Document:

BPFH Ex 10.50 Griffin Letter Q4 2014 10-KA

Exhibit 10.50

May 1, 2014

Mr. Corey Griffin 
[Address]

Personal and Confidential
Dear Corey, 
I am thrilled that you have accepted the position of Director of Business Development and Wealth Management Strategy with Boston Private Financial Holdings (the “Company”), reporting to me.  The purpose of this letter is to confirm in writing the terms of our offer effective May 1, 2014. This letter is not an employment contract, but rather the means of defining the offer so that you have an understanding of what the position entails and the basic terms and conditions of the same. You remain an employee at will at all times. 
As we discussed you will assume the role of Director of Business Development and Wealth Management Strategy for the Company and become a member of the Company’s executive leadership team. As such, you will be a Section 16 Officer subject to certain trading restrictions and regulatory reporting requirements.  At the Company’s July 2014 Board of Directors meeting, we will make a recommendation to elect you an Executive Vice President of the Company. 
Base Salary: Your initial base salary will be an annualized rate of $400,000 to be paid on a bi-weekly basis.  You will be reviewed for performance against Company and personal goals and objectives on an annual basis beginning in December, 2014, consistent with the timing for annual reviews for all of the Company’s positions.
Performance Bonus: You will be eligible for an annual performance bonus targeted at 100% of base salary, or $400,000, subject to the terms and conditions approved each year by the Company’s Compensation, Governance and Executive Committee for the Company’s executive leadership team. Bonuses are generally paid in the first quarter following the fiscal year in which they are earned.
Long-term Incentives/Equity: You will be eligible to participate in the Company’s Equity program with an annual target of 75% of base salary, or $300,000 in targeted equity value subject to your performance and overall contributions to the firm. Participation in any one year does not guarantee participation in future years. Equity awards are typically made during the first half of the year. For 2014, you will be granted a pro-rata award of $200,000 in equity value, or 14,860 shares based on the 30 day average trading price of $13.46 (determined one month prior to the grant date).  The award mix is 60% performance shares and 40% time-lapse restricted stock. This award will be granted to you on May 15, 2014 (award letter to be sent under separate cover.)

Total Target Compensation: Your total compensation target based on your new base salary and the annual bonus and long-term incentive targets described above is $1,100,000.
Benefits: You will be eligible to receive the following benefits starting on the first day of the month following or concurrent with your date of hire:
		
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	Group Health insurance through CIGNA

		
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	Group Dental insurance (through Delta Dental) with the Company currently contributing 75% of the premium

		
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	Vision Insurance through VSP

		
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	Short-Term and Long-Term Term Disability Insurance

		
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	Life Insurance - Basic, Voluntary, and Dependent coverage available

		
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	Medical and Dependent Care Flexible Spending Accounts

		
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	Qualified Transportation Expenses

You will be able to participate in the following benefits during the next applicable Open Enrollment Period: 
		
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	401(K) Plan - ongoing open enrollment

		
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	Employee Stock Purchase Plan - January and July open enrollment

In addition, you will be eligible for an executive flexible benefit account in the amount of $20,000 annually for designated benefits such as financial planning, long-term care, life insurance, etc.,. In order to take advantage of this benefit, simply submit invoices with proof of payment to Lisa Petrowsky, Payroll and Benefits Administrator who will then process for payroll reimbursement up to the designated annual flexible benefit account limit.
Pay-to-Play Certification/Company Policies: Given your job responsibilities, you are deemed a “Covered Associate” under the Pay-to-Play Rule which became effective September 30, 2010 (the “Rule”).  The Rule (also known as Rule 206(4)-5) was adopted by the Securities and Exchange Commission under the Investment Advisers Act of 1940.  Essentially, the Rule prohibits an investment adviser from providing advisory services for compensation to a government client for two (2) years after the adviser or certain of its executives or employees make a contribution to certain elected officials or candidates.  Please complete the enclosed Pay-to-Play Certification form and return the completed form back to Albi Selko by May 30, 2014.  We’ve attached a copy of the Summary of Pay-to-Play Rule for your files. In addition, you will be required to comply with all Company policies.  A copy of the Company’s current policies will be provided as part of your new hire onboarding process and you will be required to acknowledge all Company policies on an annual basis.
In accepting this offer you continue to represent to the Company that you are not bound by any agreement or any other previous or existing business relationship which conflicts with or prevents the full performance of your duties and obligations to the Company (including your duties and obligations under this letter or any other agreement with the Company). You understand that the Company does not desire to acquire from you any trade secrets or confidential business information you may have acquired from others. Therefore, you agree that during your employment and at all times thereafter, you will not improperly use or disclose any proprietary information or trade secrets of any former or concurrent employer, or any other person or entity with whom you have an agreement or to whom you owe a duty to keep such information in confidence.

