Document:

ex10_5.htm

Exhibit 10.5

 

AMENDMENT #1 TO EMPLOYMENT AGREEMENT

 

ePlus inc. (the “Company”), a Delaware corporation, and Steven J. Mencarini (the “Executive”) (collectively, “the Parties”) have previously entered into an Employment Agreement (the “Agreement”), effective September 30, 2009.  The Parties hereby agree to this Amendment #1 (“Amendment #1”)

 

1.           Paragraph 2(b) of the Agreement shall be replaced in its entirety with the following:

 

(b) “Employment Term” shall be the period from the date of the last signature below through and including September 30, 2011.

 

2.           The last sentence of Section 5(b) shall be replaced with the following:

 

In no event will any bonus earned under this Section 5(b) be paid later than the next December 31st following the fiscal year in which the bonus was earned, unless calculation of the bonus is not administratively practicable by that date, and further delay would not violate Code Section 409A.

 

3.           Subsection 7(c)(5) shall be added which reads as follows:

 

              (5)           Any release and certification required from the Executive under the first paragraph of this Section 7(c) shall be on the form attached as Exhibit 1 unless the Company has provided Executive a different form on or before his termination of employment.  The applicable release and certification must be signed and returned by Executive to the Company within twenty one (21) days of the date of termination of employment and not revoked in order for Executive to be entitled to payments under Section 7(c).  Except as provided by subsection 7(c)(4), provided the requirements of this subsection are met, any lump sum payment due Executive under subsection 7(c)(1), (2),  or (3) shall be paid on the last day of the thirty (30) day, sixty (60) day or other applicable period in which the Company may make such payment in compliance with the applicable provision.

 

4.           Sample Release and Certification

 

The Sample Release included as Exhibit 1 to the Agreement shall be amended to include the following as the penultimate sentence:

 

Employee hereby certifies he has complied with Sections 8, 9, 10, 11 and 12 of his Employment Agreement (confidentiality, intellectual property, non-compete, non-solicit, conflict of interest and return of property provisions).

 

No other provision of the Agreement is affected by this Amendment #1.

 

 

	
/s/ Phillip G. Norton 

	 	
/s/ Steven J. Mencarini

	 
	
Phillip G. Norton

	 	
Steven J. Mencarini

	 
	
Chief Executive Officer

	 	
Senior Vice President, Business Operations

	 
	
Date: September 16, 2010

	 	
Date: September 14, 2010QuickLinks
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  Exhibit 10.1    
    

 EXECUTION VERSION  

 The DIRECTV Group, Inc.
  2230 East Imperial Highway

El Segundo, California 90245 

August 27,
2010

Globo
Comunicação e Participações S.A.

Avenida Afrãnio de Melo Franco, 135—Leblon

Rio de Janeiro, 22430-060

Brasil

Attn:    Mr. Jorge Nobrega

             Mrs. Rossana Fontenele 

Ladies
and Gentlemen: 

        Reference
is made to that certain Exchange Rights Agreement dated as of October 8, 2004 (the "Exchange Rights Agreement"), by and
among Globo Comunicações e Participações S.A. ("Globo"), The News Corporation Limited
and The DIRECTV Group, Inc. ("DIRECTV"), and the letter dated June 1, 2010 (the "Globo
Letter"), from Globo to DIRECTV. Capitalized terms used herein without definition shall have the meanings assigned thereto in the Exchange Rights Agreement. Globo and DIRECTV
are collectively referred to herein as the "Parties" and each a "Party." 

        WHEREAS,
pursuant to the Exchange Rights Agreement and the Globo Letter, Globo has submitted an Exchange Notice to DIRECTV in respect of 178,830,000 Exchange Shares as a result of which
each of DIRECTV and Globo has retained its respective Bank to appraise the value of the Exchange Shares; 

        WHEREAS,
the Parties desire to clarify and agree on certain matters related to the Valuations to be delivered pursuant to the Exchange Rights Agreement; 

        NOW,
THEREFORE, the Parties hereby agree as follows: 

        1.     The
term "enterprise value" in the Exchange Rights Agreement is hereby deleted and replaced by the term "equity value." 

