Document:

exh10_2.htm

     

    
      

      

    

    Exhibit
10.2

    

      MAINE
& MARITIMES CORPORATION

      SHORT
TERM INCENTIVE AWARD AGREEMENT

      

      

          This
Short Term Incentive Award Agreement incorporates by reference the 2010
Executive Compensation Plan, and the 2008 Stock Plan (the “Plans”). It sets
forth certain specific terms and conditions governing performance awards under
the 2010 Executive Compensation Plan.  If performance targets are met,
the Executive will receive 75% of the award in cash, and 25% of the award in
shares of MAM stock pursuant the 2008 Stock Plan.

      
        	 
      	 
      
	
                Name
      of Executive: 

              	
                [NAME]

                 

              
	
                Performance
      Period:

                 

              	
                January 1,
      2010 to December 31, 2010

                 

              
	
                Target
      Award:

                 

                Measurement: 

                 

                 

              	
                25%
      of Executive’s base salary (40% for CEO)

                 

                2010
      Short Term Incentive Objectives

                 

                 

              
	 
      	 
      

      

      BY
EXECUTING THIS AGREEMENT, EXECUTIVE ACCEPTS PARTICIPATION IN THE PLAN,
ACKNOWLEDGES THAT HE OR SHE HAS READ AND UNDERSTANDS THE PROVISIONS OF THIS
AGREEMENT AND THE PLANS, AND AGREES THAT THIS AGREEMENT AND THE PLANS SHALL
GOVERN THE TERMS AND CONDITIONS OF THIS AWARD.

       

      IN WITNESS WHEREOF, the
Company and the Executive have duly executed this Agreement as of __________,
2010.

       

       

      
        	
                MAINE & MARITIMES
      CORPORATION:

                 

                 

              	 
      	
                EXECUTIVE:

              
	
                By:

              	 
      	 
      	 
      
	
                Name:

              	
                 Lance
      Smith

              	 
      	 
      	 
      
	
                Title:

              	
                Chair,
      Performance & 

                Compensation
      Committee

              	 
      	
                Name:exh10_3.htm

     

    
      

      

    

    Exhibit 10.3

    MAINE
& MARITIMES CORPORATION

    LONG
TERM INCENTIVE AWARD AGREEMENT

    

        This
Long Term Incentive Award Agreement incorporates by reference the 2010 Executive
Compensation Plan, and the 2008 Stock Plan (the “Plans”). It sets forth certain
specific terms and conditions governing performance awards under the 2010
Executive Compensation Plan.  If performance targets are met, the
Executive will receive shares of MAM stock pursuant the 2008 Stock
Plan.

    
      	 
      	 
      
	
              Name
      of Executive: 

            	
              [NAME]

               

            
	
              Performance
      Period:

               

            	
              January 1,
      2010 to December 31, 2012

               

            
	
              Target
      Award:

               

              Measurement: 

               

               

            	
              50%
      of Executive’s base salary (80% for CEO)

               

              Total
      Shareholder Return over Performance Period vs. Peer Group

               

               

               

            

    

    BY
EXECUTING THIS AGREEMENT, EXECUTIVE ACCEPTS PARTICIPATION IN THE PLAN,
ACKNOWLEDGES THAT HE OR SHE HAS READ AND UNDERSTANDS THE PROVISIONS OF THIS
AGREEMENT AND THE PLANS, AND AGREES THAT THIS AGREEMENT AND THE PLANS SHALL
GOVERN THE TERMS AND CONDITIONS OF THIS AWARD.

     

    IN WITNESS WHEREOF, the
Company and the Executive have duly executed this Agreement as of __________,
2010.

     

     

    
      	
              MAINE & MARITIMES
      CORPORATION:

               

               

            	 
      	
              EXECUTIVE:

            
	
              By:

            	 
      	 
      	 
      
	
              Name:

            	
               Lance
      Smith

            	 
      	 
      	 
      
	
              Title:

            	
              Chair,
      Performance & 

              Compensation
      Committee

            	 
      	
              Name:Exhibit
10.1

 

THIS AGREEMENT IS SUBJECT TO ARBITRATION

 

	
  STATE
  OF TEXAS

  	
   

  	
  §

  
	
   

  	
   

  	
  §

  
	
  COUNTY
  OF DALLAS

  	
   

  	
  §

  

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

THIS
AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is made and
entered into as of the 11th day of January, 2010 (the “Effective
Date”) by and between DG FastChannel, Inc., a Delaware corporation (the “Corporation”),
and Neil Nguyen (the “Employee”).

