Document:

exv10w1

 

Exhibit 10.1

Eighth Amendment to Revolving Loan Agreement

Between

MMAC Communications Corp. and Keltic Financial Partners, LP

Dated as of October 11, 2002

          This is a Eighth Amendment to the Revolving Loan Agreement, dated as of October 11, 2002,
which is made as of the 11th day of October, 2005, (this “Amendment”), between DELTA COMPUTEC INC.
(formerly known as MMAC Communications Corp.) (“Borrower”), a Delaware corporation, having an
address at 900 Huyler Street, Teterboro, New Jersey 07608, and KELTIC FINANCIAL PARTNERS, LP
(“Lender”), a Delaware limited partnership, with a place of business at 555 Theodore Fremd Avenue,
Suite C-207, Rye, New York 10580.

WITNESSETH

          WHEREAS, Borrower and Lender are engaged in a continuing commercial lending relationship
pursuant to that certain Revolving Loan Agreement, dated as of October 11, 2002 (as previously
amended, modified or otherwise supplemented, the “Loan Agreement”), and other related documents,
whereby Lender agreed to advance certain sums to Borrower and Borrower agreed to repay same under
the terms and conditions therein set forth; and

          WHEREAS, MMAC Communications Corp. changed its name from MMAC Communications Corp. to Delta
Computec Inc., as evidenced by that certain Certificate of Amendment to Certificate of
Incorporation of MMAC Communications Corp. with the Secretary of State of the State of Delaware on
October 15, 2002; and

          WHEREAS, the Borrower has requested that the Lender extend the Termination Date; and

          WHEREAS, the Lender is willing to effect such request, upon the condition that the Loan
Agreement shall be otherwise amended as provided herein and subject to certain other terms and
conditions herein contained; and

          WHEREAS, the parties wish to memorialize the terms of their agreements by this writing.

          NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein
contained, and for other good and valuable consideration, it is agreed as follows:

1. AMENDMENTS TO ARTICLE 1, DEFINITIONS.

          (a) Section 1 of the Loan Agreement, entitled “Definitions” is hereby amended by deleting
Section 1.51 (“Termination Date”) and replacing same with the following:

 

 

          “Termination Date” shall mean the earlier of December 12, 2005, or the date on which
the Lender terminates this Agreement pursuant to Section 12 hereof.

2. AMENDMENTS TO ARTICLE 3, LENDER’S COMPENSATION.

     (a) Section 3.6 (“Liquidated Damages”) is hereby deleted in its entirety and replaced with the
following:

          3.6 Liquidated Damages. If Borrower prepays all or any portion of the principal of
the Revolving Loan (other than from time to time for working capital or other payments required
hereunder), Borrower shall pay to Lender at the time of such prepayment, liquidated damages in an
amount equal to (a) three percent (3.00%) of the Maximum Facility if the Borrower elects to
terminate the availability of Revolving Loans as hereinafter provided and the prepayment is made
prior to December 12, 2005 or (b) three percent (3.00%) of the amount of any partial prepayment
made prior to December 12, 2005, provided, however, the requirements of Section
3.6(a) shall be waived if (i) the termination of the availability of the Revolving Loans results
from a sale of substantially all of the assets of Borrower and (ii) Lender, pursuant to a new
financing arrangement, provides financing to the entity that acquires substantially all of the
assets of Borrower. Borrower shall give Lender as much advance written notice (the “Termination
Notice”) of Borrower’s election to terminate the availability of Revolving Loans hereunder prior to
the Termination Date as is practicable. The Termination Notice shall be irrevocable and shall
specify the effective date of such termination, but shall be in no event later than the Termination
Date.

3. MISCELLANEOUS.

     (a) The amendments to the Loan Agreement provided for in Sections 1 and 2 of this Amendment
shall become effective on the date of this Amendment.

     (b) Any and all references to the Loan Agreement in any other Loan Document shall be deemed to
refer to the Loan Agreement as amended by this Amendment. This Amendment is deemed incorporated
into each of the other Loan Documents. Any initially capitalized terms used in this Amendment
without definition shall have the meanings assigned to those terms in the Loan Agreement. To the
extent that any term or provision of this Amendment is or may be inconsistent with any term or
provision in any Loan Document, the terms and provisions of this Amendment shall control.

     (c) Borrower hereby certifies that: (a) all of its representations and warranties in the Loan
Agreement, as amended hereby, are, except as may otherwise be stated in this Amendment: (i) true
and correct as of the date of this Amendment, (ii) ratified and confirmed without condition as if
made anew, and (iii) incorporated into this Amendment by reference; (b) after giving effect to this
Amendment, no Default or Event of Default exists; (c) no consent, approval, order or authorization
of, or registration or filing with, any third party is required in connection with the execution,
delivery and carrying out of this Amendment or, if required, has been obtained, (d) no sums are due
and owing to Lender under the Loan Agreement as of the effective date of this Amendment; and (e)
this Amendment has been duly authorized, executed and delivered so that it constitutes the legal,
valid and binding obligation of Borrower, enforceable

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in accordance with its terms. Borrower confirms that the Obligations remain outstanding without
defense, set off, counterclaim, discount or charge of any kind as of the date of this Amendment.

     (d) Borrower hereby confirms that all Collateral for the Obligations and all liens, security
interests, mortgages, and pledges granted by Borrower or third parties (if applicable) pursuant to
the Loan Documents, shall continue unimpaired and in full force and effect, and shall cover and
secure all of Borrower’s existing and future Obligations to Lender, as modified by this Amendment.

