Document:

Exhibit10-10

Exhibit 10.10
SUPPLEMENT NO.___1____ dated as of February 15, 2008, to the Guaranty dated as of October 26, 2007 among SIERRA HOLDINGS CORP. (“Holdings”), certain Subsidiaries of AVAYA INC. from time to time party thereto and CITIBANK, N.A., as Administrative Agent.
A.    Reference is made to (i) the Credit Agreement dated as of October 26, 2007 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Avaya Inc. (the “Borrower”), Holdings, Citibank, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and each lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”), (ii) each Secured Hedge Agreement (as defined in the Credit Agreement) and (iii) the Cash Management Obligations (as defined in the Credit Agreement).
B.    Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.
C.    The Guarantors have entered into the Guaranty in order to induce (x) the Lenders to make Loans and the L/C Issuers to issue Letters of Credit, (y) the Hedge Banks to enter into and/or maintain Secured Hedge Agreements and (z) the Cash Management Banks to provide Cash Management Services.  Section 4.12 of the Guaranty provides that additional Material Domestic Subsidiaries of the Borrower may become Guarantors under the Guaranty by execution and delivery of an instrument in the form of this Supplement.  The undersigned Material Domestic Subsidiary (the “New Subsidiary”) is executing this Supplement in accordance with the requirements of the Credit Agreement to become a Guarantor under the Guaranty in order to induce (x) the Lenders to make additional Loans and the L/C Issuers to issue additional Letters of Credit, (y) the Hedge Banks to enter into and/or maintain Secured Hedge Agreements and (z) the Cash Management Banks to provide Cash Management Services and as consideration for (x) Loans previously made and Letters of Credit previously issued, (y) Secured Hedge Agreements previously entered into and/or maintained and (z) Cash Management Services previously provided.
Accordingly, the Administrative Agent and the New Subsidiary agree as follows:
SECTION 1.  In accordance with Section 4.12 of the Guaranty, the New Subsidiary by its signature below becomes a Guarantor under the Guaranty with the same force and effect as if originally named therein as a Guarantor and the New Subsidiary hereby (a) agrees to all the terms and provisions of the Guaranty applicable to it as a Guarantor and Guarantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Guarantor thereunder are true and correct on and as of the date hereof.  In furtherance of the foregoing, the New Subsidiary, as security for the payment and performance in full of the Obligations does hereby, for the benefit of the Secured Parties, their successors and assigns, irrevocably, absolutely and unconditionally guaranty, jointly with the other Guarantors and severally, the due and punctual payment and performance of the Obligations.  Each reference to a “Guarantor” in the Guaranty shall be deemed to include the New Subsidiary.  The Guaranty 

 

is hereby incorporated herein by reference.
SECTION 2.  The New Subsidiary represents and warrants to the Administrative Agent and the Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity.
SECTION 3.  This Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Supplement shall become effective when the Administrative Agent shall have received a counterpart of this Supplement that bears the signature of the New Subsidiary, and the Administrative Agent has executed a counterpart hereof.  Delivery of an executed signature page to this Supplement by facsimile transmission or other electronic communication shall be as effective as delivery of a manually signed counterpart of this Supplement.
SECTION 4.  Except as expressly supplemented hereby, the Guaranty shall remain in full force and effect.
SECTION 5.  THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
SECTION 6.  If any provision contained in this Supplement is held to be invalid, illegal or unenforceable, the legality, validity, and enforceability of the remaining provisions contained herein and in the Guaranty shall not be affected or impaired thereby and the intent of such illegal, invalid or unenforceable provision shall be followed as closely as legally possible.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
SECTION 7.  All communications and notices hereunder shall be in writing and given as provided in Section 4.01 of the Guaranty.
SECTION 8.  The New Subsidiary agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with the execution and delivery of this Supplement, including the reasonable fees, other charges and disbursements of counsel for the Administrative Agent to the extent required by Section 4.03 of the Guaranty.

 

IN WITNESS WHEREOF, the New Subsidiary and the Administrative Agent have duly executed this Supplement to the Guaranty as of the day and year first above written.
UBIQUITY SOFTWARE CORPORATION
By:    /s/ Matthew Booher
Name: Matthew Booher    
Title: Vice President and Treasurer    
Jurisdiction of Formation:    Delaware 
Address of Chief Executive Office:                203 Redwood Shores Parkway, Suite 500        Redwood City, California 94065
CITIBANK, N.A., 
as Administrative Agent
By:    /s/    
Name:    
Title:10.1 - Amendment Engel Employment Agreement

Exhibit 10.1
AMENDMENT OF EXECUTIVE EMPLOYMENT AGREEMENT
This Amendment (“Amendment”) to the Executive Employment Agreement (the “Employment Agreement”) dated February 2, 2012 by and between Penson Worldwide, Inc., a Delaware corporation (the “Company”) and Bryce B. Engel (“Executive”) is entered into by and among the Company, Penson Financial Services, Inc. (“PFSI”) and Executive effective as of July 24, 2012.
WHEREAS, Executive is currently employed by PFSI and accordingly PFSI is the Employer under the Employment Agreement.
WHEREAS, pursuant to the terms of the Employment Agreement, Executive is entitled to certain severance payments and benefits upon certain terminations of employment. 
WHEREAS, Executive, PFSI and the Company desire to amend the terms and conditions of such severance provisions. 

