Document:

Exhibit 10.32

 

FILE COPY

 

FOURTH
AMENDMENT TO LEASE

 

 

THIS FOURTH AMENDMENT TO LEASE (“Amendment”) is dated for reference
purposes March 2006 by and between Boyd Enterprises Utah, L.L.C. as Lessor, and
Datamark, Inc. as successor in interest to Datamark Systems, Inc., a division of focus alert, as Lessee.

 

WHEREAS, Lessor and
Lessee are the parties to a lease agreement dated April 9, 1998, First, Second,
and Third Amendment (the “Lease”) whereby the Lessor leased to Lessee
approximately 40,800 square feet of the property, The Monroe Building, 2305
South Presidents Drive, Unit A,B,C,D,E,F and 8,800 square feet The Tyler
Building, 3781 West 2270 South, Unit A,B (the “Original Premises”). Except as
expressly provided in this Amendment, all capitalized terms not otherwise
defined herein shall have the meaning ascribed to those terms in the Lease.

 

WHEREAS, Lessee
desires to exercise it option to lease the premises of approximately 17,600
square feet of space known as 3781 West 2270 South, Suite C,D,E,F, located in
the Tyler Building, as depicted on Exhibit “A” to this Amendment (“Option
Premises”),

 

WHEREAS, Lessee
desires to remove a portion of the existing office improvements in the Tyler
Building,

 

NOW THEREFORE, in
consideration of the mutual covenants contained in this Amendment, the parties
agree to modify, amend and supplement the Lease as follows:

 

1).                                   Lessee
hereby exercises its option to lease approximately 17,600 square feet of additional
office warehouse space also known as The Tyler Building, Unit C,D,E,F (“Option
Premises”). The Base Rent for this additional space would be adjusted according
to Exhibit D.

 

2).                                   As
of April 1, 2006 (“Option Premises Commencement Date”), Lessor agrees to lease
to Lessee, and Lessee agrees to Lease from Lessor the Option Premises. From and
after the Option Premises Commencement Date, except as specifically provided in
this Amendment, the term “Premises” as defined in the Lease shall include the
Option Premises.

 

3).                                   Early
Possession: Should Lessee enter the Option Premises with Lessor’s prior written
consent prior to the Option Premises Commencement Date (“Early Possession Date”),
the obligation to pay Rent shall be abated for the Early Possession Period for
the Option Premises. All other terms of the Lease, however, including, but not
limited to, Lessee’s obligation carry the insurance and provide the
certificates of insurance required by Paragraph 3 of the Lease, shall be in
effect during the Early Possession period. Such Early Possession shall not
change the expiration date of the term.

 

4).                                   Lessee
shall have the right to remove the existing improvements in The Tyler Building,
Unit A,B,C,D,E F provided Lessee replaces such improvements at the end of the
term subject to Lessor’s option. See Exhibit A, Existing and Exhibit B,
Proposed. The value of improvements to be removed according to Exhibit B equal
$96,385,00 (“Base Amount”). Should Lessee elect, to remove said improvements,
Lessee then agrees upon termination or early termination of the Lease, to pay
Lessor the Base Amount of $96,385.00 or replace the improvements according to
Exhibit A at Lessor’s option in

 

1

 

addition to any early termination fee. A
demolition and improvement plan must be approved by Lessor prior to any removal
of improvements.

 

5).                                   Except
as amended by the terms of this Amendment, all other terms and conditions of
the Lease shall remain in full force and effect, including hut not limited to
any approvals or consents which Lessor has previously given Lessee for the
Original Premises.

 

IN WITNESS  WHEREOF, Lessor
and Lessee have executed this Amendment as of the date first written above.

 

 

	
  Lessee:
  Datamark, Inc.

  	
  Lessor:
  Boyd Enterprises Utah, L.L.C.

