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exhibit102-amendmentagreemen.htm - Generated by SEC Publisher for SEC Filing

	
   

  	
                                     

  

  

 

Univar Europe Limited

Aquarius House

6 Mid Point Business Park

Thornbury, Bradford   BD3 7A8

 

Dear David,

Secondment to Univar USA Inc.

I am writing to confirm the arrangements
that have been agreed between us in connection with your secondment to Univar USA
Inc. (the Host). The terms of this letter are conditional upon your
being granted all necessary permissions to work in the United States by the
appropriate authorities.

1.                      
You shall remain employed by Univar Europe
Limited (the Company) during the secondment and your current terms of
employment shall remain unchanged, except as set out in this letter. In
particular, your period of continuous employment will remain unbroken. 

2.                      
The secondment shall commence on 1 June 2016
and shall continue until terminated:

2.1.1            
on two months' written notice from either the
Host or the Company; or

2.1.2            
on the termination of your employment in
accordance with the terms of your contract.

3.                      
During the secondment you shall:

3.1.1            
continue to abide by the terms of your employment
contract dated 10 January 2011 (the Contract);

3.1.2            
act as Executive Vice President and President
Univar USA and LATAM. You shall carry out any work that is reasonably required
of you by the Company at the Host's request and in the Host's business;

3.1.3            
continue to report to, and be managed by, Erik
Fyrwald or successor;

3.1.4            
work at the Host's premises at Downers Grove, IL;
and 

3.1.5            
comply with the Host's employment practices and
policies.

4.                      
During the secondment, a
number of specific changes shall be made to the Contract. The specific changes
are as follows:

4.1                 
for the purposes of clauses 2.1 and 2.2 of the
Contract, your job title and place of work will change as set out in this
secondment letter;

4.2                 
for the purposes of clause 4.1 of the Contract,
your normal working hours will change to 8:00am to 5:00 pm;

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4.3                 
for the purposes of clause 5 of the Contract,
your base salary will change to $550,000 per year (or GBP equivalent);

4.4                 
for the purposes of clause 7 of the Contract,
your current bonus entitlement will cease. You will, instead, participate in the Univar Management Incentive
Plan with an 80% of salary bonus target ($440,000).  The plan permits the
opportunity to earn up to 160% (2 times target) of salary for exceptional
performance.  Your bonus under this plan will be pro-rated between EMEA and
Univar Inc results based on your relative time service for these regions. The
MIP targets and design are subject to annual review and approval of the
Compensation Committee of the Board of Directors.  Details on your incentive
will be outlined annually in a MIP target opportunity letter and are subject to
the terms and conditions in the MIP plan document;

4.5                 
clause 13.3 of the Contract shall cease to apply
and shall be replaced with the following provision:

Termination.  The
following provisions shall apply upon termination of your employment under
applicable circumstances as set forth below. Any amount payable to you under
this Section 4.5 shall be subject to all applicable federal, state and local
withholdings, or payroll or other taxes. Except as set forth in this Section 4.5,
upon termination of employment, Executive shall not be entitled to further
payments, severance or other benefits arising under this Agreement or from
Executive’s employment with Univar or its termination, except as required by
law.

If Company terminates
with Cause or by you without Good Reason.  If Company
terminates your employment for Cause or if you terminate your employment
without Good Reason, you shall be paid unpaid wages and unused accrued vacation
earned through the termination date.

 

“Cause,” as used
herein, shall mean your (i) willful and continued failure to perform his
material duties with respect to Company, Host or their affiliates (except where
due to a physical or mental incapacity) which continues beyond fifteen (15)
business days after a written demand for substantial performance is delivered
to you, (ii) conviction of or plea nolo contendere to (A) the commission
of a felony by you, or (B) any misdemeanor that is a crime of moral turpitude,
(iii) your willful or gross misconduct
in connection with his employment duties, or (iv) breach of the
non-competition, non-solicitation or confidentiality covenants to which you are
subject. No act on your part shall be deemed “willful” unless done, or omitted
to be done, by you not in good faith and without reasonable belief that such
action was in the best interest of Company or Host. No failure of you to
achieve performance goals, in and of itself, shall be treated as a basis for
termination of your employment for Cause.

