Document:

BLUEGREEN
CORPORATION

BONUS AGREEMENT

 

This
Bonus Agreement (this “Agreement”) dated as of May 9, 2012, between Bluegreen Corporation (the “Company”)
and David Bidgood (the “Participant”), sets forth the terms and conditions of a bonus opportunity awarded to
the Participant by the Company. 

1.                 
Bonus. The Company has approved a bonus for the Participant in the gross amount of Three
Hundred Fourteen Thousand Dollars ($314,000) (the “Bonus”), less required income tax withholding
and FICA tax withholding. The Bonus shall be paid to the Participant within fourteen (14) days of the
execution of this Agreement 

2.                 
  Relinquishment of Stock Options. In exchange for the
opportunity to receive the Bonus, subject to the terms and conditions of this Agreement, the Participant hereby relinquishes all
of his or her rights to the outstanding stock option awards currently held by the Participant that are identified on Schedule
A of this Agreement (the “Relinquished Equity Awards”). In consideration for the opportunity to receive
the Bonus, the sufficiency of which the Participant acknowledges, the Participant, with the intention
of binding the Participant and his or her heirs, executors and administrators and any person or entity claiming by or through
him, does hereby release, remise, acquit and forever discharge the Company and its Affiliates and their respective directors,
officers, successors, predecessors and assigns (collectively, the “Released Parties”) from any and all claims,
actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial obligations,
suits, expenses, attorneys’ fees and liabilities of whatever kind or nature in law, equity or otherwise, whether accrued,
absolute, contingent, unliquidated or otherwise and whether now known or unknown, suspected or unsuspected, which the Participant,
individually or as a member of a class, now has, owns or holds, or has at any time heretofore had, owned or held against any Released
Party, relating to the relinquishment of the Relinquished Equity Awards.

3.                 
Miscellaneous.

(a)               
  Source of Payments. The general funds of the Company shall be the sole source of payment under this Agreement, and no person
  shall have any obligation to establish any separate fund or trust or other segregation of assets to provide for distributions
  under this Agreement. Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create or be
  construed to create a trust of any kind, or a fiduciary relationship, between the Company and the Participant or any other person.
  To the extent the Participant acquires rights to receive any payment or distribution under this Agreement from the Company, such
rights shall be no greater than those of an unsecured creditor.

(b)              
Taxes and Withholding. The Participant acknowledges that the Bonus is subject to applicable federal income tax withholding
at a rate of 25% and to applicable FICA tax withholding. The Company will report the Bonus paid on the Participant’s W-2
for 2012. 

(c)               
No Right to Continued Employment. Nothing in this Agreement shall be interpreted or construed to confer upon the
Participant any right with respect to continuance of employment by the Company, nor shall this Agreement interfere in any way
with the right of the Company to terminate the Participant’s employment at any time.

    	 

    	 

    
(d)              
No Other Agreements. This Agreement sets forth the complete terms of the Bonus and supersedes any and all other
written or oral agreements with respect thereto.

(e)               
Governing Law. This Agreement and the legal relations between the parties shall be construed in accordance with
and governed by the internal laws of the State of Florida.

 

IN
WITNESS WHEREOF, the Company and the Participant have duly executed and delivered this Bonus Agreement as of the date hereof.

 

	 	BLUEGREEN
                                                                                                CORPORATION

         

	 	By:/s/____________________________________
	 	Name:
                                                                                    John M. Maloney, Jr.

        Title:
        President & Chief Executive Officer

	 	 

         

	 	PARTICIPANT

         

         

	 	/s/______________________________________
	 	Name:
    David Bidgood

 

    	 

    	 

    
Schedule
A

Relinquished
Equity Awards

 

	Date
    of Grant	 	Equity
    Plan 

    Pursuant to Which 

    the Award was 

    Granted	 	Number
    of Stock 

    Options Granted	 	Number
                                                                                                                                                                  of

        Stock
        Options

        Currently
        Held

	06/25/2002	 	1995	 	28,986	 	28,986
	06/25/2002	 	1995	 	171,014	 	171,014exh_101.htm

Exhibit 10.1

AMENDMENT #7 TO

CARL W. GERST, JR. EMPLOYMENT AGREEMENT

This sets forth Amendment #7 to the Employment Agreement entered into between Anaren, Inc. (“Employer”) and Carl W. Gerst, Jr. (“Mr. Gerst”) dated February 14, 2004.

