Document:

exv10w27

 

EXHIBIT 10.27

June 23, 2005

Mr. Thomas Weisel

Thomas Weisel Partners Group LLC

One Montgomery Tower

120 Kearney Street, 37th Floor

San Francisco, CA 94104

Dear Thom:

     The purpose of this letter is to set forth certain understandings between Thomas Weisel
Partners Group LLC (“TWP”) and California Public Employees’ Retirement Fund (“CalPERS”) with
respect to TWP’s proposed initial public offering (the “IPO”) and the restructuring of CalPERS’
securities that will be required for the IPO to proceed. The restructuring contemplated by TWP
would include the conversion of all shares of TWP into shares of common stock of a new corporate
entity. TWP desires to obtain certain commitments from CalPERS and other members of TWP for the
purpose of facilitating its efforts to complete the restructuring and move forward with the
proposed IPO. To allow discussions and negotiations on the restructuring to take place, TWP and
CalPERS are willing to enter into this letter agreement.

     All capitalized terms used but not otherwise defined herein have the meanings set forth in
TWP’s Amended and Restated Limited Liability Agreement dated November 21, 2001 (the “LLC
Agreement”).

     1. Limited Suspension of Put Rights. The parties acknowledge that CalPERS is currently
entitled to certain rights to require TWP to redeem CalPERS’ Class D Redeemable Convertible Shares
under subsections (a) and (c) of Section 11.4 of the LLC Agreement (the “Put Rights”). Subject to
the terms and conditions set forth herein, CalPERS agrees not to exercise its Put Rights for a
period commencing on the date this letter is executed by TWP (the “Effective Date”) and ending on
the Suspension Expiration Date, defined as the earliest to occur of: (i) August 31, 2005, (ii) the
receipt or delivery by TWP or any Nomura Parties of any notice of termination of the Alliance
Agreement; (iii) the exercise of any redemption or put rights under the LLC Agreement by TWP or any
Shareholders of TWP; (iv) notice by TWP to CalPERS that TWP has abandoned the IPO or CalPERS
reasonably determines that the IPO has been abandoned; and (v) the occurrence of any Bankruptcy
Event with respect to TWP or any dissolution of TWP. TWP shall notify CalPERS as soon as
practicable after it comes aware of any of the events described in clauses (ii) through (v) above.

     2. Extension of Put Rights. CalPERS’ Put Rights under subsection (a) of Section 11.4 will
expire on the date that is 18 months following CalPERS receipt of TWP’s audited annual financial
statements for the 2003 calendar year, which the parties agree is October 25, 2005 (the “Current
Put End Date”). Following the Suspension Expiration Date, notwithstanding the LLC Agreement
(including, without limitation, the provisions of Section 11.4), CalPERS
shall be entitled to require TWP to redeem CalPERS’ Class D Redeemable Convertible Shares on the
terms specified in subsection (a) of Section 11.4 of the LLC

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Agreement for a period from the Current Put End Date plus that number of days from the Effective
Date through and including the Suspension Expiration Date.

     3. Legal and Consulting Costs. TWP will reimburse CalPERS for its reasonable legal and
consulting fees and expenses incurred commencing from the Effective Date in relation to the
negotiation of the transactions contemplated hereby, such fees and expenses not to exceed $100,000.

     4. Right to Review. TWP will not use CalPERS name in any news release or any other
document with respect to the IPO (including any filing or distribution in connection with the
proposed IPO) or in any roadshow or other presentation to potential investors without the prior
written consent of CalPERS. TWP shall refer to CalPERS as an investor in TWP and shall not use
terms such as “partner,” “supporter” or similar terms to characterize CalPERS’ relationship with
TWP.

     This letter agreement will be governed by the laws of the State of California, without regard
to the conflicts of law provision thereof. This letter agreement may be executed in separate
counterparts, each of which is deemed to be an original and all of which taken together constitute
one and the same instrument. Please sign, date and return to me by facsimile a copy of this letter
to confirm the mutual understandings and agreements as set forth herein. This letter agreement
expires if not countersigned and delivered to CalPERS on or before 5:00 p.m. on June 24, 2005.

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	Very truly yours,	 	 
	 

	 	 	 	 	 	 	 	/s/ Leon Shahinian	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Leon Shahinian	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Acknowledged and agreed to:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Thomas Weisel Partners Group LLC	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/
	 	Thomas Weisel	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Thomas Weisel	 	 	 	 	 	 
	Title: Chief Executive Officer	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date: June 23, 2005<PAGE>

                                                                   EXHIBIT 10.1

                         EMPLOYMENT AGREEMENT EXTENSION

         This EMPLOYMENT AGREEMENT EXTENSION (hereinafter referred to as this
"AGREEMENT EXTENSION"), is entered into effective the 31st day of January, 2006,
by and between the Franklin Savings and Loan Company, a savings and loan
association incorporated under the laws of the State of Ohio (hereinafter
referred to as the "EMPLOYER") and Thomas H. Siemers, an individual (hereinafter
referred to as the "EMPLOYEE");

                                   WITNESSETH:

         WHEREAS, the EMPLOYEE is currently employed as the President/CEO of the
EMPLOYER; and