“Good
Reason,” as used herein, shall mean (i) a material reduction in your base
salary or a material reduction in annual incentive compensation opportunity, in
each case other (a) than any isolated or inadvertent failure by Company or Host
that is not in bad faith and is cured within thirty (30) business days after you
give notice to Company or Host of such event and (b) a reduction which is
applicable to all employees in the same salary grade as Executive; (ii) a
material diminution in Executive’s title, duties and responsibilities, other
than any isolated or inadvertent failure by Company that is not in bad faith
and is cured within thirty (30) business days after you
give Company notice of such event; or (iii) the failure of a successor to have
assumed this Agreement in connection with any sale of the business, where such
assumption does not occur by operation of law, provided that in order for an
event described in this Section to constitute Good Reason, you must provide
notice to Company within ninety (90) business days of the initial existence of
such event.

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If Company terminates
for reasons other than for Cause or Total Disability or by you for Good Reason.  If Company
terminates your employment for reasons other than for Cause or Total Disability,
or if you terminate your employment for Good Reason in the absence of Cause, the
Company shall pay to you the amounts and benefits, and cause the vesting as set
forth in this Section 3.2; provided, however, that Executive’s entitlement to
the amounts described in 4.5(a) and 4.5(b) below is conditioned upon Executive
executing and not revoking a release substantially in the form reasonably
requested by Company or Host (the “Release”) within the applicable 21 or 45 day
time period provided for therein (the “Applicable Release Period”); provided,
however, that in any case where the first and last days of the Applicable
Release Period are in two separate taxable years, any payments required to be
made to Executive that are treated as deferred compensation for purposes of
Code Section 409A shall be made in the later taxable year, promptly following
the conclusion of the Applicable Release Period.

4.5(a)
Unpaid wages and unused accrued vacation earned through the termination date;

4.5(b)
A severance payment, payable in a lump sum payment not later than fifteen (15)
days following the termination date, an amount equal to the sum of (A) twelve
(12) months of the Annual Base Salary plus (B) one (1) times the Target
Bonus for the year in which Executive’s employment terminates; and

Total Disability.  If Company
or you terminate your employment due to your Total Disability (as defined in
the Host long-term disability plan), Univar shall pay to you unpaid wages and
unused accrued vacation earned through the termination date, and the Target
Bonus stated in 4.5(b). 

 

Death.  If your
employment terminates due to death, the Company shall pay to your estate the
unpaid wages and unused accrued vacation earned through the termination date,
and the Target Bonus stated in Section 4.5(b).

5.                      
During the secondment:

5.1.1            
you should continue to stay in contact with Chris
Oversby or  successor on a regular basis and, in particular, keep them informed
of any issues that arise and any absences from work;

5.1.2            
you should continue to keep in touch with
developments at the Company;

5.1.3            
you should talk to Dianna Sparacino or successor
if you have any issues or concerns about your secondment or the work that you
are doing; and

5.1.4            
the Company will conduct any appraisals and pay
reviews in the usual way and will deal with any grievances or any concerns
about your conduct or performance. In all cases it will
consult the Host before taking any action.

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6.                      
The Company shall continue to pay your
salary in the normal way and you shall continue to participate in the Company’s
benefit schemes (as set out in the Contract) on the current basis.

7.                      
Any expenses claims arising during your
secondment must be submitted to Erik Fyrwald in accordance with the Host's
normal procedures.

8.                      
You consent to the Company providing
relevant information about you to the Host in connection with the secondment.

9.                      
Your Contract currently requires you to keep
the Company's confidential information and trade and business secrets
confidential. This is particularly important while you are on secondment to the
Host. You should also respect the confidentiality of any similar information
relating to the Host to which you have access during the secondment.

Please sign the enclosed copy of this
letter and return it to Dianna Sparacino to indicate your agreement to the
terms in this letter.

 

Yours sincerely,

/s/ Stephen Landsman

 

For and on behalf of Univar Europe
Limited

 

 

I hereby agree to the above changes to the
terms of my employment.

