Document:

Exhibit 10.1

Exhibit 10.1

SETTLEMENT AGREEMENT AND GENERAL RELEASE

This Settlement Agreement and General Release (the “Settlement Agreement”), is entered into the __ day of May 2010, by and among Ameritrans Capital

Corporation

 (“AMTC”), Elk Associates Funding Corporation (“Elk” and, together with AMTC, collectively, the “Company”) and Granoff, Walker& Forlenza

, P.C. (“GWF”).    

WITNESSETH:

WHEREAS, on or about February 14, 1994, GWF entered into that certain lease

, as amended pursuant to a First Amendment, Second Amendment and Third Amendment to Lease (collectively,

the “Lease”) with Sage Realty Corporation with respect toa portion of the Fourth Floor, known as Suite 4C, in the building known as 747 Third

 Avenue, New York, New York (the “Premises”);

WHEREAS, on or about December 10, 2003, Elk and GWF executed a sublease (along with all amendments thereto

, collectively

, the “Sublease”) with respect to a portion of the Premises, which is more fully described in the Sublease (the “Sublease Premises”); 

WHEREAS, the Company has asserted that the Sublease is void and/or voidable

;

WHEREAS, GWF has asserted that the Sublease is a valid and binding contract

;

WHEREAS

,

the Lease is the subject of a number of disputes between the Company and GWF

; 

WHEREAS, the parties have agreed to resolve the issues in dispute between them on the terms set forth herein without the need and expense of litigation;  

NOW, THEREFORE, in consideration of the payments and the mutual covenants and agreements set forth herein, the parties hereto hereby agree as follows:

1.

Payments by the Company.

a.

The Company will pay GWF $260,000.00 (Two Hundred Sixty Thousand Dollars) (the "Settlement Amount") on or before May 26, 2010, failing which this Settlement Agreement shall be null and void and of no further force or effect.  It being specifically understood and agreed that the Settlement Amount shall be non-refundable and be deemed reasonable liquidated damages under this Settlement Agreement.

b.

In addition, the Company will pay GWF the monthly base rent, shared overhead expense and all other items of additional rent pursuant to the Sublease (such invoices to be submitted to the Company by the 5th of each month) within three (3) days of the Company's receipt of the relevant invoices but in no event later than June 10, 2010, (respectively, the "June 2010 Rent").

2.

The Company to Vacate the Premises and Sublease Premises.

a.

The Company agrees to vacate the Premises and Sublease Premises (with the exception of that portion of Ellen M. Walker's office and Lee A. Forlenza's office, which are referred to in the Sublease), which are to be delivered to GWF in vacant and broom clean condition, by no later than June 30, 2010 (the "Vacate Date"), in accordance with the Surrender Declaration attached as Exhibit A.

b.

In the event the Company vacates prior to the Vacate Date, the May and June 2010 Rent shall nevertheless be paid in full and the Company shall not be entitled to any proration of rent due to an early vacate date.

c.

The Company shall give GWF at least ten (10) business days prior written notice of the date it will vacate.

d.

In the event the Company fails to vacate by the Vacate Date, it shall be liable to GWF for each additional day, beyond the Vacate Date, that it occupies the Premises and Sublease Premises until the actual date the Company vacates at the rate of $1,000.00 per day.

3.

Conditions relating to Company's Vacating the Premises and Sublease Premises.

a.

The move out by the Company from the Premises and Sublease Premises shall not unreasonably

interfere with the day to day business operations of GWF.

b.

The Company shall bear any and all costs and expenses for the move out from the Premises and Sublease Premises including, but not limited to, the use of the service elevator at 747 Third Avenue and its building employees, move out deposits, if any, required by master landlord, Sage Realty Corporation and the like.   Upon completion of the move out by the Company, GWF is authorized to remove any listing of the Company names in the lobby of the 747 Third Avenue building, the floor directory and the door of the Premises, provided that GWF shall make available for pick up and retrieval by the Company any and all facsimiles, deliveries, mail or correspondence as well as phone messages to the Company, after such date for a period of ninety (90) days.

4.

Release of All Obligations Under the Sublease.  Other than the obligation to make the payments set forth in

paragraphs 1 and 2

 above, from and after the date of this Settlement Agreement, the Company will be released of all obligations under the purported Sublease.

5.

