Document:

Offer Letter with Jose Flahaux

 Exhibit 10.24 

 

 

 September 16, 2008 

Jose Flahaux 
 [address] 

Dear Jose: 
 On behalf of Corsair Memory, I am
pleased to offer you a position as Senior Vice President of Operations, reporting to Andy Paul, President and CEO. Your start date is expected to be no later than October 13, 2008. This offer is being made subject to satisfactory background
check and is valid until Friday, September 19, 2008. 
 Your base salary will be $27,083.33 monthly ($325,000
annually). Salaries are paid twice monthly on the 15th and
the last day of each month. In addition, you will be eligible to participate in Management Bonus – Currently being finalized for 2008. For this position expectation should be 20% of base salary for on plan performance up to maximum of 75%,
1/3 of the bonus based on personal performance, 2/3 based on company operating profit plan; this will apply pro rata based on your actual start date for 2008. 

Corsair offers a full service benefits plan that includes: 

a)   10 days paid vacation in first year with one additional day per year worked up to 20 days, vacation is accrued on a monthly basis;

 b)   medical and chiropractic through Blue Cross or medical through
Kaiser*; 

c)   dental, orthodontics (for children) through United
Concordia*; 

d)   life insurance and long-term disability through Mutual of
Omaha*; 

e)   vision through Vision Service Plan
(VSP) *; 

f)   supplemental insurance through
Afflac*; 

g)   after 90 days you will be eligible to join the Corsair 401K plan; and 

h)   you will be eligible to participate in Corsair’s profit sharing plan per profit sharing plan documents. 

i)   In addition, you will be eligible to participate in Corsair’s new stock option plan. Your total options under this program will be
1,200,000 shares with a four year vesting schedule at a price to be determined at the next Board of Directors Meeting, but is expected to be approximately $0.80-$1.00. 

Working hours are nominally 8:30AM to 5:30PM Monday thru Friday although extra hours may be required to meet your goals and objectives. 

By signing acceptance of this offer, you agree that: 

1)        You have the legal right to work in the United States. 

2)        You do not have in your possession or will not bring into the company any proprietary data from any
previous employer. 
  

																	
	Sincerely,	 		 		 		 	
	  
 /s/ Jose Flahaux
	 		  		  		 		 		 		 		 	
	  
 Nick Hawkins, Chief Financial Officer, Corsair Memory
Inc.
	 		 		 		 	
	  

Accepted by  /s/ Nick Hawkins                
        
	  		  	Date	 	10/13/2008            	 		 		 		 	
	  

Printed Name  J. Flahaux                  
               
	  		  		 		 		 		 		 	

*
providers may be changed from time to timeAmendment No. 1 to Second Amended and Restated Receivables Purchase

 Exhibit 10.1 

EXECUTION VERSION 

AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT, AMENDMENT NO. 1 TO 

SECOND AMENDED AND RESTATED PURCHASE AND 

CONTRIBUTION AGREEMENT AND 

AMENDMENT NO. 3 TO GUARANTY AND UNDERTAKING 

AGREEMENT 

AMENDMENT (this “Amendment”), dated as of June 11, 2010 to (i) the Second Amended and Restated Receivables
Purchase Agreement (the “RPA”), dated as of June 16, 2009, among Abitibi-Consolidated U.S. Funding Corp. (the “Seller”), the affiliates of the Seller party thereto, the banks party thereto (the
“Banks”), Citibank, N.A., as agent for the Banks (the “Agent”), and the other agents party thereto, (ii) the Second Amended and Restated Purchase and Contribution Agreement, dated as of June 16, 2009,
among Abitibi-Consolidated Inc. (“ACI”), Abitibi Consolidated Sales Corporation and the Seller and (iii) the Guaranty and Undertaking Agreement (as amended prior to the date hereof, the “Guaranty”), dated as of
June 16, 2009, by and among the guarantors party thereto (the “Guarantors”), ACI and the Agent. 
 W I T
N E S S E T H : 
 The parties hereto agree as follows: 

SECTION 1. Defined Terms; References. Unless otherwise specifically defined herein, each term used herein that is defined
in the RPA has the meaning assigned to such term in the RPA. Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this Agreement”,
“this Guaranty” and each other similar reference contained in the RPA or the Guaranty shall, after this Amendment becomes effective, refer to each respective document as amended hereby. 

