Document:

ex 10.25 2013 10K

EXHIBIT 10.25

Valley Financial Corporation
Incentive Stock Option Agreement

THIS AGREEMENT is between Valley Financial Corporation (the “Company”) and ______________ (the “Optionee”), and is dated as of _________, 2014 (the “Date of Grant”).

The Company hereby grants the Optionee an option to purchase Shares of the Stock of the Company, subject to the terms and conditions of this Agreement.

The grant of this option is made pursuant to the Valley Financial Corporation 2011 Key Employee Equity Award Plan (the “Plan”), a copy of which has been provided to the Optionee, receipt of which is hereby acknowledged.  The terms of the Plan are incorporated into this Agreement by reference.  In the case of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.  Any term used in this Agreement that is defined in the Plan shall have the same meaning given to that term in the Plan.

1.Grant of Option.  The Company grants the Optionee an Incentive Stock Option (the “Option”) to purchase from the Company ___ Shares at $____ per Share (the “Exercise Price”).  The Exercise Price is not less than 100% of the Fair Market Value per Share on the Date of Grant.  The Option is intended to be a stock option that receives special tax treatment under Section 422 of the Internal Revenue Code (the “Code”).

2.Entitlement to Exercise Option.

(a)The Optionee will become vested in and entitled to exercise the Option as follows:

	
			
	Vesting Date
	Number of Shares
	Total Vested Shares

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

Except as provided in the following sentence, Optionee must be an employee of the Company on the respective Vesting Date.  Notwithstanding the above, in the event of a Change in Control (as defined in the Plan), a Participant’s Option shall be fully vested and exercisable.

(b)Except as otherwise stated in this paragraph, the Option may be exercised to the extent it is vested only while the Optionee is employed by the Company.

(i)If the Optionee retires or ceases to be employed by the Company for any reason other than his or her death or Permanent and Total Disability and at a time when all or a portion of this Option was vested and exercisable pursuant to paragraph (a) above, the Optionee may exercise any or all of his vested Option within three months after he or she terminates employment.  “Permanent and Total Disability” means the Optionee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.  The Board of Directors of the Company, in its sole discretion, will determine whether Optionee is Disabled based on medical evidence and Optionee’s eligibility for benefits under the long-term disability plan maintained by the Company, if any.  The date the Board makes this determination will be considered the Date of Disability for purposes of this Agreement.

(ii)If the Optionee terminates employment because of Permanent and Total Disability, he or she may exercise any or all of a portion of the vested Option (determined as of the Optionee’s termination date) within one year after the Date of Disability termination date.

(iii)If the Optionee dies while he or she is employed by the Company or within three months after he or she terminates employment because of a Permanent and Total Disability, the Optionee’s beneficiary may exercise this Option within one year after the Optionee’s death, but only to the extent the Option was vested and exercisable immediately before the Optionee’s death.

 (c)    The aggregate Fair Market Value (determined by reference to the Option Price on the Date of Grant) of the Option shares exercisable by the Optionee for the first time during a calendar year may not exceed $100,000 (the “Limitation Amount”).  Incentive Stock Options granted under this agreement and any other incentive stock option agreements between the Optionee and the Company shall be aggregated for purposes of the Limitation Amount.  The portion of the Option that fails to become exercisable because of the Limitation Amount shall be exercisable  (to the extent otherwise exercisable) as a Non-Qualified Stock Option.

 (d)    In no event may this Option be exercised after __________.

3.        Method of Exercise and Payment.

(a)The Optionee may exercise his Option by delivering a written notice to the Company in the form attached as Exhibit A.  The exercise date will be (i) in the case of notice by mail, the date of postmark; or (ii) if delivered in person, the date of delivery.  The notice must be signed and state the number of Shares the Optionee has elected to purchase.  The Optionee may exercise the Option in whole or in part, but only with respect to whole Shares.
(b)The exercise notice must be accompanied by payment of the Exercise Price in full by cash (which shall include payment by check, bank draft or money order payable to the Company).  Instead of paying cash, the Optionee may substitute Shares of the Company’s Stock that he or she previously acquired (and has owned for at least six months) for all or part of the cash payment.  Shares used as payment will be valued at their Fair Market Value on the date of exercise.

