Document:

exh10-2_1369537.htm

EXHIBIT 10.2

 

 

FIFTH AMENDMENT

 

FIFTH AMENDMENT (the “Amendment”), dated as of August 11, 2009 (the “Amendment Date”), with respect to that certain Credit Agreement, dated as of August 1, 2006 (as amended, supplemented
or otherwise modified prior to the date hereof, the “Credit Agreement”), among Christie/AIX, Inc., a Delaware corporation (the “Borrower”), the Lenders and General Electric Capital Corporation, a Delaware corporation (“GE Capital”), as the administrative agent and collateral agent for
the Lenders (in such capacity, the “Administrative Agent”).

 

W I T N E S S E T H:

 

WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to the Credit Agreement;

 

WHEREAS, the Borrower has requested that the Lenders agree to amend the Credit Agreement to, among other things, amend the application of certain prepayments of principal;

 

WHEREAS, the Lenders are willing to agree to the requested amendments on the terms and conditions contained herein;

 

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

 

1.    Definitions.  Unless otherwise defined herein, terms defined in the Credit Agreement shall have their defined meanings when used herein.

 

2.    Amendment to Credit Agreement.

 

(a)    As of the Amendment Date, Section 1.1 of the Credit Agreement shall be amended to add the following new definitions in the correct alphabetical order:

 

“Fifth Amendment Effective Date” means August 11, 2009.

 

“Fifth Amendment Prepayment” means the prepayment of the Obligations on the Fifth Amendment Effective Date pursuant to Section 2.6(b)(i) in an amount equal to $5,000,000.

 

(b)    As of the Amendment Date, Section 2.10(b) of the Credit Agreement shall be amended by adding before the “.” at the end of such section the following proviso:

 

; provided, however, that, notwithstanding anything to the contrary contained herein, the Fifth Amendment Prepayment shall be applied ratably to the twenty-four (24) scheduled installments on the Loans following
the Fifth Amendment Effective Date

 

 

 

 

 

3.    Representations and Warranties.  In order to induce the Administrative Agent and the Lenders to enter into this Amendment, the Loan Parties hereby represent and warrant to the Administrative Agent and the Lenders
that (a) the representations and warranties of the Loan Parties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the date hereof (after giving effect hereto), except where such representations and warranties expressly relate to an earlier date in which case such representations and warranties were true and correct in all material respects as of such earlier date and (b) no Default or Event of Default has occurred and is continuing.

 

4.    Conditions to Effectiveness.  This Amendment shall be effective on the date when the following conditions shall have occurred:

 

(a)    the Administrative Agent shall have executed this Amendment and shall have received counterparts hereof, duly executed and delivered by the Borrower, Holdings and the Required Lenders;

 

(b)    no Default of Event of Default shall have occurred and be continuing;

 

(c)    simultaneously with the effectiveness of this Amendment, Access IT shall have received $75,000,000 in proceeds from the issuance of Indebtedness to Sageview Capital LP and its Affiliates
on terms substantially consistent with those described in the Term Sheet draft distributed to the Lenders dated August 10, 2009 and attached hereto as Exhibit A (the “Term Sheet”);

 

(d)    the Borrower shall, simultaneously with the effectiveness of this Amendment, issue shares of common stock to Holdings in exchange for $5,000,000;

 

(e)    Holdings shall, simultaneously with the effectiveness of this Amendment, execute and deliver to the Administrative Agent a Pledge Amendment to the Pledge Agreement together with the stock certificate representing such shares and a stock power,
executed in blank;

 

(f)    the Borrower shall, simultaneously with the effectiveness of this Amendment, pay to the Administrative Agent, for the ratable benefit of the Lenders, $5,000,000 to be applied to the Loans as set forth in the Credit Agreement (as amended by this
Amendment); and

 

(g)    the Borrower shall have paid all fees and expenses of Administrative Agent’s counsel, Fulbright & Jaworski L.L.P., owing to date.

 

5.    Reference to Credit Agreement.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,” “hereunder,” or words of like or similar import shall
mean and be a reference to the Credit Agreement, as modified and amended by this Amendment.

 

6.    Governing Law and Jurisdiction.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND 

 

 

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SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

7.   Expenses.  The Borrower agrees to pay and reimburse the Administrative Agent for all its reasonable costs and expenses incurred in connection with the preparation and delivery of this Amendment, including, without
limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.