 

WHEREAS,
the Corporation and Employee are parties to an Amended and Restated Employment
Agreement (the “Prior Agreement”) made effective as of the 31st day
of December, 2008, which sets forth the terms and conditions of Employee’s
employment with the Corporation; and

 

WHEREAS,
the Corporation and Employee desire to further amend and restate the Prior Agreement
on the terms and conditions as set forth herein to reflect the Employee’s
promotion as of September 1, 2009 (the “Promotion Date”) to the position
of President and Chief Operating Officer of the Corporation;

 

NOW,
THEREFORE, the parties hereto, in consideration of the mutual covenants and
promises hereinafter contained, do hereby agree as follows:

 

1.             Employment.  The Corporation
hereby employs Employee in the capacity of President and Chief Operating
Officer of the Corporation, or in such other position of the same or greater
stature as the Corporation may direct or desire, and Employee hereby accepts
the employment, on the terms and subject to the conditions hereinafter set
forth.

 

2.             Duties.  The Employee’s job title shall be President and Chief Operating Officer
of the Corporation.  During the Employment Term the Employee shall have
such authority and duties as are usual and customary for such position, and
shall perform such additional services and duties and hold such offices as the
Chief Executive Officer or Board of Directors of the Corporation (the “Board”) may
from time to time reasonably assign consistent with such position.  Employee agrees to devote substantially his full time, energies
and best efforts to the performance of his duties hereunder, to the exclusion
of all other business activities, except any other activities as the
Corporation may consent to in writing.

 

3.             Term.  The term of
employment hereunder shall begin on the Effective Date and continue through December 31,
2012 unless earlier terminated as herein provided (the “Employment Term”).

 

 

4.             Salary and Other Compensation. 
As compensation for the services to be rendered by the Employee to the
Corporation pursuant to this Agreement, the Employee shall be paid the
following compensation and other benefits during the Employment Term:

 

(a)           Base Salary.  During
the Employment Term, the Employee’s base salary shall be as follows: a prorated
amount at the rate in effect as of the Effective Date for the remainder of
calendar year 2009, $395,000 for the twelve months ending December 31,
2010, $415,000 for the twelve months ending December 31, 2011 and $430,000
for the twelve months ending December 31, 2012, each payable in equal
bi-weekly installments or in accordance with the Corporation’s then standard
practices, or such higher compensation as may be established by the Corporation
from time to time (“Base Salary”).  Any increase in Base Salary
shall automatically amend this Agreement to provide thereafter that Employee’s
Base Salary shall not be less than the annual amount to which the Base Salary
has been increased.  If the Employee, during any period of Partial
Disability, receives any periodic payments representing lost compensation under
any health and accident policy or under any salary continuation insurance
policy, the premiums for which have been paid by the Corporation, the amount of
salary that the Employee would be entitled to receive from the Corporation
during the Partial Disability shall be decreased by the amounts of such payments. 
“Partially Disabled,” for purposes of this subsection, means the inability
because of any physical or emotional illness to perform his assigned duties
under this Agreement for forty (40) hours per week.  In addition to the foregoing, in view of the
Employee’s promotion to the position of President and Chief Operating Officer
of the Corporation as of the Promotion Date, the Employee will receive a
special one-time lump sum payment on or before December 31, 2009 to
reflect a prorated increase in base salary applicable to such position and not
yet received by the Employee, in an amount equal to $16,666.00.

