Document:

lindstromempltr-111003.htm

Exhibit 10.1

 

 

	
 

	 	

4801 Woodway Drive

Suite 200-E

Houston, TX 77056T:  713.860.1500

F:  713.860.1588

www.ies-co.com

 

 

 

October 3, 2011

 

 

Mr. James M. Lindstrom

145 Pecksland Road

Greenwich, CT  06831

 

Dear Jim:

 

This letter is to memorialize the terms of your employment with Integrated Electrical Services, Inc. (the “Company”) and amends and restates in its entirety that certain letter agreement dated June 30, 2011 between you and the Company. Effective October 3, 2011, the Board of Directors of the Company hereby appoints you as Chief Executive Officer and President of the Company, a position you have held in an interim capacity since June 30, 2011, under terms set forth below:

 

	
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Base Salary. You will receive a monthly base salary of $32,500.00.

 

	

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Discretionary 2011 Incentive Award Opportunity.  You are eligible to receive a discretionary cash and/or equity incentive award for fiscal year 2011 as determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”) based on your achievement of certain performance objectives to be established by the Compensation Committee.

 

	

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Restricted Stock Grant.  On October 3, 2011 you will receive a one-time grant of 100,000 shares of restricted common stock pursuant to the Company’s 2006 Equity Incentive Plan (the “2006 Plan”).  This grant is, in part, a discretionary award for fiscal year 2011 and, in part, an award for your accepting the position of Chief Executive Officer and President on a permanent basis. This grant will vest as follows:  33,334 shares on October 3, 2012, 33,333 shares on October
3, 2013 and 33,333 shares on October 3, 2014 (each, a “Vesting Date”). If, prior to a Vesting Date, your employment is terminated by the Company other than for Cause, as defined in the 2006 Plan, a prorated number of the unvested shares shall vest based on the number of months that have passed from the most recent Vesting Date through the date of termination; provided, however, if after such termination you remain a member of the Company’s Board of Directors, the grant will continue to vest until you cease serving on the Board.

 

	
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Executive Benefit Plans; Other Benefits.  You will be eligible to participate in executive benefit and compensation plans as approved by the Board of Directors.  You are also eligible to participate in the Company’s medical, dental, vision, disability, 401(k) and executive deferred compensation plans.

 

	
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Travel Expenses.  It is understood that you will commute from your residence in the State of Connecticut to Houston, Texas or other Company locations on a weekly basis. Your travel and lodging expenses incurred will either be paid for by the Company or you will be reimbursed for such expenses in accordance with Company policy.

 

Sincerely,

 

 

/s/ William L. Fiedler      

William L. Fiedler

Senior Vice President &

General Counsel

 

 

AGREED AND ACCEPTED THIS 3rdh DAY OF OCTOBER 2011:

 

 

/s/ James M. Lindstrom     

James M. LindstromEx 10.1 Promissory Note

Exhibit 10.1

UNSECURED PROMISSORY NOTE

PRINCIPAL AMOUNT:  

$4,700.00

LOAN DATE:  

SEPTEMBER 29, 2011

EXECUTION DATE:

SEPTEMBER 29, 2011

INTEREST RATE: 

10.00% SIMPLE INTEREST

BORROWER:

WILLOW CREEK ENTERPRISES, INC.

LENDER:

DUKE HOLDINGS LTD.

DUE DATE:

$4,700.00 ON DEMAND

1.

Principal Repayment.  For value received, Willow Creek Enterprises, Inc., a Delaware corporation (the “Borrower”) hereby unconditionally promises to pay to the order of Duke Holdings Ltd., a corporation established under the laws of the country of Belize (the “Lender”), the principal amount of four thousand seven hundred US dollars ($4,700.00), with simple interest accruing at an annual rate of ten percent (10.00%) thereon. The principal amount is due and payable on demand, upon ten (10) days written notice by Lender (the “Due Date”).

2.

Payment Terms. Borrower shall pay the principal and any accrued interest in full on or before Due Date.

3.

Default. Borrower will be in default if any of the following occur: 

(a)

Borrower fails to make the Principal Repayment when due; 

(b)

Borrower breaks any promise Borrower has made to Lender in this Note or Borrower fails to perform promptly at the time and strictly in the manner provided in this Note; 

(c)

Any representation or statement made or furnished to Lender by Borrower or on Borrower's behalf in connection with this Note is false or misleading in any material respect; or, 

(d)

A receiver is appointed for any part of Borrower's property, Borrower makes an assignment for the benefit of creditors, or any proceeding is commenced either by Borrower or  against Borrower under any Bankruptcy or insolvency laws seeking the liquidation or  reorganization of Borrower and such proceeding is not dismissed within sixty (60) days after such filing.

4.

Borrower’s Right to Prepay.  Borrower may pay without penalty, all or a portion of the amount owed earlier than it is due. Any prepayment shall be first applied against any accrued and unpaid interest and then to reduce the amount of principal due under this Note.

5.

Waiver of Demand, Presentment, etc. The Borrower hereby expressly waives demand and presentment for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, notice of acceleration or intent to accelerate, bringing of suit and diligence in taking any action to collect amounts called for hereunder and shall be directly and primarily liable for the payment of all sums owing and to be owing hereunder, regardless of and without any notice, diligence, act or omission as or with respect to the collection of any amount called for hereunder.

6.

