Document:

EX-10.4.48

 

Exhibit 10.4.48

Board of Directors Compensation

On September 6, 2007 the Compensation Committee of the Board of Directors and the Board of
Directors approved changes in the method of calculation of director compensation received in the
form of restricted stock under the Company’s Long Term Incentive Plan. Previously directors
received a grant of restricted stock on November 1 of each year. During 2007, the Compensation
Committee established regularly scheduled quarterly dates for all awards made under the Long Term
Incentive Plan. Consistent with this policy, the award date for grants to directors was changed to
November 15, or if later, one week following the earnings announcement for the Company’s fiscal
quarter ended September 30.

The value of the grant of restricted stock received as part of each non-employee director’s
retainer equals as closely as possible, subject to rounding to prevent issuance of fractional
shares, the annual cash retainer paid to non-employee directors (currently $41,500 for each period
beginning November 1 through and including the following October 31). Previously, the number of
shares awarded was calculated based upon the average closing price for the Company’s stock for the
four weeks ending prior to November 1 of each year. Starting in 2007, the number of shares awarded
will be calculated based upon the closing price for the Company’s stock on the award date.EX-10.4.53

 

Exhibit 10.4.53

COMPENSATION ARRANGEMENTS WITH EXECUTIVE OFFICERS

     Certain of the executive officers of Harris Interactive Inc. (the “Company”) including Messrs.
Allsop, Bayer, Novak, Salluzzo, Terhanian, and Vaden, have Employment Agreements with the Company
which provide for their respective base salaries and target bonuses, subject to adjustment from
time to time in the discretion of the Compensation Committee of the Board of Directors. Their
respective salaries and target bonuses for fiscal 2008 have not been adjusted and are shown below
in the Executive Officer Compensation Table (“Table”). The bonus actually received by each of them
for fiscal 2007 is also shown in the Table.

     The remaining executive officers, including Messrs. Bhame, Millard, and Narowski and Mss.
Binns and O’Neill, do not have employment agreements. Under the Company’s arrangements with them,
their respective salaries and target bonuses for fiscal 2008, as well as the bonus actually
received by each of them for fiscal 2007, are shown below in the Table.

     The Company has two bonus plans in which its executive officers, together with other
employees, participate including a Corporate Bonus Plan and a Business Unit Bonus Plan.

     Under the Corporate Bonus Plan, for fiscal 2008 a fixed dollar pool for all participants of
$945,000 is established. The actual payout from the pool increases or decreases based upon
achievement of pre-set levels of “Adjusted EBITDA” (EBITDA adjusted to remove the effect of
non-cash stock-based compensation expense). Each participant in the Corporate Bonus Plan is
allocated a specified percentage of the pool. In order for a participant in the Corporate Bonus
Plan to achieve his full personal target bonus, Adjusted EBITDA would have to be 4% greater than
budget. Based upon better or worse performance, bonus payouts can increase or decrease. Absent any
discretionary allocation, 64% of targeted bonus pool is payable if performance is equal to budget
and no bonus is payable if performance is less than 90% of budget.

     Under the Business Unit Bonus Plan for fiscal 2008, individual metrics are established for
each participant. In general, 25% of each participant’s bonus is determined based upon the same
Company-wide Adjusted EBITDA results as are applicable under the Corporate Bonus Plan. In
addition, 65% of bonus is earned by achievement of budgeted operating income for the particular
business unit with which the officer is associated, and 10% of the bonus is based upon evaluation
of performance against individual management objectives. Within the Business Unit Bonus Plan
bonuses may be increased or decreased by set percentages based upon client satisfaction scores for
the business unit with which a particular officer is associated.

     Up to $850,000 under all of the Company’s bonus plans is available to be awarded to the
participants in any of those plans in the discretion of the Chief Executive Officer, subject in the
case of executive officers to approval by the Compensation Committee. The Compensation Committee
of the Board of Directors also reserves the right to increase the payouts that would otherwise be
applicable.

