Document:

EXB 10.1 G. Wang Offer Letter (Executed)

Green Dot Corporation

August 27,2013

By Electronic Mail
Grace Wang
90 Manor Road South
Esher, Surrey, KT10 OQQ

Dear Grace:
The purpose of this letter is to set forth in writing the terms of your offer of employment with Green Dot Corporation (the "Company"). This offer and your employment relationship will be subject to the terms and conditions of this letter.
Your employment with the Company will commence prior to December 1st, 2013 and your title will be Chief Financial Officer, hi this position, you will be reporting directly to Steve Streit. This position is based at the Company's offices in Pasadena, California, but your job duties may require travel as needed.
		
	1.
	Compensation. If you decide to accept our offer, your initial salary will be $400,000 on an annualized basis, less applicable withholdings, payable bi-weekly in accordance with the Company's normal payroll practices. Adjustments to salary or other compensation, if any, will be made by the Company in its sole and absolute discretion. This position is an exempt position, which means you are paid for the job and not by the hour. Accordingly, you will not receive overtime pay.

		
	2.
	Executive Officer Incentive Bonus Plan. In addition to your annual salary, you will be eligible to receive an annual bonus of up to 75%, which will be based upon the Company's achievement of earnings and revenue metrics established by the Compensation Committee. This bonus (and any other bonus for which you may become eligible) will be paid out in accordance with the Company's standard bonus practices and policies (including, but not limited to, the requirement mat you be employed by the Company on the date bonuses are paid out to other executive officers.

		
	3.
	Stock Options. Subject to the approval of the Company's Board of Directors, you will be granted an option to purchase 100,000 shares of the Company's common stock at an exercise price per share equal to die fair market value of die Company's common stock on the date of grant. This option will be granted under, and subject to the terms and conditions of, the Company's 2010 Stock Plan (the "Plan"). 

In addition to the above mentioned options, you will also be granted 100,000 restricted stock units (RSU's), which are also subject to the terms and conditions of the Company's 2010 Stock Plan (The "Plan").

		
	4.
	Relocation. The Company will cover the costs associated with the actual move of your household and personal effects to Southern California up to a maximum of $150,000 (gross). Please note, any relocation expenses reimbursed or paid on your behalf are not excludable as qualified moving expenses under the Internal Revenue Code will be considered taxable income to you and will be subject to applicable withholding requirements. The total relocation costs paid on your behalf will vest in equal monthly installments during your first twelve (12) months of employment. In the event you voluntarily resign your employment with the Company for any reason whatsoever prior to the completion of your first twelve (12) months of employment, you hereby agree to reimburse the Company any unvested amount in full. 

		
	5.
	Sign On Bonus. In addition to your annual salary, you will be eligible to receive a one-time sign on bonus of $310,000. This bonus will be paid out in accordance with the Company's standard bonus practices and is subject to all applicable taxes. 

		
	6.
	Fringe Benefits. You will also be entitled to the standard employment benefit package that is available to all Company employees, which is subject to change. This will include Health, Dental and Vision coverage, plus participation in other plans currently maintained by the Company or which may become available to Company employees from time to time. You are also eligible to accrue three (3) weeks of vacation per year, subject to the Company's vacation policy.

		
	7.
	At-Will Employment Relationship. If you accept our offer, your employment with the Company will be "at-will." This means you may resign at any time for any reason. Likewise, the Company may terminate the employment relationship at any time, with or without cause or advance notice. In addition, we reserve the right to modify your position, duties, and reporting relationship as needed and to use discretion in deciding on appropriate discipline. Any change to the at-will employment relationship must be by a specific, written agreement signed by you and die Company's CEO. As a professional courtesy, the Company requests that you provide reasonable notice of any voluntary resignation in order to allow the Company time to transition your duties and responsibilities to other employees. 

		
	8.
	Conflicts of Interest. During the term of your employment with the Company, you must not engage in any work, paid or unpaid, that creates an actual conflict of interest with the Company. Such work shall include, but is not limited to, directly or indirectly competing with the Company in any way, or acting as an officer, director, employee, consultant, stockholder, volunteer, lender, or agent of any business enterprise of the same nature as, or which is in direct competition with, the business in which the Company is now engaged or in which the Company becomes engaged during the term of your employment with the Company, as may be determined by the Company in its sole discretion. If the Company believes such a conflict exists during the term of this Agreement, the Company may ask you to choose to discontinue the other work or resign employment with the Company.

		
	9.
	Contingencies. Your employment with the Company is conditioned on the following:

		
	•
	As an employee of the Company, you will have access to certain confidential Company information, client lists, sales strategies and die like and you may, during the course of your employment, develop certain information or inventions, which will be the property of the Company. To protect the interests of the Company, you will need to sign and abide by the enclosed "Employee Inventions and Confidentiality Agreement" as a condition of your employment. 

