Document:

Unassociated Document

 

Exhibit 10.8

WAIVER

In consideration for the benefits I will receive as a result of my employer’s participation in the United States Department of the Treasury’s TARP Capital Purchase Program, I hereby voluntarily waive any claim against the United States or any state or territory thereof or my employer or any of its directors, officers, employees and agents for any changes to my compensation or benefits that are required in order to comply with Section 111 of the Emergency Economic Stabilization Act of 2008, as amended (“EESA”), and rules, regulations, guidance or other requirements issued thereunder (collectively, the “EESA Restrictions”).

I acknowledge that the EESA Restrictions may require modification of the employment, compensation, bonus, incentive, severance, retention and other benefit plans, arrangements, policies and agreements (including so-called “golden parachute” agreements), whether or not in writing, that I have with my employer or in which I participate as they relate to the period the United States holds any equity or debt securities of my employer acquired through the TARP Capital Purchase Program and I hereby consent to all such modifications.  I further acknowledge and agree that if my employer notifies me in writing that I have received payments in violation of the EESA Restrictions, I shall repay the aggregate amount of such payments to my employer no later than fifteen business days following my receipt of such notice.

This waiver includes all claims I may have under the laws of the United States or any other jurisdiction related to the requirements imposed by the EESA Restrictions (including without limitation, any claim for any compensation or other payments or benefits I would otherwise receive absent the EESA Restrictions, any challenge to the process by which the EESA Restrictions were adopted and any tort or constitutional claim about the effect of the foregoing on my employment relationship) and I hereby agree that I will not at any time initiate, or cause or permit to be initiated on my behalf, any such claim against the United States, my employer or its directors, officers, employees or agents in or before any local, state, federal or other agency, court or body.

In witness whereof, I execute this waiver on my own behalf, thereby communicating my acceptance and acknowledgement to the provisions herein.

Respectfully,

 

	  	
 

 

 

____________________________

Name:

Title:

Date:a6417353ex10-9.htm

 

Exhibit 10.9

UNITED STATES DEPARTMENT OF THE TREASURY

1500 Pennsylvania Avenue, NW

Washington, D.C. 20220

August 31, 2010

Ladies and Gentlemen:

Reference is made to that certain Letter Agreement incorporating the Securities Purchase Agreement -- Standard Terms dated as of May 8, 2009 and the Securities Purchase Agreement -- Standard Terms dated as of December 22, 2009 (collectively the “Securities Purchase Agreement”) by and among the United States Department of the Treasury (the “Investor”) and Highlands State Bank (the “Company”).  Further reference is made to those certain Certificates of Amendment filed by the Company with the New Jersey Department of Banking and Insurance on May 8, 2009 and December 18, 2009 with respect to the Preferred Stock and the Warrant Preferred Stock (the “Company Certificates of Designations”).  Capitalized terms used but not defined herein shall have the meanings assigned to them in the Securities Purchase Agreement and the Company Certificates of Designations.  The Investor and the Company desire to set forth herein certain additional agreements regarding a Holding Company Transaction between the Company and Highlands Bancorp, Inc. (the “Acquiror”) on the date hereof.

In connection with the Company and the Acquiror’s consummation of a Holding Company Transaction:

1.           As of the date hereof, each of the Company and the Acquiror hereby represents that (A) each share of Designated Preferred Stock has been or will be converted into or exchanged for one share of Holding Company Preferred Stock, and (B) the Holding Company Preferred Stock conforms in all respects with the requirements of “Holding Company Preferred Stock” set forth in Section 7(c)(iv) of the Company Certificates of Designations.

2.           On or before the date hereof, the Acquiror has duly adopted and duly filed with the Division of Revenue of New Jersey the amendments to its certificate or articles of incorporation, articles of association, or similar organizational document, in substantially the forms provided on the Investor’s website, with respect to the Preferred Stock and the Warrant Preferred Stock (the “Acquiror Certificates of Designations”) and such Acquiror Certificates of Designations have been accepted.

 

 

  

  

  

 

3.           Pursuant to Section 4.3 of the Securities Purchase Agreement and effective as of the date hereof, the Acquiror hereby expressly assumes the due and punctual performance and observance of each and every covenant, agreement, and condition of the Securities Purchase Agreement to be performed and observed by the Company.

4.           In connection herewith, the Company and the Acquiror have delivered to the Investor a written opinion from counsel of the Company and the Acquiror, addressed to the Investor and dated as of the date hereof, in substantially the form attached hereto.

