Document:

exv10w2

 

EXHIBIT 10.2

CONFIDENTIAL INFORMATION AND NON-SOLICITATION AGREEMENT

     This Confidential Information and Non-Solicitation Agreement (“Agreement”) is entered into as
of this    1st      day of      July        , 2006 by and between Midwest Banc Holdings, Inc. (the
“Company”) and the undersigned employee (“Employee”). In consideration of the covenants contained
in this Agreement, Employee’s continued employment by the Company, the compensation and benefits to
be provided Employee while employed by the Company, and other good and valuable consideration, the
receipt and sufficiency of which is acknowledged, the parties agree as follows:

     1.     At-Will Employment. The Company employs Employee as an at-will employee and the
parties agree that there is no employment term. Nothing contained in this Agreement shall
constitute a guaranteed period of employment or any right to continued employment. Both Employee
and the Company may terminate the Employee’s employment at any time.

     2.     Restricted Stock.  In consideration for the Employee entering into this Agreement,
the Company hereby agrees to provide Employee an award of restricted stock as set forth in the
Restricted Stock Grant Notice (attached to this Agreement and incorporated by reference herein).
All rights and obligations with respect to the restricted stock award are governed by the terms of
the Midwest Banc Holdings, Inc. Stock and Incentive Plan and the attached Restricted Stock Grant
Notice.

     3.     Confidential Information.

          (a) Employee acknowledges that during the course of his or her employment he or she has
learned or will learn or develop Confidential Information (as that term is defined in this Section
3). Employee further acknowledges that unauthorized disclosure or use of such Confidential
Information, other than in discharge of Employee’s duties, will cause Company or its affiliates
irreparable harm.

          (b) For purposes of this Section, Confidential Information means trade secrets (such as
technical and non-technical data, a program, method, technique or process) and other proprietary
information concerning the products, processes or services of Company or its affiliates, including
but not limited to: computer programs; marketing, or organizational research and development;
business plans; revenue forecasts; personnel information, including the identity of other employees
of Company, its successors or their affiliates, their responsibilities, competence, abilities, and
compensation; pricing and financial information; current and prospective customer lists and
information on customers or their employees; information concerning planned or pending acquisitions
or divestitures; and information concerning purchases of major equipment or property, which
information: (a) has not been made generally available to the public in violation of a
confidentiality agreement, fiduciary duty or similar obligation; and (b) is useful or of value to
the current or anticipated business, or research or development activities of Company or its
affiliates; or (c) has been identified as confidential by: (i) Employee, or (ii) to Employee’s
knowledge, by the Company, its successors or their affiliates, either orally or in writing.

 

 

          (c) Except in the course of his or her employment and in the pursuit of the business of the
Company, its successor or their affiliates, Employee shall not, during the course of his or her
employment and continuing until the      first                     anniversary of said termination date,
for any reason, directly or indirectly, disclose, publish, communicate or use on his or her behalf
or another’s behalf, any Confidential Information, proprietary information or other data of the
Company, its successors or their affiliates.

          (d) All notes, reports, plans, memoranda or other documents created, developed, generated or
held by Employee during his or her employment concerning or related to Company’s, its successors’
or their affiliates’ business, and whether containing or relating to Confidential Information or
not, are the property of Company, its successors or their affiliates, as applicable, and will be
promptly delivered to Company, its successors or their affiliates upon termination of Employee’s
employment for any reason whatsoever.

     4.     Non-Solicitation.

          (a) Employee agrees that during the Non-Solicitation Period (as defined below), Employee will
not either as an individual, on his or her own account, or as an agent, employee, director,
shareholder or otherwise, directly or indirectly, solicit, induce or encourage, or attempt to
solicit, induce or encourage any customer of the Company, its successors or their affiliates not to
do business with the Company, its successors or their affiliates. For purposes of this paragraph,
such customers and such affiliates shall be limited to those persons or entities which are
customers or affiliates as of the date immediately preceding the date of the Employee’s termination
of employment.