 

(b)           Bonus.  For
calendar years 2010-2012, the Employee
shall be eligible for an annual bonus in an amount of up to 75% of the
then-applicable Base Salary.  The
Employee’s actual bonus for any calendar year may be less than this maximum
amount, with the criteria upon which any bonus would be awarded to be
determined in the sole discretion of the Compensation Committee (or other
applicable committee) of the Board of Directors (the “Compensation Committee”),
provided, however, that a material portion of Employee’s annual bonus shall be based
upon the Corporation’s attainment of revenue and EBITDA goals established by
the Compensation Committee.  For
calendar year 2009, the Employee shall be eligible to receive an annual bonus
based upon the terms of the Prior Agreement. 
Any annual bonus that becomes payable pursuant to this Section 4(b) shall
be paid between January 1 and March 15th of the year following the
year for which such annual bonus was earned; provided, however, in no event
will the bonus be paid after December 31 of the year following the year
for which such annual bonus was earned.

 

(c)           Stock Options.  Pursuant to a separate agreement, the Employee
will be awarded a stock option to purchase 125,000 shares of the Corporation’s
common stock, under the Corporation’s stock incentive plan, at an exercise
price equal to the fair market value of the Corporation’s common stock on the
grant date, as determined by the Compensation Committee.  In addition, the
Employee may receive additional awards

 

 

under such stock incentive
plan as the Compensation Committee may determine from time to time, subject to
any limitation as may be provided by applicable law or regulation or the terms
of the stock incentive plan.  All outstanding stock options held by or on
behalf of the Employee shall become fully vested and exercisable upon the
occurrence of a change in control of the Corporation (as defined in the applicable
stock option agreement or related plan document).

 

(d)           Car Allowance.  The
Corporation shall pay to the Employee a car allowance in an amount equal to $750
per month, in arrears, during the Employment Term.

 

(e)           Employee Benefit Plans. The Employee
shall be eligible to participate, to the extent he may be eligible, in any
profit sharing, retirement, insurance or other employee benefit plan maintained
by the Corporation.

 

5.             Life and Health Insurance. 
The Corporation, in its discretion, may apply for and procure in its own name
and for its own benefit, life insurance on the life of the Employee in any
amount or amounts considered advisable by the Corporation, and the Employee
shall submit to any medical or other examination and execute and deliver any application
or other instrument in writing, reasonably necessary to effectuate such
insurance.  During the Employment
Term, the Corporation shall pay the amount of premiums or other cost incurred
for coverage of the Employee and his eligible spouse and dependent family
members under the applicable Corporation health benefits arrangement
(consistent with the terms of such arrangement).

 

6.             Expenses.  The Corporation
shall pay, or reimburse the Employee, for the reasonable and necessary business
expenses of the Employee.

 

7.             Vacations and Leave. 
The Employee shall be entitled to four (4) weeks paid vacation per year to be accrued in accordance with the Corporation’s vacation policy in
effect from time to time.

 

8.             Non-Disclosure of Confidential Information and Covenants against
Competition.

 

(a)           The Employee acknowledges that in and as a result of his employment by
the Corporation, he will be making use of, acquiring, and/or adding to
confidential information of a special and unique nature and value relating to
such matters as the Corporation’s patents, copyrights, proprietary information,
trade secrets, systems, procedures, manuals, confidential reports, and lists of
customers (which are deemed for all purposes confidential and proprietary), as
well as the nature and type of services rendered by the Corporation, the
equipment and methods used and preferred by the Corporation’s customers, and
the fees paid by them.  As a material inducement to the Corporation to
enter into this Agreement and to pay to Employee the compensation stated in Section 4,
Employee covenants and agrees that he shall not, at any time during or for
three (3) years following the term of his employment, directly or
indirectly divulge or disclose for any purpose whatsoever any confidential information
that has been obtained by, or disclosed to, him as a result of his employment
by the Corporation.