 

8.    Headings.  Section headings in the Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

 

9.    Counterparts.  This Amendment may be executed by the parties hereto in any number of separate counterparts (including by facsimile transmission) and all of such counterparts taken together shall be deemed to
constitute one and the same instrument.

 

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

 

11.   Continuing Effect.  Except as expressly amended hereby, the Credit Agreement, as amended by this Amendment, shall continue to be and shall remain in full force and effect in accordance with its terms.  This Amendment shall not constitute an amendment or waiver of any provision of the Credit
Agreement not expressly referred to herein and shall not be construed as an amendment, waiver or consent to any action on the part of the Borrower that would require an amendment, waiver or consent of the Administrative Agent or the Lenders except as expressly stated herein.  Any reference to the “Credit Agreement” in the Loan Documents or any related documents shall be deemed to be a reference to the Credit Agreement as amended by this Amendment.  The Amendment constitutes a Loan
Document.  For the avoidance of doubt, it is understood and agreed that nothing herein shall be or shall be deemed to be a consent, acceptance or waiver with respect to the terms contained in the Term Sheet and that the Administrative Agent and the Lenders reserve all rights and remedies available to them under the Credit Agreement and the other Loan Documents as a result of or in connection with the performance of the obligations contemplated by the Term Sheet and the definitive documentation related
thereto.

 

12.   NO ORAL AGREEMENTS.  THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS EMBODY THE ENTIRE AGREEMENT OF THE PARTIES AND SUPERSEDE ALL PRIOR AGREEMENTS AND UNDERSTANDINGS RELATING TO THE SUBJECT MATTER THEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

13.   General Waiver and Release.  IN ADDITION, TO INDUCE ADMINISTRATIVE AGENT AND LENDERS TO AGREE TO THE TERMS OF THIS AMENDMENT, THE LOAN PARTIES (BY THEIR EXECUTION BELOW) REPRESENT 

 

 

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AND WARRANT THAT AS OF THE DATE OF THEIR EXECUTION OF THIS AMENDMENT THERE ARE NO CLAIMS OR OFFSETS AGAINST OR DEFENSES OR COUNTERCLAIMS TO THEIR RESPECTIVE OBLIGATIONS UNDER THE CREDIT AGREEMENT, THIS AMENDMENT OR THE OTHER LOAN DOCUMENTS.  NOTWITHSTANDING THE FOREGOING, IN THE EVENT THERE EXIST ANY SUCH CLAIMS OR OFFSETS AGAINST OR DEFENSES
OR COUNTERCLAIMS, THE LOAN PARTIES (BY THEIR EXECUTION BELOW) HEREBY:

 

(A)   FOREVER GENERALLY WAIVE ANY AND ALL CLAIMS, OFFSETS, DEFENSES AND/OR COUNTERCLAIMS, WHETHER KNOWN OR UNKNOWN, ARISING ON OR PRIOR TO THE DATE OF THEIR EXECUTION OF THIS AMENDMENT; AND

 

(B)   FOREVER RELEASE, ACQUIT AND DISCHARGE THE RELEASED PARTIES FROM ANY AND ALL OBLIGATIONS, INDEBTEDNESS, LIABILITIES, CLAIMS, RIGHTS, CAUSES OF ACTION OR DEMANDS WHATSOEVER, WHETHER KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED, IN LAW OR EQUITY, WHICH ANY LOAN PARTY EVER HAD, NOW HAS, CLAIMS TO HAVE OR MAY HAVE AGAINST ANY
RELEASED PARTY ARISING ON OR PRIOR TO THE DATE HEREOF AND FROM OR IN CONNECTION WITH THE CREDIT AGREEMENT, THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY AND HEREIN.

 

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

  

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IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and delivered by their respective duly authorized officers as of the day and year first above written.

 

	  	
CHRISTIE/AIX, INC.,

as a Borrower

 

 

 

By /s/ A. Dale Mayo                                    

Name A. Dale Mayo                                          

Title CEO                                                            

	  	
 

 

 

ACCESS DIGITAL MEDIA, INC.

