Document:

EX-10.9

 Exhibit 10.9 

March 30, 2015 
 Eric Tanquist 

404 Woodland Drive 
 Burnsville, MN 55337 

Dear Eric: 
 Norcraft Companies, L.P. (the
“Company”) is pleased to offer you severance protection in the event your employment terminates under certain circumstances, as described in more detail below. The purpose of this letter (the “Agreement”) is to
confirm the terms and conditions of this opportunity, as follows: 
 1. Termination Payments. If the Company terminates your
employment other than for Cause or you terminate your employment for Good Reason, in either case within twelve (12) months following a Change-in-Control, you will receive, in lieu of any base salary continuation or other cash severance payments
(excluding any pro rata bonus payment) (such salary continuation or other cash severance payments, the “Cash Severance”) to which you may be entitled under any other agreement between you and the Company or any of its Affiliates or
under any plan or policy of the Company or any of its Affiliates, a one-time payment of $353,000 (the “CIC Severance Payment”). For the avoidance of doubt, the CIC Severance Payment will be in addition to any payments or benefits
that do not constitute the Cash Severance (including, for the avoidance of doubt, any pro rata bonus payment) to which you may be entitled under any other agreement between you and the Company or any of its Affiliates or under any plan or policy of
the Company or any of its Affiliates. Any CIC Severance Payment will be reduced by any tax or other amounts required to be withheld by the Company under applicable law and paid to you in a single lump sum within ten (10) business days following
the termination of your employment. Notwithstanding the foregoing, no transaction or series of transactions shall constitute a Change-in-Control for purposes of this Agreement unless such transaction or series of transactions constitutes a
“change in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(i). 
 2. Definitions. For
purposes of this Agreement, the following definitions apply: 
 (a) “Affiliates” means all persons and entities directly or
indirectly controlling, controlled by or under common control with the Company, where control may be by management authority, equity interest or otherwise. 

(b) “Cause” means (i) any material failure by you to perform your duties to the Company or to obey policy directives
from any superior executive officer of the Company or 

 
the General Partner of the Company, it being understood that how well you perform such duties or carry out such directives shall not give rise to “Cause” under this clause (i),
(ii) your reporting to work under the influence of alcohol or illegal drugs, the use of illegal drugs (whether or not at the workplace) or other repeated conduct causing the Company or any of its Affiliates public disgrace or disrepute or
material economic harm, (iii) your material violation of any of the policies and guidelines for the Company, including, without limitation, those relating to conflicts of interest, ethical practices, trade, regulation, payment and procurement
policies, legal compliance, employment discrimination, and/or sexual harassment, (iv) your commission of a felony or an act of fraud, misappropriation, embezzlement or any other act involving moral turpitude, (v) your commission of any act
of dishonesty which materially injures the Company or any of its Affiliates, or (vi) material breach by you of this Agreement, provided, that in the circumstances described in clauses (i), (iii), or (vi), you shall have thirty (30) days to
cure the default after notice by the Company. 
 (c) “Change-in-Control” means the occurrence, following the date of this
Agreement, of (i) a sale or transfer (other than by way of merger or consolidation), of all or substantially all of the assets of Norcraft Companies, Inc. (“Norcraft”) to any Person, (ii) any merger, consolidation or other
business combination transaction of Norcraft with or into another corporation, entity or Person, other than a transaction in which the holders of at least a majority of the shares of voting capital stock of Norcraft outstanding immediately prior to
such transaction continue to hold (either by such shares remaining outstanding or by their being converted into shares of voting capital stock of the surviving entity) a majority of the total voting power represented by the shares of voting capital
stock of Norcraft (or the surviving entity) outstanding immediately after such transaction, or (iii) the direct or indirect acquisition (including by way of a tender or exchange offer) by any Person, or Persons acting as a group, of beneficial
ownership or a right to acquire beneficial ownership of shares representing more than 50% of the total voting power of the then-outstanding shares of capital stock of Norcraft. 

(d) “Good Reason” means (i) any material diminution of your duties, (ii) any material reduction in your annual base
salary or bonus opportunity, (iii) a material breach by the Company of this Agreement, (iv) relocation by the Company outside of the Minnesota, or (v) change of your title, provided, that in the circumstances described in clauses (i),
(ii), (iii), and (v), the Company shall have thirty (30) days to cure the default after notice by you. 
 (e) “Person”
means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a trust or any other entity or organization. 

3. Timing of Payments and Section 409A. 

(a) Notwithstanding anything to the contrary in this Agreement, if at the time your employment terminates, you are a “specified
employee,” as defined below, any and all amounts payable under this Agreement on account of such separation from service that would (but for this provision) be payable within six (6) months following the date of termination, shall instead
be paid on the next business day following the expiration of such six (6) month period or, if earlier, upon your death; except (A) to the extent of amounts that do not constitute a deferral of compensation within the meaning of Treasury
regulation Section 1.409A-1(b) (including without 

 
limitation by reason of the safe harbor set forth in Section 1.409A-1(b)(9)(iii), as determined by the Company in its reasonable good faith discretion); (B) benefits which qualify as
excepted welfare benefits pursuant to Treasury regulation Section 1.409A-1(a)(5); or (C) other amounts or benefits that are not subject to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended. 

