Document:

EXHIBIT 10.60

 

 

AMENDMENT NO. 1

TO

EMPLOYMENT AGREEMENT

This is Amendment No. 1 (this “Amendment”), dated as of October 14, 2011, to the Employment Agreement (the “Agreement”), dated as of September 30, 2011, by and between Digital Domain (“DD”) and Jody Madden (“Employee”).

1. Definition of “Company”.

(a)           All instances of the term “Company” in the Agreement, which currently refer to DD, are hereby amended to refer to Digital Domain Media Group, Inc. (“DDMG”). Each of DDMG, DD and Employee hereby agrees that DDMG shall employ Employee, and Employee agrees to perform her services exclusively for DDMG and other entities owned and controlled by DDMG, on the terms and conditions set forth in the Agreement.

(b)           The reference in Section 4(c) of the Agreement to “the Company or its parent company” shall be deleted and replaced with “DDMG”.

2. Miscellaneous.  It is the express intention of the parties hereto to ratify and reaffirm the terms and conditions of the Agreement, as amended concurrently herewith.  Except as amended hereby, the Agreement shall remain unmodified and in full force and effect.  In the event of any inconsistency between the provisions of the Agreement and the provisions of this Amendment, the provisions of this Amendment shall prevail.  This Amendment may be executed in counterparts and delivered by facsimile.

IN WITNESS WHEREOF, the parties hereto intending to be bound thereby hereby execute and deliver this Amendment as of the date first written above.

DIGITAL DOMAIN MEDIA GROUP, INC.

DIGITAL DOMAIN

	
/s/ John C. Textor                                                      

	 	
/s/ Jody Madden                                                      

	
John C. Textor

	 	
Jody Madden

	
Chairman and CEO of DDMG and DD

	 	
917 Euclid Street #4

	  	 	
Santa Monica, CA 90403Unassociated Document

EXHIBIT 10.61

 

[DDMG Letterhead]

 

October 31, 2011

PBC Digital Holdings, LLC

505 South Flagler Drive, Suite 1400

West Palm Beach, Florida 33401

Attention:  Nate Ward

 

Dear Nate:

 

Reference is made to that certain Amended Restated Convertible Secured Promissory Note and Option Agreement dated November 24, 2010 (the “Note”) by and between Digital Domain Media Group, Inc., a Florida corporation (formerly known as Digital Domain Holdings Corporation, a Florida corporation) (hereafter the “Company”) and PBC Digital Holdings, LLC, a Delaware limited liability company (hereafter “PBC Digital Lender”); and to that certain Amended and Restated Warrant dated November 24, 2010 (the “Warrant”) by and between the Company and PBC Digital Lender.  Unless otherwise noted, each capitalized term used but not otherwise defined herein shall have the meaning ascribed to it in the Note or the Warrant, as applicable.

 

For valuable consideration received by all parties hereto, the receipt and sufficiency of which is hereby acknowledged, intending to be bound by hereby, by signing this letter agreement below, the Company and PBC Digital Lender hereby agree to the following:

 

1.           For the avoidance of any misunderstanding, the parties agree that it was and has always been the intent of the parties that the definition of “Common Stock Deemed Outstanding” in the Note incorporates the concept of Permitted Dilutive Events as included in the Warrant and described in this Section 1 and, accordingly, the defined term “Common Stock Deemed Outstanding” shall exclude shares of Common Stock issued and outstanding from (i) a public offering of the stock of the Company; provided that PBC Digital Lender is treated the same as the shareholders of the Company then existing immediately prior to such offering; provided further that PBC Digital Lender has the right to participate in such offering on an equal pro-rata basis (the calculation of which shall be made assuming the Note had been converted into shares of Common Stock) to the same extent as the other shareholders of the Company then existing immediately prior to such offering and (ii) issuances of options from and after September 30, 2010 under stock option or other equity incentive plans approved by the Board exercisable for up to 1,000,000 shares of Common Stock (including the exercise of such options), so long as the exercise price set forth in such options is no less than $3.07 per share (equitably adjusted for subsequent stock splits, stock combinations, stock dividends and recapitalizations).

 

2.           For the avoidance of any misunderstanding, the parties agree that it was and has always been the intent of the parties that the definition of “Common Stock Deemed Outstanding” in the Note incorporates the concept of Permitted Dilutive Events as included in the Warrant and described in this Section 2 and, accordingly, the defined term “Common Stock Deemed Outstanding” shall exclude shares of Common Stock issued and outstanding from (i) a private offering of the stock of the Company; provided that PBC Digital Lender is treated the same as the shareholders of the Company then existing immediately prior to such offering; provided further that PBC Digital Lender has the right to participate in such offering on an equal pro-rata basis (the calculation of which shall be made assuming the Note had been converted into shares of Common Stock) to the same extent as the shareholders of the Company then existing immediately prior to such offering and (ii) the issuance by the Company of additional shares of stock in connection with an acquisition, a merger, consolidation, share exchange or other business combination involving the Company and approved by the requisite shareholders of the Company and PBC Digital Lender.

 

  

  

  

 

3.           The Company shall pay its own costs and expenses and all reasonable out-of-pocket costs and expenses of PBC Digital Lender, including, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with the transactions contemplated by this Agreement and the Company's initial public offering (including review or, and revisions to, the Company's registration statement).

To the extent there is any conflict between the terms of this letter agreement and terms of the Note or Warrant, the terms of this letter agreement shall supersede and control.

 

This letter agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall be considered one and the same instrument.

