Document:

ex10-2.htm

Exhibit 10.2

 

 

	
US $175,000.00

	
March 11, 2015

Livingston, New Jersey

 

PROMISSORY NOTE

 

 

FOR VALUE RECEIVED, the undersigned, SWK TECHNOLOGIES, INC., a corporation incorporated under the laws of the State of Delaware (the “Borrower”), hereby promises to pay to the order of 2000 SOFT, INC. d/b/a Accounting Technology Resources, a California corporation (the “Note Holder”), or as it may otherwise direct, no later than the Maturity Date (as defined below), the unpaid principal amount of the loan (the “Loan”) made by the Note Holder to the Borrower on the date hereof, as evidenced hereby, in the principal amount of One Hundred Seventy Five Thousand Dollars (US $175,000.00). The Borrower hereby promises to pay interest on the unpaid principal amount of the Loan on the dates and at the rate provided for herein.

SECTION 1 .  Certain Terms Defined. The following terms for all purposes of this Promissory Note shall have the respective meanings specified below.

 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized by law to close.

 

“Collections” means, with respect to any asset, all cash collections, distributions, payments and other cash Proceeds in respect of such asset, including, without limitation, all Proceeds from any sale of disposition of such asset.

 

“Default” means any event which, with the giving of notice, lapse of time, determination of materiality or fulfillment of any other applicable condition (or any combination of the foregoing), would constitute an Event of Default.

 

“Event of Default” has the meaning given to it in Section 6.

 

“Maturity Date” means the date that is thirty-six (36) months following execution hereof, on which date the Loan, together with all outstanding interest, shall be paid in full.

 

“Person” means and includes any natural person, individual, partnership, joint venture, corporation, trust, Limited Liability Company, limited company, joint stock company, unincorporated organization, government entity or any political subdivision or agency thereof, or any other entity.

 

“Proceeds” shall have, with reference to any asset or property, the meaning assigned to it under the UCC and, in any event, shall include, but not be limited to, any and all amounts from time to time paid or payable under or in connection with such asset or property.

 

“UCC” means the Uniform Commercial Code, as from time to time in effect in the applicable jurisdictions.

 

  

  

  

 

SECTION 2 .  Payments Due Under Promissory Note.  Borrower shall pay Note Holder the sum of Five Thousand Twelve and 45/100 Dollars (US $5,012.45) per month, on the first day of each month, until the amount due hereunder is paid in full.  The initial payment shall be due and payable on March 1, 2015.

 

SECTION 3 .  Interest Payments.  The unpaid principal amount of the Loan shall bear interest at a rate per annum equal to two percent (2.00%).  Such interest shall be payable on the Maturity Date.

 

Any overdue principal of or interest on the Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the lesser of (i) the maximum interest rate permitted by applicable law or (ii) ten percent (10.00%) (the “Default Rate”).

 

Interest shall be computed on the basis of a year of 360 days and paid for the actual number of days elapsed (including the first day but excluding the last day).

 

SECTION 4 .  Optional Prepayments.  The Borrower may prepay the Loan in whole or in part at any time without penalty by paying the principal amount to be prepaid together with interest accrued thereon to the date of prepayment.

 

SECTION 5 .  General Provisions as to Payments.  The payment of principal of and interest on the Loan by the Borrower hereunder shall be made not later than 12:00 Noon (New York City time) on the due date of each payment by cashier’s check or by wire transfer of immediately available funds to the Note Holder’s account at a bank in the United States specified by the Note Holder in writing to the Borrower without reduction by reason of any set-off or counterclaim.

 

SECTION 6 .  Events of Default.  Each of the following events shall constitute an “Event of Default”:

 

	
a.  

	
the principal or interest of the Loan shall not be paid within five (5) Business Days of the date that such interest was due;

 

	
b.  

	
a court shall enter a decree or order for relief in respect of the Borrower in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Borrower for any substantial part of the property of the Borrower or ordering the winding up or liquidation of the affairs of the Borrower, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; and

 

	
c.  

	
the Borrower shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Borrower or for any substantial part of the property of the Borrower, or the Borrower shall make any general assignment for the benefit of creditors

 

  

  

  

 

If an Event of Default shall occur, the unpaid principal and accrued interest on the Loan shall become immediately due and payable without any declaration or other act on the part of the Note Holder.  Immediately upon the occurrence of any Event of Default the Note Holder, without any notice to the Borrower, which notice is expressly waived by the Borrower, may proceed to protect, enforce, exercise and pursue any and all rights and remedies available to the Note Holder under this Promissory Note and any and all rights and remedies available to the Note Holder at law or in equity.