     (e) This Amendment may be signed in any number of counterpart copies and by the parties to
this Amendment on separate counterparts, but all such copies shall constitute one and the same
instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile
transmission shall be effective as delivery of a manually executed counterpart. Any party so
executing this Amendment by facsimile transmission shall promptly deliver a manually executed
counterpart, provided that any failure to do so shall not affect the validity of the counterpart
executed by facsimile transmission.

     (f) This Amendment will be binding upon and inure to the benefit of Borrower and Lender and
their respective successors and assigns.

     (g) This Amendment has been delivered to and accepted by Lender and will be deemed to be made
in the State of New York. This Amendment will be interpreted and the rights and liabilities of the
parties hereto determined in accordance with the laws of the State of New York, excluding its
conflict of laws rules.

     (h) Except as amended hereby, all of the terms and provisions of the Loan Agreement remain
unchanged, are and shall remain in full force and effect unless and until modified or amended in
writing in accordance with their terms, and are hereby ratified and confirmed. Except as expressly
provided herein, this Amendment shall not constitute an amendment, waiver, consent or release with
respect to any provision of the Loan Agreement or any other Loan Document, a waiver of any Default
or Event of Default, or a waiver or release of any of Lender’s rights and remedies (all of which
are hereby reserved). Borrower expressly ratifies and confirms the waiver of jury trial provisions
contained in the Loan Agreement and the other Loan Documents.

4. CONDITIONS TO EFFECTIVENESS OF THIS AMENDMENT.

     Lender’s willingness to agree to the modifications set forth in this Amendment are subject to
the prior satisfaction of the following conditions:

     (a) Borrower and each guarantor shall execute and deliver this Amendment, incumbency
certificates, authorizing resolutions, all other documents or information required and requested by
Lender, in such form and substance as is satisfactory to Lender.

     (b) Borrower shall furnish to Lender a written status report regarding the escrowed funds and
“no tax due certificates” referenced in that certain Escrow Agreement dated as of

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October 11, 2002 by and among ViewCast.com, Inc., Delta Computec, Inc. n/k/a NQL Sub-Surving
Corporation and The Bank of New York.

5. FEES AND EXPENSES.

     Borrower shall reimburse Lender for all fees and costs associated with the negotiation,
documenting and closing of this Amendment and all documentation related to this Amendment,
including, without limitation, the legal documentation fees and expenses in the amount of One
Thousand Two Hundred and Fifty dollars ($1,250.00). Lender may charge all such fees and costs by a
charge to Borrower’s loan account with Lender. Borrower hereby consents to such charge.

[End of Text; Signature Page Follows]

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          IN WITNESS WHEREOF, the undersigned have set their hands and seals or caused these presents to
be executed by their proper authorized representative as of the day and year first above
written.

	 	 	 	 	 	 	 
	 	 	DELTA COMPUTEC INC.	 	 
	 	 	(formerly known as MMAC	 	 
	 	 	Communications Corp.)	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John DeVito	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	John DeVito	 	 
	 

	 	Title:
	 	President	 	 
	 
	 	 	 	 	 	 
	 	 	KELTIC FINANCIAL PARTNERS, LP	 	 
	 	 	By: KELTIC FINANCIAL SERVICES LLC,	 	 
	 	 	its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John P. Reilly	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	John P. Reilly	 	 
	 

	 	Title:
	 	Managing Partner	 	 

5exv4w1

 

Exhibit 4.1

STOCK OPTION PLAN RULES

SKYPE TECHNOLOGIES S.A.

 

 

TABLE OF CONTENTS:

STOCK OPTION PLAN RULES

	 	 	 	 	 	 	 
	1.

	 	Plan’s provisions
	 	 	1	 
	 
	 	 	 	 	 	 
	2.

	 	Allotment Procedures and Nature of the Options
	 	 	1	 
	 
	 	 	 	 	 	 
	3.

	 	Validity Period of the Options
	 	 	1	 
	 
	 	 	 	 	 	 
	4.

	 	Vesting of the Options
	 	 	1	 
	 
	 	 	 	 	 	 
	5.

	 	Strike Price
	 	 	2	 
	 
	 	 	 	 	 	 
	6.

	 	Exercise of the Options
	 	 	2	 
	 
	 	 	 	 	 	 
	7.

	 	Transfer of Vested Options
	 	 	3	 
	 
	 	 	 	 	 	 
	8.

	 	Transfer of Plan Shares
	 	 	3	 
	 
	 	 	 	 	 	 
	9.

	 	Termination of Service
	 	 	3	 
	 
	 	 	 	 	 	 
	10.

	 	Redemption Right
	 	 	4	 
	 
	 	 	 	 	 	 
	11.

	 	Reorganisation — Adjustments upon changes in the capital of the Issuer
	 	 	4	 
	 
	 	 	 	 	 	 
	12.

	 	Discretionary Nature — Amendment and Suspension of the Plan
	 	 	4	 
	 
	 	 	 	 	 	 
	13.

	 	Information to the Beneficiaries
	 	 	5	 
	 
	 	 	 	 	 	 
	14.

	 	Miscellaneous
	 	 	5	 
	 
	 	 	 	 	 	 
	15.

	 	Territorial Riders
	 	 	6	 
	 
	 	 	 	 	 	 
	16.

