Document:

exv10w15

Exhibit 10.15

AMENDMENT TO ASSET ACCOUNT AGREEMENT

AND

GENERAL TERMS FOR ACCOUNTS AND SERVICES

BY AND BETWEEN

JPMORGAN CHASE BANK, N.A.

AND

MVC CAPITAL, INC.

RECITALS

          A. The undersigned client (the “Client”) wishes to maintain a custody account (the “Account”)
at JPMorgan Chase Bank, N.A. (“JPM”) for the purpose of holding or disposing of any property
received by JPM for the Client. The Asset Account Agreement that governs the terms of the Account
(the “Agreement”) is attached hereto and incorporates by reference the JPMorgan Private Bank
General Terms for Accounts and Services (the “General Terms”), which also is attached hereto.

          B. JPM wishes to act as custodian for the Account.

          C. In consideration of the foregoing, the parties have agreed to modify and amend the
Agreement as indicated below and that the modified and amended terms shall apply to the Account.

AGREED AS SET FORTH

	 	1.	 	Section 2 of the Agreement is amended in the first sentence of the subsection entitled
“Terms of Custody” but inserting the word “separate” in between the words “my” and
“account”.
	 
	 	2.	 	Section 2 of the Agreement is further amended by inserting at the end of the 2d
paragraph in the subsection entitled “Terms of Custody” the following:

You will have no power to assign, hypothecate, pledge or otherwise dispose of any
Property, except (1) pursuant to instructions given by me or an Authorized Person;
or (2) to satisfy an Obligation to you or a Morgan Affiliate as provided in Section
6 of the General Terms for Accounts and Services.

	 	3.	 	Section 2 of the Agreement is further amended by inserting at the beginning of the
7th paragraph in the subsection entitled “Terms of Custody” the following:

Neither you nor any of your nominees shall vote any of the Securities held
hereunder by or for my Account.

	 	4.	 	In case of any conflict between the terms of this Amendment and the terms of the
Agreement or the General Terms, this Amendment will control. The Agreement and the

Amendment to MVC Agmt

 

 

General Terms, as amended by this Amendment, supersede any prior agreements entered
into by the parties or their predecessors in connection with the Account.

Dated as of July 20, 2010

	 	 	 	 	 	 	 	 	 

	CLIENT:	 	CUSTODIAN:	 	 
	 
	 	 	 	 	 	 	 	 
	MVC Capital, Inc.	 	JPMORGAN CHASE BANK, N.A.	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 
	Name:

	 	 

	 	Name:
	 	 

	 	 
	 
	Title:

	 	 

	 	Title:
	 	 

	 	 
	 

	 	 

	 	 	 	 

	 	 

Amendment to MVC Agmtexv10w1

EXHIBIT 10.1

LaCrosse Footwear, Inc.

2011 Annual Incentive Compensation Plan Document

 

Objective/Overview

The LaCrosse Footwear, Inc. Incentive Compensation Plan (the “Plan”) is designed to reward
performance based on the achievement of desired annual corporate results. The Plan seeks to drive
positive performance by targeting our greatest opportunity to increase shareholder value, which
we’ve identified as profitable sales growth. The financial metrics for 2011 are net sales and
operating profit.

LaCrosse funds the Plan solely from Company profits. The Company must achieve at least 75% of
planned/budgeted 2011 operating profit in order for any Incentive Compensation payout, regardless
of the achievement of any other performance metric. Our Board of Directors approves the budgeted
net sales and operating profit annually.

The guidelines for the 2011 Incentive Compensation Plan are as follows:

Plan Year and Eligibility Requirements

The incentive compensation plan year runs from January 1st through December
31st. All non-union LFI employees are eligible for the Incentive Compensation Plan
unless the individual is on a Sales Commission Plan or another incentive compensation plan
administered by a wholly-owned subsidiary of LaCrosse Footwear, Inc. No employee can be on more
than one incentive compensation plan. Employees hired during the Plan year are eligible effective
with their date of hire.

The employee must be employed by the Company on the payment date in order to receive any incentive
compensation payout. Incentive compensation is not earned until paid. The payment date is
anticipated to be by the end of the first quarter of 2012, but the timing is at the discretion of
the Company.

An employee must have a minimum individual performance rating of “3” to be eligible to receive any
incentive compensation payout. An employee whose last overall performance rating is “1” or a “2”
or is on written warning, will not be eligible to receive incentive compensation until such
time as the associated corrective action plan has been successfully completed.

Incentive Payout Calculation

The incentive compensation payout, if any, is based on the individual’s pro-rated annual base pay
(plus overtime earnings).