 

SECTION 7 .  Further Assurances.  The Borrower hereby agrees that, from time to time upon the written request of the Note Holder, the Borrower will execute and deliver such further documents and do such other acts and things as the Note Holder may reasonably request in order to fully effect the purposes of this Promissory Note and to protect and preserve the priority and validity of the security interests granted hereunder.

 

SECTION 8 . Rights and Remedies.  (a) The Note Holder shall have all of the rights and remedies of an unsecured party under applicable laws.

 

SECTION 9 . Notices.  All notices, requests, demands and other communications to any party hereunder shall be in writing (including prepaid overnight courier, facsimile transmission, electronic transmission or similar writing) and shall be given to such party at the address, facsimile number or email address set forth below or at such other address or facsimile numbers as such party may hereafter specify for the purpose by notice to each other party hereto.  Any notice sent by facsimile or electronic transmission shall be confirmed by letter dispatched as soon as practicable thereafter.

 

If to the Borrower:

 

SWK Technologies, Inc.

5 Regent Street, Suite #520

Livingston, NJ  07039

Facsimile No.: 973-758-6120

Telephone No.:973-758-6100

Email: jeff.roth@swktech.com

Attention: Jeffrey D. Roth

 

If to the Note Holder:

 

2000 Soft, Inc. d/b/a Accounting Technology Resources

200 East Sandpointe Avenue, Suite #560

Santa Ana, CA  92707

Facsimile No.: 949-699-1776

Telephone No.: 949-699-1777

Email: karen@teamacctech.com

Attention: Karen Espinoza McGarrigle

  

  

  

 

Every notice or other communication shall, except so far as otherwise expressly provided by this Guaranty, be deemed to have been received (provided that it is received prior to 2 p.m. local time; otherwise it shall be deemed to have been received on the next following Banking Day) (i) if given by facsimile or electronic transmission, on the date of dispatch thereof (provided further that if the date of dispatch is not a Banking Day in the locality of the party to whom such notice or demand is sent, it shall be deemed to have been received on the next following Banking Day in such locality) or (ii) if given by mail, prepaid overnight courier or any other means, when received at the address specified in this Section or when delivery at such address is refused.

 

SECTION 10 .  Powers and Remedies Cumulative; Delay or Omission Not Waiver of Event of Default.   No right or remedy herein conferred upon or reserved to the Note Holder is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

No delay or omission of the Note Holder to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any Event of Default or an acquiescence therein; and every power and remedy given by this Promissory Note or by law may be exercised from time to time, and as often as shall be deemed expedient, by the Note Holder.

 

SECTION 11 .  Transfers.  The parties may not transfer or assign this Promissory Note nor any right or obligation hereunder to any person or entity without the prior written consent of the other party.

 

SECTION 12 .  Modification.  This Promissory Note may be modified only with the written consent of both the Borrower and the Note Holder.

 

SECTION 13 .  Expenses.  The Borrower agrees to pay to the Note Holder all out-of-pocket expenses (including reasonable expenses for legal services of every kind) of, or incident to, the enforcement of any of the provisions of this Promissory Note.

 

SECTION 14 .  Miscellaneous.  This Promissory Note shall be deemed to be a contract under the laws of the State of New Jersey, and for all purposes shall be construed in accordance with the laws of said state without regard to conflict of law principles.  The parties hereto hereby waive presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of or any default under this Promissory Note, except as specifically provided herein, and assent to extensions of the time of payment, or forbearance or other indulgence without notice.  The Section headings herein are for convenience only and shall not affect the construction hereof.  Any provision of this Promissory Note which is illegal, invalid, prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity, prohibition or unenforceability without invalidating or impairing the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.  This Promissory Note shall bind the Borrower and his or her heirs, administrators, executors, personal representatives and permitted assigns.  The rights under and benefits of this Promissory Note shall inure to the Note Holder and its successors and assigns.

 

[signature page follows]

 

  

  

  

 

IN WITNESS WHEREOF, the Borrower has caused this instrument to be duly executed on the date indicated below.

 

 

Date:  March 11, 2015

 

 

SWK Technologies, Inc.

 

 

By: __________________________

Name:  Jeffrey D. Roth

Title:    Chief Executive OfficerEX-10.1

 Exhibit 10.1 

MANTECH INTERNATIONAL CORPORATION 

2015 EXECUTIVE INCENTIVE COMPENSATION PLAN 
  

	1.0	OVERVIEW 

 ManTech International Corporation (the “Company”) has
established this 2015 Executive Incentive Compensation Plan (this “Plan”) to help attract, retain and motivate our executives to achieve certain goals and objectives. Incentive compensation is an integral part of the Company’s
compensation program. This Plan sets forth a uniform, systematic, and measurable process for determining incentive compensation. The Compensation Committee of the ManTech International Corporation Board of Directors (the “Compensation
Committee”) has ultimate authority over the implementation and interpretation of this Plan. 
  

