Document:

Exhibit 10.1

 

Outside Director Compensation Program

(Updated as of February 2016)

 

The following compensation shall be payable in accordance with the terms set forth below to each Outside Director serving on the Board of Directors (the “Board”) of Demand Media, Inc. (the “Corporation”). Outside Directors shall include any member of the Board who is not (i) an employee of the Corporation, or (ii) affiliated with Oak Investment Partners, Spectrum Equity Investors or Generation Partners, or any of their affiliated entities (collectively, the “Venture Sponsors”).

 

Cash Compensation

 

	
Board Service
    	
 
    	
 
    
	
Annual Retainer:
    	
 
    	
$
    	
50,000
    
	
 
    	
 
    	
 
    
	
Non-Executive Chairman
    	
 
    	
 
    
	
Annual Retainer
    	
 
    	
$
    	
100,000
    
	
 
    	
 
    	
 
    
	
Committee Service
    	
 
    	
 
    
	
Audit Committee:
    	
 
    	
 
    
	
Chair Annual   Retainer:
    	
 
    	
$
    	
25,000
    
	
Member Annual   Retainer:
    	
 
    	
$
    	
12,500
    
	
Compensation Committee:
    	
 
    	
 
    
	
Chair Annual   Retainer:
    	
 
    	
$
    	
15,000
    
	
Member Annual   Retainer:
    	
 
    	
$
    	
7,500
    
	
Nominating and Corporate Governance Committee:
    	
 
    	
 
    
	
Chair Annual   Retainer:
    	
 
    	
$
    	
10,000
    
	
Member Annual   Retainer:
    	
 
    	
$
    	
5,000
    

 

All Annual Retainers will be paid quarterly in arrears after the end of each applicable calendar quarter at the regularly scheduled Board meeting following the conclusion of such quarter. The Annual Retainers to be paid for serving as the Non-Executive Chairman and for service on any Committee (including as Committee chair) are in addition to the Annual Retainer for serving on the Board.

 

1

 

Equity Compensation

 

	
Initial Equity Grant:
    	
 
    	
Each Outside Director will receive an initial equity   award granted on or after the date on which the Outside Director is first   elected to the Board (the “Initial Grant”) with an aggregate grant   date fair value of approximately $150,000. The Initial Grant shall consist of   (i) a one-time restricted stock unit award with respect to the   Corporation’s common stock with a grant date fair value of approximately   $75,000 (the “Initial RSU Grant”) and (ii) a one-time   non-qualified stock option award with respect to the Corporation’s common   stock with a grant date fair value of approximately $75,000 (the “Initial   Option Grant”), which Initial Option Grant shall have an exercise price   equal to the closing price of the Corporation’s common stock on the grant   date on the applicable exchange or market on which its common stock is listed   as of such date. One-third (1/3) of the Initial RSU Grant shall vest on the   one year anniversary of the Outside Director’s appointment to the Board and   the remaining two-thirds (2/3) of the Initial RSU Grant shall vest in eight   (8) substantially equal installments on each three-month anniversary of   the first vesting date, subject to continued Board service through the applicable   vesting date. One-third (1/3) of the Initial Option Grant shall vest on the   one year anniversary of the Outside Director’s appointment to the Board and   the remaining two-thirds (2/3) of the Initial Option Grant shall vest in   twenty-four (24) substantially equal installments on each monthly anniversary   of the first vesting date, subject to continued Board service through the   applicable vesting date.

