Frank W. Getman Jr., BAYCORP HOLDINGS LTDs President and Chief Executive Officer, is currently a member of the Executive Committee.
... Patrycia T. Barnard 46 Vice President of Finance and Treasurer Frank W. Getman Jr. has served as Chief Executive Officer and President of BAYCORP HOLDINGS LTD since May 1998.Mr. Getman has served as Chairman of the Board since May 2000 and has served as Chief Operating Officer of BAYCORP HOLDINGS LTD from September 1996 to March 2000 and Vice President, Secretary and General Counsel of Great Bay from August 1995 to September 1996.From September 1991 to August 1995, Mr. Getman was an attorney with the law firm of Hale and Dorr LLP, Boston, Massachusetts.Mr. Getman holds J.D. and M.B.A. degrees from Boston College and a B.A. in Political Science from Tufts University. 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.
The fair value of the warrants was estimated using the Black Scholes valuation model with the following assumptions used: expected lives of 3 years, expected annualized volatility of 60%, annual rate of quarterly dividends of 0 and discount rate bond equivalent yield of 4%. 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; general intangibles; 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.
... 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) Table of Contents Exhibit 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