Document:

ex10_22.htm

Exhibit 10.22

 

PROJECT ASSIGNMENT

This Project Assignment is issued under the Independent Contractor Services Agreement (“Original Agreement”) dated February 24, 2011, between Scientific Learning Corporation of Oakland, California (“SLc”) and Shari Simon of Moraga, California (“Contractor”).

Services to be performed:

For an average of one full day per week, Contractor will provide consulting, guidance and mentoring for SLC’s new sales and marketing approach.

Time Period during which Services will be performed:

The term of this contract will begin January 1, 2012 and end December 31, 2012.

Fees for Services:

Fee will be based on a rate per hour of $312.50, up to $2,500 per day, typically one full day per week. Total fees should not exceed $90,000 without prior written approval of Andy Myers.

Invoicing Requirements:

Contractor’s invoices shall state the dates on which Services were performed and for each date, the number of hours and a description of the services provided on each such date.

Expenses:

SLC will reimburse Contractor for reasonable expenses including mileage, travel, lodging and meal expenses incurred in connection with the performance of services under this Agreement provided that Contractor has obtained prior approval from Contractor’s principal SLC contact and submits verification of such expenses as SLC may require.

Note:  This Project Assignment is governed by the terms of an Independent Contractor Services Agreement in effect between SLc and Contractor.  Any item in this Project Assignment which is inconsistent with that Agreement is invalid.

	
Signed:

	
/s/ Andy Myers

	  	
/s/ Shari Simon

	 	
For Client Hiring Manager

	  	
For Contractor

	  	  	  	  	  
	
Dated:

	
2/24/2012

	  	
Dated:

	
2/7/12ex10_15.htm

Exhibit 10.15

AMENDMENT TO CREDIT AGREEMENT

This Amendment to Credit Agreement (this "Amendment") is dated as of the 6th day of February, 2012 and is by and between Orbit International Corp., Behlman Electronics, Inc., Tulip Development Laboratory, Inc. and Integrated Consulting Services, Inc. d/b/a Integrated Combat Systems (each a "Borrower" and collectively, the "Borrowers"), and Capital One, National Association ("Bank") (this "Amendment").

WHEREAS, on March 10, 2010 the Bank made available to the Borrowers a line of credit in the amount of $3,000,000.00 and a term loan in the amount of $4,654,761.84 pursuant to a Credit Agreement dated as of March 10, 2010 between the Borrowers and the Bank (as amended from time to time, the "Credit Agreement") and evidenced by, respectively, a Line of Credit Note dated March 10, 2010 from the Borrowers to the Bank (as amended from time to time, the "Line of Credit Note") and the Term Loan Note dated March 10, 2010 from the Borrowers to the Bank (as amended from time to time, the "Term Loan Note") and secured by a Security Agreement dated March 10, 2010 from the Borrowers to the Bank (the "Security Agreement") (the Credit Agreement, the Line of Credit Note, the Term Loan Note, the Security Agreement, and all other documents executed and delivered in connection therewith, collectively, the "Financing Documents");

WHEREAS, the Borrowers have requested that the Bank permit the Borrowers to repurchase up to $400,000 of its stock to which the Bank has agreed provided the Borrowers enter into this Amendment;

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

1.             Capitalized terms not defined herein shall have the meaning set forth in the Credit Agreement.

2.             The following is hereby added to the end of Section 6.11 of the Credit Agreement:

“Notwithstanding the foregoing, the Borrowers shall be permitted to repurchase up to $400,000 in the aggregate of its stock provided upon completion of such purchase the Borrowers shall be in compliance with the covenants set forth in Article VII of this Agreement.”

 

  

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3.             The obligation of the Bank to enter into this Amendment is subject to the following:

(a)           Receipt by the Bank of a fully executed counterpart of this Amendment from the Borrowers;

(b)           The Borrowers shall pay to the Bank all of its out-of-pocket fees and disbursements incurred by the Bank in connection with this Amendment, including legal fees incurred by the Bank in the preparation, consummation, administration and enforcement of this Amendment.

4.             The Borrowers ratify and reaffirm the Financing Documents and the Financing Documents, as hereby amended, shall remain in full force and effect.

