Document:

Exhibit 10.1 - Am 6 to MLPPSA

		

			Exhibit 10.1

		

		

			EXECUTION

		

		

			 

		

		
			AMENDMENT NO. 6
TO MORTGAGE LOAN PARTICIPATION PURCHASE AND SALE AGREEMENT
		

		
			Amendment No. 6 to Mortgage Loan Participation Purchase and Sale Agreement, dated as of September 1, 2017 (this “Amendment”), by and among Bank of America, N.A. (“Purchaser”), PennyMac Loan Services, LLC (“Seller”) and Private National Mortgage Acceptance Company, LLC (“Guarantor”).
		

		
			RECITALS
		

		
			Purchaser, Guarantor and Seller are parties to that certain Mortgage Loan Participation Purchase And Sale Agreement, dated as of August 13, 2014  (as amended, restated, supplemented or otherwise modified from time to time,  the “Existing MLPSA”; and as further amended by this Amendment, the “MLPSA”).  The Guarantor is a party to that certain Amended and Restated Guaranty (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), dated as of August 13, 2014, made by Guarantor in favor of Purchaser.
		

		
			Purchaser, Seller and Guarantor have agreed, subject to the terms and conditions of this Amendment, that the Existing MLPSA be amended to reflect certain agreed upon revisions to the terms of the Existing MLPSA.  As a condition precedent to amending the Existing MLPSA,  Purchaser has required Guarantor to ratify and affirm the Guaranty on the date hereof.
		

		
			Accordingly, Purchaser, Seller and Guarantor hereby agree, in consideration of the mutual promises and mutual obligations set forth herein, that the Existing MLPSA is hereby amended as follows:
		

			
	
			
				 Section 1.
			Definitions.  Section 1 of the Existing MLPSA is hereby amended by deleting the definition of “Aggregate Transaction Limit” in its entirety and replacing it with the following:

		
			“Aggregate Transaction Limit”:  The sum of (x) $550,000,000 plus (y) the amount of any Temporary Increase agreed to by Purchaser for so long as such Temporary Increase is in effect. 
		

			
	
			
				 Section 2.
			Fees and Expenses.  Seller hereby agrees to pay to Purchaser, on demand, any and all reasonable fees, costs and expenses (including reasonable fees and expenses of counsel) incurred by Purchaser in connection with the development, preparation and execution of this Amendment, irrespective of whether any transactions hereunder are executed.

			
	
			
				 Section 3.
			Conditions Precedent.  This Amendment shall become effective as of the date hereof (the “Amendment Effective Date”), subject to the satisfaction of the following conditions precedent:

			
	
			
				 3.1
			Delivered Documents.  On the Amendment Effective Date, the Purchaser shall have received this Amendment, executed and delivered by a duly authorized officer of Purchaser, Seller and Guarantor.

		
			

		 

 

		

			 

		

		

			
	
			
				 3.2
			Facility Fee. Seller shall have paid to Purchaser in immediately available funds that portion of the Facility Fee due and payable in connection with the increase on the Amendment Effective Date.

			
	
			
				 Section 4.
			Limited Effect.  Except as expressly amended and modified by this Amendment, the Existing MLPSA shall continue to be, and shall remain, in full force and effect in accordance with its terms. 

			
	
			
				 Section 5.
			Counterparts.  This Amendment may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment in Portable Document Format (PDF) or by facsimile shall be effective as delivery of a manually executed original counterpart of this Amendment.

			
	
			
				 Section 6.
			Severability.  Each provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement.

			
	
			
				 Section 7.
			GOVERNING LAW.  THE AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.

			
	
			
				 Section 8.
			Reaffirmation of Guaranty. The Guarantor hereby (i) agrees that the liability of Guarantor or rights of Purchaser under the Guaranty shall not be affected as a result of this Amendment, (ii) ratifies and affirms all of the terms, covenants, conditions and obligations of the Guaranty and (iii) acknowledges and agrees that such Guaranty is and shall continue to be in full force and effect.

		
			 
		

		
			[SIGNATURE PAGE FOLLOWS]
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			2

		

 

		

			 

		

		

		
			IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						Bank of America, N.A., as Purchaser

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Adam Robitshek

				
	
					
						 

					
					
						Name:

					
					
						Adam Robitshek

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

			
					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC, as

				
	
					
						 

					
					
						Seller

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Andrew S. Chang

				
	
					
						 

					
					
						Name:

					
					
						Andrew Chang

				
	
					
						 

					
					
						Title:

					
					
						Senior Managing Director and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

		
			 
		

			
					
						 

					
					
						PRIVATE NATIONAL MORTGAGE

				
	
					
						 

					
					
						ACCEPTANCE COMPANY, LLC, as

				
	
					
						 

					
					
						Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Andrew S. Chang

				
	
					
						 

					
					
						Name:

					
					
						Andrew Chang

				
	
					
						 

					
					
						Title:

					
					
						Senior Managing Director and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		 

		

			Signature Page to Amendment No. 6 to Mortgage Loan Participation Purchase and Sale AgreementEX-101 Storer Amendment to Employment Agreement

		

			Exhibit 10.1

		

		

			EXECUTION VERSION

		

		
			FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
		

		
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			THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into as of the 6th day of September, 2017, by and among Tim Storer (“Executive”), A. H. Belo Corporation, a Delaware corporation (the “Company”), and DMV Digital Holdings Company, a Delaware corporation (“DMV”).
		