Corey, I look forward to having you on my team. This remains a time of many challenges and opportunities for the Company, and I am confident that you will be a key contributor to the Company’s success. I look forward to your advice and counsel as we work together to move the Company forward.
As always, please do not hesitate to reach out if you have any questions, or if you would like to discuss the contents of this letter further. 

Sincerely, 
	
	
	/s/    CLAYTON G. DEUTSCH

	Clayton G. Deutsch

	 

cc. Martha HigginsExhibit 10.8

 

THIRD AMENDMENT AGREEMENT

 

THIRD AMENDMENT AGREEMENT (this “Agreement”) dated as of December 2, 2014 by and among (1) Information Services Group, Inc. (the “Borrower”), (2) International Advisory Holdings Corp., International Consulting Acquisition Corp., TPI Advisory Services Americas, Inc., ISG Information Services Group Americas, Inc. (formerly known as Technology Partners International, Inc.) and TPI Eurosourcing, L.L.C. (collectively, the “Guarantors”), (3) the financial institutions party to the Credit Agreement (as defined below) as lenders (collectively, the “Lenders” and individually, a “Lender”), and (4) Bank of America, N.A. (“Bank of America”) as administrative agent (the “Administrative Agent”) for the Lenders and as Swing Line Lender and Issuing Bank with respect to a certain Credit Agreement dated as of May 3, 2013, by and among the Borrower, the Guarantors, the Lenders, the Administrative Agent, the Issuing Bank and BMO Harris Bank N.A. and Fifth Third Bank as co-Syndication Agents, as amended by that certain First Amendment Agreement dated as of November 14, 2013, by and among the Borrower, the Guarantors, the Lenders and the Administrative Agent and that certain Second Amendment Agreement dated as of March 18, 2014, by and among the Borrower, the Guarantors, the Lenders and the Administrative Agent (as amended, the “Credit Agreement”).

 

W I T N E S S E T H:

 

WHEREAS, the Borrower has requested that the Lenders agree to amend certain provisions of the Credit Agreement; and

 

WHEREAS, the Lenders have agreed to such amendments, on the terms and conditions set forth herein.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

§1.                               Definitions.  Capitalized terms used herein without definition that are defined in the Credit Agreement shall have the same meanings herein as therein.

 

§2.                               Ratification of Existing Agreements.  All of the Loan Parties’ obligations and liabilities to the Administrative Agent, the Issuing Bank and the Lenders as evidenced by or otherwise arising under the Credit Agreement, the Notes and the other Loan Documents, are, by each Loan Party’s execution of this Agreement, ratified and confirmed in all respects.  In addition, by each Loan Party’s execution of this Agreement, each of the Loan Parties represents and warrants that no Loan Party has any counterclaim, right of set-off or defense of any kind with respect to such obligations and liabilities.

 

§3.                               Representations and Warranties.  Each of the Loan Parties hereby represents and warrants to the Administrative Agent, the Issuing Bank and Lenders that all of the representations and warranties made by the Loan Parties in the Credit Agreement, the Notes and the other Loan Documents are true in all material respects on the date hereof as if made on and as of the date hereof, except to the extent that such representations and warranties relate expressly to an earlier date.

 

 

§4.                               Conditions Precedent.  The effectiveness of the amendments contemplated hereby shall be subject to the satisfaction of each of the following conditions precedent:

 

(a)                                 Representations and Warranties.  All of the representations and warranties made by the Loan Parties herein, whether directly or incorporated by reference, shall be true and correct on the date hereof except as provided in §3 hereof.

 

(b)                                 Performance; No Event of Default.  The Loan Parties shall have performed and complied in all respects with all terms and conditions herein required to be performed or complied with by them prior to or at the time hereof, and there shall exist no Default or Event of Default.

 

(c)                                  Action.  All requisite corporate or other action necessary for the valid execution, delivery and performance by the Loan Parties of this Agreement and all other instruments and documents delivered by the Loan Parties in connection herewith shall have been duly and effectively taken.

 

(d)                                 Expenses and Fees.  The Borrower shall have paid to the Administrative Agent the reasonable fees and expenses of counsel to the Administrative Agent in connection with the preparation of this Agreement.

