Document:

ex10-1.htm

 

 

 

[Letterhead of Carrollton Bank]

March 5, 2013

Robert A. Altieri

XXXXXXXXXXXX

XXXXXXXXXXXX

In re:           Retention Bonus Agreement

Dear Bob:

This letter agreement documents our mutual understanding regarding a retention bonus opportunity we are providing you in connection with your employment as Chief Executive Officer of Carrollton Bank (“Carrollton,” “us” or “we”) as contemplated below.

	
1.

	
Special Retention Bonus.  Subject to the terms set forth below, Carrollton will pay you an aggregate of $85,000 (less any applicable withholding taxes and other deductions), representing 8.5 weeks at $10,000 per week (“Retention Amount”), within five (5) business days of the earlier to occur of (i) closing of the transactions contemplated by the Agreement and Plan of Merger dated as of April 8, 2012 (“Merger Agreement”), as amended, by and among Carrollton Bancorp, Jefferson Bancorp, Inc. and Financial Services Partners Fund I, LLC, and (ii) April 30, 2013 (“Trigger Date”). If your employment with Carrollton terminates due to your death, disability or involuntary termination by Carrollton without “cause” (as defined below) prior to the occurrence of a Trigger Date, Carrollton will pay you or your estate, as applicable, the Retention Amount within five (5) days of the happening of such event.  If (i) you voluntarily terminate your employment with Carrollton, or (ii) if Carrollton terminates your employment for cause, in either case prior to a Trigger Date, your right to receive the Retention Amount will be immediately cancelled and forfeited.  You shall be responsible for payment of all personal income tax arising from the payment of the Retention Amount.

	
2.

	
“Cause” Definition.  For purposes of this letter agreement, “cause” means any of the following, as reasonably determined by Carrollton: (i) your personal dishonesty or breach of fiduciary duty; (ii) repeated violations by you of written company policies which are demonstrably willful and deliberate on your part; (iii) the furnishing of confidential information about Carrollton to a competitor, or potential competitor, or third party without specific authorization (other than pursuant to the Merger Agreement); (iv) intoxication by alcohol or drugs during work hours; (v) conviction of a felony; or (vi) a breach of the confidentiality covenant set forth below.

	
3.

	
Confidentiality of this Letter Agreement. Since the retention bonus is a special, discretionary bonus, your eligibility for this retention bonus is contingent upon your maintaining the confidentiality of this letter agreement.  To the extent permitted by applicable law, you are not permitted to discuss or disclose this letter agreement or its subject with any person at Carrollton or its affiliates except members of the Carrollton or Carrollton Bancorp Boards of Directors, or their designated representatives. You also are not permitted to discuss or disclose this letter agreement or its subject with any other person except your financial advisor or other professional advisors, and your spouse, and then only on condition that you advise them of the obligation to maintain confidentiality.  This confidentiality obligation continues and is enforceable regardless of whether you remain employed and regardless of whether the Retention Amount is paid to you.

 

 

 

 

 

 

 

  

  

  

 

 

	
4.

	
Miscellaneous. This letter agreement contains our entire agreement with respect to the retention bonus and supersedes and invalidates all of our prior or contemporaneous oral or written agreements and understandings with respect to the retention bonus.  Any representations, inducements, promises or agreements, oral or otherwise, which are not embodied herein, will not be of any force or effect.This letter agreement will be governed by and construed in accordance with the laws of the State of Maryland without regard to conflicts of law principles thereof.  The captions of this letter agreement are not part of the provisions hereof and will have no force or effect. This letter agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.

If you are in agreement with the terms of this letter agreement, please sign the enclosed counterpart of this letter agreement and return it to me at your earliest opportunity but no later than March 6, 2013.  This offer expires at the close of business on such date.

Sincerely,

Carrollton Bank

By:/s/ Albert R. Counselman

Name:Albert R. Counselman

Title:Director, Chairman of Carrollton Bancorp

ACCEPTANCE:

	
/s/ Robert Altieri

	  
	
Robert A. Altieri

	
Date: March 4, 2013ex101.htm

Exhibit 10.1

FORM OF DEBT PURCHASE AND ASSIGNMENT AGREEMENT

 

This Debt Purchase and Assignment Agreement (“Debt Purchase Agreement”) is made and entered into effective as of March 5, 2013 by and between Richard Brock (“Brock”) and _____________ (“Purchaser”).