          (b) Employee agrees that during the Non-Solicitation Period Employee will not, directly or
indirectly solicit, induce or encourage any person who, as of the date immediately preceding the
date of the termination of employment, is an employee of the Company, its successors or their
affiliates to terminate his or her relationship with the Company, its successors, or their
affiliates.

          (c) For purposes of this Agreement, the “Non-Solicitation Period” shall mean the period of
Employee’s employment by the Company and continuing for a period of twelve (12) months after the
termination of Employee’s employment for any reason.

     5.     Remedies. Employee warrants and represents that: (i) Employee has read and
understands this Agreement; (ii) Employee has had an opportunity to consult with legal counsel in
connection herewith; (iii) the restraints and agreements herein provided are fair and reasonable;
(iv) enforcement of the provisions of Sections 3 and 4 will not cause the Employee undue hardship;
and (v) that the above restrictions are reasonable in scope and duration and are the least
restrictive means to protect the Company’s, its successors’ and their affiliates’ legitimate and
proprietary business interests and property from irreparable harm.

     Employee acknowledges that failure to comply with the terms of this Agreement will cause
irreparable damage to the Company or its affiliates. Therefore, Employee agrees that the Company,
its successors or their affiliates shall have the right to seek injunctive relief (without

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bond) and other equitable relief, as well as maintain an action for damages in any court of
competent jurisdiction (in addition to any other remedies available at law or in equity) for
Employee’s breach or threatened breach of the restrictions contained in Sections 3 and 4. The
existence of any claim or cause of action Employee may have against the Company will not constitute
a defense thereto. Employee further agrees to pay reasonable attorney fees and costs of litigation
incurred by the Company, its successors, or their affiliates in any proceeding relating to the
enforcement of said provisions or to any alleged breach thereof in which the Company, its
successors or their affiliates prevail.

     In the event of a breach or a violation by Employee of any of the covenants and provisions of
this Agreement, the running of the Non-Solicitation Period (but not of Employee’s obligation
thereunder), shall be tolled during the period of the continuance of any actual breach or
violation.

     6.     No Conflicting Contracts. Employee represents and warrants that Employee is not
subject to any non-compete, non-solicitation, confidentiality or other similar covenant in any
other contract or agreement, and no contractual or other commitment or covenant exists which would
prevent Employee’s full performance of Employee’s duties and responsibilities as an employee of the
Company.

     7.     Assignability. The Company may assign this Agreement to any successor or affiliated
entity and this Agreement inures to the benefit of the Company, its subsidiaries, affiliated
entities, successors and assigns. This Agreement, being personal, is not assignable by Employee.

     8.     Waivers. The waiver by the Company or Employee of any action, right, or condition
in this Agreement, or of any breach of a provision of this Agreement, shall not constitute a waiver
of any other occurrences of the same event.

     9.     Complete Agreement; Amendments. This Agreement is the complete agreement between
the parties regarding its terms, and supersedes any and all prior agreements or understandings
between them relating to its terms.

     This Agreement may be amended or canceled by mutual agreement of the parties in writing
without the consent of any other person and, so long as the Employee lives, no person, other than
the parties hereto, shall have any rights under or interest in this Agreement or the subject matter
hereof.

     10.     Survival. Employee’s obligations under this Agreement shall survive the
termination of Employee’s employment with the Company regardless of the manner of such termination,
and shall be binding upon the Employee, the Employee’s legal representative, and the Employee’s
heirs, executors, and administrators.

     11.     Counterparts. This Agreement may be signed in one or more counterparts, each when
executed and delivered shall be an original and enforceable against the party who signed it, but
which together constitute one and the same agreement.

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     12.     Severability. In the event that any provision or portion of this Agreement shall
be determined to be invalid or unenforceable for any reason, it is the intent of the parties that
this Agreement be construed or reformed to the fullest extent possible so as to be enforceable and
be in conformance with the manner in which it was originally intended to operate, including,
without limitation, the deletion or modification of any invalid or unenforceable provision.

