Document:

Exhibit 10.39

 

Summary of Unwritten Compensation Arrangements

Applicable to Non-Employee Directors of Overstock.com, Inc.

 

Overstock.com, Inc.
(the “Company”) pays its non-employee directors $20,000 annually at the rate of
$5,000 per quarter, and reimburses its non-employee directors for out-of-pocket
expenses incurred in connection with attending Board and committee meetings.  In addition, the Company pays Mr. Lindsey
$25,000 per year for consulting services.

 

The
Company maintains its 2005 Equity Incentive Plan, under which the Board of
Directors has the power to grant options and other awards to members of the
Board.  During 2005 the Board granted
options to non-employee directors as follows:

 

	
  Name

  	
   

  	
  Grant Date

  	
   

  	
  Exercise

  Price ($)

  	
   

  	
  Number of

  Options

  Granted

  	
   

  
	
  John J. Byrne

  	
   

  	
  April 26, 2005

  	
   

  	
  35.27

  	
   

  	
  5,000

  	
   

  
	
  Gordon Macklin

  	
   

  	
  April 26, 2005

  	
   

  	
  35.27

  	
   

  	
  5,000

  	
   

  
	
  Allison Abraham

  	
   

  	
  April 26, 2005

  	
   

  	
  35.27

  	
   

  	
  5,000

  	
   

  
	
  John Fisher

  	
   

  	
  April 26, 2005

  	
   

  	
  35.27

  	
   

  	
  5,000

  	
   

  
	
  Jason Lindsey

  	
   

  	
  October 25, 2005

  	
   

  	
  35.41

  	
   

  	
  15,000

  	
   

  
	
  Ray Groves

  	
   

  	
  October 25, 2005

  	
   

  	
  35.41

  	
   

  	
  15,000Exhibit 10.45

 

Director Compensation

 

Non-employee
directors are entitled to receive the following compensation and stock options:

 

Base Compensation. Our
directors who are also our employees serve without additional compensation.
Non-employee directors receive $27,000 annually. The Audit Committee chairman
receives an additional $4,500 annually and the Compensation Committee chairman
receives an additional $3,000 annually. Non-employee directors also receive
$1,250 for each meeting of the Board of Directors attended, $1,000 for each
Audit Committee meeting attended and $800 for each Compensation Committee
meeting attended.

 

Stock Grants. In addition
to the base compensation, on the date of our annual meeting, each non-employee
director receives a grant of 2,000 shares of Class A Common Stock pursuant
to our non-qualified stock option long-term incentive plan for services
rendered during the preceding year.Exhibit 10.1.2

 

FIRST
AMENDMENT TO CREDIT AGREEMENT AND WAIVER

 

FIRST AMENDMENT TO CREDIT
AGREEMENT AND WAIVER, dated as of December 28, 2005 (this “Amendment
and Waiver”), to the Credit Agreement, dated as of October 14, 2004
(as amended, supplemented or modified from time to time, the “Credit
Agreement”), among SEROLOGICALS CORPORATION (the “Borrower”), the
several lenders from time to time parties thereto, LASALLE BANK NATIONAL
ASSOCIATION, as Documentation Agent, BANK OF AMERICA, N.A., as Syndication Agent
and JPMORGAN CHASE BANK, N.A. (formerly known as JPMorgan Chase Bank), as
Administrative Agent (the “Administrative Agent”).

 

WHEREAS pursuant to the
Credit Agreement, the Lenders have agreed to extend credit to the Borrower; and

 

WHEREAS the Borrower has
requested that the Credit Agreement be amended and waived in the manner
provided for in this Amendment and Waiver, and the Lenders are willing to agree
to such amendment and waiver as provided for herein;

 

NOW, THEREFORE, in
consideration of the premises and mutual covenants contained herein the parties
hereto hereby agree as follows:

 

1.             Defined Terms. Capitalized terms used and not defined
herein shall have the meanings given to them in the Credit Agreement.