        2.     If
the Valuation delivered by a Bank with respect to the Exchange Shares is presented as a range of values rather than a specific value, then the Valuation of such Bank
shall, for purposes of Sections 3.2.2.5(a), 3.2.2.5(b) and 3.2.2.5(e) of the Exchange Rights Agreement, be deemed to be the arithmetic mean of such range of values. 

        3.     Each
Party shall not, and shall instruct its respective Bank not to, (i) communicate or discuss, in writing or orally, with the Third Bank any matters relating to
the Valuations or the Company, and (ii) provide the Third Bank with any information regarding the Company or any valuation guidance relating to the Company, provided that, for the avoidance of
doubt, the Parties shall furnish the Third Bank with the complete Valuations in the form delivered by the Banks (provided that such complete Valuations shall be based as to information regarding the
Company solely on the Materials and the Banks' Materials Discussion), and the Parties shall have the right to participate in the Third Bank Materials Discussion. 

        4.     Notwithstanding
the requirement in Section 3.2.2.3 of the Exchange Rights Agreement that each Bank deliver its Valuation not later than 20 Business Days after the
Start Date, each party hereto acknowledges and agrees that each Bank shall deliver its Valuation to the Parties not later than August 30, 2010. 

 

        This
letter agreement is executed, and shall be considered, as an amendment to the Exchange Rights Agreement as applied between the parties hereto and shall form a part thereof.
From and after the date hereof, all references, as applied between the parties hereto, in the Exchange Rights Agreement to "this Agreement," "hereunder," "hereof" or words of like import referring to
the Exchange Rights Agreement shall be deemed to be references to the Exchange Rights Agreement as modified hereby. This letter agreement together with the Exchange Rights Agreement contain the entire
understanding of the parties hereto with respect to the subject matter contained herein; there are no restrictions, promises, warranties, covenants, or undertakings, other than those expressly
provided for herein and therein. 

        This
letter agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and performed in such State. 

        This
letter agreement will be binding upon and inure solely to the benefit of the parties hereto and their respective successors and assigns, and nothing in this letter agreement,
expressed or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this letter agreement. Neither
this letter agreement nor any right, interest or obligation under this letter agreement may be assigned by any party to this letter agreement without the prior written consent of the other parties
hereto and any attempt to do so will be void. 

        This
letter agreement may be executed in any number of counterparts and by the different parties on separate counterparts, each of which counterparts when executed and delivered shall be
an original, but all of which shall together constitute one and the same instrument. 

[The remainder of this page is left blank intentionally]

2

 

        If
the foregoing is in accordance with Globo's understandings and agreements with DIRECTV, please sign and return the duplicate of this letter agreement enclosed herewith, whereupon this
letter agreement shall constitute a binding agreement between Globo and DIRECTV with respect to the matters set forth herein. 

 

 

					
	 
	 	Very truly yours,
	 
	 	  The DIRECTV Group, Inc.

	 
	 	 By:
	 	 /s/ J. WILLIAM LITTLE

  J. William Little
	 
	 	 Name:
	 	 J. William Little

	 
	 	Title:	 	SVP

 

 Accepted
and Agreed to be effective as of the date first written above. 

Globo Comunicação e Participacções S.A.

 

 

					
	 By:
	 	/s/ ROSSANA FONTENELE BERTO/SERGIO MARQUES

 	 	 
	 
	 	 Name:    Rossana Fontenele Berto/Sergio Marques

Title:
	 	 

 

 cc:

Globo
Comunicação e Participações S.A.

Avenida Afrãnio de Melo Franco, 135—Leblon

Rio de Janeiro, RJ 22430-060

Attn: Mr. Antõnio Clãudio Ferreira Neto, General Legal Counsel

Fax: +55-21-2540-4490

Debevoise &
Plimpton LLP

919 Third Avenue, NY 10022

Attn: Mr. Michael Gillespie

Fax: +1-212-521-7463

3

QuickLinks

Exhibit 10.1Exhibit 10.1

 

NON-EMPLOYEE DIRECTORS-INITIAL
GRANT

 

UNITED ONLINE, INC.

