Document:

exv10w9

 

Exhibit 10.9

SUBORDINATED PROMISSORY NOTE

	 	 	 	 	 
	$                                        

	 	Dallas, Texas       
	 	April 13, 2007

     FOR VALUE RECEIVED, the undersigned, Channel Refining Corporation, a Texas corporation (the
“Borrower”), promises to pay to the order of                      (together with any subsequent
holder of this Note, the “Lender”), at his office located at                                         , or at such
other address as the Lender may from time to time designate in writing, the principal sum of
                                         Dollars ($                    ), with interest on the unpaid balance thereof from the date of
advancement as hereinafter provided.

     The outstanding principal balance of this Note from time to time outstanding shall bear
interest at the per annum rate equal to five percent (5.0%), provided that in no event shall such
interest rate exceed the maximum interest rate permitted under applicable law. All past due
principal and/or interest or installments thereof shall bear interest at the highest rate for which
the undersigned may legally contract under applicable law. Interest shall be calculated on the
basis of actual days elapsed (including the first day but excluding the last) and a year of 365 or
366 days, as appropriate.

     All accrued but unpaid interest on the outstanding principal balance of this Note shall be due
and payable quarterly in arrears beginning on the last business day of the calendar quarter ending
June 30, 2007, and continuing on the last business day of each calendar quarter thereafter through
March 31, 2014 (the “Maturity Date”). Beginning on the last business day of the calendar
quarter ending June 30, 2009, the principal on this Note shall be due and payable quarterly in
equal amounts in an amount sufficient to amortize the principal amount outstanding under this Note
over the period beginning on such date and ending on the Maturity Date, such principal payments
continuing on the last business day of each calendar quarter thereafter through the Maturity Date.
All remaining unpaid principal of and accrued interest on this Note shall be due and payable in
full on the Maturity Date.

     To the extent and in the manner provided herein, the Borrower covenants and agrees, and the
Lender by accepting this Note agrees, as follows:

     (a) During any Subordination Period, this Note and the payment and enforcement hereof
are expressly and in all respects, subordinate and junior and inferior to the Senior
Indebtedness and the payment and enforcement thereof in accordance with the terms hereof.
As used herein, (i) “Subordination Period” means any period, from time to time, (A)
beginning on the date on which Senior Indebtedness is incurred and (B) ending on the date on
which all Senior Indebtedness has been paid in cash and satisfied in full and the lenders of
such Senior Indebtedness have no outstanding commitment (whether or not conditioned on the
satisfaction of any condition precedent) to lend money or otherwise extend credit to the
Borrower and (ii) “Senior Indebtedness” of the Borrower means any and all
obligations of the Borrower (whether outstanding on the date hereof or hereafter incurred)
with respect to funded indebtedness incurred solely to fund

 

 

the business of the Borrrower unless such obligations are contractually subordinate or
junior in right of payment of principal, premium and interest to this Note.

     (b) During any Subordination Period, upon any payment or distribution of the assets of
the Borrower upon a total or partial liquidation, dissolution or winding up of the Borrower
or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating
to the Borrower or its property (each such event, if any, herein sometimes referred to as a
“Proceeding”):

     (i) holders of Senior Indebtedness of the Borrower, if any, shall be entitled
to receive payment in full in cash of such Senior Indebtedness before the Lender is
entitled to receive any payment of principal of, or premium, if any, or interest on
this Note; and

     (ii) until the Senior Indebtedness of the Borrower (and all debt securities
issued in replacement of or exchange for such Senior Indebtedness) is paid in full
in cash, any distribution made by or on behalf of the Borrower to which the Lender
would be entitled but for this paragraph shall be made to holders of Senior
Indebtedness of the Borrower as their interests may appear.

For purposes of this paragraph “paid in full” or “payment in full”, as used
with respect to Senior Indebtedness of the Borrower, means the receipt of cash in
indefeasible payment of the principal amount of such Senior Indebtedness and premium, if
any, on and interest thereon (including any interest thereon accruing after the commencement
of any Proceeding) to the date of such payment.

     (c) During any Subordination Period, the Lender shall not accept, receive or collect
(by set-off or other manner) any payment or distribution on account of, or ask for, demand
or accelerate, directly or indirectly, this Note, and the Borrower shall not make any such
payment; except that so long as (i) no “event of default” has occurred and is continuing
under such Senior Indebtedness with respect to which the holder of such Senior Indebtedness
has accelerated such claim and is in good faith pursuing remedies, and (ii) no such
“default” or “event of default” under such Senior Indebtedness will occur as a result of
such payment, the Borrower may make, in accordance with the terms of this Note, and the
Lender shall be entitled to accept, scheduled payments of principal and interest to the
Lender. If, due to the provisions of the preceding sentence, the Borrower is precluded from
making any such scheduled payment, the provisions of the penultimate sentence of the second
paragraph of this Note shall not apply for so long as (but only for so long as) the Borrower
is so precluded.