 

(e)                                  Delivery.  The Loan Parties, the Administrative Agent, the Required Lenders and the Issuing Bank shall have executed and delivered this Agreement.  In addition, the Loan Parties shall have executed and delivered such further instruments and taken such further action as the Administrative Agent and the Required Lenders may have reasonably requested, in each case further to effect the purposes of this Agreement, the Credit Agreement and the other Loan Documents.

 

§5.                               Amendments to the Credit Agreement.

 

(a)                                 Amendment to Section 1.01 of the Credit Agreement. The definition of “Consolidated Fixed Charge Coverage Ratio” in Section 1.01 of the Credit Agreement is hereby amended and restated to read as follows:

 

“Consolidated Fixed Charge Coverage Ratio” means, at any date of determination, the ratio of (a) (i) Consolidated EBITDA, plus (ii) the one-time unamortized deferred financing fees previously incurred by Borrower and recognized as an expense on or about the Closing Date in connection with Indebtedness of the Loan Parties being refinanced by this Agreement on the Closing Date in an aggregate amount not to exceed $554,000, less (iii) the aggregate amount of all Restricted Payments made during the most recently completed Measurement Period (other than the making by the Borrower of that certain one-time special dividend on or before March 31, 2015 in an aggregate amount not to exceed $5,500,000), less (iv) the aggregate amount of all Capital Expenditures made by the Borrower and its Subsidiaries during the most recently completed Measurement Period, less (v) the aggregate amount of federal, state, local and foreign income taxes paid or required to be paid, in each case, of or by the Borrower and its Subsidiaries for the most recently completed Measurement

 

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Period to (b) the sum of (i) Consolidated Interest Charges, and (ii) the aggregate principal amount of all redemptions or similar acquisitions for value of outstanding debt for borrowed money or regularly scheduled principal payments during such Measurement Period, but excluding (x) the redemption of the Convertible Debenture owing to CPIV S.A. in a principal amount not to exceed $1,672,361 and (y) any such payments to the extent refinanced through the incurrence of additional Indebtedness otherwise expressly permitted under Section 7.02.

 

(b)                                 Amendment to Section 7.06 of the Credit Agreement.  Clause (d) of Section 7.06 of the Credit Agreement is hereby amended by deleting the reference to “clause (c)” in the fourth line therein and inserting “clause (d)” in lieu thereof.

 

§6.                               Miscellaneous Provisions.

 

(a)                                 Except as otherwise expressly provided by this Agreement, all of the respective terms, conditions and provisions of the Credit Agreement, the Notes and the other Loan Documents shall remain the same.  The Credit Agreement, as amended hereby, shall continue in full force and effect, and this Agreement and the Credit Agreement, shall be read and construed as one instrument.

 

(b)                                 THIS AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(c)                                  This Agreement may be executed in any number of counterparts, but all such counterparts shall together constitute but one instrument.  In making proof of this Agreement it shall not be necessary to produce or account for more than one counterpart signed by each party hereto by and against which enforcement hereof is sought.  A facsimile or other electronic transmission of an executed counterpart shall have the same effect as the original executed counterpart.

 

[Remainder of page Intentionally left blank]

 

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IN WITNESS WHEREOF, the undersigned have duly executed this Third Amendment Agreement as of the date first set forth above.

 

	
 
    	
INFORMATION SERVICES GROUP, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ David Berger
    
	
 
    	
Name: 
    	
David Berger
    
	
 
    	
Title: 
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
INTERNATIONAL ADVISORY HOLDINGS CORP.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ David Berger
    
	
 
    	
Name: 
    	
David Berger
    
	
 
    	
Title: 
    	
President & Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
INTERNATIONAL CONSULTING ACQUISITION CORP.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ David Berger
    
	
 
    	
Name: 
    	
David Berger
    
	
 
    	
Title: 
    	
President & Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TPI ADVISORY SERVICES AMERICAS, INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ David Berger
    
	
 
    	
Name: 
    	
David Berger
    
	
 
    	
Title: 
    	
President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ISG   INFORMATION SERVICES GROUP AMERICAS, INC. (formerly known as Technology   Partners International, Inc.)
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ David Berger
    
	
 
    	
Name: 
    	
David Berger
    
	
 
    	
Title: 
    	
Vice President & Secretary
    
				

 

 

	
 
    	
TPI   EUROSOURCING, L.L.C.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Berger
    
	
 
    	
Name:   
    	
David   Berger
    
	
 
    	
Title:   
    	
President &   Chief Financial Officer
    

 

 

	
 
    	
BANK   OF AMERICA, N.A., as Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BANK   OF AMERICA, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FIFTH   THIRD BANK
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BMO   HARRIS BANK N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WEBSTER   BANK, NATIONAL ASSOCIATION
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:

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