Document:

ex10-5.htm

EXHIBIT 10.5

 

 

Execution Copy

 

TERMINATION OF EMPLOYMENT AGREEMENT AND LIMITED RELEASE

 

This Termination of Employment Agreement and Limited Release (“Agreement”) is made between David A. Schawk (“Employee”) and Schawk, Inc. (“Schawk”).

 

WHEREAS, the terms and conditions of Employee’s employment with Schawk, Inc. (“Schawk”) are governed by the David A. Schawk Amended and Restated Employment Agreement, dated October 1, 1994 (the “Employment Agreement”)

 

WHEREAS, Matthews International Corporation (“Matthews”) and Schawk are contemplating entering into that certain Agreement and Plan of Merger by and among Matthews, Moonlight Merger Sub Corporation, Moonlight Merger Sub LLC and Schawk dated as of March 16, 2014 (the “Merger Agreement”); and

 

WHEREAS, as a condition precedent to the execution of the Merger Agreement, Employee must terminate the Employment Agreement (but not his employment) as provided herein.

 

NOW THEREFORE, intending to be legally bound and for good and valuable consideration, Schawk and Employee agree as follows:

 

1.           Recitals.  The foregoing recitals are true and correct and incorporated herein.

 

2.           Termination of Employment Agreement.

 

(a)           Notwithstanding any provision of the Employment Agreement to the contrary, Employee and Schawk hereby agree that the Employment Agreement is terminated, effective immediately.

 

(b)           The termination of the Employment Agreement contained herein does not constitute a termination of Employee’s employment with the Company, and upon the execution hereof he will continue to hold the position and office he held in the Company immediately prior hereto, and he will continue to receive his then-current base salary, eligibility for his annual bonus and long term incentive opportunities, health & welfare and fringe benefits following the execution hereof until changed by the Board of Directors of Schawk.

 

3.           No Further Obligations and Limited Release of Claims.

 

(a)           The Employee and Schawk acknowledge and agree that the termination of the Employment Agreement does not result in any obligations of either Executive or Schawk party under the Employment Agreement becoming due to either party (including any successor entities), including without limitation, the Employee’s obligation to remain subject to any restrictive covenants thereunder and the Company’s (or any successor entity’s) obligation to make any payments or benefits to the Employee, except as otherwise provided in Section 2(b) herein.

 

(b)           Employee further releases and forever discharges Schawk, Matthews, and each of their direct and indirect subsidiaries, divisions, parents, affiliates, companies under common

 

	  	
 

	  

  

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control of any of the foregoing, predecessors, successors, and assigns, and its and their past, present and future shareholders, partners, principals, managers, directors, officers, employees, agents, attorneys, employee benefit plans, trustees and all others acting in concert with them, from any and all claims, actions, suits, proceedings, complaints, causes of action, debts, costs and expenses (including attorney’s fees), at law or in equity, known or unknown, that Employee has or may have through the date Employee signs this Agreement, arising out of, based on, or relating in any way to any payments or compensation that otherwise may have been due and/or owing Employee under the Employment Agreement.

 

(c)           Notwithstanding the foregoing, the limited release set forth in Section 3(b) does not and is not intended to release any claims not specifically referenced in Section 3(b) herein and/or that cannot be released by law, including but not limited to claims for (i) vested pension benefits, (ii) rights under current bonus plans, Long Term Incentive Plans and the like of the type and consistent with the disclosures contained in Schawk’s 2013 Proxy Statement; and (iii) amounts due under Clause 2(b).

 

4.           Consult With an Attorney.  Schawk hereby advise Employee to consult with an attorney of Employee’s choice (at Employee’s expense) before Employee signs this Agreement.  Schawk will rely on Employee’s signature on this Agreement as Employee’s representation that Employee read this Agreement carefully before signing it, and that Employee has a full and complete understanding of its terms.

 

5.           Applicable Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois, without giving effect to its principles of conflicts of law.

 

6.           Entire Agreement.  This Agreement reflects the complete understanding between the parties concerning its subject matter, and supersedes any and all prior agreements, promises, representations or inducements concerning that subject matter.

 

7.           No Admissions.  Neither the execution of this Agreement nor the performance of its terms and conditions shall be construed or considered by any party or by any other person as an admission of liability or wrongdoing by either party.

 

8.           Counterparts.  This Agreement may be executed in one or more counterparts, each of which will be considered an original instrument and all of which together will be considered one and the same agreement and will become effective when all executed counterparts have been delivered to the respective parties.  Delivery of executed pages by facsimiles transmission or e-mail will constitute effective and binding execution and delivery of this Agreement.

 

9.           Assignment.  This Agreement shall be binding upon and shall inure to the benefit of Schawk and its respective successors and assigns.

 

[The rest of this page is intentionally left blank.]

 

	  	
 

	  

 

  

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      10.           Acknowledgements.  Employee hereby acknowledges that Employee (a) has read this Agreement and understands all of its provisions; and (b) voluntarily enters into this Agreement, which is contractual in nature.

 

	

Witness:

	 	 	
SCHAWK, INC.

