Document:

EX-10.22 SUPPLEMENTAL RETIREMENT INCOME AGREEMENT

 

Exhibit 10.22

EMS TECHNOLOGIES, INC.

Supplemental Retirement Income Agreement

with

Don T. Scartz

          THIS SUPPLEMENTAL RETIREMENT INCOME AGREEMENT made and entered into as of this 16th day of
November, 2007, by and between EMS Technologies, Inc., a Georgia corporation (“EMS” or the
“Company”), and Don T. Scartz (the “Employee”).

          WHEREAS, Employee is a long-term senior management employee of EMS, whose compensation has
from time to time exceeded the amounts with respect to which the Company could, under applicable
Internal Revenue Service rules, set aside amounts for Employee’s retirement through its qualified
Retirement Program; and

          WHEREAS, the Company wishes to provide additional amounts for Employee’s retirement, to be
paid to him as provided below; and

          WHEREAS, the Company and Employee desire to enter into this Supplemental Retirement Income
Agreement (the “Agreement”) to evidence the Company’s obligations to make such future payments to
Employee.

          NOW, THEREFORE, in consideration of the premises and of the covenants and agreements herein
set forth, the parties hereto agree as follows:

ARTICLE I

BENEFITS

          1.1 Supplemental Retirement Income Account. (a) By not later than December 31, 2007,
the Company shall establish, and shall thereafter maintain, a supplemental retirement income
account (“Account”) in the Employee’s name on its records. Effective December 31, 2007, the
Account shall be credited with the amount of $100,000. The Company shall thereafter credit to the
Account interest at the rate per annum published from time to time by SunTrust Bank, Atlanta,
Georgia as its prime rate for commercial customers, compounded quarterly, on the daily balance in
the Account. The balance of the account at any time, after crediting with interest and subtracting
payments as provided herein, is referred to herein as the “Account Balance.” The Employee’s
interest in the Account Balance shall at all times be 100% vested and nonforfeitable.

          (b) Subject to Section 1.3, the Company shall pay the Employee his Account Balance in payments
of $35,000 each (or the remaining Account Balance if less) commencing on January 10, 2009 and on
each anniversary of such date, until his Account Balance has been paid in full.

 

 

          (c) Notwithstanding paragraph (b) above, in the event of a Change in Control of the Company,
as defined in the Employee’s Officer’s Protection Agreement with the Company, then the Employee
shall be entitled to receive a lump sum payment of his Account Balance within ten (10) days of the
date of the Change in Control.

          1.2 Death Benefit. If Employee dies prior to the full payment of his Account Balance,
his Account Balance shall thereafter be paid, on the schedule specified in paragraph (b) (or in
the event a Change in Control has occurred, paragraph (c)), to such person(s) as Employee shall
designate by written instrument in the form of Schedule “A” attached hereto. Employee shall have
the right to change the designated recipient(s) of this payment by delivering to the Company prior
to his death an amended and updated designation in the form of Schedule “A.” In the event Employee
shall fail to designate a recipient prior to his death in the manner described above, or if all
such designations previously received by the Company have been revoked by Employee under a written
revocation delivered to the Company prior to Employee’s death, the payment shall be made to
Employee’s surviving spouse, or if Employee dies without a spouse surviving him, then to the duly
qualified executor or administrator of Employee’s estate. Any person other than Employee who is to
receive or who receives benefits under this Agreement is herein referred to as a “designated
recipient(s).”

          1.3 Conformance with Section 409A.

          The Company shall have the authority to delay the commencement of all or a part of the
payments to Employee under this Agreement if Employee is a “key employee” of the Company (as
determined by the Company in accordance with procedures established by the Company that are
consistent with Section 409A) to a date which is six months after the date of separation from
service (and on such date the payments that would otherwise have been made during such six-month
period shall be made) to the extent (but only to the extent) such delay is required under the
provisions of Section 409A to avoid imposition of additional income and other taxes, provided that
the Company and Employee agree to take into account any transitional rules and exemption rules
available under Section 409A.

          This Agreement shall be operated in accordance with the requirements of Section 409A of the
Internal Revenue Code of 1986, as amended. Any action that may be taken (and, to the extent
possible, any action actually taken) by the Administrator or the Company shall not be taken (or
shall be void and without effect), if such action violates the requirements of such Section 409A.
Any provision in this Agreement that is determined to violate the requirements of such Section 409A
shall be void and without effect. In addition, any provision that is required to appear in this
Agreement in accordance with such Section 409A that is not expressly set forth shall be deemed to
be set forth herein, and the Agreement shall be administered in all respects as if such provision
were expressly set forth.