(b) For purposes of this Agreement, all references to “termination of employment” and correlative phrases shall be construed to
require a “separation from service” (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained therein), and the term “specified employee” means an individual who is a
specified employee under Treasury regulation Section 1.409A-1(i). 
 (c) Each payment made under this Agreement shall be treated as a
separate payment and the right to a series of installment payments under this Agreement is to be treated as a right to a series of separate payments. 

4. Miscellaneous. This Agreement may only be amended by a writing signed by you and a duly authorized representative of the Company.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same instrument. This Agreement will be governed by and construed in accordance
with the laws of the State of Minnesota, without regard to any conflict of law principles that would result in the application of the laws of any other jurisdiction. 

If the foregoing is acceptable to you, please sign this Agreement in the space provided below. At the time you sign and return it, this
Agreement will take effect as a binding agreement between you and the Company, subject to the terms and conditions set forth above. The enclosed copy is for your records. 

 

			
	Sincerely,
	NORCRAFT COMPANIES, L.P.
		
	By:		 /s/ Christopher Reilly

			Christopher Reilly
			Authorized Person

  

			
	Accepted and agreed:
		
	Signature:		 /s/ Eric Tanquist

			Eric Tanquist
		
	Date:		 3/26/15ex101to8k09196014_03302015.htm

Exhibit 10.1

 

REMARK MEDIA, INC.

 

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT (this “Agreement”) dated as of March 30, 2015, is between Remark Media, Inc., a Delaware corporation (the “Company”), and the purchaser identified on the signature page hereto (the “Purchaser”).

 

WHEREAS, the Purchaser desires to subscribe for, and the Company desires to issue, shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”), to the Purchaser subject to the terms and conditions of this Agreement and pursuant to an effective registration statement on Form S-3 (File No. 333-202024) filed with the U.S. Securities and Exchange Commission under the Securities Act of 1933, as amended, which registration statement contains the base prospectus, including all documents incorporated or deemed incorporated therein by reference, to the extent such information has not been superseded or modified, and has been supplemented by the prospectus supplement of even date herewith, including the documents incorporated by reference therein.

 

NOW, THEREFORE, upon the execution and delivery of this Agreement and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Purchaser agree as follows:

 

1.           Subscription.  The Purchaser, intending to be legally bound, hereby irrevocably subscribes for and agrees to purchase the number of shares of Common Stock at the per share purchase price and aggregate purchase price (the “Subscription Amount”) as set forth on the signature page hereto (the “Shares”), and the Company, intending to be legally bound, hereby agrees to issue and sell the Shares to the Purchaser.

 

2.           Purchase and Sale of Shares.  The Company agrees to issue and sell to the Purchaser, and the Purchaser agrees to purchase, the Shares on the third day following the date hereof on which The NASDAQ Capital Market is open for trading, or such other time not later than 10 business days after such date as shall be agreed upon by the Company and the Purchaser (the “Closing”).  At the Closing, the Purchaser shall pay the aggregate purchase price by wire transfer of immediately available funds to an account designated by the Company, and the Company shall deliver instructions to the Company’s transfer agent to issue the Shares to Purchaser in book-entry form.

 

3.           Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

 

4.           Expenses.  All costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses.

 

5.           Counterparts.  This Agreement may be executed in counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party.

 

  

  

  

 

IN WITNESS WHEREOF, the undersigned has caused this Agreement to be duly executed by its authorized signatory as of the date first indicated above.

 

	  	
PURCHASER:

	  	  
	  	  
	  	
By:

	  
	  	  	  
	  	
Name:

	  
	  	  	  
	
Purchase Price per Share: $4.00

	
Title:

	  
	
Subscription Amount: $_____

	  	  
	
No. of Shares: _____

	
Email:

	  

	
Agreed and Accepted this

	  
	
30th day of March, 2015:

	  
	  	
REMARK MEDIA, INC.

	  	  
	  	
By:

	  
	  	  	  
	  	
Name:

	  
	  	  	  
	  	
Title:

	  
	  	  	  
	
Subscription Amount Accepted: $_____

No. of Shares Accepted: _____

	
Address for Notice:

 

_________________________________

_________________________________

_________________________________

Telephone: ______________

Facsimile: ______________

Attention: ______________

 

With a Copy to (which shall not constitute notice):

 

_________________________________

_________________________________

_________________________________

Telephone: ______________

Facsimile: ______________

Attention: ______________

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