An individual’s incentive compensation target is set as a percentage of annual base pay. The
incentive target compensation level for each employee is commensurate with his or her duties and
responsibilities within the organization. The target levels are reviewed annually and employees
are notified of any changes. Changes in target incentive compensation percentage are pro-rated for
the months each rate is in effect.

 

 

Communication

To ensure the success of our Incentive Compensation Plan, we will inform each participant of their
target compensation percentage and the specific corporate performance targets. In addition, we
will provide an update of the Company’s operating results and incentive compensation targets
periodically throughout the year.

Company’s Discretion

The Company has full authority to modify, change, amend or terminate this Plan at its complete
discretion.

FINANCIAL COMPONENTS

The financial components or metrics will be computed at the corporate level as follows:

	 	 	 

	50%

	 	Net Sales
	 
	 	 
	50%

	 	Operating Profit

50% — NET SALES

Incentive compensation payouts will be computed according to actual Net Sales results for 2011.

	 	 	 
	Actual results versus budget	 	Incentive Compensation Amount
	< 94% of budget net sales

	 	No incentive compensation payout on this
portion of the plan.
	 
	 	 
	Equal to or > 94% of budget net sales

	 	Incentive compensation based on an
incremental scale. There is no cap.

50% — OPERATING PROFIT

Incentive compensation payouts will be computed according to actual Operating Profit results for 2011.

	 	 	 
	Actual results versus budget	 	Incentive Compensation Amount
	< 75% of budget operating profit

	 	No incentive compensation payout on
entire plan.
	 
	 	 
	Equal to or >75% of budget operating profit

	 	Incentive compensation based on an
incremental scale. There is no cap.

Extraordinary Items and Board of Directors Approval:

Extraordinary items will be evaluated by the Compensation Committee of the LaCrosse Footwear, Inc.
Board of Directors on a case-by-case basis as to the impact on incentive compensation.
Extraordinary items include
items/events which are non-recurring and are not reflective of the on-going operation of the
business as well as items considered to be beyond management control.

All payments under this Plan are subject to Compensation Committee recommendation and Board of
Directors approval, after the audit of the Company’s year-end financial statements has been
completed.ex101.htm

Exhibit 10.1

 

Confidential Settlement Agreement, Mutual Release, and Covenant Not to Sue

 

This Confidential Settlement Agreement, Mutual Release and Covenant Not to Sue ("Agreement") is entered into this December 17, 2010 by and among FRANK J. ORLANDO ("Orlando"), on the one hand, and MARINE GROWTH VENTURES INC., and its subsidiaries (“MGV”), TITAN GLOBAL HOLDINGS, INC. (“Titan”), FRANK CRIVELLO (“Crivello”), DAVID MARKS (“Marks”), BRYAN CHANCE (“Chance”) and KURT JENSEN (“Jensen”),  THE IRREVOCABLE CHILDREN’S TRUST (“ICT”), THE IRREVOCABLE CHILDREN’S TRUST NO. 2 (“ICT2”), CRIVELLO GROUP, LLC (“Crivello Group”), PHOENIX INVESTORS, LLC (“Phoenix”), and FARWELL EQUITY PARTNERS, LLC (“Farwell”) (collectively the “Second Group”) on the other hand.

 

I. RECITALS

 

WHEREAS, on or about June 2008, Orlando’s employment and\or consulting arrangements with Titan, MGV, Phoenix, Farwell and Crivello Group ended (“Separation”);

 

WHEREAS, Crivello, Marks, Chance, and Orlando are or were officers or directors of Titan, MGV, ICT, ICT2, Crivello Group, Phoenix Investors, and\or Farwell;

 

WHEREAS, following Separation, Titan owed Orlando approximately $11,654 for unreimbursed out of pocket expenses;

 

WHERAS, prior to the Separation, MGV had accrued $145,000 in unpaid wages for Orlando but MGV has maintained these wages were accrued in error;

 

WHEREAS, following Separation, disputes arose between Orlando and one or more members of Second Group; and,

 

 WHEREAS, Orlando and Second Group desire to settle the amounts owed to Orlando, pursuant to the terms and conditions set forth herein below all claims.

 

II. AGREEMENT

 

NOW, THEREFORE, the parties mutually agree as follows:

 

  

1

  

 

1.  Consideration.

 

a.            MGV shall:

 

1. Execute and deliver to Orlando a check for $25,000;

 

2. Accept the consideration contained herein as the sole consideration for the execution of this Agreement, the release, and affirmative and negative covenants contained herein.

