Exhibit 10.16
UST Sequence No. 669
UNITED STATES DEPARTMENT OF THE TREASURY
1500 Pennsylvania Avenue, NW
Washington, D.C. 20220
Ladies and Gentlemen:
Reference is made to that certain
Letter Agreement incorporating the Securities Purchase Agreement
– Standard Terms dated of as of the date of this letter
agreement (the “ Securities Purchase Agreement
”) between United States Department of Treasury (“
Investor ”) and the company named on the signature
page hereto (the “ Company ”). Capitalized terms
used but not defined herein shall have the meanings assigned to
them in the Securities Purchase Agreement.
The American Recovery and
Reinvestment Act of 2009, as it may be amended from time to time
(the “Act” ), includes provisions relating to executive
compensation and other matters that may be inconsistent with the
Securities Purchase Agreement, the Warrant and the Certificate[s]
of Designation (the “Transaction Documents”
). Accordingly, Investor and the
Company desire to confirm their understanding as
follows:
1. Notwithstanding
anything in the Transaction Documents to the contrary, in the event
that the Act or any rules or regulations promulgated thereunder are
inconsistent with any of the terms of the Transaction Documents,
the Act and such rules and regulations shall control.
2. For
the avoidance of doubt (and without limiting the generality of
Paragraph 1):
(a) the
provisions of Section 111 of the Emergency Economic Stabilization
Act of 2008, as amended by the Act or otherwise from time to time (
“EESA” ), shall apply to the Company;
(b) the
waiver to be delivered by each of the Company’s Senior
Executive Officers pursuant to Section 1.2(d)(v) of the Securities
Purchase Agreement shall, in addition, be deliver
