Document:

EX-10.13

 

Exhibit 10.13

	 	 	 
	GLG GLOBAL INVESTMENT MANAGEMENT

	 	GLG PARTNERS, INC.
	 

	 	390 PARK AVENUE, 20TH FLOOR
	 

	 	NEW YORK, NEW YORK 10022
	 

	 	Telephone +1 (212) 224 7200
	 

	 	www.glgpartners.com

December 19, 2007

Paul Myners

Michelin House, 3rd Floor

81 Fulham Road

London, SW3 6RD England

Dear Sir:

This letter sets out the terms under which, effective November 2, 2007, you are serving as a member
of the board of directors of GLG Partners, Inc. (the “Company”), provided that these terms are
subject to approval by the Compensation Committee of the board of directors of the Company.

	1.	 	You will continue to serve as a director of the Company until you resign from the board of
directors, are removed from that board in accordance with the Company’s governing documents,
or are not re-elected to that board.

	2.	 	For the services described in this letter, you will receive an annual fee of £200,000 (plus
VAT if applicable) from the Company, from which tax will be deducted to the extent, if any,
required by law. Payment will be by equal semi-annual installments in advance. All fees will
cease from the date that your service as a director of the Company ends, for whatever reason.

	3.	 	While you are a director of the Company, you agree to serve in such reasonable, additional
roles as the Company may request, including as a member of the Board of Advisors for GLG
Partners LP, for no additional compensation. Membership of the Board of Advisers of GLG
Partners LP is not a formal legal office but rather an appointment to provide your advice and
assistance to GLG Partners LP and its associates on a range of business matters in relation to
which you may have expertise and experience.

	4.	 	As a director of the Company, you will be required to attend regular and special meetings of
the board of directors of the Company to be held periodically. Such meetings may be held by
conference call.

	5.	 	As a member of the Board of Advisers of GLG Partners LP, you will attend quarterly meetings,
usually at GLG Partners LP’s offices in London, and monthly conference calls. In addition,
you may from time to time on reasonable notice be called on separately to offer advice and
assistance to the board of GLG Partners Limited, which is the general partner of GLG Partners
LP, or to individual members of that board. Overall, you will be expected to devote no more
than two days per month, on average, to these roles.
	 
	6.	 	This letter is not a contract of employment.

	7.	 	It is accepted and acknowledged that you have business interests other than those of the
Company and its subsidiaries, and have declared any conflicts that are apparent. During your
service with the Company, you must not put yourself in a position where your duties to any
other person, firm, or

 

 

	 	 	company conflict with your duties to the Company or its subsidiaries. By signing below you
confirm that you have sufficient time to carry out your responsibilities in accordance with
the terms of this letter and that you have no other obligations, roles, or interests that
would prevent you from so doing.

	8.	 	In addition to the fees described in paragraph 2, the Company will reimburse you for all
reasonable and properly documented travel, hotel, and other incidental expenses incurred by
you in connection with your responsibilities under this letter.

	9.	 	You must not, during the period of your service with the Company or at any time thereafter,
disclose to any third party any trade secrets, confidential information, or other data
concerning the Company or any of its subsidiaries that came to your knowledge by virtue of
your service, save where you are required by law or any regulatory body to do so.

If you are willing to accept these terms, please sign the enclosed copy of this letter and return
it to me. We look forward to continuing to work with you in the future.

	 	 	 	 	 
	 	Sincerely,

 	 
	 	/s/ Alejandro San Miguel
 	 
	 	Alejandro San Miguel 	 
	 	General Counsel and Corporate Secretary 	 
	 

Accepted and agreed to:

	 	 	 	 
	 	 
	/s/ Paul Myners
 	 
	 	Paul Myners 
	 

Date: February 29, 2008exv4wxfyx102y

 

Exhibit 4(f)(102)

NEW BANK ADDENDUM

     NEW BANK ADDENDUM, dated February 26, to the Fourth Amended and Restated Credit Acceptance
Corporation Credit Agreement dated as of February 7, 2006 (as otherwise amended, restated or
modified from time to time, the “Credit Agreement”), by and among Credit Acceptance Corporation
(“Company”), each of the financial institutions parties thereto (collectively, the “Banks”) and
Comerica Bank, as Agent for the Banks.

W I T N E S S E T H:

     WHEREAS, the Credit Agreement provides in Section 2.17 thereof that a financial institution,
although not originally a party thereto, may become a party to the Credit Agreement with the
consent of the Company and the Agent by executing and delivering to the Agent a New Bank Addendum
to the Credit Agreement in substantially the form of this new bank addendum; and

     WHEREAS, the undersigned New Bank was not an original party to the Credit Agreement but now
desires to become a party thereto;

     NOW, THEREFORE, the New Bank hereby agrees as follows:

     The New Bank hereby confirms that it has received a copy of the Credit Agreement and the
exhibits and schedules referred to therein, and all other Loan Documents which it considers
necessary, together with copies of the other documents which were required to be delivered under
the Credit Agreement as a condition to the making of the loans thereunder. The New Bank
acknowledges and agrees that it: (a) has made and will continue to make such inquiries and has
taken and will take such care on its own behalf as would have been the case had its commitment been
granted and its loans been made directly by such New Bank to the Company without the intervention
of the Agent or any other Bank; and (b) has made and will continue to make, independently and
without reliance upon the Agent or any other Bank, and based on such documents and information as
it has deemed appropriate, its own credit analysis and decisions relating to the Credit Agreement.
The New Bank further acknowledges and agrees that the Agent has not made any representations or
warranties about the creditworthiness of the Company or any other party to the Credit Agreement or
any other of the Loan Documents, or with respect to the legality, validity, sufficiency or
enforceability of the Credit Agreement, or any other of the Loan Documents.