 

Signed /s/ David Jukes 

 

by David Jukes

 

Date 18.4.16 

4EXHIBIT 10.1

 

 SECURED PROMISSORY NOTE
 

 Fort Collins, Colorado
            April 12, 2016
 

 FOR VALUE RECEIVED, WestMountain Gold, Inc., a Colorado corporation (“Payor”) with an address of 120 East Lake Street, Suite 401, Sandpoint, ID 83864, promises to pay to the order of BOCO Investments, LLC, a Colorado limited liability company with an address of 262 E. Mountain Avenue, Fort Collins, CO 80524 (“Holder”, which term will include any transferee of this Note), the outstanding principal balance of the borrowings as set forth in the last entry on the Schedule attached hereto (the “Loan Amount”), which shall not exceed at any one time Six Hundred Forty Thousand Dollars ($640,000.00, the “Maximum Loan Amount”), and interest on the Loan Amount at the rate of eight percent (8%) per annum, compounded annually.  Such interest shall commence on the date of the first borrowing and shall continue to accrue on the Loan Amount until paid in full.  Interest shall be computed on the basis of a year of three hundred sixty-five (365) days for the actual number of days elapsed. 
 

 THE OBLIGATIONS DUE UNDER THIS NOTE ARE SECURED BY THAT CERTAIN SECURITY AGREEMENT, DATED JUNE 27, 2013 AND THAT CERTAIN SECURITY AND INTER-CREDITOR AGREEMENT, DATED MAY 15, 2015, BOTH EXECUTED BY THE PAYOR IN FAVOR OF HOLDER (THE “SECURITY AGREEMENTS”).  SPECIFICALLY, THE TERM “TRANSACTION AGREEMENTS” AS DEFINED IN THE JUNE 27, 2013 SECURITY AGREEMENT IS AMENDED TO INCLUDE THIS NOTE.  ADDITIONAL RIGHTS OF HOLDER ARE SET FORTH IN THE SECURITY AGREEMENTS.
 

 1.
 The outstanding Loan Amount, together with all accrued and unpaid interest thereon (collectively, the “Aggregate Note Amount”), shall be due and payable on October 31, 2018 (the “Maturity Date”).  
 

 2.
 All payments shall be in lawful money of the United States of America in cash, by certified check, or wire transfer.
 

 3.
 Payor may, at any time and from time to time, make payments on account of the interest on and Loan Amount of this Note.  All payments shall be applied first to accrued expenses due under this Note, next to interest and thereafter to principal.
 

 4.
 Payor may make borrowing requests at any time prior to thirty (30) days before the Maturity Date.  A requested borrowing must be no less than Ten Thousand U.S. Dollars ($10,000.00) and, when added to previous borrowings, shall not exceed the Maximum Loan Amount.  Payor shall provide such information as may be requested by Holder to determine whether Holder wishes to provide the requested funds.  Holder shall be under no obligation to fund any requested borrowing and Holder may decline a requested borrowing for any reason and for no reason.
 

 5.
 Holder will enter on the Schedule the principal amount of each borrowing by Payor, any repayment of principal and/or interest which Payor makes, the date on which each such borrowing or repayment is made, and the outstanding Aggregate Note Amount as a result of each such borrowing or repayment.  Payor hereby authorizes Holder to make such entries and 

  
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 agrees that those entries and the outstanding Loan Amount as shown on the Schedule will constitute conclusive evidence of all borrowings and repayments and the dates thereof and of the outstanding Loan Amount under this Note.

  
 6.
 The outstanding balance of any amount owing under this Note or the Security Agreements which is not paid when due shall bear interest at the rate of twelve percent (12%) per annum above the rate that would otherwise be in effect under this Note.
 

 7.
 Payor shall make all payments under this Note without defense, set-off or counterclaim on its part.
 

 8.
 Payor shall pay, on demand, all expenses of collecting and enforcing this Note and any and all Collateral securing this Note, including, without limitation, reasonable attorney fees (“Expenses”).
 

