirms that, in advising the Company and in fulfilling
its engagement hereunder, American Capital will use and rely on data, material
and other information furnished to American Capital by the
Company.  The Company acknowledges and agrees that in performing its
services under this engagement that unless a facial review of such data,
material or other information supplied by the Company would reveal a material
inaccuracy contained therein, American Capital may rely upon same, without
independently verifying the accuracy, completeness or veracity of
same.

    

    American
Capital will maintain in confidence all proprietary, non-published information
obtained by American Capital with respect to the Company during the course of
the performance of American Capital’s services hereunder and American Capital
shall not use any of the same for its own benefit or disclose any of the same to
any third party, without the Company’s prior written consent, both during and
after the term of this Agreement.

    

    10.           The
Company agrees to indemnify and hold harmless American, its parents,
subsidiaries, affiliates, divisions, and predecessors and their respective past
and present directors, officers, employees, attorneys and agents, and each of
their respective successors, assigns, administrators and attorneys from all
losses, claims, damages, liabilities and expenses (including attorney's fees and
expenses) incurred by them in connection with the Company's performance under
this Agreement, other than as a result of American's gross negligence, bad faith
or misrepresentation. American agrees to indemnify and hold harmless the
Company, its parents, subsidiaries, affiliates, divisions, and predecessors and
their respective past and present directors, officers, employees, attorneys and
agents, and each of their respective successors, assigns, administrators and
attorneys from all losses, claims, damages, liabilities and expenses (including
attorney's fees and expenses) incurred by them in connection with American's
performance under this Agreement, other than as a result of the Company's gross
negligence, bad faith or misrepresentation.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    11.           This
Agreement shall not be assignable by either party without the other party's
prior written consent.

    

    12.           This
Agreement shall be binding upon, and shall inure to the benefit of the Company’s
and American Capital’s respective successors and permitted assigns.

    

    13.           The
foregoing represents the sole and entire agreement between the parties with
respect to the subject matter hereof and supersedes any prior agreements with
respect thereto.  This Agreement may not be modified, amended or
waived except by a written instrument signed by the party to be
charged.

    

    14.           This
Agreement shall be governed by and construed in accordance with the internal
laws of the State of New York, without regard to the principles of conflicts of
laws of such State.

    

    15.           This
Agreement can be terminated by either party with thirty (30) days written notice
after the initial ninety (90) days has elapsed.

    Please
signify your agreement to the foregoing by signing and returning to us the
enclosed copy of this Agreement which will thereupon constitute an agreement
between us.

    

    

    
      	 
      	
              Very
      truly yours,

            
	 
      	 
      
	 
      	 
      
	 
      	
              AMERICAN
      CAPITAL PARTNERS, LLC

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:  /s/ Anthony M.
      Gardini

            
	 
      	
              Anthony
      M. Gardini

            
	 
      	
              Chief
      Executive Officer

            

    

    

    

    

    Agreed
and Consented to:

    Theater
Xtreme Entertainment Group, Inc.

    

    By       /s/Robert G.
Oberosler

               Robert
G. Oberosler

      
Chief Executive Officer

    .ex10-1.htm

    EXHIBIT
10.1

     

    

    EMPLOYMENT
AGREEMENT

    

    This
Agreement is made and entered into effective as of the 6th day of May,
2008 by and between SOUTHERN CONNECTICUT BANCORP, INC. and it subsidiary,
THE BANK OF SOUTHERN CONNECTICUT, having its principal place of business in New
Haven, Connecticut (hereinafter referred to as the “Employer”) and Stephen V.
Ciancarelli, residing in Smithtown, New York (hereinafter referred to as the
“Employee”).

     

    W I T N E
S S E T H

     

    WHEREAS,
the Employee is experienced in the financial oversight of a financial services
company; and

     

    WHEREAS,
the Employer desires to secure the services of the Employee on the terms herein
set forth; and

     

    WHEREAS,
the Employee is willing to enter into this Agreement on said terms;

     

    NOW,
THEREFORE, in consideration of the promises and the mutual covenants herein
contained, the parties hereto, intending to be legally bound, do hereby mutually
covenant and agree as follows:

     

    1.  Employment:  The
Employer agrees to employ the Employee as Senior Vice President and Chief
Financial Officer of the Employer beginning May 5, 2008, for the Term of
Employment as defined in Section 2, and the Employee accepts said employment and
agrees to serve in such capacity upon the terms and conditions hereinafter set
forth.