 

 

(b)           The Employee acknowledges that the services he is to render are of a
special and unusual character with a unique value to the Corporation, the loss
of which cannot adequately be compensated by damages in action at law.  In
addition, the Employee acknowledges that as a result of his promotion to
President and Chief Operating Officer of the Corporation and subject to his
execution of this Agreement, the Employee is being provided additional
confidential and proprietary information of the Corporation which was not
provided to the Employee in his prior position. 
As a result, in view of the unique value to the Corporation of the
services of Employee, because of such confidential information to be obtained
by or disclosed to Employee, as hereinabove set forth, and as a material
inducement to the Corporation to enter into this Agreement and to pay to
Employee the compensation stated in paragraph 4, and in consideration of the
additional severance benefits being afforded to the Employee under this
Agreement, Employee covenants and agrees that during Employee’s employment and
for a period of twelve months after he ceases to be employed by the Corporation
for any reason, he will not, except as otherwise authorized by this Agreement,
compete with the Corporation or any affiliate of the Corporation, solicit the
Corporation’s customers or the customers of an affiliate or directly or
indirectly solicit for employment any of the Corporation’s employees.  For
purposes of this paragraph:

 

(i)            the term “compete” means engaging in the same or any similar business as
the Corporation or any of its affiliates in any manner whatsoever (other than
as a passive investor), including without limitation, as a proprietor, partner,
investor, shareholder, director, officer, employee, consultant, independent
contractor, or otherwise, within the United States of America;

 

(ii)           the term “affiliate” means any legal entity that directly or indirectly
through one or more intermediaries controls, is controlled by, or is under the
common control with the Corporation; and

 

(iii)          the term “customers” means all persons to whom the Corporation or any of
its affiliates has sold any product or service within a period of twelve months
prior to the time Employee ceases to be employed by the Corporation.

 

9.             Reasonableness of Non-Disclosure and Noncompetition Restrictions

 

(a)           The Employee has carefully
read and considered the provisions of Section 8, and, having done so,
agrees that the restrictions set forth in that Section are fair and
reasonable and are reasonably required for the protection of the interests of
the Corporation and its parent or subsidiary corporations, officers, directors,
shareholders, and other Employees.

 

(b)           In the event that,
notwithstanding the foregoing, any of the provisions of Section 8 shall be
held to be invalid or unenforceable, the remaining provisions thereof shall
nevertheless continue to be valid and enforceable as though the invalid or
unenforceable parts had not been included therein.  In the event that any
provision of Section 8 shall be declared by a court of competent
jurisdiction to exceed the maximum restrictiveness such court deems reasonable
and enforceable, the time period and/or areas

 

 

of restriction and/or related aspects deemed
reasonable and enforceable by the court shall become and thereafter be the
maximum restriction in such regard, and the restriction shall remain
enforceable to the fullest extent deemed reasonable by such court.

 

10.           Remedies for Breach of Employee’s Covenants of Non-Disclosure and
Noncompetition.  In the event of a
breach or threatened breach of any of the covenants in Section 8, the
Corporation shall have the right to seek monetary damages for any past breach
and equitable relief, including specific performance by means of an injunction
against the Employee or against the Employee’s partners, agents,
representatives, servants, employers, employees, family members and/or any and all
persons acting directly or indirectly by or with him, to prevent or restrain
any such breach.

 

11.           Termination.  Employment of the
Employee under this Agreement may be terminated:

 

(a)           By the Employee’s death.

 

(b)           By mutual agreement of the
Employee and the Corporation.

 

(c)           By the Corporation for
Cause.  This Agreement and the Employee’s employment with the Corporation
may be terminated for Cause at any time in accordance with Section 11(f). 
For purposes of this Agreement “Cause” shall mean only the following:  (i) a conviction of or a plea of guilty
or nolo contendere by the
Employee to a felony or an act of fraud, embezzlement or theft or other
criminal conduct against the Corporation; (ii) habitual neglect of the
Employee’s material duties or failure by the Employee to perform or observe any
substantial lawful obligation of such employment that is not remedied within
thirty (30) days after written notice thereof from the Corporation or its Board
of Directors; or (iii) any material breach by the Employee of this
Agreement.  Should the Employee dispute whether he was terminated for
Cause, then the Corporation and the Employee shall enter immediately into
binding arbitration pursuant to the Commercial Arbitration Rules of the
American Arbitration Association, the cost of which shall be borne by the
non-prevailing party.

