Document:

exv10w51

 

Exhibit 10.51

Summary of Executive Officer and Director Compensation Arrangements

Executive Officer Compensation

     The following table presents the 2005 base salary of, and 2004 bonus payments pursuant to
Pride’s annual incentive compensation plan to, the Chief Executive Officer of Pride and three of
its four other most highly compensated executive officers as of December 31, 2004. The other most
highly compensated executive officer as of December 31, 2004, Marcelo Guiscardo, is no longer
employed by Pride following the termination of his employment in January 2005. The components and
related targets under the annual incentive compensation plan for 2005 are expected to be approved
by the compensation committee at its next meeting following the filing of this annual report on
Form 10-K.

	 	 	 	 	 	 	 	 	 
	 	 	Annual Compensation	 
	 	 	2005	 	 	2004	 
	Name and Principal Position	 	Salary	 	 	Bonus	 
	Paul A. Bragg
	 	$	750,000	 	 	$	400,000	 
	President and Chief Executive Officer
	 	 	 	 	 	 	 	 
	Louis A. Raspino
	 	 	390,000	 	 	 	355,325	 
	Executive Vice President and Chief Financial Officer
	 	 	 	 	 	 	 	 
	John R. Blocker, Jr.
	 	 	375,000	 	 	 	323,495	 
	Executive Vice President — Operations
	 	 	 	 	 	 	 	 
	Gary W. Casswell
	 	 	265,000	 	 	 	198,802	 
	Vice President — Eastern Hemisphere Operations
	 	 	 	 	 	 	 	 

Director Fees

     The annual retainer for each outside director is $9,000 per quarter, or $36,000 annually. The
chairman of the board receives $18,000 per quarter, or $72,000 annually. Each outside director
also receives a fee of (a) $1,500 for each board meeting attended, (b) $1,500 for each committee
meeting attended that is not on the date of a board meeting and (c) $500 for each committee meeting
attended that is on the date of a board meeting. In addition, the chairman of the Audit Committee
receives an annual fee of $12,000, the chairman of the Compensation Committee receives an annual
fee of $6,000 and the chairman of the Nominating and Corporate Governance Committee receives an
annual fee of $6,000.

     The Nominating and Corporate Governance Committee has approved a revised retainer for the
chairman of the board of directors. Effective at the first meeting of the board following the 2005
annual stockholders meeting, the chairman will receive a retainer of $110,000 per year for service
as chairman, with no additional fees payable for meetings attended.exv10w1

 

Exhibit 10.1

VIEWCAST.COM, INC. (“Company”)

NOTICE OF LOWER TEMPORARY CONVERSION PRICE

to the holders of the outstanding shares of

SERIES D REDEEMABLE CONVERTIBLE PREFERRED STOCK

of the Company

(the “Holders” and the “Preferred Shares” respectively),

March 21, 2005

     NOTICE IS HEREBY GIVEN that pursuant to the terms of the Preferred Shares, the Company has
lowered the conversion price of each of the Preferred Shares from $1.50 to $0.55 per share of
common stock of the Company from the date hereof until 5:00 p.m. Dallas, Texas time on April 15,
2005.

     As a result, subject to adjustment, each Preferred Share will be convertible into 18.18 shares
of common stock of the Company (based on a Stated Value of $10.00 per Preferred Share) so long as
the holder converts on or prior to 5:00 p.m. Dallas, Texas time on April 15, 2005.

     Each Holder desiring to convert his, her or its Preferred Shares must complete the attached
Exercise of Conversion Right such that it is received by the Company via mail at 17300 N. Dallas
Pkwy., Suite 2000, Dallas, Texas 75248, Attn: Laurie L. Latham or via fax at 972.488.7299, Attn:
Laurie L. Latham on or prior to 5:00 p.m. Dallas, Texas time on April 15, 2005. Fax transmission
of the Exercise of Conversion Right may be confirmed by phone at 972.488.7200.

     The Company reserves the right to extend the time from that specified herein and modify the
terms of conversion at its discretion without notice. If you have any questions, please call
Laurie L. Latham, Chief Financial Officer of the Company, at 972.488.7285.exv10w2

 

Exhibit 10.2

March 22, 2005

Mr. Horace T. Ardinger, Jr.

Ardinger Family Partnership, Ltd.

1990 Lakepointe Drive

Lewisville, TX 75057

Attention:    H.T. Ardinger, Jr.

Dear Mr. Ardinger:

     Referenced is made to that certain Revolving and Term Credit Facility dated as of October 15,
2003, between VIEWCAST.COM, INC., OSPREY TECHNOLOGIES, INC. AND VIDEOWARE, INC. (collectively,
“Borrower”) and the ARDINGER FAMILY PARTNERSHIP, LTD. (“Lender”). Whereas, Borrower and Lender
desire to amend the Revolving and Term Credit Facility effective as of March 23, 2004, it is agreed
between the parties that:

	 	1)  	The Amended and Restated Promissory Note (Revolving Credit Note) shall be
changed from $3,000,000 to $3,500,000 maximum principal amount,
	 
	 	2)  	The Promissory Note schedule of principal payments commencement date shall be
changed from December 31, 2004 to July 31, 2005, and
	 
	 	3)  	The commencement of payments for Accrued Interest, as defined in the Loan and
Security Agreement, shall be changed from December 31, 2004 to July 31, 2005.