 

	 
	 	 	 	By:	
/s/Timothy J. Cunningham

	 
	 	
  

	 	 	Title:	
EVP & CFO

	 
	 	
  

	 	 	 	
 

	 

 

 

	

Witness:

 

	 	 	
 

	 
	 	 	 	By:	

/s/David A. Schawk

	 
	 	
  

	 	 	 	
David A. Schawk

	 
	 	
  

	 	 	 	
  

	 

 

	  	
 

	  

 

  

3d1462651_ex10-27.htm

Exhibit 10.27

 

TERMINATION OF MOA

 

"Hull S418"

 

THIS TERMINATION AGREEMENT (the "Agreement") is made on the 17th day of March, 2014 by and among Monte Carlo 37 Shipping Company Limited (the "Seller"), a limited liability company organized and existing under the laws of the Marshall Islands, and Top Ships Inc. (the "Buyer"), a corporation organized and existing under the laws of the Marshall Islands. Capitalized terms used herein as defined terms and not otherwise defined herein shall have the meanings ascribed thereto in the MOA (as hereinafter defined).

 

WHEREAS, the Seller and the Buyer are parties to an MOA, dated December 5th 2013, (the "MOA"), pursuant to which the Seller agreed to sell Hull 5418 (the "Vessel"), to the Buyer on the terms and conditions provided therein;

 

WHEREAS, the Buyer wishes to acquire 100% of the share capital of the Seller from its shareholders pursuant to SPA dated March 17, 2014.

 

WHEREAS, the Seller and the Buyers wish to terminate the MOA.

 

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

 

The Seller and the Buyer hereby agree that with effect from 17th day of March 2014 (the "Effective Date") the MOA has been terminated, (ii) the Seller has accepted such termination of the Vessel under the MOA, and (iii) the MOA, has been terminated and has no further force and effect; provided, however, that such termination shall not in any manner affect or impair any rights and claims of the parties under the MOA arising prior to the Effective Date except as otherwise provided herein.

 

In consideration of the agreement contained herein of the Seller to the termination of the MOA, the Seller and the Buyer hereby agree that the USD 7m deposit paid by the Buyer to the Seller is to be applied towards the consideration to be paid by the Buyer towards the acquisition of 100% of the share capital of the Seller pursuant to an SPA dated March 17, 2013. 

Each of the parties hereto represents and warrants to the other party hereto that:

 

(a)           it is duly organized or formed and is validly existing and in good standing under the laws of its jurisdiction of formation and is duly qualified to do business and is in good standing under the laws of each state, country or other jurisdiction wherein such qualification is necessary in order to enable it to perform its respective obligations under this Agreement;

 

(b)           it has full power to carry on its business as now being conducted and to enter into and perform its obligation under this Agreement;

 

(c)           it has complied with all statutory, regulatory and other requirements relative to such business and such agreements;

  

  

  

(d)          all necessary corporate or limited liability company action has been taken to authorize, and all necessary consents and authorities have been obtained and remain in full force and effect to permit such party to enter into and perform its respective obligations under this Agreement. No authorization, consent or approval of, the giving of notice to, the registration with, or the taking of any other action by or with respect to any governmental authority or any other person is necessary to permit such party to enter into and perform its respective obligations under this Agreement;

 

(e)          the obligations expressed to be assumed by such party under this Agreement are legal and valid obligations, binding on and enforceable against such party in accordance with the terms of this Agreement;

 

(f)          the execution and delivery of this Agreement, and the performance thereof by such party, do not violate or contravene (i) any applicable law or regulation existing at the date hereof; (ii) the certificate of foiniation or limited liability company agreement of such party; or (iii) any contractual restriction binding upon such party under any other agreement;

 

(g)          this Agreement has been duly executed and delivered by an officer or other authorized signatory of such party, authorized to execute and deliver this Agreement on its behalf and constitutes the legal, valid and binding obligation thereof, enforceable thereagainst in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, moratorium and other laws affecting the rights of creditors generally and by general principles of equity.

 

Except as specifically provided herein, this Agreement shall not confer any rights or remedies upon any person other than the parties hereto and their respective successors and assigns.

 

This Agreement may be signed in any number of counterparts, each of which shall be an original with the same effect as if the signatures thereto and hereto were upon the same instrument.

 

This Agreement shall be governed by and construed in accordance with the laws specified in the MOA.

 

No amendments of any provision of this Agreement shall be valid unless the same shall be in writing and signed by all of the parties hereto.

 

[Signature Page Follows]

  

  

  

IN WITNESS WHEREOF, the parties hereto have signed th. Agreement as of the day and year first written above.

 

	  	
MONTE CARLO 37 SHIPPING COMPANY LIMITED

	  	  
	  	  
	  	
By:

	/s/ Georgios Pagkalos	  
	  	
Name:

	Georgios Pagkalos	  
	  	
Title:

	
Director

	  
	  	  	  	  
	  	  	  	  
	  	  
	  	  
	  	
TOP SHIPS INC

	  	  
	  	  
	  	
By:

	
/s/ Alexandros Tsirikos

	  
	  	
Name:

	
Alexandros Tsirikos

	  
	  	
Title:

	
Director

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