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Unassociated Document

    SECOND
AMENDMENT OF FIRST

    AMENDED
AND RESTATED LOAN AGREEMENT

    

    

    THIS SECOND AMENDMENT OF FIRST AMENDED
AND RESTATED LOAN AGREEMENT (“Amendment”) is made this 24th day of
July, 2010 among Summit Hotel Properties, LLC, a South Dakota limited liability
company (“Summit Hotel”), Summit Hospitality V, LLC, a South Dakota limited
liability company (“Summit Hospitality”) (Summit Hotel and Summit Hospitality
may be collectively referred to as “Borrowers”), First National Bank of Omaha, a
national banking association ("First National") as a Lender, Administrative
Agent and Collateral Agent for the Lenders, and Union Bank & Trust Company,
a Nebraska state banking corporation (“Union”), and amends that certain First
Amended and Restated Loan Agreement dated August 31, 2009 among Borrowers, Agent
and the Lenders party thereto (as amended, the “Loan Agreement”).

    

    WHEREAS, pursuant to the Loan Agreement
and the other Loan Documents, Lenders party thereto extended the Loan to
Borrowers more fully described in the Loan Agreement;

    

    WHEREAS, pursuant to that certain First
Amendment of First Amended and Restated Loan Agreement dated June 24, 2010, the
Termination Date was extended to July 24 2010 and the Loan Agreement was
otherwise amended as provided for therein;

    

    WHEREAS, Borrowers have requested, and
Lenders have agreed, to extend the Termination Date to August 15, 2010;
and

    

    WHEREAS, the parties hereto agree to
amend the Loan Agreement as provided for in this Amendment.

    

    NOW, THEREFORE, in consideration of the
amendments to the Loan Agreement provided for below, the mutual covenants herein
and other good and valuable consideration, the sufficiency and receipt of which
is hereby acknowledged, the parties agree to amend the Loan Agreement as
follows:

    

    1.           Capitalized
terms used herein shall have the meaning given to such terms in the Loan
Agreement as amended in this Amendment, unless specifically defined
herein.  The provisions of this Amendment shall become effective on
the date of this Amendment.

    

    2.           The
definition of the term “Termination Date” in Exhibit A of the Loan Agreement is
hereby amended to delete the reference to July 24, 2010 and inserting in lieu
thereof August 15, 2010.  To the extent necessary, the other Loan
Documents are hereby amended consistent with the foregoing.  The
termination of Borrowers' respective ability to request additional Advances
provided for in that certain Third Amended and Restated Term Note dated May 1,
2010 executed and delivered by Borrowers' in favor of First National will remain
effective and in full force and effect and is hereby ratified and affirmed by
Borrowers.

    

    3.           Except
as modified and amended herein, all other terms, provisions, conditions and
obligations imposed under the terms of the Loan Agreement and the other Loan
Documents shall remain in full force and effect and are hereby ratified and
affirmed by Borrowers.  To the extent necessary, the other Loan
Documents are hereby amended to be consistent with the terms of this
Amendment.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    4.           Borrowers
each certify and reaffirm by their execution of this Amendment that the
representations and warranties set forth in the Loan Agreement and the other
Loan Documents are true as of this date, and that no Event of Default under the
Loan Agreement or any other Loan Document, and no event which, with the giving
of notices or passage of time or both, would become such an Event of Default,
has occurred as of execution hereof.

    

    5.           This
Amendment may be executed simultaneously in several counterparts, each of which
shall be deemed an original but which together shall constitute one and the same
instrument.

    

    

    

    [SIGNATURE
PAGES FOLLOW]

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    IN
WITNESS WHEREOF, the parties have executed and delivered this Amendment on the
date first written above.

    

    FIRST
NATIONAL BANK OF OMAHA

    

    /s/
Marc T. Wisdom

    By:           ________________________

    Marc T.
Wisdom, 

    Vice
President

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SUMMIT
HOTEL PROPERTIES, LLC, a South Dakota limited liability company, by its Company
Manager, THE SUMMIT GROUP, INC.

    

    /s/ Kerry W. Boekelheide

    By:           ________________________

    Title:    
Chief
Executive Officer & Manager

    Dated: 
7/29/2010

    

    SUMMIT
HOSPITALITY V, LLC, a South Dakota limited liability company, by its member,
SUMMIT HOTEL PROPERTIES, LLC, a South Dakota limited liability company, by its
Company Manager, THE SUMMIT GROUP, INC.

