Document:

EX-10(DD)

 

Exhibit 10(dd)

Summary of Compensation for Directors of The Scotts Miracle-Gro Company

Annual Retainer; Reimbursement of Expenses

Each director of The Scotts Miracle-Gro Company (“Scotts Miracle-Gro”) who is not an employee of
Scotts Miracle-Gro or its subsidiaries (a “non-employee director”) receives a $40,000 annual
retainer for Scotts Miracle-Gro Board of Directors and Board committee meetings. Each member of the
Audit Committee of Scotts Miracle-Gro’s Board of Directors receives an additional $5,000 annually.
Annual retainers are pro-rated if a non-employee director is appointed by the Board of Directors
during the year. Non-employee directors receive reimbursement of all reasonable travel and other
expenses of attending Scotts Miracle-Gro Board of Directors and Board committee meetings.

Stock Units

Prior to January 26, 2006, non-employee directors were able to elect under The Scotts Miracle-Gro
Company 1996 Stock Option Plan (now known as The Scotts Miracle-Gro Company Amended and Restated
1996 Stock Option Plan) (the “1996 Plan”) and The Scotts Miracle-Gro Company 2003 Stock Option and
Incentive Equity Plan (now known as The Scotts Miracle-Gro Company Amended and Restated 2003 Stock
Option and Incentive Equity Plan) (the “2003 Plan”), to receive all or a portion, in 25%
increments, of their annual cash retainer in cash or in stock units. If stock units were elected,
the non-employee director received a number of stock units determined by dividing the chosen dollar
amount by the closing price of Scotts Miracle-Gro’s common shares on the New York Stock Exchange
(“NYSE”) on the first trading day following the date of the annual meeting of shareholders of
Scotts Miracle-Gro for which the deferred value of the annual cash retainer otherwise would have
been paid. The terms of the stock units and their settlement are set forth in the 1996 Plan and the
2003 Plan, as applicable.

 

 

Following
the approval of The Scotts Miracle-Gro Company 2006 Long-Term Incentive Plan (now known
as The Scotts Miracle-Gro Company Amended and Restated 2006 Long-Term Incentive Plan) (the “2006
Plan”) by the shareholders of Scotts Miracle-Gro on
January 26, 2006, the non-employee directors have had the opportunity to elect, under the 2006 Plan, to receive all
or a portion (in 25% increments) of their 2007 and 2006 annual cash retainer in cash or in stock
units. If stock units were elected, the non-employee director received a number of stock units
determined by dividing the chosen dollar amount by the closing price of Scotts Miracle-Gro’s common
shares on NYSE on the first trading day following the date of the annual meeting of shareholders of
Scotts Miracle-Gro for which the deferred value of the annual cash retainer otherwise would have
been paid. Final distributions in respect of stock units are to be made in cash or common shares,
as elected by the non-employee director, upon the date that the non-employee director ceases to be
a member of the Scotts Miracle-Gro Board of Directors, upon the date the non-employee director has
specified in his or her deferral form or upon a “change in control” (as defined in the 2006 Plan),
whichever is earliest. If stock units are to be settled in cash, the amount distributed will be
calculated by multiplying the number of stock units to be settled in cash by the fair market value
of Scotts Miracle-Gro’s common shares. If stock units are to be settled in common shares, the
number of common shares distributed will equal the whole number of stock units to be settled in
common shares, with the fair market value of any fractional stock units distributed in cash.
Distributions may be made either in a lump sum or in installments over a period of up to ten years,
as elected by the non-employee director. However, upon a change in control, each outstanding stock
unit held by a non-employee director will be settled for a lump sum cash payment equal to the
change in control price per common share.

Non-Qualified Stock Options

Prior to January 26, 2006, individuals then serving as non-employee directors automatically
received an annual grant, on the first business day following the date of each annual meeting of
shareholders of Scotts Miracle-Gro, of non-qualified stock options (“NSOs”) to purchase 10,000
common shares at an exercise price equal to the fair market value of the Scotts Miracle-Gro common
shares on the grant date. Non-employee directors who were members of one or more committees of the
Scotts Miracle-Gro Board of Directors received NSOs to purchase an additional 1,000 common shares
for each committee on which they served. Additionally, non-employee directors who chaired a
committee received NSOs to purchase an additional 2,000 common shares for each committee they
chaired. These NSOs were granted under the 1996 Plan or the 2003 Plan. Since the approval of the
2006 Plan, no further automatic grants have been or will be made under the 1996 Plan or the 2003
Plan.

