Document:

ex10-30.htm

Exhibit 10.30

AMENDMENT

TO

MERISEL, INC.

10% CONVERTIBLE NOTE, DUE AUGUST 31, 2015

THIS AMENDMENT, dated as of November 21, 2012 (this “Amendment”), amends that certain 10% Convertible Note, due August 31, 2015 (the “Note”), issued by MERISEL, INC., a Delaware corporation (the “Company”), on August 21, 2012 to SAINTS CAPITAL GRANITE, L.P., a Delaware limited partnership (the “Investor”), in the original principal amount of Two Million and 00/100 Dollars ($2,000,000.00)

W I T N E S S E T H

 

WHEREAS, the Company issued the Note to the Investor pursuant to that certain Note Purchase Agreement, dated as of August 20, 2012, by and between the Company and the Investor (the “Purchase Agreement”); and

 

WHEREAS, the Company desires and the Investor agrees to amend the Note on the terms and conditions set forth herein.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Investor hereby agree as follows:

 

1.           Definitions.  Except as otherwise stated in this Amendment, capitalized terms defined in the Note and used in this Amendment without definition shall have the respective meanings assigned to them in the Purchase Agreement.

2.           Amendment to the Note.

a.      The definition of “Change of Control” set forth in Section 1 of the Note is hereby amended by deleting in their entirety the words “June 30, 2012” beginning on the seventh line of the first sentence and replacing such words with the words “November 21, 2012”.

b.      The first sentence of Section 5 of the Note is hereby amended and restated in its entirety to read as follows:

“All or any portion of the principal amount of this Note then outstanding together with any accrued and unpaid interest hereunder shall be convertible into shares of Common Stock at the Conversion Price, at the option of the Investor, at any time and from time to time from and after the end of the Restricted Period; provided, however, that each conversion of the principal amount then outstanding or any accrued and unpaid interest of this Note, shall be in an amount at least equal to the lesser of (i) one million dollars ($1,000,000) or (ii) the then outstanding principal amount of this Note and any accrued and unpaid interest hereunder.”

  

  

  

 

3.           References.  Any and all references to the Note in the Purchase Agreement shall be deemed to be the Note as amended hereby.  As used in the Note, the terms “Note,” “herein,” “hereafter,” “hereunder,” “hereto” and words of similar import shall mean, from and after the date of this Amendment, the Note as amended hereby.  The Note Purchase Agreement is hereby amended, modified or supplemented to the extent necessary so as to give effect to the provisions of this Amendment.

4.           Full Force and Effect.  As expressly modified by this Amendment, all of the terms and provisions of the Note shall continue in full force and effect, and all parties hereto shall be entitled to the benefits thereof.  The agreements herein contained are limited specifically to the matters set forth above and do not constitute directly or by implication an amendment or waiver of any other provision of the Note which has not been expressly amended or waived herein.

5.           Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which taken together shall constitute but one agreement.  Delivery of an executed signature page of this Amendment by telecopy shall be as effective as delivery of a manually executed counterpart of this Amendment.

[Signature Page to Follow.]

  

  

  

 

In WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as of the first above written date.

 

	 	
MERISEL, INC.

	 
	 	 	 	 
	 	 	 	 
	
 

	By: /s/ Donald R. Uzzi	 
	 	Name:	Donald R. Uzzi	 
	 	Title: 	Chairman	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	SAINTS CAPITAL GRANITE, L.P.	 
	 	 	 	 
	 	
By: Saints Capital Granite, LLC,

a Delaware limited liability company,

its general partner

	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By: /s/ Kenneth Sawyer	 
	 	Name:	 Kenneth Sawyer	 
	 	Title:	   Managing Memberex10-31.htm

Exhibit 10.31

 

[Print on Letterhead]

 

 

	 	November __, 2012

 

 

Merisel, Inc.

132 West 31st Street

5th Floor

New York, NY 10001

Attn: Terry Tevis, CEO

 

Re: Future Financing Activities

 

 

Ladies and Gentlemen:

 

Merisel, Inc. (the “Borrower”) has requested that Saints Capital Granite, L.P. (“Saints”), agree to provide a financing facility in an aggregate amount of up to $4,000,000, consisting of (1) a 10% Convertible Note due 2015 in the principal amount of $1,500,000 (the “First Tranche”), which, if implemented, is anticipated to be issued on the date of execution of this letter, (2) a second tranche of $1,500,000 which will either be provided as a guaranty of an equipment lease or additional note purchased for cash (the “Second Tranche”), and (3) a third tranche of $1,000,000 to be provided contemporaneously (and conditioned on) the amendment of the Borrower’s loan agreement with PNC Bank, National Association (the “Third Tranche”).  The First Tranche, Second Tranche and Third Tranche are collectively referred to as the “Facility”.

 

Saints’ agreement to provide the financing discussed in this Letter would be subject to (a) Saints’ belief at the time of the funding for the Second Tranche and the Third Tranche, taking into account the then-current facts and circumstances as known to Saints, that such funding remains advisable and in the bests interests of Saints and, (b) the negotiation, execution and delivery of definitive agreements reasonably satisfactory to Saints and its counsel.  The Borrower acknowledges and understands that no commitment to provide the Facility is being made by Saints pursuant to this Letter.

