Document:

ex10-2.htm

 

 

SECOND AMENDMENT

TO

EMPLOYMENT AGREEMENT

This Second Amendment to Employment Agreement (the “Amendment”) is made effective as of September 1, 2011 by and among CITY NATIONAL BANK OF NEW JERSEY, a national banking association (the “Bank”), CITY NATIONAL BANCSHARES CORPORATION, a New Jersey corporation ( “CNBC”) and PRESTON D. PINKETT, III, (the “Executive”).

WHEREAS, the Bank and the Executive have entered into an Employment Agreement effective as of March 1, 2011 which provides for the Executive's temporary but full time employment with the Bank, which agreement was amended by a First Amendment to Employment Agreement effective as of April 1, 2011 by and among the Bank, CNBC and the Executive (collectively, the “Agreement”); and

WHEREAS, the Agreement provided for a six month term; and

WHEREAS, the parties desire to extend the Agreement, on the same terms and conditions except for such amendments as provided for in this Amendment, for two additional months,

NOW, THEREFORE, in consideration of the mutual covenants herein contained and upon the terms and conditions hereinafter provided, the parties agree as follows:

The Agreement is hereby amended as follows:

1.           Terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Agreement.

 

2.           Section 2 of the Agreement shall be amended by extending the Term for two additional months by deleting the words “six (6)” and replacing them with “eight (8).”

 

3.           All of the terms and conditions of the Agreement not expressly modified herein shall remain in full force and effect.

 

 

[Signatures are on the following page]

 

  

1

  

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed effective as of the date first written above.

 

	  	
CITY NATIONAL BANCSHARES CORPORATION

	  	  	  
	 	 	 
	 	 	 
	  	
By:

	
/s/ Eugene Giscombe 

	  	  	
Eugene Giscombe, Chairman

	 	 	 
	 	 	 
	 	 	 
	  	
CITY NATIONAL BANK OF NEW JERSEY

	  	  	  
	 	 	 
	 	 	 
	  	
By:

	
/s/ Eugene Giscombe

	  	  	
Eugene Giscombe, Chairman

	  	  	  
	 	 	 
	 	 	 
	  	
/s/ Preston Pinkett III

	  	
Preston D. Pinkett, III, Executive

 

 

[Signature page to Second Amendment to Employment Agreement—Preston D. Pinkett, III]

 

 

 

 

 

2exhibit10_1.htm

  

TENTH AMENDMENT TO LOAN AGREEMENT

This Tenth Amendment to Loan Agreement is made and entered into effective the 15th day of November, 2011, by and between U.S. Bank National Association, a national banking association, with an address of 141 North Main Avenue, Post Office Box 5308, Sioux Falls, South Dakota 57117-5308 (“Lender”) and Daktronics, Inc., a South Dakota corporation, with an address of 331 - 32nd Avenue, Brookings, South Dakota 57006 (“Borrower”).

RECITALS:

A.           Lender and Borrower entered into a Loan Agreement dated October 14, 1998, and Borrower executed and delivered to Lender a Revolving Note dated October 14, 1998, in the original principal sum of $15,000,000.00.

B.           The Loan Agreement and Revolving Note were amended by an Amendment to Loan Agreement and a Modification of Promissory Note, each dated November 30, 1999, an Amendment to Loan Agreement and a Modification of Promissory Note, each dated December 8, 2000, a Third Amendment to Loan Agreement and Revolving Note dated June 20, 2002, a Fourth Amendment to Loan Agreement and Revolving Note dated December 2, 2003, a Fifth Amendment to Loan Agreement and Revolving Note dated October 1, 2005, a Sixth Amendment to Loan Agreement and a Renewal Revolving Note, each dated January 23, 2007, a Seventh Amendment to Loan Agreement and an Amendment to Renewal Revolving Note, each dated April 28, 2008, an Eighth Amendment to Loan Agreement and a Renewal Revolving Note, each dated November 4, 2009, and a Ninth Amendment to Loan Agreement and a Renewal Revolving Note, each dated October 28, 2010.

C.           Pursuant to the Eighth Amendment to Loan Agreement and the Renewal Revolving Note dated November 4, 2009, the loan amount was increased to $35,000,000.00 (the "Revolving Loan").