 

(d)           By Employee for Good Reason.  This Agreement and the Employee’s
employment with the Corporation may be terminated at any time, at the election
of the Employee, for Good Reason following notice and a reasonable opportunity
to cure, and in accordance with subparagraph (e) of this section.  As
used in this Agreement, Good Reason shall mean (i) the assignment to the
Employee of duties inconsistent with the title of President and Chief Operating
Officer of the Corporation or his then current office, the removal of the
Employee from such office or any reduction in the current scope or degradation
of the Employee’s job responsibilities, duties, functions, status, offices and
title or material reduction in support staff; (ii) the material reduction
of the Employee’s then current Salary and perquisites, on an aggregate basis; (iii) the
relocation of the Corporation’s principal executive offices to a location more
than twenty (20) miles from the Corporation’s then current offices or the
transfer of the Employee to a place other than the Corporation’s principal
executive offices (excepting reasonable travel on the

 

 

Corporation’s business);
or (iv) any material breach by the Corporation of this Agreement.

 

(e)           Notice of Termination. 
Any purported termination of the Employee’s employment by the Corporation for
Just Cause shall be communicated by a written Notice of Termination to the
Employee.  Such notice shall recite the facts and circumstances claimed to
provide the basis for such termination and specify the Date of Termination. As
used in this Agreement, “Date of Termination” shall mean the date specified in
the Notice of Termination, which date shall not be less than thirty (30) nor
more than sixty (60) days from the date the Notice of Termination is
given.  If within thirty (30) days from the date the Notice of Termination
is given, the Employee notifies the Corporation that a dispute exists
concerning such termination, the Date of Termination shall be the date on which
the dispute is finally resolved.  The Date of Termination shall be
extended by a notice of dispute only if such notice is given in good faith and
the Employee pursues the resolution of such dispute by entering immediately
into binding arbitration pursuant to the Commercial Arbitration Rules of
the American Arbitration Association, the cost of which shall be borne by the
non-prevailing party, except as otherwise required by law.

 

(f)            At the end of the Employment
Term.

 

(g)           In
the event of a Change in Control and, following such Change in Control, if the
Employee is terminated by the Corporation without Cause, or the Employee elects
to terminate his employment for any reason, prior to the end of the Employment
Term.  As used in the Agreement, the term “Change in Control” shall mean:

 

(i)            the sale, lease or other transfer of all or substantially all of the
assets of the Corporation to any person or group (as such term is used in Section 13(d)(3) of
the Securities Exchange Act of 1934, as amended);

 

(ii)           the adoption by the stockholders of the Corporation of a plan relating to
the liquidation or dissolution of the Corporation;

 

(iii)          the merger of consolidation of the Corporation with or into another
entity or the merger of another entity into the Corporation or any subsidiary
thereof with the effect that immediately after such transaction the
stockholders of the Corporation immediately prior to such transaction (or their
affiliates) hold less than fifty percent (50%) of the total voting power of all
securities generally entitled to vote in the election of directors, managers or
trustees of the entity surviving such merger of consolidation;

 

(iv)          the acquisition by any person or group of more than fifty percent (50%)
of the voting power of all securities of the Corporation generally entitled to
vote in the election of directors of the Corporation; or

 

(v)           the majority of the Board is composed of members who (A) have served
less than twelve months and (B) were not approved by a majority of the
Board at the time of their election or appointment.

 

 

12.           Payments Upon Termination. 
Payments to the Employee upon termination
shall be limited to the following:

 

(a)           If the Employee is terminated by the Corporation upon death, for Cause,
or at the end of the Employment Term, the Employee shall be entitled to all
arrearages of salary and expenses as of the Date of Termination but shall not
be entitled to further compensation, subject to paragraph 13.

 

(b)           If the Employee terminates for Good Reason or following a Change in
Control pursuant to Section 11(g) above, or if the Employee is
terminated by the Corporation other than for Cause or any reason other than as
set forth in subparagraph (a) above during the Employment Term, the
Employee shall be entitled to the greater of (i) all remaining salary under
this Agreement to the end of the Employment Term, or (ii) salary from the
Date of Termination through the first anniversary of the Date of Termination.  Such amounts shall be paid in equal
bi-weekly installments or in accordance with the Corporation’s then standard
payroll payment practices (but no less frequently than monthly), subject to Section 14(b).  Employee shall have no obligation to seek
other employment and any income so earned shall not reduce the foregoing
amounts.

