Document:

exv10w1

 

Exhibit 10.1

SEPARATION AGREEMENT

     This
Separation Agreement (“Agreement”) dated as of the
15th day of April, 2005, is between
Brian Tierney (“Employee”) and Advanta Corp. (“Advanta” and, together with the Employee, the
“Parties”). Intending to be legally bound, the Parties agree as follows:

     1. Termination of Employment. The Employee’s employment with Advanta shall terminate
effective March 18, 2005 (“Termination Date”).

     2. Termination of Prior Agreements. Except as provided in Sections 3(a) and 3(b) below
with respect to the vesting of the Restricted Shares (as defined below) and of the options to
acquire 100,000 shares of Advanta’s Class B Common Stock out of the Initial Option Grant, all
prior agreements between the Parties, including (without limitation) the letter agreement
dated June 8, 2004 (the “June 8, 2004 Agreement”), excepting only the Asset Purchase Agreement, the
General Releases dated as of the same date as this Agreement, and the Initial Option Grant
documents, are hereby terminated. Capitalized terms in this Agreement shall have the same meaning
as in the June 8, 2004 Agreement.

     3. Payments and Benefits. Subject to the conditions set forth in Sections 3, 4, and 8
of this Agreement, the Employee shall be entitled to the following payments and benefits (which
shall be subject to any withholding tax requirements):

          (a) On the eighth business day after Employee executes this Agreement and the Release, so long
as Employee shall not have revoked his execution of the Release (the “Vesting Date”), Employee
shall vest in 200,000 restricted shares of Advanta Class B Stock (the “Restricted Shares”). Prior
to Advanta delivering or transferring to Employee any certificate or certificates for such
Restricted Shares, Employee shall remit to Advanta an amount sufficient to satisfy all federal,
state, and/or local withholding tax requirements. Upon Advanta’s delivery or transfer of such
Restricted Shares, such shares shall be freely tradable by Employee, without restriction. Employee
represents and warrants that he has already paid all federal, state, and/or local taxes due and
owing as to 50,000 shares of the Restricted Shares. Within three business days after the Vesting
Date Advanta will notify Employee of the taxes due on the remaining 150,000 shares of the
Restricted Shares (the “Remaining Restricted Shares”). Advanta will deliver or transfer the
Remaining Restricted Shares to Employee after Advanta receives said amount due by certified check
or wire transfer. By way of example only, it is estimated that if the closing stock price on the
Vesting Date were $23.26 per share, the amount due to Advanta from Employee to satisfy his taxes
would be $1,299,437.90.

          (b) On the Vesting Date Employee shall vest in options to acquire 100,000 shares of Advanta’s
Class B Common Stock out of the Initial Option Grant. Subject to the terms and conditions of the
Initial Option Grant documents, the Advanta Corp. 2000 Omnibus Stock Incentive Plan and except as
may otherwise be provided in this Agreement, Employee may exercise such options within one year of
the Termination Date. Unless sooner terminated in accordance with the terms and conditions
described above, all such options expire on March 19, 2006 at 12:00 A.M. Upon
vesting, all of the options will be immediately exercisable, and the shares
received on exercise shall be freely tradable by Employee without restriction on resale or
otherwise.

          (c) Pursuant to the terms and conditions of the Asset Purchase Agreement of the same date as
this Agreement, Advanta shall purchase the remaining assets of T2 Group, LLC, excluding the
remaining receivables, for the sum of $1,420,000.00 (ONE MILLION FOUR HUNDRED AND TWENTY THOUSAND
DOLLARS), payable as follows: $570,000.00 payable on the Vesting Date, by wire transfer; the
remainder payable in equal installments of $283,333.33, on June 14, 2006, June 14, 2007 and June
14, 2008, by wire transfer. Advanta shall pay the amount of $122,591.40, representing the unpaid
July invoices, to T2 Group LLC on the Vesting Date, by wire transfer.

          (d) Advanta shall execute a General Release in favor of Employee, including a release of
Employee from any non-compete commitments arising out of the June 8, 2004 Agreement, effective on
the Vesting Date.

          (e) Employee acknowledges that Advanta is required to withhold taxes for $8,100 of
compensation ($2,013 for personal car expenses paid by Advanta and $6,087 for country club dues
paid by Advanta, both of which were reported on a W-2C issued to Employee but Employee has not paid
the withholding taxes associated with such amounts). Accordingly, the Parties agree that Advanta
will reduce the sum to be paid as per Paragraph 3(c) of this Agreement by $2,439.09 to cover the
amount of the withholding taxes due on the compensation described above.

     4. Conditions with Respect to Payment; Timing of Payments; Manner and Method of
Payment. As a condition of receiving the payments and benefits referenced in Section 3 of this
Agreement (collectively “Payments”), the Employee and the remaining members of T2 (whom Employee
represents and warrants to be Eric Hollreiser, Maxene Fernstrom, Hilary Vadner and Alison Grove),
and

 

 

Fernstrom Inc., must sign the General Releases that follow this Agreement as of the same date
as this Agreement, and they must not exercise their right of revocation under the General
Releases. The Payments will then be made in accordance with the timetable set forth in Section 3 of
this Agreement.

