Document:

EXHIBIT 10.2

 

CONSULTING AGREEMENT

 

This Agreement (the “Agreement”) is entered into as of 22 December 2014 by and between Federal Technology Agency Inc. (“FTA”) and its subsidiaries, and Mr. Carlos Guillermo López Martínez (the “Consultant”).

 

In consideration of the mutual covenants and promises contained herein, the parties hereto agree as follows:

 

1. Engagement; Consultant Relationship; Duties; Title. FTA hereby engages the Consultant, and the Consultant hereby agrees to render, consulting services to FTA in connection the management of the business. The Consultant shall devote a portion of his business time and efforts to the assessment of the accounting system of FTA. The Consultant shall use reasonable efforts in such endeavors. The Consultant shall also perform the services with a level of care, skill, and diligence that a prudent professional acting in a like capacity and familiar with such matters would use, and shall agree to abide by the rules of governance established by FTA’s board of directors.

 

Consultant shall provide services as Management Consultant of FTA or such other services for and on behalf of the FTA as FTA, through one or more of its duly-authorized officers, may assign to Consultant from time to time, provided however, that Consultant will not be unreasonably assigned to any function that does not have comparable status, level of responsibilities and duties as the position initially assumed under this Agreement. Consultant, shall perform such services and duties for FTA as are usually and customarily required of a person holding the position of Management Consultant (or other position as assigned by FTA) in the industry in which FTA does business.

 

Consultant shall promptly obey, comply with and be subject to all rules, regulations and orders that may from time to time be issued by FTA and that are in keeping with Consultant’s relation with FTA and such rules, regulations and orders shall have the same force and effect as though they were written into this Agreement at this time, including without limitation Buyer's code of business conduct & ethics policies, insider trading policies, and confidentiality requirements. The services to be performed by Consultant shall be principally rendered in Palo Alto (“Consultant’s Principal Place of Business”), together with such business travel as may be necessary for Consultant to satisfactorily perform the duties required under this Agreement. Consultant shall report directly to the Board of Directors and/or President of FTA.

 

2. Term and Termination. The term of this Agreement shall begin on the date first signed and shall continue until the completion of one year (the ‘Termination Date’) unless terminated by either party as described herein (the “Term”). Prior to the Termination Date, FTA may terminate this agreement for cause (defined as immoral, unethical, or illegal behavior the Consultant) without prior notice. Should FTA terminate this agreement other than for cause, it shall provide the Consultant with 5 days’ notice.

 

	 
	
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Should the Consultant terminate this agreement other than due to a breach of this Agreement by FTA, Consultant shall forfeit any claims to compensation for transactions completed by FTA following the termination date, unless the fees earned were for work completed by the Consultant prior to the termination date. Should FTA terminate this agreement other than for a breach of this agreement, it shall provide FTA with 5 days’ notice.

 

3. Compensation. Consultant shall be compensated at a rate of hundred dollars ($100) per hour for consulting services rendered, which shall be paid upon 15 days of the submission of an invoice showing the amount of hours of services and duties performed by Consultant for the benefit of FTA. Unless otherwise required by law, all such compensation shall be payable without deduction for national or local income taxes, social security or any other amounts, which shall remain the responsibility of FTA.

 

4. Expenses. The Consultant shall pay for his own expenses unless otherwise agreed or required by FTA and pre-approved.

 

5. Independent Contractor. The Consultant is an independent contractor providing services to FTA. The Consultant is not an agent of FTA and shall have no right to bind FTA, except as expressly and duly authorized by affirmative action of the CEO or board of directors. FTA, as appropriate, will report all payments to be made hereunder on Forms 1099 (or their equivalent in a different country) as payments to the Consultant for independent contracting services. FTA shall not carry worker’s compensation insurance to cover the Consultant. FTA shall not pay any contributions to Social Security, unemployment insurance, federal or state withholding taxes, or their equivalent in another country, nor provide any other contributions or benefits that might be expected in an employer-employee relationship.

