Document:

Exhibit
4.1.1

 

MACROPORE
BIOSURGERY, INC.

 

AMENDMENT
NO. 1 TO RIGHTS AGREEMENT

 

THIS
AMENDMENT NO. 1 TO RIGHTS AGREEMENT (this
“Amendment”)
is made as of May 12, 2005 between MACROPORE
BIOSURGERY, INC., a
Delaware corporation (the “Corporation”), and COMPUTERSHARE
TRUST COMPANY, INC., a Colorado Corporation (the “Rights Agent”).

 

WHEREAS, the Corporation and the Rights Agent entered into that certain Rights
Agreement dated as of May 29, 2003 (the “Rights Agreement”) (capitalized
terms used in this Agreement but not defined herein shall have the meaning
assigned to them in the Rights Agreement); and

 

WHEREAS, the Corporation and the Rights Agent desire to irrevocably amend the
Rights Agreement as provided below.

 

NOW,
THEREFORE, in consideration of the foregoing
premises and the mutual covenants and conditions set forth below, and for other
good and valuable consideration, the receipt of which is hereby acknowledged,
the parties to this Amendment No. 1 to Rights Agreement hereby agree as
follows:

 

AMENDMENT

 

1.             Amendment
of the Rights Agreement.  A new Section 27 of the Rights Agreement
is hereby added as follows:

 

“27.  Beneficial Ownership by Neil Gagnon.

 

Notwithstanding anything
to the contrary in this Agreement:  (A)
the Beneficial Ownership by Neil Gagnon, either individually or together with
his Affiliates and Associates (including without limitation Gagnon Securities
LLC and its Affiliates) (collectively, “Gagnon”) of 20% or less of the
outstanding shares Common Stock shall not constitute Gagnon an Acquiring
Person; and (B) Gagnon shall not be deemed an Acquiring Person either (i) as a
result of the acquisition of Common Stock by the Corporation which, by reducing
the number of shares of Common Stock outstanding, increases the proportional
number of shares Beneficially Owned by Gagnon; provided  however
that if (1) Gagnon would become an Acquiring Person (but for the operation of
this subclause (B)(i)) as a result of the acquisition of shares of Common Stock
by the Corporation, and (2) after such share acquisition by the Corporation,
Gagnon becomes the Beneficial Owner of any additional shares of Common Stock,
then Gagnon shall be deemed an Acquiring Person, or (ii) if (1) within eight
(8) days after Gagnon would otherwise have become an Acquiring Person (but for
the operation of this subclause (B)(ii)), Gagnon notifies the Board of
Directors of the Corporation that Gagnon did so inadvertently and (2) within
two (2) Business Days (as defined in Section 1.8 hereof) after such
notification, Gagnon is the Beneficial Owner of 20% or less of the outstanding
shares of Common Stock.”

 

 

1

 

2.             No Other Amendment.  Except as
modified by this Amendment, the Rights Agreement shall remain in full force and
effect without any modification.  By
executing this Amendment below, the Corporation certifies that this Amendment
has been executed and delivered in compliance with the terms of
Section 25.2 of the Rights Agreement. 
This Amendment shall be deemed an
amendment to the Rights Agreement and shall become effective when executed and
delivered by the Corporation and the Rights Agent as provided under
Section 25.2 of the Rights Agreement.

 

3.             Effect
of Amendment.  Except as and to the extent expressly
modified by this Amendment, the Rights Agreement and the exhibits thereto,
shall remain in full force and effect in all respects.  In the event of a conflict or inconsistency
between this Amendment and the Rights Agreement and the exhibits thereto, the
provisions of this Amendment shall govern.

 

4.             Counterparts. 
This Amendment may be executed in several counterparts, each of which
shall constitute an original and all of which, when taken together, shall
constitute one agreement.

 

 

[THIS SPACE
INTENTIONALLY LEFT BLANK]

 

 

2

 

The parties hereto have caused this Amendment to be
executed and delivered as of the day and year first written above.

 

	
   

  	
  MACROPORE BIOSURGERY, INC.

  
	
   

  	
  By:

  	
  /s/ MARK SAAD

  	
   

  
	
   

  	
   

  	
  Mark
  Saad

  
	
   

  	
   

  	
  Chief
  Financial Officer

  
	
   

  	
  COMPUTERSHARE
  TRUST COMPANY, INC.

  
	
   

  	
  By:

  	
  /s/ KELLIE
  GWINN

  	
   

  
	
   

  	
   

  	
  Kellie
  Gwinn

  
	
   

  	
   

  	
  Vice
  President

  
	
   

  	
  By:

  	
  /s/ JOHN M.
  WAHL

  	
   

  
	
   

  	
   

  	
  John
  M. Wahl

  
	
   

  	
   

  	
  Corporate
  Trust Officer

  

 

 

3Exhibit
10.1

 

SITEL CORPORATION

 

Summary of Dale W. Saville Compensation Arrangements

As of May 12, 2005

 

Mr. Saville serves as Executive Vice President of the company.  He does not have a written employment
agreement.  The Compensation Committee
and other independent directors consider the recommendations of the Chief
Executive Officer and approve Mr. Saville’s base salary, bonus opportunity,
other incentives if any, and equity compensation from time to time.

 

Base Salary: 
Mr. Saville’s annual base salary since May 12, 2005 is $275,000.