     5. No Additional Compensation. The Employee acknowledges and agrees that he shall not
under any circumstances be entitled to any salary, wages, bonuses, compensation, benefits, or
remuneration (“Compensation”) of any sort from Advanta or any of the “Released Parties” (as defined
in the General Release) except for the Payments (provided that Employee retains any rights he may
have under COBRA to purchase benefits at his own expense). As of the Termination Date, the
Employee’s participation in all of Advanta’s benefit plans and programs shall cease in accordance
with the terms of such plans and programs. The General Release shall serve to release any claims
that the Employee may have, or may claim to have, for any Compensation not expressly provided for
in this Section 5 (including, without limitation, any compensation under the June 8, 2004
Agreement).

     6. Consideration. The Parties acknowledge and agree that this Agreement and the
General Releases are supported by adequate and sufficient consideration, and Employee acknowledges
that consideration for this Agreement and General Releases is adequate under 29 U.S.C. §
626(f)(1)(D).

     7. Indemnification. Notwithstanding any provision of this Agreement or any General
Release executed by Employee, Employee shall be entitled to all rights of indemnification,
advancement of expenses and exoneration from personal liability as set forth in Advanta’s bylaws
and restated certificate of incorporation as of the Termination Date.

     8. Miscellaneous.

          (a) Acknowledgments. The Parties acknowledge and agree that they have carefully read
and understand the terms of this Agreement (and the General Releases); that they have had a
sufficient opportunity to consult with counsel concerning this Agreement; that they sign this
Agreement freely, knowingly, and voluntarily; that they are not relying upon any promises not
expressly set forth herein in entering into this Agreement; and that this Agreement shall not be
subject to claims of fraud, duress, or coercion.

          (b) Integration. This Agreement together with the Asset Purchase Agreement, the
Initial Option Grant documents, and General Releases constitute the complete agreement between the
Parties with respect to its subject matter. It shall supersede and be merged with all prior
agreements (except as provided for above in Section 2 of this Agreement).

          (c) Severability. The invalidity or unenforceability of any provision of this
Agreement (or the General Releases) shall not affect the validity or enforceability of any other
provision. All invalid or unenforceable clauses shall be severed.

          (d) Modification. This Agreement may not be modified except by a written instrument
signed by both the Employee and a duly authorized agent of Advanta.

          (e) Cooperation. Without requiring any additional compensation, the Employee shall, to
the fullest extent possible, comply with all reasonable requests made by Advanta to meet and confer
with Advanta in good faith (at times, and for such duration with due regard for the Employee’s
other engagements whenever possible), or otherwise cooperate with and assist Advanta, regarding:
(i) transition issues relating to departure of Employee from Advanta, (ii) the defense of any
employment-related claims asserted against Advanta (or any of the other Released Parties as defined
in the General Release by Brian Tierney)and (iii) other business matters selected by Advanta in its
reasonable discretion. In the event the Employee is required to expend a considerable amount of
time extending cooperation in any such matter, the Parties shall in good faith negotiate fair
compensation to Employee for his time in doing so.

     Intending to be legally bound, the Parties sign below.

	 	 	 
	 
	 	 
	 
	 	 
	/s/
Brian Tierney

	 	 
	Brian Tierney
	 	 
	 
	 	 
	 
	 	 
	/s/
Elizabeth H. Mai

	 	 
	Advanta Corp.
	 	 
	By: Elizabeth
H. Mai
       Senior Vice PresidentExhibit 4.1

FOURTH SUPPLEMENTAL INDENTURE

This FOURTH SUPPLEMENTAL INDENTURE, dated as of April 20,
2005 but effective as of July 1, 2004 (the "Fourth Supplemental Indenture"), is
made and entered into by and among SESI, L.L.C., a Delaware limited liability
company (the "Company"), SPN Resources, LLC, a Louisiana limited liability
company ("SPN Resources"), and The Bank of New York Trust Company, N.A., as
trustee (the "Trustee"), pursuant to an Indenture, dated as of May 2, 2001 and
amended as of July 9, 2001, September 1, 2001 and January 10, 2002, among the
Company, Superior Energy Services, Inc., the Subsidiary Guarantors named therein
and the Trustee (the "Indenture"). All capitalized terms used in this Fourth
Supplemental Indenture that are not otherwise defined herein shall have the
respective meanings assigned to them in the Indenture.

