Document:

Exhibit 10.1

 

WAYFAIR INTERNATIONAL ASSIGNMENT AGREEMENT, DATED APRIL 1, 2015, BETWEEN THE COMPANY AND JOHN MULLIKEN

 

April 1, 2015

 

John Mulliken

9 Colbourne Crescent, Unit 1

Brookline, MA 02445

 

Dear John:

 

This letter describes your international assignment to London, England, subject to the terms and conditions set forth in this letter agreement (the “Agreement”). Unless specified otherwise, the terms and conditions outlined in this letter are in effect only for the period of this assignment.  At the end of the assignment, Wayfair LLC (the “Company”) will no longer provide the premiums, allowances and special benefits and differentials provided while on this assignment.  This Agreement amends and restates in its entirety the previous International Assignment Agreement between you and the Company, dated July 28, 2014.

 

International Assignment

 

Your international assignment will begin on August 1, 2014 and is anticipated to continue until approximately August 1, 2016 (the “Assignment”).

 

At all times during the Assignment you shall remain an employee of the Company.  The Company reserves the right to modify or terminate the Assignment at any time. During the Assignment, your employment shall continue to be “at-will,” meaning that the Company may terminate your employment and this Agreement at any time without advance notice or without cause.

 

The Company shall determine the timing of your repatriation, to occur within 14 days of the termination or conclusion of the Assignment unless otherwise agreed to by the Company.  For purposes of your Assignment, your home country shall be the United States and your host country shall be the United Kingdom (the “Host Country”).

 

During the Assignment, you are expected to abide by the Company’s policies on an ongoing basis. The Company may change its policies from time to time at its sole discretion.  If the Company should change its policies as they relate to your Assignment, you will be notified of the changes.

 

Duties and Responsibilities

 

During the Assignment, you will be working for the Company as a Senior Vice President.  You will report to Niraj Shah, the Chief Executive Officer.  The Company may modify your position, title, duties, responsibilities and terms and conditions of employment from time to time as it deems necessary.  You will observe the regular public holidays of the Host Country.

 

Basic Salary and Benefits

 

Your base salary is $265,000, less all hypothetical U.S. tax withholdings and agreed and required deductions, including those in accordance with the Company’s tax equalization policy.  Your salary may change during your Assignment in accordance with the Company’s policies and annual review cycles.  The Base Salary will be paid in the Company’s normal course and compensates you for all hours worked.  As an exempt employee you are not eligible for overtime.

 

You (and your family when applicable) will be eligible to participate in the following Company benefits programs during your Assignment: Medical, dental, disability, emergency evacuation, and life insurance pursuant to the

 

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Company’s “Ex Pat” plan with Aetna.

 

The Company has also agreed to pay tuition and fees, including bus service, to enroll both of your children in the American School of London for the 2014-2015 school year and the 2015-2016 school year.  The Company will pay the tax liability relating to this tuition benefit.

 

In addition, the Company has agreed to pay an additional amount of $100,000 for the period from July 2015 through June 2016, in recognition of the salary your spouse is forgoing for the 2014-2015 academic year.  This will be payable in monthly amounts of $8,333.33, but will be paid independent of employment arrangements (e.g., if the Company requires you to relocate or terminates your service, the full amount will be payable); provided that if you leave the Company voluntarily, such payments will cease as of the date of your termination.

 

Bonus

 

Bonus eligibility will be based on the Company’s bonus plan in place and subject to the terms and conditions sets forth in such plan.

 

Tax Preparation

 

If the Company’s tax advisor suggests that you need to file a tax return for the Host Country, the Company will pay the costs of preparing your foreign tax returns in addition to the costs associated with tax equalization, which is discussed later in this Agreement.  The Company will provide you with the name of the firm to complete the foreign tax return on your behalf.  The costs will be covered during the term of your Assignment including the years following your repatriation from your Assignment for which you need to file a return for income earned while you were a Wayfair employee in the Host Country.

 

Tax Equalization Program

 

You are eligible for tax equalization with regard to compensation you receive from the Company or its affiliates during your Assignment, including income on the vesting of your equity while you are on Assignment based on the taxation requirements of the Host Country and the United States (the “Home Country”).

 

Tax equalization is meant to keep your tax obligation approximately the same as if you had remained in the Home Country earning the same income as you are earning during your Assignment, including base salary, bonus amounts, and income related to your ownership of equity interest in the Company including Restricted Units, Deferred Units and Options (“Equity”).  Your tax obligation will not include tax on income related to the Company’s payment of school tuition and bus transportation for your two children accompanying you to the United Kingdom for the 2014-2015 school year.