 

2.             Waiver of Restricted Payment Default.  The
Lenders hereby waive any Default or Event of Default, if any, under clause (c) or
(d) of Section 8 of the Credit Agreement that may have arisen as a
result of the Borrower’s repurchase of its common stock subsequent to the
Closing Date in an aggregate amount in excess of $15,000,000, and any Default
or Event of Default, if any, that may have arisen as a result of a breach by
the Borrower of its obligations under Section 6.7(a) of the Credit
Agreement related thereto.

 

3.             Amendment to Section 7.6.  Section 7.6(c) of
the Credit Agreement is hereby amended by deleting the dollar amount “$15,000,000”
therein and substituting in lieu thereof the following language:

 

“the sum of (i) $40,000,000
and (ii) 50% of Consolidated Net Income as at the end of the fiscal year
of the Borrower ended January 1, 2006 and each subsequent fiscal quarter
thereafter”

 

4.             No Other Amendments; Confirmation. 
Except as expressly amended hereby, the provisions of the Credit
Agreement are and shall remain in full force and effect.  Nothing herein shall be deemed to entitle the
Borrower to a consent to, or a waiver, amendment, modification or other change
of, any of the terms, conditions, obligations, covenants or agreements
contained in the Credit Agreement or any Loan Document in similar or different
circumstances.

 

5.             Representations and Warranties.  The
Borrower hereby represents and warrants to the Administrative Agent and the
Lenders that, as of the date hereof and after giving effect to the waivers and
amendment contained herein:

 

 

(a)           each of the representations
and warranties made by any Loan Party in or pursuant to the Loan Documents
shall be true and correct in all material respects on and as of the date
hereof, except where such representations and warranties expressly relate to an
earlier date, in which case such representations and warranties shall have been
true and correct in all material respects as of such date;

 

(b)           no Default or Event of
Default has occurred and is continuing; and

 

(c)           the execution, delivery and
performance by the Borrower of this Amendment and Waiver have been duly
authorized by all necessary corporate and other action and does not and will
not require any registration with, consent or approval of, notice to or action
by, any person (including any Governmental Authority) in order to be effective
and enforceable.

 

6.             Conditions Precedent to Effectiveness.  This
Amendment and Waiver shall become effective on the date on which the
Administrative Agent shall have received counterparts hereof duly executed and
delivered by the Borrower and each Lender.

 

7.             Expenses.  The Borrower agrees to
promptly pay and/or reimburse the Administrative Agent for its invoiced
out-of-pocket expenses in connection with this Amendment and Waiver (including
the reasonable fees, charges and disbursements of Simpson Thacher &
Bartlett LLP, counsel for the Administrative Agent).

 

8.             Governing Law; Counterparts.  (a) 
This Amendment and Waiver and the rights and obligations of the parties hereto
shall be governed by, and construed and interpreted in accordance with, the
laws of the State of New York.

 

(b)           This Amendment and Waiver
may be executed by one or more of the parties to this Amendment and Waiver on
any number of separate counterparts, and all of said counterparts taken together
shall be deemed to constitute one and the same instrument. This Amendment and
Waiver may be delivered by facsimile transmission of the relevant signature pages hereof.

 

2

 

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment and Waiver to be duly executed and delivered
by their duly authorized officers as of the day and year first above written.

 

	
   

  	
  SEROLOGICALS CORPORATION,

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Harold W. Ingalls

  	
   

  
	
   

  	
  Name: Harold W. Ingalls

  
	
   

  	
  Title:  Vice
  President, Finance & Chief Financial

  
	
   

  	
  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A. individually and as

  Administrative Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ B.B. Wuthrich

  	
   

  
	
   

  	
  Name: B.B. Wuthrich

  
	
   

  	
  Title:  Vice
  President

  

 

3

 

	
   

  	
  Signature page to the FIRST AMENDMENT TO THE
  CREDIT AGREEMENT AND WAIVER, dated as of December28, 2005 (this “Amendment
  and Waiver”), to the Credit Agreement, dated as of October 14, 2004
  (as amended, supplemented or modified from time to time, the “Credit
  Agreement”), among SEROLOGICALS CORPORATION (the “Borrower”), the
  LENDERS party thereto, LASALLE BANK NATIONAL ASSOCIATION, as Documentation
  Agent, BANK OF AMERICA, N.A., as Syndication Agent and JPMORGAN CHASE BANK,
  N.A., as Administrative Agent (the “Administrative Agent”).