SECTION 2. Amendments to the RPA. The RPA is hereby amended as follows: 

(a) Section 1.01(a) of the RPA is hereby amended by: 

(i) amending clause (c) of the definition of “Alternate Base Rate” so that it reads as follows: 

“(c) the Eurodollar Rate for a Yield Period of one month plus 1.00%.” 

(ii) amending and restating the definition of “Applicable Margin” to read as follows: 

“Applicable Margin” means (i) 3.00% per annum, for purposes of determinations of Yield based on
the Alternate Base Rate, and (ii) 4.00% per annum, for purposes of determinations of Yield based on the Adjusted Eurodollar Rate. 

 (iii) amending the definition of “Bank” by (1) replacing
“hereto” with “to the Extension Amendment” and (2) inserting “after the effectiveness of the Extension Amendment” immediately following “Agreement”. 

(iv) amending the definition of “Bank Commitment” by (1) replacing “hereof” with “of the
Extension Amendment” and (2) inserting “after the effectiveness of the Extension Amendment” immediately following “hereto”. 

(v) deleting the definition of “Eighteen Month Facility Extension Option.” 

(vi) amending the definition of “Eurodollar Rate” by replacing “3.00%” with “2.00%.”

 (vii) adding the following definition immediately following the definition of “Existing RPA”:

 “Extension Amendment” means Amendment No. 1 to Second Amended and Restated Receivables
Purchase Agreement, Amendment No. 1 to Second Amended and Restated Purchase and Contribution Agreement and Amendment No. 3 to Guaranty and Undertaking Agreement, dated as of June 11, 2010, by and among the Seller, the Servicer, the
other Affiliates of the Seller party thereto, the Agent and the Banks. 
 (vii) deleting the definition of
“Fifteen Month Facility Extension Option.” 
 (viii) amending the definition of “Percentage”
by (1) replacing “hereof” with “of the Extension Amendment” and (2) inserting “after the effectiveness of the Extension Amendment” immediately following “Agreement”. 

(ix) amending the definition of “Purchase Limit” by replacing “$270,000,000” with
“$180,000,000”. 
 (x) deleting the definition of “Reorganization Plan.” 

(xi) amending and restating the definition of “Stated Termination Date” to read as follows: 

“Stated Termination Date” means June 10, 2011; provided that if such date is not a Business
Day, the Stated Termination Date shall be the immediately preceding Business Day.” 
  

 2 

 (b) Section 2.05(c) of the RPA is hereby amended by replacing “1.50%” with
“0.75%.” 
 (c) Sections 2.14 and 2.15 of the RPA are each hereby amended and restated to read “[Reserved].”

 (d) Section 10.01(a)(i)(3) of the RPA is hereby amended by deleting “except as contemplated by Sections 2.14 and
2.15 (each as in effect on the Closing Date)”. 
 (e) Schedule I to the RPA is hereby replaced by Schedule I to this
Amendment. 
 SECTION 3 Amendments to the Originator Purchase Agreement. The definition of “Alternate Base
Rate” appearing in Section 1.01 of the Originator Purchase Agreement is amended and restated to read as follows: 

“Alternate Base Rate” has the meaning specified in the RPA. 

SECTION 4 Amendments to the Guaranty. 

(a) The table in Section 5.14 of the Guaranty is hereby amended and restated to read in it entirety as follows: 

 

				
	 Period
	  	Minimum
Cumulative

Consolidated
EBITDAR
	 Fiscal Quarter Ending June 30, 2009
	  	$	45,000,000
	 Period of Two Consecutive Fiscal Quarters Ending September 30, 2009
	  	$	90,000,000
	 Period of Three Consecutive Fiscal Quarters Ending December 31, 2009
	  	$	135,000,000
	 Period of Four Consecutive Fiscal Quarters Ending March 31, 2010
	  	$	180,000,000
	 Period of Four Consecutive Fiscal Quarters Ending June 30, 2010
	  	$	180,000,000
	 Period of Four Consecutive Fiscal Quarters Ending September 30, 2010
	  	$	180,000,000
	 Period of Four Consecutive Fiscal Quarters Ending December 31, 2010
	  	$	180,000,000
	 Period of Four Consecutive Fiscal Quarters Ending March 31, 2011
	  	$	180,000,000