	 	Definitions
	 	 	6	 
	 
	 	 	 	 	 	 
	Schedules	 	 	 	 
	 	 	 	 	 
	 	 	Schedule 1 — Option Agreement	 	 	9	 

i

 

STOCK OPTION PLAN RULES

Terms in capital letters used below and not otherwise defined have the meaning set forth in article
16 of this document.

	1.	 	PLAN’S PROVISIONS

     In order to promote fidelity among certain members of personnel and corporate representatives
of the Group and to involve them in the long-term development of Skype, this present Plan has been
put in place.

The Plan’s provisions are as follows:

	2.	 	ALLOTMENT PROCEDURES AND NATURE OF THE OPTIONS
	 
	2.1.	 	The allotment of Options shall take place at any time at the discretion of the Board of
Directors or any Delegate.
	 
	2.2.	 	The Board of Directors or any Delegate may at its free discretion, within the limits laid
down by law and the authorisations granted by the general meeting of the shareholders of Skype
to the Board of Directors, allot Options to Eligible Persons.
	 
	2.3.	 	The total number of Ordinary Shares available under the Plan shall not exceed fifty-two
thousand nine hundred (52,900), unless a new authorisation is granted to the Board of
Directors by a general meeting of shareholders of Skype.
	 
	2.4.	 	The number of Options individually granted to each Original Beneficiary shall be fixed by the
Board of Directors or any Delegate at its free discretion.
	 
	2.5.	 	An Option Agreement, which notably indicates the number of Options allotted, the Vesting
Start Date, the Effective Grant Date and the Strike Price shall be signed in two originals
between the Issuer and each Original Beneficiary.
	 
	2.6.	 	One original of the Option Agreement duly signed by the Original Beneficiary must be returned
to the Issuer within forty-five (45) days of the Effective Grant Date or any other period
indicated in the Option Agreement. Failing this, the said Original Beneficiary shall be deemed
to have waived his rights to benefit from the Options, unless confirmed by both parties in
writing.
	 
	2.7.	 	Following receipt of the original of the Option Agreement signed by the Original Beneficiary,
the Summary of Transactions shall be completed by the Issuer or any person authorised for that
purpose.
	 
	3.	 	VALIDITY PERIOD OF THE OPTIONS

The Validity Period of the Options shall not exceed a period of eight (8) years from the Effective
Grant Date. Once this period of eight (8) years has elapsed, the Options shall lapse automatically.

	4.	 	VESTING OF THE OPTIONS
	 
	4.1.	 	On each Quarterly Vesting Date, Options shall vest to the proportion of one sixteenth
(1/16th) of the total number of Options granted to the Original Beneficiary on a
same Vesting Start Date, rounded to the nearest whole unit. Calculations on vesting shall be
calculated on a cumulative basis. Without prejudice to the provisions of article 9.3 of the
Rules, all Options shall be vested at the latest at the expiry of the fourth (4th)
year following the first Quarterly Vesting Date.
	 
	4.2.	 	In the case the Vesting Start Date occurs during a quarter, the number of shares that vest on
the first Quarterly Vesting Date shall be calculated pro rata. In the event of (i) Termination
of Service or (ii) a merger or consolidation of the Issuer with another company and the Issuer
is not the surviving corporation or the sale by the Issuer of all its assets, which occurs
during a quarter, the number of shares that vest on (i) the Termination Date or (ii) the date
set for vesting cut-off for such transaction shall be calculated pro rata.

1

 

	4.3.	 	In case of Termination of Service for any reason whatsoever and where the Termination Date
falls before the first anniversary of the Vesting Start Date, all Options shall lapse,
including the Options that have vested on the Quarterly Vesting Dates, which occurred in the
course of this first year.
	 
	4.4.	 	No vesting of Options shall take place during any leave of absence, which shall result in the
relationship between the Original Beneficiary and a Group company being suspended by virtue of
the law applicable to such relationship or contractual terms agreed upon between the parties.
The vesting schedule, as provided in this article, shall resume as of the end of the
suspension period.
	 
	4.5.	 	Notwithstanding the above, the Board of Directors or any Delegate may from time to time, at
its free discretion, modify the vesting schedule on a case by case basis in favour of an
Original Beneficiary, subject to the conditions and restrictions laid down from time to time
by the general meeting of the shareholders of Skype, the Board of Directors or any Delegate.
	 
	5.	 	STRIKE PRICE
	 
	5.1.	 	The Strike Price shall be the Valuation of Skype on or preceding the Effective Grant Date.
The Strike Price shall be at least equal to the accounting par value of the Plan Shares to be
issued.
	 
	5.2.	 	The frequency and the dates on which the Valuations of Skype shall take place shall be
determined by the Board of Directors or any Delegate, at its free discretion.
	 
	5.3.	 	The Strike Price may not be altered during the whole Validity Period of the Options, without
prejudice to the provisions of article 11 of the Rules.
	 
	6.	 	EXERCISE OF THE OPTIONS
	 
	6.1.	 	The Issuer undertakes that he shall take any necessary measure in order to respond to the
Exercise of the Options that may potentially be exercised and notably that (i) he has and will
have until the expiry of the Validity Period of the Options sufficient authorised but non
issued Ordinary Shares to satisfy its obligations under the Plan and (ii) the Board of
Directors have and will have authority to issue the Plan Shares to the Beneficiary.
	 