 

This Letter shall not be assignable by you without the prior written consent of Saints (and any purported assignment without such consent shall be null and void), is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto.  This Letter may not be amended or waived except by an instrument in writing signed by you and Saints.  This Letter may be executed in any number of counterparts, each of which shall be an original, and all of which, when taken together, shall constitute one agreement.  Delivery of an executed signature page of this Letter by facsimile transmission shall be effective as delivery of manually executed counterpart hereof.  This Letter is the only document that has been entered into among us with respect to the Facility and set forth the entire understanding of the parties with respect thereto.  The Borrower shall make no public reference to this Letter without the prior written consent of Saints.

 

  

  

  

 

This Letter shall be governed by, and construed in accordance with, the law of the State of New York.  The Borrower consents to the nonexclusive jurisdiction and venue of the state or federal courts located in the City of New York.  EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, (A) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS LETTER OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) AND (B) ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LEGAL PROCEEDING IN THE STATE OR FEDERAL COURTS LOCATED IN THE CITY OF NEW YORK.  THE BORROWER AND SAINTS  IRREVOCABLY AGREE TO WAIVE TRIAL BY JURY IN ANY SUIT, ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THE TRANSACTIONS OR THIS LETTER.

 

If the foregoing correctly sets forth our understanding, please indicate your acceptance of the terms hereof by returning to us executed counterparts hereof.

 

 

.

	 	
Very truly yours,

	 
	 	 	 
	 	SAINTS CAPITAL GRANITE, L.P.	 
	 	 	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Name:	 
	 	 	Title:	 

 

[Signatures continue on following page]

 

  

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Accepted and agreed to as of the date first written above by:

 

MERISEL, INC.

 

By: _______________________________

       Name:

       Title:

 

 

3Unassociated Document

 

Exhibit 10.1

 

[Pershing Gold Corporation letterhead]

 

November 21, 2012

Mr. Eric Alexander

10691 Chadsworth Lane

Highlands Ranch, CO 80126

Re: Revised Terms of Employment

Dear Eric:

This letter confirms our agreement to amend and restate your offer letter to reflect revised terms of employment. Your are employed as Vice President Finance and Controller for Pershing Gold Corporation (the “Company”). You report directly to Stephen D. Alfers, President, Chief Executive Officer and Chairman of the Board. The details of your employment are as follows:

 

Base Salary: Your annual salary shall be $175,000 (“Base Salary”), payable $14,583 once monthly, on the last day of the month, in accordance will the Company’s normal payroll policy and subject to federal and state withholding laws. The Base Salary will be reviewed at least annually, and any adjustments will be made at the sole discretion of the Chief Executive Officer with the approval of the Board of Directors.

 

Restricted Stock Grant: Subject to approval of the Board of Directors, the Company will grant you 200,000 shares of restricted stock of the Company pursuant to the 2012 Equity Incentive Plan (the “Plan”). The shares of restricted stock shall be subject to the following vesting provisions.  All vesting is subject to clawbacks (as shall be set forth in the restricted stock award agreement), and the terms of the Plan and the restricted stock award agreement including Section 6(f) of the Plan (Termination of Employment).  Notwithstanding anything to the contrary, all vested shares may be exercised and disposed of not sooner than six months following the date hereof:

 

	
Percentage of Shares to Vest

	
Date of Vesting

	
33.33%

	
November 30, 2013

	
33.33%

	
November 30, 2014

	
33.34%

	
November 30, 2015

 

Bonus: You will be entitled to participate in the Company’s executive plans as they may be established or amended.

 

  

 

  

 

Benefits: Contingent upon underwriting review, you will be eligible to participate in the Company’s health, dental and vision plans for employees. Benefits will become effective on the 1st day of the month of the third month following your start date.

 

Non-Disclosure, Non-Competition and Non-Solicitation Agreement: As a condition of your employment you will be required to sign a mutually acceptable agreement, the essential terms of which are 1) three year term, 2) severance 1.0x base salary and bonus for termination without cause or resignation with good reason, and 1.5x base and bonus for termination within 12 months following change of control, 3) non-disclosure of confidential information, and 4) non-competition and non-solicitation restrictive covenants during employment and 12 month post-termination of employment.

 

Personal Leave: You will be allowed four weeks personal leave annually. Personal Leave is calculated per calendar year, is prorated based on start date and does not carry over from year to year. Holidays will be in accordance with Company policy.

 

Technology: In addition to office equipment, you will be provided a laptop for business use. You will also receive an expense reimbursement of $90 per month for your mobile device service/data plan to defray the costs of using your device for business communications.

 

Proof of Employment Eligibility: On your start date you will be required to complete Form I-9 verifying your identity and eligibility for employment and provide appropriate documentation.  Your birth certificate, Social Security card, and passport or other government issued photo identification will be acceptable for this purpose.

 

We understand that your employment with the Company will not in any way violate the terms of any agreement with, or obligation to, any other individual or company.

 

Your employment with the Company will be “at-will,” which means that either you or the Company can terminate your employment at any time, for any reason or no reason, with or without cause, warning, or notice.  This letter is not to be construed as contract guaranteeing employment for any specific duration, and by signing below, you acknowledge that no promises have been made to you concerning the terms, conditions, duration, or any other aspect of your employment with the Company, except as set forth in this letter.

 

  

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Please acknowledge your acceptance of this revised terms of employment letter by signing below.

 

 

	 
Pershing Gold Corporation

	 
	 	 	 
	 	 	 
	
By: 

	 
/s/ Stephen D. Alfers

	 
	 	 
Stephen D. Alfers

	 
	 	 
President & CEO

	 
	 	 	 
	 	 	 
	 
Accepted and agreed to:

	 
	 	 
	 	 
	 
/s/ Eric Alexander 

	 
	 
Eric Alexander

	 
	 	 	 

 

 

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