Document:

exv10w9

 

EXHIBIT 10.9

Keynote Systems, Inc.

SECURITIES REPURCHASE PLAN

     Pursuant to the authority (the “Board Authority”) granted by the Board of Directors of Keynote
Systems, Inc. (the “Purchaser”) at its meeting held January 21, 2005, the Purchaser was authorized
to repurchase up to 1 million shares of its common stock (the “Securities”).

	1.	 	The Purchaser hereby requests UBS Securities LLC (“UBS”) to act as its agent to purchase the
Securities pursuant to the plan described herein (the “Plan”). All purchases by UBS pursuant
to this Plan and all actions taken by the Purchaser in respect of the institution of this Plan
shall be subject to the provisions of the letter agreement between the Purchaser and UBS dated
January 25, 2005. The Purchaser agrees not to take, nor permit any person or entity under its
control to take, any action that could reasonably be expected to jeopardize the availability
of Rule 10b-18 (“Rule 10b-18”) under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) for the repurchases pursuant to the Plan.

	2.	 	If, following a request pursuant to Paragraph 1, UBS agrees in writing to purchase Securities
pursuant to the Plan:

	 	(a)	 	UBS shall conduct its purchase of Securities pursuant to this Plan on behalf
of the Purchaser until terminated in accordance with the provisions of the following
sentence. The Plan shall take effect of June 12 2006, and terminate on the earlier of
(i) the close of business on December 11, 2006, (ii) the date on which the Maximum
Amount (as defined below) of Securities have been purchased, (iii) the date on which
UBS terminates its appointment in accordance with the following sentence and (iv) the
date, if any, the Purchaser notifies UBS that the Purchaser’s outside counsel has
advised the Purchaser that repurchases under this Plan may violate an applicable law,
rule or regulation. UBS may terminate its appointment on written notice to the
Purchaser. Any termination under (iii) or (iv) shall be effective on the first
business day after the day on which the notice is given, provided that such
termination shall be effective when the notice is given if required by law. Such
written notice may be made by facsimile, as provided in Paragraph 2(l).
Notwithstanding termination, the Purchaser shall be solely responsible for any
purchases made by UBS on the Purchaser’s behalf prior to UBS’s receipt of such written
notice of termination.
	 
	 	(b)	 	The Purchaser will not give any instructions with respect to the execution of
this Plan to UBS and UBS will not take any instructions from the Purchaser, other than
as described in Paragraph 2(f) below. The Purchaser will not communicate any
non-public information to the [equities division – note the breadth of this
restriction needs to be considered on a case by case basis in light of the
relationships the Purchaser has with various ‘equities’ divisions, including ECM] of
UBS during the term of this Plan.
	 
	 	(c)	 	The Purchaser will notify UBS (i) of the intention on the part of any
affiliated purchaser, as defined in Rule 10b-18, of the Purchaser to purchase
Securities on any day if such purchase is to be effected otherwise than through UBS
pursuant to this Plan, and (ii) if the Purchaser is engaged in a distribution of
Securities within the meaning of Regulation M under the Exchange Act, and upon receipt
of such notification UBS shall refrain from purchasing any Securities hereunder on
such day. The Purchaser shall be solely responsible for any purchases made by UBS on
the Purchaser’s behalf prior to UBS’s receipt of such notification. Notwithstanding
this and the preceding paragraphs, if UBS receives a notice to terminate or suspend
purchases for any reason, UBS shall nevertheless be entitled to make, and the
Purchaser shall be solely responsible for, a purchase hereunder pursuant to a bid made
before such termination or suspension is to become effective.
	 
	 	(d)	 	On the date UBS agrees to purchase Securities pursuant to the Plan, the
Purchaser will be deemed to have given an irrevocable order to UBS to purchase, during
the period from June 12, 2006 until December 11, 2006 (inclusive), at then prevailing
prices and in accordance with the terms of this Plan and the letter agreement referred
to above, a maximum of 1,000,000 Securities at a price of $13.00 per share or less.
UBS shall be permitted to buy a block of stock that exceeds the applicable 10b-18
volume limits on any given day, provided that no other 10b-18 purchases are made and
the price does not exceed $11.50 per share.
	 