 

 

 

By /s/ A. Dale Mayo                                    

Name A. Dale Mayo                                          

Title CEO                                                            

 

 

 

 

 

 

[SIGNATURE PAGE TO FIFTH AMENDMENT]

  

  

  

	  	
GENERAL ELECTRIC CAPITAL

CORPORATION,

as the Administrative Agent and Lender

 

 

 

By  /s/ Carl A. Felton III                              

Name  Carl A. Felton III                               

Title  Duly Authorized  Signatory                
  

 

 

 

 

 

 

[SIGNATURE PAGE TO FIFTH AMENDMENT]

  

  

  

	  	
CIT LENDING SERVICES CORPORATION,

as a Lender

 

 

 

By                                                                    

Name                                                                    

Title                                                                    

 

 

 

 

 

 

[SIGNATURE PAGE TO FIFTH AMENDMENT]

  

  

  

	  	
TD BANK, N.A.,

as a Lender

 

 

 

By  /s/ Gary R. Martz                                   

Name  Gary R. Martz                                         

Title  Vice President                                       
 

 

 

 

 

 

 

[SIGNATURE PAGE TO FIFTH AMENDMENT]

  

  

  

	  	
SOCIETE GENERALE,

as a Lender

 

 

 

By  /s/ Elaine Khalil                                      

Name  Elaine Khalil                                            

Title  Managing Director                                 

 

 

 

 

 

 

[SIGNATURE PAGE TO FIFTH AMENDMENT]

  

  

  

	  	
AIB DEBT MANAGEMENT LTD,

as a Lender

 

 

 

By  /s/ Gregory J. Wiske                              

Name  Gregory J. Wiske                                    

Title  Senior Vice President                          

          Investment Advisor to AIB Debt     

          Management, Limited                         

 

	  	
 

By  /s/ Shreya Shah                                     

Name  Shreya Shah                                           

Title  Vice President                                      

          Investment Advisor to AIB Debt     

          Management, Limited                         

 

 

 

 

 

 

 

[SIGNATURE PAGE TO FIFTH AMENDMENT]

  

  

  

	  	
CIFC FUNDING 2006-I, LTD,

as a Lender

 

 

 

By                                                                    

Name                                                                    

Title                                                                    

 

 

 

 

 

 

[SIGNATURE PAGE TO FIFTH AMENDMENT]

  

  

  

Exhibit A

Term Sheet

See attached.

 

 

 

 

 

 

 

 

[SIGNATURE PAGE TO FIFTH AMENDMENT]exh10-3_1369385.htm

EXHIBIT 10.3

 

 

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT is made and entered into as of the 11th day of August 2009, by and between Access Integrated Technologies, Inc., a Delaware Corporation (the "Company"), and Adam M. Mizel (the "Employee").

WITNESSETH:

WHEREAS, the Company wishes to employ the Employee as Chief Financial Officer and Chief Strategy Officer of the Company pursuant to an Employment Agreement effective August 11, 2009 (the “Agreement”), upon the terms and conditions
set forth below;

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound hereby, the parties agree as follows:

1.           Employment.  The Company agrees to employ the Employee, and the Employee agrees
to be employed by the Company, for the period stated in Section 3 hereof and upon the other terms and conditions herein provided.

2.           Position and Responsibilities.  The Employee shall serve as Chief Financial
Officer and Chief Strategy Officer of the Company and Member of the Board of Directors of the Company (the “Board”).  The Employee shall be responsible for such duties as are commensurate with his office and shall report to the Chief Executive Officer of the Company, who shall have the power to expand the Employee’s duties, responsibilities and authority and, when considered necessary or in the best interests of the Company, to override the Employee’s decisions and actions, including,
without limitation, the Employee’s recommendations to the Board of Directors.

3.           Term.  The term of this Agreement shall be from August 11, 2009 (the “Effective
Date”) through August 31, 2012.

4.           Compensation, Reimbursement of Expenses.

(a)           Salary.  For all services rendered by the Employee in any capacity during
his employment under this Agreement, including, without limitation, service as an executive, officer, director, or member of any committee of the Company or of any subsidiary, affiliate, or division thereof, the Company shall pay the Employee as compensation a salary (“Base Salary”) at the minimum rate of $375,000 per year commencing with the Effective Date, subject to increase for subsequent years in the sole discretion of the Compensation Committee of the Board.