4.Nontransferability.  This Option is not transferable by the Optionee other than by will or by the laws of descent and distribution.

5.Notice of Early Disposition.  By signing this Agreement, the Optionee agrees to give the Company prompt written notice of a sale or disposition of Option Shares (i) within two years from the date on which the Option was granted, or (ii) within one year from the date on which the Option Shares were transferred to the Optionee.  If the Optionee fails to give the Company prompt written notice, he or she will be liable to the Company for any loss of deduction, any penalty imposed, and any other financial loss incurred by the Company as a result of his or her failure to give prompt notice.

6.Employment Rights.  Neither the Plan nor this Agreement confers upon the Optionee any right to continue as an employee of the Company or limits in any respect the right of the Company to terminate the Optionee’s employment.

7.Governing Law.  This Agreement shall be governed by the laws of the state of Virginia.

8.Acceptance of Option.  This Agreement deals only with the Option the Optionee has been granted and not its exercise.  The Optionee’s acceptance of the Option places no obligation or commitment on the Optionee to exercise the Option.  By signing below, the Optionee indicates acceptance of the Option and his or her agreement to the terms and conditions set forth in this Agreement, which, together with the terms of the Plan, shall become the Company’s Stock Option Agreement with the Optionee.  The Optionee also acknowledges receipt of a copy of the Plan and agrees to all of the terms and conditions of the Plan.  This Agreement will not be effective until it is signed and returned.

9.Entire Agreement, Amendment.  This Agreement constitutes the entire agreement between the Optionee and the Company with respect to the Option shares and shall be binding upon Optionee’s legatees, distributees, and personal representatives and the successors of the Company.  This Agreement may only be amended by a writing signed by both the Optionee and the Company.

Valley Financial Corporation

    
By: __________________________________________

Its: __________________________________________

Date: __________

    
Signature: __________________________________________
                          
Date: __________
    

24911270_1EXHIBIT 10.3

FIRST AMENDMENT

THIS FIRST AMENDMENT dated as of August 7, 2012 (this "Amendment") amends the Amended and Restated Credit Agreement dated as of May 25, 2012 (the "Credit Agreement") among Nu Skin Enterprises, Inc. (the "Company"), various financial institutions (the "Lenders") and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the "Administrative Agent"). Capitalized terms defined in the Credit Agreement are, unless otherwise defined herein or the context otherwise requires, used herein as defined therein.

WHEREAS, the Company, the Lenders and the Administrative Agent have entered into the Credit Agreement; and

WHEREAS, the parties hereto desire to amend the Credit Agreement in certain respects as more fully set forth herein;

NOW, THEREFORE, the parties hereto agree as follows:

SECTION 1 Amendments. Subject to the satisfaction of the conditions precedent set forth in Section 3, the Credit Agreement is amended as follows:

1.1 Amendment to Section 1.1. The following new definitions are added to Section 1.1 in proper alphabetical order:

Capital Expenditures means all expenditures which, in accordance with GAAP, would be required to be capitalized and shown on the consolidated balance sheet of the Company, including expenditures in respect of Capital Leases.

Cash Flow from Operations means the consolidated cash flow from operations of the Company and its Restricted Subsidiaries as determined in accordance with GAAP.

