Document:

Exhibit 10.1

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (“Agreement”), dated
as of February 3, 2008 (the “Effective Date”), by and between ATS
Corporation, a Delaware corporation (hereinafter referred to as “Employer”),
and Pamela A. Little, an individual (hereinafter referred to as “Executive”)
residing at the address set forth on the signature page hereof.

 

W  I  T  N  E  S  S  E  T  H:

 

WHEREAS, Executive commenced service as Employer’s Senior
Vice President of Finance on May 4, 2007, and became Employer’s Chief
Financial Officer on May 22, 2007; and

 

WHEREAS, Employer and Executive desire to formalize the terms
of the employment relationship.

 

NOW, THEREFORE, in consideration of the
premises and the mutual covenants and agreements contained herein and for other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound, hereby
agree as follows:

 

1.            EMPLOYMENT.  Employer hereby employs Executive to serve in
the position of Senior Vice President and Chief Financial Officer, and
Executive hereby accepts employment by Employer in such position, upon all of
the terms and conditions set forth in this Agreement.

 

2.            TERM.  This Agreement and the term of
Executive’s employment hereunder (the “Employment Term”) (i) shall
begin on the Effective Date and, unless earlier terminated as set forth in Section 9
hereof, shall continue for five years (the “Initial Term”) and (ii) after
the end of the Initial Term, shall renew automatically for successive one
(1)-year terms (each, a “Renewal Term”), subject to the right of either
party to terminate this Agreement upon thirty (30) days’ prior written notice
to the other party.  Further, the phrase “termination
of employment” as used hereinafter shall be deemed to be “separation from
service” under Section 409A of the Internal Revenue Code (the “Code”).

 

3.            EXECUTIVE’S
REPRESENTATIONS AND WARRANTIES.  Executive represents, warrants and covenants
to Employer that she is free to accept employment with Employer as contemplated
herein and has no other written or oral obligations or commitments of any kind
or nature that would in any way interfere with her acceptance of employment
pursuant to the terms hereof or the full performance of her obligations hereunder
or that would otherwise pose any conflict of interest.

 

4.            DUTIES AND EXTENT
OF SERVICES.

 

(a)           Duties. 
During the Employment Term, Executive shall serve in the position of
Senior Vice President and Chief Financial Officer  and
shall have such authority and perform such duties as are commensurate with such
position and as reasonably assigned by Employer and consistent with such
position.  In addition, Executive shall
hold such other office(s) with Employer (or any affiliates of Employer) to
which she may be elected, appointed 

 

 

or assigned from time to
time, and to which she has consented, and shall discharge the duties related to
such offices.

 

(b)           Extent of Service. 
During the Employment Term, Executive shall devote her full business
time, skill, attention and energy exclusively, diligently, and competently to
perform the duties and responsibilities assigned to her hereunder or pursuant
hereto, provided that she may manage personal investments, and, with the
consent of Employer which shall not be unreasonably withheld, delayed or
conditioned, serve on corporate, civic or charitable boards.  In connection therewith, Employer has
approved Executive’s service on the Board of Directors of Sandy Spring
Bank.  Executive shall be available to
travel as the reasonable needs of the business of Employer require.

 

5.            COMPENSATION.

 

(a)           Base Salary. 
Subject to Section 11 of this Agreement, for all services rendered
under this Agreement during the Term, Employer shall pay to Executive a base
salary of Three-Hundred Thousand Dollars ($300,000) per annum, as adjusted from
time to time with the approval of the Compensation Committee (“Base
Compensation”).  The Base
Compensation shall be payable in installments in accordance with Employer’s
normal payroll practices for compensating its Executives and shall be subject
to payroll deductions and tax withholdings in accordance with Employer’s usual
practices and as required by law. 
Effective with Employer’s 2008 salary review cycle for officers and
senior managers, Executive shall become eligible to receive annual increases
consistent with Employer’s practices with respect to annual salary increases
given to other Executives of Employer with responsibilities, titles and
performance comparable to those of Executive.

 

(b)           Incentive Compensation.   Beginning immediately but on a pro rata basis
for calendar year 2007, Executive shall be entitled to performance-based
incentive compensation (“Incentive Compensation”) in an amount up to 60%
of the Base Compensation.  The Incentive
Compensation payable for each applicable period shall be contingent on and
based on corporate and individual performance criteria agreed to between
Executive and the Compensation Committee from time to time.  The target amount payable as Incentive Compensation,
as agreed upon between Executive and the Compensation Committee from time to
time, is hereinafter referred to as the “Incentive Compensation Target.”

