Document:

EXHIBIT 10.2

 

 

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

This First Amendment to the Employment Agreement by and between The Provident Bank, a state-chartered savings bank organized and existing under the laws of the Commonwealth of Massachusetts (the “Bank”) and Charles F. Withee, an individual (the “Executive”), is effective as of January 1, 2019.

WITNESSETH:

 WHEREAS, the parties entered into an Employment Agreement as of January 1, 2015;

WHEREAS, pursuant to Section 15.11 of the Employment Agreement, the Employment Agreement may be amended or modified by a written instrument signed by the parties;

NOW, THEREFORE, the parties hereby amend the Employment Agreement effective as of the date first written above as follows:

1. Section 7.1 is hereby amended to delete the first sentence thereof and replace it with the following language:

“The Executive shall be entitled to terminate his employment hereunder for Good Reason (as defined in Section 7.4 of this Agreement) upon at least thirty (30) days prior written notice given to the Board of Directors within a reasonable period of time (not to exceed ninety (90) days) after the event giving rise to the right to elect terminate employment for Good Reason and, provided, the Bank shall have thirty (30) days to cure the condition giving rise to the right of the Executive to terminate employment (although the Bank may elect to waive the thirty (30) day period) for Good Reason.”   

2. Section 9.2 is amended by deleting the current language in its entirety and replacing it with the following:

“9.2 Payment of Remaining Salary Obligation.  If the termination of employment occurs other than at or following a Change in Control, a severance benefit equal to (i) the Executive’s annual base salary (calculated without regard to any payments that may have been made at the 60% Rate, as defined in Section 11.1 of this Agreement) and (ii) his Average Bonus, that would have been paid through the Expiration Date.  If the Executive’s termination of employment occurs in connection with or following a Change in Control, the severance benefit shall equal two times the sum of (i) the Executive’s annual base salary (calculated without regard to any payments that may have been made at the 60% Rate, as defined in Section 11.1 of this Agreement) and (ii) his Average Bonus. This payment shall be made in twelve equal monthly installments beginning as of the date of termination of employment, provided further that in the event of termination of employment within two (2) years following a Change in Control, this payment shall be made in a lump sum at the time of the termination.

IN WITNESS WHEREOF, this First Amendment to Employment Agreement has been executed as a sealed instrument by the Bank, by its duly authorized officer, and by the Executive, effective as of the day and year first above written.

	
ATTEST: /s/ Kimberly J. Scholtz

 

 

 

	
THE PROVIDENT BANK

 

 

 

By: /s/ David P. Mansfield

Title: Chief Executive Officer

Date: December 20, 2018

	 	 
	
[Seal]

 

 

WITNESS

 

 

 /s/ Kimberly J. Scholtz

	
 

 

 

EXECUTIVE

 

 

 /s/ Charles F. Withee

Charles F. Withee

Date: December 20, 2018EXHIBIT 10.3

 

 

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

This First Amendment to the Employment Agreement by and between The Provident Bank, a state-chartered savings bank organized and existing under the laws of the Commonwealth of Massachusetts (the “Bank”) and Carol L. Houle, an individual (the “Executive”), is effective as of January 1, 2019.

WITNESSETH:

 WHEREAS, the parties entered into an Employment Agreement as of January 1, 2015;

WHEREAS, pursuant to Section 15.11 of the Employment Agreement, the Employment Agreement may be amended or modified by a written instrument signed by the parties;

NOW, THEREFORE, the parties hereby amend the Employment Agreement effective as of the date first written above as follows:

1. Section 7.1 is hereby amended to delete the first sentence thereof and replace it with the following language:

“The Executive shall be entitled to terminate her employment hereunder for Good Reason (as defined in Section 7.4 of this Agreement) upon at least thirty (30) days prior written notice given to the Board of Directors within a reasonable period of time (not to exceed ninety (90) days) after the event giving rise to the right to elect terminate employment for Good Reason and, provided, the Bank shall have thirty (30) days to cure the condition giving rise to the right of the Executive to terminate employment (although the Bank may elect to waive the thirty (30) day period) for Good Reason.”   

