Document:

Document

Exhibit 10.2

As of May 6, 2019

Gulfmark Energy, Inc.
17 South Briar Hollow Lane 
Houston, Texas  77027 
Attention:  Tracy Ohmart 

Re:       Letter Agreement and Limited Waiver (the “Letter Agreement”) 

Ladies and Gentlemen: 

Reference is hereby made to that certain Credit and Security Agreement dated as of August 27, 2009 (as the same has been amended, supplemented or modified from time to time, the “Credit Agreement”), among GULFMARK ENERGY, INC., a Texas corporation (“GME” or “Company”), certain other parties thereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”), acting through its Wells Fargo Business Credit operating division.  All capitalized terms used and not otherwise defined herein shall have their respective meanings as set forth in the Credit Agreement.

GME informed Wells Fargo that on or about October 2, 2018, the Internal Revenue Service filed a federal tax lien against the Company for unpaid tax obligations in an amount equal to $53,022.49, which lien remained outstanding after December 23, 2018 in violation of Section 5.29 of the Credit Agreement.  Such violation is an Event of Default under Section 6.1(b) of the Credit Agreement (the “Existing Default”).

GME desires that Wells Fargo (i) waive the Existing Default and (ii) amend the Credit Agreement as set forth below.  

Now, therefore, in consideration of the premises herein contained and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows (all provisions of this Letter Agreement being effective as of the date first set forth above unless otherwise stated herein): 

1.Amendment to Credit Agreement. 

a.Section 5.29 to the Credit Agreement.  Effective as of the date hereof, Section 5.29 of the Credit Agreement is amended and restated to read in its entirety as follow: 

5.29     Satisfaction of Past-Due Tax Obligations.  Company shall promptly, but in any event on or before September 30, 2019 (or such later date as agreed to in writing by Wells Fargo in its sole discretion), (a) pay or discharge the past-due tax obligations, assessments or charges, imposed on the Company in connection with the Federal tax lien filing #18-0034953629, filed by the Internal Revenue Service as of October 2, 2018, and (b) provide evidence satisfactory to Wells Fargo that (i) such past-due tax obligations, assessments or charges have been paid in full, and (ii) the Federal tax lien filing #18-0034953629 has been released or terminated.   

2.Limited Waiver.  Subject to the terms and conditions of this letter agreement, Wells Fargo hereby waives the Existing Default.  

3.Borrowing Base Reserve.  Company and Wells Fargo each acknowledges and confirms that Wells Fargo has established a $60,000 Borrowing Base Reserve in connection with the past due tax obligation described in Section 5.29 of the Credit Agreement, as amended hereby, until all such obligations have been paid in full and all liens related thereto have been terminated or released in accordance with Section 5.29 of the Credit Agreement, as amended hereby. 

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4.Conditions Precedent.  The amendments set forth above, along with the limited waiver set forth in Section 2 herein, are hereby conditioned upon satisfaction of the following conditions: 

(a) Company and each Guarantor shall have executed and delivered to Wells Fargo this letter agreement and such other documentation as may be requested by Wells Fargo; and 

(b) Company shall have paid to Wells Fargo all reasonable fees and expenses and other amounts due and payable on or prior to the date hereof. 

The limited waiver set forth in Section 2 herein shall not be construed as a consent to or waiver of any Event of Default (other than the Existing Default) which may now exist or hereafter occur or any violation of any term, covenant or provision of the Credit Agreement or any other Loan Document, nor shall it be construed as a course of dealing or conduct on the part of Wells Fargo. All rights and remedies of Wells Fargo are hereby expressly reserved with respect to any such Event of Default. The limited waiver set forth in Section 2 herein does not affect or diminish the right of Wells Fargo to require strict performance by Company and each Guarantor of each provision of any Loan Document to which it is a party. All terms and provisions of, and all rights and remedies of Wells Fargo under, the Loan Documents shall continue in full force and effect and are hereby confirmed and ratified in all respects. 

THIS LETTER AGREEMENT EMBODIES THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO RELATING TO THE WAIVER SET FORTH HEREIN AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE WAIVER SET FORTH HEREIN AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO.  THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO. 

THIS LETTER AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS AND THE APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.  This letter agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same letter agreement.  This letter agreement shall not be effective unless and until Wells Fargo, the Company and the Guarantors each have executed and delivered a counterpart hereof, whereupon this letter agreement shall be effective as of the date first above written.  Signatures transmitted by facsimile, electronic mail or other electronic transmission shall be effective as originals. 

By executing this letter agreement in the spaces provided below, (a) Wells Fargo agrees to the terms, conditions and provisions hereof, (b) Company agrees to the terms, conditions and provisions hereof, and (c) the Guarantors (i) consent and agree to the consent herein and the other terms, conditions and provisions hereof, and (ii) agree that the Amended and Restated Continuing Guaranty, the Joinder Agreement to Security Agreement, and all other Loan Documents to which the Guarantors, respectively, are a party are, and shall continue to be, in full force and effect and are hereby confirmed and ratified in all respects.   

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			Very truly yours,	
				
			WELLS FARGO BANK, NATIONAL ASSOCIATION	
				
			By:	/s/  James R. Harris
				James R. Harris
				Vice President
				
				
				

Letter Agreement And Limited Waiver – Signature Page

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	ACCEPTED AND AGREED TO			
	as of the date first above written:			
				
	COMPANY:			
				
	GULFMARK ENERGY, INC.			
				
