Document:

August 20, 1999

August 20, 1999

Mr. Graham Pitman

Whitehaven

Norton Road

Riseley

Reading RG7 1SH

Dear Graham

Further to our discussions, I am writing to confirm the modification of your employment agreement dated December 15, 1995 (the "Agreement") as a result of your new position as Managing Director of Pro-Bel Limited.

1.The date on which you assumed this role was Monday June 14, 1999

2.Your salary will increase to British Pounds Sterling 100,000 per annum with retroactive effect to June 14, 1999.

3.You have been granted 40,000 stock options with an exercise period of July 21, 1999 until July 21, 2009 at an exercise price equal t $1 and 5/8ths with the following vesting schedule:

13,334 on July 21, 2000

13,333 on July 21, 2001

13,333 on July 21, 2002

We will follow up with a formal stock option grant certificate.

3.The period of notice that is defined in Section 3.1 of the Agreement will be modified as follows:

The period of notice will be reduced on a month by month basis over a period of one year (from 6/14/99 to 6/13/00), from two years so that beginning on 6/14/00 the required notice period under the Agreement shall be one year.

I trust that these terms are agreeable to you and represent your recollection of our discussions. Please acknowledge your acceptance of these changed terms.  I would also like to take this opportunity of congratulating you on your promotion.

Yours sincerely

/s/ Roger Henderson

Roger Henderson

Agreed and Accepted this 20th day of August, 1999

/s/ Graham Pitman

Graham Pitman

cc: Jim PaulAMENDMENT

CHYRON CORPORATION

August 12, 2002

Jim Paul

100 Lucinda Drive

Babylon, New York 11702
Re: Amendment to Employment Agreement

Dear Mr. Paul:

This shall confirm the agreement between you and Chyron Corporation (the "Company") pursuant to which you have agreed to continue to reduce your annual base salary from $215,000 to $185,000 effective January 1, 2002 through October 30, 2003 which is the end of the term of your amended employment agreement (the "Reduced Amount").  This reduction was done voluntarily for the benefit of the Company and shall not affect the severance due you under the Employment Agreement dated October 1, 1997 and as amended on January 10, 2001 and August 12, 2002 (collectively, the "Employment Agreement").  In addition, in the event the Company terminates you "without cause," as defined under the Employment Agreement, then the Reduced Amount, including any reduced amounts from prior years, shall be due and payable as part of your severance under the Employment Agreement.  All other terms of the Employment Agreement shall remain in full force and effect.

If the Employment Agreement is no longer in effect and at such time your employment by the Company is terminated without cause, as defined under the Employment Agreement, then you will be entitled to receive the Reduced Amount, including any reduced amounts from prior years, in addition to any other severance owed to you by the Company.

Please acknowledge your consent to the above by executing and dating below and returning this letter agreement to me.

Very truly yours,

/s/ Roger Henderson

Roger Henderson

Agreed and Accepted

/s/ Jim Paul

Jim Paul

Dated: 9-4-02

SECOND AMENDMENT

TO

EMPLOYMENT AGREEMENT

THIS AMENDMENT (the "Second Amendment"), is being made this 12th day of August, 2002, effective immediately, between Chyron Corporation, a New York corporation, having its principal offices at 5 Hub Drive, Melville, New York 11747 (the "Company") and James Paul ("Paul"), an individual residing at 100 Lucinda Drive, Babylon, New York 11702.

W I T N E S S E T H :

WHEREAS, the Company and Paul have entered into an Employment Agreement dated as of October 11, 1997 (the "Agreement") pursuant to which Paul was originally employed by the Company as its Senior Vice President-Human Resources, and which was amended as of January 10, 2001 (the "First Amendment," collectively, the "Employment Agreement") pursuant to which he was promoted to Executive Vice President and a member of the office of Chief Executive Officer, and subsequently given the title of Executive Vice President Human Resources and General Manager of Chyron Graphics;

WHEREAS, the Company wishes to extend the term of the Employment Agreement and Paul wishes to accept such extension.

NOW THEREFORE, in exchange for good and valuable consideration, and intending to be legally bound hereby, the parties hereto agree as follows:

	Except as specifically defined herein, each defined term utilized herein shall have the same meaning ascribed to such term in the Employment Agreement.

	The phrase "Executive Vice President and member of the office of the Chief Executive Officer" shall be deleted in each instance and replaced with "Executive Vice President Human Resources and General Manager of Chyron Graphics".

	Section 1 of the Employment Agreement is hereby amended by deleting and replacing "October 30, 2002" with "October 30,2003".

	Except with respect to the changes effected by this Second Amendment, the terms and conditions provided in the Employment Agreement shall remain in full force and effect.

	This Second Amendment may be effected in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties have duly executed this Second Amendment to the Employment Agreement as of the date first written above.