2. Section 9.2 is amended by deleting the current language in its entirety and replacing it with the following:

“9.2 Payment of Remaining Salary Obligation.  If the termination of employment occurs other than at or following a Change in Control, a severance benefit equal to (i) the Executive’s annual base salary (calculated without regard to any payments that may have been made at the 60% Rate, as defined in Section 11.1 of this Agreement) and (ii) her Average Bonus, that would have been paid through the Expiration Date.  If the Executive’s termination of employment occurs in connection with or following a Change in Control, the severance benefit shall equal two times the sum of (i) the Executive’s annual base salary (calculated without regard to any payments that may have been made at the 60% Rate, as defined in Section 11.1 of this Agreement) and (ii) her Average Bonus. This payment shall be made in twelve equal monthly installments beginning as of the date of termination of employment, provided further that in the event of termination of employment within two (2) years following a Change in Control, this payment shall be made in a lump sum at the time of the termination.

IN WITNESS WHEREOF, this First Amendment to Employment Agreement has been executed as a sealed instrument by the Bank, by its duly authorized officer, and by the Executive, effective as of the day and year first above written.

	
ATTEST: /s/ Kimberly J. Scholtz

 

 

 

	
THE PROVIDENT BANK

 

 

By: /s/ David P. Mansfield

Title: Chief Executive Officer

Date: December 20, 2018

	 	 
	
[Seal]

 

 

WITNESS

 

 

 /s/ Kimberly J. Scholtz

	
 

 

 

EXECUTIVE

 

 

 /s/ Carol L. Houle

Carol L. Houle

Date: December 20, 2018Exhibit 10.1

 

AMENDMENT

 

This
Amendment dated as of December 20, 2018 (this “Amendment”), by and among Smaaash Entertainment Inc., a Delaware
corporation f/k/a I-AM Capital Acquisition Company (the “Company”), Polar Asset Management Partners Inc., a
company incorporated under the laws of Ontario, Canada (“Polar”), and The K2 Principal Fund L.P., a limited
partnership incorporated under the laws of the Province of Ontario (“K2” and, together with Polar, the “Sellers”),
amends (i) that certain Stock Purchase Agreement dated as of November 2, 2018 between the Company and Polar (the “Polar
Agreement”), (ii) that certain Stock Purchase Agreement dated as of November 5, 2018 between the Company and K2 (the
“K2 Agreement” and, together with the Polar Agreement, the “Purchase Agreements”), and (iii)
that certain Escrow Agreement dated as of November 19, 2018 between the Company, Polar, K2 and Continental Stock Transfer &
Trust Company, as escrow agent (the “Escrow Agreement” and, together with the Purchase Agreements, the “Agreements”).
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreements.

 

WHEREAS,
the parties have agreed to amend the terms of Section 1.01 of the Purchase Agreements; and

 

WHEREAS,
the parties wish to extend the date of the Closing; and

 

WHEREAS,
the changes made in this Amendment require certain changes be made to the Escrow Agreement.

 

NOW
THEREFORE, in consideration of the premises, the mutual agreements contained herein and other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the undersigned agree as follows:

 

		1.	Amendment
to Terms. Section 1.01 of each of the Purchase Agreements is hereby deleted and replaced in its entirety with the following
new section 1.01:
	 	 	 
	 	 	“Section
1.01 Sales to Buyer. Seller hereby agrees to sell to Buyer and Buyer hereby agrees to purchase from Seller at Closing (as
defined below) all Shares not previously sold by Seller pursuant to Section 1.02 below, for the following purchase prices (the
“Purchase Price Per Share”): (i) first $6.00 per Share up to 20% of the original number of Shares, (ii) then $5.00
per remaining Share up to 20% of the original number of Shares, (iii) then $4.00 per remaining Share up to 20% of the original
number of Shares, (iv) then $3.00 per remaining Share up to 20% of the original number of Shares, and (v) then $2.00 per remaining
Share up to 20% of the original number of Shares. In all cases, the Purchase Price Per Share, is as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations or similar transactions. The total amount paid for all Shares actually purchased
by the Buyer shall be referred to herein as the “Aggregate Purchase Price”.”

 

     

     

    

 

 

2.     Extension
of Closing Date. As permitted pursuant to Section 1.03 of the Purchase Agreements, the parties hereby agree to extend the
date of the Closing until January 18, 2019.

 

3.     Instructions
to Escrow Agent.

 

(a)
       Within two (2) business days of the execution of this Amendment, the Company and Polar
or K2, as applicable, shall send joint written instructions to the Escrow Agent confirming that an amount of $7.23 per original
number of Shares is to be promptly disbursed from Escrow in accordance with payment instructions provided by Polar or K2, as applicable.