 

 

EXECUTIVE OFFICER COMPENSATION TABLE

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	FY2008	 	 
	 	 	FY2007 Actual	 	FY2008 Bonus	 	Applicable Bonus	 	FY2008
	Executive Officer	 	Bonus Payout	 	Target	 	Plan	 	Salary
	Dee T. Allsop
	 	$	7,500	 	 	$	75,000	 	 	Business Unit	 	$	275,000	 
	Leonard R. Bayer
	 	$	51,866	 	 	$	135,000	 	 	Corporate	 	$	330,000	 
	Dennis K. Bhame
	 	$	23,052	 	 	$	60,000	 	 	Corporate	 	$	205,000	 
	Katherine Binns
	 	$	6,500	 	 	$	65,000	 	 	Business Unit	 	$	210,000	 
	Richard Millard
	 	$	55,000	*	 	$	65,000	 	 	Business Unit	 	$	200,000	 
	Eric W. Narowski
	 	$	12,000	 	 	$	30,000	**	 	Corporate	 	$	155,000	 
	Gregory T. Novak
	 	$	96,048	 	 	$	250,000	 	 	Corporate	 	$	500,000	 
	Michelle F. O’Neill
	 	$	10,000	 	 	$	65,000	 	 	Business Unit	 	$	235,000	 
	Ronald E. Salluzzo
	 	$	57,629	 	 	$	150,000	 	 	Corporate	 	$	335,000	 
	George H. Terhanian
	 	$	71,197	 	 	$	100,000	 	 	Business Unit	 	$	299,000	 
	David B. Vaden
	 	$	94,294	 	 	$	150,000	 	 	Business Unit	 	$	350,000	 

 

			
	*	 	Corrected From Amount Previously Reported

	 
	**	 	Increased Over Amount Previously ReportedEX-10.7.9

 

Exhibit 10.7.9

Interest Rate Swap Transaction

The purpose of this letter agreement is to confirm the terms and conditions of the
Transaction entered into between:

JPMORGAN CHASE BANK, N.A.

(“JPMorgan”)

and

HARRIS INTERACTIVE INC

(the “Counterparty”)

on the Trade Date and identified by the JPMorgan Deal Number specified below (the “Transaction”).
This letter agreement constitutes a “Confirmation” as referred to in the Master Agreement specified
below, and supersedes any previous confirmation or other writing with respect to the transaction
described below.

The definitions and provisions contained in the 2006 ISDA Definitions (the “Definitions”), as
published by the International Swaps and Derivatives Association, Inc. are incorporated into this
Confirmation. In the event of any inconsistency between those definitions and provisions and this
Confirmation, this Confirmation will govern.

This Confirmation supplements, forms part of, and is subject to, the ISDA Master Agreement
dated as of 23 August 2007, as amended and supplemented from time to time (the ‘Agreement’),
between JPMORGAN CHASE BANK N.A. (‘JPMorgan’) and HARRIS INTERACTIVE INC (the ‘Counterparty’). All
provisions contained in the Agreement govern this Confirmation except as expressly modified below.

Page 1 of 7

 

The terms of the particular Interest Rate Swap Transaction to which this
Confirmation relates are as follows:

	 	 	 
	A. TRANSACTION DETAILS
	 	 
	 
	 	 
	JPMorgan Deal Number(s):

	 	6900043624393 / 00115009143
	 
	 	 
	Notional Amount:

	 	As set forth in the Notional Amount Schedule hereto
	 
	 	 
	Trade Date:

	 	23 August 2007
	 
	 	 
	Effective Date:

	 	10 September 2007
	 
	 	 
	Termination Date:

	 	10 September 2012 subject to adjustment in accordance
with the Modified Following Business Day Convention.
	 
	 	 
	Fixed Amounts:
	 	 
	 
	 	 
	Fixed Rate Payer:

	 	Counterparty
	 
	 	 
	Fixed Rate Payer Payment Dates:

	 	The 10 October, 10 November, 10 December,
10 January, 10 February, 10 March, 10
April, 10 May, 10 June, 10 July, 10 August
and 10 September in each year, from and
including 10 October 2007 to and including
the Termination Date, subject to
adjustment in accordance with the Modified
Following Business Day Convention and
there will be an adjustment to the
Calculation Period.
	 
	 	 
	Fixed Rate:

	 	5.08000 percent
	 
	 	 
	Fixed Rate Day Count Fraction:

	 	Actual/360
	 
	 	 
	Business Days:

	 	New York, London
	 
	 	 
	Floating Amounts:
	 	 
	 
	 	 
	Floating Rate Payer:

	 	JPMorgan
	 
	 	 
	Floating Rate Payer Payment Dates:

	 	The 10 October, 10 November, 10
December, 10 January, 10 February, 10
March, 10 April, 10 May, 10 June, 10
July, 10 August and 10 September in
each year, from and including 10
October 2007 to and including the
Termination Date, subject to adjustment
in accordance with the Modified
Following Business Day Convention and
there will be an adjustment to the
Calculation Period.

