Mr. Frank W. Getman Jr.Wrong Frank W. Getman Jr.?
Local Address: New Hampshire, United States
Frank W. Getman Jr. has served as Chief Executive Officer and President of BAYCORP HOLDINGS LTD since May 1998.
Anthony M. Callendrello has served as BAYCORP HOLDINGS LTDs Chief Operating Officer since April 2000 and as the Secretary of BAYCORP HOLDINGS LTD since May 2000.
In addition to normal debt covenant requirements, in connection with the issuance of the Series C Units, HoustonStreet covenanted to:
|||use commercially reasonable efforts to maintain key man life insurance in the amount of $5,000,000 on its President and CEO, Frank W. Getman Jr.; and to|
|||cooperate and use its best efforts to facilitate the imposition of the first priority lien on all the assets of HoustonStreet as contemplated by the Senior Secured Note and Warrant Agreement and the ancillary agreements.|
The Series C debt has no financial covenants.HoustonStreet is in compliance with these covenants.Using commercially reasonable efforts, HoustonStreet was able to secure and currently carries $3,500,000 of insurance on Mr. Getman.
The assets that secure the Series C Units include all of HoustonStreets real and personal property, including, without limitation, all of the following:
|||accounts now owned or hereafter acquired by BAYCORP HOLDINGS LTD, including accounts receivable, contract rights, notes, drafts and other obligations or indebtedness owed to HoustonStreet;|
|||books and records of HoustonStreet;|
|||equipment owned by HoustonStreet;|
|||proceeds and all other profits, products, rents or receipts arising from the collection;|
|||trademarks and trademark licenses.|
BAYCORP HOLDINGS LTD received cash of $2,928,154 and BAYCORP HOLDINGS LTD converted existing debt in the amount of $8,231,360 into notes upon issuance of the Series C Notes.Commitments for the initial closing were approximately $2,928,200 and as of April 13, 2001, HoustonStreet had received these committed funds.
/s/ Frank W. Getman Jr.
Frank W. Getman Jr.
President and Chief Executive Officer
10.20 Employment Agreement between Frank W. Getman Jr. and BayCorp Holdings, Ltd., dated May 25, 2000.(9) 10.21 Employment Agreement between Frank W. Getman Jr. and HoustonStreet Exchange, Inc., dated September 1, 2000.(9)
|Number||Description of Exhibit|
|10.22||Incentive Stock Option Agreement, dated as of August 1, 1995, by and between Frank W. Getman Jr. and Great Bay Power Corporation.(4)|
|10.23||Incentive Stock Option Agreement, dated as of September 17, 1996, by and between Frank W. Getman Jr. and Great Bay Power Corporation.(5)|
|10.24|| Incentive Stock Option Agreement, dated July 30, 1999, by and between Frank W. Getman Jr. and BayCorp
SEC EDGAR Submission 0001012127-05-000009
www.sec.gov, 31 Mar 2005 [cached]
www.sec.gov, 3 April 2001 [cached]
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