D.           Lender and Borrower mutually wish to renew and amend the Revolving Note (pursuant to a Renewal Revolving Note dated even date herewith), and to amend the Loan Agreement as provided herein.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Borrower and Lender covenant and agree as follows:

1.           The following definitions in Section 1.1 of the Loan Agreement are amended and restated as follows:

“Revolving Loan Maturity Date”:  November 15, 2012.

“Revolving Note”:  The Renewal Revolving Note dated November 15, 2011, along with any amendments, renewals, or extensions thereof.

2.            Section 2.1 of the Loan Agreement is amended and restated as follows:

Section 2.1                      Revolving Loan.  Upon the terms and subject to the conditions hereof, Lender agrees to make available a revolving loan (the "Revolving Loan") to Borrower in the principal amount of Thirty-five Million and No/100 Dollars ($35,000,000.00).  Borrower may obtain advances, prepay and obtain new advances under the Revolving Loan.

Borrower may request and Lender, in its sole discretion, may issue as part of the Revolving Loan, letters of credit in a total amount not to exceed $15,000,000.00.  Letters of credit not exceeding a total amount of $5,000,000.00 may have an expiration date of no later than November 15, 2013 and letters of credit not exceeding $500,000.00 may have an expiration date of no later than November 15, 2014.  Otherwise, all letters of credit will expire on or before November 15, 2012.  The amount available to be borrowed under the Revolving Loan will be correspondingly reduced by the face amount of all letters of credit issued.  Notwithstanding any agreement to the contrary, Lender will have no obligation to issue any letter of credit, or to amend, extend, renew or replace any letter of credit, unless it is in form and substance acceptable to Lender.

3.           Schedule VI to the Loan Agreement is amended and restated as attached to this Tenth Amendment.  Borrower’s covenant not to pay dividends or otherwise make stock distributions or redemptions in excess of the current year’s net profit after tax is being deleted.

4.           Except as modified herein, all the terms and conditions of the Loan Agreement, including previous amendments thereto, will remain in full force and effect.

5.           Borrower acknowledges that the Loan Agreement and related Loan Documents are and will remain the legal and binding obligation of Borrower, free of any claim, defense, or offset.

	  	
BORROWER:

	  	  
	  	
DAKTRONICS, INC.

	  	  
	  	
By: /s/ James B. Morgan

	  	
     James B. Morgan, Its Chief Executive Officer

	  	  
	  	
By: /s/ William R. Retterath

	  	
     William R. Retterath, Its Chief Financial Officerexhibit10_2.htm

RENEWAL REVOLVING NOTE

$35,000,000.00 Brookings, South Dakota

 November 15, 2011

FOR VALUE RECEIVED, Daktronics, Inc., a South Dakota corporation ("Borrower"), promises to pay to U.S. Bank National Association, a national banking association ("Lender", which term shall include any future holder hereof), at 141 North Main Avenue, Post Office Box 5308, Sioux Falls, South Dakota 57117-5308 or at such other place as Lender may from time to time designate in writing, the principal sum of Thirty-five Million and No/100 Dollars ($35,000,000.00) or so much thereof as may be advanced hereunder and to pay interest on the outstanding principal balance hereof from time to time at a daily fluctuating rate tied to the One-Month Reserve Adjusted Reuters London Inter-Bank Offering Rate ("LIBOR"), with the rate tiers determined on the last day of each fiscal quarter of Borrower's accounting year, and based upon the following rate tiers:

 

	
1.

	
Total IBD / EBITDA ratio < 0.50x

	
LIBOR + 125 basis points

	
2.

	
Total IBD / EBITDA ratio = or  > 0.50x and < 1.25x

	
LIBOR + 150 basis points

	
3.

	
Total IBD / EBITDA ratio = or  > 1.25x

	
LIBOR + 175 basis points

        Lender will tell Borrower the current LIBOR rate interest rate and rate tier upon Borrower's request.  The initial rate tier shall be #1 above.  The rate tier will not be adjusted more often than quarterly.  Interest will be computed on the basis of actual days elapsed and a year of 360 days.

Interest is payable beginning December 1, 2011, and on the same date of each consecutive month thereafter, plus a final interest payment with the final payment of principal.   Principal is payable on November 15, 2012, the "Revolving Loan Maturity Date".