     Please contact George Platt or me should you have any additional questions at 972-488-7285.

Best regards,

VIEWCAST.COM, INC.

	 	 	 
	By:

Name:

Title:

	 	/s/ Laurie L. Latham

Laurie L. Latham

Chief Financial Officer
	 

AGREED as of the date written above.

ARDINGER FAMILY PARTNERSHIP, LTD.

	 	 	 
	By:

Name:

Title:

	 	/s/ H.T. Ardinger, Jr.

H.T. Ardinger, Jr.

General Partner
	 

cc:    George C. Platt, Lance Ouellette, Bob Andersonexv10w1

 

Exhibit 10.1

Third Amendment to Revolving Loan Agreement

Between

MMAC Communications Corp. and Keltic Financial Partners, LP

Dated as of October 11, 2002

     This is a Third Amendment to the Revolving Loan Agreement, dated as of October 11, 2002, which
is made as of the 10th day of December, 2004, (this “Amendment”), between DELTA COMPUTEC INC.
(formerly known as MMAC Communications Corp.) (“Borrower”), a Delaware corporation, having an
address at 900 Huyler Street, Teterboro, New Jersey 07608, and KELTIC FINANCIAL PARTNERS, LP
(“Lender”), a Delaware limited partnership, with a place of business at 555 Theodore Fremd Avenue,
Suite C-207, Rye, New York 10580.

WITNESSETH

     WHEREAS, Borrower and Lender are engaged in a continuing commercial lending relationship
pursuant to that certain Revolving Loan Agreement, dated as of October 11, 2002 (as previously
amended, modified or otherwise supplemented, the “Loan Agreement”), and other related documents,
whereby Lender agreed to advance certain sums to Borrower and Borrower agreed to repay same under
the terms and conditions therein set forth; and

     WHEREAS, MMAC Communications Corp. changed its name from MMAC Communications Corp. to Delta
Computec Inc., as evidenced by that certain Certificate of Amendment to Certificate of
Incorporation of MMAC Communications Corp. with the Secretary of State of the State of Delaware on
October 15, 2002; and

     WHEREAS, the Borrower has requested that the Lender extend the Termination Date and waive
certain provisions in the Loan Agreement; and

     WHEREAS, the Lender is willing to effect such requests, upon the condition that the Loan
Agreement shall be otherwise amended as provided herein and subject to certain other terms and
conditions herein contained; and

     WHEREAS, the parties wish to memorialize the terms of their agreements by this writing.

     NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein
contained, and for other good and valuable consideration, it is agreed as follows:

1.      AMENDMENTS TO ARTICLE 1, DEFINITIONS.

          (a)      Section 1 of the Loan Agreement, entitled “Definitions” is hereby amended by deleting
Section 1.51 (“Termination Date”) and replacing same with the following:

 

 

     “Termination
Date” shall mean the earlier of January 10, 2005, or the date on which
the Lender terminates this Agreement pursuant to Section 12 hereof.

2.      AMENDMENTS TO ARTICLE 3, LENDER’S COMPENSATION.

          (a)      Section 3.6 (“Liquidated Damages”) is hereby deleted in its entirety and replaced with the
following:

                    3.6      Liquidated Damages. If Borrower prepays all or any portion of the principal of
the Revolving Loan (other than from time to time for working capital or other payments required
hereunder), Borrower shall pay to Lender at the time of such prepayment, liquidated damages in an
amount equal to (a) three percent (3.00%) of the Maximum Facility if the Borrower elects to
terminate the availability of Revolving Loans as hereinafter provided and the prepayment is made
prior to January 10, 2005 or (b) three percent (3.00%) of the amount of any partial prepayment made
prior to January 10, 2005, provided, however, the requirements of Section 3.6(a)
shall be waived if (i) the termination of the availability of the Revolving Loans results from a
sale of substantially all of the assets of Borrower and (ii) Lender, pursuant to a new financing
arrangement, provides financing to the entity that acquires substantially all of the assets of
Borrower. Borrower shall give Lender as much advance written notice (the “Termination Notice”) of
Borrower’s election to terminate the availability of Revolving Loans hereunder prior to the
Termination Date as is practicable. The Termination Notice shall be irrevocable and shall specify
the effective date of such termination, but shall be in no event later than the Termination Date.

3.      MISCELLANEOUS.

          (a)      The amendments to the Loan Agreement provided for in Sections 1 and 2 of this Amendment
shall become effective on the date of this Amendment.

          (b)      Any and all references to the Loan Agreement in any other Loan Document shall be deemed to
refer to the Loan Agreement as amended by this Amendment. This Amendment is deemed incorporated
into each of the other Loan Documents. Any initially capitalized terms used in this Amendment
without definition shall have the meanings assigned to those terms in the Loan Agreement. To the
extent that any term or provision of this Amendment is or may be inconsistent with any term or
provision in any Loan Document, the terms and provisions of this Amendment shall control.

