Document:

exh_101.htm

EXHIBIT 10.1

 

AMENDMENT 2013-1

TO THE

EMPLOYMENT AGREEMENT

AMENDMENT, dated as of November 6, 2013, between Marlin Business Services Corp., (the “Company”) and George D. Pelose (the “Executive”).

RECITALS

WHEREAS, the Company and the Executive previously entered into that certain Employment Agreement, dated as of October 14, 2003, as amended pursuant to Amendment 2006-1, dated as of May 19, 2006, and further amended pursuant to Amendment 2008-1, dated as of December 31, 2008 (collectively, the “Employment Agreement”), which sets forth the terms and conditions of Executive’s employment with the Company; and

WHEREAS, Section 18 of the Employment Agreement provides that the Employment Agreement may be amended pursuant to a written agreement between Executive and the Company; and

WHEREAS, the Executive and the Company desire to amend the Employment Agreement to provide that the Executive shall terminate employment with the Company during a specified period in 2014, on a date to be mutually agreed upon by the parties and provided the Executive remains employed until such date, the Executive shall be entitled to such severance and other benefits as if had voluntarily terminated for good reason or was terminated by the Company without cause.

NOW, THEREFORE, the Company and the Executive hereby agree that, effective as of the date set forth above, the Employment Agreement shall be amended as follows:

1. Section 7(a) of the Employment Agreement is hereby amended by adding immediately after Section 7(a)(viii), a new Section 7(a)(ix) to read as follows:

“(ix) Termination During Specified Window.  Notwithstanding any other provision of this Agreement, unless earlier terminated under this Agreement for any reason, Executive’s employment shall terminate between January 15, 2014 and March 31, 2014, with the exact date of termination to be mutually agreed upon by the Executive and the Company.  Absent an agreement of the parties as to the exact date of termination, the Executive’s employment shall terminate on March 31, 2014.   A termination by the Company for Cause, a termination due to death or a termination due to Disability on or before March 31, 2014 shall not be considered a termination under this Section 7(a)(ix) even if such termination occurs during the specified window."

2. Section 7(b)(iv) of the Employment Agreement is hereby amended by adding the following immediately after subsection (E):

  

  

  

“or (F) Executive’s employment terminates pursuant to Section 7(a)(ix),”

3. Section 7(b) of the Employment Agreement is hereby amended by adding a new Section 7(b)(v) to read as follows:

“(v) Termination During Specified Window.  Provided the Executive remains employed with the Company until the mutually agreed upon date of termination as provided in Section 7(a)(ix) and terminates employment under Section 7(a)(ix),  the Executive shall be entitled to receive the severance set forth in Section 7(b)(iii) as if the Company terminated Executive’s employment without Cause pursuant to Section 7(a)(iv) or Executive resigned for Good Reason pursuant to Section 7(a)(v).”

4. Section 9(e) of the Employment Agreement is hereby amended by renaming it "Non-Solicitation of Company Personnel and Non-Disparagement" and by adding a new paragraph at the end of Section 9(e) to read as follows:

"In further consideration of the promises contained in the Agreement, as amended, the Executive agrees that neither he nor any of his representatives will make any disparaging or defamatory or untrue remarks to any third party concerning the Company, any parents, subsidiaries or affiliates or any of their officers, employees or agents (the “Company parties”). Such third parties include, but are not limited to, the press and public media (i.e., any employees or agents of newspapers, television stations, radio stations or other media), any organizations or associations, any Internet websites, home pages, MySpace pages, Facebook pages, social networking sites, blogs or chat-rooms, any of the Company parties’ former employees, current employees or prospective employees. The Company agrees that it will not make any disparaging or defamatory or untrue remarks to any third party concerning the Executive. Such third parties include, but are not limited to, the press and public media (i.e., any employees or agents of newspapers, television stations, radio stations or other media), any organizations or associations, any Internet websites, home pages, MySpace pages, Facebook pages, social networking sites, blogs or chat-rooms, any of the Company’s former employees, current employees or prospective employees. The Executive and the Company agree that any breach or threatened breach of these non-disparagement provisions would cause irreparable harm to the other party and that remedies at law or in damages and would be inadequate to remedy such a breach or threatened breach, and that these non-disparagement provisions may be enforced by way of a restraining order and/or injunction in addition to any other remedies which may be available at law or in equity."

5. In all respects not modified by this Amendment 2013-1, the Employment Agreement is hereby ratified and confirmed.

 

  

2

  

IN WITNESS WHEREOF, the Company and the Executive agree to the terms of the foregoing Amendment 2013-1, effective as of the date set forth above.

 

	 	

MARLIN BUSINESS SERVICES CORP.

	 	 	 
	 	By: 	

/s/ Daniel P. Dyer 

	 	Its:	

Chief Executive Officer

	 	 	 
	 	 	 
	 	EXECUTIVE
	 	

/s/ George D. Pelose 

	 	

George D. Pelose

 

 

 

 

 

3Exhibit 10.1 Separation Agreement - Rollnick (2013-09)

Exhibit 10.1

SEPARATION AGREEMENT

This Separation Agreement ("Agreement") is made by and between Whitestone REIT and its officers, directors, subsidiaries, affiliates, employees and agents (collectively referred to as ''Whitestone") and Richard Rollnick (referred to as "Employee"). In consideration of the mutual promises contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged, Whitestone and Employee agree as follows:

A.    Acceptance of Voluntary Resignation:

		
	1.
	Whitestone agrees to accept Employee's voluntary resignation from employment with Whitestone, effective Friday, June 28,2013.