	 	 	 	UBS and the Purchaser intend that the purchase of Securities contemplated by this Plan
comply with the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act, and
shall be interpreted so as to comply with the requirements of Rule 10b5-1(c).
Accordingly, the Purchaser represents to UBS that as of the date of any initial
purchase under the plan pursuant to Paragraph 1, the Purchaser is not aware of material
non-public information with respect to the Purchaser or any of its securities,
including the Securities and is entering into this Plan in good faith and not as a part
of a plan or scheme to evade the prohibitions of Rule 10b5-1. The Purchaser
acknowledges that Rule 10b5-1 does not permit the Purchaser to (i) exercise any
influence over how, when or whether UBS effects purchases of the Securities
contemplated by this Plan or (ii) alter or deviate from this Plan or to change the
number of Securities, price or timing of the purchases of Securities contemplated
hereby.
	 
	 	 	 	Except as otherwise provided in this Plan, UBS shall determine, in its sole discretion,
the timing, amount, prices and manner of purchase of Securities during such period, so
long as such purchases are within the limits established by the Purchaser for such
period.
	 
	 	(e)	 	UBS shall provide confirmations of purchases of Securities to the Purchaser
promptly and to other persons as the Purchaser designates in writing. In addition UBS
shall provide reports of such transactions to the Purchaser or its designee as agreed
by the Purchaser and UBS.
	 
	 	(f)	 	The Purchaser shall pay for the Securities within three business days after
purchase. Purchased Securities will be held or delivered in accordance with the
Purchaser’s written instructions. The Purchaser agrees to pay to UBS a fee of $0.03
per share for Securities purchased pursuant to this Plan.
	 
	 	(g)	 	On the date the Purchaser makes a request pursuant to Paragraph 1, the
Purchaser will be deemed to represent and warrant to UBS that: this Plan and the
transactions contemplated by this Plan have been duly authorized by the Purchaser;
upon UBS’s agreement to purchase Securities pursuant to this Plan, this Plan is the
valid and binding agreement of the Purchaser, enforceable in accordance with its
terms; performance of the transactions contemplated herein will not violate any law,
rule,

 

 

	 	 	 	regulation, order, judgement or decree applicable to the Purchaser or conflict with or
result in a breach of or constitute a default under any agreement or instrument to
which the Purchaser is a party or by which it or any of its property is bound; no
governmental, administrative or official consent, approval, authorization, notice or
filing is required to perform the transactions contemplated herein; and it has publicly
disclosed its intention to institute the Plan for the acquisition of the Securities
contemplated hereby.
	 
	 	(h)	 	The Purchaser shall indemnify UBS and its affiliates and employees against
any liabilities or expenses (including reasonable attorney’s fees and disbursements),
or actions in respect of any liabilities or expenses, arising from or relating to the
services furnished pursuant to, or from any matter referred to in, this Plan
including, but not limited to, liabilities and expenses arising by reason of any
violation or alleged violation of any state or federal securities laws, except to the
extent such liabilities or expenses result from gross negligence or bad faith of UBS
or its affiliates. The Purchaser shall also promptly reimburse UBS and its affiliates
for all reasonable expenditures (including reasonable attorney’s fees and
disbursements) made to investigate, prepare or defend any action or claim in respect
of any such liability or expense, regardless of whether any litigation is pending or
threatened against UBS or its affiliates. The provisions of this paragraph shall
survive the termination of this Plan.
	 
	 	(i)	 	All communications and notices shall be in writing (including facsimile
transmissions) or confirmed in writing (including facsimile transmissions) and (unless
provided otherwise) shall be effective when received at the address specified below or
such other address designated by written notice to the other party:

	 	(i)	 	if to UBS, to it at:

UBS Securities LLC

677 Washington Blvd.

6th Floor Trading South

Stamford, CT 06901

Attn: Young Z. Kim

	 	(ii)	 	if to the Purchaser, to it at

Keynote Systems, Inc.

777 Mariners Island Boulevard

San Mateo, CA 94404

Attn: Drew Hamer — Chief Financial Officer

	 	(j)	 	Neither party may assign its rights and obligations under this Plan to any
other party, provided however that UBS may assign its rights and obligations under
this Plan to any affiliate of UBS.

	3.	 	Neither party shall refer to the other or any affiliate of the other in any public statement
or disclosure document without the prior consent of the other party or such affiliate.
	 
	4.	 	This Plan shall be governed by and construed in accordance with the law of the State of New
York (without giving effect to any provisions thereof relating to conflicts of law).

Dated: 6/8/06

Keynote Systems, Inc.