 

13.           Severance Following Expiration of Employment Term.  Following
the end of the Employment Term, upon termination of Employee’s employment with
the Corporation for any reason other than Cause, but upon ninety days prior
written notice if such termination is by the Employee, the Corporation shall
pay to the Employee an amount equal to six months of the Employee’s Base Salary
at the rate in effect on the Date of Termination, which amount shall be paid in equal
bi-weekly installments or in accordance with the Corporation’s then standard
payroll payment practices (but no less frequently than monthly), subject to Section 14(b).

 

14.           Other Termination Provisions.

 

(a)           Separation from Service.  Notwithstanding anything to the contrary in
this Agreement, with respect to any amounts payable to the Employee under Section 12
of this Agreement in connection with a termination of the Employee’s
employment, in no event shall a termination of employment occur under this
Agreement unless such termination constitutes a
Separation from Service.  For purposes of
this Agreement, a Separation from Service shall mean the Employee’s “separation
from service” with the Corporation as such term is defined in Treasury
Regulation Section 1.409A-1(h) and any successor provision thereto.

 

(b)           Section 409A
Compliance. 
Notwithstanding anything contained in this Agreement to the Contrary, to
the maximum extent permitted by applicable law, amounts payable to the Employee
pursuant to Section 12 shall be made in reliance upon Treas. Reg. Section 1.409A-1(b)(9) (Separation
Pay Plans) or Treas. Reg. Section 1.409A-1(b)(4) (Short-Term
Deferrals).  However, to the extent any
such payments are treated as non-qualified deferred compensation subject to Section 409A
of  the Code, then if Employee is deemed
at the time of his Separation from Service to be a “specified employee” for
purposes of Section 409A(a)(2)(B)(i) of the Code, then to the extent
delayed commencement of any portion of the benefits to which Employee is
entitled under this Agreement is required in order to avoid a prohibited
distribution under Section 409A(a)(2)(B)(i) of the Code, such portion
of Employee’s

 

 

termination benefits shall not be provided to Employee prior
to the earlier of (i) the expiration of the six-month period measured from
the date of the Employee’s Separation from Service or (ii) the date of
Employee’s death.  Upon the earlier of
such dates, all payments deferred pursuant to this Section 14(b) shall
be paid in a lump sum to Employee.  The
determination of whether the Employee is a “specified employee” for purposes of
Section 409A(a)(2)(B)(i) of the Code as of the time of his Separation
from Service shall made by the Corporation in accordance with the terms of Section 409A
of the Code and applicable guidance thereunder (including without limitation
Treas. Reg. Section 1.409A-1(i) and any successor provision thereto).

 

(c)           Resignation Upon Termination. 
In the event of termination of this Agreement other than for death, the
Employee hereby agrees to resign from all positions held in the Corporation,
including without limitations any position as a director, officer, agent,
trustee or consultant of the Corporation or any affiliate of the Corporation.

 

15.           Waiver.  A party’s failure to
insist on compliance or enforcement of any provision of this Agreement, shall
not affect the validity or enforceability or constitute a waiver of future
enforcement of that provision or of any other provision of this Agreement by
that party or any other party.

 

16.           Governing Law.  This
Agreement shall in all respects be subject to, and governed by, the laws of the
State of Texas.

 

17.           Severability.  The invalidity or
unenforceability of any provision in the Agreement shall not in any way affect
the validity or enforceability of any other provision and this Agreement shall
be construed in all respects as if such invalid or unenforceable provision had
never been in the Agreement.

 

18.           Notice.  Any and all notices
required or permitted herein shall be deemed delivered if delivered personally
or if mailed by registered or certified mail to the Corporation at its
principal place of business and to the Employee at the address hereinafter set
forth following the Employee’s signature, or at such other address or addresses
as either party may hereafter designate in writing to the other.

