Document:

Green Brick Partners, Inc. 8-K

Exhibit 10.1

 

THIRD RENEWAL, EXTENSION, AND MODIFICATION

OF PROMISSORY NOTE

AND

THIRD AMENDMENT TO BUSINESS LOAN AGREEMENT

(“Agreement”)

 

	Effective Date:	September 23, 2014
	Original Promissory Note:
	Effective Date:	October 13, 2011
	Lender:	Inwood National Bank

7621 Inwood Road 

Dallas, Texas 75209
	Borrower:	JBGL Builder Finance, LLC

3131 Harvard Avenue, Suite 103 

Dallas, Texas 75205
	Stated Principal Amount:	$6,000,000.00
	Maturity Date: 	October 13, 2012
	 	 
	First Renewal:	 
	Effective Date:	October 13, 2012
	Stated Principal Amount:	$8,000,000.00
	Maturity Date:	October 13, 2013
	 	 
	Second Renewal:	 
	Effective Date:	October 13, 2013
	Stated Principal Amount:	$25,000,000.00
	Maturity Date:	October 13, 2014
	 	 	 

 

Collateral:

		a.	Commercial Security Agreement (“Security Agreement”) dated effective as of October
13, 2011, as amended, granting a security interest in all of Borrower’s existing and future notes receivable, and other items
of collateral more fully described therein and made a part hereof. (The Security Agreement and corresponding security interests
described therein are to be released hereby, as described below).

		b.	Terms, Conditions, and Provisions contained in that certain Business Loan Agreement (Asset Based),
as amended (collectively, “Loan Agreement”), dated effective as of October 13, 2011, executed and delivered
by Borrower and Lender.

    	 

    	 

    
 

		c.	Cross-Pledge Agreement dated effective as of October 11, 2013, entered into by and among Lender,
Borrower and JBGL Model Fund 1, LLC, a Texas limited liability company (“Cross-Pledge”)

 

		d.	Deed to Secure Debt, Assignment of Rents and Leases, Security Agreement and Fixture Filing (“Deed
to Secure Debt”), dated effective as of November 13, 2014, entered into by and among Johns Creek 206, LLC, a Georgia
limited liability company, as Grantor. Lender, as Grantee, and Borrower, as Borrower named therein, duly filed and recorded on
November 18, 2013, in Deed Book 53336, Page 608, Instrument Number 2013-0289636, Clerk of Superior Court, Fulton County, Georgia.

(Original Promissory Note, First Renewal,
and Second Renewal are hereafter collectively referred to as the “Promissory Note”, and the Security Agreement,
Loan Agreement, Cross-Pledge, and Deed to Secure Debt, and all documents and instruments described therein are hereafter collectively
referred to as the “Collateral Documents”).

 

Modification to Promissory Note:

1.Maturity
Date. The maturity date of the Promissory Note is hereby extended from October 13, 2014 to October 13, 2015 (“Maturity
Date”). Borrower will pay regular monthly payments of all accrued and unpaid interest due as of each payment date, beginning
October 13, 2014, with all subsequent interest payments to be due on the same day of each month thereafter until the Maturity
Date, when all unpaid principal and accrued but unpaid interest shall be due and payable in full.

Modification and Amendment to Loan Agreement:

1.Financial
Reporting Requirements. Borrower’s affirmative covenants contained in the Loan Agreement requiring Borrower to provide
various financial reports are hereby deleted and substituted with the following:

“Annual Statements.
As soon as available, but in no event later than one hundred twenty (120) days after the end of each fiscal year, Borrower shall
furnish to Lender audited financial statements of Borrower’s balance sheet and income statement for the year ended, and containing
all other financial information required by Lender, compiled and prepared by a certified public accountant satisfactory to Lender.

“Interim Statements.
As soon as available, but in no event later than sixty (60) days after the end of each month. Borrower shall furnish to Lender
Borrower’s balance sheet, income statement, and profit and loss statement, for the month ended, prepared by Borrower in reasonable
form and substance acceptable to Lender.

“Tax Returns. Within
thirty (30) days after the earlier of the due date, the date of filing, or the date any duly filed extension of filing expires,
but in any event on or before October 15th of each year, true, correct, and complete copies of IRS annual tax returns for Borrower
shall be delivered to Bank.”