Page 2 of 7

 

	 	 	 
	Floating Rate for initial Calculation 

Period:

	 	To be determined
	 
	 	 
	Floating Rate Option:

	 	USD-LIBOR-BBA
	 
	 	 
	Designated Maturity:

	 	1 Month
	 
	 	 
	Spread:

	 	None
	 
	 	 
	Floating Rate Day Count Fraction:

	 	Actual/360
	 
	 	 
	Reset Dates:

	 	The first day of each Calculation Period.
	 
	 	 
	Compounding:

	 	Inapplicable
	 
	 	 
	Business Days:

	 	New York, London
	 
	 	 
	Calculation Agent:

	 	JPMorgan, unless otherwise stated in the Agreement.
	 
	 	 
	Notional Amount Schedule:

	 	 

	 	 	 	 	 
	Effective From:	 	Notional Amount:
	10 September 2007
	 	USD	33,800,000.00	 
	10 October 2007
	 	USD	33,236,666.67	 
	13 November 2007
	 	USD	32,673,333.33	 
	10 December 2007
	 	USD	32,110,000.00	 
	10 January 2008
	 	USD	31,546,666.67	 
	11 February 2008
	 	USD	30,983,333.33	 
	10 March 2008
	 	USD	30,420,000.00	 
	10 April 2008
	 	USD	29,856,666.67	 
	12 May 2008
	 	USD	29,293,333.33	 
	10 June 2008
	 	USD	28,730,000.00	 
	10 July 2008
	 	USD	28,166,666.67	 
	11 August 2008
	 	USD	27,603,333.33	 
	10 September 2008
	 	USD	27,040,000.00	 
	10 October 2008
	 	USD	26,476,666.67	 
	10 November 2008
	 	USD	25,913,333.33	 
	10 December 2008
	 	USD	25,350,000.00	 
	12 January 2009
	 	USD	24,786,666.67	 
	10 February 2009
	 	USD	24,223,333.33	 
	10 March 2009
	 	USD	23,660,000.00	 
	14 April 2009
	 	USD	23,096,666.67	 
	11 May 2009
	 	USD	22,533,333.33	 
	10 June 2009
	 	USD	21,970,000.00	 
	10 July 2009
	 	USD	21,406,666.67	 
	10 August 2009
	 	USD	20,843,333.33	 
	10 September 2009
	 	USD	20,280,000.00	 
	13 October 2009
	 	USD	19,716,666.67	 
	10 November 2009
	 	USD	19,153,333.33	 
	10 December 2009
	 	USD	18,590,000.00	 
	11 January 2010
	 	USD	18,026,666.67	 
	10 February 2010
	 	USD	17,463,333.33	 
	10 March 2010
	 	USD	16,900,000.00	 
	12 April 2010
	 	USD	16,336,666.67	 
	10 May 2010
	 	USD	15,773,333.33	 
	10 June 2010
	 	USD	15,210,000.00	 
	12 July 2010
	 	USD	14,646,666.67	 

Page 3 of 7

 

	 	 	 	 	 
	Effective From:	 	Notional Amount:
	10 August 2010
	 	USD	14,083,333.33	 
	10 September 2010
	 	USD	13,520,000.00	 
	12 October 2010
	 	USD	12,956,666.67	 
	10 November 2010
	 	USD	12,393,333.33	 
	10 December 2010
	 	USD	11,830,000.00	 
	10 January 2011
	 	USD	11,266,666.67	 
	10 February 2011
	 	USD	10,703,333.33	 
	10 March 2011
	 	USD	10,140,000.00	 
	11 April 2011
	 	USD	9,576,666.67	 
	10 May 2011
	 	USD	9,013,333.33	 
	10 June 2011
	 	USD	8,450,000.00	 
	11 July 2011
	 	USD	7,886,666.67	 
	10 August 2011
	 	USD	7,323,333.33	 
	12 September 2011
	 	USD	6,760,000.00	 
	11 October 2011
	 	USD	6,196,666.67	 
	10 November 2011
	 	USD	5,633,333.33	 
	12 December 2011
	 	USD	5,070,000.00	 
	10 January 2012
	 	USD	4,506,666.67	 
	10 February 2012
	 	USD	3,943,333.33	 
	12 March 2012
	 	USD	3,380,000.00	 
	10 April 2012
	 	USD	2,816,666.67	 
	10 May 2012
	 	USD	2,253,333.33	 
	11 June 2012
	 	USD	1,690,000.00	 
	10 July 2012
	 	USD	1,126,666.67	 
	10 August 2012
	 	USD	563,333.33	 