This Note may be prepaid in full or in part at any time without indemnity.  Prepayments of less than all the outstanding principal amount of this Note shall be applied upon principal payments in the inverse order of their maturities.

Failure to exercise any option provided herein will not constitute a waiver of the right to exercise the same in the event of any subsequent default.  Borrower agrees that if, and as often as, this Note is given to an attorney for collection or to defend or enforce any of Lender's rights hereunder, Borrower will pay to the Lender its reasonable attorneys' fees, together with all court costs and other expenses paid by Lender.

Borrower waives presentment, protest and demand, notice of protest, demand and of dishonor and nonpayment of this Note and any lack of diligence or delays in collection or enforcement of this Note.  Borrower agrees that this Note, or any payment hereunder, may be extended from time to time, and Borrower consents to the release of any party liable for the obligation evidenced by this Note, the release of any of the security for this Note, the acceptance of any other security therefor, or any other indulgence or forbearance whatsoever, all without notice to any party and without affecting the liability of Borrower.

THIS NOTE WILL BE CONSTRUED UNDER AND GOVERNED BY THE LAWS OF THE STATE OF SOUTH DAKOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS OR PRINCIPLES THEREOF, BUT GIVING EFFECT TO FEDERAL LAWS OF THE UNITED STATES APPLICABLE TO NATIONAL BANKS.  WHENEVER POSSIBLE, EACH PROVISION OF THIS NOTE AND ANY OTHER STATEMENT, INSTRUMENT OR TRANSACTION CONTEMPLATED HEREBY OR RELATING HERETO, SHALL BE INTERPRETED IN SUCH MANNER AS TO BE EFFECTIVE AND VALID UNDER SUCH APPLICABLE LAW, BUT, IF ANY PROVISION OF THIS NOTE OR ANY OTHER STATEMENT, INSTRUMENT OR TRANSACTION CONTEMPLATED HEREBY OR RELATING HERETO SHALL BE HELD TO BE PROHIBITED OR INVALID UNDER SUCH APPLICABLE LAW, SUCH PROVISION SHALL BE INEFFECTIVE ONLY TO THE EXTENT OF SUCH PROHIBITION OR INVALIDITY, WITHOUT INVALIDATING THE REMAINDER OF SUCH PROVISION OR THE REMAINING PROVISIONS OF THIS NOTE OR ANY OTHER STATEMENT, INSTRUMENT OR TRANSACTION CONTEMPLATED HEREBY OR RELATING HERETO.

AT THE OPTION OF LENDER, THIS NOTE MAY BE ENFORCED IN ANY FEDERAL COURT OR SOUTH DAKOTA CIRCUIT COURT SITTING IN SIOUX FALLS OR BROOKINGS, SOUTH DAKOTA; AND BORROWER CONSENTS TO THE JURISDICTION AND VENUE OF ANY SUCH COURT AND WAIVES ANY ARGUMENT THAT VENUE IN SUCH FORUMS IS NOT CONVENIENT.  IN THE EVENT BORROWER COMMENCES ANY ACTION IN ANOTHER JURISDICTION OR VENUE UNDER ANY TORT OR CONTRACT THEORY ARISING DIRECTLY OR INDIRECTLY FROM THE RELATIONSHIP CREATED BY THIS NOTE, LENDER AT ITS OPTION SHALL BE ENTITLED TO HAVE THE CASE TRANSFERRED TO ONE OF THE JURISDICTIONS AND VENUES ABOVE-DESCRIBED, OR IF SUCH TRANSFER CANNOT BE ACCOMPLISHED UNDER APPLICABLE LAW, TO HAVE SUCH CASE DISMISSED WITHOUT PREJUDICE.

Borrower irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or relating to this Note or any of the Loan Documents (as defined in the Loan Agreement) or the transactions contemplated hereby or thereby.

 

	  	
DAKTRONICS, INC.

	  	  
	  	
By: /s/ James B. Morgan

	  	
      James B. Morgan, Its Chief Executive Officer

	  	  
	  	
By: /s/ William R. Retterath

	  	
      William R. Retterath, Its Chief Financial Officer

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