	6.2.	 	Exercise of the Options shall be optional on the part of the Beneficiary.
	 
	6.3.	 	Without prejudice to the provisions of articles 9.2 and 11.1, the Vested Options may be
exercised in whole or in part at any time during each Exercise Period. An Exercise Period is
the period of six (6) weeks starting on the day following the Annual General Meeting, or any
other period as may be freely decided from time to time by the Board of Directors or its
Delegate, during which the Beneficiary will be allowed to exercise his Vested Options.
	 
	6.4.	 	In the event of partial Exercise of the Options, Options not exercised may be exercised at
the next Exercise Periods up until the expiry of the Validity Period of the Options, without
prejudice to the provisions of articles 9.2 and 11.1.
	 
	6.5.	 	A Vested Option may not be exercised in part for subscribing to a fraction of Plan Share.
	 
	6.6.	 	A Beneficiary wishing to exercise his right to exercise Vested Options must send an Exercise
Notice to the Issuer or such other person as is authorised for such purposes and pay the Total
Strike Price to the Issuer or any other person authorised by the Issuer, by wire transfer into
the bank account indicated in the Exercise Notice or duly notified by the Issuer.
	 
	6.7.	 	Evidence of payment of the Total Strike Price shall be given to the Issuer before the close
of the related Exercise Period, failing which the Options shall be deemed not validly
exercised. The Issuer shall consummate the transaction and issue the Plan Shares only upon
reception of the Total Strike Price.
	 
	6.8.	 	Further to the Exercise of the Options, the Board of Directors or any Delegate shall record
the capital increase and the subsequent amendment to the articles of association of Skype
before a notary public and register accordingly in the share register of the Issuer, in
accordance with the legal and statutory provisions applicable, within forty-five (45) days
following the expiration of each Exercise Period.
	 
	6.9.	 	The Beneficiary shall be considered as shareholder and owner of the Plan Shares as of the
date of his registration in the share register of shares of the Issuer.

2

 

	6.10.	 	The Plan Shares shall have the rights and obligations attaching to the Ordinary Shares in
accordance with the Rules and the articles of association of the Issuer, as amended from time
to time.
	 
	6.11.	 	Vested Options shall not be deemed to have been validly exercised unless the Exercise Notice
and evidence of the transfer of the Total Strike Price reaches the Issuer before the last day
of the Exercise Period at midnight, or if the latter day is not a Working Day, the first
preceding Working Day at midnight. The burden of proof of receipt of the Exercise Notice and
the evidence of the transfer of the Total Strike Price within the stipulated period shall rest
on the Beneficiary.
	 
	6.12.	 	The Board of Directors or its Delegate may at its free discretion and subject to such
conditions or restrictions as it deems appropriate, allow a Beneficiary to exercise its
unvested Options, in which case the provisions of article 6 of the Rules shall apply.
	 
	7.	 	TRANSFER OF VESTED OPTIONS
	 
	7.1.	 	Without prejudice to the provisions of the applicable Territorial Rider, if any, Vested
Options may be transferred by the Original Beneficiaries for estate planning purposes, subject
to the conditions or restrictions laid down by the Board of Directors or its Delegate from
time to time.
	 
	7.2.	 	Any transfer of Vested Options must be notified by the Original Beneficiary to the Issuer by
sending it a duly completed and signed Option Transfer Form, as well as an Option Transferee’s
Declaration whereby the transferee agrees to be bound by the Rules.
	 
	7.3.	 	The transfer to the transferee shall only be binding on the Issuer when accompanied by the
Option Transferee’s Declaration. The Board of Directors or any Delegate shall however have the
right to disregard any transfer of Vested Options, if it considers, in its discretion, that
such transfer does not take place for valid estate planning purposes. The Board of Directors
of its Delegate shall notify the refusal of the transfer within forty-five (45) days following
the receipt by it of the Option Transfer Form.
	 
	7.4.	 	The Summary of Transactions shall be updated by the Issuer, or by any other person authorised
for the said purpose, and, as the case may be, a Summary of Transactions shall be drawn up
relating to the transferee.
	 
	7.5.	 	The Board of Directors or its Delegate may at its free discretion allow a Beneficiary to
transfer its unvested Options, subject to the conditions or restrictions as it deems
appropriate from time to time.
	 
	8.	 	TRANSFER OF PLAN SHARES 
	 
	8.1.	 	Plan Shares acquired further to the exercise of Vested Options may be transferred freely by
the Beneficiaries in accordance with the articles of association of the Issuer applicable at
the time of the transfer.
	 
	8.2.	 	The transfer of Plan Shares acquired further to the exercise of unvested Options in
accordance with article 6.12 shall be subject to the conditions or restrictions laid down from
time to time by the Board of Directors or its Delegate.
	 
	 
	9.	 	TERMINATION OF SERVICE

	9.1.	 	In the event of Termination of Service, no further Options shall be granted or vested after
the Termination Date.
	 
	9.2.	 	In case the Original Beneficiary is considered to be a Good Leaver, he will be entitled to
exercise all of his Vested Options during the next Exercise Period and Vested Options not
exercised at that time shall lapse. Furthermore, the Original Beneficiary will be entitled to
keep his Plan Shares.
	 
	9.3.	 	In case the Original Beneficiary is considered to be a Bad Leaver, all his Vested Options and
his Plan Shares shall be subject to the Redemption Right, as provided for by article 10 of the
Rules

3

 

	9.4.	 	All Vested Options and Plan Shares, which have been transferred to Beneficiaries under the
Plan by virtue of article 7 or article 8 of the Rules or of the applicable Territorial Rider,
are subject to the conditions and restrictions laid down in this article.