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Bank of America, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ [signature illegible]

  	
   

  
	
   

  	
   

  	
  Title: 
  Senior Vice President

  

 

4

 

	
   

  	
  Signature page to the FIRST AMENDMENT TO THE
  CREDIT AGREEMENT AND WAIVER, dated as of December28, 2005 (this “Amendment
  and Waiver”), to the Credit Agreement, dated as of October 14, 2004
  (as amended, supplemented or modified from time to time, the “Credit
  Agreement”), among SEROLOGICALS CORPORATION (the “Borrower”), the
  LENDERS party thereto, LASALLE BANK NATIONAL ASSOCIATION, as Documentation
  Agent, BANK OF AMERICA, N.A., as Syndication Agent and JPMORGAN CHASE BANK,
  N.A., as Administrative Agent (the “Administrative Agent”).

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Regions Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ W.R. Davis

  	
   

  
	
   

  	
   

  	
  Title:  Vice
  President

  

 

5Exhibit 10.58

 

LIQUIDMETAL
TECHNOLOGIES, INC.

25800
Commercentre Dr., Suite 100

Lake Forest, California 92630

 

November 3, 2004

 

Mr. John Kang

Liquidmetal Technologies

 

	
  Re:

  	
   

  	
  Liability Under Section 16(b) of

  
	
   

  	
   

  	
  Securities Exchange Act of 1934

  

 

Dear Mr. Kang:

 

As you
know, the Board of Directors of Liquidmetal Technologies, Inc. (the “Company”)
has determined that you are liable to the Company in amount of $301,944.73 (the
“Disgorgement Amount”) under Section 16(b) of the Securities Exchange
Act of 1934, as amended, as a result of certain transactions by you in the
Company’s common stock during the period February 2002 through November 2002.  By signing this letter agreement below, you
hereby acknowledge and agree to this liability, and you agree that you will pay
the Disgorgement Amount to the Company as follows:

 

1.                                       Beginning
on the last day of January, 2005 and continuing on the last day of each month
thereafter through and including November, 2006, you will make 23 consecutive
monthly payments of $12,581 to the Company.

 

2.                                       You
will make a final payment of $12,581.73 on the last day of December, 2006.

 

By
signing this letter below, you agree to comply with the foregoing payment
schedule, provided that you acknowledge that such payment schedule will
not preclude the Board or the Company (in their sole discretion) from demanding
the full unpaid balance of the Disgorgement Amount at any time and for any
reason.  Furthermore, you agree and
acknowledge that any amounts owing to you by the Company (for compensation or
otherwise) may be at any time set-off against all or any portion of the
Disgorgement Amount that remains outstanding at such time, in the Board or
Company’s sole discretion.

 

If you
are in agreement with the terms, conditions, and acknowledgements of this
letter agreement, please sign below and return an originally executed
counterpart to the undersigned.  By
signing below, you acknowledge that you have had an opportunity to consult your
own personal legal counsel regarding the matters herein, and you further
acknowledge and confirm that Foley & Lardner LLP has acted as the
Company’s legal counsel, and not your personal legal counsel, in connection
with all matters relating to the determination of your legal liability under Section 16(b),
the determination of the disgorgement amount, and the matters set forth herein.

 

	
   

  	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Vincent
  Addonisio

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Vincent
  Addonisio,

  

 

	
   

  	
   

  	
    Lead
  Independent Director and Chairman

  of the Audit Committee

  

 

	
  Acknowledged and
  Agreed as of the

  	
   

  
	
  3rd day of November,
  2004.

  	
   

  
	
   

  	
   

  
	
  Signature:  

  	
  /s/ John Kang

  	
   

  
	
   

  	
  John Kang, individually

  	
   

  

 

1

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