 

RESTRICTED STOCK UNIT ISSUANCE
AGREEMENT

 

RECITALS

 

A.            The Board has adopted the
Plan for the purpose of retaining the services of selected Employees and
consultants, non-employee Board members and other independent advisors who
provide services to the Corporation (or any Parent or Subsidiary).

 

B.            Participant is a member of
the Board, and this Agreement is executed pursuant to, and is intended to carry
out the purposes of, the Plan in providing a meaningful incentive for the
Participant to continue to serve as a Board member.

 

C.            All capitalized terms in
this Agreement shall have the meaning assigned to them in the attached Appendix A.

 

NOW, THEREFORE, it is hereby agreed as follows:

 

1.             Grant
of Restricted Stock Units.  The Corporation hereby awards to the
Participant, as of the Award Date, Restricted Stock Units under the Plan. Each
Restricted Stock Unit represents the right to receive one share of Common Stock
on the applicable issuance date following the vesting of that unit. The number
of shares of Common Stock subject to the awarded Restricted Stock Units, the
applicable vesting schedule for those shares, the dates on which those vested
shares shall become issuable to Participant and the remaining terms and
conditions governing the award (the “Award”) shall be as set forth in this
Agreement.

 

AWARD SUMMARY

 

Award Date:                          <Award Date>

 

Number
of Shares

Subject to Award:                <# of Shares
Awarded> shares of Common Stock (the “Shares”)

 

Vesting Schedule:                The Shares
shall vest in a series of three (3) successive equal annual installments
upon Participant’s completion of each year of service as a Board member over
the three (3)-year period measured from the Award Date. Such vesting schedule
is hereby designated the “Normal Vesting Schedule” for such Shares. Should any
scheduled vesting date under the Normal Vesting Schedule otherwise occur on a
date on which the Common Stock is not traded on the Stock Exchange serving as
the primary market for the Common Stock, then that vesting date shall instead
be deemed to occur on the last day prior to such scheduled vesting date on
which the Common Stock is so traded. The Shares shall also be subject to
accelerated vesting in whole or in part in accordance with the provisions of
Paragraphs 4 and 6 of this Agreement.

 

 

Issuance Schedule               Each Share in which the
Participant vests in accordance with the foregoing vesting provisions shall be
issued in compliance with the short-term deferral exception to Section 409A
of the Code. Accordingly, each Share in which the Participant vests in
accordance with the Normal Vesting Schedule shall be issued on the applicable
vesting date for that Share or as soon thereafter as administratively
practicable, but in no event later than the close of the calendar year in which
that vesting date occurs or (if later) the fifteenth day of the third calendar
month following such vesting date. The Shares which vest pursuant to Paragraph
4 or Paragraph 6 of this Agreement shall be issued in accordance with the
provisions of the applicable Paragraph. The date on which each Share is to be
issued in accordance with the foregoing is hereby designated the “Issuance
Date” for that Share.

 

2.             Limited
Transferability.  Prior to
actual receipt of the Shares which vest hereunder, the Participant may not
transfer any interest in the Award or the underlying Shares. Any Shares which
vest hereunder but which otherwise remain unissued at the time of the
Participant’s death may be transferred pursuant to the provisions of the
Participant’s will or the laws of inheritance or to the Participant’s
designated beneficiary or beneficiaries of this Award. The Participant may also
direct the Corporation to re-issue the stock certificates for any Shares which
in fact vest and become issuable under the Award during his or her lifetime to
one or more designated family members or a trust established for the
Participant and/or his or her family members. The Participant may make such a
beneficiary designation or certificate directive at any time by filing the
appropriate form with the Plan Administrator or its designee.

 

3.             Cessation
of Service.  Except as
otherwise provided in Paragraphs 4 and 6 below, should the Participant cease to
serve as a Board member for any reason prior to vesting in the Shares subject
to this Award, then the awarded Restricted Stock Units will be immediately
cancelled with respect to those unvested Shares, and the Participant shall
thereupon cease to have any right or entitlement to receive any Shares under
those cancelled units.