     

    2.  Term of
Employment:  The Term of Employment shall commence on May 5,
2008, and end on May 4, 2010.  Notwithstanding the foregoing, the Term
of Employment shall end if sooner terminated as provided in Section
5.

     

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

     

    3.  Duties of
Employment:  The Employee agrees that, so long as he shall be
employed by the Employer, the Employee shall perform all duties assigned or
delegated to him under the By-laws of the Employer and/or from time to time by
the independent Board of Directors of the Employer consistent with his position
as Senior Vice President and Chief Financial Officer.  The Employee
shall be responsible for and perform all acts and services customarily
associated with such position, devoting his full time, best efforts and
attention to the advancement of the interests and business of the
Employer.  The Employee shall not be engaged in or concerned with any
other duties or pursuits which are competitive or inconsistent with the
interests and business of the Employer.

     

    4.  Compensation:  During
the Term of Employment, the Employer shall pay to the Employee as compensation
for the services to be rendered by him hereunder the following:

     

    (a)  The
Employer shall pay to the Employee a base salary at the annual rate of ONE
HUNDRED FIFTY THOUSAND DOLLARS ($150,000.00) from May 5, 2008 to May 4,
2009.  The Employer shall pay to the Employee a base salary of ONE
HUNDRED SIXTY FIVE THOUSAND DOLLARS ($165,000.00) for the period from May 5,
2009 to May 4, 2010.   Such compensation shall be payable in
accordance with normal payroll practices of the Employer.

     

    (b)  In
addition to the base salary set forth in (a) above, the Employee shall be
entitled to salary increases and other such merit bonuses reflecting job
performance achievements, and/or such other form(s) of merit compensation, as
the independent Board of Directors of the Employer may in its discretion
determine at the end of each calendar year(s) during the Term of
Employment.  The independent Board of Directors may establish one or
more individual or corporate goals for each year, the achievement of which may
be made a condition to the payment of any additional compensation to the
Employee.  Such goals shall be communicated to the Employee and shall
be stated to be a condition to the payment of such additional compensation to
the Employee.

     

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (c)  The
Employee shall be entitled to receive THREE THOUSAND (3,000) SHARES of
restricted stock of Southern Connecticut Bancorp, Inc., vesting one third on May
5, 2009, one third on May 5, 2010 and one third on May 5, 2011.

     

    (d)  At
the end of each month during the Term of Employment, the Employer shall
reimburse the Employee for reasonable business related travel and entertainment
expenses, bank related education, other ordinary business expenses and
convention expenses incurred by Employee in the course of performing his duties
for the Employer hereunder.

     

    (e)  The
Employer shall provide group life insurance, comprehensive health insurance and
Major Medical coverage for the Employee comparable to such coverage provided for
officers of the Employer generally.  The Employee shall be eligible to
participate in any profit sharing plan or Section 401(k) plan of the Employer in
accordance with the terms thereof.

     

    (f)  The
Employer shall reimburse Employee on a monthly basis for expenses related to
voice transmission of a mobile communication device (cell phone).

     

    5.  Termination of
Employment.

     

    (a)  The
Employer shall have the right to terminate this Agreement upon the occurrence of
any one of the following events:

    

    
      	
               
      

            	
              (1)

            	
              The
      Employee’s conviction of a felony or any other crime involving the
      Employee’s morals or honesty;

            

    

    

    
      	
               
      

            	
              (2)

            	
              Dereliction
      in the performance of the Employee’s duties
  hereunder;

            

    

    

    
      	
               
      

            	
              (3)

            	
              Failure
      of the Employee to adhere to the policies set forth by the Board of
      Directors of the Employer;

            

    

    

    
      	
               
      

            	
              (4)

            	
              Failure
      of the Employee to qualify for a
bond;

            

    

     

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
 

    
      	
               
      

            	
              (5)

            	
              Death,
      total disability, or drug abuse or alcoholism, which prevents the Employee
      from performing his functions under this Agreement;
  or

            

    

    

    
      	
               
      

            	
              (6)

            	
              Material
      non-compliance with the objectives and goals of the position as mutually
      agreed upon between the Employer and
Employee.

