Document:

Repurchase Notice by Language Line Holdings, LLC to Jeffrey Grace

 Exhibit 10.27 
  

							
		 		 		 	 Language Line Holdings, LLC
 One
Lower Ragsdale Drive
 Monterey, CA 93940
 Phone
831.648.5811

 June 15, 2007 
 Mr. Jeffrey Grace 
 21160 Old Ranch Court 
 Salinas, CA 93908 
 Re: Repurchase Notice 
 Dear
Shannon: 
 Reference is made to the Incentive Unit Agreements between you and Language Line Holdings, LLC (“Holdings”), dated November
2004, March 21, 2006 and December 12, 2006 (the “Agreement”). Reference is also made to the fact that you have notified Language Line Services of your intended resignation effective June 15, 2007. 
 Your resignation constitutes a Termination Event pursuant to Section 5(a) of the Agreement. Pursuant to Section 6 of the Agreement, Holdings has the right to
repurchase all or any portion of your vested Class “C” Common Units at Fair Market Value, and your unvested Class “C” Common Units (the “Units”) for an aggregate purchase price of $1.00 upon a Termination Event.

 Holdings hereby notifies you, pursuant to Section 6 (c) of the Agreement, that it has elected to repurchase an aggregate 35,000 of your vested
Units and 615,000 of your unvested Units, such purchase to be completed on a pro-rata basis based on the number of Class C-1 Common Units, Class C-2 Common Units and Class C-3 Common Units held by you (the “Repurchased Units”). We have
calculated the purchase price for the Repurchased Units in accordance with Section 6(b) of the Agreement as $4,900.00 in the aggregate for your vested Units and $1.00 in the aggregate for your unvested Units (the “Purchase Price”)
and, thus, have enclosed a check in such amount. 
 In consideration of the Purchase Price, you hereby represent and warrant to Holdings as follows as of the
date hereof and as of the Closing Date (as defined): 
  

	1.	 Ownership. All of the Repurchases Units are owned of record and beneficially by you, and you have good and marketable title to the Repurchased units, free
and clear of any security interest, claims, liens, pledges, options, encumbrances, charges, agreements, voting trusts, proxies or other arrangements or restrictions whatsoever (collectively, Encumbrances”) except as for such legend and related
transfer restrictions. All of the Repurchased Units are 

  

					
		 	Language Line Services CONFIDENTIAL	 	P 1 of 3

	 	 
validly issued, fully paid and nonassessable. At the Closing (as defined below), you will deliver to Holdings good and marketable title to the Repurchased
Units, free and clear of any Encumbrances. 

  

	2.	Legal Capacity. You have full legal capacity to enter into and perform your obligations set forth in this Agreement. This Agreement, when executed and delivered, will
constitute the valid and legally binding obligation, enforceable against you in accordance with its terms. 

  

	3.	Conflicts. The execution, delivery and performance of this Agreement by you does not conflict with or result in a breach of any agreement, instrument, order, judgement,
decree, law or governmental regulation to which you or the Repurchased Units are subject. 

 All questions concerning the construction,
validity and interpretation of this Agreement will be governed by and construed in accordance with the domestic laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of
New York or any other jurisdiction) that would cause application of the laws of any jurisdiction other than the State of New York. 
 Please sign the
attached copy of this letter and return it to me no later than June 15, 2007; provided that, for the avoidance of doubt, you, by cashing the enclosed check, agree to the terms set forth herein. The time and place of closing of the
aforesaid repurchase shall be the earlier of (x) the time you cash the enclosed check, (y) the receipt by me of a copy of this letter signed by you, or (z) June 15, 2007, in each case, in our offices at the address set forth
above (the “Closing”) 
  

			
	Yours truly,
	
	LANGUAGE LINE HOLDINGS, LLC
		
	By:	 	 /s/ Dennis G. Dracup

	Name:	 	Dennis G. Dracup
	Title:	 	President and CEO

 Accepted as of this 
 15 day of June, 2007 
 Jeffrey Grace 

	
	
	/s/ Jeffrey Grace

  

					
		 	Language Line Services CONFIDENTIAL	 	P 2 of 3

 Repurchase Calculation 
  

																			
	 	  	Nov-04
Grant	  	Mar-06
Grant	  	Dec-06
Grant	  	Total
Grants	  	Shares
Repurch.	  	Repurch.
Price/Share	  	Repurch.
Price	  	Shares
Not
Repurch.
	 A. Vested Shares
	  	30,000	  	5,000	  	—  	  	35,000	  	35,000	  	$	0.14	  	$	4,900.00	  	—  
	 B. Unvested Shares
	  	70,000	  	45,000	  	500,000	  	615,000	  	615,000	  	 	na	  	$	1.00	  	—  
		  	 	  	 	  	 	  	 	  	 	  			  	 	 	  	 