 

b.           Titan shall:

 

1. Execute and deliver to Orlando a check for $10,000;

 

2. Accept the consideration contained herein as the sole consideration for the execution of this Agreement, the release, and affirmative and negative covenants contained herein.

 

c.           Remainder of Second Group shall:

 

1. Execute and deliver to Orlando a signed original of this Agreement, thereby fully and forever releasing Orlando on the terms described in this Agreement;

 

2. Accept the consideration contained herein as the sole consideration for the execution of this Agreement, the release, and affirmative and negative covenants contained herein.

 

d.           Orlando shall:

 

1. Execute and deliver to Second Group a signed original of this Agreement, thereby fully and forever releasing the Second Group on the terms described in this Agreement;

 

2. Accept the consideration contained herein as the sole consideration for the execution of this Agreement, the release, and affirmative and negative covenants contained herein.

 

 2. Mutual Release of Claims.

 

A. Conditioned upon receipt of the consideration set forth in Section 1 above, Second Group, on behalf of itself and on behalf of its affiliates, subsidiaries, officers, directors, employees, sales personnel, agents, attorneys, accountants, insurers, representatives, successors and assigns, hereby releases and forever discharges Orlando, his heirs and assigns ("the Orlando Parties"), from any and all claims, demands, obligations, losses, causes of action, costs, expenses, attorneys' fees and liabilities of any nature whatsoever, whether based on contract, tort, statutory or other legal or equitable theory of recovery, whether known or unknown, which Second Group has, had,  claims or could claim to have against any or all of the Orlando Parties.

 

  

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B. Conditioned upon payment of the consideration set forth in Section 1 above, Orlando, on behalf of himself and his past and present partners, principals, employees, agents, servants, attorneys, insurers, representatives, affiliates, successors, heirs and assigns, hereby releases and forever discharges Second Group and its respective subsidiaries, agents, attorneys, accountants, insurers, successors and assigns, from any and all claims, demands, obligations, losses, causes of action, costs, expenses, attorneys' fees and liabilities of any nature whatsoever, whether based on contract, tort, statutory or other legal or equitable theory of recovery, whether known or unknown, which Orlando has, had, claims or could claim to have against Second Group.

 

3. Covenants.

 

A. Second Group and Orlando each covenant and agree, absolutely, unconditionally and irrevocably, that neither party will, at any time hereafter, either directly or indirectly, on behalf of itself and each party’s successors, assigns, and other legal representatives, sue, (at law, in equity, in any regulatory proceeding or otherwise) on the basis of any claim released, remised and discharged by either party pursuant to Section 3 above.  If Second Group, Orlando or any of their successors, assigns or other legal representatives violates the foregoing covenant, such violating party, for itself and its successors, assigns and legal representatives, agrees to pay, in addition to such other damages as any party of Second Group or Orlando may sustain as a result of such violation, all attorneys' fees and costs incurred by said party as a result of such violation.

 

B. The terms of this Agreement, and the very existence of this Agreement itself, shall remain strictly confidential subject to the obligations of MGV to make SEC filings of this Agreement. Each signatory to this Agreement individually covenants not to disclose any of the terms of this Agreement, whether generally or specifically, to any third party, except to their respective attorneys, accountants, families and or advisors or as may be required by a party's accountants or insurers, or by order of a court of competent jurisdiction. Each signatory further covenants that he or it will be personally liable for any and all damages that may be caused to any other party by his unauthorized disclosure of any of the terms of this Agreement.

 

4. Agreement Not an Admission of Liability. The parties hereto agree and acknowledge that this Agreement is a compromise settlement of each party's disputed claims, and that the sums and covenants given in consideration of this Agreement, as well as the execution of this Agreement, shall not be construed to be an admission of liability on the part of any party with respect to the disputed matters set forth above.

 

5. Parties to Bear Own Costs and Attorneys' Fees. Each party to this Agreement will bear its own costs, expenses, and claims to interest and attorneys' fees, whether taxable or otherwise, incurred in or arising out of, or in any way connected with the matters which are referenced or covered in the mutual releases referenced above or which were otherwise related to the subject of this Agreement.

 

  

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6. Entire Agreement. This Agreement represents and contains the entire agreement and understanding among the parties hereto with respect to the subject matter of this Agreement, and supersedes any and all prior oral and written agreements and understandings. No representation, warranty, condition, understanding or agreement of any kind with respect to the subject matter shall be relied upon by the parties except those contained herein. This Agreement may not be amended or modified except by an agreement signed by the party against whom enforcement of any modification or amendment is sought.