  
	
   

  	
   

  
	
  By:

  	
    /s/ Thomas
  Dearden

  	
   

  	
  By:

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  	
   

  
	
  Title:

  	
  President / CEO

  	
   

  	
  Title:

  	
  Managing Member

  
	
   

  	
  3/28/06

  	
   

  	
   

  	
   

  
								

 

2Exhibit 10.1

SUMMARY OF
EXECUTIVE OFFICER COMPENSATION FOR 2006

Executive Officer
Compensation for 2006—Base Salary and Target Bonus

On March 16,
2006, the Compensation Committee of the Board of Directors of Sepracor Inc.
(the “Company”) approved the annual salaries to be paid to the Company’s
executive officers during 2006. The Compensation Committee of the Company’s
Board of Directors may also grant a discretionary bonus to each of the
Company’s executive officers for work performed by such officer during the year
ended December 31, 2006. Each officer’s bonus for 2006 shall be determined
based on, among other things, the Company’s overall performance, as well as
such officer’s individual performance, during the fiscal year ended December 31,
2006. Each executive officer has a target bonus for 2006 that is based on a
percentage of such executive officer’s 2006 annual base salary. The table below
sets forth the annual base salaries, target bonus percentages and target
bonuses for 2006 for each of the Company’s executive officers:

	
  Executive Officer

  	
   

  	
   

  	
   

  	
  Annual Salary

  	
   

  	
  2006 Target Bonus 

  Percentage

  	
   

  	
  2006 Target Bonus

  	
   

  
	
  Timothy J. Barberich

  Chief Executive Officer

  	
   

  	
   

  	
  $

  	
  875,000

  	
   

  	
   

  	
   

  	
  80

  	
  %

  	
   

  	
   

  	
  $

  	
  700,000

  	
   

  	
   

  
	
  William J. O’Shea

  President and Chief Operating Officer

  	
   

  	
   

  	
  $

  	
  525,000

  	
   

  	
   

  	
   

  	
  60

  	
  %

  	
   

  	
   

  	
  $

  	
  315,000

  	
   

  	
   

  
	
  Mark H.N. Corrigan, M.D.

  Executive Vice President, Research and Development

  	
   

  	
   

  	
  $

  	
  450,000

  	
   

  	
   

  	
   

  	
  50

  	
  %

  	
   

  	
   

  	
  $

  	
  225,000

  	
   

  	
   

  
	
  David P. Southwell

  Executive Vice President, Chief Financial Officer and Secretary

  	
   

  	
   

  	
  $

  	
  440,000

  	
   

  	
   

  	
   

  	
  45

  	
  %

  	
   

  	
   

  	
  $

  	
  198,000

  	
   

  	
   

  
	
  Robert F. Scumaci

  Executive Vice President, Finance and Administration, Treasurer

  	
   

  	
   

  	
  $

  	
  430,000

  	
   

  	
   

  	
   

  	
  45

  	
  %

  	
   

  	
   

  	
  $

  	
  193,500

  	
   

  	
   

  
	
  Douglas E.
  Reedich, Ph.D., J.D.

  Senior Vice President, Legal Affairs 
 	
   

  	
   

  	
  $

  	
  380,000

  	
   

  	
   

  	
   

  	
  40

  	
  %

  	
   

  	
   

  	
  $

  	
  152,000

  	
   

  	
   

  

 

Executive Officer
Compensation for 2006—Stock-Based Awards

Each executive officer
may also be granted, from time to time, stock options, restricted stock or
other awards pursuant to the Company’s stock incentive plans. The stock options
granted to executive officers typically vest either (1) upon the
achievement of specified corporate objectives or (2) in five equal annual
installments commencing one year from the date of grant.

Other Compensation

The Company has also (1) entered
into letter agreements with certain of its executive officers, (2) entered
into retention agreements with each of its executive officers and (3) agreed
to make gross up payments to each of its executive officers in the event that
any payments received by them in connection with a change of control constitute
parachute payments under Section 280G of the Internal Revenue Code of
1986, as amended. The Company has previously filed these letter agreements,
retention agreements and a summary of the 280G gross up plan with the
Securities and Exchange Commission.

Bonuses Paid to
Executive Officers for Service During Fiscal Year 2005

In
addition to the foregoing adjustments to executive compensation, the
Compensation Committee of the Company’s Board of Directors approved cash bonus
payments for the Company’s executive officers in consideration of their service
to the Company during the fiscal year ended December 31, 2005. The Company
made the bonus payments pursuant to its previously announced executive officer
bonus program for the fiscal year ended December 31, 2005. The payments
were based on, among other things, the Company’s overall performance, as well
as such officer’s individual performance during 2005. The table below sets
forth such bonus payments.