 

Your tax equalization is calculated as follows: the Company calculates a “hypothetically” determined Home Country income tax on your total income based on the number of exemptions you have claimed on your actual tax return. Your tax equalization does not apply to any negative tax consequences that occur due to your refusal to repatriate at the Company’s request or at the conclusion of the Assignment and these remain solely your obligation.

 

Tax equalization reconciliations will be prepared by a local tax preparer chosen by the Company, who will compare your actual tax liability in both countries to your hypothetical tax. This is done to ensure that your total amount of income tax paid approximates what you would have paid if you were working in your Home Country earning the same income (including base salary, bonus and income related to your ownership of equity interest in the Company that would be considered taxable income if you were located in your Home Country).

 

In particular, with respect to any vesting of your Equity in the Company, if it is determined that such Equity vesting results in taxable income in the Host Country with a tax obligation that exceeds what your tax obligation would have been had you remained an employee in the Home Country, the Company will provide tax equalization on this income.  If the sale of vested Equity in the Company is required in order to meet your tax obligations in the US, and the sale of additional shares of vested Equity would be required in order to cover an additional tax obligation resulting from this Assignment in the United Kingdom, the Equity sold shall not exceed what would be required to

 

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cover your tax obligation in the Home Country.  If the Company disagrees with the determination of the Host Country income and/or tax computation relating to the Equity, the Company will pay all costs associated with resolving such dispute.  Notwithstanding anything herein to the contrary, the Company will indemnify you against any amounts owed by you, including interest and penalties, in the event a taxing authority, including the United States, the United Kingdom, Germany or another jurisdiction where you may be subject to tax based on your employment with the Company, audits or assesses you or otherwise challenges any tax return made or taxes paid by you, provided that such tax return or tax payment was made by you in reliance upon the advice of the Company or a tax preparer hired on your behalf by the Company.  You agree to provide the Company with prompt notice of any such audit or assessment and will grant the Company control of any such proceeding (at the Company’s expense), with your reasonable cooperation.

 

Any Host Country tax refunds must be forwarded to the Company within 14 days of receiving such refund.

 

In exchange for the tax equalization benefit set forth herein, you hereby authorize the Company to deduct the hypothetical tax referenced above.

 

Confidentiality

 

You will continue to be bound by your obligations under the Non-Competition, Non-Solicitation, Non-Disclosure and Invention Assignment Agreement that you signed as an employee of the Company.

 

Transportation

 

The Company will pay the reasonable cost of flying you and your family to the Host Country via coach seating for the purpose of relocating to the Host Country, and the reasonable cost of returning your family from the Host Country via coach seating for the purpose of repatriation as mentioned in the “Return to Home Country” section below.

 

Relocation

 

The Company has agreed to pay a total of $20,000 in one upfront payment to cover your moving and relocation expenses.  The Company has agreed to pay a total of $20,000 upon the completion of overseas service to cover your moving & relocation expenses for your return to the United States.

 

Travel and Business Expenses

 

The Company will reimburse you for your reasonable business and travel expenses. All travel and business expenses must be submitted for reimbursement with appropriate documentation pursuant to Company policy.  The Company will reimburse you for one trip home for you and your immediate family members (4 tickets) for each 12 month period of service overseas, i.e., one trip home in 2014-2015, and one trip home in 2015-2016, pursuant to Company policy.

 

Return to Home Country

 

Upon the conclusion or termination of the Assignment, the Company will pay the transportation costs to bring you and your family via coach seating, and your household goods back to the United States. To be eligible for this repatriation assistance, you must return promptly to your Home Country upon the repatriation date designated by the Company. The Company will not pay the transportation costs to bring you and your household goods back to your Home Country if you accept a job with a new employer.

 

If your employment is terminated for cause as defined in the Company’s home office employee policy manual and in any policy information set forth in the Host Country company policy manual, you agree to repay the Company for the cost of repatriation. Should you voluntarily terminate your employment during the Assignment, you agree to repay the Company for the relocation expenses incurred in moving you to the Host

 

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Country by the Company and any repatriation costs.

 

Immigration

 

Your Assignment will be subject to your obtaining and maintaining any necessary business and work visas (including successful completion of your medical examination that may be required to obtain a work permit or visa) in the countries to which you will be traveling during the Assignment. The Assignment will immediately terminate and you will be repatriated if any necessary immigration visa(s), work permit(s) and related documentation are either withheld or withdrawn or expire without renewal. The Company shall cover all immigration costs related to your Assignment to the Host Country, including the costs of a pre-departure medical exam, if any, that are not covered by your medical insurance. The Company will assist you to process your application for immigration. This should be your top priority since work permit approval is required prior to starting the Assignment and immigration proceedings can be very lengthy. You should ensure timely provision of requested information to enable the application process to happen in the most timely and efficient manner as possible. It is your responsibility to ensure that you have a valid passport for travel.