 

* Remainder of Page Intentionally Left Blank *

 

[Signatures Appear on Next Page.]

 

  

-2-

  

 

If you agree with the foregoing, please execute the enclosed counterpart of this letter agreement and return the executed original counterpart to the Company.

	  	
Yours very truly,

	  	  
	  	
Digital Domain Media Group, Inc.

	  	  	  
	  	
By:

	 
/s/ Jonathan Teaford

	  	
Name:

	Jonathan Teaford
	  	
Title:

	Chief Financial Officer

AGREED TO AND ACCEPTED

effective as of the date first written above.

	
PBC Digital Holdings, LLC

	  
	  	  
	
By PBC GP III, LLC, its Manager

	  
	  	  	  
	
By:

	/s/ Nathan S. Ward	  
	
Name: Nathan S. Ward

	  
	
Title: ManagerUnassociated Document

EXHIBIT 10.62

 

[DDMG Letterhead]

 

October 31, 2011

PBC MGPEF DDH, LLC

505 South Flagler Drive, Suite 1400

West Palm Beach, Florida 33401

Attention:  Nate Ward

 

Dear Nate:

Reference is made to that certain Amended Restated Convertible Secured Promissory Note and Option Agreement dated November 24, 2010 (the “Note”) by and between Digital Domain Media Group, Inc., a Florida corporation (formerly known as Digital Domain Holdings Corporation, a Florida corporation) (hereafter the “Company”) and PBC MGPEF DDH, LLC, a Delaware limited liability company (hereafter “PBC MGPEF Lender”); and to that certain Amended and Restated Warrant dated November 24, 2010 (the “Warrant”) by and between the Company and PBC MGPEF Lender.  Unless otherwise noted, each capitalized term used but not otherwise defined herein shall have the meaning ascribed to it in the Note or the Warrant, as applicable.

 

For valuable consideration received by all parties hereto, the receipt and sufficiency of which is hereby acknowledged, intending to be bound by hereby, by signing this letter agreement below, the Company and PBC MGPEF Lender hereby agree to the following:

 

1.           For the avoidance of any misunderstanding, the parties agree that it was and has always been the intent of the parties that the definition of “Common Stock Deemed Outstanding” in the Note incorporates the concept of Permitted Dilutive Events as included in the Warrant and described in this Section 1 and, accordingly, the defined term “Common Stock Deemed Outstanding” shall exclude shares of Common Stock issued and outstanding from (i) a public offering of the stock of the Company; provided that PBC MGPEF Lender is treated the same as the shareholders of the Company then existing immediately prior to such offering; provided further that PBC MGPEF Lender has the right to participate in such offering on an equal pro-rata basis (the calculation of which shall be made assuming the Note had been converted into shares of Common Stock) to the same extent as the other shareholders of the Company then existing immediately prior to such offering and (ii) issuances of options from and after September 30, 2010 under stock option or other equity incentive plans approved by the Board exercisable for up to 1,000,000 shares of Common Stock (including the exercise of such options), so long as the exercise price set forth in such options is no less than $3.07 per share (equitably adjusted for subsequent stock splits, stock combinations, stock dividends and recapitalizations).

 

2.           For the avoidance of any misunderstanding, the parties agree that it was and has always been the intent of the parties that the definition of “Common Stock Deemed Outstanding” in the Note incorporates the concept of Permitted Dilutive Events as included in the Warrant and described in this Section 2 and, accordingly, the defined term “Common Stock Deemed Outstanding” shall exclude shares of Common Stock issued and outstanding from (i) a private offering of the stock of the Company; provided that PBC MGPEF Lender is treated the same as the shareholders of the Company then existing immediately prior to such offering; provided further that PBC MGPEF Lender has the right to participate in such offering on an equal pro-rata basis (the calculation of which shall be made assuming the Note had been converted into shares of Common Stock) to the same extent as the shareholders of the Company then existing immediately prior to such offering and (ii) the issuance by the Company of additional shares of stock in connection with an acquisition, a merger, consolidation, share exchange or other business combination involving the Company and approved by the requisite shareholders of the Company and PBC MGPEF Lender.

 

  

  

  

 

3.           The Company shall pay its own costs and expenses and all reasonable out-of-pocket costs and expenses of PBC MGPEF Lender, including, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with the transactions contemplated by this Agreement and the Company's initial public offering (including review or, and revisions to, the Company's registration statement).

To the extent there is any conflict between the terms of this letter agreement and terms of the Note or Warrant, the terms of this letter agreement shall supersede and control.

 

This letter agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall be considered one and the same instrument.

 

* Remainder of Page Intentionally Left Blank *

 

[Signatures Appear on Next Page.]

 

  

-2-

  

 

If you agree with the foregoing, please execute the enclosed counterpart of this letter agreement and return the executed original counterpart to the Company.

	  	
Yours very truly,

	  	  
	  	
Digital Domain Media Group, Inc.

	  	  	  
	  	
By:

	 
/s/ Jonathan Teaford

	  	
Name:

	 
Jonathan Teaford

	  	
Title:

	 
Chief Financial Officer

	
AGREED TO AND ACCEPTED

	  
	
effective as of the date first written above.

	  
	  	  
	
PBC MGPEF DDH, LLC

	  
	  	  
	
By PBC GP III, LLC, its Manager

	  
	  	  	  
	
By:

	/s/ Nathan S. Ward	  
	
Name: Nathan S. Ward

	  
	
Title: Manager

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