	
CHYRON CORPORATION

	 
	
By: /s/ Roger Henderson

	
Roger Henderson

	
President and Chief Executive Officer

	 
	 
	
/s/ James Paul

	
James PaulAMENDMENT NO

 

AMENDMENT NO. 7 TO LOAN AGREEMENT

 

AMENDMENT AGREEMENT (this "Amendment"), made as of September 25, 2002, between:

AMSOUTH BANK, an Alabama banking corporation (the "Bank"), with an office at 350 Park Avenue, New York, New York 10022, and CHYRON CORPORATION, a New York corporation (the "Borrower"), with its principal place of business at 5 Hub Drive, Melville, New York 11747. 

WITNESSETH:

WHEREAS:

(A)The Bank and the Borrower entered into a loan agreement, dated as of March 29, 1999, pursuant to which the Bank made available to Borrower a total credit facility of up to Twelve Million Dollars ($12,000,000) (such agreement, as amended by the amendments described below, referred to hereinafter collectively as the Loan Agreement");

	A letter amendment dated November 8, 2000 was signed by and between the Bank and the Borrower, which, among other things, amended Section 7.3 of the Loan Agreement to add a new Section 7.3(iv) with the former Section 7.3(iv) becoming new Section 7.3(v):

	An amendment dated March 26, 2001 was signed by and between the Bank and the Borrower pursuant to which, among other things, the Loan Agreement was amended to permit the Borrower to purchase all of the capital stock of Interocity Development Corporation and certain shares of common stock of Video Technics, Inc.;

	An amendment dated May 15, 2001 was signed by and between the Bank and the Borrower which, among other things, reduced the Revolving Credit Loans available under Loan Agreement, modified certain financial covenants contained in the Loan Agreement, and extended the term of the Revolving Credit Loans through March 31, 2003;

	An amendment dated August 6, 2001 was signed by and between the Bank and the Borrower which, among other things, modified Section 6.1(b) of the Loan Agreement;

	An amendment dated November 30, 2001 was signed by and between the Bank and the Borrower which, among other things, modified Sections 4.3(c), 6.1, and 10.4 of the Loan Agreement;

 

	An amendment dated December 26, 2001 was signed by and between the Bank and the Borrower which, among other things, modified Sections 1, 2.1, 2.8, 2.9, 6.1, 7.1 and 8 of the Loan Agreement;

	The Borrower and the Bank wish to further amend the Loan Agreement as set forth herein; and

	Any capitalized terms not defined herein shall have the meanings ascribed thereto in the Loan Agreement. Reference to Sections and Subsections, unless otherwise indicated, are references to Section and Subsections of the Loan Agreement.

NOW, THEREFORE, in consideration of the mutual conditions and agreements, set forth in this Amendment, and for good and valuable consideration, the receipt and legal sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

Article 1Amendment to the Loan Agreement.

Section 1.1Incorporation By Reference.

This Amendment shall be deemed to an amendment to the Loan Agreement and should not be construed in any way as a replacement or substitution therefor. All of the terms and provisions of this Amendment are hereby incorporated by reference into the Loan Agreement as if such terms and provisions were set forth in full therein.

 Section 1.2Amendment to Article 1, Section 1.2 (b) of Amendment No. 6 to the Loan Agreement 

	to the definition of "Fixed Charge Ratio", add the following;

"For the purposes of computing this ratio, EBITDA shall be calculated on a cumulative year-to-date basis for the test periods ending September 30, 2002 and December 31, 2002.

 

Section 1.3Amendment to Section 2.9

Section 2.9 of the Loan Agreement (Term Note) is hereby amended as follows:

"2.9Term Note; Scheduled Payments; Excess Cash Flow Payments 

(a)Scheduled Payments. In addition to the amortization schedule detailed in Amendment #6, an additional $75,000 payment of the Term Loan will take place in each of the following months; November 2002, February 2003 and May 2003

 

Section 1.4Amendment to Section 6.1 

Section 6.1(a) of the Loan Agreement (Minimum Cumulative EBIT) is hereby amended for the fiscal quarter ending September 30, 2002 and thereafter in its entirety as follows: 

(a)Minimum Cumulative EBITDA/EBIT.Maintain at all times during the periods designated below minimum EBITDA or minimum cumulative earnings before interest and taxes ("Minimum EBIT") as follows:

	
Period
	
Minimum EBITDA

	
Q3 2002
	
$190,000

	
Q4 2002
	
$220,000

	
 
	
 

	
 
	
Minimum EBIT

	
Q-1 2003
	
 

	
and thereafter
	
$2,000,000"

	
 
	
 

 

Article 2Conditions to Effectiveness of this Amendment.