RECITALS

WHEREAS, SPN Resources desires to Guarantee the Company's
obligations with respect to the Notes on the terms provided for in the
Indenture;

WHEREAS, Section 9.01 of the Indenture provides, among other
things, that the Company and the Trustee may amend the Indenture and the Notes
without the consent of any Holder of a Note to add Guarantees with respect to
the Notes, including any Subsidiary Guarantees;

WHEREAS, the Company desires to amend the Indenture and the
Notes to add SPN Resources as a Guarantor with respect to the Notes; and

WHEREAS, the Company, SPN Resources and the Trustee are
executing and delivering this Fourth Supplemental Indenture in order to provide
that SPN Resources shall Guarantee the Company's obligations with respect to the
Notes on the terms provided for in the Indenture.

NOW, THEREFORE, for and in consideration of the premises, and
other good and valuable consideration, the sufficiency and receipt of which are
hereby acknowledged, it is mutually agreed, for the equal and proportionate
benefit of all Holders, as follows:

        
        ARTICLE I
AMENDMENT TO INDENTURE 
        

Section 1.1    Addition of Subsidiary Guarantor.  SPN Resources hereby agrees
          to Guarantee the Company's obligations with respect to the Notes on
          the terms provided for in the Indenture for the benefit of the Holders
          of the (i) Exchange Notes and (ii) if and when issued, any Additional
          Notes that the Company may from time to time choose to issue pursuant
          to the Indenture. 

  

 

 

Section 1.2    Definition.  The definition of "Subsidiary Guarantor" contained
          in Section 1.01 of the Indenture is hereby amended to include SPN
          Resources, LLC as a Subsidiary Guarantor.

ARTICLE II
GENERAL PROVISIONS 

Section 2.1    Effectiveness of Amendment. 
This Fourth Supplemental
          Indenture is effective as of July 1, 2004. 

Section 2.2    Ratification of Indenture.  The Indenture is in all respects
          acknowledged, ratified and confirmed, and shall continue in full force
          and effect in accordance with the terms thereof and as supplemented by
          this Fourth Supplemental Indenture. The Indenture and this Fourth
          Supplemental Indenture shall be read, taken and construed as one and
          the same instrument. 

Section 2.3    Certificate and Opinion as to Conditions Precedent.  Simultaneously with and as a condition to the execution of this Fourth
          Supplemental Indenture, the Company is delivering to the Trustee: 

(a)    an Officers' Certificate in form and substance reasonably
            satisfactory to the Trustee stating that, in the opinion of the
            signers, the Fourth Supplemental Indenture is permitted by the
            Indenture and all conditions precedent and covenants, if any,
            provided for in the Indenture relating to the amendment and
            supplement of the Indenture have been satisfied; and

(b)    an Opinion of Counsel in form and substance reasonably
            satisfactory to the Trustee meeting the requirements set forth in
            Section 9.06 of the Indenture.

Section 2.4    Effect of Headings.  The Article and Section headings in this
          Fourth Supplemental Indenture are for convenience only and shall not
          affect the construction of this Fourth Supplemental Indenture. 

Section 2.5    Governing Law.  THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL
          GOVERN AND BE USED TO CONSTRUE THIS FOURTH SUPPLEMENTAL INDENTURE,
          WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO
          THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
          WOULD BE REQUIRED THEREBY. 

Section 2.6    Counterparts.  This Fourth Supplemental Indenture may be
          executed in any number of counterparts, each of which so executed
          shall be deemed to be an original, but all such counterparts shall
          together constitute the same instrument. Delivery of an executed
          counterpart of a signature page of this Fourth Supplemental Indenture
          by facsimile transmission shall be effective as delivery of a manually
          executed counterpart of this Fourth Supplemental Indenture.

[The Remainder of this Page is Intentionally Left Blank]

  

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this
Fourth Supplemental Indenture to be duly executed as of the day and year first
above written.

    	
      
	
                        
                        SESI, L.L.C.,

						a Delaware limited liability company

	
       	
       	
       

    	
      
	
      By:
	
                        Superior Energy Services, Inc.

						as managing member

    	
      
	
      
		

	
       

    	
      
	
       
	
      By: 	
      
      /s/ Robert S.
      Taylor

      

    

    	
      
	
      
	
       	
      Robert S. Taylor

    	
      
	
      
	
       	
      Vice President, Treasurer and

		Chief Financial Officer

 

 

    	
      
	
                        
                        THE BANK OF NEW YORK TRUST COMPANY, N.A.,

                        as Trustee

    	
      
	
      
	
       

    	
      
	
      
	
       

    	
      
	
      By: 
	
      
      /s/ William Cardozo 
                        

      

    

    	
      
	
      
	
      
    
    	William Cardozo 
    
  	

    	
      
	
      
	
      Vice President

 

 

    	
      
	
                        
                        SPN RESOURCES, LLC,

                        a Louisiana limited liability company

    	
      
	
      
	
       

    	
      
	
      
	
       

    	
      
	
      By: 
	
      
      /s/ Robert S.
      Taylor

      

    

    	
      
	
      
	
      Robert S. Taylor

    	
      
	
      
	
      Vice President and Treasurer

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