Restricted Payment means any of the following:

 (a) any declaration or payment of dividends, either in cash or property, on any shares of capital stock of any class of the Company or any Restricted Subsidiary (except (i) dividends or other distributions payable solely in shares of common stock, and (ii) dividends and distributions paid by a Restricted Subsidiary solely to the Company or a Wholly-Owned Restricted Subsidiary); or

(b) any purchase, redemption or retirement, either directly or indirectly, or through any Restricted Subsidiary, of shares of capital stock of any class of the Company or any Restricted Subsidiary or any warrants, rights or options to purchase or acquire any shares of capital stock of the Company or any Restricted Subsidiary; or

(c) any payment or distribution, either directly or indirectly or through any Restricted Subsidiary, in respect of capital stock of any class of the Company or any Restricted Subsidiary (except payments and distributions made by a Restricted Subsidiary solely to the Company or a Wholly-Owned Restricted Subsidiary).

1.2 Amendment to Section 10.10.1. Section 10.10.1 is amended in its entirety to read as follows:

10.10.1 Minimum Consolidated Net Worth. Not, at any time, permit Consolidated Net Worth to be less than $450,000,000.

 

1.3 Amendment to Section 10.15. Section 10.15 is amended in its entirety to read as follows:

 

 

10.15 Restricted Payments. Not, and not permit any Restricted Subsidiary to, at any time declare or make, or become required to declare or make, any Restricted Payment, unless after giving effect thereto, (i) the aggregate amount of all Restricted Payments declared or made after June 30, 2012 does not exceed the sum of (a) $100,000,000, plus (b) 100% of (x) the aggregate amount of Cash Flow from Operations for the period commencing on July 1, 2012 and terminating at the end of the last fiscal quarter immediately preceding the date of any proposed Restricted Payment minus (y) the aggregate amount of all Capital Expenditures during such period and (ii) no Event of Default or Unmatured Event of Default exists or would exist after giving effect to such Restricted Payment.

SECTION 2 Warranties. The Company represents and warrants to the Administrative Agent and the Lenders that (a) each warranty set forth in Section 9 of the Credit Agreement is true and correct in all material respects as of the date of the execution and delivery of this Amendment by the Company, with the same effect as if made on such date (except to the extent any such warranty expressly relates to a specific earlier date, in which case such warranty was true and correct in all material respects as of such earlier date), (b) after giving effect to this amendment, no Event of Default or Unmatured Event of Default exists and (c) the Credit Agreement as amended hereby constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights generally, and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

SECTION 3 Effectiveness. The amendments set forth in Section 1 above shall become effective when the Administrative Agent has received (i) counterparts of this Amendment executed by the Company and the Required Lenders and (ii) a fully executed and effective amendment to the Senior Note Purchase Agreement and any other Material Credit Facility (if any) which provides for amendments thereto which are substantially identical to those provided herein.

SECTION 4 Miscellaneous.

4.1 Continuing Effectiveness, etc. As herein amended, the Credit Agreement shall remain in full force and effect and is hereby ratified and confirmed in all respects. After the effectiveness of this Amendment, all references in the Credit Agreement and the other Loan Documents to "Credit Agreement" or similar terms shall refer to the Credit Agreement as amended hereby.

4.2 Counterparts. This Amendment may be executed in any number of counterparts and by the different parties on separate counterparts, and each such counterpart shall be deemed to be an original but all such counterparts shall together constitute one and the same Amendment. Delivery to the Administrative Agent of a counterpart hereof, 01' a signature page hereto, by facsimile or by email in .pdf or similar format shall be effective as an original, manually-signed counterpart.

4.3 Governing Law. This Amendment shall be a contract made under and governed by the internal laws of the State of New York, without regard to conflict of laws principles.

4.4 Successors and Assigns. This Amendment shall be binding upon the Company, the Lenders and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of the Company, the Lenders and the Administrative Agent and the respective successors and assigns of the Lenders and the Administrative Agent.

  

Delivered as of the day and year first above written,

NU SKIN ENTERPRISES, INC.

By /s/ Ritch Wood  

Title Chief Financial Officer  

JPMORGAN CHASE BANK, N.A., as Administrative Agent and as a Lender

By /s/ Stephen Cazier  

Title Senior Banker

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