 9.
 The occurrence of any one or more of the following shall constitute an “Event of Default”:
 a.
 Payor fails to pay timely any amount due under this Note or the Security Agreements on the date the same becomes due and payable;
 b.
 Payor shall breach any provision of the Security Agreements, any provision under this Note, any provision of any other agreement between or among Payor and Holder, or should any representation or warranty of Payor made herein, in the Security Agreements, or in any other agreement, statement, certificate, or communication given to Holder be false or misleading in any material respect when made or become false or misleading in any material respect after the date of this Note; 
 c.
 Payor shall (i) fail to make any payment when due under the terms of any bond, debenture, note or other evidence of indebtedness for money borrowed to be paid by Payor and such failure shall continue beyond any period of grace provided with respect thereto, or (ii) default in the observance or performance of any other agreement, term or condition contained in any bond, debenture, note or other evidence of indebtedness for borrowed money, and the effect of such failure or default is to cause, or permit the holder or holders thereof to cause, indebtedness in an aggregate amount of $50,000 or more to become due prior to its stated date of maturity;
 d.
 Payor (i) files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect; (ii) makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; (iii) applies for or consents to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property; (iv) is unable, or admits in writing its inability, to pay its debts generally as they mature, (v) is dissolved or liquidated; (vi) becomes insolvent (as such term may be defined or interpreted under any applicable statute); or (vii) takes any action for the purpose of effecting any of the foregoing;
 e.
 An involuntary petition is filed against Payor (unless such petition is dismissed or discharged within thirty (30) days under any bankruptcy statute now or hereafter in effect) or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of Payor; 
  
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 f.
 A final judgment or order for the payment of money in excess of $50,000 shall be rendered against the Payor and the same shall remain undischarged for a period of 10 days during which execution shall not be effectively stayed, or any judgment, writ, assessment, warrant of attachment, or execution or similar process shall be issued or levied against the Collateral (as defined below) and such judgment, writ, or similar process shall not be released, stayed, vacated or otherwise dismissed within ten (10) days after issue or levy; 
 g.
 Payor shall fail to maintain the listing of its common stock on at least one of the OTCBB or an equivalent replacement exchange, the Nasdaq National Market, the Nasdaq SmallCap Market, the New York Stock Exchange, or the American Stock Exchange;
 h.
 Payor shall fail to comply with the reporting requirements of the Exchange Act; and/or Payor shall cease to be subject to the reporting requirements of the Exchange Act;
 i.
 Any cessation of operations by Payor;
 j.
 Payor’s failure to maintain any material intellectual property rights, personal, real property or other assets which are necessary to conduct its business (whether now or in the future);
 k.
 The sale, conveyance, or disposition of all or substantially all of the assets of the Payor, the effectuation by the Payor of a transaction or series of related transactions in which more than 50% of the voting power of the Payor is disposed of, or the consolidation, merger or other business combination of the Payor with or into any other Person (as defined below) or Persons when, the Payor is not the survivor.  "Person" shall mean any individual, corporation, limited liability company, partnership, association, trust or other entity or organization;
 l.
 The occurrence of an Event of Default under any other agreement(s) between or among Payor and Holder, regardless of whether other persons are also party to such agreement(s); and
 m.
 Holder in good faith believes itself insecure.
 10.
 Upon the occurrence or existence of any Event of Default, immediately and without notice, all outstanding obligations payable by Payor hereunder shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which Payor expressly waives.  In addition to and not in lieu of the foregoing remedies, upon the occurrence or existence of any Event of Default, Holder may exercise all other rights, powers or remedies granted to it under this Note or otherwise permitted to it by law (including but not limited to foreclosure of the security interest(s) granted in the Security Agreements), either by suit in equity or by action at law, or both, all such remedies being cumulative.
 

 11.
 Promptly upon the occurrence thereof, Payor shall furnish to Holder written notice of the occurrence of any Event of Default hereunder.
 

 12.
 So long as Payor shall have any obligation under this Note, Payor shall not, without the Holder's written consent, lend money, give credit or make advances to any person, firm, joint venture or corporation or other entity, including, without limitation, officers, directors, employees, subsidiaries and affiliates of Payor, except loans, credits or advances in existence or committed on the date hereof and which Payor has informed Holder in writing prior to the date hereof.
  
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 13.
 So long as Payor shall have any obligation under this Note, Payor shall not, without the Holder's prior written consent, assume, guarantee, endorse, contingently agree to purchase or otherwise become liable upon the obligation of any person, firm, partnership, joint venture or corporation, except by the endorsement of negotiable instruments for deposit or collection and except assumptions, guarantees, endorsement and contingencies in existence or committed on the date hereof and which Payor has informed Holder in writing prior to the date hereof.
 14.
 Payor unconditionally waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to this Note.   
 15.
 Notwithstanding any other provision of this Note, interest under this Note shall not exceed the maximum rate permitted by applicable law, and if any amount is paid under this Note as interest in excess of such maximum rate, then the amount so paid will not constitute interest but will constitute a payment on account of the principal amount of this Note. If such excessive interest exceeds the unpaid principal balance of this Note, such excess shall be refunded to Payor.
 16.
 Payor agrees that the indebtedness evidenced by this Note is secured by a senior pledge of all of Payor’s assets and not subordinate to any other pledge or security interest, as set forth in the Security Agreements.  Payor agrees to take such actions and execute such documents as Holder reasonably requests to perfect its security interest in Payor’s assets.
 