 

Severability

 

If any provision of this agreement is held by any court of competent jurisdiction to be invalid or unenforceable in whole or in part, the remaining provisions of this contract of employment shall continue in full force and effect.

 

Governing Law

 

This Agreement shall be governed by and construed in accordance with the laws of the state of Massachusetts, without regard to its choice of law rules.

 

Entire Agreement

 

This Agreement constitutes the entire agreement between you and the Company regarding the terms of your Assignment and it is the complete, final, and exclusive embodiment of your agreement with regard to this subject matter and supersedes any other promises, warranties, representations or agreements, whether written or oral. It is entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot be modified or amended except in a writing signed by an officer of the Company.  From time to time, the Company may modify or cancel its personnel policies or company benefits plans consistent with the needs of the business.

 

Please signify your acceptance of the foregoing by signing the duplicate enclosed copy of this Agreement and returning it to me.

 

Yours sincerely,

 

 

	
/s/ Nicholas Malone
    	
 
    
	
Chief Administrative Officer, Wayfair LLC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Accepted and agreed:
    	
 
    
	
 
    	
 
    
	
/s/ John Mulliken
    	
 
    

 

410.1 Third Amendment to Credit Agreement FCSA

Form 6342 (4-2013)

Farm Credit Services of America

THIRD AMENDMENT TO CREDIT AGREEMENT

This Third Amendment to Credit Agreement (“Amendment”) is made and entered into effective the 4th day of May, 2015, by and between Farm Credit Services of America, PCA and Farm Credit Services of America, FLCA (collectively “Lender”) and Dakota Ethanol, L.L.C., a South Dakota limited liability company (“Borrower”) to amend and modify the Credit Agreement dated May 15, 2013, as amended (hereinafter referred to as the “Credit Agreement”).  The Credit Agreement and underlying Loan Documents are modified only to the extent necessary to give effect to the terms of this Amendment, and the remaining terms of said Loan Documents, not otherwise inconsistent herewith, are ratified by the parties.  Capitalized terms used but not otherwise defined herein have the respective meanings given to them in the Credit Agreement.

In consideration of the mutual agreements, provisions and covenants herein contained, and furthermore to induce Lender to consider financial accommodations for the Borrower under the terms and provisions of the Credit Agreement, the parties hereby agree as follows:

1.    The following sections are hereby revised and amended, to read:

Section 6.10.1  Working Capital.  Borrower agrees to maintain minimum Working Capital of not less than $6,000,000.00 measured monthly.  “Working Capital” shall mean Current Assets minus Current Liabilities. In the event that Loan Facility D is not fully advanced, the un-advanced long term portion of this commitment will be included in the calculation of Working Capital.  Additionally, current liabilities will include any outstanding balance on Loan Facility A.  

Section 6.12  Borrowing Base.  Borrower agrees to maintain a minimum margin between the value and advance rate of certain secured assets identified as Borrowing Base Assets and the amount of certain liabilities identified as Borrowing Base Liabilities (Borrowing Base) included in and computed according to a Borrowing Base Report acceptable to Lender, an example of which is attached hereto as Exhibit ‘C’.  Lender shall have the right, in its sole discretion, to adjust any values set forth in the Borrowing Base Report and such adjusted values will be the values for the determination of the Borrowing Base Margin.  No item shall be included in the Borrowing Base Report if such item is subject to any Lien, claim or security interest (other than that granted to Lender.)  

Borrower agrees to provide Lender with such Borrowing Base Report monthly (Reporting Period), or more often at the discretion of Lender, during the term of the Loan(s) commencing on May 31, 2015. Nothwithstanding the foregoing, Borrower will not be required to provide Lender a Borrowing Base Report for any December Reporting Period if there is no outstanding balance on Loan Facility A on the Report Date of that December Reporting Period. Said Borrowing Base Report shall be dated the last day of the Reporting Period (Report Date) and reflect true and accurate inventory of Borrowing Base Assets and Borrowing Base Liabilities current through the end of the Reporting Period.  Said Borrowing Base Report shall be completed by Borrower and provided to Lender no later than the 30th day following the Report Date, by ordinary mail or electronic transmission.