	2.0	PLAN PARTICIPANTS 

 All Executive Officers of the Company, including the CEO, CFO, Deputy
CFO, designated Company-level officers, and designated presidents of the Company’s principal business groups (the “Business Group Presidents”) are eligible to participate in this Plan (together, the
“Participants”). 
  

	3.0	POLICY 

 For each Participant, a set of performance goals for the applicable criteria
under this Plan (the “Participant Goals”) and relative weightings shall be established, reviewed and memorialized according to the process set forth below. All Participant Goals shall be specific, measurable, and quantitative, to
the extent practical. The goal-setting process shall be accomplished in accordance with a time schedule established by the Compensation Committee and CEO. 

In the case of the Business Group Presidents, the Participant Goals shall include both performance goals established for the applicable
business group (“Business Group Goals”) and performance goals established for the Company as a whole (“Company Goals”). In the case of all other Participants, the Participant Goals shall be comprised solely of
Company Goals. 
 Participant Goals for each Participant shall be set forth in a separate agreement or term sheet (each a “Plan
Agreement”). Each Plan Agreement shall also set forth (i) the relative weightings for the various Participant Goals; (ii) a threshold, target and maximum performance score (and corresponding award amount); and (iii) other
factors to be used in the Scoring Process (as defined below). 
 After the end of the fiscal year, actual results shall be measured against
Participant Goals to determine whether and to what extent incentive compensation has been earned under this Plan for each Participant. This process is referred to in this Plan as the “Scoring Process.” 

The Compensation Committee has the authority to exercise negative discretion to reduce the amount otherwise payable to any Participant under
the Plan. The exercise of this negative discretion may be based on any factors deemed appropriate by the Compensation Committee. 

  
 2015 Executive
Incentive Compensation Plan 
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 Additionally, the Compensation Committee may, outside the terms of this Plan, consider whether a
discretionary bonus is warranted for any Participant. In making that determination, the Compensation Committee may consider any objective or subjective factors that the Committee deems appropriate in its sole discretion, including the recommendation
of the CEO. 
  

	4.0	Process 

 This Section 4 uses the following terms (which terms also operate in the
Plan Agreements). 
  

	 	•	 	Business Group Performance Score – for each Participant, the sum of the weighted Performance Goal Scores for each of the Business Group Goals. 

 

	 	•	 	Company Performance Score – for each Participant, the sum of the weighted Performance Goal Scores for each of the Company Goals. 

 

	 	•	 	Factor – the weighting percentage assigned to each Participant Goal for a particular individual. The Factors shall total 100% for each set of goals for each individual (Company Goals and Business Group Goals
are each a set of goals). For each Participant under this Plan, the Factors applicable to each Participant Goal may differ. If applicable, each set of goals shall also receive a Factor, which shall total 100% for the two sets combined.

  

	 	•	 	Final Performance Score – the sum of (i) the applicable weighted Business Group Performance Score, and (ii) the weighted Company Performance Score for each Participant. For Participants with no
Business Group Goals, the Company Performance Score for that Participant shall be the Final Performance Score. 

  

	 	•	 	Incentive Compensation Payout Schedule - a schedule that sets forth the incentive compensation payment amount that corresponds to each performance score between and including the threshold and maximum Final
Performance Scores. 

  

	 	•	 	Performance Goal Score – for each Participant Goal, the amount of a measure actually achieved, expressed as a percentage, relative to the Performance Goal (the Performance Goal Score at target would be
100%). 

  

	 	•	 	Total Earned Incentive Compensation – the incentive compensation amount payable to a Participant based on his or her Final Performance Score, prior to any adjustment by the Compensation Committee.

  

	 	4.1	Performance Criteria for Goals 

  

	 	•	 	Company Performance Criteria 

  

	 	•	 	Revenue (revenue as recognized for the performance period in accordance with GAAP principles) 

  

	 	•	 	Earnings before interest and taxes (EBIT), measured as a dollar amount (also referred to as Operating Income) 

  

	 	•	 	Bookings (full value of contract award for single award contracts, plus the value of multiple award wins, determined in accordance with ManTech’s standard bookings recognition policy) 

  
 2015 Executive
Incentive Compensation Plan 
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	 	•	 	Business Group Performance Criteria (measured in the same manner as Business Group Goals) 

  

	 	•	 	Revenue 

  

	 	•	 	EBIT, measured as a dollar amount 

  

	 	•	 	Bookings 

  

	 	4.2	Guidance for Goal-Setting Process 

 All Participant Goals and weightings shall be subject
to final review, modification and approval by the Compensation Committee. The following process shall be used to prepare a recommendation to the Compensation Committee: 
  

	 	•	 	The Chairman of the Compensation Committee shall be responsible for the establishment of Participant Goals and weightings for the CEO 

 

	 	•	 	The Company Goals and weightings applicable to each Participant (other than the CEO) shall be initially established by the CEO, with input from the CFO and the Compensation Committee. 

