Document:

ex10_25.htm

EXHIBIT 10.25

2010 Omnibus Incentive Plan of GeoEye, Inc.

2011 Annual Performance Award Policy

The purpose of this 2011 Performance Award Policy (the “Policy”) is to set forth the performance criteria with respect to the payment of annual cash performance awards (“Performance Awards”) to executives of GeoEye, Inc. (the “Company”) for the Company’s 2011 fiscal year pursuant to the 2010 Omnibus Incentive Plan of GeoEye, Inc. (the “Plan”).

 

Target Performance Awards

 

Each executive set forth on Exhibit A (the “Participants”) who remains employed by the Company through December 31, 2011, will be eligible for a Performance Award pursuant to the Plan for the 2011 fiscal year in an amount based on (i) the target percentage of such participant’s base salary set forth on Exhibit A and (ii) the funding of the Performance Award Pool (as defined below) based on the percentage of the revenue and EBITDA targets achieved for the 2011 fiscal year.

 

Revenue and EBITDA Targets

For the 2011 fiscal year, the revenue target is $382.5 million and the EBITDA target is $190.2 million.  EBITDA is a non-GAAP financial measure as defined and reported in the Company’s quarterly SEC filings.  These targets are derived from the budget submitted to the Board in February 2011.

Performance Award Pool

 

Annual Performance Awards will be paid to Participants out of a funded pool (the “Performance Award Pool”) equal to the sum of the target Performance Awards for all Participants.  The Performance Award Pool will be adjusted up or down based on actual Company financial performance.

 

 The funding of the Performance Award Pool is based on the aggregate value of the award targets for the Participants and the percentage of the revenue and EBITDA targets achieved. 25% of each portion of the Performance Award Pool will fund upon achievement of 75% of each of the revenue and EBITDA targets.  An additional 1% of the Performance Award Pool will be funded for every 1% of revenue and EBITDA target achievement between 75% and 100%, and an additional 2% for every 1% of revenue and EBITDA target achievement between 100% and 125%.  Funding will be capped at 200% of individual Performance Award targets upon achieving 125% of both the revenue and EBITDA targets.  The following chart is an example of how the Performance Award Pool may be funded:

  

  

  

Example Performance Award Pool Funding:

	 	 	 	
Revenue

	 	 	
EBITDA

	 	 	
Total Perf. AwardPool Funded

	 
	
Achievmt

	 	 	
% Bonus Funded

	 	 	
$ Bonus Funded

	 	 	
% Bonus Funded

	 	 	
$ Bonus Funded

	 	 	
% Bonus Funded

	 	 	
$ Bonus Funded

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	
< 75

	%	 	 	0	%	 	$	0	 	 	 	0	%	 	$	0	 	 	 	0	%	 	$	0	 
	 	75	%	 	 	25	%	 	$	477,894	 	 	 	25	%	 	$	477,894	 	 	 	50	%	 	$	955,788	 
	 	80	%	 	 	30	%	 	$	573,473	 	 	 	30	%	 	$	573,473	 	 	 	60	%	 	$	1,146,945	 
	 	85	%	 	 	35	%	 	$	669,052	 	 	 	35	%	 	$	669,052	 	 	 	70	%	 	$	1,338,103	 
	 	90	%	 	 	40	%	 	$	764,630	 	 	 	40	%	 	$	764,630	 	 	 	80	%	 	$	1,529,261	 
	 	95	%	 	 	45	%	 	$	860,209	 	 	 	45	%	 	$	860,209	 	 	 	90	%	 	$	1,720,418	 
	 	100	%	 	 	50	%	 	$	955,788	 	 	 	50	%	 	$	955,788	 	 	 	100	%	 	$	1,911,576	 
	 	105	%	 	 	60	%	 	$	1,146,945	 	 	 	60	%	 	$	1,146,945	 	 	 	120	%	 	$	2,293,891	 
	 	110	%	 	 	70	%	 	$	1,338,103	 	 	 	70	%	 	$	1,338,103	 	 	 	140	%	 	$	2,676,206	 
	 	115	%	 	 	80	%	 	$	1,529,261	 	 	 	80	%	 	$	1,529,261	 	 	 	160	%	 	$	3,058,521	 
	 	120	%	 	 	90	%	 	$	1,720,418	 	 	 	90	%	 	$	1,720,418	 	 	 	180	%	 	$	3,440,836	 
	 	125	%	 	 	100	%	 	$	1,911,576	 	 	 	100	%	 	$	1,911,576	 	 	 	200	%	 	$	3,823,152	 