Grants of NSOs to directors under the 2006 Plan are discretionary. On January 26, 2007, consistent
with the automatic grants which had previously been

 

 

made under the 1996 Plan and the 2003 Plan, each of the individuals then serving as a non-employee
director of Scotts Miracle-Gro received a grant of NSOs to purchase 10,000 common shares of Scotts
Miracle-Gro. Non-employee directors who were members of one or more committees of the Board of
Directors received NSOs to purchase an additional 1,000 common shares for each committee on which
they served. Additionally, non-employee directors who chaired a committee received NSOs to purchase
an additional 2,000 common shares for each committee they chaired. Each of the NSOs granted on
January 26, 2007 has an exercise price $53.15, the closing price of Scotts
Miracle-Gro’s common shares on NYSE on the grant date. The NSOs granted to the non-employee
directors then serving on January 26, 2007 will vest and become exercisable on January 26, 2008.

Once vested, NSOs remain exercisable until the earlier to occur of the tenth anniversary of the
grant date or the first anniversary of the date the non-employee director ceases to be a member of
Scotts Miracle-Gro’s Board of Directors. However, if the non-employee director ceases to be a
member of the Scotts Miracle-Gro Board of Directors after having been convicted of, or pled guilty
or nolo contendere to, a felony, his or her NSOs will be cancelled on the date he or she ceases to
be a director. If the non-employee director ceases to be a member of the Scotts Miracle-Gro Board
of Directors after having retired after serving at least one full term, his or her NSOs will remain
exercisable for a period of five years following retirement subject to the stated terms of the
NSOs.

Upon a change in control of Scotts Miracle-Gro, each non-employee director’s outstanding NSOs
granted under the 2003 Plan or the 2006 Plan will be cancelled, unless (a) Scotts Miracle-Gro’s
common shares remain publicly traded, (b) the non-employee director remains a director of Scotts
Miracle-Gro after the change in control or (c) the non-employee director exercises, with the
permission of the Compensation and Organization Committee (in the case of NSOs granted under the
2003 Plan) or the Board of Directors (in the case of NSOs granted under the 2006 Plan), the
non-employee director’s outstanding NSOs within 15 days of the date of the change in control. In addition, each
non-employee director’s outstanding NSOs granted under the 1996 Plan will be cancelled unless the
non-employee director exercises, with the permission of the Compensation and Organization
Committee, the non-employee director’s outstanding NSOs within 15 days of the date of the change in
control. For each cancelled NSO, a non-employee director will receive cash in the amount of, or
common shares having a value equal to, the difference between the change in control price per
common share and the exercise price per common share associated with the cancelled NSO.exv10w24

 

Exhibit 10.24

AMENDMENT NO. 1

TO

INVESTMENT AGREEMENT

     Amendment No. 1 to Investment Agreement, dated effective September 26, 2007 (this
“Amendment No. 1”), by and between Teknik Digital Arts, Inc., a Nevada corporation (the
“Company”), and Dutchess Private Equities Fund, Ltd., a Cayman Islands exempted company
(“Investor”). The Company and Investor are sometimes collectively referred to herein as
the “parties.”

     WHEREAS, the parties previously entered into that certain Investment Agreement, dated as of
April 27, 2007 (the “Original Investment Agreement”);

     WHEREAS, the parties desire to amend the Original Investment Agreement to correct and clarify
certain terms therein;

     NOW, THEREFORE, in consideration of the foregoing recitals, which shall be considered an
integral part of this Amendment No. 1, the covenants and agreements set forth hereafter, and other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
Company and the Investor hereby agree as follows:

     1. Section 2(G) is hereby amended by deleting the reference to “seven (7) Trading Days” in
the first sentence of that provision and replacing it with “five (5) Trading Days.”

     2. Section 2(J) is hereby deleted and replaced in its entirety as follows:

          (J) LIMITATION ON AMOUNT OF OWNERSHIP. Notwithstanding anything to the contrary in this
Agreement, in no event shall the Investor be required to purchase any Shares pursuant to any put if
that number of Shares, which when added to the sum of the number of shares of Common Stock
beneficially owned (as such term is defined under Section 13(d) of Rule 13d-3 of the 1934 Act), by
the Investor, would exceed 4.99 % of the number of shares of Common Stock outstanding on the
Closing Date, as determined in accordance with Rule 13d-l U) of the 1934 Act.

	 	 	 	 	 
	 	DUTCHESS PRIVATE EQUITIES FUND, LTD.

 	 
	 	By:  	/s/
Douglas H. Leighton	 
	 	 	Douglas H. Leighton, Director 	 
	 
	 	TEKNIK DIGITAL ARTS, INC.

 	 
	 	By:  	/s/
John Ward	 
	 	 	John Ward, Chief Executive Officer

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