 

19.           Assignment.  This Agreement,
together with any amendments hereto, shall be binding upon and shall inure to
the benefit of the parties hereto and their respective successors, assigns,
heirs and personal representatives, except that the rights and benefits of
either of the parties under this Agreement may not be assigned without the
prior written consent of the other party.

 

20.           Amendments.  This Agreement may
be amended at any time by mutual consent of the parties hereto, with any such
amendment to be invalid unless in writing, signed by the Corporation and the
Employee.

 

21.           Entire Agreement.  This
Agreement amends and restates in its entirety the terms and conditions of
Employee’s employment with the Corporation, notwithstanding the terms and
conditions of any previous employment agreement between the Corporation and
Employee, including the Prior Agreement. 
This Agreement, along with the Corporation handbook to the extent it
does not specifically conflict with any provision of this Agreement,

 

 

contains the entire agreement and understanding by and
between the Employee and the Corporation with respect to the employment of the
Employee, and no representations, promises, agreements, or understandings,
written or oral, relating to the employment of the Employee by the Corporation
not contained herein shall be of any force or effect.

 

22.           Burden and Benefit.  This
Agreement shall be binding upon, and shall inure to the benefit of, the
Corporation and Employee, and their respective heirs, personal and legal
representatives, successors, and assigns.

 

23.           References to Gender and
Number Terms.  In construing this Agreement, feminine or
number pronouns shall be substituted for those masculine in form and vice
versa, and plural terms shall be substituted for singular and singular for
plural in any place where the context so requires.

 

24.           Headings.  The
various headings in this Agreement are inserted for convenience only and are
not part of the Agreement.

 

25.           In-Kind Benefits and
Reimbursements.  Notwithstanding any thing
to the contrary in this Agreement, in-kind benefits and reimbursements provided
under this Agreement during any tax year of the Employee shall not affect
in-kind benefits or reimbursements to be provided in any other tax year of the
Employee and are not subject to liquidation or exchange for another
benefit.  Notwithstanding any thing to
the contrary in this Agreement, reimbursement requests must be timely submitted
by Employee and, if timely submitted, reimbursement payments shall be made to
the Employee as soon as administratively practicable following such submission,
but in no event later than the last day of Employee’s taxable year following
the taxable year in which the expense was incurred.  In no event shall the Employee be entitled to
any reimbursement payments after the last day of Employee’s taxable year
following the taxable year in which the expense was incurred.  This paragraph shall only apply to in-kind
benefits and reimbursements that would result in taxable compensation income to
the Employee.

 

26.           Section 409A; Separate Payments.  This
Agreement is intended to be written, administered, interpreted and construed in
a manner such that no payment or benefits provided under the Agreement become
subject to (a) the gross income inclusion set forth within Code Section 409A(a)(1)(A) or
(b) the interest and additional tax set forth within Code Section 409A(a)(1)(B)
(together, referred to herein as the “Section 409A Penalties”), including,
where appropriate, the construction of defined terms to have meanings that
would not cause the imposition of Section 409A Penalties.  In no event shall the Corporation be required
to provide a tax gross-up payment to Employee or otherwise reimburse Employee
with respect to Section 409A Penalties. 
For purposes of Section 409A of the Code (including, without
limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)),
each payment that Employee may be eligible to receive under this Agreement
shall be treated as a separate and distinct payment.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

 

 

IN WITNESS WHEREOF, the Corporation and Employee have duly executed
this Agreement as of the day and year first above written.

 

 

	
   

  	
  CORPORATION:

  
	
   

  	
   

  
	
   

  	
  DG
  FASTCHANNEL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/
  Scott K. Ginsburg

  
	
   

  	
   

  	
  Scott
  K. Ginsburg

  
	
   

  	
   

  	
  Chief
  Executive Officer

  

 

 

Address
for Notice Purposes:

 

DG
FastChannel, Inc.

750
West John Carpenter Freeway

Suite 700

Irving,
Texas 75039

Attention:  Chief Financial Officer

 

 

	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
  /s/
  NEIL NGUYEN

  
	
   

  	
  NEIL
  NGUYEN

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]