 

Example Participant Award Calculation:

Assume a participant’s base salary is $200,000 and his target Performance Award is 30% of his base salary, or $60,000.  If 75% of each of the revenue and EBITDA targets is achieved, the executive’s actual Performance Award will be 50% of his target Performance Award, or $30,000.  If 100% of each of the revenue and EBITDA targets is achieved, the executive’s actual Performance Award will be 100% of his target Performance Award, or $60,000.  If 125% of each of the revenue and EBITDA targets is achieved, the executive’s actual Performance Award will be 200% of his target Performance Award, or $120,000.

 

Determination of Performance Awards

 

The Committee (as defined in the Plan), in its sole discretion, shall determine the extent to which the revenue and EBITDA targets have been achieved, and the amount of the Performance Awards for each executive management Participant for the 2011 fiscal year in accordance with the terms of the Plan. Executive management, in its sole discretion, shall determine the amount of the Performance Awards for all other Participants. In determining the amount of and individual’s award, the Committee and executive management may consider such factors as an individual’s role in the company, level of responsibility, achievement of personal performance goals, and overall performance impact on company performance.

 

Subject to the terms of the Plan, the Committee has all discretion and authority necessary or appropriate to administer the Plan and the Performance Awards, including, but not limited to, the power to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it, and to make all other determinations necessary or advisable in the administration of the Plan and the Performance Awards, and all such determinations shall be final and binding upon all Participants and persons having an interest in the Plan.

 

  

2

  

 

Exhibit A

PARTICIPANTS

2011 Annual Performance Award Policy as of Plan Approval Date

	
Position

	
Name

	  
	
EXECUTIVE MANAGEMENT

	  	  
	
CEO

	
O'Connell

	  
	
COO

	
Schuster

	  
	
CFO

	
Greeves

	  
	
General Counsel

	
Warren

	  
	
CTO

	
O'Toole

	  
	  	  	  
	
SENIOR VICE PRESIDENTS

	  	  
	
SVP Marketing

	
Frazier

	  
	
SVP Sales

	
Tully

	  
	
SVP Product Integration

	
Wallach

	  
	  	  	  
	
VICE PRESIDENTS

	  	  
	
VP CIO

	
Aleksiev

	  
	
VP Engineering

	
Alleyne

	  
	
VP International Sales

	
Colombi

	  
	
VP Legal

	
Connors

	  
	
VP Government Affairs

	
Dinh

	  
	
VP Business Development

	
Edmundson

	  
	
VP Human Resources

	
Galyean

	  
	
VP Information Services

	
Glanzmann

	  
	
VP Engineering Devel

	
Helmering

	  
	
VP Internal Financial Reporting

	
Housman

	  
	
MJ General Manager

	
Leibbrandt

	  
	
VP Ground Systems

	
Lipka

	  
	
VP Finance

	
Mayr

	  
	
VP Controller

	
Montgomery

	  
	
VP Space Systems Eng.

	
Morgan

	  
	
VP Operations

	
Peterson

	  
	
VP Financial Systems

	
Price

	  
	
VP Investor Relations

	
Scherago

	  
	
VP N.A. Sales

	
Wilt

	  

 

 

3ex10_1.htm

Exhibit 10.1

FIRST AMENDMENT TO THE INDEPENDENT BANK CORPORATION

AMENDED AND RESTATED DEFERRED COMPENSATION

AND STOCK PURCHASE PLAN FOR NONEMPLOYEE DIRECTORS

 

This First Amendment ("Amendment") to the Independent Bank Corporation Amended and Restated Deferred Compensation and Stock Purchase Plan for Nonemployee Directors (the "Plan") is adopted by Independent Bank Corporation (the "Company") with reference to the following:

 

	
  

	
A.