 

(c)           Restricted Stock.  In connection with Executive’s initial hire
in May of 2007, Executive was awarded sixty-thousand (60,000) shares of
restricted stock under the terms of the Company’s 2006 Omnibus Incentive
Compensation Plan, ten thousand (10,000) of such shares vested immediately upon
the start of her employment and fifty thousand (50,000) of such shares to vest
equally on each of the next four anniversaries of her employment with Employer
so long as Executive continues to be employed by Employer, and with
acceleration as defined in the applicable award agreement.

 

 

 

2

 

6.            FRINGE BENEFITS
AND EXPENSES.

 

(a)           Fringe Benefits. 
Executive shall be entitled to such fringe benefits as are generally
made available by Employer to executive personnel, including, but not limited
to, health insurance.

 

(b)           Expenses. 
Employer shall reimburse Executive for her reasonable out-of-pocket
costs and expenses in connection with the performance of her duties and
responsibilities hereunder, subject to the submission of appropriate vouchers,
bills and receipts in accordance with Employer’s policies from time to time in
effect, including sufficient detail to entitle Employer to income tax
deductions for such paid items, if such items are so deductible.

 

7.            NON-COMPETITION
AND NON-SOLICITATION.

 

(a)           For as long as Executive shall remain
employed by Employer and for (i) one year if terminated by Employer for
Cause or by Employee for any reason and (ii) the applicable following
period if terminated by Employer without Cause pursuant to Section 11(f):  (x) one year if terminated during the
first three years of the Initial Term; or (y) nine months if terminated
during the fourth or fifth year of the Initial Term (the “Non-Competition
Period”), Executive shall not, directly or indirectly, as principal, agent,
Executive, employer, consultant, independent contractor, stockholder, partner
or in any other individual capacity whatsoever (except as permitted herein),
engage in any Competitive Business Activities without the written consent of
Employer which shall not unreasonably be withheld.  For purposes of this Agreement, “Competitive
Business Activity” means any business activities that are competitive with
the activities of Employer as of the Effective Date.  The foregoing shall not prevent Executive
from owning for investment purposes up to 5% of the outstanding securities of a
publicly traded company engaged in a Competitive Business Activity (provided
that, in no event shall Executive own more than 5% of the outstanding
securities of a publicly traded company engaged in a Competitive Business
Activity).

 

(b)           For a period equal to the longer of (i) five
(5) years after the Effective Date and (ii) two (2) years after
Executive ceases, for any reason, to be employed by Employer or its affiliates,
Executive shall not (for her own benefit or for the benefit of any person other
than Employer and its affiliates), for the Non-Competition Period, solicit, or
assist any person other than Employer to solicit, any officer, director,
executive or Executive of Employer or any of their respective affiliates to
leave his or her employment.

 

(c)           During the Non-Competition Period,
Executive shall not, either herself, or for the benefit of any other person,
either as Executive, consultant, investor or in any other capacity whatsoever,
contact any Customer or Prospective Customer for the purpose of selling any
products or services that constitute a Competitive Business Activity.  For purposes of this Agreement, “Customer”
means any Person who has purchased products or services from Employer and its
affiliates at any time within two (2) years prior to the Effective Date,
and “Prospective Customer” means any Person who Employer and its
affiliates will actively solicit (or had targeted for solicitation) as of the
Effective Date.

 

 

3

(d)           Executive has carefully read and
considered the provisions of this Section 7, and, having done so, agrees
that (i) the restrictions set forth herein are reasonable, in terms of
scope, duration, geographic scope and otherwise, (ii) Employer is in the
process of expanding its operations and Executive will have access to critical
information regarding its operations and therefore the broad scope of the
restrictions relating to Employer’s business are necessary, (iii) the
protection afforded to Employer hereunder is necessary to protect its
legitimate business interests and is no greater than necessary to protect
Employer’s legitimate business interests, (iv) the agreement to observe
such restrictions forms a material part of the consideration for this Agreement
and Executive’s employment by Employer and (v) upon the termination of
Executive’s employment with Employer for any reason, she will be able to earn a
livelihood without violating the foregoing restrictions.  In the event that, notwithstanding the foregoing,
any of the provisions of this Section 7 shall be held to be invalid or
unenforceable, the remaining provisions thereof shall nevertheless continue to
be valid and enforceable as though the invalid or unenforceable parts had not
been included therein.  In the event that
any provision of this Section 7 relating to the time period and/or the
areas of restriction and/or related aspects shall be declared by a court of
competent jurisdiction to exceed the maximum restrictiveness such court deems
reasonable and enforceable, the time period and/or areas of restriction and/or
related aspects deemed reasonable and enforceable by the court shall become and
thereafter be the maximum restriction in such regard, and the restriction shall
remain enforceable to the fullest extent deemed reasonable by such court.

 

(e)           Executive agrees that Employer’s
remedies at law for any breach or threat of breach by her of any of the
provisions of this Section 7 will be inadequate and that Employer shall be
entitled to an injunction or injunctions to prevent breaches of the provisions
of this Section 7 and to enforce specifically the terms and provisions
thereof, in addition to any other remedy to which Employer may be entitled at
law or equity.