  

 3 

 (b) The table in Section 5.16 of the Guaranty is hereby amended and restated to read in
it entirety as follows: 
  

				
	 Period
	  	Maximum
Combined

Capital
Expenditures
	 Fiscal Year 2009
	  	$	90,000,000
	 Fiscal Year 2010
	  	$	90,000,000
	 Fiscal Year 2011
	  	$	90,000,000

 SECTION
5. Reallocation of Capital and Receivable Interests.  
 (a) On the Amendment Effective Date (as defined below),
(x) all Yield Periods in respect of which Yield is computed by reference to the Adjusted Eurodollar Rate shall be deemed to have been terminated, and each Receivable Interest then outstanding shall be deemed to have a Yield Period of one day
(and to have a Yield Rate based on the Alternate Base Rate), subject to future adjustment in accordance with the definition of “Yield Period” and (y) the Aggregate Capital shall be reallocated so that each Bank shall hold a percentage
of the Aggregate Capital that is equal to such Bank’s Percentage. 
 (b) On the Amendment Effective Date, each Bank that,
after giving effect to this Amendment, has a Percentage that is in excess of its Percentage immediately prior to giving effect to this Amendment (each such Bank, an “Increasing Bank”) shall purchase Receivable Interests from each
Bank that is not an Increasing Bank, in amounts such that immediately after giving effect to all such purchases, each Bank shall hold its pro rata share (determined on the basis of such Bank’s Percentage) of the Aggregate Capital. The purchase
price to be paid by each Increasing Bank for each such purchase of a Receivable Interest shall be equal to the Capital of such Receivable Interest plus accrued and unpaid Yield thereon as of the Amendment Effective Date. 

(c) For the avoidance of doubt, with respect to all Receivable Interests purchased after the Amendment Effective Date, the Seller shall
have the option to elect whether the applicable Yield Rate is to be based on the Adjusted Eurodollar Rate or the Alternate Base Rate, in accordance with Section 2.02(a) of the RPA. 

SECTION 6. Representations and Warranties. The Seller, the Servicer, ACI and each other Obligor (as defined in the
Guaranty) represents and warrants as to itself that (a) each of the representations and warranties made by it in the Transaction Documents will be true on and as of the Amendment Effective Date (except insofar as such representations and
warranties relate expressly to an earlier date certain, in which case such representations and warranties shall be correct as of such earlier date) and (b) no Default or Event of Default (each as defined in the Guaranty) or Event of Termination
will have occurred and be continuing on such date. 
 SECTION 7. Effect on Transaction Documents; Ratification.
Except as specifically set forth in this Amendment, the RPA, the Guaranty and all other Transaction Documents, including the security interests granted thereunder, shall continue to be in full force and effect and are hereby in all respects ratified
and confirmed. 
  

 4 

 SECTION 8. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York. 
 SECTION 9. Counterparts. This Amendment 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. 

SECTION 10. Execution by ACI. This Amendment shall be considered to be executed and delivered by ACI in the United States
of America and once an authorized director or officer of ACI resident in the United States of America has executed the same. 

SECTION 11. Effectiveness. This Amendment shall become effective on the date when the following conditions are met (the
“Amendment Effective Date”): 
 (a) the Agent shall have received from the Seller, the Servicer,
each Obligor and each Bank a counterpart hereof signed by such party or other written confirmation (in form satisfactory to the Agent) that such party has signed a counterpart hereof; 

(b) the Agent shall have received an officer’s certificate from the principal financial officer of ACI, dated as of
the Amendment Effective Date, certifying that: 
 (i) as of the Amendment Effective Date, there exists no (or, in
the case of any Abitibi Entity other than the Seller, no unstayed) action, suit, investigation, litigation or proceeding pending or threatened in any court or before any arbitrator or governmental instrumentality (other than the Bankruptcy Case and
the Canadian Case and matters directly related thereto) that (i) could reasonably be expected to result in a Material Adverse Effect (except as otherwise disclosed in Schedule 3.07 or Schedule 3.11 to the Guaranty) or (ii) restrains,
prevents or imposes or could reasonably be expected to impose materially adverse conditions upon the transactions contemplated by the Transaction Documents (as amended by this Amendment); 