5.             The Borrowers represent and warrant that (a) the representations and warranties contained in the Credit Agreement are true and correct in all material respects as of the date of this Amendment, (b) no condition, at, or event which could constitute an event of default under the Credit Agreement, the Notes or any other Financing Documents exists, and (c) no condition, event, act or omission has occurred, which, with the giving of notice or passage of time, would constitute an event of default under the Credit Agreement, the Notes or any other Financing Document.

6.             The Borrowers acknowledge that as of the date of this Amendment they have no offsets or defenses with respect to all amounts owed by it to the Bank arising under or related to the Financing Documents on or prior to the date of this Amendment.  The Borrowers fully, finally and forever release and discharge the Bank and its successors, assigns, directors, officers, employees, agents and representatives from any and all claims, causes of action, debts and liabilities, of whatever kind or nature, in law or in equity, whether now known or unknown to them, which they may have and which may have arisen in connection with the Financing Documents or the actions or omissions of the Bank related to the Financing Documents on or prior to the date hereof.  The Borrowers acknowledge and agree that this Amendment is limited to the terms outlined above and shall not be construed as an agreement to change any other terms or provisions of the Financing Documents.  This Amendment shall not establish a course of dealing or be construed as evidence of any willingness on the Bank’s part to grant other or future agreements, should any be requested.

7.             This Amendment is a modification only and not a novation.  Except for the above-quoted modifications, the Financing Documents, any loan agreements, credit agreements, reimbursement agreements, security agreements, mortgages, deeds of trust, pledge agreements, assignments, guaranties, instruments or documents executed in connection with the Financing Documents, and all the terms and conditions thereof, shall be and remain in full force and effect with the changes herein deemed to be incorporated therein.  This Amendment is to be considered attached to the Financing Documents and made a part thereof.  This Amendment shall not release or affect the liability of any guarantor of the Notes or credit facility executed in reference to the Financing Documents, if any, or release any owner of collateral granted as security for the Financing Documents.  The validity, priority and enforceability of the Financing Documents shall not be impaired hereby.  To the extent that any provision of this Amendment conflicts with any term or condition set forth in the Financing Documents, or any document executed in conjunction therewith, the provisions of this Amendment shall supersede and control.  The Bank expressly reserves all rights against all parties to the Financing Documents.

 

  

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8.             This Amendment shall be governed and construed in accordance with the laws of the State of New York

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

  

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IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed as of the day and year first above written.

 

	  	
BORROWERS:

	 	 
	  	
ORBIT INTERNATIONAL CORP.

	  	  
	  	
By: /s/ David Goldman

	  	
Name: David Goldman

	  	
Title:   Chief Financial Officer

	  	  
	  	
BEHLMAN ELECTRONICS, INC.

	  	  
	  	
By: /s/ David Goldman

	  	
Name: David Goldman

	  	
Title:   Chief Financial Officer

	  	  
	  	
TULIP DEVELOPMENT LABORATORY, INC.

	  	  
	  	
By: /s/ David Goldman

	  	
Name: David Goldman

	  	
Title:   Chief Financial Officer

	  	  
	  	
INTEGRATED CONSULTING SERVICES, INC.

	  	  
	  	
By: /s/ David Goldman

	  	
Name: David Goldman

	  	
Title:   Chief Financial Officer

	  	  
	  	
BANK:

	  	  
	  	
CAPITAL ONE, 

NATIONAL ASSOCIATION

	  	  
	  	
By: /s/ Dawn Juliano

	  	
Name: Dawn Juliano

	  	
Title: Vice President

 

 

4ex10_18.htm

Exhibit 10.18

 

SECOND AMENDMENT

TO

EMPLOYMENT AGREEMENT

This Second Amendment to Employment Agreement (“Amendment”) is entered into by and between NutraCea, a California corporation with principal offices at 6720 N. Scottsdale Road, Suite 390, Scottsdale, Arizona 85253 (“NutraCea”) and Jerry Dale Belt (“Employee”), effective as of February 14, 2012 (the “Effective Date”).  NutraCea and Employee agree as follows:

1.             Background and Purpose.

1.1.          Employment Agreement. NutraCea and Employee are parties to that certain Employment Agreement dated June 8, 2010, as amended pursuant to the First Amendment to Employment Agreement dated July 15, 2011 (collectively as amended, the “Employment Agreement”).