 

7. Advice of Counsel. In entering into this Agreement, the parties each acknowledge and represent that they have sought and obtained the legal advice of their attorneys, who are the attorneys of their own choice. They further represent that the terms of this Agreement have been completely read by them, and that those terms are fully understood and voluntarily accepted by them.

 

8. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of which together shall be deemed one and the same instrument.

 

9. Attorneys' Fees. In the event litigation is necessary to enforce a provision or provisions of this Agreement, all costs, expenses and attorneys' fees, whether taxable or not, shall be paid by the non-prevailing party or parties to the prevailing party or parties.

 

10. No Assignment. The parties each represent and warrant to one another that they have not sold, assigned, transferred, conveyed or otherwise disposed of any claim or demand covered by this Agreement.

 

11. Heirs, Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties' respective legal heirs, successors and assigns.

 

12. Severability. Should any portion (word, clause, phrase, sentence, paragraph or section) of this Agreement be declared void or unenforceable, such portion shall be considered independent and severable from the remainder, the validity of which shall remain unaffected.

 

13. MGV Shares. Notwithstanding any provision of this Agreement, it is expressly understood that Orlando owns shares in MGV and this Agreement will in no manner impact or impair his ownership of those shares.

 

 

  

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed by their respective representatives thereunto duly authorized, as of December 17, 2010.

 

 

	 	 	 
	 	Frank J. Orlando	 
	 	 	 
	Subscribed and sworn to before 

 

me this ____ day of December 17, 2010.

 

	 	 
	

 

Notary Public, State of ______________

 

My commission  ______________

	 	 

 

	 	 	 
	 	
Chairman

Marine Growth Ventures, Inc. and its subsidiaries

	 
	 	 	 
	Subscribed and sworn to before 

 

me this 17th day of December , 2010.

 

	 	 
	  

Notary Public, State of ______________

 

My commission  ______________

	 	 

	 	 	 
	 	
Chairman

Titan Global Holdings, Inc. and its subsidiaries

	 
	 	 	 
	Subscribed and sworn to before 

 

me this 17th day of December , 2010.

 

	 	 
	  

Notary Public, State of ______________

 

My commission  ______________

	 	 

                                 

  

5

  

 

	 	 	 
	 	
Managing Member

Crivello Group, LLC

	 
	 	 	 
	Subscribed and sworn to before 

 

me this 17th day of December , 2010.

 

	 	 
	  

Notary Public, State of ______________

 

My commission  ______________

	 	 

 

	 	 	 
	 	
Managing Member

Farwell Equity Partners, LLC

	 
	 	 	 
	Subscribed and sworn to before 

 

me this 17th day of December , 2010.

 

	 	 
	  

Notary Public, State of ______________

 

My commission  ______________

	 	 

 

	 	 	 
	 	
Trustee

Irrevocable Children’s Trust

	 
	 	 	 
	Subscribed and sworn to before 

 

me this 17th day of December , 2010.

 

	 	 
	  

Notary Public, State of ______________

 

My commission  ______________

	 	 

 

 

  

6

  

	 	 	 
	 	
Trustee

Irrevocable Children’s Trust No. 2

	 
	 	 	 
	Subscribed and sworn to before 

 

me this 17th day of December , 2010.

 

	 	 
	  

Notary Public, State of ______________

 

My commission  ______________

	 	 

                                              

 

	 	 	 
	 	
Managing Member

Phoenix Investors, LLC

	 
	 	 	 
	Subscribed and sworn to before 

 

me this 17th day of December , 2010.

 

	 	 
	  

Notary Public, State of ______________

 

My commission  ______________

	 	 

                                                     

 

	 	 	 
	 	
Frank Crivello

	 
	 	 	 
	Subscribed and sworn to before 

 

me this 17th day of December , 2010.

 

	 	 
	  

Notary Public, State of ______________

 

My commission  ______________

	 	 

 

  

7

  

 

	 	 	 
	 	
David Marks

	 
	 	 	 
	Subscribed and sworn to before 

 

me this 17th day of December , 2010.

 

	 	 
	  

Notary Public, State of ______________

 

My commission  ______________

	 	 

                                                   

 

	 	 	 
	 	
Kurt Jensen

	 
	 	 	 
	Subscribed and sworn to before 

 

me this 17th day of December , 2010.

 

	 	 
	  

Notary Public, State of ______________

 

My commission  ______________

	 	 

	 	 	 
	 	
Bryan Chance

	 
	 	 	 
	Subscribed and sworn to before 

 

me this 17th day of December , 2010.

 

	 	 
	  

Notary Public, State of ______________

 

My commission  ______________

	 	 

                                                   

 

8

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