     New Bank represents and warrants that it is a Person to which assignments are permitted
pursuant to Sections 13.8(c) and (d) of the Credit Agreement.

 

 

     Except as otherwise provided in the Credit Agreement, effective as of the Effective Date (as
defined below):

	 	(a)	 	the New
Bank (i) shall be deemed automatically to have become a party to
the Credit Agreement and the other Loan Documents, and to have all the rights and
obligations of a party to the Credit Agreement and the other Loan Documents, as if it
were an original signatory; and (ii) agrees to be bound by the terms and conditions set
forth in the Credit Agreement and the other Loan Documents as if it were an  original
signatory thereto; and
	 
	 	(b)	 	the New Bank shall be a Bank and its Percentage of the Revolving Credit (and
its risk participation in Letters of Credit) shall be as set forth in the attached
revised Exhibit D (Percentages); provided any fees paid prior to the Effective Date,
including any Letter of Credit Fees, shall not be recalculated, redistributed or
reallocated by Company, Agent or the Banks.

     As used herein, the term “Effective Date” means the date on which all of the following have
occurred or have been completed, as reasonably determined by the Agent:

	 	(1)	 	the Company shall have paid to the Agent all interest, fees (including the
Revolving Credit Facility Fee) and other amounts, if any, accrued to the Effective Date
for which reimbursement is then owing under the Credit Agreement;
	 
	 	(2)	 	New Bank shall have remitted to the Agent funds in an amount equal to its
Percentage of all Advances of the Revolving Credit outstanding as of the Effective
Date; and
	 
	 	(3)	 	the Company shall have executed and delivered to the Agent for the New Bank,
new Revolving Credit Notes payable to such New Bank in the face amount of such New
Bank’s Percentage of the Revolving Credit Maximum Amount (after giving effect to this
New Bank Addendum, and any other New Bank Addendum executed concurrently herewith).

     The Agent shall notify the New Bank, along with Company, of the Effective Date. The New Bank
shall deliver herewith to the Agent administrative details with respect to the funding and
distribution of Advances (and Letters of Credit) as requested by Agent.

     Terms defined in the Credit Agreement and not otherwise defined herein shall have their
defined meanings when used herein.

2

 

     IN WITNESS WHEREOF, the undersigned has caused this New Bank Addendum to be executed and
delivered by a duly authorized officer on the date first above written.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	RBS CITIZENS, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael S. Farley	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Michael S. Farley	 	 
	 

	 	Title:
	 	Vice President	 	 

Signature Page to New Bank Addendum

(826523)

 

 

Accepted this 25th day of

February, 2008.

	 	 	 	 	 
	 

	 	 	 	 
	CREDIT ACCEPTANCE CORPORATION	 	 
	 
	 	 	 	 
	By:

	 	/s/ Douglas W. Busk	 	 
	 

	 	 	 	 
	Name:

	 	Douglas W. Busk	 	 
	Title:

	 	Treasurer	 	 

Signature Page to New Bank Addendum

(826523)

 

 

Accepted this 25th day of

February, 2008.

	 	 	 	 	 
	 

	 	 	 	 
	COMERICA BANK, as Agent	 	 
	 
	 	 	 	 
	By:

	 	/s/ Timothy J. Bishop	 	 
	 

	 	 	 	 
	 

	 	Timothy J. Bishop	 	 
	Its:

	 	Vice President	 	 

Signature Page to New Bank Addendum

(826523)

 

 

EXHIBIT D

(Percentages)

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Revolving Credit
	Bank	 	Percentage	 	Commitment
	Comerica Bank
	 	 	22.8013029315961	%	 	$	35,000,000.00	 
	Fifth Third Bank
(Eastern Michigan)
	 	 	19.5439739413681	%	 	$	30,000,000.00	 
	National City Bank of the
Midwest
	 	 	16.2866449511401	%	 	$	25,000,000.00	 
	Bank of America, N.A.
	 	 	15.3094462540717	%	 	$	23,500,000.00	 
	BMO Capital Markets
Financing, Inc.
	 	 	13.0293159609121	%	 	$	20,000,000.00	 
	RBS Citizens, N.A.
	 	 	13.0293159609121	%	 	$	20,000,000.00	 
	Total
	 	 	100	%	 	$	153,500,000.00

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