Document:

ex101.htm

Marantha Funding Corp 

47 Ferncliff Road Bloomfield, New Jersey 07001

Telephone: 973-338-8499

Facsimile:  973- 893-0211

FINANCIAL PLACEMENT FEE AGREEMENT

The undersigned Bobby Smith Jr., Fran Mize and Four Star Holdings, Inc. hereafter referred to

As “Borrower” hereby contracts for services with Maranatha Funding Corp. (hereinafter referred to as MFC”) to arrange or obtain financing as described below.

	
1.

	
Borrower:

	
Four Star Holdings, Inc., a public company

	
 

	  	  	  
	
2.

	
Description of financing request:

	  	  	  	  
	  	
Borrower requests that MFC arrange financing for the for the construction of new homes in various sub-divisions owned or controlled by the borrower under the following general terms and conditions or such other term as the borrower accepts.

	  	  	  	  
	  	
Loan Amount:

	
3,000,000 Revolving Line of Credit.

	  	  	  	  
	  	
Interest Rate:

	
12%- 6 months interest reserve to be established at closing.

	  	  	  	  
	  	
Term:

	
Two (2)  years

	  	  	  	  
	  	
Bank Loan Fee:

	
3% of the loan amount

	  	  	  	  
	  	
Collateral:

	
Collateral package to be determined by the lender in cooperation with existing bank lenders.

	  	  	  	  
	  	
Advance:

	
The lender will advance funds against work in place on no more than 20 houses at one time assuming a 100,000 budget per home. Budgets for each property must be submitted to the lender for approval prior to any advance. The borrower  will pay the cost of the inspections.

	  	  	  	  
	  	
Repayment:

	
 Each property will be released from the blanket mortgage upon the repayment of 130% of the outstanding loan balance    assigned to the property. The funds will then be available for  the next property to be constructed.

	  	  	  	  
	  	
Guarantees:

	
 Full personal and cross corporate guarantees.

	  	  	  	  
	
3.

	
FINANCING FEE:  Inconsideration of MFC arranging or obtaining financing for this  project. Borrower agrees to pay MFC arranging or obtaining financing for this  project. Borrower agrees to pay a placement fee on the following basis.

	  	  	  	  
	  	
3% of the final loan amount earned at commitment and payable at closing

 

 

  

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4.

	
Directly or indirectly by any means the Identity of MFC’s contact or affiliation in any way to any third party without the express consent of MFC for a period of five years.  All parties agree there is consideration in the introduction and exposure to MFC’s contacts and affiliation. The penalty to Borrower for violation this agreement will be 10% of the amount of financing as a result of the circumvention.

	  	  
	
5.

	
CONSTRUCTION FINANCING:  Borrower agrees that the lender procured by MFC may wish to extend further loans for the development and/or refinance of additional property. In that case borrower agrees to use the services of MFC to apply for such financing and agrees to pay MFC a placement fee in the amount of 2.0% of the final loan amount, earned at commitment and payable at closing as above.

	  	  
	
6.

	
OTHER PROVISIONS:  Other provisions contained in any Riders hereto attached, initialed or signed by both parties are by express reference incorporated in and made a part of this application. It is an express provision of this application that time is of the essence.

	  	  
	
7.

	
AGENCY DISCLAIMER:  Borrower acknowledges and agrees that this application does not create any agency of fiduciary relationship between Borrower and MFC.

	  	  
	
8.

	
FEES AND EXPENSES:  Borrower understand and agrees that the Fee payable to MFC is in addition to costs of the transaction or third-party fees inclusive of but not limited to appraisal fees, attorneys’ fees, title policy, recording costs, environmental assessments, soil reports, etc. The loan will be extended at no cost to the lender.

	  	  
	
9.

	
COOPERTAION:  Borrower shall cooperate with MFC and the Lender in procuring the commitment, and upon written request. Borrower will supply any and all information or documents reasonably required by the transaction.