         WHEREAS, the EMPLOYER and the EMPLOYEE are parties to an employment
agreement dated October 23, 2000 (the "EMPLOYMENT AGREEMENT"); and

         WHEREAS, Section 1 of the EMPLOYMENT AGREEMENT provides that the Board
of Directors of the EMPLOYER may extend the term of the EMPLOYMENT AGREEMENT for
a one-year term beyond the then effective expiration date, provided the Board
has determined that the EMPLOYMENT AGREEMENT should be extended; and

         WHEREAS, as a result of the skill, knowledge, performance and
experience of the EMPLOYEE, the Board of Directors of the EMPLOYER has
determined that the EMPLOYMENT AGREEMENT should be extended for an additional
one-year term; and

         WHEREAS, the EMPLOYEE desires to continue to serve as the President/CEO
of the EMPLOYER and consents to the extension of the EMPLOYMENT AGREEMENT;

         NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, the EMPLOYER and the EMPLOYEE hereby agree as follows:

         1. Extension of Term of Employment Agreement. The term of the
EMPLOYMENT AGREEMENT is extended for a one year period and shall end on October
23, 2009 (the "EXTENDED TERM").

         2. Effect of Prior Agreements. All of the terms and conditions of the
EMPLOYMENT AGREEMENT shall remain in full force and effect during the EXTENDED
TERM.

<PAGE>

         IN WITNESS WHEREOF, the EMPLOYER has caused this AGREEMENT EXTENSION to
be executed by its duly authorized officer, and the EMPLOYEE has consented to
and signed this AGREEMENT EXTENSION, each as of the day and year first above
written.

                                            EMPLOYER:

Attest:                                     THE FRANKLIN SAVINGS
                                            AND LOAN COMPANY

/s/ Gretchen J. Schmidt                     By:  /s/ Daniel T. Voelpel
---------------------------                      -------------------------------
Gretchen J. Schmidt                         Name:  Daniel T. Voelpel
---------------------------                        -----------------------------
                                            Title:  Vice President
                                                    ----------------------------

                                            EMPLOYEE:
Attest:

/s/ Gretchen J. Schmidt                     /s/ Thomas H. Siemers
---------------------------                 ------------------------------------
Gretchen J. Schmidt                         Thomas H. Siemers
---------------------------<PAGE>

                                                                   EXHIBIT 10.2

                         EMPLOYMENT AGREEMENT EXTENSION

         This EMPLOYMENT AGREEMENT EXTENSION (hereinafter referred to as this
"AGREEMENT EXTENSION"), is entered into effective the 31st day of January, 2006,
by and between the Franklin Savings and Loan Company, a savings and loan
association incorporated under the laws of the State of Ohio (hereinafter
referred to as the "EMPLOYER") and Daniel T. Voelpel, an individual (hereinafter
referred to as the "EMPLOYEE");

                                   WITNESSETH:

         WHEREAS, the EMPLOYEE is currently employed as the Vice President and
CFO of the EMPLOYER; and

         WHEREAS, the EMPLOYER and the EMPLOYEE are parties to an employment
agreement dated March 7, 2002 (the "EMPLOYMENT AGREEMENT"); and

         WHEREAS, Section 1 of the EMPLOYMENT AGREEMENT provides that the Board
of Directors of the EMPLOYER may extend the term of the EMPLOYMENT AGREEMENT for
a one-year term beyond the then effective expiration date, provided the Board
has determined that the EMPLOYMENT AGREEMENT should be extended; and

         WHEREAS, as a result of the skill, knowledge, performance and
experience of the EMPLOYEE, the Board of Directors of the EMPLOYER has
determined that the EMPLOYMENT AGREEMENT should be extended for an additional
one-year term; and

         WHEREAS, the EMPLOYEE desires to continue to serve as the Vice
President and CFO of the EMPLOYER and consents to the extension of the
EMPLOYMENT AGREEMENT;

         NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, the EMPLOYER and the EMPLOYEE hereby agree as follows:

         1. Extension of Term of Employment Agreement. The term of the
EMPLOYMENT AGREEMENT is extended for a one year period and shall end on March 7,
2009 (the "EXTENDED TERM").

         2. Effect of Prior Agreements. All of the terms and conditions of the
EMPLOYMENT AGREEMENT shall remain in full force and effect during the EXTENDED
TERM.

<PAGE>

         IN WITNESS WHEREOF, the EMPLOYER has caused this AGREEMENT EXTENSION to
be executed by its duly authorized officer, and the EMPLOYEE has consented to
and signed this AGREEMENT EXTENSION, each as of the day and year first above
written.

                                            EMPLOYER:

Attest:                                     THE FRANKLIN SAVINGS
                                            AND LOAN COMPANY

/s/ Gretchen J. Schmidt                     By:  /s/ Thomas H. Siemers
---------------------------                      ------------------------------
Gretchen J. Schmidt                         Name:  Thomas H. Siemers
---------------------------                        ----------------------------
                                            Title:  President
                                                    ---------------------------

                                            EMPLOYEE:
Attest:

/s/ Gretchen J. Schmidt                     /s/ Daniel T. Voelpel
---------------------------                 -----------------------------------
Gretchen J. Schmidt                         Daniel T. Voelpel
---------------------------

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