	10.	 	REDEMPTION RIGHT
	 
	10.1.	 	The Redemption Right exercised by the Issuer pursuant to article 9.3 of the Rules shall be
subject to the following provisions.
	 
	10.2.	 	The Redemption Right may be exercised optionally at the discretion of the Issuer.
	 
	10.3.	 	The Issuer shall be entitled to exercise its Redemption Right within forty-five (45) days as
of the formal notice by the Issuer to the Beneficiary that the Original Beneficiary is
considered to be a Bad Leaver. Upon receipt of such notice and until the expiry of the
aforementioned period, the Beneficiary shall not be allowed to transfer the Plan Shares.
	 
	10.4.	 	The exercise of the Redemption Right must be notified by the Issuer to the Beneficiary
concerned.
	 
	10.5.	 	The Beneficiary concerned irrevocably undertakes to transfer the ownership of the Vested
Options and of the Plan Shares having been the object of the Redemption Right and hereby
irrevocably empowers the Issuer or any other person instructed by it for this purpose to
register the transfer of the Plan Shares in the register of shares of the Issuer.
	 
	10.6.	 	The Redemption Price shall be paid to the Beneficiary concerned within forty-five (45) days
of the notice by the Issuer that it shall exercise its Redemption Right, by wire transfer into
the bank account whose details shall have been previously indicated by the Beneficiary to the
Issuer.
	 
	10.7.	 	The Summary of Transactions shall be updated by the Issuer, or by any other person
instructed for this purpose.

	11.	 	REORGANISATION — ADJUSTMENTS UPON CHANGES IN THE
CAPITAL OF THE ISSUER
	 
	11.1	 	Subject to the mandatory rules applicable in each different country concerned by the Plan, in
the event of (i) a merger or consolidation of the Issuer with another company and the Issuer
is not the surviving corporation or (ii) the sale by the Issuer of all its assets, any Vested
Options shall become fully and immediately exercisable in accordance with an exceptional
Exercise Period, notice of which will be provided to the Beneficiary in a reasonable time.
	 
	11.2	 	In the event of financial transactions that may have an influence over the value of the
Shares and provided they comply with mandatory rules applicable in each different country
concerned by the Plan, the Board of Directors or any Delegate may make an adjustment to the
number of Options, to the Strike Price and to the number of Plan Shares, for the purpose of
preserving the respective rights of the Issuer’s shareholders and of the Beneficiaries. These
adjustments shall be effected under the supervision of the external auditor of the Issuer or
any other entity appointed by the Issuer and shall be indicated in the Summary of
Transactions.
	 
	12.	 	DISCRETIONARY NATURE — AMENDMENT AND SUSPENSION OF THE PLAN
	 
	12.1.	 	The allotment of Options shall be granted at the discretion of the Issuer and shall not
constitute any consideration for the work or the corporate mandate carried out by the Original
Beneficiary.
	 
	12.2.	 	Neither the Plan, nor the allotment of Options shall confer on any Beneficiary a right to be
or remain in employment or in his or her corporate mandate.
	 
	12.3.	 	No vested right whatsoever shall inure to the Beneficiary as a result of an allotment of
Options, particularly no right to any future allotment of Options under the Plan or to
participation in any future stock option plan set up by the Issuer.
	 
	12.4.	 	The rights deriving from the Plan and the Rules, and especially from the allotment and
Exercise of the Options, shall not be included for the purposes of calculating any form of pay
or more generally as being any of the rights deriving from the

4

 

	 	 	performance or termination of an employment relationship or a mandate relationship between
the Original Beneficiary and one of the Group companies.
	 
	12.5.	 	Without prejudice to article 11 of the Rules, the Plan, the Rules and their schedules may be
amended and terminated or their application suspended in whole or in part by the Board of
Directors or any Delegate at any time. However, the fundamental rights and obligations
attaching to the Vested Options already allotted may not be amended without the consent of the
Beneficiaries, subject to the mandatory regulations applicable in each different country
concerned by the Plan.
	 
	12.6.	 	In case amendments to the Plan are necessary to comply with any changes in the law or in
relation with the public listing of the Issuer in any country, the Issuer shall be authorised
to take any appropriate actions. Such amendments shall not be subject to the consent of the
Beneficiaries.
	 
	12.7.	 	Any amendment, cancellation or suspension shall be notified to the Beneficiaries as soon as
possible.
	 
	12.8.	 	Should the Original Beneficiary be transferred to a Group company in another jurisdiction,
he shall inform the Board of Directors or its Delegate as soon as possible in order for the
Issuer and the Original Beneficiary to mutually agree on the appropriate actions to be taken.
	 
	13.	 	INFORMATION TO THE BENEFICIARIES
	 
	13.1.	 	The Option Agreements delivered to the Beneficiaries on the Effective Grant Date shall be
accompanied by a copy of the articles of association of the Issuer, as amended.
	 
	13.2.	 	An updated copy of the Summary of Transactions shall be notified to the Beneficiary at the
beginning of each year and after each transaction relating to the Options or to the Plan
Shares. The Beneficiary shall be entitled to challenge the terms of the Summary of
Transactions and request its amendment within thirty (30) days of the sending of such
document. Failing challenge during such time limit, the Summary of Transactions shall be final
and valid as it stands.
	 