	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Andrew Hamer	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Name: Andrew Hamer	 	 	 	 	 	 	 	 
	Title: Chief Financial Officer	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	UBS Securities LLC	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Daniel Covatta
	 	 
	 	By:
	 	/s/ Richard Ryan
	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Name: Daniel Covatta	 	 	 	Name: Richard Ryan	 	 
	Title: Executive Director	 	 	 	Title: Associate Directorexv10w1

 

EXHIBIT 10.1

EXECUTIVE EMPLOYMENT CONTRACT

     THIS AGREEMENT made as of June 12, 2006 by and between PMC Commercial Trust, a Texas Real
Estate Investment Trust with its principal places of business in Dallas, Collin County, Texas,
hereinafter referred to as the “CORPORATION”, and Lance B. Rosemore, hereinafter referred to as
“EXECUTIVE”.

WITNESSETH THAT:

     In consideration of the promises herein contained, the parties hereto mutually agree as
follows:

     1. Employment: The Corporation hereby employs the Executive as its President and
Chief Executive Officer with such powers and duties as may be specified by the Board of Directors.
The Executive hereby accepts employment upon the terms and conditions as hereinafter set forth.

     2. Term: Subject to the provisions for termination as hereinafter provided, the term
of this Agreement shall begin immediately and shall terminate on the earlier of (i) the Executive’s
seventieth (70th) birthday or (ii) June 30, 2009 or such later date as determined by the
Board of Directors (the “Term”). The Term of this Executive Employment Contract may be extended
annually by the Board of Directors.

     3. Compensation: For all services rendered by the Executive under this contract, the
Executive shall be paid an annual salary at a minimum at the annual rate for the Executive
effective as of July 1, 2006 (the “Minimum Rate”). The Minimum Rate may be increased by the Board
at its discretion. The annual salary is payable pursuant to the normal payroll practices of the
Corporation.

     The Board of Directors may consider bonus compensation for the Executive if the performance of
the Corporation and the Executive justifies such bonus compensation.

     4. Authorized Expenses: The Executive is authorized to incur reasonable expenses for
the promotion of the business of the Corporation. The Corporation will reimburse the Executive for
all such reasonable expenses upon the presentation by the Executive, from time to time, of an
itemized account of such expenditures.

     The Executive shall be entitled to such additional and other fringe benefits as the Board of
Directors shall from time to time authorize, including but not limited to: A) health insurance
coverage for the Executive, his wife and dependent children; B) a monthly automotive allowance of
$550, which the Executive is to use to obtain an automobile to be available for company needs. All
operating expenses such as maintenance, insurance and fuel (excluding fuel for company travel) will
be the responsibility and expense of the Executive.

     5. Extent of Services: The Executive shall devote a substantial portion of business
time, attention

 

 

and energies to the business of the Corporation, and shall not, during the term of this Agreement,
engage in any other business activities, whether or not such activities are pursued for gain,
profit or other pecuniary advantage. This provision is not meant to prevent him from A) devoting
reasonable time to civic or philanthropic activities or B) investing his assets in such form or
manner providing that it does not require any substantial services on the part of the Executive
that will interfere with the Executive’s employment pursuant to this Agreement. Executive’s
employment is considered as full-time.

     6. Working Facilities: The Executive shall be furnished with such facilities and
services suitable to his position and adequate for the performance of his duties.

     7. Duties: The Executive is employed in an executive and supervisory capacity and
shall perform such duties consistent herewith as the Board of Directors of the Corporation shall
from time to time specify. Subject to the provisions of Section 14 hereof, the precise services of
the Executive may be extended or curtailed, from time to time, at the discretion of the Board of
Directors of the Corporation.

     8. Disclosure of Information: The Executive recognizes and acknowledges that the
Corporation’s operating procedures or service techniques are valuable, special and unique assets of
the Corporation’s business. The Executive will not, during or after the term of his employment,
disclose the list of the Corporation’s customer base or service techniques to any person, firm,
corporation, association or other entity for any reason or purpose whatsoever. In the event of
breach or threatened breach by the Executive of the provisions of this paragraph, the Corporation
shall be entitled to an injunction restraining any such breach. Nothing herein shall be construed
as prohibiting the Corporation from pursuing any other remedies available to the Corporation for
such breach or threatened breach, including the recovery of damages from the Executive.

     9. Vacations: The Executive shall be entitled each year to a vacation in accordance
with the vacation contract addendum dated effective July 1, 1999.

     10. Disability: If the Executive is unable to perform his services by reason of
illness or total incapacity, based on standards similar to those utilized by the U.S. Social
Security Administration, he shall receive his full salary for one (1) year of said total incapacity
through coordination of benefits with any existing disability insurance program provided by the
Corporation ( a reduction in salary by that amount paid by any Corporation provided insurance).
Should said Executive be totally incapacitated beyond a one-year period, so that he is not able to
devote full time to his employment with said Corporation, then this Agreement shall terminate.

