Document:

Exhibit 10.76

 

 

2006 EXECUTIVE OFFICER BONUS PLAN

 

The proposed bonus plan covers executive
officers.

 

The basis for the bonus plan is the XXXXXXX
per the plan presented to the Board of Directors on Nov. 10, 2005 (the 2006
Plan).  The payout will be linear up to
XXX% of the XXXXXXXXXXXXXXX in the 2006 Plan, so XXX% of the bonus plan will be
paid at XXX% of the XXXXXXXXXXXXXXX in the 2006 plan.  From XXX% of the XXXXXXXXXXXXXXX in the 2006
Plan up to XXX% of the XXXXXXXXXXXXXXX in the plan, the payout will increase
linearly from 100% of the bonus plan to 200% of the bonus plan.  The plan is capped at 200%. The actual bonus
payments under such awards may, at the discretion of the Compensation
Committee, be less than or greater than the target amounts, depending on the
Corporation’s business performance, and performance of individuals, regardless
of whether the goals upon which such bonuses are based are achieved.

 

The distribution for the proposed bonus plan
is contained in the Table below.

 

	
  Title

  Executive Officers

  	
   

  	
  Name

  	
   

  	
  2006 Base

  	
   

  	
  2006 Bonus

  	
   

  
	
  Pres. & CEO

  	
   

  	
  Ofer Gneezy

  	
   

  	
  208,000

  	
   

  	
  400,000

  	
   

  
	
  Exec. Vice President

  	
   

  	
  Gordon VanderBrug

  	
   

  	
  187,000

  	
   

  	
  360,000

  	
   

  
	
  SVP Finance & CFO

  	
   

  	
  Richard Tennant

  	
   

  	
  185,000

  	
   

  	
  200,000

  	
   

  
	
  SVP Engr. & Operations

  	
   

  	
  Paul Floyd

  	
   

  	
  185,000

  	
   

  	
  200,000

  	
   

  
	
  SVP, Retail

  	
   

  	
  Tim Enright

  	
   

  	
  180,000

  	
   

  	
  90,000

  	
   

  
	
  SVP, Worldwide Sales

  	
   

  	
  Dan Powdermaker

  	
   

  	
  154,500

  	
   

  	
  81,000

  	
   

  

 

 

These bonuses will be accrued XXXXX.  It will be paid at the end of the year.  The 2006 Plan includes the accrual for the
proposed bonuses.

 

As with the entire employee population, a
small Corporation match for the 401K plan is proposed.  The proposal is for 2% match.Exhibit 10.1A

 

INSIGHT
COMMUNICATIONS COMPANY, INC.

1999
EQUITY INCENTIVE PLAN

 

RESTRICTED
SHARES AND DEFERRED STOCK

AWARD AGREEMENT

 

AGREEMENT,
dated as of               
20   (“Grant Date”), between Insight Communications Company, Inc.,
a Delaware corporation (the “Company”), and               
(the “Grantee”).

 

W I T N E S S E T H:

 

WHEREAS,
the Board of Directors of the Company (the “Board”) has adopted the Insight
Communications Company, Inc. 1999 Equity Incentive Plan, as amended (the “Plan”),
which Plan authorizes the grant of restricted shares of the Company’s common
stock, $.01 par value (“Common Stock”), as well as the grant of deferred shares
of Common Stock, to directors, officers, employees and consultants of the
Company or any of its affiliates; and

 

WHEREAS,
the Company, upon the authorization and direction of the Committee, has
determined that it would be in the best interests of the Company to grant the
restricted shares and to permit the Grantee to receive all or a portion of such
restricted shares in the form of deferred stock as documented herein.

 

NOW,
THEREFORE, the parties hereto hereby agree as follows:

 

1.                                       Grant of Restricted Shares and Deferred Stock.  Subject
to the terms and conditions of the Plan and as set forth herein, the Company
hereby grants to the Grantee, as of the date hereof,           
shares of Class A Common Stock,          
shares of which Grantee hereby elects to receive in the form of Deferred Stock
and the remaining shares of which shall be granted in the form of Restricted
Shares.

 

2.                                       Transfer Restrictions.  Neither
the Restricted Shares nor the Deferred Stock may be assigned, alienated,
pledged, attached, sold or otherwise transferred or encumbered by the Grantee,
and any purported assignment, alienation, pledge, attachment, sale, transfer or
encumbrance shall be void and unenforceable against the Company or any
subsidiary of the Company.  The
Restricted Shares and Deferred Stock shall be subject to a risk of forfeiture
upon the Grantee’s Termination of Employment (as defined in Section 6
below) until the end of the Vesting Date (as defined in Section 6 below).

 

3.                                       Stock Power and Delivery of Restricted Shares. 
Certificates representing the Restricted Shares will be held by the
Company for the Grantee until the Vesting Date. 
Upon

 

 

issuance of the Restricted Shares
in the Grantee’s name, the Grantee will be the holder of record of the
Restricted Shares and will have all rights of a shareholder with respect to
such shares (including the right to vote such shares at any meeting of
shareholders of the Company and the right to receive all dividends paid with
respect to such shares), subject only to the terms and conditions imposed by
this Agreement.  The Grantee agrees to
sign and deliver to the Company a stock power relating to the Restricted
Shares.