	 C. Total Shares Granted
	  	100,000	  	50,000	  	500,000	  	650,000	  	650,000	  	 	na	  	$	4,901.00	  	—  
		  	 	  	 	  	 	  	 	  	 	  			  	 	 	  	 

  

					
		 	Language Line Services CONFIDENTIAL	 	P 3 of 3Offer Letter to Michael Schmidt dated June 5, 2007

 Exhibit 10.28 
 

 
  

			
	Dennis G. Dracup	  	One Lower Ragsdale Drive
	Chairman and Chief Executive Officer	  	Monterey, CA 93940
		  	Phone 831.648.5811
		  	Fax 831.648.5801
		  	email dennis dracup@languageline.com
		  	wvw.LanguageLine.com

 June 5, 2007 
 Mr. Michel Schmidt 
 Address1 
 Address2

 Dear Michael: 
 This is to offer you the position of Senior
Vice President Finance effective July 23, 2007 and the position of Chief Financial Officer effective August 15, 2007, contingent upon completion of satisfactory reference checks. This is a regular, full-time and exempt employee position.
In addition, you will be appointed to the Board of Directors of Language Line Holdings, LLC effective with your appointment and continued employment as CFO of Language Line Services. 
 The compensation for this position is shown in Attachment A. 
 You will have access to information of a confidential nature
that Language Line Services considers and treats as its trade secret. For this reason, in addition to the provisions in the Code of Conduct regarding trade secrets and solicitation of customers and employees, this offer is contingent upon your
agreement that, should your employment with Language Line Services terminate for any reason, you will refrain for a period of one-year post termination from accepting employment or entering into any relationship with the following direct competitors
of Language Line Services: Network Omni, Tele-Interpreters, Tele Tech, Certified Languages International, Lionbridge, and Pacific Interpreters. In addition, you agree that this one-year prohibition is necessary to protect Language Line
Services* trade secrets including but not limited to its sales and marketing plan and specifications regarding its customers and that, in the event of your resignation for any reason or termination for cause, you can obtain employment in your
occupation with businesses other than these direct competitors of Language Line Services. 
 It is further specifically agreed that Language Line Services
shall have the right, as an addition to all the remedies permitted by law and in equity, to restrain any violation, of the Code of Conduct or the agreements herein. You agree that should it be necessary for either party to file any action in court
relative to your employment with Language Line Services, venue shall be in the Monterey County Superior Court. The restrictions on unfair competition contained herein and in Language Line Services’ Code of Conduct are not to be construed as
permitting acts of unfair competition after a one-year period. It is agreed and understood that you will not at any time, either before or after the one-year period contained herein, engage in acts of unfair competition, which are prohibited by law.

  

 P 1 of 3 

 

 
  

 Language Line Services has an at-will employment relationship with its employees; either you or the company may
therefore terminate employment at any time, with or without cause. 
 Please confirm your agreement with the terms set forth above by your signature on the
attached employment acceptance form and return to Language Line Services, together with the enclosed forms. 
 If you have any questions’ regarding any
items in this letter, please do not hesitate to call me for assistance at (831)648-5811 
 Sincerely, 
  

	
	 /s/ Dennis G. Dracup

	Dennis G. Dracup
	Chairman and CEO
	
	Attachments

 I accept your offer of employment and the conditions of employment as set forth in your job offer letter
dated June 5, 2007. 
  

									
	 /s/ Michael Schmidt
	  		  	  
	  		  	6/6/07
	Michael Schmidt	  		  	Social Security Number	  		  	Date

  

 P 2 of 3 

 

 
  

 Language Line Services 
 Michael Schmidt Compensation Plan 
 Attachment A 
 The following are the components of your compensation. 
  

	A.	Salary: Annual Salary of $250,000.00, paid in monthly installments of $20,833.33. 

  

	B.	Bonus: You will be eligible for an annual bonus paid at the Executive Officer level, as approved by the Board of Directors and administered according to the Language Line
Services Bonus Administrative Document. See Attachment B for detail. 

 For the year 2007 only, you will be guaranteed a minimum
bonus equivalent to 50% of your 2007 paid wages. 
  

	C.	Moving Reimbursement: You will be reimbursed for $5,000.00 of relocation expenses, payable within thirty (30) days of your employment. 

 

	D.	Incentive Shares: A recommendation will be made to the Board of Directors to grant you 500,000 Management Incentive Shares. The Board will consider this grant recommendation
at its August meeting. 

 In addition, the CEO will recommend to the Board of Directors an additional grant of 250,000
Management Incentive Shares within 180 days of employment, based upon successful fulfillment of job responsibilities and other assigned tasks. The CEO will have sole determination as to whether assigned responsibilities have been successfully
achieved. 
  

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