 

8.                                      TRADE
SECRETS.  Executive
shall not use or disclose any of Employer’s trade secrets or other confidential
information.  The term “trade secrets or
other confidential information” includes, by way of example, matters of a
technical nature, such as scientific, trade and engineering secrets, “know-how,”
formulae, secret processes or machines, inventions, computer programs
(including documentation of such programs) and research projects, and matters
of a business nature, such as proprietary information about costs, profits,
markets, sales, lists of customers, plans for future development, and other
information of a similar nature that is designated as confidential or generally
maintained as confidential or proprietary by Employer.  After termination of Executive’s employment,
Executive shall not use or disclose trade secrets or other confidential
information unless such information becomes a part of the public domain other
than through a breach of Employer’s policies or is disclosed to Executive by a
third party who is entitled to receive and disclose such information.

 

9.                                      RETURN
OF DOCUMENTS AND PROPERTY. 
Upon the effective date of notice of
Executive’s or Employer’s election to terminate Executive’s employment, or at
any time upon the request of Employer, Executive (or her heirs or personal representatives)
shall deliver to Employer (a) all documents and materials containing trade
secrets or other confidential information relating to Employer’s business and
affairs, and (b) all documents, materials and other property belonging to
Employer, which in either case are in the possession or under the control of
Executive (or her heirs or personal representatives).

 

 

4

 

 

 

10.                               DISCOVERIES
AND WORKS.  All
discoveries and works made or conceived by Executive during her employment by
Employer, jointly or with others, that relate to Employer’s activities shall be
owned by Employer.  The term “discoveries
and works” includes, by way of example, inventions, computer programs
(including documentation of such programs), technical improvements, processes,
drawings and works of authorship. 
Executive shall (a) promptly notify, make full disclosure to, and
execute and deliver any documents requested by, Employer to evidence or better
assure title to such discoveries and works in Employer, (b) assist
Employer in obtaining or maintaining for itself at its own expense United
States and foreign patents, copyrights, trade secret protection or other
protection of any and all such discoveries and works, and (c) promptly execute,
whether during her employment by Employer or thereafter, all applications or
other endorsements necessary or appropriate to maintain patents and other
rights for Employer and to protect its title thereto.  Any discoveries and works which, within six
months after the termination of Executive’s employment by Employer, are made,
disclosed, reduced to a tangible or written form or description, or are reduced
to practice by Employer and which pertain to the business carried on or
products or services being sold or developed by Employer at the time of such
termination shall, as between Executive and Employer, be presumed to have been
made during Executive’s employment by Employer. 
Set forth on Schedule 10 attached hereto is a list of inventions,
patented or unpatented, if any, including a brief description thereof, which
are owned by Executive, which Executive conceived or made prior to her
employment by Employer and which are excluded from this Agreement.

 

11.                               TERMINATION OF EMPLOYMENT.

 

(a)           Upon
thirty (30) days’ prior written notice, Employer may terminate Executive’s
employment, with or without “Cause,” as defined in Section 11(f) below.  Upon thirty (30) days’ prior written notice,
Executive may terminate her employment, with or without “Good Reason,” as
defined in Section 11(e) below. 
Upon any termination of Executive’s employment (the “Date of
Termination”) for any reason, Employer shall:

 

(i)                                     pay to Executive any unpaid Base Compensation through the Date of
Termination;

 

(ii)                                  pay to Executive any unpaid Incentive Compensation earned with respect to
completed fiscal periods but not paid through the date of termination under the
terms of applicable incentive compensation arrangements; and

 

(iii)                               provide to or for the benefit of Executive the benefits, if any,
otherwise expressly provided under this Section 11, Section 12 or Section 13,
as applicable.

 

Any payments under this Section 11, Section 12
or Section 13 that are to be made in connection with the termination of
Executive’s employment are subject to the provisions of Section 21 and
will be paid in cash (with deduction of such amount as may be required to be
withheld under applicable law and regulations) within ten (10) business
days of Executive’s termination of employment; provided, however,
that in the event Executive’s employment is terminated pursuant to Section 11(b) below,
then, at Employer’s election, the “No Cause/Good Reason 

 

 

5

 

Termination Fee” (as therein defined) shall be
payable in equal monthly installments over the Applicable Severance Period (as
defined in Section 11(b)) with the first payment due within five business
days after the date of Executive’s termination of employment (collectively, the
“Termination Fee Installment Payments”). 
All other compensation and employment benefit arrangements provided for
in this Agreement shall cease upon such termination of employment except to the
extent required by law or otherwise expressly provided by such arrangements.