		
			WHEREAS, the parties have heretofore entered into that certain Employment Agreement dated as of March 2, 2017 (the “Agreement”); and
		

		
			WHEREAS, the parties desire to amend the Agreement in certain respects as set forth in this Amendment.
		

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

			
	
			
				 1.
			Definitions.  All capitalized terms used and not otherwise defined herein shall have the meanings given such terms in the Agreement.

			
	
			
				 2.
			Amendment of Exhibit A.  Exhibit A to the Agreement is hereby amended in its entirety in the form attached hereto as Exhibit A.  Such attached Exhibit A shall amend and replace in its entirety the corresponding Exhibit A attached to the Agreement.

			
	
			
				 3.
			No Further Amendment.  Except as expressly amended hereby, all of the other terms, provisions and conditions of the Agreement are hereby ratified and confirmed and shall remain unchanged and in full force and effect.  To the extent any terms or provisions of this Amendment conflict with those of the Agreement, the terms and provisions of this Amendment shall control. This Amendment shall be deemed a part of, and is hereby incorporated into, the Agreement.

			
	
			
				 4.
			Entire Agreement. This Amendment, together with the Agreement, as well as the exhibits to each, constitute the entire agreement of the parties hereto in respect of the subject matter contained herein and supersede all prior or contemporaneous conflicting or inconsistent proposals, negotiations, agreements, consents and understandings relating to such subject matter. The parties acknowledge and agree that there is no oral or other agreement that has not been incorporated into this Amendment or the Agreement.

			
	
			
				 5.
			Counterparts.  This Amendment may be executed in one or more counterparts, each of which shall constitute an original but all of which together constitute a single document.

			
	
			
				 6.
			Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of Texas, without regard to the principles of conflicts of laws thereof.

		
			[Signature page to follow.]
		

		
			 
		

		

		

		 

 

		IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date first above written.
		

		
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						EXECUTIVE

					
					
						 

					
					
						 

				
	
					
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						/s/ Tim Storer

					
					
						 

					
					
						 

				
	
					
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						Tim Storer

					
					
						 

					
					
						 

				
	
					
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						COMPANY

					
					
						 

					
					
						 

				
	
					
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						A. H. BELO CORPORATION

					
					
						 

					
					
						 

				
	
					
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						By:

					
					
						/s/ Grant S. Moise

					
					
						 

					
					
						 

				
	
					
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						Grant S. Moise, Executive Vice President/

					
					
						 

					
					
						 

				
	
					
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						General Manager, The Dallas Morning News

					
					
						 

					
					
						 

				
	
					
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						DMV

					
					
						 

					
					
						 

				
	
					
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						DMV DIGITAL HOLDINGS COMPANY

					
					
						 

					
					
						 

				
	
					
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						By:

					
					
						/s/ Katy Murray

					
					
						 

					
					
						 

				
	
					
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						Katy Murray, Treasurer and Assistant

					
					
						 

					
					
						 

				
	
					
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						Secretary

					
					
						 

					
					
						 

				

		
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			-2-

		

 

		

			Exhibit  A

		

		

			 

		

		EXHIBIT A
		

		
			A. H. Belo Corporation
		

		
			Tim Storer Annual Cash Bonus Terms and Conditions
		

		
			Annual Cash Bonus Opportunity
		

		
			Executive’s annual cash bonus opportunity for a calendar year is based on specific financial performance objectives and metrics, as follows: (i) the achievement by the consolidated operations of DMV Digital Holdings Company (“DMV”), Your Speakeasy, LLC and Connect (together, the “DMV Portfolio”) of the Adjusted EBITDA (as defined below) performance target for that calendar year (the “Adjusted EBITDA Target”) and (ii) the attainment of the Total Contract Value (defined below) performance target for that calendar year (the “TCV Target”) by Distribion, Inc. and Vertical Nerve, Inc. (together, the “TCV Entities”). Any additional entities, businesses and operating units other than those set forth above to be included in the DMV Portfolio or the TCV Entities in a particular calendar year will be mutually agreed upon by the Company and Executive within the first ninety (90) calendar days of that calendar year and may not thereafter be revised for that calendar year.  At the end of the year, actual results are compared to the performance objectives, and the amount of Executive’s cash bonus is determined accordingly.
		

		
			The annual cash bonus opportunity is provided under the Company’s 2008 Incentive Compensation Plan or any successor to such plan (the “Plan”).  The Plan is designed to provide a competitive level of compensation to senior executives of the Company and is administered by the Compensation Committee of the Company’s Board of Directors. Executive’s participation in the Plan is subject to the fully executed binding arbitration agreement that the Company has on file for Executive.
		