NOW, THEREFORE, in consideration of the mutual promises and other consideration set forth herein, PFSI, the Company and Executive hereby agree that the Employment Agreement is amended as follows:
1.Section VII.B.1 of the Employment Agreement is hereby amended in its entirety to read as follows:
“1. Severance Benefits during Severance Period.  “Severance Benefits” shall consist of the following: 

a. Post-Termination Payments. Employer shall pay Executive cash severance in the aggregate amount of Seven Hundred Thousand Dollars ($700,000.00).  Three Hundred and Fifty Thousand Dollars ($350,000.00) of the cash severance (the “Initial Payment”) shall be paid to Executive within sixty (60) days following Executive’s Separation from Service (as defined in Section VII.B.3) due to his termination Without Cause or his resignation for Good Reason provided the General Release required under Section VII.B.2 is effective and enforceable under applicable law following the expiration of the applicable revocation period.  The remaining Three Hundred and Fifty Thousand Dollars ($350,000.00) of the cash severance shall be paid in successive equal installments over the Severance Period on each successive regularly scheduled pay date for the Employer’s salaried employees commencing on the first pay date following the date of payment of the Initial Payment.  The “Severance Period” shall extend for 12 months from the date of payment of the Initial Payment.  Each payment to which Executive becomes entitled in accordance with this Section VII.B.1 shall be treated as a right to a series of separate payments for purposes of Section 409A of the Code.

b. COBRA Premium Payments. Provided Executive and/or his dependents are eligible and timely elect to continue their healthcare coverage under the Company’s group health plan pursuant to their 

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rights under COBRA, Employer will reimburse Executive for the costs Executive incurs to obtain such continued coverage for himself and his eligible dependents (collectively, the “Coverage Costs”) during the Severance Period. In order to obtain reimbursement for such Coverage Costs, Executive must submit appropriate evidence to Employer of each periodic payment within sixty (60) days after the payment date, and Employer shall within thirty (30) days after such submission reimburse Executive for that payment. During the period such medical care coverage remains in effect hereunder, the following provisions shall govern the arrangement: (a) the amount of Coverage Costs eligible for reimbursement in any one calendar year of such coverage shall not affect the amount of Coverage Costs eligible for reimbursement in any other calendar year for which such reimbursement is to be provided hereunder; (ii) no Coverage Costs shall be reimbursed after the close of the calendar year following the calendar year in which those Coverage Costs were incurred; and (iii) Executive’s right to the reimbursement of such Coverage Costs cannot be liquidated or exchanged for any other benefit. To the extent the reimbursed Coverage Costs constitute taxable income to Executive, Employer shall report the reimbursement as taxable W–2 wages and collect the applicable withholding taxes, and any remaining tax liability shall be Executive’s sole responsibility.” 

2.    Section VII.B.2.b is hereby amended to read in its entirety as follows:

“b.  Executive shall provide, cooperatively and in good faith, to those person(s) designated by Employer, all information necessary to effectively transition to others Executive’s job, technical, operational, and financial information and knowledge, work product, and pending work, as and to the extent requested by Employer during the 60−day period after the Termination Date.  In addition, if Executive incurs a termination of employment during 2012, excluding a termination pursuant to Section VI.C.1, VI.C.2 or VI.C.4, then Executive shall provide up to twenty (20) hours per month of service from the Termination Date through December 31, 2012, as requested from time to time by the Company’s Chief Executive Officer without any additional compensation.”  

3.    Independent Advice from Counsel.  Executive has received prior independent legal advice from legal counsel of his choice with respect to the advisability of executing this Amendment.  Executive has also obtained his own legal counsel with respect to the tax implications of the payments and benefits to be provided to him under the Employment Agreement as amended by this Amendment, and Executive shall be solely responsible for the payment of any federal, state or local taxes that he may incur as a result of those payments and benefits.  Executive hereby releases PFSI and the Company (and their subsidiaries and successors) and agrees to indemnify and hold PFSI and the Company harmless from any and all liability, including, without limitation, all penalties, interest and other costs that may be imposed by any tax authorities with respect to any tax obligations that may arise as a result of any payments under the Employment Agreement as amended by this Amendment.

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4.    Except as modified by this Amendment, all terms and provisions of the Employment Agreement shall continue in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment effective as of the date first written above.
PENSON WORLDWIDE, INC. 
 
 
By: /s/ David Johnson             
Name: David Johnson     
Title:     Chairman, Compensation Committee
Dated: July 24, 2012
PENSON FINANCIAL SERVICES, INC.
By: /s/ Bart McCain             
Name: Bart McCain     
Title:     Executive Vice President and Chief     Financial Officer
Dated: July 24, 2012
EXECUTIVE 
 
 
/s/ Bryce B. Engel                 
Bryce B. Engel
Dated: July 24, 2012

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