Payment.  Except as otherwise provided for herein, all payments with respect to this Note shall be made in lawful currency of the United States of America by check or wire transfer of immediately available funds, at the option of the Lender, at the principal office of the Lender or such other place or places or designated accounts as may be reasonably specified by the Lender of this Note in a written notice to the Borrower at least one (1) business day prior to payment. 

7.

Assignment.  The rights and obligations of the Borrower and the Lender of this Note shall be binding upon, and inure to the benefit of, the permitted successors, assigns, heirs, administrators and transferees of the parties hereto.

8.

Waiver and Amendment.  Any provision of this Note, including, without limitation, the due date hereof, and the observance of any term hereof, may be amended, waived or modified (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Borrower and the Lender.

9.

Notices. Any notice, request or other communication required or permitted hereunder shall be in writing and shall be deemed to have been duly given if personally delivered or mailed by registered or certified mail, postage prepaid, or delivered by facsimile transmission, to the Borrower at the address or facsimile number set forth herein or to the Lender at its address or facsimile number set forth in the records of the Borrower.  Any party hereto may by notice so given change its address for future notice hereunder.  Notice shall conclusively be deemed to have been given when personally delivered or when deposited in the mail in the manner set forth above and shall be deemed to have been received when delivered or, if notice is given by facsimile transmission, when delivered with confirmation of receipt.

10.

Severability.  If one or more provisions of this Note are held to be unenforceable under applicable law, such provisions shall be excluded from this Note, and the balance of this Note shall be interpreted as if such provisions were so excluded and shall be enforceable in accordance with its terms.

11.

Headings.  Section headings in this Note are for convenience only, and shall not be used in the construction of this Note.

IN WITNESS WHEREOF, the Borrower has caused this Note to be issued as of the date first above written.

WILLOW CREEK ENTERPRISES, INC.

By:  /s/ Terry Fields                               

        Name:  Terry Fields

        

        Title:    President and Chief Executive Officer

2Exhibit 10.1

 

 

AMENDMENT NO. 3 TO

TRANSACTIONS TERMS LETTER

 

This AMENDMENT NO. 3 TO TRANSACTIONS TERMS LETTER (the “Amendment”) is made and entered into as of September 30, 2011 by and between Bank of America, N.A. (“Buyer”) and Home Loan Center, Inc. (“Seller”). This Amendment amends that certain Transactions Terms Letter by and between Buyer and Seller dated as of June 30, 2010 (the “Transactions Terms Letter”), which supplements that certain Master Repurchase Agreement by and between Buyer and Seller dated as of May 1, 2009 (as may be amended from time to time, the “Agreement”).

 

R E C I T A L S

 

Buyer and Seller have previously entered into the Transactions Terms Letter and Agreement pursuant to which Buyer may, from time to time, purchase certain mortgage loans from Seller and Seller agrees to sell certain mortgage loans to Buyer under a master repurchase facility.  Buyer and Seller hereby agree that the Transactions Terms Letter shall be amended as provided herein.

 

In consideration of the mutual promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Buyer and Seller hereby agree as follows:

 

1.                                       Expiration Date.  Buyer and Seller agree that the Expiration Date set forth within the Transactions Terms Letter shall be deleted in its entirety and replaced with the following:

 

	
“Expiration   Date:
    	
 
    	
The   earlier of (i) the Closing Date, as defined in Section 4.1 of that   certain Asset Purchase Agreement by and among Tree.com, Inc, Home Loan   Center, Inc., LendingTree, LLC and HLC Escrow, Inc. and Discover   Bank, dated May 12, 2011, or (ii) November 1, 2011 (the “Extension”), at which time the   Agreement will expire. Notwithstanding anything to the contrary in the   Agreement, following the expiration date of such Extension, all indebtedness   due Buyer under the Principal Agreements shall be immediately due and payable   without notice to Seller and without presentment, demand, protest, notice of   protest or dishonor, all of which are hereby expressly waived by Seller.”
    

 

2.                                       No Other Amendments; Conflicts with Previous Amendments.  Other than as expressly modified and amended herein, the Transactions Terms Letter shall remain in full force and effect and nothing herein shall affect the rights and remedies of Buyer as provided under the Transactions Terms Letter and Agreement. To the extent any amendments to the Transactions Terms Letter contained herein conflict with any previous amendments to the Transactions Terms Letter, the amendments contained herein shall control.

 

3.                                       Capitalized Terms.  Any capitalized term used herein and not otherwise defined herein shall have the meaning ascribed to such term in the Agreement.

 

4.                                       Facsimiles.  Facsimile signatures shall be deemed valid and binding to the same extent as the original.

 

(Signature page to follow)

 

 

IN WITNESS WHEREOF, Buyer and Seller have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the date first written above.  Buyer shall have no obligation to honor the terms and conditions of this Amendment if Seller fails to fully execute and return this document to Buyer within thirty (30) days after the date hereof.

 

	
BANK   OF AMERICA, N.A.
    	
 
    	
HOME   LOAN CENTER, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Blair Kenny
    	
 
    	
By:
    	
/s/   Sue Tyner
    
	
 
    	
 
    	
 
    
	
Name: Blair Kenny
    	
 
    	
Name:   Sue Tyner
    
	
 
    	
 
    	
 
    
	
Title: Senior Vice President
    	
 
    	
Title:   Senior Vice President, Accounting

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