	 	 	 
	B. ACCOUNT DETAILS
	 	 
	Payments to JPMorgan in USD:

	 	JPMORGAN CHASE BANK, N.A.
	 

	 	JPMORGAN CHASE BANK, NATIONAL
	 

	 	ASSOCIATION
	 

	 	BIC: CHASUS33XXX
	 

	 	AC No: 099997979
	 
	 	 
	Payments to Counterparty in USD:

	 	As per your standard settlement instructions.
	 
	 	 
	C. OFFICES
	 	 
	 
	 	 
	JPMorgan:

	 	NEW YORK
	 
	 	 
	Counterparty:

	 	ROCHESTER

D. GOVERNING LAW

The laws of the State of New York, provided, however, that upon execution of the Master Agreement,
this Confirmation shall be governed by the law governing such Master Agreement.

E. DOCUMENTS TO BE DELIVERED

Each party shall deliver to the other, at the time of its execution of this Confirmation, evidence
of the incumbency and specimen signature of the person(s) executing this Confirmation, unless such
evidence has been previously supplied and remains true and in effect.

Page 4 of 7

 

F. RELATIONSHIP BETWEEN PARTIES

Each party will be deemed to represent to the other party on the date on which it enters into a
Transaction that (absent a written agreement between the parties that expressly imposes affirmative
obligations to the contrary for that Transaction):

(a) Non-Reliance. It is acting for its own account, and it has made its own independent decisions
to enter into that Transaction and as to whether that Transaction is appropriate or proper for it
based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is
not relying on any communication (written or oral) of the other party as investment advice or as a
recommendation to enter into that Transaction; it being understood that information and
explanations related to the terms and conditions of a Transaction shall not be considered
investment advice or a recommendation to enter into that Transaction. No communication (written or
oral) received from the other party shall be deemed to be an assurance or guarantee as to the
expected results of that Transaction.

(b) Assessment and Understanding. It is capable of assessing the merits of and understanding (on
its own behalf or through independent professional advice), and understands and accepts, the terms,
conditions and risks of that Transaction. It is capable of assuming, and assumes the risks of that
Transaction.

(c) Status of Parties. The other party is not acting as a fiduciary for or an adviser to it in
respect of that Transaction.

Page 5 of 7

 

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a
copy of this Confirmation and returning it to us or by sending to us a letter, telex or facsimile
substantially similar to this letter, which letter, telex or facsimile sets forth the material
terms of the Transaction to which this Confirmation relates and indicates agreement to those terms.
When referring to this Confirmation, please indicate: JPMorgan Deal Number(s): 6900043624393 /
00115009143

	 	 	 	 	 
	JPMorgan Chase Bank, N.A.

 	 	 
	/s/ Carmine Pilla
 	 	 
	Name:  	Carmine Pilla 	 	 
	Title:  	Vice President 	 	 
	 
	Accepted and confirmed as of the date first written:

HARRIS INTERACTIVE INC

 	 	 
	/s/ Ronald E. Salluzzo
 	 	 
	Name:  	Ronald E. Salluzzo 	 	 
	Title:  	Chief Financial Officer
 	 

Your reference number: _________________________

Page 6 of 7

 

	 	 	 	 	 

Client Service Group

All queries regarding confirmations should be sent to:

JPMorgan Chase Bank, N.A.

	 	 	 
	Contacts
	 	 
	JPMorgan Contact

	 	Telephone Number
	 
	 	 
	Client Service Group

	 	(001) 3026344960
	 
	 	 
	Group E-mail address:
	 	 
	Facsimile:

	 	(001) 888 803 3606
	Telex:
	 	 
	Cable:
	 	 

Please quote the JPMorgan deal number(s): 6900043624393 / 00115009143.

Page 7 of 7

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