RECITALS

WHEREAS, Vidaroo Corporation is a corporation organized under the laws of the State of Nevada (“VIDA”) and is indebted to Brock in the amount of $40,019.00 under a Promissory Note (the “Debt”) dated May 16, 2012; and

 

WHEREAS, Brock warrants and represents that VIDA is indebted to him in the amount of $40,019.00; and

 

WHEREAS, Purchaser desires to purchase $________ of the Debt owed by VIDA to Brock; and

 

NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereby agree as follows:

 

1. Transfer and Assignment. As permitted by VIDA, Brock hereby irrevocably sells, assigns, and transfers his rights, title, and ownership in and conversion rights of $________ of the Debt to Purchaser. The remaining rights and interests in the balance of the Debt shall remain with Brock.

 

2. Consideration. Consideration to be paid to Brock shall be a total of $500.00, which payment shall be due at such time as the shares underlying the Debt have been fully issued and cleared.

 

3. Consent to Assignment and Agreement to be Bound. VIDA hereby consents to the assignment of debt by Brock to Purchaser and agrees to be bound by all the terms and conditions and obligations imposed upon it under the Debt.

 

4. Entire Agreement. This Debt Purchase Agreement embodies the entire agreement between Brock and Purchaser and supersedes any prior agreements, whether written or oral with respect to the subject matter thereof.

 

5. Successors. This Debt Purchase Agreement shall be binding upon and shall inure to the benefit of each of the parties to this Debt Purchase Agreement and each of their respective successors and assigns.

 

6. Counterparts. This Debt Purchase Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon and all of which together shall constitute one instrument.

7. Non-Affiliate Status. Brock hereby represents and warrants that neither he nor any of his affiliates is a control person or an affiliate of VIDA and that neither he nor any of his affiliates has been an affiliate of VIDA at time during the past 90 days.

 

  

1

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Debt Purchase and Assignment Agreement to be duly executed and delivered as of the date first written above.

 

 

	"Brock": 	"Purchaser":

 

                    

Richard Brock

 

	 	By: 	 

	
  

	
Name:

	 	Title:

 

ACCEPTED, ACKNOWLEDGED AND APPROVED:

VIDAROO COROPRATION

By: 

       Thomas Moreland

   Chief Executive Officer

 

 

 

 

2ex102.htm

 Exhibit 10.2

FORM OF CANCELLATION OF DEBT IN EXCHANGE FOR STOCK

This Cancellation of Debt in Exchange for Stock Agreement (the "Agreement") is entered as of March 5, 2013 by and between _____________ ("Holder") and Vidaroo Corporation, a Nevada corporation (hereinafter referred to as "Company").

 

WHEREAS, the Company is indebted to the Holder in the aggregate sum of $________ (the "Debt");

 

WHEREAS, the Holder seeks repayment of the Debt and will cancel repayment of $________ of the Debt in exchange for shares of common stock of the Company, and the Company is willing to issue shares of common stock in exchange for cancellation of the Debt;

 

NOW, THEREFORE, in consideration of the mutual conditions and covenants contained in this Agreement, and for other good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged, it is hereby stipulated, consented to and agreed by and among the parties as follows:

 

1. The Company hereby issues to the Holder ____________ shares of the Company's common stock at a price of $0.0001 per share. Additional terms and conditions of the issuance of shares shall be as set forth in Exhibit “A” attached hereto and made a part hereof. In consideration and exchange therefore, _________ of the Debt and all rights associated with the Debt, including any claim for interest, held by the Holder are hereby cancelled.

 

2. No commission or other remuneration has been paid or given directly or indirectly by the Holder for this exchange and cancellation.

 

3. This Agreement and its Exhibit contain the entire agreement and understanding concerning the subject matter hereof between the parties and supersedes and replaces all prior negotiations, proposed agreement and agreements, written or oral. Should any provision of this Agreement be declared or be determined by any court or tribunal to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision shall be severed and deemed not to be part of this Agreement. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state or federal courts in the State of Nevada. All parties and the individuals executing this Agreement and other agreements agree to submit to the jurisdiction of such courts and waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees and costs. This Agreement may be executed in counterparts, each of which, when all parties have executed at least one such counterpart, shall be deemed an original, with the same force and effect as if all signatures were appended to one instrument, but all of which together shall constitute one and the same Agreement.