(ii) all necessary governmental and third party consents and approvals necessary in connection with the performance by any
of the Seller, the Originators, the Servicer, the Subservicer or the Guarantors under the Transaction Documents (as amended by this Amendment) and the transactions contemplated thereby have been obtained and are in effect; 

 

 5 

 (iii) as of the Amendment Effective Date, the Insurance Policy is in full
force and effect; 
 (iv) since December 31, 2009, there has been no event or circumstance that could,
either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect (except as publicly disclosed by the Parent, ACI or any of their Affiliates prior to the Amendment Effective Date or as disclosed in Schedule 3.07 or
Schedule 3.11 to the Guaranty); and 
 (v) as of the Amendment Effective Date, Liquidity is at least
US$150,000,000. 
 (c) the Agent shall have received favorable opinions of (i) Paul, Weiss, Rifkind,
Wharton & Garrison LLP, U.S. counsel for ACI, the Seller, the Guarantors and the Originators and (ii) Stikeman Elliott LLP, Canadian counsel for ACI and the Canadian Originator, in each case dated the Amendment Effective Date and in
form and substance reasonably satisfactory to the Agent; 
 (d) Liquidity as of the Amendment Effective Date
shall be at least US$150,000,000; 
 (e) The representations and warranties contained in Section 4.01(e) and
Section 4.02(e)(ii) of the RPA shall be correct on and as of the Amendment Effective Date as though made on and as of such date and all other representations and warranties contained in Sections 4.01 and 4.02 of the RPA shall be correct on and
as of the Amendment Effective Date as though made on and as of such date (except insofar as such representations and warranties relate expressly to an earlier date certain, in which case such representations and warranties shall be correct as of
such earlier date); 
 (f) No Event of Termination or Incipient Event of Termination and no Default (as defined
in the Guaranty) or Event of Default (as defined in the Guaranty) shall have occurred and be continuing on the Amendment Effective Date; 

(g) the Agent shall have received evidence that final orders reasonably satisfactory to it from the Bankruptcy Court and
the Canadian Court approving the transactions contemplated by this Amendment (including all fees payable in connection therewith) shall have been entered, and shall be satisfied that none of the foregoing (i) shall have been reversed or
vacated, (ii) shall have been modified or amended without the prior written consent of the Agent or (iii) shall be subject to a stay; 

(h) the Seller shall have paid (x) to the Agent, for the account of each Bank, the consent fee required to be paid
pursuant to that certain fee 
  

 6 

 
letter dated as of May 17, 2010 between the Seller and the Agent and (y) to each of Citigroup Global Markets Inc. (“CGMI”) and Barclays Capital Inc.
(“Barclays”) all fees and expenses due and payable to them, in their respective capacities as arrangers of this Amendment, on or prior to the Amendment Effective Date pursuant to that certain arrangers’ fee letter dated as of
May 17, 2010 among the Seller, CGMI and Barclays; and 
 (i) the Seller shall have paid or reimbursed the
Agent for all reasonable out-of-pocket expenses incurred by it (including the reasonable fees, charges and disbursements of counsel) to the extent the same (i) are required to be reimbursed pursuant to Section 10.04(a) of the RPA and
(ii) have been invoiced not later than the Business Day preceding the Amendment Effective Date. 
 Upon the occurrence of
the Amendment Effective Date, the notice concerning the Seller’s option to exercise the Fifteen Month Facility Extension Option delivered to the Agent on May 13, 2010, shall be automatically rescinded, without any further action.

 [Signature Pages Follow] 
  

 7 

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

			
	 CITIBANK, N.A.,
as Agent

	
	 /s/ Thomas M. Halsch

	Name:	 	Thomas M. Halsch
	Title:	 	Vice President

					
	 ABITIBI-CONSOLIDATED U.S. FUNDING CORP.,
as Seller and as “Purchaser” as defined in the Originator
Purchase Agreement

		
	By:	 	 /s/ Allen Dea

		 	Name:	 	Allen Dea
		 	Title:	 	Assistant Treasurer
	
	 ABITIBI CONSOLIDATED SALES CORPORATION,
as Servicer, as an Originator, as an Obligor and as a “Seller”
as defined in the Originator Purchase Agreement

