Document:

ex101form8k.htm

Exhibit 10.1

FIRST AMENDMENT TO

EMPLOYMENT AGREEMENT

 

This FIRST AMENDMENT ("Amendment") to the Employment Agreement (the  "Employment Agreement") made and entered into effective as of October 28, 2013 by and between CITIZENS COMMUNITY FEDERAL and CITIZENS COMMUNITY BANCORP, INC. (collectively, the "Bank") and EDWARD H. SCHAEFER (the "Employee"), is entered into effective as of March 3, 2015 by each of the foregoing parties to the Employment Agreement. Capitalized terms not otherwise defined in this First Amendment will have the meanings given to them in the Employment Agreement.

 

In consideration of the mutual promises set forth in the Employment Agreement and below, the undersigned agree to amend the provisions of the Employment Agreement as follows:

 

1.  Effective Time. Section 6 of the Employment Agreement is hereby amended to read in its entirety as follows:

"6.   Term. The Bank hereby employs the Employee, and the Employee hereby accepts such employment under this Agreement, for the period commencing on the Effective Date and ending on December 31, 2016 (or such earlier date as is determined in accordance with section 10)."

   2.  No Other Changes.    All other terms, conditions, covenants, obligations and agreements in the Employment Agreement shall remain in full force and effect and without any change due to this First Amendment. To the extent this First Amendment is inconsistent with the Employment Agreement, this First Amendment shall govern and control.

 

[Remainder of page intentionally left blank; signature pages follow]

	  

	  

  

  

  

 

IN WITNESS WHEREOF, the Parties hereto have caused this First Amendment to the Employment Agreement to be executed effective as of the day, month and year first above written.

 

CITIZENS COMMUNITY FEDERAL

By: _/s/ Richard McHugh___________

Richard McHugh, Chairman

CITIZENS COMMUNITY BANCORP, INC.

By: __/s/ Richard McHugh_________

Richard McHugh, Chairman

EMPLOYEE:

__/s/ Edward H. Schaefer__________

Edward H. Schaefer

 

2ex102form8k.htm

 

Exhibit 10.2

FIRST AMENDMENT TO

EMPLOYMENT AGREEMENT

 

This FIRST AMENDMENT ("Amendment") to the Employment Agreement (the "Employment Agreement") made and entered into effective as of October 28, 2013 by and between CITIZENS  COMMUNITY  FEDERAL  and  CITIZENS  COMMUNITY  BANCORP, INC. (collectively, the "Bank") and MARK C. OLDENBERG (the "Employee"), is entered into effective as of March 3, 2015 by each of the foregoing parties to the Employment Agreement. Capitalized terms not otherwise defined in this First Amendment will have the meanings given to them in the Employment Agreement.

In consideration of the mutual promises set forth in the Employment Agreement and below, the undersigned agree to amend the provisions of the Employment Agreement as follows:

1.  Effective Time. Section 6 of the Employment Agreement is hereby amended to read in its entirety as follows:

"6.  Term. The Bank hereby employs the Employee, and the Employee hereby accepts such employment under this Agreement, for the period commencing on the Effective Date and ending on December 31, 2016 (or such earlier date as is determined in accordance with section l0)."

2.  No Other Changes. All other terms, conditions, covenants, obligations and agreements in the Employment Agreement shall remain in full force and effect and without any change due to this First Amendment. To the extent this First Amendment is inconsistent with the Employment Agreement, this First Amendment shall govern and control.

 

[Remainder of page intentionally left blank; signature pages follow}

 

 

  

  

 

 

IN WITNESS WHEREOF, the Parties hereto have caused this First Amendment to the Employment Agreement to be executed effective as of the day, month and year first above written.

CITIZENS COMMUNITY FEDERAL

By: _/s/ Richard McHugh___________

Richard McHugh, Chairman

CITIZENS COMMUNITY BANCORP, INC.

By: __/s/ Richard McHugh_________

Richard McHugh, Chairman

EMPLOYEE:

__/s/ Mark C. Oldenberg__________

Mark C. Oldenberg

 

2Exhibit 10.8

 

Shareholder
Loan Agreement

		1.	This shareholder loan agreement ("Agreement")
documents a loan arrangement between EV Charging USA,
Corp. ("EVUS") and Brian C Howe ("BCH"), a
shareholder of EVUS, effective as of July 23, 2014.

		2.	BCH agrees to loan EVUS funds, as required, to operate EVUS's business.

		3.	The term of the loan is indefinite, and the loan can be repaid at
any time, in part or in full. It is expected that the loan will be repaid on or prior to December 31, 2015, but this is
not required.

		4.	There are no interest payments during the life of the loan; the repayment amount will include
all interest that accrues while the loan is outstanding.

		5.	The interest rate on this loan is 3.25%, the current prime rate,
as reported by the Wall Street Journal for July 23, 2014. Interest will accrue annually.

		6.	For purposes of calculating interest owing on the outstanding loan
amount, the outstanding loan amount will be recalculated at the end of each month, until the loan is fully repaid, taking into
account any (i) new funds loaned to EVUS by BCH, and (ii) payments to BCH by EVUS, which payments will be applied on a LIFO basis.