 17.
 No failure by Holder to exercise, or delay by Holder in exercising, any right or remedy hereunder shall operate as a waiver thereof or of any other right or remedy and no single or partial exercise of any right or remedy shall preclude any other or further exercise thereof or of any other right or remedy.  Holder may not waive any of its rights except by an instrument in writing signed by it.
 

 18.
 If any provision of this Note shall be judicially determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
 

 19.
 This Note shall be binding upon and shall inure to the benefit of Payor and Holder and their respective successors and assigns.  Payor may not transfer or assign any of its rights or obligations under this Note without the prior written approval of Holder, which may be granted or withheld in Holder’s sole and absolute discretion.  This Note may not be amended or modified orally, but only by an amendment in writing signed by Payor and Holder.
 

 20.
 This Note shall be governed by and construed under the laws of the State of Colorado, as applied to agreements among Colorado residents made and to be performed entirely within the State of Colorado, without giving effect to conflicts of laws principles that would result in the application of any law other than Colorado law.  Exclusive venue for all actions arising out of this Note shall be in the District Court in and for the City and County of Denver, Colorado.
 

 21.
 Payor hereby ratifies the validity of the Prior Obligations (as that term is defined below) and confirms all of its obligations thereunder, agrees that it has no defenses or offsets to 
 
 
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 the same, agrees that all of the Prior Obligations are valid and enforceable against Payor in accordance with their terms and remain in full force and effect.  Payor further acknowledges that as of the date of this Note, Payor does not have any claims or causes of action against Holder, nor any defenses or offsets to the enforcement of the Prior Obligations and, to the extent such claims, cause of action, defense or offsets may exist, Payor expressly waives and releases the same.  The term “Prior Obligations” as used herein means any and all obligations running from Payor to Holder including, without limitation, the following promissory notes and all loan agreements and security agreements entered into with respect to the same:
  
 (a)
 That Amended and Restated Secured Convertible Promissory Note dated September 17, 2012 between WestMountain (as borrower) and BOCO (as lender) in the principal amount of approximately $1,852,155, as amended;
 (b)
 The Promissory Note dated May 7, 2013 between WestMountain (as borrower) and BOCO (as lender) in the principal amount of $500,000, as amended;
 (c)
 That Promissory Note dated June 27, 2013 between WestMountain (as borrower) and BOCO (as lender) in the principal amount of $500,000, as amended;
 (d)
 That Secured Promissory Note dated February 14, 2014 between WestMountain (as borrower) and BOCO (as lender) in the principal amount of $1,000,000, as amended;
 (e)
 That Secured Convertible Promissory Note dated May 23, 2014 between WestMountain (as borrower) and BOCO (as lender) in the principal amount of $100,000, as amended;
 (f)
 That Secured Convertible Promissory Note dated June 9, 2014 between WestMountain (as borrower) and BOCO (as lender) in the principal amount of $100,000, as amended;
 (g)
 That Promissory Note dated May 1, 2015 between WestMountain (as borrower) and BOCO (as lender) in the principal amount of $100,000, as amended;
 (h)
 That Secured Promissory Note dated June 26, 2015 between WestMountain (as borrower) and BOCO (as lender), as amended; and
 (i)
 That Secured Promissory Note dated March 22, 2016 between WestMountain (as borrower) and BOCO (as lender) in the principal amount of $125,000.
 

 Dated as of the date first set forth above.
 

  
 	 	 PAYOR:

	   
	 

 WestMountain Gold, Inc.

	   
 

	 a Colorado corporation
 

 By:  /s/ James W. Creamer III 

	   
	 Name: James W. Creamer III

	 

	 Title: CFO & Director

 

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 SCHEDULE OF BORROWINGS
 

 	 	 	
	 Date
	 Amount of Borrowing/Repayment (U.S.$)
	 Outstanding Aggregate Note Amount

	 4-14-16
	 $160,000
	 $160,000

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

 

  
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