	14.	 	MISCELLANEOUS
	 
	14.1.	 	The Issuer, or any other person instructed for this purpose, shall be in charge of
administering the Plan.
	 
	14.2.	 	The decisions of the Board of Directors or any Delegate in all matters relating to the
administration of the Plan, notably regarding the settlement of any issue concerning the
interpretation of the Rules and application of the Plan, shall be final and binding.
	 
	14.3.	 	The costs of setting up and administering the Plan shall be borne by the Issuer.
	 
	14.4.	 	Unless otherwise provided, the costs relating to the Exercise of the Options and to the
transfer of Options and Plan Shares and more generally linked with the Options and Plan Shares
shall be borne by the Beneficiary on the date of the operation concerned.
	 
	14.5.	 	The Issuer and each Group company shall comply with any tax, social security and legal
reporting requirements in relation with the Plan. The Beneficiary shall comply with its own
reporting and payment obligations and shall hold the Issuer and any Group company harmless for
any personal tax and social security contributions in relation with the Plan, notably with the
allotment of Options, the Exercise of the Options and the sale of Plan Shares. The Issuer or
any Group company shall have the power and right to deduct or withhold, or require a
Beneficiary to remit to the Issuer, an amount sufficient to satisfy all applicable taxes
required by law or regulation of any jurisdiction, to be withheld with respect to any taxable
event arising as a result of the Plan. The Issuer shall have the right not to execute any
transaction in relation with the Plan unless the Beneficiary has fulfilled all his tax
obligations. The Beneficiary should seek its own tax advice on the impact of the Plan on his
personal tax situation.
	 
	14.6.	 	Unless otherwise provided, all applications, notifications or other notices must be sent by
registered letter with a request for a notice of receipt (i) in case of notification to the
Issuer, to its registered office, (ii) in case of notification to the Beneficiary, to his
domicile. Unless otherwise stipulated, time-periods shall run from the date of first
presentation of such letter (the records of the postal services or couriers shall be
definitive), or, where there is an interruption to the postal service, by any practicable
means, whereby any time-period shall then run from the date of receipt of such letter.

5

 

	14.7.	 	The provisions of the Rules are subject to Luxembourg law. Should any provision of the Rules
be held invalid or unenforceable pursuant to any applicable foreign legislation, such
provision shall be replaced by the closest equivalent provision applicable pursuant to this
foreign legislation. The courts of the judicial district of Luxembourg shall have exclusive
jurisdiction to evaluate all disputes that might arise in relation to the Plan, the Rules or
the Options.
	 
	15.	 	TERRITORIAL RIDERS

The provisions of the Rules might be completed or amended by rider in order to meet the legal and
regulatory conditions applicable in the countries where the Beneficiaries exercise their
professional activity or have their tax residence. Where applicable, the Territorial Riders shall
prevail over the Rules.

	16.	 	DEFINITIONS

     Terms in capital letters used in the Rules and in its schedules and riders, except where
inconsistent with the subject or context and unless varied or otherwise defined, notably in the
Territorial Riders for the specific application of such Territorial Rider, and not otherwise
defined, have the meaning set forth in the present article.

	q	 	“Annual General Meeting” is the general meeting of shareholders of the Issuer, as
referred to in articles 70 paragraph 1 and 74 of the law of 10 August 1915 relating to
commercial companies, as amended, the date of which is fixed by the articles of association of
the Issuer.
	 
	q	 	“Bad Leaver” is the Original Beneficiary whose relationship with any Group company
terminates for any of the following reasons:

	 	-	 	Dismissal for Gross Misconduct;
	 
	 	-	 	Violation of the Non-Competition and Confidentiality Agreement concluded with the Original Beneficiary;
	 
	 	-	 	Termination in a manner that causes unnecessary material harm to the Group.

	 	 	The qualification of Bad Leaver shall be subject to the decision of the Issuer on the basis of
his reasonable opinion. The Original Beneficiary may be considered as a Bad Leaver either on
the Termination Date or within twelve months following the Termination Date.
	 
	q	 	“Beneficiary” is the Original Beneficiary or any successor in title (i.e. a
transferee in accordance with article 7 of the Rules or an heir) to the Beneficiary holding
some Options.
	 
	q	 	“Board of Directors” is the board of directors of Skype.
	 
	q	 	“Delegate” is the delegate or the delegates appointed from time to time by the Board of Directors.
	 
	q	 	“Dismissal for Gross Misconduct” is the Termination of Service by any Group
company by reason of facts or mistakes of the Original Beneficiary that render the
continuation of service immediately and definitively impossible. In case the Original
Beneficiary is an employee, Dismissal for Gross Misconduct shall mean the termination of the
employment contract by the employer without notice nor indemnity, in accordance with article
27 of the Luxembourg law of 24 May 1989 on the employment contract, or any provision of
similar effect pursuant to the foreign legislation applicable to the employment contract.
	 
	q	 	“Effective Grant Date” is the date on which the grant of Options takes effect,
which shall coincide with the day on which the three following conditions have been fulfilled:
(i) approval of the grant of Options by the Board of Directors or its Delegate, (ii) Valuation
of Skype for the purpose of the relevant grant and (iii) entry of the Original Beneficiary
into the service of one of the companies of the Group or the equivalent deemed acceptable by
the Board. The Effective Grant Date shall be specified in the Option Agreement.
	 
	q	 	“Eligible Persons” are employees and corporate representatives of the Group, or
any other person in favour of whom the Board decides, in its free discretion, to extend the
Plan.