Relinquishment of Claims to Personal Property.  The Company hereby relinquishes any claim to personal property located in the kitchen, library, reception area, conference rooms and common areas

 of the Premises, such as the secretarial work stations, chairs, telephone equipment and instruments, computer servers, file cabinets, desktop computers and office furniture located in all common areas.  Notwithstanding the foregoing, the Company shall retain any personal property owned by the Company or its employees which is located at the Premises, including without limitation, the furniture, fixtures and equipement located in  Michael Feinsod’s office, Gary Granoff’s office, Margaret Chance’s office and Steve Tarnofsky’s office.  In addition, the Company shall retain its artwork. 

6.

No Further Obligations.  Other than the payments set forth in paragraph 1

above and except as otherwise set forth in this Settlement Agreement, the

 Company shall have no obligation to make any payments, including but not limited to payments relating to bills from Katsky Korins LLP or for any amounts relating to the Sublease Premises or the leasing thereof, to GWF.  

7.

Release by the Company.  In consideration of the mutual execution of this Settlement Agreement and the mutual agreement to be legally bound by its terms, each of AMTC and Elk hereby releases, acquits and forever discharges GWF, Ellen M. Walker and Lee A. Forlenza from any and all pending and potential claims, demands, actions, causes of action, suits, debts, liabilities, losses, damages, awards, judgments, settlements, interest, and other fees (including attorneys’ fees), costs or expenses, of whatever nature, whether known or unknown, pending or future, asserted or unasserted, certain or contingent arising out of the Lease, the Sublease, the Premises or the Sublease Premises

..  

Notwithstanding the foregoing, nothing contained herein shall discharge any obligation or release any claim or right under this Settlement Agreement or any other matter not specifically set forth herein.

8.

Release by GWF.  In consideration of the mutual execution of this Settlement Agreement and the mutual agreement to be legally bound by its terms and the payment in full of all amounts due and owing to GWF by the Company under Section 1 of this Settlement Agreement, GWF hereby releases, acquits and forever discharges AMTC and Elk from any and all pending and potential claims, demands, actions, causes of action, suits, debts, liabilities, losses, damages, awards, judgments, settlements, interest, and other fees (including attorneys’ fees), costs or expenses, of whatever nature, whether known or unknown, pending or future, asserted or unasserted, certain or contingent arising out of the Lease, the Sublease, the Premises or the Sublease Premises.  Notwithstanding the foregoing, nothing contained herein shall discharge any obligation or release any claim or right under this Settlement Agreement or any other matter not specifically set forth herein.      

9.

Informed and Voluntary Settlement.  Each party hereto agrees that it has entered into this Settlement Agreement voluntarily as a free act and deed.  Furthermore, each party hereto additionally represents, warrants and agrees that such party has full power and authority to enter into this Settlement Agreement

, attached as Exhibit

B is a secretary’s certificate evidencing the authorization of this Settlement Agreement by the Board of Directors  of both  Elk and AMTC.

10.

Showing Sublease Premises.  GWF shall, upon execution of this Settlement Agreement, be permitted to offer the Sublease Premises for rent and show the Sublease Premises to third parties accordingly.

11.

Entire Agreement.  All prior or contemporaneous agreements, contracts, promises, representations and statements among the parties hereto as to the subject matter hereof are merged into this Settlement Agreement.  This Settlement Agreement constitutes the entire understanding among the parties with respect to the subject matter hereof.

12.

Waiver; Modification.  No waiver or modification of the terms hereof shall be valid unless in writing signed by each of the parties hereto.

13.

Best Efforts.  The parties used their respective best efforts to consummate the resolution of their disputes as evidenced by this Settlement Agreement. 

14.

Governing Law; Consent to Jurisdiction.  This Settlement Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts made and wholly to be performed in such state by residents thereof without giving effect to the conflict of laws principles thereof. 

15.

Binding Effect; Successors and Assigns.  This Settlement Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, successors, and assigns; provided, however, that neither this Settlement Agreement nor any of the provisions hereof may be assigned by any party hereto without the consent of the other parties hereto.

16.

Enforceability of Releases.  The invalidation of any portion of this Settlement Agreement for any reason whatsoever will have no effect on the enforceability and validity of the general releases contained herein.

17.

Counterparts.  This Settlement Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which taken together shall constitute a single instrument.

18.

Costs and Fees.  Each party hereto shall bear its, his or her own attorneys’ fees and costs in connection with the preparation and execution of this Settlement Agreement. 

19.

Agreement Not Interpreted Against Drafter.  This Settlement Agreement shall be construed without regard to any presumptions against the party causing the same to be prepared. 

IN WITNESS WHEREOF, the parties have executed this Settlement Agreement as of the date first set forth above.

	
	

GRANOFF, WALKER & FORLENZA, P.C.