1.2.          Amendment. NutraCea and Employee wish to modify certain of the provisions of the Employment Agreement to provide for an additional severance payment upon a change of control of NutraCea, all as set forth in this Amendment.

1.3           Capitalized Terms.  Capitalized terms not otherwise defined herein shall have the respective meanings ascribed to them in the Employment Agreement.

1.4.          Effective Date. This Amendment shall become effective as of the Effective Date set forth above.

2.             Amendments.     The Employment Agreement is hereby amended to add new Section 3.2.4 to provide as follows:

“3.2.4   Termination Upon a Change of Control. Within sixty (60) days prior to or ninety (90) days after the effective date of a Change of Control (as defined below), either NutraCea or Employee may, upon thirty (30) days' prior written notice to the other, terminate Employee's employment. In the event of any such termination of Employee's employment (and regardless of whether such termination occurs with or without such thirty (30) day notice), NutraCea shall pay to Employee (a) the severance and other benefits set forth in Section 3.2.1 and Section 3.2.2 and (b) an additional severance payment of an amount equal to the excess, if any, of (1) two times the sum of Employee's Base Salary for the year in which the termination occurs, over (2) the amount of the Severance Payment. Such payment shall be payable in accordance with applicable law, but in no event later than thirty (30) days following the date of termination. For the purposes of this Agreement, the term “Change of Control” shall mean any of the following events: (x) the consummation of a merger or consolidation of NutraCea with any other entity which results in the voting securities of NutraCea outstanding immediately prior thereto failing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the total voting power represented by the voting securities of NutraCea or such surviving entity outstanding immediately after such merger or consolidation, or (y) the sale, mortgage, lease or other transfer in one or more transactions not in the ordinary course of NutraCea's business of assets or earning power constituting more than fifty percent (50%) of the assets or earning power of NutraCea and its subsidiaries (taken as a whole) to any such person or group of persons.”

  

  

  

 

3.             Effect of Amendment.

3.1           Terms. On and after the date hereof, each reference in the Employment Agreement to "this Agreement," "herein," "hereof," "hereunder" or words of similar import shall mean and be a reference to the Employment Agreement as amended hereby.

3.2           Full Force and Effect. Except as specifically amended by this Amendment, the Employment Agreement shall remain in full force and effect and the Employment Agreement, as amended by this Amendment, is hereby ratified and confirmed in all respects.  Upon the execution and delivery hereof, this Amendment and the Employment Agreement shall henceforth be read, taken and construed as one and the same instrument, but such amendments and supplements shall not operate so as to render invalid or improper any action heretofore taken under the Employment Agreement.

3.3           Conflicting Terms.  In the event of any conflict or inconsistency between the provisions of the Employment Agreement and the provisions of this Amendment, the provisions of this Amendment shall control.

4.             Miscellaneous.

4.1           Governing Law; Further Action; Counterparts. This Amendment shall, in all respects, be governed by and construed under the laws of the State of Arizona applicable to agreements executed and to be wholly performed within California, without regard to conflict of law principles. The parties agree to take all action necessary or useful to complete and accomplish the intentions of this Amendment. This Amendment may be executed in any number of counterparts, each of which will be deemed an original but all of which taken together will constitute one and the same instrument.

4.2           Entire Agreement.  This Amendment, together with the Employment Agreement, constitutes the entire agreement between and among the parties and supersedes any and all prior and contemporaneous oral or written understandings between the parties relating to the subject matter hereof.

 

[Remainder of Page Left Blank Intentionally—Signature Page Follows]

 

  

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NutraCea and Jerry Dale Belt have executed and delivered this Second Amendment to Employment Agreement as of the Effective Date set forth above.

 

	 	NUTRACEA	 
	 	 	 
	 	/s/ W. John Short	 
	 	By: W. John Short	 
	 	Title:  Chief Executive Officer	 
	 	 	 
	 	EMPLOYEE	 
	 	 	 
	 	/s/ J. Dale Belt	 
	 	Jerry Dale Belt	 

 

[Signature Page to Second Amendment to Employment Agreement]

 

 

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