6

 

	q	 	“Exercise Notice” is the order given by the Beneficiary to the Issuer, or to any
other person authorised by the Issuer to this end, for the purposes of Exercise of the
Options, using the form contained in schedule 2 to the Rules or by any other means previously
agreed to by the Issuer.
	 
	q	 	“Exercise of the Options” is the total or partial exercise of the Vested Options
by the Beneficiary under the terms laid down in article 6 of the Rules.
	 
	q	 	“Exercise Period” is the period during which the Beneficiary may exercise his
Vested Options as set forth under articles 6.3 of the Rules.
	 
	q	 	“Good Leaver” is the Original Beneficiary whose relationship with any Group
company terminates and who is not considered to be a Bad Leaver according to the Issuer’s
reasonable opinion.
	 
	q	 	“Group” is Skype and its subsidiaries or related companies as determined by the Board of Directors.
	 
	q	 	“Option” is an option conferring a right to subscribe to one Plan Share.
	 
	q	 	“Option Agreement” is the agreement between the Issuer and the Original
Beneficiary, of which a model is shown in schedule 1 to the Rules recording the allotment of
Options under the Plan.
	 
	q	 	“Option Transferee’s Declaration” is the declaration by the transferee of Options
referred to in article 7 of the Rules, a model of which is shown in schedule 5 to the Rules.
	 
	q	 	“Option Transfer Form” is the form referred to in article 7 of the Rules, a model
of which is shown in schedule 4 to the Rules.
	 
	q	 	“Ordinary Shares” are the ordinary shares as referred to in the articles of association of the Issuer.
	 
	q	 	“Original Beneficiary” is the Eligible Person to whom the Board of Directors or any Delegate has granted the Options.
	 
	q	 	“Personal Data” are the data relating to the person of the Beneficiary, allowing
his or her direct or indirect identification and collected by the Issuer or any other person
appointed by him. The concerned data are notably and without restriction set down in the
Rules, in the Territorial Riders, in the Option Agreement, in the Plan Shares Transfer Form,
in the Exercise Notice, in the Shares Transferee’s Declaration and in the Summary of
Transactions.
	 
	q	 	“Plan” is the stock option plan implemented by the Issuer and described in the Rules.
	 
	q	 	“Plan Shares” are the registered Ordinary Shares issued further to the Exercise of the Options.
	 
	q	 	“Quarterly Vesting Dates” are 31 March, 30 June, 30 September and 31 December of each year.
	 
	q	 	“Redemption Price” is (i) in case of Redemption of Plan Shares, the price per
Plan Share to be paid by the Issuer, which shall be equal to the Strike Price related to the
grant of Options to any Beneficiary under the Plan immediately preceding the exercise of the
Redemption Right by the Issuer and (ii) in case of Redemption of Vested Options, the price per
Vested Option to be paid by the Issuer, which shall be equal to 7.5% of the Strike Price
determined in accordance with the Valuation of Skype (which shall occur at least once a year)
immediately preceding the exercise of the Redemption Right by the Issuer.
	 
	q	 	“Redemption Right” is the Issuer’s right to redeem the Vested Options and Plan
Shares under the conditions referred to in article 10 of the Rules.
	 
	q	 	“Rules” are these rules, including any amendments thereto, which constitute
schedule 1 to the Option Agreement of which they form an integral part.
	 
	q	 	“Skype” or the “Issuer” is the company that grants the Options, viz. Skype
Technologies S.A., a public limited liability company incorporated according to the laws of
Luxembourg, having its registered office at 15, rue Notre-Dame, L-2240 Luxembourg, and
registered under number B 96.677 in the trade and companies register of Luxembourg.
	 
	q	 	“Strike Price” is the strike price per Option as referred to in article 5 of the
Rules and recorded in the Option Agreement.
	 
	q	 	“Summary of Transactions” is the document or any other written medium held by the
Issuer, or by any person authorised by the Issuer for this purpose, and containing at least
the information mentioned in schedule 3 to the Rules.
	 
	q	 	“Termination Date” is (i) in the case of Termination of Service on the initiative
of a Group company, the date of notification of the Termination of Service and (ii) in the
case of Termination of Service on the Original Beneficiary’s initiative, the last effective
working day.

7

 

	q	 	“Termination of Service” means the cessation of any employer/employee relationship
between the Original Beneficiary and a Group company, or of all corporate mandates held by the
Original Beneficiary in the Group. The transfer of the Original Beneficiary from one Group
company to another shall not been considered a Termination of Service.
	 
	q	 	“Territorial Rider” is the rider per country completing or amending the Rules, as provided in article 15 of the Rules.
	 
	q	 	“Total Strike Price” is the Strike Price multiplied by the number of Vested Options exercised.
	 
	q	 	“Validity Period of the Options” is the period as referred to in article 3 of the Rules.
	 
	q	 	“Valuation of Skype” is the valuation of an Ordinary Share of the Issuer, for the
purposes of determining the Strike Price approved by the Board of Directors or its Delegate,
relying on a third party with relevant expertise to carry out such valuation or such other
means as it deems appropriate. The Valuation of Skype shall take place at least once a year.
	 
	q	 	“Vested Option” is an Option, which is acquired in the hands of the Beneficiary
in accordance with article 4 of the Rules.
	 
	q	 	“Vesting Start Date” is the date on which the Original Beneficiary starts his
employment or relationship with any Group company, or any other date as determined by the
Board of Directors or its Delegate.
	 
	q	 	“Working Day” means any working day in the Grand-Duchy of Luxembourg.