     13.     Governing Law. This Agreement shall be governed and construed in accordance with
the laws of the State Illinois.

     IN WITNESS WHEREOF, the Employee has hereunto set his or her hand and, the Company has caused
this Agreement to be executed in its name on its behalf all as of the day and year first above
written.

	 	 	 	 	 
	COMPANY	 	EMPLOYEE
	 
	 	 	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	James Giancola
	 	[FULL NAME]
	 

	 	President and CEO
	 	[TITLE]

4EX-10.4 WAVIER TO LOAN AGREEMENT

 

Exhibit 10.4

EXECUTION COPY

WAIVER TO LOAN AGREEMENT

     THIS WAIVER TO LOAN AGREEMENT, dated as of October 28, 2005 (this “Waiver”), is made
and entered into by and among World Airways, Inc., a Delaware corporation (the “Borrower”),
North American Airlines, Inc., a Delaware corporation (“North American”) World Air
Holdings, Inc., a Delaware Corporation (the “Parent”) and the Air Transportation
Stabilization Board (the “Board”). Capitalized terms used herein and not otherwise defined
herein shall have the meanings assigned to such terms in the Loan Agreement (as such term is
defined below).

W I T N E S S E T H:

     WHEREAS, the Borrower, North American, the Parent, World Airways Parts Company, LLC, Govco
Incorporated, as Primary Tranche A Lender, Citicorp North America, Inc., as Govco Administrative
Agent, the other lenders party thereto, Citibank, N.A., as Agent, Citibank, N.A., as Collateral
Agent, International Lease Finance Corporation, as Supplemental Guarantor, Phoenix American
Financial Services, Inc., as Loan Administrator and the Board are parties to that certain Loan
Agreement dated as of December 30, 2003 (the “Original Loan Agreement”) and that certain
Amendment No. 1 and Waiver to the Loan Agreement dated as of April 27, 2005 (the “First
Amendment”, and together with the Original Loan Agreement, the “Loan Agreement”);

     WHEREAS, the Parent has advised the Agent, the Loan Administrator and the Board that the
Obligors are in default of the covenants set forth in (i) Section 3.1(f) of each of Warrant D-1-1
and Warrant D-1-4, each dated January 10, 2005 in favor of the Board (collectively referred to
hereinafter as the Warrants), (ii) Section 5.1(b)(i)(A) of the Loan Agreement and (iii) Section 5.6
of the Loan Agreement, which each constitute an Event of Default under the Loan Agreement pursuant
to Section 7.1(e) thereof, in each case caused by the Obligors’ inability to deliver audited
financial statements with respect to North American (such defaults collectively referred to
hereinafter as the “Current Defaults”);

     WHEREAS, the Parent has requested that the Board waive the Current Defaults;

     WHEREAS, pursuant to Section 10.1 of the Loan Agreement, so long as the Board Guarantee is in
full force and effect and has not been terminated without a payment having been made thereunder,
the Board may, in its sole discretion, consent to the amendment, modification or waiver of certain
provisions of (i) the Loan Agreement, including Section 5.1(b)(i)(A) and Section 5.6 thereof and
(ii) the Warrants, including Section 3.1(f) thereof; and

     WHEREAS, the Board is willing to grant the waiver requested by the Parent pursuant to the
terms and subject to the conditions set forth herein.

     NOW, THEREFORE, for and in consideration of the premises and the mutual covenants contained
herein, and for other good and valuable consideration, the receipt, adequacy and legal sufficiency
of which are hereby acknowledged, the parties do hereby agree as follows:

 

 

     Section 1. Limited Waiver. Subjection to the terms and conditions of this Waiver, the
Board hereby waives the Current Defaults during the period from the date hereof through November
21, 2005 (the “Waiver Period”). The foregoing limited waiver shall not be construed to
impair the ability of the Board to enforce any of its rights, powers or remedies in any manner
except as set forth in the preceding sentence, including, without limitation: (i) after the Waiver
Period, regardless of whether or not such enforcement relates to an event taking place during the
Waiver Period, or (ii) during the Waiver Period for Defaults or Events of Default other than the
Current Defaults.