     (d) If a payment or distribution is made to the Lender that because of this paragraph
should not have been made to the Lender, the Lender shall hold it in trust for holders of
Senior Indebtedness of the Borrower and pay it over to them as their interests may appear.

     (e) During any Subordination Period, the Lender shall not accelerate or collect or
attempt to collect any part of this Note – whether through the commencement

 

 

or joinder of an action or proceeding (judicial or otherwise) or a Proceeding, the
enforcement of any rights against any property of the Borrower (including any such
enforcement by foreclosure, repossession or sequestration proceedings), or otherwise –
without the prior written consent of the holders of the Senior Indebtedness.

     (f) No payment or distribution to the holders of Senior Indebtedness pursuant to the
provisions of this Note shall entitle the Lender to exercise any rights of subrogation in
respect thereof during any Subordination Period, and during such time the Lender shall not
have any right of subrogation to such holders of Senior Indebtedness on account of this
Note. After any Senior Indebtedness has been paid in full, and provided that no payments
received by the holders of Senior Indebtedness are voidable or must otherwise be returned,
the Lender shall be subrogated to the rights of such holders of Senior Indebtedness to
receive distributions applicable to Senior Indebtedness to the extent that distributions
otherwise payable to the Lender have been applied to the payment of the Senior Indebtedness.

     (g) During any Subordination Period, this Note may not be amended without the prior
written consent of the holders of the Senior Indebtedness, if any then exist.

     (h) During any Subordination Period, if the Borrower grants liens to the holders of any
Senior Indebtedness to secure such Senior Indebtedness, the Borrower will execute and
deliver to Lender documents sufficient to grant to Lender a lien in the personal property of
the Borrower, which lien shall be subject, subordinate and inferior to any and all liens,
charges, security interests, pledges, assignments and other encumbrances from time to time
securing the Senior Obligations.

     The Borrower shall have the right to prepay, without premium or penalty, at any time and from
time to time prior to the Maturity Date, all or any part of the unpaid principal balance of this
Note and/or all or any part of the unpaid interest accrued to the date of such prepayment, provided
that any such principal thus paid is accompanied by accrued interest on such principal. Upon any
such partial prepayment of principal, the installments of principal payable hereunder shall be
reduced by reamortizing the remaining unpaid principal balance over the remaining term of this
Note.

     The Borrower may not borrow, repay and reborrow hereunder. All payments of the indebtedness
evidenced by this Note shall be applied first to any accrued but unpaid interest then due and
payable and then to the outstanding principal balance. All payments and prepayments of principal
of or interest on this Note shall be made in lawful money of the United States of America in
immediately available funds, at the address of the Lender indicated above, or such other place as
the Lender shall designate in writing to the Borrower. If any payment of principal of or interest
on this Note becomes due on a day that is not a business day, then that payment shall be made on
the next succeeding business day (and any such extension of time shall be included in computing
interest in connection with that payment).

     Upon the occurrence and continuance of a default under this Note, which default continues for
five business days after written notice thereof from the Lender, the Lender may, by

 

 

written notice to the Borrower, declare the entire outstanding principal balance of and
accrued but unpaid interest on this Note at once due and payable.

     The failure to exercise the option to accelerate the maturity of this Note or any other right,
remedy, or recourse available to the Lender while a default exists is not a waiver of the right of
the Lender to exercise the same at that time or at any subsequent time with respect to that or any
other default. The rights, remedies, and recourses of the Lender as provided in this Note shall be
cumulative and concurrent and may be pursued separately, successively, or together as often as
occasion arises, at the sole discretion of the Lender.

     It is the intent of the Borrower and the holder of this Note to contract in strict compliance
with applicable usury law from time to time in effect. In furtherance thereof such parties
stipulate and agree that none of the terms and provisions contained in this Note shall ever be
construed to create a contract to pay, for the use, forbearance or detention of money, interest in
excess of the maximum amount of interest permitted to be charged by applicable Law from time to
time in effect. As used in this paragraph the term “applicable Law” means the laws of the State of
Texas or the laws of the United States of America, whichever laws allow the greater interest, as
such laws now exist or may be changed or amended or come into effect in the future. If applicable
law provides for a ceiling under Chapter 303 of the Texas Finance Code, the “weekly ceiling” as
defined therein, shall be the indicated rate ceiling.