ARTICLE II

UNFUNDED OBLIGATIONS

          The Company’s obligations under this Agreement shall be unfunded and unsecured promises to pay
the benefits provided for hereunder. The Company shall not be obligated to set aside the Account
Balance in a “rabbi trust,” nor shall it establish any other trust

 

 

or payment mechanism that would result in taxable income to the Employee prior to the actual
payment to him or his designated recipient.

          The rights of Employee, any designated recipient of Employee or any other person claiming
through Employee under this Agreement, shall be solely those of an unsecured general creditor of
the Company. Employee, any designated recipient of Employee or any other person claiming through
Employee, shall only have the right to receive from the Company those payments that are specified
under this Agreement. Employee agrees that he, his designated recipient(s) or any other person
claiming through him shall have no rights or interests whatsoever in any asset of the Company.

ARTICLE III

INDEPENDENCE OF BENEFITS

          The benefits payable under this Agreement shall be independent of, and in addition to, any
other benefits or compensation payable by the Company to Employee, whether as salary, bonus or
otherwise. This Agreement does not involve a reduction in salary or a foregoing of an increase in
future salary by Employee and does not in any way affect or reduce the existing and future
compensation and other benefits of Employee.

ARTICLE IV

EMPLOYMENT RIGHTS

          This Agreement shall not be deemed to constitute a contract of employment between the Company
and Employee and shall not create any rights in Employee to continue in the Company’s employ for
any specific period of time or any other rights in Employee or obligations on the part of the
Company, except as are expressly set forth herein. No provision of this Agreement shall restrict
the right of the Company to discharge Employee, with or without cause, or restrict the right of
Employee to terminate his employment with the Company.

ARTICLE V

NONALIENATION OF BENEFITS

          No right or benefit under this Agreement shall be subject to anticipation, alienation, sale,
assignment, pledge, encumbrance or charge, and any attempt to anticipate, alienate, sell, assign,
pledge, encumber or charge the same shall be void. No right or benefit hereunder shall in any
manner be liable for or subject to the debts, contracts, liabilities or torts of Employee or his
designated recipient(s). If Employee or any such recipient shall become bankrupt or attempt to
anticipate, alienate, sell, assign, pledge, encumber or charge any right or benefit hereunder, then
such right or benefit shall, in the discretion of the Board of Directors of the Company, cease and
terminate, and in such event, the Company may hold or apply same or any part thereof for the
benefit of Employee or his designated recipient(s), his spouse, children or other dependents, or
any of them, in such manner and in such proportion as the Board of Directors of the Company may
deem proper under the then existing circumstances.

 

 

ARTICLE VI

AGREEMENT BINDING ON SUCCESSORS

          This Agreement is solely between the Company and Employee, and Employee and his designated
recipient(s) shall have recourse only against the Company and its successors and assigns for
enforcement hereof. This Agreement will be binding upon Employee’s designated recipient(s), heirs
and personal representatives and upon the successors and assigns of the Company.

ARTICLE VII

ADMINISTRATOR AND CLAIMS PROCEDURE

          7.1 Administrator. The Administrator under this Agreement is the Company. The
business address and telephone number of the Administrator under this Agreement are: EMS
Technologies, Inc., ATTN: General Counsel, telephone number: 770-263-9200.

          7.2 Claims Procedure. Benefits shall be paid in accordance with the provisions of
this Agreement. The Administrator shall make all determinations as to the right of Employee or any
other person to a benefit under this Agreement, and any requests for such a benefit must be made in
writing mailed or delivered to the Administrator. If such a request is wholly or partially denied,
notice of the decision shall be mailed to the claiming person no later than 60 days after the
receipt of the request by the Administrator. The claim review procedure is available upon written
request by the claimant to the Administrator within 30 days after receipt by the claimant of
written notice of the denial of the claim and includes the right to examine pertinent documents and
submit issues and comments in writing to the Administrator. The decision on review will be in
writing and will be made within 60 days after receipt of the request for review, unless
circumstances warrant an extension of time not to exceed an additional 60 days. The Administrator
shall have the exclusive discretionary authority to make all determinations relating to the
Employee’s rights to benefits hereunder, but such authority shall not affect or reduce Employee’s
right to receive such benefits or to enforce such rights by judicial action in a court of
appropriate jurisdiction.

ARTICLE VIII

GENERAL PROVISIONS

          8.1 Any and all notices or any other communication provided for herein shall be given in
writing personally or by registered or certified mail, postage prepaid, which shall be addressed in
the case of the Company to the Administrator at the address specified in Section 7.1 hereof, and in
the case of Employee or his designated recipient(s), to the business or residence address of such
person last known to the Company (if mailed, the second business day after the date of mailing
shall constitute the date such notice or other communication is given).