	  	  
	
10.

	
INFORMATION:  It is understood that the Lender and MFC are relying on the information provided by Borrower to be true and accurate in every particular. MFC shall not be responsible for any incorrect information supplied by Borrower or failure of Borrower to disclose any material fact.

	  	  
	
11.

	
ATTORNEYS’ FEES:  If this application is placed by MFC in the hands of an attorney for collection of any amount payable to MFC hereunder, by suit or otherwise, or to enforce its terms. Borrower shall pay upon demand all costs and expenses related thereto and agrees to pay upon demand all attorney’s fees associated therewith.

	  	  
	
12.

	
AUTHORITY:  The signatories of this Agreement personally represent and warrant that each has full authority to execute this Agreement and to legally bind the party for which he or she signs.

	  	 
	
13.

	
TERMINATION:  This agreement continue in full force and effect for a period of 90 days from the date hereof, or from the date of receipt by MFC of all required information and documentation in support of the desired loan commitment, whichever is later. In the event the MFC has substantially performed its duties under the agreement but an additional period of time is needed to secure the written commitment from the lender.

 

 

  

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14.

	
GOOD FAITH DEPOSIT:  Borrower will deposit $1,000.00 with MFC upon execution of this agreement and 50,000 shares of Four Star Holdings, Inc. restricted corporate stock. The corporate stock shall have piggybank rights upon any future registration. The full deposit is non-refundable and the cash portion will be applied to MFC’s placement fee.

 

This application shall be binding upon Borrower, its heirs, and successors and permitted assigns, and shall inure to the benefit the MFC and its successors, transferees and assigns. This application is made and executed under and shall be governed by internal laws of the State of New

Jersey.

This agreement shall constitute the entire agreement between the parties hereto. Any modification of this agreement must by agreed to by both parties and must be in writing.

Agreed and accepted this 4th day of November, 2010.

By:          Maranatha Funding Corp.                                                                Four Star Holdings, Inc.

 

 

/s/  Kenneth E. Swatt                                                                         /s/   Bobby R. Smith, Jr.                                  

By: Kenneth E. Swatt – President                                                    By:  Bobby R. Smith Jr. - CEO

By:          Bobby R. Smith Jr., Individually                                                      Fran Mize, Individually

 

/s/  Bobby R. Smith, Jr.                                                                      /s/ Fran Mize                                                   

Bobby R. Smith, Jr.                                                                              Fran Mize

 

 

 

 

 

  

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Exhibit 10.1

 

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT is entered into as of July 12, 2010, by and between TED GREEN ("Executive") and IMAGE ENTERTAINMENT, INC., a Delaware corporation (the "Company").

 

RECITALS

 

WHEREAS, Executive and the Company are parties to that certain Employment Agreement dated as of April 14, 2010 (the "Agreement") and desire to revise the Agreement to clarify certain understandings regarding equity compensation matters.  All capitalized terms used but not defined herein shall have the meanings given in the Agreement.

 

NOW, THEREFORE, in consideration of the mutual covenants and promises of the parties contained herein, Executive and the Company agree as follows:

 

AGREEMENT

 

1.           The definition of "Good Reason" in Section 10 of the Agreement is amended to replace the reference to the date "July 15, 2010" in clause (iv)(D) thereof with the date "November 30, 2010."

 

2.           Any reference to the Agreement in the stock option agreements or restricted stock award agreements executed and delivered hereafter in the forms of Exhibits B, C, D, E, F and G shall include the phrase ", as amended," after the date "April 14, 2010."

 

3.           The section "Total Number of Shares of Stock Subject to the Option" in the first page of Exhibit B is amended and restated in its entirety to read as follows:

 

	
Total Number of Shares of Stock Subject to the Option:

	 	
__________ Shares [which represents 9,798,715 minus the number of shares of Class A Restricted Stock granted to such Participant].  The number of shares of Stock shall be subject to adjustment for stock splits, stock dividends and other events or transactions described in Section 11.1(a) of the Plan.