 
    
	
Annual Equity Grant:
    	
 
    	
Each Outside Director who is serving on the Board on   the day preceding any annual meeting of stockholders (excluding any Outside   Director that received an Initial Grant in the same calendar year as the   calendar year in which the applicable annual meeting of stockholders takes   place) and whose service will continue on the day following such annual   meeting (whether due to re-election or an ongoing term of service) will   automatically receive an additional equity award granted as of the date of   such annual meeting (the “Annual Grant”) with an aggregate grant date   fair value of approximately $75,000. The Annual Grant shall consist of   (i) a restricted stock unit award with respect to the Corporation’s   common stock with a grant date fair value of approximately $37,500 (the “Annual   RSU Grant”) and (ii) a non-qualified stock option award with respect   to the Corporation’s common stock with a grant date fair value of   approximately $37,500 (the “Annual Option Grant”), which Annual Option   Grant shall have an exercise price equal to the closing price of the   Corporation’s common stock on the grant date on the applicable exchange or   market on which its common stock is listed as of such date. The Annual RSU   Grant shall vest in twelve (12) substantially equal installments on each   three-month anniversary of the grant date, subject to continued Board service   through the applicable vesting date. The Annual Option Grant shall vest in   thirty-six (36) substantially equal installments on each monthly anniversary   of the grant date, subject to continued Board service through the applicable   vesting date.

 
    
	
Annual Non-Executive Chair Equity Grant:
    	
 
    	
If the Board is chaired by a Non-Executive Chairman   as of the commencement of any fiscal year, the Non-Executive Chairman will   automatically receive a restricted stock unit award with respect to the   Corporation’s common stock granted as of the first business day of such   fiscal year (the “Annual Non-Executive Chair Grant”) with a grant date   fair value of approximately $50,000. The Annual Non-Executive Chair Grant   shall vest in eight (8) substantially equal 
    

 

2

 

	
 
    	
 
    	
installments on each of March 31, June 30,   September 30 and December 31, commencing on the March 31   following the grant date, subject to continued Board service through the   applicable vesting date. For purposes of fiscal year 2016, the Annual   Non-Executive Chair Grant will be granted as of the approval date of the   revised Outside Director Compensation Program and will vest as set forth   above.
    

 

Each outstanding, unvested equity award issued pursuant to the Initial Grant, an Annual Grant or an Annual Non-Executive Chair Grant will automatically accelerate and vest in full on the date on which (i) an Outside Director ceases to be an Outside Director due to his or her death or disability, (ii) an Outside Director stands for re-election but is not re-elected to the Board or (iii) upon a Change of Control (as such term is defined in the Corporation’s Amended & Restated 2010 Incentive Award Plan).

 

3Exhibit

Exhibit (10)(r)
SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
This Second Amendment to the Amended and Restated Credit Agreement (the “Amendment”) is made as of November 9, 2015, by and among (i) POTLATCH CORPORATION, a Delaware corporation and a REIT (“Potlatch” or the “Company”), (ii) POTLATCH FOREST HOLDINGS, INC., a Delaware corporation (“Potlatch Forest”), (iii) POTLATCH LAND & LUMBER, LLC, a Delaware limited liability company and a taxable REIT subsidiary of Potlatch (“Potlatch Land & Lumber”), (collectively, the “Borrowers” and each individually, a “Borrower”), (iv) the “Guarantors” (as defined in the Credit Agreement, which is defined below), (v) each Lender (as defined in the Credit Agreement), and (vi) KEYBANK NATIONAL ASSOCIATION, as Administrative Agent, Swing Line Lender and an L/C Issuer.
R E C I T A L S
A.    Borrowers, Guarantors, Administrative Agent and Lenders entered into an Amended and Restated Credit Agreement dated as of August 12, 2014, as amended by First Amendment to Amended and Restated Credit Agreement dated as of January 16, 2015 (the “Credit Agreement”).  All capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Credit Agreement.
B.    Borrowers, Guarantors, Administrative Agent and the Lenders now desire to amend the Credit Agreement as provided herein.
NOW, THEREFORE, in consideration of the foregoing Recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
AGREEMENTS
1.The foregoing Recitals to this Amendment hereby are incorporated into and made part of this Amendment.
2.This Amendment shall be effective from and after the date (the “Effective Date”) on which this Amendment has been executed by Borrowers, Guarantors, Administrative Agent and the Required Lenders and all fees due to the Administrative Agent and the Lenders, if any, in connection with the execution and delivery of this Amendment have been paid in full.
3.The reference in clause (e) of Section 7.07 of the Credit Agreement to “$50,000,000 of Potlatch Capital Stock” is hereby deleted and replaced with “$100,000,000 of Potlatch Capital Stock”.
4.Borrower hereby represents and warrants that, as of the Effective Date, there is no Event of Default or Default, the representations and warranties contained in Article V of the Credit Agreement are true and correct in all material respects as of such date and Borrower has no offsets or claims against any of the Lenders.
5.The undersigned Guarantors, having executed and joined in this Amendment as shown below, jointly and severally, hereby (i) approve and ratify this Amendment, (ii) confirm that they have previously joined in the Guaranty, that they are Guarantors under the Guaranty and that their obligations under the Guaranty will continue in full force and effect and (iii) agree to fully and timely perform each and every obligation of a Guarantor under such Guaranty. 
6.Choice of Law.  THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT 

OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
7.Submission to Jurisdiction.  EACH OF THE BORROWERS AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, THE L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS  AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS AMENDMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWERS OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.
8.Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
9.As expressly modified as provided herein, the Credit Agreement shall continue in full force and effect.
10.This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart.
[Signature pages follow.]

IN WITNESS WHEREOF, the Borrowers, Guarantors, Administrative Agent, and the Lenders hereto have caused this Amendment to be duly executed as of the date first above written.

BORROWERS:
POTLATCH CORPORATION,
a Delaware corporation

By: /s/ Jerald W. Richards    
Name: Jerald W. Richards    
Title: Vice President & CFO    

POTLATCH FOREST HOLDINGS, INC.,
a Delaware corporation

By: /s/ Jerald W. Richards    
Name: Jerald W. Richards    
Title: Vice President & CFO    

POTLATCH LAND & LUMBER, LLC,
a Delaware limited liability company

By: /s/ Jerald W. Richards    
Name: Jerald W. Richards    
Title: Vice President & CFO    

GUARANTORS:
PFHI IDAHO INVESTMENT LLC,
a Delaware limited liability company

By: /s/ Jerald W. Richards    
Name: Jerald W. Richards    
Title: Vice President & CFO    

POTLATCH TIMBERLANDS, LLC,
a Delaware limited liability company

By: /s/ Jerald W. Richards    
Name: Jerald W. Richards    
Title: Vice President & CFO    

POTLATCH LAKE STATES TIMBERLANDS, LLC,
a Delaware limited liability company

By: /s/ Jerald W. Richards    
Name: Jerald W. Richards    
Title: Vice President & CFO    

POTLATCH MINNESOTA TIMBERLANDS, LLC,
a Delaware limited liability company

By: /s/ Jerald W. Richards    
Name: Jerald W. Richards    
Title: Vice President & CFO    

PFPC MCCALL INVESTMENT LLC,
a Delaware limited liability company

By: /s/ Jerald W. Richards    
Name: Jerald W. Richards    
Title: Vice President & CFO    

ADMINISTRATIVE AGENT:
KEYBANK NATIONAL ASSOCIATION,
as Administrative Agent

By: /s/ Kristin Centracchio    
Name: Kristin Centracchio    
Title:   Vice President    

REQUIRED LENDERS:
KEYBANK NATIONAL ASSOCIATION,
as a Lender, an L/C Issuer and Swing Line Lender

By: /s/ Kristin Centracchio    
Name: Kristin Centracchio    
Title:   Vice President    

BANK OF AMERICA, N.A.,
Syndication Agent and as a Lender

By: /s/ Daryl K. Hogge    
Name: Daryl K. Hogge
Title:   Senior Vice President

U.S. BANK NATIONAL ASSOCIATION
By: /s/ Kurban H. Merchant    
Name: Kurban H. Merchant
Title:   Vice President    

NORTHWEST FARM CREDIT SERVICES, PCA
By: /s/ Jim D. Allen    
Name: Jim D. Allen
Title:   Senior Vice President

WELLS FARGO BANK, N.A.
By: /s/ Peter Kiedrowski    
Name: Peter Kiedrowski
Title:   Director

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