		
	2.
	Upon his resignation, Employee shall turn over to Whitestone all Whitestone property in his possession or control, including, without limitation, keys, access cards, identification cards, telephones, telephone cards, badges, computers, equipment, customer information and business data of any kind.

		
	3.
	Whitestone agrees to respond to reference inquiries by confirming Employee's title, salary hire date and date of resignation.

B.    Severance Pay and Other Consideration:

Whitestone agrees to provide Employee with the following severance pay and benefits:

		
	1.
	Salary Continuation:  Employee's salary will be continued through July 31,2013 (1 month) paid on regular payroll dates, at the rate of $5,769.24 per payroll period.

		
	2.
	Restricted Stock:  Employee shall receive 4,535 shares (.20 x 22,668) of restricted stock granted pursuant to Whitestone's Equity Incentive Plan with respect to which performance targets are achieved during 2013, provided that such shares will only be issued after verification of the satisfaction of performance targets after completion of the audit of Whitestone's 2013 financial statements during the first quarter of 2014.

		
	3.
	Time Vested Shares:  Employee was granted 2,345 time vested restricted shares and has previously vested in 782 of these shares. The balance of 1,563 unvested time vested restricted shares will be forfeited.

		
	4.
	Health Benefits:  Whitestone will continue to reimburse Employee's biweekly Medicare Premium in the amount of $151.85 through July 31, 2013.

C.    Release of Claims:

In consideration for this Agreement, Employee releases and forever discharges any and all legal claims, causes of action, attorneys' fees, cost and liabilities of any nature whatsoever, whether or not now known, which he may have or claim to have, against Whitestone, (the "Release"). This Release includes, but is not limited to, claims arising under the Age Discrimination in Employment Act of 1967, as amended, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, The Civil Rights Act of 1966, as amended, the Texas and Arizona Labor Codes, The Americans with Disabilities Act; The Older Worker Benefit Protection Act of 1990; The Family Medical Leave Act; The Employee Retirement Income Security Act of 1974, as amended; and other federal, state or local laws affecting the employment relationship, statute or regulation relating to employment discrimination, as well as claims arising under the common law.

D.    Non-Disparagement:

Employee agrees not to take any action that might interfere with or cause harm to any of Whitestone's employees, employment relationships, or existing or prospective business relationships (including tenant relationships and relationships with real estate brokers and other real estate professionals) and Whitestone and Employee agree not to make any negative or disparaging statement, either orally or in writing, regarding the other.

E.    Non-Compete/Non-Solicitation:

		
	1.
	As a material consideration for this Agreement contained herein, Employee agrees, commencing on the effective date hereof through and including the second (2nd) anniversary date of the date on which this Agreement expires or is otherwise earlier terminated, Employee will not (i) directly or indirectly compete with Whitestone in selling, marketing or promoting products and/or services similar to that offered by Whitestone (the "Restricted Business''), (ii) directly or indirectly solicit any person, tenant, employee, consultant, agent, or independent contractor of Whitestone from Whitestone, or ( iii) contact, solicit, interfere with, or endeavor to entice away from Whitestone, any person or any tenant or perspective tenant. 

F.    Confidentiality:

The parties agree to keep the existence and terms of this Agreement confidential, except as required to be disclosed by SEC regulations.  Employee specifically agrees not to discuss the existence or terms of this Agreement with any third party except for his spouse, legal counsel and financial advisor.  Employee to keep confidential any and all non-public information and or knowledge of Whitestone.

G.    Entire Agreement, OWBPA Compliance and Governing Law:

This Agreement is a complete expression of the intent of the parties with respect to the subject matter of this Agreement, and supersedes all previous agreements and oral and written understandings except for Employee's Confidentiality and Non-Compete Agreement with Real Estate Addendum and any contractual restrictions on Employee's vested stock.  Employee has forty-five (45) days from the date of his receipt of this Agreement to consider whether or not to sign it and is advised to consult with an attorney.  Employee may revoke the Agreement for seven (7) days after signing it, and if it is not revoked, the Agreement becomes fully enforceable.  This Agreement is governed by the laws of the State of Texas and venue for any dispute hereunder will be in Harris County, Texas.  The parties acknowledge that they have read and understood this Agreement and are signing it knowingly and voluntarily. 

	
					
	/s/ Richard Rollnick
	 
	/s/ James C. Mastandrea

	Employee
	 
	 
	James C. Mastandrea, CEO

	 
	 
	 
	Whitestone REIT
	 

	 
	 
	 
	 
	 

	Date signed:
	7/3/2013
	 
	Date signed:
	7/5/2013

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ Greg Belsheim

	 
	 
	 
	Witness
	 

	 
	 
	 
	 
	 

	 
	 
	 
	Date signed:
	7/5/2013

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