 

RECITALS

1.           The original term of the Employment Agreement was scheduled to expire as of June 30, 2007.

2.           Pursuant to Amendments #1, #2, #4, #5 and #6 to the Employment Agreement, the term of the Employment Agreement was extended and now expires on June 30, 2012, subject to the termination provisions provided in the Employment Agreement.

3.           Amendment #3 to the Employment Agreement dated December 30, 2008 incorporated changes to the Employment Agreement to reflect the application of Internal Revenue Code Section 409A to certain provisions of the Employment Agreement.

4.           The parties desire to continue Mr. Gerst’s employment with the Company on the same terms and conditions currently applicable, including paying Mr. Gerst a Base Salary of $187,500 in consideration of a reduced work schedule of approximately 30 hours per week.

5.           The Compensation Committee of Anaren’s Board of Directors recommended, and the Board unanimously approved at its May 9, 2012 regular meeting that the Company amend Mr. Gerst’s Employment Agreement to provide for his continued employment through and including June 30, 2013.

 

TERMS

In consideration of the mutual covenants and representations contained herein, and other valuable and good consideration, receipt of which is acknowledged, the parties agree as follows:

1.           Paragraph 1(a) of the Employment Agreement is hereby amended so that the Employment Agreement continues, as most recently changed by Amendment #6, through and including June 30, 2013, subject to the termination provisions provided in the Employment Agreement.

2.           Paragraph 6(b) of the Employment Agreement (as previously amended by Amendments #3 and #6) shall be expressly incorporated in the Employment Agreement.

3.           Paragraph 6(c) of the Employment Agreement (as previously amended by Amendment #6) shall be expressly incorporated in the Employment Agreement.

All other terms of the 2004 Employment Agreement, as modified by Amendments #3 and #4, and by this Amendment #7, will remain in full force and effect.

 

 

	 
ANAREN, INC.

	 	 
	 	 	 
	/s/ Lawrence A. Sala                                      	/s/ Carl W. Gerst                                	 
	Lawrence A. Sala                                                                                     	Carl W. Gerst, Jr.	 
	 
President and CEO

	 	 
	 	 	 
	Dated:  May 14, 2012                                                                                     	Dated:  May 14, 2012hqlease2012.htm

  

  

  

LEASE

 

This Lease made and entered into in Oakland County, Michigan, this 1st day of May, 2012, by and between J.M. Land Co., a Michigan corporation, hereinafter referred to as "Lessor," and Ecology Coatings, Incorporated, a Nevada corporation, hereinafter referred to as "Lessee."

 

WITNESSETH:

 

In consideration of the rents hereinafter reserved, and further in consideration of the mutual covenants, conditions, agreements and stipulations of Lessor and Lessee hereinafter expressed, the parties hereby agree as follows:

 

1. PREMISES:  Lessor hereby leases to Lessee and Lessee hereby leases from Lessor office space in Lessor’s building located at 24663 Mound Road, Macomb County, Warren, Michigan hereinafter referred to as "Leased Premises".

 

2. TERM:  The term of this Lease and Lessee's obligation to pay rent hereunder shall be for a term of twelve months and shall commence on the 1st day of May, 2012, and extend through the 30th day of April, 2013.

 

3. RENT: As rent, Lessee agrees to pay Lessor $1,000 per month and reimburse Lessor its monthly gas and electric utility costs actually incurred at Lessor’s building located at 24663 Mound Road, Warren, Michigan.