     Section 2. Representations and Warranties. The Obligors each represent and warrant to
the Board as follows:

          (a) this Waiver has been duly authorized, executed and delivered by it and constitutes its
legal, valid and binding obligation, enforceable in accordance with its terms;

          (b) all of the representations and warranties in the Loan Agreement, after giving effect to
this Waiver, are true and correct in all material respects (except that any representation and
warranty that is qualified as to “materiality” shall be true and correct in all respects) on and as
of the date hereof as if made on the date hereof (or, if any such representation or warranty is
expressly stated to have been made as of a specific date, as of such specific date); and

          (c) after giving effect to this Waiver, no Default or Event of Default has occurred and is
continuing.

     Section 3. No Waiver; Remedies. Except as expressly set forth herein, this Waiver
shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect
the rights and remedies of the Board or the Obligors under the Loan Agreement or any other Loan
Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions,
obligations, covenants or agreements contained in the Loan Agreement, any other Loan Document or
the Board Guarantee, all of which are ratified and affirmed in all respects and shall continue in
full force and effect. Nothing contained herein shall be deemed to entitle the Obligors to a
consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions,
obligations, covenants or agreements contained in the Loan Agreement or any other Loan Document in
similar or different circumstances. This Waiver shall constitute a “Loan Document” for all
purposes of the Loan Agreement and the other Loan Documents.

     Section 4. Headings. The headings set forth in this Waiver are and shall be without
substantive meaning or content of any kind whatsoever and are not a part of the agreement between
the parties hereto.

     Section 5. Severability. In case any provision in or obligation under this Waiver
shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and
enforceability of the remaining provisions or obligations, or of such provision or obligation in
any other jurisdiction, shall not in any way be affected or impaired thereby.

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     Section 6. Counterparts. This Waiver may be executed in any number of counterparts
and by the parties hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the same agreement.
Signature pages may be detached from multiple separate counterparts and attached to a single
counterpart so that all signature pages are attached to the same document. Delivery of an executed
signature page of this Waiver by facsimile transmission shall be as effective as delivery of a
manually executed counterpart hereof.

     Section 7. Governing Law. This Waiver and the rights and obligations of the parties
hereto shall be governed by, and construed in accordance with, the law of the State of New York;
provided, that the rights and obligations of the Board hereunder (whether as guarantor or
lender) shall be governed by, and construed in accordance with, the Federal law of the United
States of America, if and to the extent such Federal law is applicable, and otherwise in accordance
with the law of the State of New York.

     Section 8. Fees and Expenses. The Obligors agree to promptly pay, upon request, all
costs and expenses (including the reasonable fees and expenses of counsel) reasonably incurred by
the Board in connection with this Waiver.

[REMAINDER OF INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, the parties have caused this Waiver to be duly executed as of the date
first written above.

	 	 	 	 	 	 	 
	 	 	WORLD AIRWAYS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Renee Skinner
 

Name: Renee Skinner
	 	 
	 

	 	 	 	Title: Vice President/Controller	 	 
	 
	 	 	 	 	 	 
	 	 	WORLD AIR HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gilberto M. Duarte, Jr.
 

Name: Gilberto M. Duarte, Jr.
	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	NORTH AMERICAN AIRLINES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Salvatore A. Sacco
 

Name: Salvatore A. Sacco
	 	 
	 

	 	 	 	Title: Vice President/Controller	 	 
	 
	 	 	 	 	 	 
	 	 	AIR TRANSPORTATION STABILIZATION	 	 
	 	 	BOARD	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark R. Dayton
 

Name: Mark R. Dayton
	 	 
	 

	 	 	 	Title: Executive Director

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