 

4.             Accelerated
Vesting.

 

(a)           Should the Participant cease to serve as a Board
member by reason of death or Permanent Disability, then all the Shares at the
time subject to this Award shall immediately vest in full.

 

(b)           The Shares to which the Participant becomes entitled
pursuant to the vesting provisions of Paragraph 4(a) shall be issued on
the date the Participant ceases to serve as a Board member or as soon as
administratively practicable thereafter, but in no event later than the close
of the calendar year in which the Participant ceases to serve as a Board member
or (if later) the fifteenth (15th) day of the third (3rd) calendar month
following the date the Participant ceases to serve as a Board member.

 

5.             Stockholder
Rights and Dividend Equivalents

 

(a)           The holder of this Award
shall not have any stockholder rights, including voting or dividend rights,
with respect to the Shares subject to the Award until the Participant becomes
the record holder of those Shares following their actual issuance.

 

2

 

(b)           Notwithstanding the
foregoing, should any dividend or other distribution, whether regular or
extraordinary, payable in cash or other property (other than shares of Common
Stock) be declared and paid on the outstanding Common Stock while one or more
Shares remain subject to this Award (i.e., those Shares are not otherwise
issued and outstanding for purposes of entitlement to the dividend or
distribution), then the following provisions shall govern the Participant’s
interest in that dividend or distribution:

 

(i)            If the dividend is a regularly-scheduled cash
dividend on the Common Stock, then the Participant shall be entitled to a
current cash distribution from the Corporation equal to the cash dividend the
Participant would have received with respect to the Shares at the time subject
to this Award had those Shares actually been issued and outstanding and
entitled to that cash dividend. Each cash dividend equivalent payment under
this subparagraph (i) shall be paid within five (5) business days
following the payment of the actual cash dividend on the outstanding Common
Stock.

 

(ii)           For any other dividend or distribution, a special
book account shall be established for the Participant and credited with a
phantom dividend equivalent to the actual dividend or distribution which would
have been paid on the Shares at the time subject to this Award had they been
issued and outstanding and entitled to that dividend or distribution.  As the Shares subsequently vest hereunder, the
phantom dividend equivalents so credited to those Shares in the book account
shall also vest, and those vested dividend equivalents shall be distributed to
the Participant (in the same form the actual dividend or distribution was paid
to the holders of the Common Stock entitled to that dividend or distribution)
concurrently with the issuance of the vested Shares to which those phantom
dividend equivalents relate.  In no event,
however, shall any such phantom dividend equivalents vest or become
distributable unless the Shares to which they relate vest in accordance with
the terms of this Agreement.

 

6.             Change
in Control.  Any
Restricted Stock Units subject to this Award at the time of a Change in Control
shall vest in full immediately prior to the consummation of that Change in
Control.  The Shares subject to those
vested units shall be converted into the right to receive for each such Share
the same consideration per share of Common Stock payable to the other stockholders
of the Corporation in consummation of that Change in Control, and such
consideration shall be distributed to Participant on the effective date of such
Change in Control or as soon as administratively practicable thereafter, but in
no event later than three (3) business days following such effective date.

 

7.             Adjustment
in Shares.  Should any
change be made to the Common Stock by reason of any stock split, stock
dividend, recapitalization, combination of shares, exchange of shares, spin-off
transaction or other change affecting the outstanding Common Stock as a class
without the Corporation’s receipt of consideration, or should the value of the
outstanding shares of Common Stock be substantially reduced as a result of a
spin-off transaction or an extraordinary dividend or distribution, or should
there occur any merger, consolidation or other reorganization, then equitable
and proportional adjustments shall be made by the Plan Administrator to the
total number and/or class of securities issuable pursuant to this Award in
order to reflect such change. In making such
equitable and proportional adjustments, the Plan Administrator shall
take into account any amounts to be credited to Participant’s book account
under Paragraph 5(b) in connection with the transaction, and the
determination of the Plan Administrator shall be final, binding and
conclusive.  In the event of a Change in
Control, the provisions of Paragraph 6 shall be controlling.