 

Bonus Opportunity: 
For 2005, Mr. Saville is eligible to receive a bonus of up to 90% of his
base salary pursuant to the company’s 2005 Management Incentive Plan (the 2005
MIP).  Mr. Saville’s bonus opportunity is
based exclusively on the company achieving the 2005 EPS targets set by the
Compensation Committee.  Mr. Saville
would receive no bonus under the plan unless at least the low EPS target is
achieved.  At the low EPS target, subject
to the other general conditions of the plan, he would receive a bonus of 27% of
his base salary.  For each additional
specified increment in EPS achieved, his bonus would be increased by nine
percentage points, up to the maximum bonus opportunity of 90% of his base
salary.  This description of the bonus
award is subject to the general conditions of the 2005 MIP, which includes for
example provisions that participants must remain employed at the time the
incentive is to be paid and that the calculated incentive may be reduced based
upon a participant’s performance below expectations regarding their individual
financial and/or non-financial performance objectives.

 

Equity Compensation: 
Mr. Saville has options to purchase 200,000 shares of the company’s
common stock pursuant to the 1999 Stock Incentive Plan, as amended (the
Incentive Plan).  The Compensation
Committee granted these options as to 100,000 shares in 2000 when Mr. Saville
joined the company and as to 100,000 shares in 2002.  The options were granted at the fair market
value of the company’s common stock on the date of grant and have a ten-year
term.  The options granted in 2000 have
an exercise price of $2.6875 per share and become exercisable in five annual
installments on each of October 30, 2001, 2002, 2003, 2004, and 2005.  The options granted in 2002 have an exercise
price of $2.765 per share.  Thirty
percent (30%) of these options become exercisable in five annual installments
on each of March 14, 2003, 2004, 2005, 2006 and 2007.  The remaining seventy percent (70%) of these
options become exercisable on March 14, 2009, but are subject to earlier
exercise if certain performance goals (an EPS target and a closing stock price
target) are met prior to that date.  The
performance-accelerated options are non-forfeitable once they become
exercisable, which means Mr. Saville keeps the options after that even if his
employment terminates before he exercises the options.  All of the options become exercisable in full
upon a change in control of the 

 

 

company if the closing stock price on the effective date of the change
in control is at least $12 per share. 
All of the options are subject to earlier exercise or termination and
the other terms and provisions of the applicable option agreement and the
Incentive Plan.

 

Other:   Mr. Saville
is eligible to participate in the company’s benefit plans that are offered U.S.
exempt employees (within the meaning of the Fair Labor Standards Act)
generally. The company may pay for certain personal benefits from time to time,
which in the aggregate have been less than 10% of Mr. Saville’s combined salary
and bonus (if any) in each of the past three calendar years.

 

 

 

2Exhibit
10.2

 

SITEL CORPORATION

 

Summary of Robert Scott Moncrieff Compensation
Arrangements

As of May 12, 2005

 

Mr. Scott Moncrieff serves as Executive Vice President of the
company.  He has a written employment
agreement.  The Compensation Committee
and other independent directors consider the recommendations of the Chief
Executive Officer and approve Mr. Scott Moncrieff’s base salary, bonus
opportunity, other incentives if any, and equity compensation from time to
time.

 

Base Salary: 
Mr. Scott Moncrieff’s annual base salary since May 12, 2005 is 140,000£.

 

Bonus Opportunity: 
For 2005, Mr. Scott Moncrieff is eligible to receive a bonus of up to
90% of his base salary pursuant to the company’s 2005 Management Incentive Plan
(the 2005 MIP).  Mr. Scott Moncrieff’s
bonus opportunity is based exclusively on the company achieving the 2005 EPS
targets set by the Compensation Committee. 
Mr. Scott Moncrieff would receive no bonus under the plan unless at
least the low EPS target is achieved.  At
the low EPS target, subject to the other general conditions of the plan, he
would receive a bonus of 27% of his base salary.  For each additional specified increment in
EPS achieved, his bonus would be increased by nine percentage points, up to the
maximum bonus opportunity of 90% of his base salary.  This description of the bonus award is
subject to the general conditions of the 2005 MIP, which includes for example
provisions that participants must remain employed at the time the incentive is
to be paid and that the calculated incentive may be reduced based upon a
participant’s performance below expectations regarding their individual
financial and/or non-financial performance objectives.

 

Equity Compensation: 
Mr. Scott Moncrieff has options to purchase 100,000 shares of the
company’s common stock, of which 35,000 shares may be purchased pursuant to the
1995 Employee Stock Option Plan, as amended (the 1995 Employee Plan) and 65,000
may be purchased pursuant to the 1999 Stock Incentive Plan, as amended (the
Incentive Plan).  The Compensation
Committee granted these options at various times over the years since Mr. Scott
Moncrieff joined the company.  The
options were granted at the fair market value of the company’s common stock on
the date of grant and have a ten-year term.    Regarding the options for 35,000 shares
granted under the 1995 Employee Plan, options for 5,000 shares have an exercise
price of $4.78125 and have become fully exercisable and options for 30,000
shares have an exercise price of $3.50 per share (having been repriced in 1998)
subject to a price threshold for exercisability.  The price threshold is an average closing
price for the common stock of at least $9.00 over thirty consecutive trading
days.  The 30,000 options become
exercisable in any event as to all shares on May 12, 2006 and expire on
November 11, 2006.  Regarding the options
for 65,000 shares granted under the Incentive Plan, options for 10,000 shares
have an exercise price of $6.65625 and have become fully exercisable, options
for 10,000 shares 

 

 

 

have an exercise price of $2.65625 and become exercisable in five
annual installments on each of January 11, 2002, 2003, 2004, 2005 and 2006, and
options for 45,000 shares have an exercise price of $2.36 and become
exercisable in five annual installments on each of January 2, 2005, 2006, 2007,
2008 and 2009.  All of the options are
subject to earlier exercise or termination and the other terms and provisions
of the applicable option agreement and the 1995 Employee Plan or Incentive
Plan, as applicable.

 

Other:   Mr. Scott
Moncrieff’s previously filed employment agreement contains other terms of his
employment and compensation arrangements.

 

 

 

2

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