___________________________________

_________________

By:

Date

___________________________________

Title

STATE OF NEW YORK

)

)  ss:

COUNTY OF _________

)

On the _____day of ___________ in the year _______ before me, the undersigned, personally appeared ______________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual

whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.  

_______________________________

         Notary Public

	
	

AMERITRANS CAPITAL CORPORATION

___________________________________

_________________

By:

Michael Feinsod

Date

___________________________________

Title      President

STATE OF NEW YORK

)

)  ss:

COUNTY OF NEW YORK

)

On the _____day of ___________ in the year _______ before me, the undersigned, personally appeared Michael Feinsod, personally known to me or proved to me on the basis of satisfactory evidence to be the individual

whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.  

_______________________________

         Notary Public

	
	

    ELK ASSOCIATES FUNDING CORPORATION

___________________________________

_________________

   

By:

Michael Feinsod

Date

___________________________________

Title      Vice President

STATE OF NEW YORK 

)

 )  ss:

COUNTY OF NEW YORK

 )

On the _____day of ___________ in the year _______ before me, the undersigned, personally appeared Michael Feinsod, personally known to me or proved to me on the basis of satisfactory evidence to be the individual

whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.  

_______________________________

         Notary Publicexh101.htm

    Exhibit 10.1

       

      
        

          THIRD
AMENDMENT TO THE EMPLOYMENT AGREEMENT

           

          BETWEEN

           

          H.
ANDREW DEFERRARI AND DYCOM INDUSTRIES, INC.

           

          WHEREAS,
effective as of July 14, 2004, H. Andrew DeFerrari and Dycom Industries, Inc.
entered into an employment agreement, as amended from time to time (the “Employment
Agreement”);

           

          WHEREAS,
pursuant to paragraph 9 of the Employment Agreement, the Employment Agreement
may be amended by a written instrument executed by the undersigned
parties;

           

          WHEREAS,
the undersigned parties desire to amend the Employment Agreement as se forth
herein; and

           

          WHEREAS,
the undersigned parties represent and warrant that the execution and delivery of
this amendment has been duly and validly executed and delivered and is valid and
binding.

           

          NOW,
THEREFORE, the Employment Agreement is hereby amended as follows:

           

          1. Effective
as of April 4, 2008, paragraph 1 of the Employment Agreement is amended and
restated in its entirety to read as follows:

           

          “1.           Employment.

           

          Subject
to the terms and conditions hereof, effective as of April 4, 2008, the Company
hereby agrees to employ the Employee as the Chief Financial Officer of the
Company.  The Employee agrees to perform such specific duties and
accept such responsibilities as the board of directors of the Company (the
“Board”) and
the Chief Executive Officer may from time to time establish that are reasonably
related and consistent with the Employee’s position as the Chief Financial
Officer of the Company.  The Employee shall report directly to the
Chief Executive Officer.  The Employee hereby accepts employment by
the Company as Chief Financial Officer, subject to the terms and conditions
hereof, and agrees to devote his full business time and attention to his duties
hereunder, to the best of his abilities.”

           

          2. Effective
as of May 25, 2010, the last sentence of paragraph 2 of the Employment Agreement
is deleted in its entirety and the following language is added to read as
follows:

           

          “Notwithstanding
anything in the Employment Agreement to the contrary, if a Change of Control, as
defined in paragraph 5(f) hereof, occurs during term of the Employee’s
employment hereunder, the Employee’s employment under the Employment Agreement
shall be extended for 24 months following the consummation of the Change of
Control and this Agreement shall terminate upon the earlier of (x) the second
anniversary of the consummation of the Change of Control and (y) the termination
of the Employee’s employment under this Employment Agreement (the “Extended
Term”).  The period from the Effective Date until the
termination of the Employee’s employment hereunder, including, if applicable,
the Extended Term, is referred to as the “Employment
Term”.”

           

          3. Effective
as of May 25, 2010, paragraph 4(c) of the Employment Agreement is amended by
inserting the words “or a resignation of employment by the Employee for Good
Reason (as defined below)” immediately following the words “other than a
termination without Cause” in the third line thereof.

           

          4. Effective
as of May 25, 2010, paragraph 5(d) of the Employment Agreement is amended by
adding the following language at the end thereof:

           

          “Notwithstanding
the foregoing, this paragraph 5(d) shall not apply in the event the Employee
resigns his employment for Good Reason on or following a Change of Control
pursuant to paragraph 5(f) hereof.”