            

    

    

    (b)  Should
the Employer enter into a “Business Combination” during the Term of Employment,
the entity remaining after the “Business Combination” occurs shall pay the
Employee a lump sum payment in an amount equal to two times the total of the
Employee’s then current base annual salary plus the amount of any bonus for the
prior calendar year in the event that the Employee is not offered a position
with the remaining entity at the Employee’s then current base annual
salary.  In such event, such payment shall be in addition to any
compensation otherwise due the Employee under the following subparagraph (c) or
any other provision of this Agreement and all of the Employee’s stock options
and restricted stock previously granted to the Employee by the Employer shall
immediately become fully vested.  As a condition of the closing or
acquisition of stock resulting in a “Business Combination,” the entity remaining
shall agree in writing to honor and comply with this paragraph
5(b).  A “Business Combination” for purposes of this Agreement shall
be defined as the sale by the Employer of all or substantially all of its
assets, the acquisition of fifty-one (51%) of the Employer’s outstanding voting
stock, or the merger of the Employer with another corporation as a result of
which the Employer is not the surviving entity.

     

    (c)  In
the event of a termination of employment of the Employee by the Employer
(including a termination under subparagraph 5(b) above) other than a termination
under subparagraph 5(a), the Employee shall be entitled to continuation of
benefits under subparagraph 4(e) of this Agreement for the balance of the
unexpired Term of Employment to be paid at the Employee’s option in a lump sum
or ratably over the balance of said term.

     

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    6.  Vacation.  During
the Term of Employment, the Employee shall be entitled each year to a vacation
of at least three (3) weeks, and during such time his compensation shall be paid
in full.  The period of vacation selected each year shall be with
approval of the Employer.  Vacation time which is not taken by the
Employee in any year may not be accumulated or carried over from year to
year.  The Employee shall be entitled to be paid for any unused
accrued vacation time after termination of the Employee’s employment hereunder
for the year of the Employee’s termination.  Normal bank holidays,
seminars or convention attendance, teaching at banking schools or speaking
engagements shall not be considered as part of the Employee’s vacation
period.  The Employee shall comply with any banking regulations
relating to the scheduling of vacation time.

     

    7.  Notices.  All
notices under this Agreement shall be in writing and shall be deemed effective
when delivered in person to the Employee or to the Secretary of the Employer and
the Chairman of the Compensation Committee, or if mailed, postage prepaid,
registered or certified mail, addressed, in the case of the Employee, to his
last known address as carried on the personnel records of the Employer, and, in
the case of the Employer, to the corporate headquarters, attention of the
Secretary and to the Chairman of the Compensation Committee at his place of
business, or to such other address as the party to be notified may specify by
notice to the other party.

     

    8.  Successors and
Assigns.  The rights and obligations of the Employer under this
Agreement shall inure to the benefit of and shall be binding (except as to the
positions and duties of the Employee) upon the successors and assigns of the
Employer, including, without limitation, any corporation, individual or other
person or entity which may acquire all or substantially all of the assets and
business of Employer or with or into which the Employer may be consolidated or
merged or any surviving corporation in any merger involving the
Employer.

     

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    9.  Arbitration.  Any
dispute which may arise between the parties hereto shall be submitted to binding
arbitration in New Haven, Connecticut, in accordance with the Employment Rules
of the American Arbitration Association provided that any such dispute shall
first be submitted to the Employer’s Board of Directors in an effort to resolve
such dispute without resort to arbitration.  A single arbitrator shall
decide each dispute.  In any dispute which is submitted to
arbitration, the arbitration costs and attorney’s fees of the prevailing party
shall be paid by the other party.

     

    10.  Severability.  If
any of the terms or conditions of this Agreement shall be declared void or
unenforceable by any court or administrative body or competent jurisdiction,
such term of condition shall be deemed severable from the remainder of this
Agreement, and the other terms and conditions of this Agreement shall continue
to be valid and enforceable.

     

    11.  Construction.  This
Agreement shall be construed under the laws of the State of
Connecticut.  Words of the masculine gender mean and include
correlative words of the feminine gender.  Section headings are for
convenience only and shall be considered a part of the terms and provisions of
the Agreement.

     

    IN
WITNESS WHEREOF, Employer has caused this Agreement to be executed by a duly
authorized officer and Employee has hereunto set his hand, effective as of the
date first written above.

     

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
 

    

    
      	
               
      

            	
              EMPLOYER:

            

    

    

    SOUTHERN
CONNECTICUT BANCORP, INC.

    THE BANK
OF SOUTHERN CONNECTICUT, INC.

    

    

    

    
      	
               
      

            	
              BY:
      /S/ CARL R.
      BORRELLI

            

    

          CARL
R. BORRELLI

          Chairman,
Compensation Committee

    

    

    
      	
               
      

            	
              EMPLOYEE:

            

    

    

    

    BY: STEPHEN V.
CIANCARELLI

    Stephen
V. Ciancarelli 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]