	
The Company adopted the Plan as of March 8, 2011.

 

	
  

	
B.

	
The Company desires to amend the Plan to allocate 350,000 additional shares of IBC Common Stock (as defined in the Plan) for issuance under the Plan and to update the contents of an Election to Participate (as defined in the Plan).

 

NOW THEREFORE, the Plan is amended as follows effective as of March 1, 2012:

 

	
  

	
1.

	
The third sentence of Section 4 of the Plan is amended to read as follows:

 

Subject to adjustment as described below, the maximum number of shares of IBC Common Stock that may be purchased or credited under the Plan is 670,000.

 

	
  

	
2.

	
Clause (v) of Section 7 of the Plan is deleted such that Section 7 shall read as follows:

 

Contents of Election to Participate.  An Election to Participate shall be made on a form prescribed by the Plan Administrator.  The Election to Participate shall indicate the following:  (i) the participant's Plan Fees; (ii) one of the following three accounts to which the participant wishes to have his or her Plan Fees credited:  (a) the Current Stock Purchase Account, (b) the Deferred Cash Investment Account, or (c) the Deferred Stock Account; (iii) the name or names of the participant's beneficiary or beneficiaries; and (iv) if the participant elects the Deferred Stock Account or the Deferred Cash Investment Account, whether distributions are to be in a lump sum or in installments.

 

 

IN WITNESS WHEREOF, this Amendment is adopted as of the 1st day of March, 2012.

	  	
INDEPENDENT BANK CORPORATION

	  	  
	  	
/s/ Robert N. Shuster

	  	
By:  Robert N. Shuster

	  	
Its:  Executive VP and Chief Financial OfficerExhibit 10.13

 

 

AMENDMENT TO SUBLEASE

 

THIS AMENDMENT TO SUBLEASE (this “Amendment”)
is made and entered into as of the 28th day of December, 2011 by and between TRANSWITCH CORPORATION, a Delaware corporation,
having an office at 3 Enterprise Drive, Shelton, Connecticut 06484 (hereinafter referred to as “Sublandlord”) and SIKORSKY
AIRCRAFT CORPORATION, a Delaware corporation, having an office at 6900 Main Street, P.O. Box 9729, Mail Stop 427A, Stratford, Connecticut
06615 (hereinafter referred to as “Subtenant”).

 

WITNESSETH:

 

WHEREAS, on February 24, 2009, Subtenant
and Sublandlord entered into a Sublease (the “Sublease”) for 92,880 square feet of space located on the sixth, seventh
and eighth floors (the “Premises”) in the building known as 6 Corporate Drive (formerly known as 4 Enterprise Drive),
Shelton, as more particularly described in the Sublease;

 

WHEREAS, the parties hereto desire to amend
and extend the term of the Sublease as set forth herein;

 

NOW, THEREFORE, for and in
consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:

 

		1.	Extension of Term; Rent. Provided that on the
date Extended Term (as defined below) commences, (i) the Sublease shall not have been terminated, and (ii) Subtenant shall not
be in default thereunder beyond any applicable cure periods, the Sublandlord and the Subtenant agree that the Sublease is hereby
extended for a period commencing on the Initial Expiration Date (as defined in the Sublease) and ending May 31, 2017 (the “Extended
Term”). During the Extended Term, Subtenant shall pay to Sublandlord Base Rent at the rate of $119,970 per month, plus Subtenant
and shall continue to pay Additional Sub-Rent in accordance with Paragraph 6 and Tenant Electricity charges in accordance with
Paragraph 7 of the Sublease.