Headings used in the Rules are for ease of reference only and shall not affect their construction
and interpretation.

In the Rules, unless the context does not so admit, reference to the singular includes reference to
the plural and vice versa and reference to one gender includes a reference to the other.

In the Rules, reference to a person includes any legal or natural person, partnership, company or
other body whether corporate or unincorporated, and reference to an individual includes his or her
respective personal representatives, unless the context does not so admit.

References in the Rules to any statutory provision shall be deemed to include reference to any
regulation or statutory instrument which amends or replaces the same and to any other regulation or
statutory instrument or other subordinate legislation made there under or pursuant thereto.

     The schedules enclosed to the Rules are current examples of the various forms and documents,
which may have to be used in the framework of the Plan. These schedules may be changed by the
Issuer at any time as it deems appropriate, in order notably and without limitation to request
additional information or to take into account the specific requirements under a foreign
legislation.

     Schedules:           1 — Option Agreement

8

 

Schedule 1

OPTION AGREEMENT

     BETWEEN

     Skype Technologies S.A., a public limited liability company incorporated according to the laws
of Luxembourg, having its registered office at 15, rue Notre-Dame, L-2240 Luxembourg, and
registered under number B 96.677 in the trade and companies register of Luxembourg, represented by
[          ] (hereinafter the “Issuer”),

     AND

     Ms/Mr [          ] (hereinafter “the Original Beneficiary”),

     IT IS AGREED AS FOLLOWS:

     Number of Options granted

     The Issuer has conferred to the Original Beneficiary the option of subscribing for [number in
figures (number in words)] Plan Shares in the Issuer, under the terms laid down in the Rules (as
amended from time to time), a copy of which is enclosed to the present agreement1.

     The right to subscribe for one Plan Share constitutes one Option. By virtue of the present
Option Agreement, the Beneficiary is therefore granted [number in figures (number in words)]
Options.

     Effective Grant Date

     The Effective Grant Date is [          ].

     Vesting Start Date

     The Vesting Start Date is [          ].

     Strike Price

     The Strike Price is fixed at EUR [amount in figures] ([amount in words] euros) (price per
unit) in accordance with the Valuation of Skype on the Effective Grant Date.

     Applicable Territorial Rider

     This Option Agreement shall be subject to the provisions of the [ ] Rider.

 

			
	1	 	Terms commencing with capital letters in
this agreement and not otherwise defined have the meaning as laid down in the
Rules.

9

 

     Knowledge of the Plan and the Rules

     The conditions for grant, transfer and exercise of the Options, together with the provisions
governing the rights burdening the Options and Plan Shares, are described in the Rules and the
applicable Territorial Rider, if any.

     The Original Beneficiary acknowledges having received a copy of the Rules and understanding
the provisions laid down in the Rules, and particularly the provisions relating to the Termination
of Service (article 9), the Redemption Right (article 10), the discretionary nature and amendment
and suspension of the Plan (article 12) and the courts having jurisdiction (article 14.7). The
Original Beneficiary agrees to be bound by these provisions, the applicable Territorial Rider and
the obligations flowing there from.

     Release of Skype’s obligations

     By signing this Option Agreement, the Original Beneficiary expressly acknowledges that Skype
and any Group company are released from all their obligations towards the Original Beneficiary with
respect to the promise made to grant him/her stock options under a stock option plan.

     Personal Data

     The Original Beneficiary hereby consents to the processing of the Personal Data that are
necessary for the setting up, management and the administering of the Plan and/or of any Plan
Shares, such as, notably and without limitation, to the collection, registering, keeping and
transfer of the Personal Data in any form and on any medium. In particular, the Beneficiary agrees
to the transfer of the Personal Data by the Issuer to any company of the Group and/or to any third
parties or sub-contractor, whether or not situated in the European Union (and may consequently not
grant an appropriate level of protection within the meaning of the Directive 95/46/CE of 24 October
1995 of the European Parliament and the Council and its transposition law in each of the countries
concerned), appointed by the Issuer, and instructed and empowered to set up, manage or administer
the Plan or any Plan Shares on the Issuer’s behalf. The Original Beneficiary is advised that he may
at any time exercise his right of access and/or correction to the Personal Data on the Issuer, the
third party or the sub-contractor appointed and recipient of the Personal Data, notably with the
purpose of disclosing, verifying and correcting such Personal Data. Such Personal Data shall be
kept during the life of the Plan.

     Notifications

     The Original Beneficiary acknowledges that all notifications under the Plan shall be validly
made at address indicated in this Option Agreement, and shall notify any change of address as soon
as practicable.

     One original of this Option Agreement must be signed by the Original Beneficiary and returned
to the Issuer within forty-five (45) days of the Effective Grant Date, failing which the Original
Beneficiary shall be deemed to have waived the benefit of the Options, unless confirmed by both
parties in writing.

     Signed in duplicate, one original being retained by the Original Beneficiary, the other being
returned duly signed for acceptance to Skype Technologies S.A. at the following address: 15, rue
Notre-Dame, L-2240 Luxembourg.

10

 

Signed for and on behalf of the Issuer

By:

 

Signed by the Original Beneficiary

preceded by the handwritten words “Read and approved in its entirety”

	 	 	 	 	 	 	 
	 

	 	 	 	(Signature)
	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	(Address)
	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 

	 	 
	 	 
	 
	 	 	 	 	 	 

	 	 	 	 	 
	 

	 	Schedules:
	 	- Stock Option Plan Rules

- Territorial Rider

11

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