The effectiveness of this Amendment and the obligations of the Bank hereunder shall be subject to the satisfaction of all of the following conditions, as determined by the Bank in its sole discretion:

(a) Representations and Warranties. The representations and warranties made by the Borrower herein or which are contained in any certificate, document or financial or other statement furnished by the Borrower or any Subsidiary at any time under or in connection herewith shall be correct in all material respects.

(b)No Default or Event of Default. No Default or Event of Default shall have occurred and be continuing. 

	Guaranty. The Bank shall have received the acknowledgment of Pro-Bel Limited, as set forth at the end of this Amendment, that the guaranty of Pro-Bel Limited in favor of the Bank dated March 29, 1999 remains unmodified and in full force and effect with respect to the Loan Agreement, as amended hereby.

	Certificate of Incorporation/Good Standing. The Bank shall have received the following: 

(i)a Certificate of good standing for Borrower from the Secretary of State of the State of New York State;

	a copy of the Borrower's certificate of incorporation certified by the Secretary of State of the State of New York State;

 

	Additional Matters. All other documents and legal matters in connection with the transactions contemplated by this Amendment shall be satisfactory in form and substance to the Bank and its counsel. 

 

 

Article 3Representations and Warranties.

Section 3.1By Borrower's execution and delivery of this Amendment, Borrower hereby renews and remakes in favor of the Bank, as of the date hereof, all of Borrower's representations, warranties and covenants made in the Loan Documents, with the same effect as if they were made on and as of the date of this Amendment, other than any such representation or warranty which specifically relates to a specified prior date.

Section 3.2Borrower hereby represents and warrants to the Bank that the execution, delivery and performance of this Amendment has been duly authorized by all necessary and proper action on the part of Borrower, and the execution, delivery and performance by Borrower of this Amendment (i) will not violate any provision of any applicable law or regulation or of any order, writ, judgment, injunction or decree of any governmental authority, (ii) will not violate any provisions of the certificate of incorporation or by-laws of Borrower, and (iii) will not violate any provision of, or constitute a default under, or result in the creation or imposition of any lien on any asset of Borrower (other than the liens in favor of the Bank) pursuant to any contract, agreement or other undertaking to which the Borrower is a party or which is binding upon the Borrower, or upon any of Borrower's assets.

 

Article 4Miscellaneous.

Section 4.1All references in the Loan Agreement and in all of the Loan Documents to the Loan Agreement, shall be deemed to refer to the Loan Agreement as amended hereby.

Section 4.2The Loan Agreement and all of the Loan Documents shall each be deemed amended, to the extent necessary, to give effect to the provisions of this Amendment.

Section 4.3As specifically amended herein, the Loan Agreement and all Loan Documents shall remain in full force and effect in accordance with their respective terms.

Section 4.4Borrower hereby warrants and represents that as of the date hereof, there are no offsets, counterclaims or defenses to its obligations and agreements as they exist as of the date hereof, in each case with respect to the performance of terms Borrower has been required to perform to date, or to the enforcement of the Bank's rights or remedies under the Loan Documents as they exist as of the date hereof and, if and to the extent any of the same exist, they are hereby waived in their entirety, it being acknowledged by each of the Borrower and the Guarantor that each of them has received good, valuable and sufficient consideration therefor.

Section 4.5Subject to the provisions of the Loan Agreement, this Amendment shall be binding upon Borrower and its successors and assigns and shall inure to the benefit of the Bank and its successors and assigns.

Section 4.6Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction or prohibited or unenforceable as to any person or entity shall, as to such jurisdiction, person or entity, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provisions as against any other person or entity.

Section 4.7This Amendment shall be construed, enforced and interpreted according to the laws of the State of New York without giving effect to its conflicts or choice of laws provisions.

Section 4.8This Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.

Section 4.9Borrower and Bank hereby irrevocably waive all rights to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Amendment, the Loan Agreement or the Loan Documents.

Section 4.10With regard to all dates and time periods set forth or referred to in this Amendment, time is of the essence.

Section 4.11This Amendment supersedes all prior agreements, whether written or oral, between the parties with respect to its subject matter and constitutes a complete and exclusive statement of the terms of the agreement between the parties with respect to its subject matter. 

 

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date and year first above written.
CHYRON CORPORATION 
By: /s/ Jerry Kieliszak

Name:Jerry Kieliszak

Title: SVP & CFO

 
AMSOUTH BANK

 

By: /s/ Barry S. Renow

Name: Barry S. Renow

Title: Attorney-in-Fact

The Guarantor hereby acknowledges that its Guaranty dated March 29, 1999 remains unmodified and in full force and effect with respect to the Loan Agreement, as amended by the foregoing Amendment to the Loan Agreement, without any offset, defense or counterclaim. 

PRO-BEL LIMITED 

 
By:/s/ Roger Henderson

Name: Roger Henderson

Title: President & CEO

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