Borrowing Base Assets shall mean the total of those assets listed as Borrowing Base Assets in the Borrowing Base Report.

Borrowing Base Liabilities shall mean the total of those liabilities listed as Borrowing Base Liabilities in the Borrowing Base Report.

Borrower agrees to maintain a minimum Borrowing Base margin calculated by deducting the Borrowing Base Liabilities from the Borrowing Base Assets in an amount equal to or greater than $0 (Minimum Borrowing Base Margin).

Upon receipt of the Borrowing Base Report, Lender will determine Borrower's credit availability based on the value of the inventory and assets owned by Borrower on each Report Date and whether Borrower is in compliance with their Borrowing Base.  Should the total Borrowing Base Liabilities exceed the Borrowing value of total Borrowing Base Assets, Borrower agrees to restore compliance with the Borrowing Base margin within 30 days from the Report Date and that during said restoration period Lender may advance credit to Borrower as Lender may deem reasonable to protect its collateral. It is agreed that if Borrower cannot, or will not, reduce the total Borrowing Base Liabilities to an amount equal to or less than the borrowing value of the total Borrowing Base Assets within said restoration period, Lender may deem said failure to be a material breach of this Agreement and an Event of Default.

Section 7.8  Indebtedness.  Borrower will not create, incur, assume, guaranty, permit or suffer to exist any Indebtedness or otherwise become liable with respect to the obligations or liabilities of any person or entity, except (i) Permitted Indebtedness, as listed on Schedule 7.8; (ii) Indebtedness of Borrower arising under this Agreement; (iii)  Indebtedness existing prior to the date of this Agreement that has been disclosed in writing to Lender; (iv) Subordinated Debt, as herein defined; (v) trade payables of Borrower incurred in the ordinary course of business; (vi) term indebtedness to other creditors not to exceed $1,000,000.00 in the aggregate, that is either secured by a lien subordinated to Lender or a lien position acceptable to Lender; and (vii) operating and capital leases with annual payments not exceeding $500,000.00 in the aggregate, with additional allowance for any rail car lease commitments.

		
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	Exhibit ‘C’ (Borrowing Base Report) is hereby replaced by the new Exhibit ‘C’ hereto attached.

Borrower hereby represents and warrants to the Lender that, after giving effect to this Amendment, (i) no Default or Event of Default exists under the Credit Agreement or any of the other Loan Documents and (ii) the representations and warranties set forth in the Credit Agreement are true and correct in all material respects as of the date hereof (except for those which expressly relate to an earlier date).

Borrower hereby ratifies the Credit Agreement as amended and acknowledges and reaffirms (i) that it is bound by all terms of the Credit Agreement applicable to it and (ii) that it is responsible for the observance and full performance of its respective obligations.

Borrower hereby certifies that the person(s) executing this Amendment on behalf of Borrower is/are duly authorized to execute such document on behalf of Borrower and that there have been no changes in the name, ownership, control, organizational documents, or legal status of the Borrower since the last application, loan, or loan servicing action; that all resolutions, powers and authorities remain in full force and effect, and that the information provided by Borrower is and remains true and correct.

This Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute one and the same agreement.  Delivery of executed counterparts of this Amendment by telecopy shall be effective as an original and shall constitute a representation that an original shall be delivered.

THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEBRASKA. A CREDIT AGREEMENT MUST BE IN WRITING TO BE ENFORCEABLE UNDER NEBRASKA LAW.  TO PROTECT YOU AND US FROM ANY MISUNDERSTANDINGS OR DISAPPOINTMENTS, ANY CONTRACT, PROMISE, UNDERTAKING OR OFFER TO FOREBEAR REPAYMENT OF MONEY OR TO MAKE ANY OTHER FINANCIAL ACCOMMODATION IN CONNECTION WITH THIS AMENDMENT MUST BE IN WRITING TO BE EFFECTIVE.

This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

[Signature page and Exhibit follow]
IN WITNESS WHEREOF, the parties hereto have set their hand effective the day and year first above written.

BORROWER:

Dakota Ethanol, L.L.C.,
a South Dakota limited liability company

By:    /s/ Scott Mundt                        
Scott Mundt, Chief Executive Officer    
Address for Notice:  P.O. Box 100, Wentworth, South Dakota 57075

LENDER:

Farm Credit Services of America, PCA
Farm Credit Services of America, FLCA

By:    /s/ Kathryn J. Jrahm        
Kathryn J. Frahm, Vice President

Address for Notice:  P.O. Box 2409, Omaha, Nebraska 68103-9935

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