	By:	/s/  Tracy Ohmart		
		Tracy Ohmart		
		Chief Financial Officer		
				
	GUARANTORS:			
				
	ADAMS RESOURCES & ENERGY, INC.,			
	SERVICE TRANSPORT COMPANY, and			
	RED RIVER VEHICLE HOLDINGS LLC			
				
	By:	/s/  Tracy Ohmart		
		Tracy Ohmart		
		Chief Financial Officer of each entity listed above		
				

Letter Agreement And Limited Waiver – Signature Page
4ttgt-ex103_206.htm

Exhibit 10.3

 

2019 Executive Incentive Bonus Plan  

	
 
	
1.
	
Purpose 

This 2019 Executive Incentive Bonus Plan (the “Plan”) is intended to provide an incentive for superior work and to motivate eligible executives of TechTarget, Inc. (the “Company”) toward even higher achievement and business results, to tie their goals and interests to those of the Company and its stockholders and to enable the Company to attract and retain highly qualified executives. The Plan is for the benefit of Covered Executives (as defined below). 

  

	
 
	
2.
	
Covered Executives 

  From time to time, the Compensation Committee of the Board of Directors of the Company (the “Committee”) may select certain key executives (the “Covered Executives”) to be eligible to receive bonuses hereunder. 

  

	
 
	
3.
	
Administration 

The Committee shall have the sole discretion and authority to administer and interpret the Plan. The specific goals and targets under of the Plan for each performance period shall be determined by the Committee and, once approved, filed with the minutes of the Committee. 

  

	
 
	
4.
	
Bonus Determinations  

 

(a)A Covered Executive may receive a bonus payment under the Plan based upon the attainment of performance targets which are established by the Committee and relate to financial and operational metrics with respect to the Company or any of its subsidiaries (the “Performance Goals”), including the following: earnings per share, revenues, EBITDA, Adjusted EBITDA (defined as EBITDA further adjusted for stock-based compensation expense), percentage of revenue under longer-term contract, or such other metrics as the Committee may determine. For 2019, payment of a bonus pursuant to the Plan will be based 1/3 on attainment of a Revenue, Adjusted EBITDA, and Percentage of Revenue under Longer-Term Contract (“Longer-Term Contracts Goal”) target, respectively, as defined and approved by the Committee. 

  

(b)Except as otherwise set forth in this Section 4(b): (i) any bonuses paid to Covered Executives under the Plan shall be based upon objectively determinable bonus formulas that tie such bonuses to one or more performance targets relating to the Performance Goals, (ii) bonus formulas for Covered Executives shall be adopted in each performance period by the Committee and communicated to each Covered Executive at the beginning of each bonus period and (iii) no bonuses shall be paid to Covered Executives unless and until the Committee makes a determination with respect to the attainment of the performance objectives. Notwithstanding the foregoing, the Company may adjust bonuses payable under the Plan based on achievement of individual performance goals or pay bonuses (including, without limitation, discretionary bonuses) to Covered Executives under the Plan based upon such other terms and conditions as the Committee may in its discretion determine. 

  

 

 

 

(c)Each Covered Executive shall have a targeted bonus opportunity for each performance period. The maximum bonus payable to a Covered Executive under the Plan shall be established by the Committee for the applicable performance period. 

  

(d)The payment of a bonus to a Covered Executive with respect to a performance period shall be conditioned upon the Covered Executive’s employment by the Company on the last day of the performance period; provided, however, that the Committee may make exceptions to this requirement, in its sole discretion, including, without limitation, in the case of a Covered Executive’s termination of employment, retirement, death or disability and as required under the terms of any applicable agreement with a Covered Executive. 

(e)In order for the Covered Executives to earn a bonus with respect to the Revenue or Adjusted EBITDA targets, the minimum threshold of 90% of the Adjusted EBITDA and/or Revenue bonus target for the subject quarter must be achieved. If the applicable 90% threshold is achieved, the Covered Executives will earn 50% of the targeted bonus amount at 90% of the threshold with respect to each metric. The Covered Executives will earn an additional 5% of that metric’s allocation for their targeted bonus amount for each additional 1% of the Adjusted EBITDA and Revenue bonus target achieved over 90% until 100% of the Adjusted EBITDA and Revenue bonus target is achieved. In the event that Adjusted EBITDA for the full fiscal year 2019 is greater than 100% of the aggregate amount of the Covered Executive’s target bonus amount, then that portion of the bonus payable in excess of the targeted bonus amount will be payable in common stock of the Company. 

(f)In order for the Covered Executives to earn a bonus with respect to the Longer-Term Contracts Goal, the Covered Executives must increase the Longer-Term Contracts Goal base (as determined by the Committee) by a minimum percentage equal to at least 25% of the Longer-Term Contracts target. For each 25% increase of the difference between the Longer-Term Contracts Goal base and the Longer-Term Contracts Goal, Covered Executives will earn 25% of that metric’s allocation for their targeted bonus amount until 100% of the Longer-Term Contracts Goal is achieved. In the event that the Longer-Term Contracts Goal is exceeded, as measured as of the fourth quarter of fiscal year 2019, then for each 1% above the Longer-Term Contracts Goal each Covered Executive will earn an additional 25% to their target bonus amount for the Longer-Term Contracts Goal. The portion of the bonus payable in excess of the targeted bonus amount will be payable in common stock of the Company. 

  

	
 
	
5.
	
Timing of Payment 

 

 The Performance Goals will be measured at the end of each fiscal year after the Company’s financial reports have been published. If the Performance Goals are met, payments will be made within 60 days thereafter, but not later than March 15. 

 

	
 
	
6.
	
Amendment and Termination  

 

The Company reserves the right to amend or terminate the Plan at any time in its sole discretion. 

 

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