		
	•
	For purposes of federal immigration law, you will be required to show the Company original documents that verify your identity and your legal right to work in the United States (please bring suitable documentation with you on the first day of employment). If such documentation is not provided to us within three business days of your Start Date, our employment relationship with you may be terminated.

		
	•
	You must successfully complete a background check. 

		
	10.
	Entire Agreement. This letter, including the Employee Inventions and Confidentiality Agreement, sets forth the terms of your employment with the Company and supersedes any prior representations or agreements, whether written or oral. This letter may not be modified or amended except by a written agreement signed by you and an authorized officer of the Company. 

		
	11.
	Choice of Law. This Agreement is made and entered into in the State of California, and shall in all respects be interpreted, enforced and governed by and under the laws of the State of California.

To indicate your acceptance of the Company's offer, please sign and date this letter in the space provided below and send via fax (626-219-8708), mail, or scanned email.
Sincerely,
/s/ James Koster

James Koster
Senior Vice President, Human Resources

ACCEPTANCE:

I have read the foregoing letter and agree with the terms and conditions of my employment as set forth. I understand and agree that my employment with the Company is at-will.

	
		
	DATE:
	10/22/2013

	SIGNATURE:
	/s/ Grace Wang

	NAME (printed):
	Grace Wangex10-1.htm

Greektown Superholdings, Inc. 10-Q

Exhibit 10.1

SIXTH AMENDMENT TO CREDIT AGREEMENT

THE SIXTH AMENDMENT TO CREDIT AGREEMENT (“Amendment”) is made as of November 6, 2013, by and between Greektown Superholdings, Inc., a Delaware corporation (“Borrower”), and Comerica Bank (“Bank”).

 

RECITALS:

A.           Greektown Superholdings, Inc. (“GSI”) and Bank entered into a Credit Agreement dated as of June 30, 2010, as amended by five prior agreements (“Agreement”).

B.           Borrower and Bank desire to further amend the Agreement as hereinafter set forth.

NOW, THEREFORE, the parties agree as follows:

 

	
  

	
1.

	
The following definitions in Section 1 of the Agreement are amended to read as follows:

“‘EBITDA’ shall mean Net Income for the applicable period plus, without duplication and only to the extent deducted in determining Net Income, (i) depreciation and amortization expense for such period, (ii) Interest Expense, whether paid or accrued, for such period, (iii) all Income Taxes for such period, (iv) reasonable legal, accounting, consulting, advisory and other out-of-pocket expenses incurred in connection with ongoing bankruptcy court proceedings related to the bankruptcy of Greektown Holdings, L.L.C., (v) for any fiscal quarter ending on or before June 30, 2012, the non-recurring expenses listed on Schedule 3, (vi) goodwill impairment charges, (vii) refinancing costs related to Borrower’s financing arrangements which were scheduled to close in late 2012 or early 2013 in an aggregate amount not to exceed $2,500,000, (viii) professional fees incurred in connection with the Athens Acquisition in an aggregate amount not to exceed $5,500,000, (ix) non-cash compensation expenses arising from the issuance of Borrower’s stock, options to purchase stock and stock appreciation rights to the officers, directors, employees or consultants of Borrower and Borrower’s restricted subsidiaries, (x) non-cash purchase accounting adjustments at any time, and (xi) all other non-cash charges (excluding any non-cash items to extent that such items represent an accrual or reserve for potential cash items in any future period or amortization of a prepaid cash item that was paid in a prior period).

‘Revolving Credit Maturity Date’ shall mean January 1, 2015.”

	
  

	
2.

	
The following definitions are added to Section 1:

“Parking Sale” shall mean the sale by the Loan Parties on or before January 1, 2015 of the real property described in Exhibit A attached to this Amendment and the improvements located thereon.”

	
  

	
3.

	
Section 7.14 of the Agreement is amended to read as follows:

 

“7.14           Maintain a Fixed Charge Coverage Ratio as of the end of each year (commencing December 31, 2014), for the Measuring Period then ending of not less than 1.05 to 1.0.”

	
  

	
4.