 

3

 

8.             Issuance
of Shares of Common Stock.

 

(a)           On each applicable Issuance
Date for the Shares which vest in accordance with the provisions of this
Agreement, the Corporation shall issue to or on behalf of the Participant a
certificate (which may be in electronic form) for the vested shares of Common
Stock to be issued on such date and shall concurrently distribute to the
Participant any accrued phantom dividend equivalents with respect to those
vested Shares.

 

(b)           Except as otherwise provided
in Paragraph 6, the settlement of all Restricted Stock Units which vest under
the Award shall be made solely in shares of Common Stock.  No fractional share of Common Stock shall be
issued pursuant to this Award, and any fractional share resulting from any
calculation made in accordance with the terms of this Agreement shall be
rounded down to the next whole share of Common Stock.

 

9.             Compliance
with Laws and Regulations. The issuance of shares of
Common Stock pursuant to the Award shall be subject to compliance by the
Corporation and Participant with all applicable requirements of law relating
thereto and with all applicable regulations of the Stock Exchange on which the
Common Stock is listed for trading at the time of such issuance.

 

10.           Notices.  Any notice required to be given or delivered
to the Corporation under the terms of this Agreement shall be in writing and
addressed to the Corporation at its principal corporate offices, and directed
to the attention of Stock Plan Administrator. 
Any notice required to be given or delivered to Participant shall be in
writing and addressed to Participant at the address on record with the
Corporation.  An email to the email
address of Participant on record with the Corporation shall be deemed written
notice.  All notices shall be deemed
effective upon personal delivery, upon sending of an email or upon deposit in
the U.S. mail, postage prepaid and properly addressed to the party to be
notified.

 

11.           Governing Law.  The interpretation, performance and
enforcement of this Agreement shall be governed by the laws of the State of
California without resort to that State’s conflict-of-laws rules.

 

12.           Successors and Assigns.  Except to the extent otherwise provided in
this Agreement, the provisions of this Agreement shall inure to the benefit of,
and be binding upon, the Corporation and its successors and assigns and
Participant, Participant’s assigns, the legal representatives, heirs and
legatees of Participant’s estate and any beneficiaries of the Award designated
by Participant.

 

13.           Construction.  This Agreement and the Award evidenced hereby
are made and granted pursuant to the Plan and are in all respects limited by
and subject to the terms of the Plan. 
All decisions of the Plan Administrator with respect to any question or
issue arising under the Plan or this Agreement shall be conclusive and binding
on all persons having an interest in the Award.

 

14.           No Impairment of Rights.  Nothing in this Agreement shall in any way
affect the right of the Corporation to adjust, reclassify, reorganize or
otherwise make changes in its capital or business structure or to merge,
consolidate, dissolve, liquidate or sell or transfer all or any part of its
business or assets.  In addition, this
Agreement shall not in any way be construed or interpreted so as to affect adversely
or otherwise impair the right of the Corporation or the stockholders to remove
Participant from the Board at any time in accordance with the provisions of
applicable law.

 

4

 

15.           Code Section 409A.  It is the intention of the parties that the
provisions of this Agreement comply with the requirements of the short-term
deferral exception of Section 409A of the Code and Treasury Regulations Section 1.409A-1(b)(4).  Accordingly, to the extent there is any
ambiguity as to whether one or more provisions of this Agreement would
otherwise contravene the requirements or limitations of Code Section 409A
applicable to such short-term deferral exception, then those provisions shall
be interpreted and applied in a manner that does not result in a violation of
the requirements or limitations of Code Section 409A and the Treasury
Regulations thereunder that apply to such exception.

 

IN WITNESS WHEREOF, the parties have executed
this Agreement on the day and year first indicated above.

 

	
   

  	
  UNITED
  ONLINE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Mark
  R. Goldston

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:
  

  	
  Chairman,
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PARTICIPANT

  
	
   

  	
   

  
	
   

  	
  Name:
  <Participant Name>

  
	
   

  	
   

  
	
   

  	
  Signature:

  

 

5

 

APPENDIX

 

The following definitions shall be in effect under the Agreement:

 

A.            Agreement shall mean
this Restricted Stock Unit Issuance Agreement.

 

B.            Award shall mean the
award of restricted stock units made to the Participant pursuant to the terms
of this Agreement.