 

6. No Assignment. Unless otherwise agreed with FTA, the Consultant shall not subcontract his duties or cause any other person or entity to perform his services. The Consultant shall therefore not voluntarily or by operation of law assign or otherwise transfer the obligations incurred on his part pursuant to the terms of this Agreement without the prior written consent of FTA. Any attempted assignment or transfer by Consultant of his obligations without such consent shall be voided.

 

7. Payment of Fees. Consultant may instruct FTA, in writing, to make payments earned under this Agreement to any other company or individual as full and absolute settlement of such fees so long as doing so conforms to appropriate statutes, including without limitation US or international tax law, the Patriot Act or other such legislation, and SEC regulations.

 

	 
	
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8. Confidentiality, Non-Competition and Non-Circumvention. During the term of this Agreement and for a period of two (2) years after, FTA and Consultant agree that neither of them, nor any affiliate of them, directly or indirectly, or in any other capacity, will (i) in any manner influence any person who is an employee of the other Party to leave such service or hire any such person, (ii) contact or solicit any Person that is or at any time within the one year period immediately prior to the date of this Agreement was a customer of FTA or Consultant for the purpose of providing products, services or business competitive with that provided by the other PARTY, or provide any such products, services or business to any such Person, (iii) request or advise any suppliers, customers or accounts of the other Party to withdraw, curtail or cancel any business that is placed with the other Party, (iv) use or disclose, or cause to be used or disclosed, any secret, confidential or proprietary information of either Party, which is stipulated by either Party as confidential, regardless of the fact that FTA and/or Consultant or any FTA Affiliate may have participated in the development of that information, or (v) make any disparaging remarks about the other Party, their employees or officers, or their services, practices or conduct.

 

9. Contracts or Other Agreements with Current or Former Employer or Business. The Consultant hereby represents and warrants that he is not subject to any agreement with respect to which the Consultant’s engagement by FTA would be a breach.

 

10. Modification of Agreement. This Agreement may be modified by the parties hereto only by a written supplemental agreement executed by both parties.

 

11. Notice. All notices and other communications required or permitted under this Agreement shall be in writing and, if mailed by prepaid first-class mail or certified mail, return receipt requested, shall be deemed to have been received on the earlier of the date shown on the receipt or three (3) business days after the postmarked date thereof. In addition, notices hereunder may be delivered by hand, facsimile transmission or overnight courier, in which event the notice shall be deemed effective when delivered or transmitted.

 

12. Waiver of Breach. The waiver by either party of any breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach.

 

13. Entire Agreement. This Agreement contains the entire agreement of the parties relating to the subject matter of this Agreement and supersedes any prior written or oral arrangements with respect to the Consultant’s engagement by FTA.

 

14. Successors, Binding Agreement. Subject to the restrictions on assignment contained herein, this Agreement shall inure to the benefit of and be enforceable by FTA’s successors and assigns.

 

15. Validity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

 

	 
	
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16. Survival of Obligations. The duties and obligations contained in Paragraphs 6, 12, 13, 15 and 17 shall survive the expiration or termination of this Agreement.

 

17. Multiple Counterparts. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which shall together constitute one and the same Agreement.

 

18. Tax Withholding; Indemnification. By reason of Consultant’s relationship with FTA as an independent contractor, all sums required to be paid by FTA to Consultant shall be paid in full, without reduction for any withholding taxes, employers’ taxes, social security taxes, payments or contributions, and similar employer withholdings, deductions and payments. Consultant acknowledges and agrees that Consultant shall be solely responsible for making all such filings and payments and shall indemnify and hold harmless FTA for any liability, claim, expense or other cost incurred by FTA arising out of or related to the obligations of Consultant pursuant to this Paragraph 16.

 

19. Applicable Law. This Agreement shall be governed by and construed in accordance with the domestic laws of the State of California.

 

20. Headings. The headings of the Paragraphs of this Agreement are for convenience only and shall not control or affect the meaning or construction or limit the scope or intent of any of the provisions of this Agreement.