          8.2 This Agreement contains the entire agreement between the parties hereto relating to the
matters provided herein, and no agreement not expressly contained herein shall be of any force or
effect. This Agreement shall not be modified or amended in any manner

 

 

except by an instrument in writing executed by the parties. This Agreement shall be governed,
construed and enforced in accordance with applicable Federal law and, where such law is not
applicable, by Georgia law. Its provisions are severable, and the validity of one or more of the
provisions herein shall not have any effect upon the validity or enforceability of any other
provision.

          8.3 For purposes of this Agreement, Employee shall be considered as being employed by the
Company if he is employed by any corporation controlled by the Company (such as a subsidiary or a
subsidiary of a subsidiary) or a corporation which is a successor of the Company.

          8.4 If all or any part of any payment to Employee (or his beneficiaries) becomes liable for
the payment of any income, estate, inheritance or other tax which the Company shall be required to
pay or withhold, the Company shall have the full power and authority to withhold and pay such tax
out of any amounts due hereunder.

          IN WITNESS WHEREOF, the parties hereto have caused this amended and restated Agreement to be
duly executed the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	EMS TECHNOLOGIES, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	/s/ William S. Jacobs	 	 	 	By:	 	/s/ Paul B. Domorski	 	 
	 	 	 	 	 	 	 	 	 
	Secretary

(CORPORATE SEAL)

	 	 
	 	 	 	Title:
	 	President and CEO 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	/s/ Don T. Scartz	 	(L.S.) 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Don T. Scartz	 	 

 

 

SCHEDULE “A”

Designation of

Death Benefit Recipient

          I, Don T. Scartz, request that the Company show on its records that I have designated
                                         as the primary designated recipient(s), and                            
              and
                                         as the secondary designated recipient(s) of the death benefit payable under
Section 1.2 of my Supplemental Retirement Income Agreement with the Company dated November      ,
2007, and that the Company pay such death benefit to the above designated recipient(s) as provided
under the terms of such Agreement.

          The above secondary designated recipient(s), if any, shall receive the above-described
payments only if none of my primary designated recipient(s) is living at the time such payments are
to commence.

          You are instructed to retain the above designated recipient(s) on your records until such time
as you receive a new “Designation of Death Benefit Recipient” form from me which changes this
Designation. If I have previously filed a Designation of this kind, it is hereby revoked and this
Designation shall take its place.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 

(Employee’s Signature)
	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 

(Date)
	 	 
	 
	 	 	 	 	 	 
	Received By Company:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 
	 	 

DateEX-10.116 Restricted Stock Grant

 

EXHIBIT 10.116

SPANISH BROADCASTING SYSTEM, INC.

2006 OMNIBUS EQUITY COMPENSATION PLAN

RESTRICTED STOCK GRANT

     This RESTRICTED STOCK GRANT, dated as of March 10, 2007 (the “Date of Grant”), is delivered by
Spanish Broadcasting System, Inc. (the “Company”), to Raul Alarcon, Jr. (the “Grantee”).

RECITALS

     A. The Spanish Broadcasting System, Inc. 2006 Omnibus Equity Compensation Plan (the “Plan”)
provides for the grant of restricted stock in accordance with the terms and conditions of the Plan.

     B. The Board of Directors of the Company (the “Board”) has appointed the Compensation
Committee of the Company (the “Compensation Committee”) to administer the Plan.

     C. The Compensation Committee has decided to make a restricted stock grant as an inducement
for the Grantee to promote the best interests of the Company and its shareholders. A copy of the
Plan is attached.

     NOW, THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as
follows:

1. Restricted Stock Grant. Subject to the terms and conditions set forth in this Agreement
and the Plan, the Company hereby grants the Grantee as of March 10, 2007, 72,000 shares of Class A
common stock, par value $.0001, of the Company, based on the Friday, March 9, 2007 closing price on
the Nasdaq National Market of $4.30 of the Company’s Class A common stock, subject to the
restrictions set forth below and in the Plan (“Restricted Stock”). Shares of Restricted Stock may
not be transferred by the Grantee or subjected to any security interest until the shares have
become vested pursuant to this Agreement and the Plan.

 

 

2. Vesting and Nonassignability of Restricted Stock.

     (a) The shares of Restricted Stock shall become vested, and the restrictions described in
Sections 2(c) shall lapse, upon the first occurrence of any of the events listed below, provided
the Grantee continues to be employed by, or provide service to the Employer (as defined in the
Plan) from the Date of Grant until the applicable vesting date, with respect to:

     (i) the shares of Restricted Stock vest ratably over a three year period of 24,000
shares each, the first vesting period as of January 1, 2008, the second vesting period as of
January 1, 2009 and the last vesting period as of January 1, 2010;

     (ii) all of the shares of Restricted Stock upon the Grantee’s Disability;

     (iii) all of the shares of Restricted Stock upon the termination of the Grantee’s
employment or services by the Company for other than Cause; or

     (iv) all the shares of Restricted Stock upon the Grantee’s death.