 

C.            Award
Date shall mean the date the restricted stock units are
awarded to Participant pursuant to the Agreement and shall be the date
indicated in Paragraph 1 of the Agreement.

 

D.            Board shall mean the
Corporation’s Board of Directors.

 

E.             Change
in Control shall mean a change in ownership or control of the
Corporation effected through any of the following transactions:

 

(i)    the closing of a merger,
consolidation or other reorganization approved by the Corporation’s
stockholders in which a change in ownership or control of the Corporation is
effected through the acquisition by any person or group of persons comprising a
“group” within the meaning of Rule 13d-5(b)(1) of the 1934 Act (other
than the Corporation or a person that, prior to such transaction, directly or
indirectly controls, is controlled by or is under common control with, the
Corporation) of beneficial ownership (within the meaning of Rule 13d-3 of
the 1934 Act) of securities possessing more than fifty percent (50%) of the
total combined voting power of the Corporation’s outstanding securities (as
measured in terms of the power to vote with respect to the election of Board
members),

 

(ii)   the closing of a sale,
transfer or other disposition of all or substantially all of the Corporation’s
assets,

 

(iii)  the closing of any
transaction or series of related transactions pursuant to which any person or
any group of persons comprising a “group” within the meaning of Rule 13d-5(b)(1) of
the 1934 Act (other than the Corporation or a person that, prior to such
transaction or series of related transactions, directly or indirectly controls,
is controlled by or is under common control with, the Corporation) acquires
directly or indirectly (whether as a result of a single acquisition or by reason
of one or more acquisitions within the twelve (12)-month period ending with the
most recent acquisition) beneficial ownership (within the meaning of Rule 13d-3
of the 1934 Act) of securities possessing more than fifty percent (50%) of the
total combined voting power of the Corporation’s securities (as measured in
terms of the power to vote with respect to the election of Board members)
outstanding immediately after the consummation of such transaction or series of
related transactions, whether such transaction involves a direct issuance from
the Corporation or the acquisition of outstanding securities held by one or
more of the Corporation’s existing stockholders,

 

A-1

 

(iv)  a merger, recapitalization,
consolidation, or other transaction to which the Corporation is a party or a
sale, transfer or other disposition of all or substantially all of the
Corporation’s assets if, in either case, the members of the Board immediately
prior to consummation of the transaction do not, upon consummation of the
transaction, constitute at least a majority of the board of directors of the
surviving entity or the entity acquiring the Corporation’s assets, as the case
may be, or a parent thereof, or

 

(v)   a change in the composition
of the Board over a period of thirty-six (36) consecutive months or less such
that a majority of the Board members ceases by reason of one or more contested
elections for Board membership to be comprised of individuals who either (A) have
been Board members continuously since the beginning of such period or (B) have
been appointed or nominated for election as Board members during such period by
at least a majority of the Board members described in clause (A) who were
still in office at the time the Board approved such appointment or nomination.

 

F.             Code shall mean the
Internal Revenue Code of 1986, as amended.

 

G.            Common
Stock shall mean shares of the Corporation’s common
stock.

 

H.            Corporation shall mean
United Online, Inc., a Delaware corporation, and any successor corporation
to all or substantially all of the assets or voting stock of United Online, Inc.
which shall by appropriate action adopt the Plan.

 

I.              1934
Act shall mean the Securities Exchange Act of 1934, as amended from time
to time.

 

J.             Participant shall mean the
person to whom the Award is made pursuant to the Agreement.

 

K.            Plan shall mean the
Corporation’s 2010 Incentive Compensation Plan, as amended and restated from
time to time.

 

L.             Plan
Administrator shall mean either the Board or a committee of the
Board acting in its capacity as administrator of the Plan.

 

M.           Permanent
Disability shall mean the inability of Participant to perform
his or her usual duties as a member of the Board by reason of any medically
determinable physical or mental impairment which is expected to result in death
or has lasted or can be expected to last for a continuous period of twelve (12)
months or more.

 

N.            Stock
Exchange shall mean the American Stock Exchange, the Nasdaq
Global or Global Select Market or the New York Stock Exchange.

 

A-2

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