 

(b)           Bonus.  Employee shall be eligible for a bonus based on overall Company performance with goals to be established by the Committee.

 

 

 

 

(c)           Reimbursement of Expenses.  The Company shall pay, or reimburse the Employee
for, all reasonable travel, entertainment and other expenses incurred by the Employee in the performance of his duties under this Agreement.

(d)           Stock Option Grant.  Employee shall be granted 450,000 stock options under the Second Amended and Restated 2000 Stock Option Plan
of Access Integrated Technologies, Inc. (the “Stock Option Plan”).  To the extent the Company does not have a sufficient number of shares authorized, any excess grant will be subject to sufficient shares becoming available.  These options will be non-statutory options and will represent a three-year grant.  The grant date shall be the Effective Date (“Grant Date”) and the options will have a duration of six years.  The options shall have an exercise
price equal to $1.37 which shall in no event be less than 100% of the closing price of the Company’s common stock on the last trading day preceding the Grant Date.   The options shall vest on the earliest to occur of the third anniversary of the Grant Date, the death of Employee, or a Change in Control, or the provisions of paragraphs (i) through (vii) below, provided the Employee remains an employee of the Company through such
date.  Furthermore:

(i)  on the first anniversary of the Grant Date, one-third of the options will vest if shares of the Company have traded at $2.75 or more for at least ten consecutive trading days during the first year of this Agreement;

(ii)  on the first anniversary of the Grant Date, two-thirds of the options will vest if shares of the Company have traded at $3.75 or more for at least ten consecutive trading days during the first year of this Agreement;

(iii)  on the first anniversary of the Grant Date, all of the options will vest if shares of the Company have traded at $5.00 or more for at least ten consecutive trading days during the first year of this Agreement;

(iv)  on the second anniversary of the Grant Date, one-third of the options which have not previously vested under (i) or (ii) will vest if shares of the Company have traded at $2.75 or more for at least ten consecutive trading days during the first two years of this Agreement;

(v)  on the second anniversary of the Grant Date, two-thirds of the options which have not previously vested under (i) or (ii) will vest if shares of the Company have traded at $3.75 or more for at least ten consecutive trading days during the first two years of this Agreement; and

(vi)  on the second anniversary of the Grant Date, all of the options which have not previously vested under (i) or (ii) will vest if shares of the Company have traded at $5.00 or more for at least ten consecutive trading days during the second year of this Agreement.

(vii)  To the extent the Company terminates Employee’s employment other than for reasons set forth in Section 6(a), or Employee resigns for Good Reason (as defined 

 

 

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in the last paragraph of  Section 6), prior to the forfeiture of his stock options pursuant to paragraph (viii), all non-vested options shall immediately vest.  In addition, to the extent Employee resigns other than for Good Reason, but absent any of the reasons set forth in Section 6(a), (I) any stock options that would
have vested as of the next following anniversary of the Grant Date pursuant to paragraphs (i)-(vi) of this Section 4(d), shall vest as of Employee’s termination date, and (II) to the extent the Employee has been employed by the Company for at least 12 months from the Grant Date, then as of his termination date, Employee shall be vested in 150,000 of the stock options granted under this Section 4(d) (“Termination Vested Options”), provided, however, that
the number of Termination Vested Options shall be reduced by the number of options otherwise vested under this Section 4(d) (including subparagraph (II) of this paragraph (vii)).

(viii)  Except as otherwise provided in this Section 4(d), upon Employee’s termination of employment, any non-vested stock options shall be forfeited.

5.           Participation in Benefit Plans.  Employee will be entitled to participate
in all benefit plans provided to senior executives of the Company; provided that:

               

(a)         The Company will pay the full cost of medical and dental coverage for the Employee and his eligible dependents;

(b)           The Company will provide the Employee with an automobile allowance of $12,000 annually adjusted for increases in the consumer price index;

 

6.           Termination.  (a) The Company shall have the right to terminate this Agreement
prior to the expiration of the term set forth in Section 3 only upon the conviction in a recognized court of law in the United States of Employee of theft or embezzlement of money or property, fraud, unauthorized appropriation of any tangible or intangible assets or property or any other felony involving dishonesty or moral turpitude.  The Company shall have no obligations to the Employee for any period subsequent to the effective date of any termination of this Agreement pursuant to this Section 6,
except for the payment of salary and benefits earned prior to such termination.