		
			Target Cash Bonus
		

		
			Executive’s target bonus is $300,000, subject to the achievement of the requirements set forth below. The amount of any bonus earned with respect to any calendar year will be paid in cash in accordance with the terms of the ICP.
		

		
			DMV Portfolio Adjusted EBITDA Target for Bonus Determination
		

		
			Fifty percent (50%) of Executive’s annual target bonus ($150,000) for a particular calendar year will be based upon the DMV Portfolio’s achievement of the Adjusted EBITDA Target for that calendar year. For this purpose, “Adjusted EBITDA” means DMV Portfolio earnings before interest, taxes, depreciation and amortization, adjusted for (adding back) severance-related expenses, acquisition costs and expenses, litigation and litigation settlement costs and expenses, and stock-based compensation expenses to the extent applicable to DMV or, for periods after the consolidation of the DMV Portfolio, the DMV Portfolio. For 2017, Adjusted EBITDA shall be equal to the sum of (A) the Adjusted EBITDA for DMV for the period prior to the date of the consolidation of the DMV Portfolio and (B) the consolidated Adjusted EBITDA for the DMV Portfolio for the remainder of that year from and after the date of such consolidation. For 2018 and each subsequent year, the Adjusted EBITDA for each particular calendar year will be based on the consolidated Adjusted EBITDA for the DMV Portfolio for that calendar year.
		

		

		

		 

		

			 

		

 

		

			Exhibit  A

		

		

			 

		

		The Adjusted EBITDA Target for 2017 is $3,123,000.
		

			
					
						Adjusted EBITDA Target

					
					
						 

				
	
					
						Threshold

					
					
						Achievement Range

					
					
						Payout Range

				
	
					
						Below 

					
					
						<85%

					
					
						0%

				
	
					
						Minimum

					
					
						  85% 

					
					
						  50%

				
	
					
						Target

					
					
						100% 

					
					
						100%

				
	
					
						Maximum

					
					
						>200% 

					
					
						200%

				

		
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			If the DMV Portfolio (or, with respect to calendar year 2017, DMV for the period prior to the date of the consolidation of the DMV Portfolio, and the DMV Portfolio for the remainder of that year from and after the date of such consolidation) achieves between (i) 85% and 100% or (ii) 100% and 200% of the Adjusted EBITDA Target, then the bonus amount earned and payable will be determined using a straight line interpolation.
		

		
			TCV Entities Metrics for TCV Target for Bonus Determination
		

		
			Fifty percent (50%) of Executive’s annual target bonus ($150,000) for each particular calendar year will be based upon the TCV Entities’ achievement of the TCV Target for that calendar year.
		

		
			For 2017, the TCV Target is $19,475,622.  For 2018 and each subsequent year, the TCV Target for each particular calendar year will be based on the Total Contract Value for that calendar year. The “Total Contract Value” metric summarizes the contractual value of new, fully executed contracts during the measurement period. For purposes of the calculation, pass-through revenue, as part of a contract, with the exception of Marketing FX contracts, does not qualify in the calculation of Total Contract Value.
		

		
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						TCV Target

					
					
						 

				
	
					
						Threshold

					
					
						Achievement Range

					
					
						Payout Range

				
	
					
						Below 

					
					
						<85%

					
					
						0%

				
	
					
						Minimum

					
					
						  85% 

					
					
						  50%

				
	
					
						Target

					
					
						100% 

					
					
						100%

				
	
					
						Maximum

					
					
						>200% 

					
					
						200%

				

		
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			If the TCV Entities achieve between (i) 85% and 100% or (ii) 100% and 200% of the TCV Target, then the bonus amount earned and payable will be determined using a straight line interpolation.
		

		
			Establishment of Performance Targets for Future Years
		

		
			For each calendar year after 2017, the Company and Executive will mutually agree upon a recommendation to the Company’s Board of Directors as to the Adjusted EBITDA Target for the DMV Portfolio and the TCV Target for the TCV Entities as a part of the annual DMV Portfolio operating plan for such calendar year, and such performance targets will be established by the final approval by the Board of Directors of the Company as part of the Company’s annual operating plan and the final approval by the Compensation Committee of the Board of such performance 
		

		 

		

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			Exhibit  A

		

		

			 

		

		targets. Neither the Company nor the Executive shall unreasonably withhold, condition or delay its or his agreement as to the recommendation of such performance targets.
		

		
			Bonus Eligibility and Payment Schedule
		

		
			Executive must be employed by the Company on the bonus payment date specified to be eligible to receive a bonus. Bonuses earned based on the annual bonus performance targets for any calendar year, if any, will be paid in February immediately following such calendar year, after the earnings release for such calendar year, based on the DMV Portfolio’s and the TCV Entities’ performance versus the annual bonus performance targets for such calendar year.
		

		
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			-3-

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