5.           Concurrently herewith, the Acquiror is issuing certificates representing the Holding Company Preferred Stock to the Investor, and the Investor is returning certificates representing the Designated Preferred Stock to the Company.

This side letter agreement and the Acquiror Certificates of Designations constitute the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral, between the parties with respect to the subject matter hereof.

This side letter agreement may be executed in counterparts, each of which shall be deemed an original and all of which shall together constitute one and the same instrument.  This side letter agreement shall be governed by and construed in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such state.

[Remainder of this page intentionally left blank]

 

 

  

  

  

 

In witness whereof, this side letter agreement has been duly executed by the authorized representatives of the parties hereto as of the date first above written.

Highlands State Bank

 

By: /s/ George E. Irwin

Name: George E. Irwin

Title:  President and CEO

Highlands Bancorp, Inc.

 

By: /s/ George E. Irwin

Name:  George E. Irwin

Title:  President and CEO

UNITED STATES DEPARTMENT OF THE TREASURY

 

By: /s/                               

Name:

Title:a6417353ex10-10.htm

Exhibit 10.10

 

 

WAIVER

In consideration for the benefits I will receive as a result of my employer’s participation in the United States Department of the Treasury’s TARP Capital Purchase Program, I hereby voluntarily waive any claim against the United States or any state or territory thereof or my employer or any of its directors, officers, employees and agents for any changes to my compensation or benefits that are required in order to comply with Section 111 of the Emergency Economic Stabilization Act of 2008, as amended (“EESA”), and rules, regulations, guidance or other requirements issued thereunder (collectively, the “EESA Restrictions”).

I acknowledge that the EESA Restrictions may require modification of the employment, compensation, bonus, incentive, severance, retention and other benefit plans, arrangements, policies and agreements (including so-called “golden parachute” agreements), whether or not in writing, that I have with my employer or in which I participate as they relate to the period the United States holds any equity or debt securities of my employer acquired through the TARP Capital Purchase Program and I hereby consent to all such modifications.  I further acknowledge and agree that if my employer notifies me in writing that I have received payments in violation of the EESA Restrictions, I shall repay the aggregate amount of such payments to my employer no later than fifteen business days following my receipt of such notice.

This waiver includes all claims I may have under the laws of the United States or any other jurisdiction related to the requirements imposed by the EESA Restrictions (including without limitation, any claim for any compensation or other payments or benefits I would otherwise receive absent the EESA Restrictions, any challenge to the process by which the EESA Restrictions were adopted and any tort or constitutional claim about the effect of the foregoing on my employment relationship) and I hereby agree that I will not at any time initiate, or cause or permit to be initiated on my behalf, any such claim against the United States, my employer or its directors, officers, employees or agents in or before any local, state, federal or other agency, court or body.

In witness whereof, I execute this waiver on my own behalf, thereby communicating my acceptance and acknowledgement to the provisions herein.

Respectfully,

 

	  	
____________________________

Name:

Title:

Date:Exhibit 10.14

                               FIRST AMENDMENT TO

                         LOAN & SECURITIZATION AGREEMENT

     This  FIRST  AMENDMENT  TO  LOAN &  SECURITIZATION  AGREEMENT  (the  "FIRST
AMENDMENT")  is dated  entered  into and  made  effective  as of the 31st day of
August,  2010, by and between BOSTON PIZZA RESTAURANTS  (USA),  INC., a Delaware
corporation  (the  "LENDER"),  and GLOBAL  ENTERTAINMENT  CORPORATION,  a Nevada
corporation (the "BORROWER").

                                    RECITALS

     WHEREAS,   the  parties   previously  entered  into  that  certain  Loan  &
Securitization Agreement dated June 8, 2010 (the "LOAN AGREEMENT"); and

     WHEREAS,  the parties now desire to amend the Loan Agreement as provided in
this First Amendment.

     NOW  THEREFORE,  in  consideration  of the terms,  conditions and covenants
contained   in  this  First   Amendment,   and  for  other  good  and   valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties agree to amend the Loan Agreement as follows:

                                    COVENANTS

1.  Capitalized  terms not defined herein shall have the meanings  attributed to
such terms in the Loan  Agreement.  References to section  headings herein shall
refer to the section headings contained in the Loan Agreement.