		7.	The formula below is an example of how accrued interest will be calculated.
Assume that there is a loan or loans made during July 2014, in an aggregate amount of $7,000 and it is repaid on December 31, 2015.
$7,000 *0.0325 * (526 / 365.25) = $327.60 / 17 = $19.27

where:

$7,000 = the loan principal
as of July 23, 2014

0.0325 = the interest rate,
3.25% in decimal form

526
= the number of days from July 23, 2014 to December 31, 2015

365.25 = the average number
of days in a year

$327.60
= the total interest amount in this example

$19.27
= the monthly interest amount in this example

		8.	For financial accounting and tax purposes,
EVUS will recognize interest expense for this loan each month. Since interest accrues annually, the monthly interest will be the
same each month within a given calendar year.

		9.	This Agreement shall be governed by the laws of the State of Illinois
applicable to agreements negotiated, executed and performed wholly within the State of Illinois.

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement in duplicate originals by their duly authorized officers or representatives.

	BCH	 	EVUS
	 	 	 
	Signed: /s/ Brian C. Howe	 	Signed: /s/ Brian C. Howe
	Name: Brian C. Howe	 	Name: Brian C. Howe
	 	 	Title President 
	 	 	 
	Date: July 23, 2014	 	Date: July 23, 2014EX-10.62

 Exhibit 10.62 

Summary of Compensation for Executive Officers 

Following is a description of the compensation arrangements for each of PC Connection, Inc.’s (the “Company’s”) executive
officers. The Company’s executive officers as of March 6, 2015 consisted of: (i) Timothy McGrath, President and Chief Executive Officer; (ii) Joseph Driscoll, Senior Vice President, Treasurer and Chief Financial Officer; and
(iii) Patricia Gallup, Chairman of the Board and Chief Administrative Officer. 
 The Compensation Committee annually reviews and
approves the compensation of the Chief Executive Officer. It also reviews and approves the compensation of the Company’s other executive officers, based on recommendations from the Chief Executive Officer. In determining executive
compensation, the Compensation Committee considers a number of different factors, including the mix of salary, bonus, and incentive compensation levels. In addition, a subcommittee of the Compensation Committee is responsible for the determination
and approval of corporate goals and targets under the Company’s Executive Bonus Plan. The Compensation Committee seeks to achieve three broad goals in connection with the Company’s compensation philosophy and decisions regarding
compensation. First, the Company is committed to providing executive compensation designed to attract, retain, and motivate executives who contribute to the long-term success of the Company and are capable of leading the Company in achieving its
business objectives in the competitive and rapidly changing industry in which the Company operates. Second, the Company wants to reward executives for the achievement of company-wide business objectives of the Company. By tying compensation in part
to achievement, the Company believes that a performance-oriented environment is created for the Company’s executives. Finally, compensation is intended to provide executives with an equity interest in the Company so as to link a meaningful
portion of the compensation of the Company’s executives with the performance of the Company’s Common Stock. 
 Compensation for
the Company’s executives generally consists of three elements: 
  

	 	•	 	salary—levels are generally set by reviewing compensation for competitive positions in the market and considering the executive’s level of responsibility, qualifications, and experience, as well as the
Company’s financial performance and the individual’s performance; 

	 	•	 	bonus—bonuses are paid out under the Company’s Executive Bonus Plan and are based on the achievement of company-wide net income and expense leverage goals. Cash bonuses are set as a percentage of the executive
officer’s base salary; and 

	 	•	 	equity awards—equity awards provide long-term incentives to promote and identify long-term interests between the Company’s employees and its stockholders and to assist in the retention of executives.

  
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 The following table lists the 2014 annual salaries and bonuses of the Company’s executive officers. 

 

									
	 	  	Salary	 	  	Bonus (1)	 
	 Timothy McGrath (2)

President and Chief Executive Officer
	  	$	900,000	  	  	$	887,750	  
	 Joseph Driscoll (2)

Senior Vice President, Treasurer and Chief Financial Officer
	  	 	340,000	  	  	 	360,400	  
	 Patricia Gallup

Chairman of the Board and Chief Administrative Officer
	  	 	327,000	  	  	 	259,965	  

  

	 	(1)	The Compensation Subcommittee approved bonuses of $887,500, $360,400, and $259,965 for Mr. McGrath, Mr. Driscoll, and Ms. Gallup, respectively, under the Company’s Executive Bonus Plan pursuant to
achievement of company-wide net income and expense leverage goals. 

 The Company granted equity awards in 2014 to the Company’s
executive officers, as shown below: 
  

									
	 	  	# of
Restricted
Stock
Units	 	  	Per
Share
Fair
Market
Value	 
	 Timothy McGrath (1)

President and Chief Executive Officer
	  	 	60,000	  	  	$	22.50	  
	 Joseph Driscoll (2)

Senior Vice President, Treasurer and Chief Financial Officer
	  	 	26,000	  	  	$	22.50	  

  

	 	(1)	Mr. McGrath received 60,000 restricted stock units in recognition for his contributions and service in his role as Chief Executive Officer. The restricted stock units vest over eleven years and are settled in
equivalent amounts of common stock on the following vesting schedule: 7,000 units on September 1, 2018, September 1, 2019, September 1, 2020, and September 1, 2021; and 8,000 units on September 1,
2022, September 1, 2023, September 1, 2024, and September 1, 2025. 

  

	 	(2)	Mr. Driscoll received 26,000 restricted stock units in recognition for his contributions and service in his role as Chief Financial Officer. The restricted stock units vest over four years and are settled in
equivalent amounts of stock on the following vesting schedule: 5,000 units on September 1, 2015; 6,000 units on September 1, 2016; 7,000 units on September 1, 2017; and 8,000 units on September 1, 2018. 

  
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