    

    /s/ Kerry W. Boekelheide

    By:           _________________________

    Title:  
Chief Manager

    Dated:  
7/29/2010

    

    

    

    UNION
BANK & TRUST COMPANY

    

    

    By:           __________________________

    Title:exhibit101.htm

THIRD AMENDMENT TO EMPLOYMENT AGREEMENT

THIRD AMENDMENT (this “Amendment”), entered into on July 29, 2010, and made effective as of May 11, 2010, to the Employment Agreement dated as of July 12, 2006 (the “Employment Agreement”), by and among LIN TV Corp., a Delaware corporation (“Parent”), and LIN Television Corporation, a Delaware corporation with its headquarters in Providence, Rhode Island, and a wholly-owned subsidiary of the Parent (the “Company” and, together with Parent, the “LIN Companies”), and Vincent L. Sadusky (the “Executive”).

W I T N E S S E T H:

WHEREAS, the Executive and the LIN Companies are parties to the Employment Agreement; and

WHEREAS, the Employment Agreement was amended on October 29, 2009 and February 28, 2010; and

WHEREAS, the parties desire to further amend the Employment Agreement upon the terms and conditions set forth herein.

 

 

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

 

1.           Defined Terms.  Terms defined in the Employment Agreement and used herein shall have the meanings given to them in the Employment Agreement.

 

2.           Amendment to Section 5.  Section 5 shall be deleted in its entirety and replaced with the following:

 

“a.           During the Service Period, Executive shall be paid by the Company an annual base salary of Six Hundred Fifty Thousand Dollars ($650,000) (“Base Salary”), payable in accordance with the Company’s normal payroll practices.  The Base Salary shall be reviewed by the Compensation Committee of the Board of Parent (“Compensation Committee”) no less often than once each calendar year and may be increased, but not decreased, based upon such a review.

 

b.           With respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary described above, an annual bonus payment (a “Performance Bonus”) in an amount up to Seven Hundred Thousand Dollars ($700,000) for such year (a “Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows:

 

(i)           Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (i) using a baseline bonus amount equal to sixty percent (60%) of the Performance Bonus Amount (the “Results Bonus Base Amount”).  The amount of the bonus awarded to Executive, if any, under this paragraph (i) shall be an amount calculated as a percentage of the Results Bonus Base Amount (the “Results Bonus Percentage”).  The Results Bonus Percentage shall be the percentage set forth on Schedule 5(b) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted EBITDA established by the Board of Parent for the applicable year.

 

(ii)           Executive shall be eligible to receive a bonus payment in an amount up to forty percent (40%) of the Performance Bonus Amount, which bonus payment, if any, shall be determined by the Compensation Committee of the Board of Parent, based upon its assessment of such factors as it may determine to be relevant, which may include the performance of the LIN Companies and Executive, general business conditions, and the relative achievement by Executive or the LIN Companies of any goals established by the Board of Parent or the Compensation Committee.”

 

3.           No Other Amendments; Confirmation.  Except as expressly amended hereby, the provisions of the Employment Agreement, as amended, are and shall remain in full force and effect.

4.           Counterparts.  This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  This Amendment may be delivered by facsimile transmission of the relevant signature pages hereof.

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

EXECUTIVE:

 

                                                                                                /s/Vincent L. Sadusky

Vincent L. Sadusky

 

 

LIN TV CORP.

By:       /s/ Denise M. Parent                                                    

Name:  Denise M. Parent

Title:    Vice President General Counsel

LIN TELEVISION CORPORATION

 By:       /s/ Denise M. Parent                                                   

 Name:  Denise M. Parent 

 Title:    Vice President General Counsel   

 

  

1

  

Schedule 5(b)

	
Percent of

EBITDA

	
 

Bonus

	
80.0%

	
Zero

	
82.0%

	
32.5%

	
84.0%

	
40.0%

	
86.0%

	
47.5%

	
88.0%

	
55.0%

	
90.0%

	
62.5%

	
92.0%

	
70.0%

	
94.0%

	
77.5%

	
96.0%

	
85.0%

	
98.0%

	
92.5%

	
100.0%

	
100.0%

	
101.0%

	
110.0%

	
102.0%

	
120.0%

	
103.0%

	
130.0%

	
104.0%

	
140.0%

	
105.0%

	
150.0%

	
106.0%

	
160.0%

	
107.0%

	
170.0%

	
108.0%

	
180.0%

	
109.0%

	
190.0%

	
110.0%

	
200.0%

  

2

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