     (b) Except as otherwise set forth herein, if the Grantee’s employment or service with the
Employer terminates for any reason before the Restricted Stock is fully vested, the shares of
Restricted Stock that are not then vested shall be forfeited and must be immediately returned to
the Company.

     (c) During the period before the shares of Restricted Stock vest (the “Restriction Period”),
the non-vested Restricted Stock may not be assigned, transferred, pledged or otherwise disposed of
by the Grantee. Any attempt to assign, transfer, pledge or otherwise dispose of the shares
contrary to the provisions hereof, and the levy of any execution, attachment or similar process
upon the shares, shall be null, void and without effect.

3. Issuance of Certificates.

     (a) Stock certificates representing the Restricted Stock may be issued by the Company and held
in escrow by the Company until the Restricted Stock vests, or the Company may hold non-certificated
shares until the Restricted Stock vests.

     (b) When the Grantee obtains a vested right to shares of Restricted Stock, a certificate
representing the vested shares shall be issued to the Grantee, free of the restrictions under
Section 2 of this Agreement.

     (c) The obligation of the Company to deliver shares upon the vesting of the Restricted Stock
shall be subject to all applicable laws, rules, and regulations and such approvals by governmental
agencies as may be deemed appropriately to comply with relevant securities laws and regulations.

4. Grant Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of
which are incorporated herein by reference, and in all respects shall be interpreted in accordance
with the Plan. The grant is subject to interpretations, regulations and determinations concerning
the Plan established from time to time by the Committee in accordance with the provisions of the
Plan, including, but not limited to, provisions pertaining to (a) rights and obligations with
respect to withholding taxes, (b) the registration, qualification or listing of the shares, (c)
changes in capitalization of the Company, and (d) other requirements of applicable law. The
Committee shall have the authority to interpret and construe the grant pursuant to the terms of the
Plan, and its decisions shall be conclusive as to any questions arising hereunder.

2

 

5. Withholding. The Grantee shall be required to pay to the Company, or make other
arrangements satisfactory to the Company to provide for the payment of, any federal, state, local
or other taxes that the Employer is required to withhold with respect to the grant or vesting of
the Restricted Stock. Subject to Committee approval, the Grantee may elect to satisfy any tax
withholding obligation of the Employer with respect to the Restricted Stock by having shares
withheld up to an amount that does not exceed the minimum applicable withholding tax rate for
federal (including FICA), state, local and other tax liabilities.

6. No Employment or Other Rights. This grant shall not confer upon the Grantee any right
to be retained by or in the employ or service of the Employer and shall not interfere in any way
with the right of the Employer to terminate the Grantee’s employment or service at any time. The
right of the Employer to terminate at will the Grantee’s employment or service at any time for any
reason is specifically reserved.

7. Assignment by Company. The rights and protections of the Company hereunder shall extend
to any successors or assigns of the Company and to the Company’s parents, subsidiaries, and
affiliates. This Agreement may be assigned by the Company without the Grantee’s consent.

8. Applicable Law. The validity, construction, interpretation and effect of this
instrument shall be governed by and construed in accordance with the laws of the State of Florida,
without giving effect to the conflicts of laws provisions thereof.

9. Notice. Any notice to the Company provided for in this instrument shall be addressed to
the Company in care of Legal Department at 2601 S. Bayshore Drive, PHII, Coconut Grove, Fl 33133
and any notice to the Grantee shall be addressed to such Grantee at the current address shown on
the payroll of the Employer, or to such other address as the Grantee may designate to the Employer
in writing. Any notice shall be delivered by hand, sent by telecopy or enclosed in a properly
sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a post
office regularly maintained by the United States Postal Service.

[remainder of page intentionally left blank]

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     IN WITNESS WHEREOF, the Company has caused its duly authorized officers to execute and attest
this instrument, and the Grantee has placed his or her signature hereon, effective as of the Date
of Grant.

	 	 	 	 	 
	 	SPANISH BROADCASTING SYSTEM, INC.

 	 
	 	By:  	/s/
Joseph A. García 	 
	 	 	Name:  	Joseph A. García 	 
	 	 	Title:  	EVP/CFO 	 
	 

I hereby accept the grant of Restricted Stock described in this Agreement, and I agree to be bound
by the terms of the Plan and this Agreement. I hereby further agree that all the decisions and
determinations of the Committee shall be final and binding.

	 	 	 	 	 
	 	 	 
	 	
/s/ Raúl Alarcón, Jr.
 	 
	 	Grantee 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	April
4, 2007
 	 
	 	Date 	 
	 	 	 
	 

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