 

	 	•	 	Business Group Goals and weightings applicable to each Participant shall be initially established by the CEO, with input from the CFO and after consulting with the applicable Business Group President. 

 

	 	4.3	Threshold, Target and Maximum Awards 

 Each Participant shall have threshold, target, and
maximum incentive compensation amounts that correspond to threshold, target and maximum Final Performance Scores. For each Participant, the target award amount shall be expressed as a fixed number or a percentage of his or her base salary as of
April 1, 2015, as established by the Compensation Committee, and shall represent the amount of incentive compensation that the Participant will earn if his or her actual Final Performance Score is that which would result from 100% achievement
of all Participant Goals. 
  

	 	4.4	Guidance for Scoring Process 

  

	 	•	 	Overview: Actual results for the year shall be determined and then compared to the Participant Goals. The Final Performance Score shall be calculated for each Participant and shall determine the Total Earned
Incentive Compensation pursuant to the applicable Incentive Compensation Payment Schedule. The amount of any incentive compensation amount actually paid may be reduced by the Compensation Committee’s exercise of negative discretion.

  

	 	•	 	Scoring Process: 

  

	 	•	 	The Performance Goal Score with respect to each of the Participant Goals shall be determined. 

  
 2015 Executive
Incentive Compensation Plan 
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	 	•	 	The Performance Goal Scores shall be weighted by multiplying each score by the applicable Factor and summed to determine the Participant’s Company Performance Score and Business Group Performance Scores.

  

	 	•	 	If applicable (i.e., for Participants with both Business Group Goals and Company Goals), the Business Group Performance Score and the Company Performance Score shall be weighted by multiplying each score by the
applicable Factor, and the Final Performance Score will be determined. Otherwise, the Participant’s Company Performance Score will constitute the Final Performance Score. 

 

	 	•	 	Based on the Participant’s Final Performance Score, the Total Earned Incentive Compensation will be derived from the applicable Incentive Compensation Payout Schedule. 

 

	 	•	 	Adjustments to Results Achieved: With respect to any Performance Goal Score, the Compensation Committee shall have the authority to determine whether and by what amount the actual result used to calculate the
achievement percentage should be adjusted to account for extraordinary events or circumstances. In making any such determination the Compensation Committee may take into consideration the effect of any adjustment on the treatment of payments made
pursuant to this Plan under Section 162(m) of the Internal Revenue Code. 

  

	 	•	 	Out of Cycle Salary Changes: The Compensation Committee shall determine the effect of any out-of-cycle salary changes on a Participant’s Total Earned Incentive Compensation, and in making such determination
may take into consideration the effect of any adjustment on treatment of payments made pursuant to this Plan under Section 162(m) of the Internal Revenue Code. 

 

	 	•	 	Final Compensation Committee Review: The Compensation Committee will review the resulting incentive compensation payment amount for each Participant. The Compensation Committee has the authority to reduce the
incentive compensation payment amount due any Participant hereunder, based on any factor deemed relevant by the Compensation Committee. No incentive compensation payment amount for any executive officer shall be paid out until formally approved by
the Compensation Committee. Payments under this Plan, if any, shall be made on or before March 15, 2016. Unless the Compensation Committee determines otherwise in its sole discretion, a Participant’s right to receive any incentive
compensation payment hereunder shall be forfeited if the Participant is not an employee of the Company in good standing on December 31, 2015. 

  
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Incentive Compensation Plan 
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	5.0	RECOVERY OF AWARDS 

 Awards under the Plan are subject to the terms and conditions of any
clawback policy which the Company may adopt to conform to the requirements of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 
  

	6.0	AUTHORIZATION 

 The Compensation Committee has authorized the development of this Plan
and, with the assistance of the CEO, shall oversee the consistent and equitable implementation of the provisions of this Plan and the individual Participants’ Plan Agreements. Senior management and the Company’s compensation department
will support the administration of the Plan, as directed by the Compensation Committee. 

  
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Incentive Compensation Plan 
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