(b)           In the event that the Company terminates the Employee's employment for reason(s) other than those set forth in Section 6(a) prior to expiration of this Agreement under Section 3 hereof or
if the Employee resigns for Good Reason, the Employee shall be entitled to continue to receive his Base Salary (plus earned bonuses, if any) until the expiration of this Agreement under Section 3 hereof.  During such period, the Employee shall have a duty to seek other employment, but shall not be required to accept any position other than a position (i) as a senior executive officer with the same general responsibilities that the Employee possessed at the Company at the time of the Employee's termination
from the Company and (ii) with a company equal or larger in earnings and tangible net worth than the Company at the time of the Employee's termination.  The Employee may, however, accept any full-time position at any level and at any salary with any entity, profit or non-profit, and the Employee, by accepting such employment, shall be conclusively deemed to have fulfilled his duty to seek employment under this Section 6.  The Company shall be entitled to reduce the salary (including bonus)
paid to the 

 

 

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Employee during his employment by another entity by an amount equal to the amount earned by the Employee from any such Employment during such period, provided, that, such salary reduction shall not apply to the extent Employee takes a one-off consulting job.  In the event that
a dispute shall arise as to this Section 6(b), (i) the Company shall continue to pay the Employee's salary (including bonus) into an escrow account not under the control of the Company and (ii) the Company shall pay the legal fees and expenses incurred by the Employee in litigating any dispute under this Section 6 in the event that the Employee prevails in such dispute.

(c)         If the Company terminates the Employee’s employment for reason(s) other than those set forth in Section 6(a), or if the Employee resigns for Good Reason, in each event after a Change in Control (as defined in the Stock Option Plan), Employee
will receive a lump sum payment equal to his then Base Salary (plus earned bonus, if any), multiplied by the greater of (i) two or (ii) a fraction, the numerator of which is the number of months remaining in the term of this Agreement, and the denominator of which is twelve; provided however that such payment shall be limited to an amount which would not result in an “excess parachute payment” as that term is defined in Internal Revenue Code section 280G.

 

For these purposes, “Good Reason”  means, without the Employee's consent,  (i) a reduction in the Employee’s title or job responsibilities compared with the Employee’s title or job responsibilities on the date of this Agreement, (ii) any requirement that the Employee relocate to a work location more than
50 miles from his current location or New York City; or (iii) any material breach of this Agreement by the Company, which breach is not cured by the Company within 3 business days of the Employee notifying the Company that it is in breach.

 

7.           Disability.  If the Employee is completely disabled in the written opinion of a
physician mutually agreeable to the Employee (or his legal representative) and the Company, or in the event that no such physician is chosen, if the Employee is unable to perform his services on substantially a full-time basis for a period in excess of six consecutive months, the Company shall be entitled to reduce the salary (including bonus) paid to the Employee by subtracting from such salary and bonus (i) the salary of such person as is hired by the Company to perform the office of Chief Financial Officer
and Chief Strategy Officer and (ii) any amounts received by the Employee from any disability insurance policy maintained by the Company in favor of the Employee; provided, however, that in no event shall the salary (including bonus) paid to the Employee plus any disability insurance proceeds actually paid to the Employee be less than the minimum annual salary applicable in such year.  In no event will Employee's salary and bonus be reduced by more than 50% during the first three years of this Agreement.

 

8.           Death. The Employee's employment shall be terminated upon the Employee's death; provided, however, that
in such event the Company shall pay to the Employee's estate an amount equal to the Employee's salary plus bonus for a six-month period immediately following the Employee's death.  Such payment may be made in a lump sum immediately following such termination or may be paid over the six-month period in accordance with the normal payroll practices of the Company, at the discretion of the Board.

 

 

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9.           Confidential Information; Non-Competition; Enforceability.

(a)          The Employee shall not at any time, whether before or after the termination of this Agreement, divulge, furnish or make accessible to anyone (other than in the ordinary course
of the business of the Company or any subsidiary thereof) any knowledge or information with respect to confidential or secret designs, processes, formulae, plans, devices, material, or research or development work of the Company or any subsidiary thereof, or with respect to any other confidential or secret aspect of the business of the Company or any subsidiary thereof.