 

4. USE OF LEASED PREMISES:  Leased Premises shall be used and occupied by Lessee for office space only, and not for any other purpose.

 

5. USE AND CARE OF LEASED PREMISES:  Lessee shall use and occupy the Leased Premises for the above stated purpose in a careful and proper manner and not commit any waster or nuisance thereon.  Lessee agrees that it will use the Leased Premises in such a manner as not to interfere with or infringe upon the rights of the adjacent tenants.  Lessee shall not use or occupy the Leased Premises in violation of any law, ordinance, regulation or other governmental directives having jurisdiction thereof, and shall, upon five (5) days written notice from Lessor, discontinue any use of the Leased Premises which is declared by any governmental authority having jurisdiction to be in violation of any law, ordinance, zoning, regulation, or directive.

 

6. REPAIRS AND MAINTENANCE:  Lessor shall be responsible for the maintenance, repair and replacement, if necessary, of the roof, exterior walls, foundation, and all structural systems on the Leased Premises.  Further, all fixtures, appliances and systems serving the Premises shall be in a good and working order at the commencement of this Lease.  As to any other maintenance, repairs or replacements other than those mentioned in the preceding sentence which are necessary during the term of this Lease, the parties agree that Lessee shall be responsible for same. Lessor shall not be required to make any repairs where the same were made necessary by any act or omission or negligence of the Lessee, any subtenant(s) of the Lessee, or their respective employees, agents, invitees, licensees, visitors or contractors

 

7. MODIFICATIONS AND ALTERATIONS:  Lessee covenants and agrees not to make or permit to be made any alterations, improvements, additions, or attach or affix, or build to the Leased Premises or any party thereof or paint or hang wallpaper except by and with the prior written consent of Lessor.

 

8. ASSIGNMENT OR SUBLETTING:  Lessee shall make no assignment or subletting of the Leased Premises without the prior written consent of the Lessor.  Consent shall not release Lessee from liability hereunder for payment of rental or performance or observance of any of the terms and conditions of the Lease.

 

9. TENANT'S PROPERTY:  Lessor shall not be liable for any damage by theft or otherwise to property of the Lessee or of others located on the Leased Premises.  Lessor shall not be liable for any injury or damage to persons or property resulting from fire, explosion, flooding, falling plaster, steam, gas, electricity, water, rain, snow, or leaks from any part of the Premises, or from the pipes, appliances, or plumbing works, or from the roof, street or subsurface or from any other place by dampness or by any other cause of whatsoever nature, the parties agreeing that said damages are generally covered under a policy of renter's insurance such as that will be obtained by Lessee herein.  Lessor shall not be liable for any such damage caused by other tenants or persons in the Premises.

 

10. DESTRUCTION:  In the event the Leased Premises shall be damaged or destroyed by fire or other casualty during the term of the Lease, Lessor shall restore or repair said Premises as soon as practicable.  During the period in which the Leased Premises are rendered unusable in whole or in part the rental otherwise payable hereunder shall abate in whole or in part proportionately with the space which was rendered unusable by such destruction or casualty, unless the cause of such destruction was the fault of Lessee, its agents, employees, licensees or invitees in which case there shall be such abatement in rent.  In any event, this Lease shall remain in full force and effect.

 

11. FIXTURES:  The parties hereto mutually agree that all fixtures installed in the Leased Premises by the Lessee shall become property of the Lessor at the expiration or termination of this Lease or any renewal or extension thereof unless fixtures can be removed without injury to or undue defacement of Leased Premises, removal of which is only permitted provided that all rents and charges herein are paid in full.