     If this Note is placed in the hands of an attorney for collection after default, or if all or
any part of the indebtedness represented hereby is proved, established or collected in any court or
in any bankruptcy, receivership, debtor relief, probate or other court proceedings, the Borrower
and all endorsers, sureties and guarantors of this Note jointly and severally agree to pay
reasonable attorneys’ fees and collection costs to the Lender in addition to the principal and
interest payable hereunder.

     The Borrower and all endorsers, sureties and guarantors of this Note hereby severally waive
demand, presentment, notice of demand and of dishonor and nonpayment of this Note, protest, notice
of protest, notice of intention to accelerate the maturity of this Note, declaration or notice of
acceleration of the maturity of this Note, diligence in collecting, the bringing of any suit
against any party and any notice of or defense on account of any extensions, renewals, partial
payments or changes in any manner of or in this Note or in any of its terms, provisions and
covenants, or any releases or substitutions of any security, or any delay, indulgence or other act
of any trustee or any holder hereof, whether before or after maturity.

     This Note and the rights and duties of the parties hereunder shall be governed for all
purposes by the laws of the State of Texas and the laws of the United States applicable to
transactions within such state.

     This Note represents the final agreement between the parties and may not be contradicted
by evidence of prior, contemporaneous, or subsequent oral agreements of the parties. There are no
unwritten oral agreements between the parties.

 

 

     IN WITNESS WHEREOF, the Borrower has caused this Note to be properly executed on the date
first above written, and has authorized this Note to be dated as of the day and year first above
written.

	 	 	 	 	 
	 	CHANNEL REFINING CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Chief Executive Officerexv10w01

 

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

     This First Amendment to Employment Agreement (“First Amendment”) is entered into on August 17,
2007, and effective July 16, 2007 (“First Amendment Effective Date”), and amends the Employment
Agreement effective March 1, 2007 (“Employment Agreement”), between Intervoice, Inc., a Texas
corporation (“Intervoice”) and Michael J. Polcyn (“Executive”). This First Amendment is entered
into between Intervoice and the Executive at the Executive’s request.

1. Definitions and Unaffected Provisions. All terms used herein shall have the meanings
ascribed to them in the Employment Agreement. Except as otherwise expressly provided in this First
Amendment, all provisions of the Employment Agreement shall remain in full force and effect.

2. Position and Duties.

     (a) Position. Commencing on the First Amendment Effective Date and during the
remainder of the Employment Term, the Executive shall continue to serve as the Senior Vice
President Engineering and Chief Technology Officer of Intervoice with the same responsibilities and
reporting relationships.

     (b) Duties. Commencing on the First Amendment Effective Date and during the remainder
of the Employment Term, the Executive shall be on a normal work schedule of 32 hours per week, and
classified in Intervoice’s salary system as “full-time, Alternate Work Schedule” or such other
equivalent classification as may exist from time to time. The Executive shall devote his full
working time, skill, and attention and best efforts to the business and affairs of Intervoice to
the extent necessary to discharge fully, faithfully, and efficiently the duties and
responsibilities delegated and assigned to the Executive in or pursuant to the Employment Agreement
and this First Amendment, except for usual, ordinary, and customary periods of vacation, and
absence due to illness or other disability.

3. Compensation and Related Matters.

     (a) Base Salary. Commencing on the First Amendment Effective Date, the Base Salary of
the Executive shall be 50% of the amount specified in the second sentence of Paragraph 5(a) of the
Employment Agreement.

     (b) Annual Incentives, Long-term Incentives, and Benefits. Commencing on the First
Amendment Effective Date and during the remainder of the Employment Term, the Executive’s
participation in Intervoice’s annual incentive bonus program(s), long-term incentive plan(s), and
employee benefit plans, programs, and arrangements shall be as and to the extent provided under the
terms of each applicable program, plan, and arrangement for senior executives who are working on a
full-time, Alternate Work Schedule at the level of 32-hours per week.

 

 

     IN WITNESS WHEREOF, Intervoice has caused this First Amendment to Employment Agreement to be
executed on its behalf by its duly authorized officer, and the Executive has executed this First
Amendment to Employment Agreement, effective as of the date first set forth above.

	 	 	 	 	 
	INTERVOICE, INC.	 	MICHAEL J. POLCYN
	 
	 	 	 	 
	 
	 	 	 	 
	By: 
	 	 /s/ Robert E. Ritchey	 	 /s/ Michael J. Polcyn
	 

	 	 
	 	 
	Robert E. Ritchey	 	 
	 
	 	 	 	 
	President and Chief Executive Officer

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