(b)          For a period of one year after the termination of this Agreement, the Employee shall not, directly or indirectly, engage or become interested in (as owner, stockholder, partner
or otherwise) the operation of any business similar to or in competition (direct or indirect) with the Company within the United States.  If any court construes the covenant in this Section 9 or any part thereof, to be unenforceable because of its duration or the area covered thereby, the court shall have the power to reduce the duration or area to the extent necessary so that such provision is enforceable.  This paragraph 9(b) shall not apply to Employee’s ownership of less than 5%
of the stock of a corporation whose stock is traded on a nationally recognized stock exchange.

(c)          The covenants set forth in this Section 9 shall be deemed separable and the invalidity of any covenant shall not affect the validity or enforceability of any other covenant.  If
any period of time or limitation of geographical area stated in Section 9(b) is longer or greater than the maximum period or geographical area permitted by law, then the period of time or geographical area stated therein shall be deemed to be such maximum permissible period of time or geographical area, as the case may be.  All parties recognize that the foregoing covenants are a prime consideration for the Company to enter into this Agreement and that the Company's remedies at law for damages in the
event of any breach shall be inadequate.  In the event that there is a breach of any of the foregoing covenants, the Company shall be entitled to institute and prosecute proceedings in any court of competent jurisdiction to enforce specific performance of any such covenants by the Employee or to enjoin the Employee from performing acts in breach of any such covenant.

10.           Tax Withholding.  The Company shall withhold from any benefits payable under
this Agreement all federal, state, local or other taxes as shall be required pursuant to any law or governmental regulation or ruling.

11.           Effect of Prior Agreements.  This Agreement contains the entire understanding
between the parties hereto and supersedes any prior employment agreement between the Company or any predecessor of the Company and the Employee.

12.           General Provisions.

(a)           Nonassignability.  Neither this Agreement nor any right or interest hereunder
shall be assignable by the Employee or his beneficiaries or legal representatives without the Company's prior written consent; provided, however, that nothing in this Section 12(a) shall preclude (i) the Employee from designating a beneficiary to receive any benefit

 

 

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payable hereunder following his death, or (ii) the executors, administrators, or other legal representatives of the Employee or his estate from assigning any rights hereunder to the person or persons entitled thereto.

(b)           No Attachment.  Except as required by law, no right to receive payments under
this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and of no effect.

(c)           Binding Agreement.  This Agreement shall be binding upon, and inure to the
benefit of, the Employee and the Company and their respective permitted successors and assigns.

(d)           Compliance with 409A.  Any severance type of payments made under this Agreement
will not commence until six months after the Employee’s termination of employment and shall otherwise comply with Code section 409A.

13.           Modification and Waiver.

(a)           Amendment of Agreement.  This Agreement may not be modified or amended except
by an instrument in writing signed by the parties hereto, and approved by a majority of the members of the Board who were not nominated by Employee.

(b)           Waiver.  No term or condition of this Agreement shall be deemed to have been
waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel.  No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

14.           Severability.  If, for any reason, any provision of this Agreement is held
invalid, such invalidity shall not affect any other provision of this Agreement not held so invalid, and each such other provision shall to the full extent consistent with law continue in full force and effect. If any provision of this Agreement shall be held invalid in part, such invalidity shall in no way affect the rest of such provision not held so invalid, and the rest of such provision, together with all other provisions of this Agreement, shall to the full extent consistent with law continue in full force
and effect

15.           Headings.  The headings of sections herein are included solely for convenience
of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.

 

 

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16.           Governing Law.  This Agreement has been executed and delivered in the State
of New York, and its validity, interpretation, performance, and enforcement shall be governed by the laws of said State other than the conflict of laws provisions of such laws.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its officers thereunto duly authorized, and the Employee has signed this Agreement, all as of the day and year first above written.

ACCESS INTEGRATED TECHNOLOGIES, INC.

By: /s/ Gary S. Loffredo                                                                                                

Gary S. Loffredo

Title: Senior Vice President—Business Affairs,

General Counsel and Secretary

Employee

 

/s/ Adam M. Mizel                                                    

Adam M. Mizel

  

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