          (c)      Borrower hereby certifies that: (a) all of its representations and warranties in the Loan
Agreement, as amended hereby, are, except as may otherwise be stated in this Amendment: (i) true
and correct as of the date of this Amendment, (ii) ratified and confirmed without condition as if
made anew, and (iii) incorporated into this Amendment by reference; (b) after giving effect to this
Amendment, no Default or Event of Default exists; (c) no consent, approval, order or authorization
of, or registration or filing with, any third party is required in connection with the execution,
delivery and carrying out of this Amendment or, if required, has been obtained, (d) no sums are due
and owing to Lender under the Loan Agreement as of the effective date of this Amendment; and (e)
this Amendment has been duly authorized, executed and delivered so that it constitutes the legal,
valid and binding obligation of Borrower, enforceable

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in accordance with its terms. Borrower
confirms that the Obligations remain outstanding without defense, set off, counterclaim, discount
or charge of any kind as of the date of this Amendment.

          (d)      Borrower hereby confirms that all Collateral for the Obligations and all liens, security
interests, mortgages, and pledges granted by Borrower or third parties (if applicable) pursuant to
the Loan Documents, shall continue unimpaired and in full force and effect, and shall cover and
secure all of Borrower’s existing and future Obligations to Lender, as modified by this Amendment.

          (e)      This Amendment may be signed in any number of counterpart copies and by the parties to
this Amendment on separate counterparts, but all such copies shall constitute one and the same
instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile
transmission shall be effective as delivery of a manually executed counterpart. Any party so
executing this Amendment by facsimile transmission shall promptly deliver a manually executed
counterpart, provided that any failure to do so shall not affect the validity of the counterpart
executed by facsimile transmission.

          (f)      This Amendment will be binding upon and inure to the benefit of Borrower and Lender and
their respective successors and assigns.

          (g)      This Amendment has been delivered to and accepted by Lender and will be deemed to be made
in the State of New York. This Amendment will be interpreted and the rights and liabilities of the
parties hereto determined in accordance with the laws of the State of New York, excluding its
conflict of laws rules.

          (h)      Borrower hereby acknowledges its continuing obligation to deliver to Lender tax clearance
certificates from all applicable jurisdictions as set forth in the Loan Documents. Borrower shall
use commercially reasonable efforts in order to secure same.

          (i)      Except as amended hereby, all of the terms and provisions of the Loan Agreement remain
unchanged, are and shall remain in full force and effect unless and until modified or amended in
writing in accordance with their terms, and are hereby ratified and confirmed. Except as expressly
provided herein, this Amendment shall not constitute an amendment, waiver, consent or release with
respect to any provision of the Loan Agreement or any other Loan Document, a waiver of any Default
or Event of Default, or a waiver or release of any of Lender’s rights and remedies (all of which
are hereby reserved). Borrower expressly ratifies and confirms the waiver of jury trial provisions
contained in the Loan Agreement and the other Loan Documents.

4.      CONDITIONS TO EFFECTIVENESS OF THIS AMENDMENT.

     Lender’s willingness to agree to the waiver and the amendments set forth in this Amendment are
subject to the prior satisfaction of the following conditions:

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          (a)      Borrower and each guarantor shall execute and deliver this Amendment, incumbency
certificates, authorizing resolutions, all other documents or information required and requested by
Lender, in such form and substance as is satisfactory to Lender.

          (b)      Borrower shall furnish to Lender a written status report regarding the escrowed funds and
“no tax due certificates” referenced in that certain Escrow Agreement dated as of October 11, 2002
by and among ViewCast.com, Inc., Delta Computec, Inc. n/k/a NQL Sub-Surving Corporation and The
Bank of New York,

5.      FEES AND EXPENSES.

     Borrower shall reimburse Lender for all fees and costs associated with the negotiation,
documenting and closing of this Amendment and all documentation related to this Amendment,
including, without limitation, the reasonable fees and out-of-pocket costs of counsel for Lender.
Lender may charge all such fees and costs by a charge to Borrower’s loan account with Lender.
Borrower hereby consents to such charge.

[End of Text; Signature Page Follows]

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     IN WITNESS WHEREOF, the undersigned have set their hands and seals or caused these presents to
be executed by their proper authorized representative as of the day and year first above
written.

	 	 	 	 	 
	 	 	DELTA COMPUTEC INC.

(formerly known as MMAC

Communications Corp.)
	 	 	 	 	 
	 	 	
By:
	 	/s/ John DeVito

Name: John DeVito

Title:    President

	 	 	 	 	 
	 	 	KELTIC FINANCIAL PARTNERS, LP

By: KELTIC FINANCIAL SERVICES, LLC,

its General Partner
	 	 	 	 	 
	 	 	
By:
	 	/s/ John P. Reilly

Name: John P. Reilly

Title:    Managing Partner

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