 

IN WITNESS WHEREOF, the parties hereto have executed, or cause their duly assigned agent to execute, this Agreement as of the date first set forth above.

 

 

	
For Federal Technology Agency Inc.

	
 

	
Consultant

	
 

	
 

	
 

	
 

	
 

	

	
 

	

	
	
Abraham Dominguez Cinta, CEO

	
 

	
Carlos Guillermo López Martínez

	
 

 

 

4Exhibit 10.1

 

AMENDMENT NO. 2
 TO
 AGVANTAGE BOND PURCHASE AGREEMENT

 

This Amendment No. 2 to the AgVantage Bond Purchase Agreement (the “Amendment”) is entered into on this 22nd day of December, 2014, by and between Farmer Mac Mortgage Securities Corporation (the “Purchaser”), Farmland Partners Operating Partnership, LP (“Issuer”), Farmland Partners Inc. (the “REIT”) and the Federal Agricultural Mortgage Corporation (the “Guarantor”).

 

WHEREAS, the parties to this Amendment are parties to an AgVantage Bond Purchase Agreement dated as of August 22, 2014, as amended by Amendment No. 1 dated October 13, 2014 (collectively, the “Agreement”); and

 

WHEREAS, the parties hereto desire to amend the Agreement, as set forth below.

 

NOW THEREFORE, the in consideration of the mutual agreements contained herein, the parties agree as follows:

 

Section 1.                                           Purchase of Bonds.  Section 2.01 is amended by deleting the first sentence and replacing it with the following:

 

“The Purchaser agrees to purchase Bonds, at 100% of their principal amount, from time to time before the Final Issuance Date, as requested by Issuer by written notice (each, a “Notice of Requested Borrowing”) and approved by Farmer Mac in an aggregate principal amount, for all Bonds outstanding hereunder at any one time, not in excess of $150,000,000, subject to satisfaction of the conditions set forth herein and agreement between the parties hereto as to the terms of the applicable Pricing Agreement.”

 

Section 2.                                           Defined Terms.  Capitalized terms used herein and not otherwise defined have the meanings assigned thereto in the Agreement.

 

Section 3.                                           Entire Agreement.  This Amendment contains the entire agreement between the parties regarding the modifications made to the Agreement.  Except as explicitly modified by this Amendment, each and every term, condition, exhibit, schedule, annex, and provision of the Agreement shall remain in full force and effect.

 

Section 4.                                           Governing Law.  The terms of this Amendment shall be governed by, and construed in accordance with, federal law.  To the extent federal law incorporates state law, that state law shall be the laws of the State of New York applicable to contracts made and performed therein.

 

Section 5.                                           Counterparts.  This Amendment may be executed in two or more counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument.

 

*****

 

 

IN WITNESS WHEREOF, the parties hereto hereby execute this Amendment as of the day and year first above written.

 

	
 
    	
FARMER MAC MORTGAGE   SECURITIES CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ R.   Dale Lynch
    
	
 
    	
Name:
    	
R. Dale   Lynch
    
	
 
    	
Title:
    	
Vice   President and Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FEDERAL   AGRICULTURAL MORTGAGE CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ R.   Dale Lynch
    
	
 
    	
Name:
    	
R. Dale   Lynch
    
	
 
    	
Title:
    	
Senior   Vice President — Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FARMLAND PARTNERS   OPERATING PARTNERSHIP, LP
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Luca   Fabbri
    
	
 
    	
Name:
    	
Luca   Fabbri
    
	
 
    	
Title:
    	
Chief   Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FARMLAND PARTNERS   INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Luca   Fabbri
    
	
 
    	
Name:
    	
Luca   Fabbri
    
	
 
    	
Title:
    	
Chief   Financial Officer, Secretary and Treasurer
    
				

 

[Signature Page — Amendment No. 2 to

AgVantage Bond Purchase Agreement]

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