		
	By:	 	 /s/ Allen Dea

		 	Name:	 	Allen Dea
		 	Title:	 	Treasurer
	
	 ABITIBI-CONSOLIDATED INC.,
as Subservicer, as an Originator, as an Obligor and as a “Seller” as defined
in the Originator Purchase Agreement

		
	By:	 	 /s/ William G. Harvey

		 	Name:	 	William G. Harvey
		 	Title:	 	Vice President and Treasurer
	
	 DONOHUE CORP.,
as an Obligor

		
	By:	 	 /s/ Allen Dea

		 	Name:	 	Allen Dea
		 	Title:	 	Treasurer

					
	 ABITIBI-CONSOLIDATED CORP.,
as an Obligor

		
	By:	 	 /s/ Allen Dea

		 	Name:	 	Allen Dea
		 	Title:	 	Treasurer
	
	 AUGUSTA WOODLANDS, LLC,
as an Obligor

		
	By:	 	ABITIBI-CONSOLIDATED CORP., its Sole Member
	By:	 	 /s/ Allen Dea

		 	Name:	 	Allen Dea
		 	Title:	 	Treasurer
	
	 ABITIBI-CONSOLIDATED ALABAMA CORPORATION,
as an Obligor

		
	By:	 	 /s/ Jacques P. Vachon

		 	Name:	 	Jacques P. Vachon
		 	Title:	 	Secretary
	
	 ALABAMA RIVER NEWSPRINT COMPANY,
as an Obligor

		
	By:	 	 /s/ Sebastien Kidd

		 	Name:	 	Sebastien Kidd
		 	Title:	 	General Manager

			
	 CITIBANK, N.A.,
as a Bank

	
	 /s/ Thomas M. Halsch

	Name:	 	Thomas M. Halsch
	Title:	 	Vice President
	
	 BARCLAYS BANK PLC,
as a Bank

	
	 /s/ Cory Wishengrad

	Name:	 	Cory Wishengrad
	Title:	 	Managing Director
	
	 CIT BANK,
as a Bank

	
	 /s/ Benjamin Haslam

	Name:	 	Benjamin Haslam
	Title:	 	Authorized Signatory
	
	 COLE TAYLOR BANK,
as a Bank

	
	 /s/ William A. Stapel

	Name:	 	William A. Stapel
	Title:	 	SVP
	
	 Denali Capital LLC, managing member of DC Funding Partners LLC, portfolio manager for DENALI CAPITAL CREDIT
OPPORTUNITY FUND FINANCING, LTD.,
as a Bank

	
	 /s/ John P. Thacker

	Name:	 	John P. Thacker
	Title:	 	Chief Credit Officer

			
	
	 EXPORT DEVELOPMENT CANADA,
as a Bank

	
	 /s/ Vivianne Bouchard

	Name:	 	Vivianne Bouchard
	Title:	 	Financing Manager
	
	 /s/ Carl Burlock

	Name:	 	Carl Burlock
	Title:	 	Director
	
	 SIEMENS FINANCIAL SERVICES, INC.,
as a Bank

	
	 /s/ David Kantes

	Name:	 	David Kantes
	Title:	 	Senior Vice President and Chief Risk Officer
	
	 /s/ Anthony Casciano

	Name:	 	Anthony Casciano
	Title:	 	Senior Vice President
	
	 THE FOOTHILL GROUP, LLC,
as a Bank

	
	 /s/ Jeff Nikora

	Name:	 	Jeff Nikora
	Title:	 	E.V.P.

 SCHEDULE I 

Bank Commitments 
  

							
	 Institution
	  	Bank
Commitment	  	Percentage	 
			
	 Citibank, N.A.
	  	$	30,000,000	  	16.6667	% 
	 Barclays Bank PLC
	  	$	30,000,000	  	16.6667	% 
	 CIT Bank
	  	$	29,500,000	  	16.3889	% 
	 Export Development Canada
	  	$	29,500,000	  	16.3889	% 
	 Foothill Group, LLC/Wells Fargo Bank, N.A.
	  	$	28,000,000	  	15.5556	% 
	 Siemens Financial Services, Inc.
	  	$	18,000,000	  	10.0000	% 
	 Cole Taylor Bank
	  	$	10,000,000	  	5.5556	% 
	 Denali Capital Credit Opportunity Financing, LTD
	  	$	5,000,000	  	2.7778	% 
	 Total
	  	$	180,000,000

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