 

If any
Restricted Shares are forfeited hereunder at any time prior to the Vesting Date
of such Restricted Shares, appropriate officers of the Company shall direct the
transfer agent and registrar of the Company’s Common Stock to make appropriate
entries upon their records showing cancellation of the certificate or
certificates for such Restricted Shares.

 

Upon
vesting of any shares of Restricted Shares hereunder in accordance with Section 6
or Section 7 below, and the Grantee’s delivery to the Company of the
amount necessary to satisfy the Company’s federal, state and local employment
and income tax withholding obligation as provided in Section 11, the
Company shall cancel the stock power with respect to such vested Restricted
Shares and the Company shall deliver such shares to the Grantee.  Thereafter, such shares shall cease to be
Restricted Shares and shall be nonforfeitable and freely transferable, except
as provided in Section 11.

 

4.                                       Delivery of Common Stock in Settlement of Deferred
Stock.  The Company will deliver Common Stock
certificates to the Grantee in settlement of all vested shares of Deferred
Stock on the last business day of the week following the week of Grantee’s
Termination of Employment (the “Settlement Date”); provided that no such
delivery shall be made until the Grantee has delivered to the Company the
amount necessary for the Company to satisfy its federal, state and local
employment and income tax withholding obligation as provided in Section 11.

 

The Grantee shall have no right to receive the
Common Stock certificates in settlement of the Deferred Stock until the
Settlement Date and shall have no rights as a stockholder of the Company with
respect to the Deferred Stock until the Company delivers such Common Stock
certificates.  Upon issuance of
the shares of Common Stock in the Grantee’s name in settlement of the Deferred
Stock, the Grantee will be the holder of record of such Common Stock and will
have all rights of a shareholder with respect to such shares (including the
right to vote such shares at any meeting of shareholders of the Company and the
right to receive all dividends paid with respect to such shares).

 

5.                                       Dividend Equivalents on Deferred Stock.  Whenever
dividends are paid or distributions made with respect to shares of Common
Stock, the Grantee will be credited with Dividend Equivalents (as defined in
the Plan) with respect to the Deferred Stock credited to the Grantee as of the
record date for such dividend or distribution. 
Such Dividend Equivalents will credited to the Grantee in the form of
additional shares of Deferred Stock in a number determined by dividing the
aggregate value of such Dividend Equivalents by the fair market value of a
share of Common Stock at the payment date of the dividend or distribution
(rounding to the nearest whole number of shares).  The additional Deferred Stock credited to
Grantee

 

2

 

pursuant to this Section 5 will be subject to the
same vesting and delivery conditions that apply to the shares of Deferred Stock
with respect to which the Dividend Equivalents are issued.

 

6.                                       Vesting.  The number of shares set forth
below shall vest as of the “Vesting Dates” specified in the Table below,
provided that the Grantee has not had a Termination of Employment (as defined
below) prior to such Vesting Date.

 

	
  Vesting
  Date

  	
   

  	
  Number of Shares

  Vesting

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

The
number of Restricted Shares vesting as of any Vesting Date shall be the total
number of shares vesting as of such Vesting Date as set forth in the Table
above multiplied by a fraction the numerator of which is the total number of
Restricted Shares granted pursuant to Section 1 of this Agreement and the
denominator of which is the sum of the total number of Restricted Shares and
the total number of shares of Deferred Stock granted pursuant to Section 1
of this Agreement (with any fraction of a share rounded to the nearest whole
share).  The number of shares of Deferred
Stock vesting as of any Vesting Date shall be the total number of shares
vesting as of such Vesting Date as set forth in the Table above reduced by the
number of Restricted Shares vesting as of such Vesting Date.

 

For
purposes of this Agreement, the Grantee will have a “Termination of Employment”
on the date the Grantee ceases, for any or no reason, to provide services to
the Company or any of its subsidiaries in the capacity of an employee.  Except as provided in Section 7, if the
Grantee’s has a Termination of Employment prior to the Vesting Date, the
Grantee will immediately forfeit all remaining Restricted Shares and all
unvested shares of Deferred Stock, and all of the Grantee’s rights to and
interest in such remaining Restricted Shares and unvested Deferred Stock shall
terminate upon forfeiture without payment of any consideration.

 

7.                                       Acceleration of Vesting. 
Notwithstanding Section 6, upon the Grantee’s Termination of
Employment due to death or disability (within the meaning of Section 22(e)(3) of
the Internal Revenue Code of 1986, as amended (the “Code”)), all Restricted
Shares and all shares of Deferred Stock granted hereunder shall immediately
vest.