	
  Executive Officer

  	
   

  	
   

  	
   

  	
  Cash Bonus for 

  2005 Performance

  	
   

  
	
  Timothy J. Barberich

  Chief Executive Officer

  	
   

  	
   

  	
  $

  	
  330,000

  	
   

  	
   

  
	
  William J. O’Shea

  President and Chief Operating Officer

  	
   

  	
   

  	
  $

  	
  382,500

  	
   

  	
   

  
	
  Mark H.N. Corrigan, M.D.

  Executive Vice President, Research and Development

  	
   

  	
   

  	
  $

  	
  184,500

  	
   

  	
   

  
	
  David P. Southwell

  Executive Vice President, Chief Financial Officer and Secretary

  	
   

  	
   

  	
  $

  	
  147,000

  	
   

  	
   

  
	
  Robert F. Scumaci

  Executive Vice President, Finance and Administration, Treasurer

  	
   

  	
   

  	
  $

  	
  169,000

  	
   

  	
   

  
	
  Douglas E.
  Reedich, Ph.D., J.D.

  Senior Vice President, Legal Affairs

  	
   

  	
   

  	
  $

  	
  142,600EXHIBIT 10.1

PERFORMANCE AWARD AGREEMENT

[Full Name of Employee]

[Address]

[Date]

Dear [First Name]:

Pursuant to the
[Long-Term Incentive Plan (the “Plan”) of Cablevision Systems
Corporation (the “Company”)] [Cablevision Systems Corporation (the “Company”)
2006 Cash Incentive Plan (the “Plan”)], you have been selected by the
Compensation Committee of the Board of Directors to receive a contingent cash
award (the “Award”) effective as of                   
(the “Effective Date”).

Capitalized terms used,
but not defined, in this agreement (this “Agreement”) have the meanings
given to them in the Plan. The Award is subject to the terms and conditions set
forth below:

1.             Amount and Payment of Award. In accordance with the terms of
this Performance Award Agreement, the target amount of your contingent Award is
$             (the “Target
Award”), which may be increased or decreased to the extent the performance
objectives set forth on Annex 1 hereto (the “Objectives”) have
been attained in respect of             
(the “Performance Period”). The Award, calculated in accordance with
Annex 1 attached hereto, will become payable to you on                   
(the “Payment Date”) provided, that you have remained in the
continuous employ of the Company or one of its Affiliates from the Effective
Date through the Payment Date.

2.             Termination of Employment. If, on the Payment Date, you are
no longer employed by the Company or one of its Affiliates for any reason,
other than as a result of your death, then you will automatically forfeit all
of your rights and interest in the Award regardless of whether the Objectives
are attained.

3.             Death. If, prior to the end of the Performance Period, your
employment with the Company or any of its Affiliates is terminated as a result
of your death then your estate will receive, promptly following the date of
such termination, payment of the Target Award prorated for the number of
completed months of your employment during the Performance Period prior to such
termination. If after the end of the Performance Period but prior to the
Payment Date, your employment with the Company or any of its Affiliates is
terminated as a result of your death then your estate will receive on the
Payment Date the Award, if any, to which you would have been entitled on the
Payment Date had your employment not been so terminated.

 1
 

 

4.             Change of Control Event or Going Private
Transaction. Notwithstanding anything to the contrary
contained in this Agreement but subject to the subsections of this Section 4,
if at any time a Change of Control (as defined below) of the Company or a Going
Private Transaction (as defined below) occurs, whether or not the Objectives
have been attained, you will be entitled to the payment of the Target
Award if, immediately prior to
the Change of Control or Going Private
Transaction, you are employed by the Company or one of its Affiliates.

a.             If the actual
Change of Control event or Going Private Transaction:

i               is a permissible
distribution event under Section 409A of the IRC or payment of the Award
promptly upon such event is otherwise permissible under Section 409A of
the IRC (including, for the avoidance of doubt, by reason of the
inapplicability of Section 409A of the IRC to the Award), then the Target
Award shall be paid to you by the Company promptly following the Change of
Control or Going Private Transaction;
or

ii              is not a
permissible distribution event under Section 409A of the IRC and payment
of the Award promptly upon such event is not otherwise permissible under Section 409A
of the IRC, then the Target Award shall be paid to you by the Company (together
with interest thereon pursuant to Section 4(b) below) on the earliest
to occur of:

(1)           any subsequent date on which you are
no longer employed by the Company or any of its Affiliates for any reason other
than termination of your employment by one of such entities for “Cause” (provided
that if you are determined by the Company to be a “specified employee” within
the meaning of Section 409A of the IRC, six months from such date);

(2)           any other date on which such payment
or any portion thereof would be a permissible distribution under Section 409A
of the IRC; or

(3)           the Payment Date.

b.             Upon any Change of
Control or Going
Private Transaction, to the extent any amounts are due to be paid to you
at a later date pursuant to Section 4(a)(ii) above, the Company shall
promptly following the Change of Control or
Going Private Transaction set aside such amount for your benefit in a “rabbi
trust” that satisfies the requirements of Revenue Procedure 92-64, and on
a monthly basis shall deposit into such trust interest in arrears (compounded
quarterly at the rate provided below) until such time as such amount, together
with all accrued interest thereon, is paid to you in full pursuant to Section 4(a)(ii) above.
The initial interest rate shall be the average of the one-year LIBOR fixed rate
equivalent for the ten business days prior to the date of the Change of Control
or Going Private Transaction and
shall adjust annually based on the average of such rate for the ten business
days prior to each anniversary of the Change of Control or Going Private Transaction.

For purposes of this
Agreement, “Change of Control” means the acquisition, in a transaction
or a series of related transactions, by any person or group, other than
Charles F. Dolan or members of the immediate family of Charles F.
Dolan or trusts for the benefit of Charles F. Dolan or his immediate
family (or an entity or entities controlled by any of them) or any employee
benefit plan sponsored or maintained by the Company, of (i) the power to
direct the

 2
 

 

management of substantially all the cable television
systems then owned by the Company in the New York City Metropolitan Area
(as defined below) or (ii) after any fiscal year of the Company in which all
the systems referred to in clause (i) above shall have contributed in
the aggregate less than a majority of the net revenues of the Company and its
consolidated subsidiaries, the power to direct the management of the Company or
substantially all its assets. For purposes of this definition, net revenues
shall be determined by the independent accountants of the Company in accordance
with generally accepted accounting principles consistently applied and
certified by such accountants.

For purposes of this Agreement, “Going Private Transaction” means a
transaction involving the purchase of Company securities described in Rule 13e-3
to the Securities and Exchange Act of 1934.

For purposes of this
Agreement, “New York City Metropolitan Area” means all locations within
the following counties:  (i) New
York, Richmond, Kings, Queens, Bronx, Nassau, Suffolk, Westchester, Rockland,
Orange, Putnam, Sullivan, Dutchess, and Ulster in New York State; (ii) Hudson,
Bergen, Passaic, Sussex, Warren, Hunterdon, Somerset, Union, Morris, Middlesex,
Mercer, Monmouth, Essex and Ocean in New Jersey; (iii) Pike in
Pennsylvania; and (iv) Fairfield and New Haven in Connecticut.

5.             Relationship with Competitive
Entities. If (a) you
shall voluntarily terminate your employment such that you are no longer
employed by the Company or one of its Affiliates or your employment is
terminated at any time by the Company or one of its Affiliates for Cause and (b) you
shall become employed by, consult to, or have any interest, directly or
indirectly, in any Competitive Entity from the effective date of such
termination of your employment through the one-year anniversary of your receipt
of the Award or any portion thereof, then you shall within ten (10) business
days thereof pay the Company, as liquidated damages and not as a penalty, an
amount equal to (i) the Award or portion paid to you plus (ii) interest
at a rate equal to the lesser of (a) twelve percent (12%) per annum or (b) the
maximum interest rate permitted by applicable law, compounded quarterly,
calculated from the date the Award or portion thereof was paid until the date
such payment to the Company is made.