 

 

	 	"HOLDER": 	"COMPANY":

 

	
  

	
VIDAROO CORPORATION

 

	 	By:	 	

By: 

	
 

	 	
Name:

	
Thomas Moreland

	
  

	
Title:

	
Chief Executive Officer

 

 

 

  

1

  

 

EXHIBIT “A”

Subscription Agreement

1.1 Subscription. _____________, the undersigned subscriber (“Purchaser”), intending to be legally bound, hereby irrevocably subscribes for and agrees to purchase the number of shares ("Shares") of Vidaroo Corporation, a Nevada corporation (the "Company"), 8 North Highland Avenue, Winter Garden, Florida 34787, indicated below, on the terms and conditions described herein.

 

1.2 Purchase of Shares. Purchaser understands and acknowledges that the purchase price for the Shares, which is the conversion price under a Promissory Note dated May 16, 2012, held by Richard Brock and purchased by Purchaser, shall be $0.0001 per share. Payment for the Shares subscribed shall be made by conversion of $500.00 of principal outstanding of such Promissory Note, as follows:

 

_________________________X $0.0001 per Share = $___________ Purchase Price

 

(# of Shares Subscribed)         (Conversion Price)

 

2.1 Acceptance or Rejection. The parties agree and understand that this agreement may not be revoked by either party once executed.

 

2.2 Closing; Closing Date. The closing (the "Closing") of the purchase and sale of any of the Shares is the date of acceptance by the Company of Purchaser's subscription, as evidenced by the Company's execution of this Subscription Agreement below.

 

3.1 Purchaser Representations and Warranties. Purchaser hereby acknowledges, represents and warrants as follows:

 

(a) Purchaser is not an affiliate of the Company, does not directly or indirectly control the Company, nor is it directly or indirectly controlled by the Company.

(b) Purchaser has full power and authority to enter into this Agreement, the execution and delivery of this Agreement has been authorized, if applicable, and this Agreement constitutes a valid and legally binding obligation of Purchaser.

(c) Purchaser acknowledges his understanding that the offering and the sale of the Shares is intended to be exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), by virtue of Section 4(2) of the Securities Act and the regulations promulgated thereunder.

(d) Purchaser understands that an investment in the Shares is a speculative investment which involves a high degree of risk and the potential loss of its entire investment.

(e) The foregoing representations, warranties and agreements shall survive the Closing.

4.1 Modification. Neither this Agreement nor any provision hereof shall be modified, discharged or terminated, except by an instrument in writing signed by the party against whom any waiver, change, discharge or termination is sought.

 

  

2

  

 

4.2 Notices. Any notice, demand or other communication which any party hereto may be required, or may elect to give to anyone interested hereunder shall be sufficiently given if (a) deposited, postage prepaid, in a United States mail letter box, registered or certified mail, return receipt requested, addressed to such address as may be given herein, (b) delivered personally at such address (c) or deposited with a recognized overnight courier at such address.

 

4.3 Counterparts. This Agreement may be executed through the use of separate signature pages or in any number of counterparts, and each of such counterparts shall, for all purposes, constitute one agreement binding on all parties

.

4.4 Binding Effect. Except as otherwise provided herein, the Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, executors, administrators, successors, legal representatives and assigns.

 

4.5 Entire Agreement. This Agreement and the documents referenced herein contain the entire agreement of the parties and there are no representations, covenants or other agreements except as stated or referred to herein and therein.

 

4.6 Assignability. This Agreement is not transferable or assignable by the undersigned.

 

4.7 Applicable Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Nevada, without giving effect or regard to conflicts of law principles.

 

4.8 Arbitration. All claims, controversies and disputes between the Subscriber and the Company shall be settled by binding arbitration before the American Arbitration Association with the venue for any hearing in respect therewith to be held in Las Vegas, Nevada.

 

IN WITNESS WHEREOF, the undersigned has executed this Agreement on the 5th day of March, 2013.

 

Purchaser

 

	 	 By:	 
	 	 Name:	 
	 	 Title:	 
	 	 	 
	 	 Address:	 

 

ACCEPTED this 5th day of March, 2013.

 

	VIDAROO CORPORATION
	 
	By:	 
	Thomas Moreland
	Chief Executive Officer

 

 

 

3

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