 

 

     11. Death During Employment: If the Executive dies during the term of employment and
has not attained the age of seventy years, the Corporation and/or any third party insurance
provided by the Corporation, through a coordination of benefits, shall pay the estate of the
Executive a death benefit equal to two times the Executive’s annual salary. In the event the
Executive receives death benefits payable under any group life insurance policy issued to the
Corporation, the Corporation’s liability under this clause will be reduced by the amount of the
death benefit paid under such policy. The Corporation shall pay any remaining death benefits to
the estate of the Executive over the course of twelve (12) months in the same manner and under the
same terms as the Executive would have been paid if he had still been working for the Corporation.
No later than one (1) month from the date of death, the estate of the Executive will also be paid
any accumulated vacation pay. Such payments pursuant to this paragraph shall constitute the full
compensation of said Executive and he and his estate shall have no further claim for compensation
by reason of his employment by the Corporation.

     12. Assignment: The acts and obligations of the Corporation under this Agreement
shall inure to the benefit of and be binding upon the successors and assigns of the Corporation.

     13. Invalidity: If any paragraph or part of this Agreement is invalid, it shall not
affect the remainder of this Agreement but the remainder shall be binding and effective against all
parties.

     14. Additional Compensation: If during the Term, this Agreement is terminated by the
Corporation (other than pursuant to the provisions of Section 15 hereof) or by the Executive due to
“Constructive Discharge” then the Executive shall receive termination pay in an amount equal to
2.99 times the average of the last three years compensation. For purposes of this Agreement,
“Constructive Discharge” shall mean:

	 	•  	Any reduction in salary below the Minimum Rate;

	 	•  	A material change diminishing the Executive’s job function, authority, duties
or responsibilities, or a similar change deteriorating Executive’s working
conditions that would not be in accordance with the spirit of this Agreement;

	 	•  	A required relocation of Executive of more than 100 miles from Executive’s
current job location; or requires Executive to travel away from Executive’s office
in the course of discharging Executive’s responsibilities in excess of that
typically required of executives in similar positions.
	 	•  	Any breach of any of the terms of this Agreement by the Corporation which is
not cured within 14 days following written notice thereof by Executive to the
Corporation.

 

 

The amount payable by the Corporation pursuant to this Section 14 shall be made in one lump sum
cash payment payable to the Executive no later than 30 days following termination of this
Agreement.

     15. Termination: The Corporation cannot terminate this agreement except for: 1) the
intentional, unapproved material misuse of corporate funds, 2a) professional incompetence (i.e. the
intentional refusal to perform or the inability to perform the duties associated with Executive’s
position with the Corporation in a competent manner, which is not cured within 15 days following
written notice to Executive) or 2b) willful neglect of duties or responsibilities in either case
not otherwise related to or triggered by the occurrence of any event or events described in or
prescribed by Section 14 hereof.

     16. Indemnification: The Corporation hereby agrees to indemnify and hold the
Executive harmless from any loss for any corporate undertaking, as contemplated in Section 7
hereof, whereby a claim, allegation or cause of action shall be made against the Executive in the
performance of his contractual duties except for willful illegal misconduct. Said indemnification
shall include but not be limited to reasonable cost incurred in defending the Executive in his
faithful performance of contractual duties.

     17. Entire Agreement: This contract may not be changed except in writing and embodies
the whole Agreement between the parties hereto and there are no inducements, promises, terms,
conditions or obligations made or entered into by the Corporation or the Executive other than
contained herein. This Executive Employment Contract supercedes and replaces that certain Executive
Employment Contract dated June 15, 2005 between the Corporation and the Executive.

     IN WITNESS WHEREOF, the parties here hereunto signed and sealed this Agreement the date first
above written.

	 	 	 	 	 	 	 
	Signed, Sealed and Delivered

In the presence of:	 	“Corporation”

PMC Commercial Trust
	 
	 	 	 	 	 	 
	/s/ Jan F. Salit	 	/s/ Andrew S. Rosemore
	 	 	 
	 

	 	By:
	 	Andrew S. Rosemore

Executive Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	“EXECUTIVE”
	 
	 	 	 	 	 	 
	/s/ April A. Ford	 	/s/ Lance B. Rosemore
	 	 	 
	 

	 	By:
	 	Lance B. Rosemore,

President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 

	 	(CORPORATE SEAL)

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