 

12. SURRENDER OF PREMISES & HOLDING OVER:  At the expiration of any tenancy created herein, Lessee shall surrender the Leased Premises in as good a condition as at time of initial possession excepting normal wear and tear.  Lessor shall have the right, at Lessor’s discretion, upon expiration of this Lease and upon vacating by Lessee, to require Lessee to restore the Leased Premises to their original condition at the time of Lessee’s possession, normal wear and tear excepted. Lessee shall surrender all keys for the Leased Premises to the Lessor and shall inform Lessor of all combinations on locks, safes, and vaults, if any, in the Leased Premises. Lessee’s obligations to observe or perform this covenant shall survive the expiration or other termination of the term of this Lease. If Lessee shall default in so surrendering the Premises, Lessee’s occupancy subsequent to such expiration, whether or not with the consent or acquiescence of the Lessor, shall be considered to be that of a tenancy at will and in no event from month to month of from year to year, and it shall be subject to al the terms and conditions of this Lease applicable thereto.  Either party may terminate an at-will tenancy with 30 days notice.

 

13. BREACH:  If Lessee shall fail to keep and perform any of the covenants, agreement, or conditions of this Lease, or if Lessee commits waste or damages to the Premises or abandons or vacates Premises during the term hereof, or shall make assignment in creditors, sell Lessee's interest, voluntarily or involuntarily, or upon commission of an act of bankruptcy, or commencement of proceedings under bankruptcy statutes, or devolve into receivership or trusteeship, Lessor may at any time thereafter while such conditions exist, give fifteen (15) days written notice to Lessee, of its intention to cancel and terminate this Lease and in such default or conditions and not corrected or remedied within that period.  Lessor then may lawfully re-enter Leased Premises or any part thereof and repossess the same and expel the Lessee and those claiming under or through Lessee and remove Lessee's property forcibly, if necessary, without being deemed guilty in any manner of trespass and without prejudice to any remedies which might otherwise be used for arrears of rents or of breach of covenants and upon entry as aforesaid this Lease shall terminate, and the Lessee covenants that it will indemnify the Lessor against all unavoidable loss of rent and other charges hereunder which the Lessor may incur by reason of such termination during the residue of the term of this Lease.

 

14. NOTICE:  Any notice required or permitted to be given hereunder by either party to this Lease may be given by personal delivery or by regular mail service unless specific provision for certified mail service is otherwise made herein.  Lessor's address for service of notice shall be: 24663 Mound Road, Warren, Michigan 48091 unless and until Lessor notifies Lessee of an address change in writing.  Lessee's address for service of notice shall be the physical location of the Leased Premises.

 

15. MISCELLANEOUS:  (A) No waiver by Lessor of any provision of this Lease shall be deemed to be a waiver of any other provision hereof or of any subsequent breach by Lessee of the same or any other provision.

 

(B) This Lease constitutes the entire agreement between the parties hereto with respect to the Leased Premises identified herein, and no prior agreement or understanding with regard to any such matter shall be effective for any purpose.  Further, Lessee agrees that it has not relied on any representations or promises by Lessor in entering into this Lease that have not been specified herein.  No provision of this Lease may be amended or added to except by an agreement in writing signed by the parties hereto or their respective successors in interest.

 

(C) Lessee confirms that prior to the commencement of this Lease, it has examined the Premises and has confirmed to Lessee's own satisfaction that the Premises are in excellent condition.

 

(D) Lessee agrees that it will be responsible for any damage caused by escape or overflow of water which occurs through the acts or negligence of Lessee, their guests, agents, employees, licensees or invitees.

 

(E) No additional locks shall be placed upon any doors of the Premises unless a key is given to Lessor for use in emergencies.  If extra keys for any door are desired, they shall be obtained and paid for by the Lessee.  Upon termination of this Lease, the Lessee shall surrender all keys to the Premises to the Lessor.

 

IN WITNESS WHEREOF, the parties hereto have signed and sealed this Lease as of this 1st day of May, 2011.

 

By LESSOR:

J.M. LAND CO.

/s/ James Juliano                                                      

James Juliano

Its:  CEO

By LESSEE:

ECOLOGY COATINGS, INC.

/s/ Robert G. Crockett                                                                

Robert G. Crockett

Its:  CEO

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