For purposes of this
Agreement, “Cause” means, as determined by the Commit­tee (as defined in
Section 11 below), your (i) commission of an act of fraud,
embezzlement, misappropriation, willful misconduct, gross negligence or breach
of fiduciary duty against the Company or an Affiliate thereof, or (ii) commission
of any act or omission that results in a conviction, plea of no contest, plea of
nolo contendere, or imposition of
unadjudicated probation for any crime involving moral turpitude or any felony.

For purposes of this
Agreement, a “Competitive Entity” shall mean (1) any company that
competes with any of the Company’s cable television, telephone or on-line data
businesses in the New York City Metropolitan Area or that competes with any of
the Company’s, programming, cinema, sports or entertainment businesses,
nationally or regionally, as applicable; or (2) any trade or professional
association representing any of the companies covered by this Section 5,
other than the National Cable Television Association and any state cable
television association. Ownership of not more than one percent (1%) of the
outstanding stock of any publicly-traded company shall not be a violation of
this Section 5.

 3
 

 

By accepting this
Agreement, you understand that the terms and conditions of this Section 5
may limit your ability to earn a livelihood in a business similar to the
business of the Company, but nevertheless hereby agree that the restrictions
and limitations hereof are reasonable in scope, area and duration, and that the
consideration provided under the Plan and this Agreement is sufficient to
justify the restrictions and limitations contained in this Section 5. Accordingly,
in consideration thereof and in light of your education, skills and abilities,
by participating in the Plan, you hereby agree that you will not assert, and it
should not be considered, that such provisions are either unreasonable in scope,
area or duration, or will prevent you from earning a living, or otherwise are
void, voidable or unenforceable or should be voided or held unenforceable. You
further understand and hereby agree that the restrictions and limitations
contained in this Section 5 are ancillary to, and part of, the Plan and
this Agreement, and are reasonably necessary to protect the good will and
business interests of the Company.

6.             Termination. Except for a right which has accrued to receive
a payment on account of the Award, this Agreement shall automatically terminate
and be of no further force and effect on the Payment Date. Notwithstanding the
foregoing, Section 5 shall survive the termination of this Agreement.

7.             Transfer Restrictions. You may not transfer, assign, pledge
or otherwise encumber the Award other than to the extent provided in the Plan.

8.             Unfunded
Obligation. The Plan will at
all times be unfunded and, except as set forth in Section 4(b) of
this Agreement, no provision will at any time be made with respect to
segregating any assets of the Company or any of its Affiliates for payment of
any benefits under the Plan, including, without limitation, those covered by
this Agreement. Your right or that of your estate to receive payments under
this Agreement shall be an unsecured claim against the general assets of the
Company, including any rabbi trust established pursuant to Section 4(b). Neither
you nor your estate shall have any rights in or against any specific assets of
the Company other than the assets held by the rabbi trust established pursuant
to Section 4(b).

9.             Tax Representations and Tax Withholding. You hereby
acknowledge that you have reviewed with your own tax advisors the federal,
state and local tax consequences of receiving the Award. You hereby represent
to the Company that you are relying solely on such advisors and not on any
statements or representations of the Company, its Affiliates or any of their
respective agents. If, in connection with the Award, the Com­pany is required
to withhold any amounts by reason of any federal, state or local tax, such
withholding shall be effected in accordance with Section 8 of the Plan.

10.           Right of
Offset. You hereby agree that if the Company shall owe you any
amount (the “Company-Owed Amount”) under this Agreement, then the
Company shall have the right to offset against the Company-Owed Amount, to the
maximum extent permitted by law, any amounts that you may owe to the Company or
its Affiliates of whatever nature. You hereby further agree that if you shall
owe the Company any amount (the “Employee-Owed Amount”) under Section 5
above, then the Company shall have the right to offset the Employee-Owed
Amount, to the maximum extent permitted by law, against any amount you may be
entitled to receive from the Company or any of its Affiliates under this Agreement
or otherwise (including,

 4
 

 

without limitation, any
wages, vacation pay, or other compensation or benefit under any benefit plan or
other compensatory arrangement).

11.           The Committee. For purposes of this Agreement, the term “Committee”
means the Compensation Committee of the Board of Directors of the Company or
any replacement committee established under, and as more fully defined in, the
Plan.