	
Section 7.17 of the Agreement is amended to read as follows:

 

“7.17           EBITDA. Maintain as of the end of each Test Date, EBITDA for the Measuring Period then ending, of not less than the following amounts as of Test Dates specified below:

 

	
Test Date

	 	
Amount

	 
	
December 31, 2013 through March 31, 2014

	 	$	47,500,000	 
	
June 30, 2014

	 	$	51,000,000	 
	
September 30, 2014

	 	$	53,500,000	 
	
December 31, 2014 and thereafter

	 	$	55,000,000	”

 

  

  

  

5.              Section 8.2(f) of the Agreement is amended to read as follows:

“(f)           (i) Asset Sales (exclusive of asset sales permitted by other subsections of this Section 8.2) in which the sales price is at least equal to the fair market value of the assets sold and the consideration received is cash or cash equivalents or Debt of any Loan Party being assumed by the purchaser, provided that the aggregate amount of such Asset Sales does not exceed $2,000,000 in any fiscal year and no Default or Event of Default has occurred and is continuing at the time of each such sale (both before and after giving effect to such Asset Sale) and (ii) the Parking Sale so long as (x) the sales price is at least equal to the fair market value of the assets sold and the consideration received is cash or cash equivalents and (y) no Default or Event of Default has occurred and is continuing at the time of each such sale (both before and after giving effect to such Parking Sale);”

6.              Section 8.7 of the Agreement is amended to add the following subsection (k) and to change the period at the end of subsection (j) to read “;and”:

“(k)          the Parking Sale to an Affiliate of the Borrower so long as the Borrower delivers to Bank the opinion of fairness required under the provisions of Section 4.12(a)(2)(B) of the Indenture.”

7.              Schedule 1 to the Agreement is deleted and attached Schedule 1 is substituted in its place.

8.              The Borrower has advised the Bank that it intends to merger with and into Greektown Holdings, L.L.C. (“GH”), with GH being the surviving entity (the “Merger”). As a result of the Merger, GH will assume all of Borrower’s obligations and liabilities under the Agreement and the other Loan Documents. The Merger is prohibited by the provisions of the Agreement. The Loan Parties have requested that the Bank consent to the Merger. The Bank consents to the Merger (“Consent”); provided that the Consent is conditioned upon (a) the Merger occurring on or before March 31, 2014 (or such later date as agreed to by Bank in writing), (b) the execution and delivery to Bank of the documents listed on the attached Schedule of Merger Related Documents (all of which shall be in form and substance acceptable to Bank), and (c) at the time of the Merger and after giving effect thereto, no Default or Event of Default (as defined in the Agreement) shall have occurred and be continuing.

9.              Bank acknowledges that Bank will release its liens on the assets subject to the Parking Sale upon any sale of such assets which complies with the provisions of Section 8.2(f) of the Agreement.

10.            Borrower hereby represents and warrants that, after giving effect to the amendments and consent contained herein, (a) execution, delivery and performance of this Amendment and any other documents and instruments required under this Amendment or the Agreement are within Borrower’s corporate powers, have been duly authorized, are not in contravention of law or the terms of Borrower’s Article of Incorporation or Bylaws, and do not require the consent or approval of any governmental body, agency, or authority; and this Amendment and any other documents and instruments required under this Amendment or the Agreement, will be valid and binding in accordance with their terms; (b) the continuing representations and warranties of Borrower set forth in Sections 6.1 through 6.6 and 6.8 through 6.18 of the Agreement are true and correct in all material respects on and as of the date hereof with the same force and effect as made on and as of the date hereof, except where such representations and warranties shall refer to a specific date, in which case such representations and warranties shall be true and correct in all material respects as of such date; (c) the continuing representations and warranties of Borrower set forth in Section 6.7 of the Agreement are true and correct as of the date hereof with respect to the most recent financial statements furnished to the Bank by Borrower in accordance with Section 7.1 of the Agreement; and (d) after giving effect to this Amendment, no Event of Default (as defined in the Agreement) or condition or event which, with the giving of notice or the running of time, or both, would constitute an Event of Default under the Agreement, as hereby amended, has occurred and is continuing as of the date hereof.

11.           Except as expressly provided herein, all of the terms and conditions of the Agreement remain unchanged and in full force and effect.

12.           This Amendment shall be effective upon (i) execution of this Agreement by Borrower and the Bank, (ii) execution and delivery by Borrower and the Guarantors of the documents listed on the Closing Agenda dated as of the date of this Amendment, (iii) payment by Borrower of all reasonable legal fees and expenses incurred by Bank in connection with its credit arrangements with Borrower, (iv) payment by Borrower to Bank of a non-refundable amendment fee of $90,000 and (v) receipt by Bank of evidence satisfactory to Bank that this Amendment has been approved by the Michigan Gaming Control Board. If the conditions to effectiveness of this Agreement have not been satisfied on or before December 10, 2013 (or such later date as is agreed to by Bank in writing), then this Amendment shall be null and void and of no effect whatsoever.

[remainder of page left blank intentionally]

 

 

 

 

  

  

  

 

IN WITNESS the due execution hereof as of the day and year first above written.

 

	COMERICA BANK	GREEKTOWN SUPERHOLDINGS,INC.
	 	 	 	 	 
	By:	
/s/ Robert Tull

	 	By:	
/s/ Glen Tomaszewski

	 	 	 	 	 
	Its:	
Vice President

	 	Its:	

Senior Vice President, Chief Financial Officer and Treasurer

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