 

		2.	Modification of Sublease; Indemnity. Sublandlord
and Subtenant agree that Section 20 of the Sublease is hereby deleted in its entirety, because the conditions set forth therein
have not been satisfied. Subtenant hereby represents, covenants and warrants that: (i) USI Real Estate Brokerage Services, Inc.
(“USRI”) does not represent Subtenant in connection with this Amendment, the Sublease or the renewal and/or extension
of the Sublease as provided herein and (ii) Subtenant has dealt with no broker other than Cushman & Wakefield, Inc. (“C&W”)
in connection with this Amendment, the Sublease and/or the renewal and/or extension of the Sublease as provided herein. Subtenant
hereby further covenants and agrees that it has not and will not to deal with or hire any broker other than C&W in connection
with this Amendment, the Sublease and/or any renewal or extension of the Sublease.

 

Subtenant
agrees to indemnify, defend and hold Sublandlord harmless from and against any and al1 1iabilities, damages, costs and
expenses (including reasonable attorneys’ fees and legal expenses) which Sublandlord may suffer or incur relating to or
arising, directly or indirectly, out of any (i) breach by Subtenant of any representation, covenant or warranty of Subtenant
set forth herein, (ii) resulting from a breach of Subtenant’s obligations under this Amendment, or (iii) any claim by
USRI for any fee, commission or compensation whatsoever, or (iv) any claim by any broker, finder, person or entity,
(excepting C&W, which has entered into an agreement with Sublandlord and/or USRI, for which Sublandlord is entitled to
indemnification under subsection (iii)), claiming to have been engaged by or has an agreement with Subtenant for any
commission, reimbursement, fee, payment, remuneration or compensation arising out of the Sublease, this Amendment or any
extension and/or renewal of the Sublease. Sublandlord shall promptly notify Subtenant of any claim made against it for any
claim under this Paragraph 2. Subtenant shall have the right to undertake, conduct and control, through counsel of its own
choosing, the defense and settlement of any such claim, so long as such settlement does not impose any obligations on
Sublandlord, except for any obligations to which Sublandlord has consented in writing. Sublandlord shall have the right to
be represented by counsel of its own choosing, but at its own expense. So long as Subtenant is contesting any such claim in
good faith, Sublandlord shall not pay or settle any claim.

 

     

     

    

 

 

		3.	Commission. Sublandlord and Subtenant hereby
represent each to the other that no brokers, agents or finders were involved in negotiating or consummating this Amendment on
behalf of Subtenant except for C&W, whose commission shall be paid by Sublandlord. Sublandlord hereby agrees to pay a commission
(the “Commission”) in accordance with a separate written agreement between Sublandlord and C&W of even date herewith.
If Sublandlord fails to pay the Commission due to C&W as provided therein, then Subtenant shall pay such amount to C&W
and Subtenant shall be entitled to an abatement of rent for the amount so paid.

 

		4.	Repayment of Commission. In the event the Sublease
terminates with or without cause prior to the Initial Expiration Date, Subtenant shall promptly repay to Sublandlord any portion
of the Commission which had already been paid to C&W by Sublandlord.

 

		5.	Continuing Obligations. Except as modified
by this Amendment, the rights and obligations of Sublandlord and Subtenant under the Sublease and all terms and conditions of
the Sublease shall remain in full force and effect and Sublandlord and Subtenant hereby ratify and confirm the Sublease as previously
and herein amended. No covenant or condition of the Sublease shall be deemed waived by any action or inaction in the past.

 

		6.	Successors. This Amendment shall be binding
upon the heirs, executors, administrators, successors and assigns of the Sublandlord and the Subtenant.

 

IN WITNESS WHEREOF, the parties hereto set
their hands as an instrument under seal on the day and year first written above.

 

 

	Sublandlord:	Subtenant:
	TRANSSWITCH CORPORATION	SIKORSKY AIRCRAFT CORPORATION
	 	 
	 	 
	By:	/s/ Robert A. Bosi	By:	/s/ Stephen Forino
	 	Name: Robert A. Bosi	 	Stephen Forino, President of United
	 	Title: VP-CPO	 	Technologies Realty, Inc.
 Authorized agent

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