12.           Committee Discretion. The Committee has full discretion with
respect to any actions to be taken or determinations to be made in connection
with this Agreement, and its determinations shall be final, binding and
conclusive.

13.           Amendment. The Committee reserves the right at any time to
amend the terms and conditions set forth in this Agreement, except that no such
amendment shall alter your Award under this Agreement in any manner unfavorable
to you (other than if immaterial) without your consent. Any amendment of this
Agreement shall be in writing and signed by an authorized member of the
Committee or a person or persons designated by the Committee.

14.           Award Subject to the Plan. The Award and all other amounts
payable hereunder are subject to the Plan.

15.           Entire Agreement. Except
for any employment agreement between you and the Company or any of its
Affiliates in effect as of the date of the grant hereof (as such employment
agreement may be modified, renewed or replaced), this Agreement and the Plan
constitute the entire understanding and agreement of you and the Company with
respect to the Award covered hereby and supersede all prior understandings and
agreements. In the event of a conflict among the documents with respect to the
terms and conditions of the Award covered hereby, the documents will be
accorded the following order of authority: the terms and conditions of the Plan
will have highest authority followed by the terms and conditions of your
employment agreement, if any, followed by the terms and conditions of this
Agreement.

16.           Successors and Assigns. The terms and conditions of this
Agreement shall be binding upon, and shall inure to the benefit of, the Company
and its successors and assigns.

17.           Governing Law. This Agreement shall be deemed to be made
under, and in all respects be interpreted, construed and governed by and in
accordance with, the laws of the State of New York.

18.           Jurisdiction and Venue. You irrevocably submit to the
jurisdiction of the courts of the State of New York and the Federal courts of
the United States located in the Southern District and Eastern District of the
State of New York in respect of the interpretation and enforcement of the
provisions of this Agreement and the Plan, and hereby waive, and agree not to
assert, as a defense that you are not subject thereto or that the venue thereof
may not be appropriate. You agree that the mailing of process or other papers
in connection with any action or proceeding in any manner permitted by law
shall be valid and sufficient service.

19.           Waiver. No waiver by the Company at any time of any breach
by you of, or compliance with, any term or condition of this Agreement or the
Plan to be performed by you shall be

 5
 

 

deemed a waiver of the same, any similar or any
dissimilar term or condition at the same or at any prior or subsequent time.

20.           Severability. The provisions of this Agreement shall be
deemed severable and the invalidity or unenforceability of any term or
condition hereof shall not affect the validity or enforceability of the other
terms and conditions set forth herein.

21.           Exclusion from Compensation Calculation. By acceptance of
this Agreement, you shall be considered in agreement that the Award shall be
considered special incentive compensation and will be exempt from inclusion as “wages”
or “salary” in pension, retirement, life insurance and other employee benefits
arrangements of the Company and its Affiliates, except as determined otherwise
by the Company. In addition, each of your beneficiaries shall be deemed to be
in agreement that the Award shall be exempt from inclusion in “wages” or “salary”
for purposes of calculating benefits of any life insurance coverage sponsored
by the Company or any of its Affiliates.

22.           No Right to Continued Employment. Nothing contained in this
Agreement or the Plan shall be construed to confer on you any right to continue
in the employ of the Company or any Affiliate, or derogate from the right of
the Company or any Affiliate, as applicable, to retire, request the resignation
of, or discharge you, at any time, with or without cause.

23.           Headings. The headings in this Agreement are for purposes of
convenience only and are not intended to define or limit the construction of
the terms and conditions of this Agreement.

24.           Effective Date. Upon execution by you, this Agreement shall
be effective from and as of the Effective Date.

25.           Signatures. Execution of this Agreement by the Company may
be in the form of an electronic or similar signature, and such signature shall
be treated as an original signature for all purposes.

	
  

  	
  CABLEVISION SYSTEMS CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: 

  
	
   

  	
   

  	
  Title

  

 

 6
 

 

By your signature,
you (i) acknowledge that a complete copy of the Plan and an executed
original of this Agreement have been made available to you and (ii) agree
to all of the terms and conditions set forth in the Plan and this Agreement.

	
  

  	
   

  
	
  Name:

  	
   

  

 

 7

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