 

4.           The section "Total Number of Shares of Stock Subject to the Option" in the first page of Exhibit C is amended and restated in its entirety to read as follows:

 

	
Total Number of Shares of Stock Subject to the Option:

	 	
__________ Shares [which represents 2,449,678 minus the number of shares of Class B Restricted Stock granted to such Participant].  The number of shares of Stock shall be subject to adjustment for stock splits, stock dividends and other events or transactions described in Section 11.1(a) of the Plan.

  

 

  

 

5.           The section "Total Number of Shares of Stock Subject to the Option" in the first page of Exhibit D is amended and restated in its entirety to read as follows:

 

	
Total Number of Shares of Stock Subject to the Option:

	 	
__________ Shares [which represents 2,449,678 minus the number of shares of Class C Restricted Stock granted to such Participant].  The number of shares of Stock shall be subject to adjustment for stock splits, stock dividends and other events or transactions described in Section 11.1(a) of the Plan.

 

6.           The section "Total Number of Shares of Restricted Stock" in the first page of Exhibit E is amended and restated in its entirety to read as follows:

 

	
Total Number of Shares of Restricted Stock:

	 	
__________ Shares [which shall equal (i) the difference between the Fair Market Value of a share of common stock on the Grant Date (but not less than $0.20 per share) and $0.0366, multiplied by (ii) 9,798,715].  The number of shares of Stock shall be subject to adjustment for stock splits, stock dividends and other events or transactions described in Section 11.1(a) of the Plan.

 

7.           The section "Total Number of Shares of Restricted Stock" in the first page of Exhibit F is amended and restated in its entirety to read as follows:

 

	
Total Number of Shares of Restricted Stock:

	 	
__________ Shares [which shall equal (i) the difference between the Fair Market Value of a share of common stock on the Grant Date (but not less than $0.20 per share) and $0.0773, multiplied by (ii) 2,449,678].  The number of shares of Stock shall be subject to adjustment for stock splits, stock dividends and other events or transactions described in Section 11.1(a) of the Plan.

 

8.           The section "Total Number of Shares of Restricted Stock" in the first page of Exhibit G is amended and restated in its entirety to read as follows:

 

	
Total Number of Shares of Restricted Stock:

	 	
__________ Shares [which shall equal (i) the difference between the Fair Market Value of a share of common stock on the Grant Date (but not less than $0.20 per share) and $0.1718, multiplied by (ii) 2,449,678].  The number of shares of Stock shall be subject to adjustment for stock splits, stock dividends and other events or transactions described in Section 11.1(a) of the Plan.

 

9.           From the date hereof until the applicable Grant Date (as defined in each of Exhibits B, C, D, E, F and G), the number 9,798,715 referenced in Sections 3 and 6 hereof and the number 2,449,678 referenced in Sections 4, 5, 7 and 8 hereof shall each be subject to adjustment for stock splits, stock dividends and other events or transactions described in Section 11.1(a) of the Plan (as defined in each of Exhibits B, C, D, E, F and G).

  

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10.        Except as otherwise provided in this First Amendment, all of the provisions of the Agreement shall remain in full force and effect.  The Agreement, as modified by the provisions of this First Amendment, shall be construed as one agreement.

 

11.        This First Amendment may be executed in any number of counterparts, each of which when executed and delivered shall be deemed to be an original, and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed signature page of this First Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

 

IN WITNESS WHEREOF, Executive and the Company have caused this First Amendment to be executed as of the date first above written.

 

	  	  	
IMAGE ENTERTAINMENT, INC

	  	  	  	  
	
/s/ TED GREEN

	  	
By:

	
/s/ JOHN P. AVAGLIANO

	TED GREEN	 	 	 
	 	  	
Name:

	
John P. Avagliano

	 	 	 	 
	  	  	
Title:

	
COO/CFO

 

 

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