 

8.                                       No Special Employment Rights.  Neither
the granting nor the vesting of the Restricted Shares or Deferred Stock under
this Agreement shall be construed to confer upon the Grantee any right with
respect to the continuation of the Grantee’s employment by the Company (or any
affiliate of the Company) or interfere in any way with the right of the Company
(or any affiliate of the Company), subject to the terms of any separate
employment agreement to the contrary, at any time to terminate such employment
or to increase or decrease the compensation of the Grantee from the rate in
existence as of the date hereof.

 

3

 

9.                                       Investment Intent; Transfer Restrictions.  The
Grantee is acquiring the Restricted Shares (and will acquire any Common Stock
issued in settlement of the Deferred Stock) for the Grantee’s own account for
investment purposes only and not with a present view to, or for resale in
connection with, any distribution thereof, or any direct or indirect
participation in any such distribution, in whole or in part, within the meaning
of the Securities Act of 1933, as amended (the “Securities Act”).  No arrangement exists between the Grantee and
the Company and any other person regarding the resale or distribution of the
Restricted Shares (or any Common Stock to be delivered in settlement of the
Deferred Stock).  The Grantee understands
that the right to transfer Restricted Shares or unrestricted shares of Common
Stock obtained upon vesting of the Restricted Shares (or upon settlement of the
Deferred Stock) is not permitted absent registration under the Securities Act
or an exemption therefrom.

 

The
Company may, without liability for its good faith actions, place legend
restrictions upon the Restricted Shares or unrestricted Common Stock obtained
upon vesting of the Restricted Shares (or upon settlement of the Deferred
Stock) and issue “stop transfer” instructions requiring compliance with
applicable securities laws and the terms of the Restricted Shares.

 

10.                                 Amendment.  Subject to the terms and
conditions of the Plan, the Board or the committee appointed by the Board to
administer the Plan, whichever shall then have authority to administer the
Plan, may amend this Agreement with the consent of the Grantee when and subject
to such conditions as are deemed to be in the best interests of the Company and
in accordance with the purposes of the Plan.

 

11.                                 Tax Withholding.  Whenever any Restricted Shares
vest under the terms of this Agreement and whenever any Common Stock is
delivered in settlement of Deferred Stock under the terms of this Agreement
(each a “Taxable Event”), the Grantee must remit or, in appropriate cases,
agree to remit when due, the minimum amount necessary for the Company to
satisfy all of its federal, state and local withholding (including FICA) tax
requirements relating to such Taxable Event. 
The Committee may require the Grantee to satisfy these minimum
withholding tax obligations by any (or a combination) of the following means: (i) a
cash payment; (ii) withholding from compensation otherwise payable to the
Grantee; (iii) authorizing the Company to withhold from the shares of
Common Stock deliverable to the Grantee as a result of the vesting of
Restricted Shares or in settlement of Deferred Stock, as applicable, a number
of shares having a fair market value, as of the date the withholding tax
obligation arises, less than or equal to the amount of the withholding
obligation; or (iv) delivering to the Company unencumbered “Mature Shares”
(as defined below) of Common Stock having a fair market value, as of the date
the withholding tax obligation arises, less than or equal to the amount of the
withholding obligation.  The Company will
not deliver to the Grantee the shares of Common Stock otherwise deliverable to
the Grantee as a result of the vesting of Restricted Shares or in settlement of
Deferred Stock unless the Grantee remits (or in appropriate cases agrees to
remit) all withholding tax requirements relating to the Taxable Event.

 

The
term “Mature Shares” as used herein shall mean shares of Common Stock for which
the holder has good title, free and clear of all liens and encumbrances, and
which such holder

 

4

 

either (i) has held for at least six months or (ii) has
purchased on the open market.

 

12.                                 Notices.  Any communication or notice
required or permitted to be given hereunder shall be in writing, and, if to the
Company, to its principal place of business, attention: Secretary, and, if to
the Grantee, to the address as appearing on the records of the Company. Such
communication or notice shall be deemed given if and when (a) properly
addressed and posted by registered or certified mail, postage prepaid, or (b) delivered
by hand.

 

13.                                 Incorporation of Plan by Reference.  The
Deferred Stock and Restricted Shares are granted pursuant to the terms of the
Plan, the terms of which are incorporated herein by reference, and this
Agreement shall in all respects be interpreted in accordance with the terms of
the Plan.  Capitalized terms appearing
herein that are not otherwise defined shall have the respective meanings ascribed
thereto in the Plan.  The Board or the
Committee, whichever shall then have authority to administer the Plan, shall
interpret and construe the Plan and this Agreement, and their interpretations
and determinations shall be conclusive and binding upon the parties hereto and
any other person claiming an interest hereunder, with respect to any issue
arising hereunder or thereunder.

 

14.                                 Governing Law.  The validity, construction and
interpretation of this Agreement shall be governed by and determined in
accordance with the laws of the State of New York.

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
above written.

 

 

	
   

  	
  INSIGHT COMMUNICATIONS
  COMPANY, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GRANTEE:

  	
   

  	
   

  
	
   

  	
   

  	
  [Name of Grantee]

  
					

 

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