           

          5. Effective
as of May 25, 2010, paragraph 5(f) of the Employment Agreement is amended and
restated in its entirety to read as follows:

           

          “(f)
Termination without
Cause or resignation for Good Reason on or following a Change of
Control.  (i)  Subject to the execution and delivery
of a general release of claims against the Company as provided under paragraph
5(b) hereof, if, prior to the expiration of the Employment Term, the Company
terminates the Employee’s employment without Cause or the Employee resigns his
employment for Good Reason on or prior to the second anniversary following the
consummation of a Change of Control, the Employee shall receive the Severance
Benefits (provided that the Severance Benefits shall be payable in a single lump
sum within five days following such termination of employment) and shall also be
entitled to full and immediate vesting, to the extent not already vested, of all
outstanding equity-based awards, including but not limited to stock options,
restricted stock, and restricted stock unit awards, granted by the Company to
the Employee pursuant to any of the Company’s long-term incentive
plans.  In addition, all outstanding performance share, performance
share unit, and other equivalent awards granted by the Company to the Employee
pursuant to any of the Company’s long-term incentive plans shall immediately
vest at their respective target performance levels to the extent not already
vested.

           

          (ii)  A
“Change of
Control” shall be deemed to have occurred with respect to the Company
upon the occurrence of any of the following events:

           

          (A)           any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and
the rules and regulations promulgated thereunder) is or becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act),
directly or indirectly, of more than 20% of the total outstanding voting stock
of the Company, excluding, however,   (1)
any acquisition directly from the Company, other than an acquisition by virtue
of the exercise of a conversion privilege unless the security being so converted
was itself acquired directly from the Company; (2) any acquisition by the
Company; or (3) any acquisition by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any entity controlled by the
Company;

           

          (B)           the
individuals who constitute the Board as of May 25, 2010 (the “Incumbent Board”)
cease to constitute a majority of the Board; provided, however,
(1) that if the nomination or election of any new director of the Company
was approved by a majority of the Incumbent Board, such new director shall be
deemed a member of the Incumbent Board and (2) that no individual shall be
considered a member of the Incumbent Board if such individual initially assumed
office as a result of either an actual or threatened “Election Contest” (as
described in Rule 14a-11 promulgated under the Exchange Act) or as a result
of a solicitation of proxies or consents by or on behalf of any “person” or
“group” identified in clause (A) above;

           

          (C)           a
reorganization of the Company or the Company consolidates with, or merges with
or into another person or entity or conveys, transfers, leases or otherwise
disposes of all or substantially all of its assets to any person or entity, or
any person or entity consolidates with or merges with or into the Company; provided, however, that any
such transaction shall not constitute a Change of Control if (1) the
shareholders of the Company immediately before such transaction own, directly or
indirectly, immediately following such transaction in excess of 50% of the
combined voting power of the outstanding voting securities of the corporation or
other person or entity resulting from such transaction, (2) no “person” or
“group” owns 20% or more of the outstanding voting securities of the corporation
or other person or entity resulting from such transaction, and (3) a majority of
the Incumbent Board remains; or

           

          (D)           the
approval by the shareholders of the Company of a complete liquidation or
dissolution of the Company.

          
            
               

            

            
               

              
                

              

            

            
               

            

          

           

          (iii)  Resignation
for “Good
Reason” shall mean termination of employment by the Employee because of
the occurrence of any of the following events:

           

          (A)           a
failure by the Company to pay compensation or benefits due and payable to the
Employee in accordance with the terms of the Employment Agreement;

           

          (B)           a
material adverse change in the assignment of duties or responsibilities
inconsistent with those duties and responsibilities as set forth in paragraph 1
of the Employment Agreement;

           

          (C)           a
relocation of the Company’s principal office by more than 25 miles from
Palm Beach Gardens, Florida without the Employee’s consent; or

           

          (D)           a
failure by the Company to obtain agreement by a successor to assume the
Employment Agreement in accordance with paragraph 6(b).”

           

          6. Except as
otherwise expressly amended by this amendment, the Employment Agreement shall
continue in full force and effect.

           

          7. This
amendment may be executed in one or more counterparts, each of which when
executed shall be deemed an original but all of which together shall constitute
one and the same agreement.

           

          IN
WITNESS WHEREOF, the parties have entered into this amendment as of the date set
forth above.

        

      

           

       

       

      
        	 	 DYCOM
      INDUSTRIES, INC.

      

       

       

      
      

       

      
        	 	 By:	 /s/ Steven
      Nielsen
	 	 	 Name:
      Steven
      Nielsen
	 	 	 Title:  President
      & CEO

      

       

      Acknowledged
and Agreed:

       

      H. Andrew
DeFerrari                                                      

      Name:  H.
Andrew DeFerrari

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}]]