2.  Section  1.1 of the Loan  Agreement  is amended to read in its  entirety  as
follows:

     "General.  Subject  to the  terms  of this  Agreement,  the  Lender  hereby
     establishes  a  credit  facility  in  favor of the  Borrower  (the  "Credit
     Facility")  under which the Lender will extend  credit to the Borrower from
     time to time until August 31, 2011 (the "Credit  Termination Date"), by way
     of Loans pursuant to Section 1.2 hereof.  Each extension of credit shall be
     in such amount as the Borrower  may request,  but shall not be less than an
     amount equal to $30,000 per request.  The aggregate principal amount of the
     Credit  Facility  established  herein is $500,000  (the  "Commitment").  In
     consideration for Lender making the Loans described herein,  the Borrower's
     cumulative  outstanding  balance shall not exceed at any one time an amount
     equal  to one  hundred  percent  (100%)  of the  Borrower's  and any of its

                                       1
<PAGE>
     subsidiaries'  collectable  accounts  receivable.  The  Borrower may obtain
     credit,  repay without  penalty and obtain  further  credit as provided for
     under this  Agreement,  from the date hereof  until the Credit  Termination
     Date."

3.  Section  1.2 of the Loan  Agreement  is amended to read in its  entirety  as
follows:

     "Drawings. The Borrower may draw on the Commitment in the following manner:
     By  submitting a written  "Notice of Borrowing"  request to Lender,  in the
     form attached  hereto as Exhibit A, the terms of which are  incorporated by
     reference  herein,  for a cash  advance  (each  such  cash  advance  herein
     referred to as a "Loan," or collectively  as "Loans"),  in a minimum amount
     of $30,000 per Loan. Borrower may request a maximum of two (2) Loans in any
     one calendar month prior to or on June 30, 2011. No Loans to Borrower shall
     be made by Lender after June 30, 2011 ("Final Loan Date")."

4. In Section 1.7 of the Loan  Agreement,  the phrase  "Amended &  Restated"  is
inserted immediately before the term "Master Note".

                  [REMAINDER OF PAGE LEFT BLANK INTENTIONALLY.]

                                       2
<PAGE>
5.  Exhibit  B of the Loan  Agreement  is  amended  to read in its  entirety  as
follows:

                                   "EXHIBIT B

                         AMENDED & RESTATED MASTER NOTE

$500,000

Phoenix, Arizona

                         , 2010
------------------------

Global  Entertainment  Corporation (the "Borrower")  hereto previously  executed
that  certain  Master  Note  dated  June 8,  2010,  in  favor  of  Boston  Pizza
Restaurants  (USA),  Inc.  (the  "Lender").  The Borrower and the Lender wish to
amend and restate that Master Note as follows:

The Borrower  promises to pay to the order of the Lender),  the principal amount
of $500,000 or so much  thereof as shall have been  disbursed  by the Lender and
may remain  outstanding,  together  with  interest  on  outstanding  balances of
principal  in  accordance  with  and  under  the  terms of that  certain  Loan &
Securitization  Agreement  dated June 8, 2010 (as amended by that certain  First
Amendment to Loan & Securitization  Agreement of even date),  between Lender and
Borrower, relating to the Credit Facility therein described.

GLOBAL ENTERTAINMENT CORPORATION

By:
   ----------------------------------------------------------

Title:                                                       "
      -------------------------------------------------------

6. Except as otherwise  provided  herein,  the Loan Agreement is hereby ratified
and affirmed and remains in full force and effect.  To the extent that the terms
of this First Amendment  conflict or alter the terms of the Loan Agreement,  the
terms of this First Amendment shall govern and control.

7. This First Amendment may be executed in counterparts, each of which is deemed
an original, but all of which constitute one and the same instrument. Signatures
by facsimile shall have the same binding effect as an original signature.

                                       3
<PAGE>
     IN WITNESS  WHEREOF,  the parties hereto have executed this First Amendment
as of the day and year first set forth above.

BOSTON PIZZA RESTAURANTS                GLOBAL ENTERTAINMENT
(USA), INC.                             CORPORATION
a Delaware corporation                  a Nevada corporation

------------------------------------    ----------------------------------------

By: /s/ Mike Best                       By: /s/ Rick Kozuback
    --------------------------------       -------------------------------------

Its: Chief Financial Officer            Its: President & Chief Executive Officer
    --------------------------------        ------------------------------------

                                       4

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