    	 

    	 

    

2.Release
of Collateral. Effective as of the Effective Date hereof, Borrower and Lender agree that the Security Agreement and corresponding
security interests described therein are hereby terminated and released as collateral for the loan described herein. Notwithstanding
the foregoing or anything contained herein to the contrary, in no event shall the Cross-Pledge or Deed to Secure Debt, or any collateral
other than the Security Agreement, be hereby released.

3.Covenant
Compliance Certificate. From and after the Effective Date hereof, Borrower shall no longer be required to provide Lender with
a detailed note receivable listing.

4.Restrictions
on Guaranties. From and after the Effective Date hereof, Borrower shall be permitted to provide any unsecured guarantee of
any debt or obligation.

5.Maximum
Debt-to-Worth Requirements. From and after the Effective Date hereof, and while any of the indebtedness and obligations owed
by Borrower to Lender and arising out of the Promissory Note and the Collateral Documents remains in effect and unpaid, Borrower
shall maintain a Debt-to-Worth ratio not to exceed 1-to-1. For purposes hereof, “Debt-to-Worth” ratio shall mean the
sum of Borrower’s total debt for borrowed money (excluding any unsecured guarantee) divided by Borrower’s total Net
Worth. As a consequence of the foregoing requirement, the existing Tangible Net Worth Requirement is hereby terminated and no longer
in effect.

6.Termination
of Borrowing Base; Additional Collateral. The term “Borrowing Base”, as defined in the Loan Agreement, is hereby
deleted and the loan described herein shall no longer be governed by a “Borrowing Base”. Borrower covenants and agrees
that Borrower will hereafter provide additional collateral when required for the loan to remain in compliance with all of Borrower’s
warranties, representations, covenants, and other requirements described in the documents evidencing the loan described herein.
Any such additional collateral will be in a form and of a value acceptable to Lender in its sole discretion.

7.Partial
Release of Lien. Borrower and Lender agree that, upon the sale and release of single-family residence lots which are collateral
for the loan hereunder and more fully described in the Deed to Secure Debt, Lender will not require application of the proceeds
of such sale to the outstanding balance owed hereunder; rather, such net sale proceeds will be used to reduce the value of the
collateral pool available for inclusion in calculating and complying with financial covenants and obligations including, but not
limited to maintaining a loan-to-value not to exceed sixty percent (60%).

Borrower and Lender
acknowledge and agree that this Agreement is given in renewal, extension, and modification, and not in extinguishment, of the Promissory
Note. Borrower hereby ratifies all previous advances, draws, and draw requests made under the terms of the Promissory Note and,
further, Borrower hereby reaffirms all terms, conditions, and obligations of Borrower contained in the Promissory Note, the Loan
Agreement, the Security Agreement, the Cross-Pledge, the Deed to Secure Debt, and all collateral and ancillary documents thereto,
except as modified herein. Borrower agrees that, except as otherwise provided and agreed herein, such modification shall in no
manner alter, effect, impair, or abrogate the Promissory Note or the Collateral Documents describing the liens and security interests
and collateral interests securing the payment of same, and that said liens, security interests, and collateral interests shall
not in any manner be waived; the purpose of this instrument being simply to modify the terms of the Promissory Note and the Loan
Agreement as forth above. Except as modified above, all terms and provisions of the Promissory Note, the Collateral documents,
and of the instrument or instruments creating or fixing the liens, security interests, and collateral interests securing the payment
of same are and such shall be, and remain, in full force and effect as therein written.

    	 

    	 

    

To the extent a
conflict exists between the terms and conditions contained in this Agreement and the Note and Collateral Documents, this Agreement
shall control.

Executed effective
as of (but not necessarily on) the date first written above.

	Borrower:	 
	 	 	 
	JBGL Builder Finance, LLC,	 
	 	 	 
	By:	/s/ James R. Brickman	 
	 	James R. Brickman, Manager	 
	 	 	 
	Lender:	 
	 	 	 
	INWOOD NATIONAL BANK	 
	 	 	 
	By:	/s/ Keil W. Strickland	 
	 	Keil W. Strickland	 
	 	Vice President	 

    	 

    	 

    

 

NO ORAL AGREEMENTS

DISCLOSURE

September 23, 2014

 

		TO:	JBGL Builder Finance, LLC

Attn: Jim Brickman

3131 Harvard Avenue, Suite 103

Dallas, Texas 75205

		Re:	Third Renewal, Extension, Modification, and Amendment of an original loan in the stated principal
amount of $6,000,000.00 (“Loan”), dated October 13, 2011, from Inwood National Bank (“Bank”)
to JBGL Builder Finance, LLC (“Borrower”)

Gentlemen:

Pursuant to the
requirements of Texas law, the Bank notifies you of the following:

THE WRITTEN LOAN AGREEMENT
REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS OF THE PARTIES.

THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

The “Loan
Agreement” referred to above includes all promises, promissory notes, agreements, loan agreements, deeds of trust, guaranty
agreements, undertakings, security agreements, assignments, or other documents, or commitments, or any combination of those actions
or documents which the Borrower or Guarantor, or both, may have signed or received relating to the Borrower’s transaction
with the Bank represented by, among other things, a Third Renewal, Extension, and Modification of Promissory Note and Third Amendment
to Business Loan Agreement, dated effective as of the date hereof, in the current stated principal amount of $25,000,000.00,
executed by Borrower and payable to the order of Bank. This notice does not apply to any credit card, charge card, or an open-end
account intended or used primarily for personal, family, or household use.

	 	INWOOD NATIONAL BANK
	 	 
	 	By: 	/s/ Keil W. Strickland
	 	 	Keil W. Strickland
	 	 	Vice President

    	 

    	 

    

 

	BORROWER:
	 	 	 
	JBGL Builder Finance, LLC,
	 	 	 
	By:	/s/ James R. Brickman	 
	 	James R. Brickman, Manager	 

 

    	 

    	 

    

 

FEE SCHEDULE

 

JBGL Builder Finance, LLC

#104403439

 

	Origination Fee	 	$	50,000.00	 
	Inspection Fee	 	$	2,500.00	 
	Attorney Fee	 	$	700.00	 
	Flood Determination Fee	 	$	16.00	 
	TOTAL:	 	$	53,216.00	 

 

Acknowledged this 30th day of September, 2014.

JBGL Builder Finance, LLC,

 

	By:	/s/ James R. Brickman	 
	 	Printed Name:  James R. Brickman	 
	 	Title:  Manager	 

 

INWOOD NATIONAL BANK

 

	By: 	/s/ Keil W. Strickland	 
	Printed Name:	Keil W. Strickland	 
	Title: 	Vice PresidentEX-10.1

 Exhibit 10.1 

[LOGO] 
 June 18, 2015 

Mr. Matthew O. Walsh 
 163 East 94th Street 
 New York, NY 10128 

Re: Assignment Letter 
 Dear Matt, 

This letter, on behalf of Genesee & Wyoming Railroad Services, Inc. (“GRSI” or the “Company”), confirms our mutual agreement on
the terms and conditions of your assignment to London, UK in the position of Executive Vice President, Global Corporate Development of Genesee & Wyoming Inc. 

Your assignment will be effective August, 2015, and the intended duration of your assignment is two years. You will, at all times, remain an
“at-will” employee and the Company can cancel your foreign assignment at any time. 
 Cash Compensation 

You will continue to receive a U.S. salary while on your foreign assignment. Your increase in base salary to US$500,000 will be effective as of August 1,
2015. You will continue to participate in GRSI’s annual salary increases, if any, with your next increase being considered early in 2016. Your base salary shall be paid to you in accordance with GRSI’s regular payroll procedures and
policies. 
 You will continue to be eligible for the annual GVA cash incentive bonus, which includes financial and safety targets, with a target equal to
75% of annual base salary and subject to increase or decrease based on company performance. This bonus, if any, shall be paid to you in accordance with GRSI’s regular payroll procedures and policies. 

Equity Compensation 
 You will continue to be eligible for
annual awards equal to 175% of annual base salary, typically with a grant date value composed of 50% options and 50% restricted stock, awarded annually upon approval by the Genesee & Wyoming Inc. Compensation Committee. 