 

(b)       On
both the 10-day and 20-day anniversaries of the date of execution of this Amendment, the Company and Polar or K2, as applicable,
shall send joint written instructions to the Escrow Agent confirming that funds shall be promptly disbursed from Escrow to the
Company based on the following formula: (i) the remaining funds in the Escrow, less (ii) the Aggregate Purchase Price that the
Shares still owned by the Sellers would be purchased for if the Company purchased such Shares pursuant to Section 1.01 of the
Purchase Agreements.

 

4.     Amendment
to Warrants. The Company hereby agrees to (i) amend the exercise price of the Company’s outstanding warrants, which
includes the warrants held by the Sellers, such that each warrant will entitle the holder to purchase one share of the Company’s
common stock at an exercise price of $4.00 per share (as opposed to the current $11.50 per share), subject to adjustments, and
(ii) amend the redemptions terms of such warrants such that the Company may only redeem each warrant in whole at a price of $0.01
per warrants upon a minimum of 30 days’ written notice of redemption if, and only if, the last sale price of the Company’s
common stock equals or exceeds $7.00 per share (as opposed to the current $21.00 per share) for any 20 trading days within in
a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption
to the warrant holders; provided, however, that the amendments referenced in clauses (i) and (ii) above shall only be effectuated
once the requisite number of warrant holders approve such changes, as required by applicable securities laws.

 

5.     Amendments
to Escrow Agreement.

 

(a)
       Section 4.1 of the Escrow Agreement is hereby amended by replacing the existing Termination
Date of “December 31, 2018” with “January 25, 2019”.

 

(b)       Notwithstanding
anything to the contrary contained in the Escrow Agreement, joint instructions delivered to the Escrow Agent pursuant to the terms
of Section 3 above shall be acceptable to the Escrow Agent, and the Escrow Agent shall act on such instructions as if originally
permitted by the terms of the Escrow Agreement.

 

6.     Representations
and Warranties. The representations and warranties of the Company in Article III of the Purchase Agreements and of the Sellers
in Article II of the Purchase Agreements, are hereby incorporated by reference into this Amendment with the same force and effect
as if recited herein as of the date hereof.

 

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7.      Miscellaneous.

 

(a)       Notwithstanding
that this Amendment relates to both the Polar Agreement and the K2 Agreement, all rights and obligations of Polar and K2 hereunder
arise severally and not jointly.

 

(b)      To
the extent any other provisions of the Agreements need to be amended to properly reflect the revisions set forth above, such provisions
are hereby so amended. 

 

(c)       Except
as modified and amended herein, all of the terms and conditions of the Agreements shall remain in full force and effect.

 

(d)       This
Amendment may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any
electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method
and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

(e)       This
Amendment and the rights of the parties hereto shall be governed by the internal laws of the State of New York.

 

[SIGNATURE
PAGE FOLLOWS]

 

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IN
WITNESS WHEREOF, the parties have executed this Amendment to be binding and effective as of the date first written above.

 

	 	SMAAASH ENTERTAINMENT INC.
	 	 	 
	 	By:	/s/ F. Jacob Cherian	 
	 	 	Name:  F. Jacob Cherian
	 	 	Title:    Chief Executive Officer
	 	 	 
	 	POLAR ASSET MANAGEMENT PARTNERS INC.
	 	 	 
	 	By:	/s/ Greg Lemaich / Ryan Hickey	 
	 	 	Name:  Greg Lemaich / Ryan Hickey
	 	 	Title:    General Counsel / Senior Legal Counsel
	 	 	 
	 	THE K2 PRINCIPAL FUND L.P.
	 	 	 
	 	By:	/s/ Daniel Gosselin	 
	 	 	Name:  Daniel Gosselin
	 	 	Title:    President of K2 Genpar 2017, Inc.,
	 	 	  The General  Partner of the K2 Principal Fund  

 

Acknowledged
and Agreed (with

respect
to Section 5 only):

 

CONTINENTAL
STOCK TRANSFER

& TRUST COMPANY 

	 	 
	By:	/s/ Francis
    E. Wolf, Jr.
	 	Name:  Francis E. Wolf, Jr.
	 	Title:    Vice President

 

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