Benefits 
 You and your eligible dependents will continue
to be covered under GRSI’s U.S. employee benefit program during this assignment. This program includes, but is not limited to, medical and dental coverage, life insurance, long term disability, and 401(k) plan. You will be ineligible to
participate in 

  
 1 

 
the employee stock purchase plan for the duration of your assignment due to restrictions under Section 423 of the Internal Revenue Code. We will provide reasonable support with claims
processing for medical, prescription and dental claims for you and your family. Your US Blue Cross/Blue Shield Plan shall cover reimbursement of medical expenses in the UK, subject to the existing plan benefits. You will be liable for no more and/or
no less than your current Plan benefit provides. The Plan is subject to change on a per calendar basis. Documentation for claims expenses should be sent to: Emily Ferrell, Director of Corporate Benefits, 200 Meridian Centre, Suite
300, Rochester, NY 14618. 
 Real Estate Lease Expenses 

GRSI will provide payment of reasonable and actual expenses for your costs of leased housing, for the term of your assignment. It is understood that monthly
lease expense in excess of $25,000 would be subject to approval by Jack Hellmann. 
 Education Expenses 

GRSI will provide full payment for your children’s school tuition in the Host Country for the term of your assignment. 

Automobile 
 The Company may select and provide you with
an automobile deemed appropriate for your use in the Host Country and/or an automobile allowance. Insurance, maintenance, taxes, fuel expenses and registration costs for this vehicle will be borne by the Company. A local transportation allowance may
be provided in lieu of an assigned automobile, based upon your needs. 
 Payment 

You will receive a monthly payment from the Company for your monthly real estate lease, monthly tuition payment and monthly car allowance. 

Relocation 
 The Company will pay for reasonable moving
and incidental expenses for relocation to the UK, including movement of household goods or furniture rental, to the extent necessary. If household goods are moved to the UK, the Company will also pay reasonable moving expenses for return of
household goods to the United States at the end of the expatriation assignment. 
 Home Leave 

The Company will pay the round trip, business class airfare for you and your family to visit the U.S. twice during each twelve-month period. Any days absent
from work for specified home leave will count as vacation days. Home leave must be approved by your immediate supervisor, based on a mutually agreed schedule. 

  
 2 

 The Company will also reimburse you as necessary for reasonable travel costs associated with emergency and
compassion leave to cover immediate family members for emergencies, illness, funerals, etc., following discussion of same. 
 Income Taxes 

In order to limit your exposure to actually incurred incremental tax costs associated with your international assignment or tax payment cash-flow exposures,
the Company will tax equalize you for the period that you are on foreign assignment in the UK, including the “tail” period associated with equity-based compensation that will result in tax equalization and tax filings for the life of
awards impacted by the expatriate assignment, in accordance with our Tax Equalization Policy, which has been provided to you. 
 Immigration 

You are required to obtain proper entry clearance and work authorization (as required) prior to beginning your international assignment. Any costs
incurred in obtaining the necessary immigration documents for you and your family to live and work in your host location will be paid for by the Company. 

Termination of Assignment 
 At the end of your assignment,
you and your family will be relocated back to New York City or another mutually agreed location within proximity of our offices.
 Termination of
Employment 
 If you terminate employment during your assignment, the actual tax liabilities which GRSI will reimburse or otherwise assume will be
limited to the lesser of the actual taxes incurred until termination or the tax that would have been incurred had the assignment terminated and you repatriated to the US at that time. All other payments hereunder would cease at the time your
employment terminated. 
 Conditions and circumstances not covered in this letter will be in accordance with established Company policy. Any revisions to
this agreement may only be made by mutual agreement. 
 The compensation and benefits provided under this letter are intended to be exempt from, or to
comply with, the requirements of Section 409A, and shall be interpreted and administered consistent with such intent. The preceding provisions, however, shall not be construed as a guarantee by GRSI of any particular tax effect to you. Any
reimbursement (including but not limited to a tax equalization payment) of expenses or taxes shall occur no later than the end of the calendar year following the calendar year in which is the expense or tax is incurred (or such earlier date as
applies under the Company’s business expense reimbursement policy). 
 This Agreement shall be governed by the laws of the State of New York. 

  
 3 

 Neither party may assign or otherwise transfer its rights or obligations hereunder without the prior written
consent of the other party hereto, except the Company may assign to any wholly owned subsidiary of Genesee & Wyoming Inc. without notice to you or your consent. Any attempted assignment or transfer shall be void. 

 

	
	Sincerely,
	
	/s/ Christopher F. Liucci
	Christopher F. Liucci
	President
	Genesee & Wyoming Railroad Services, Inc.

 Accepted by: 

	
	
	/s/ Matthew O. Walsh
	Matthew O. Walsh

  

	
	June 18, 2015
	  
 Date

  
 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}]]