 

                                (b)           In the event Employer terminates
Executive’s employment without Cause or Executive terminates her employment for
Good Reason, then, in addition to the benefits provided for under Sections
11(a)(i) and 11(a)(ii) and subject to the provisions of Sections 13
and 21, Employer shall pay to Executive (i) a severance benefit equal to
Executive’s then applicable Base Compensation for a period of twelve (12)
months following the termination of employment if the termination takes place
during the first three years of the Initial Term, or a severance benefit equal
to Executive’s then applicable Base Compensation for a period of nine (9) months
following the termination of employment if the termination takes place after
the first three years of the Initial Term (such twelve- or nine-month period,
as the case may be, the “Applicable Severance Period”), and (ii) an
amount equal to fifty percent (50%) of the Incentive Compensation Target(s), if
any, applicable for the calendar year ending during the Applicable Severance
Period (collectively, the “No Cause/Good Reason Termination Fee”).  In addition, all unvested restricted stock,
stock options and any other equity-based compensation arrangements shall vest,
and all stock options and other equity-based compensation arrangements that
must be exercised shall be exercisable in accordance with the applicable award
agreement. On or before March 31 of the calendar year following the
calendar year in which Executive’s employment with Employer is terminated,
Employer shall calculate the amount of Incentive Compensation Executive would
have received had Executive remained employed by Employer for the entire
applicable calendar year.  To the extent
that the amount of the Incentive Compensation Executive would have received had
Executive remained employed by Employer for the entire applicable calendar year
is in excess of 50% of the Incentive Compensation Target for that year (the “Overage
Amount”), Employer shall then promptly pay to Executive the Overage
Amount.  No Overage Amount shall be
payable in respect of years following the year in which Executive’s employment
with Employer is terminated.

 

(c)           In
the event Employer terminates Executive’s employment for Cause, then, in
addition to the benefits provided for under Sections 11(a)(i) and
11(a)(ii), all unvested stock options and any other equity-based compensation
arrangements shall be terminated and all vested stock options shall be
exercisable in accordance with the applicable award agreement.

 

(d)           In
the event Executive terminates her employment without Good Reason, then, in
addition to the benefits provided for under Sections 11(a)(i) and
11(a)(ii), all unvested stock options and any other equity-based compensation
arrangements shall be terminated and all vested stock options shall be
exercisable in accordance with the applicable award agreement.

 

(e)           For
purposes of this Agreement, Executive shall be considered to have “Good
Reason” to terminate her employment if, without her express written consent
(except as contemplated by this Agreement or in connection with the termination
of her employment voluntarily by Executive, by Employer for Cause, or under the
circumstances described in Section 13 hereof), (i) the
responsibilities of Executive are substantially reduced or altered, (ii)

 

 

 

6

Executive’s
Base Compensation is reduced without her consent, or (iii) Executive’s
offices are relocated anywhere other than within a fifty (50) mile radius of
her office in McLean, Virginia; provided, however, that if Executive
terminates this Agreement for one or more of the reasons stated in clauses (i) or
(ii), Employer shall have a period of thirty (30) business days after actual
receipt written notice of Executive’s assertion of Good Reason to cure the
basis for such assertion, and, in the event of cure (or the commencement of
steps reasonably designed to result in prompt cure), the assertion of Good
Reason shall be null and void.

 

(f)            For
purposes of this Agreement, Employer shall have “Cause” to terminate
Executive’s employment hereunder upon (i) the continued, willful and
deliberate failure of Executive to perform her duties in a manner substantially
consistent with the manner prescribed by the Chief Executive Officer (other
than any such failure resulting from her incapacity due to physical or mental
illness), (ii) the engaging by Executive in misconduct materially and
demonstrably injurious to Employer, (iii) the conviction of Executive of
commission of a felony, whether or not such felony was committed in connection
with Employer’s business, or (iv) the circumstances described in Section 13
hereof, in which case the provisions of Section 13 shall govern the rights
and obligations of the parties; provided, however, that if Employer
terminates this Agreement for one or more of the reasons stated in clauses (i) or
(ii), Executive shall have a period of thirty (30) business days after actual
receipt written notice of Employer’s assertion of Cause to cure the basis for
such assertion, and, in the event of cure (or the commencement of steps
reasonably designed to result in prompt cure), the assertion of Cause shall be
null and void.

 

(g)           Notwithstanding any other provision
hereof, Executive shall not be entitled to receive any payment under Section 11
or 12 of this Agreement that is treated as “deferred compensation” within the
meaning of Section 409A of the Code and the regulations thereunder prior
to the time such payment is permitted to be made under Section 409A(a)(2)(B) of
the Code.

 

12.                               CHANGE IN CONTROL.

 

(a)           All
unvested restricted stock, stock options and any other equity-based
compensation arrangements theretofore granted to Executive shall vest in full
on the date of a “Change in Control” (as defined in Section 12(c) below).

 

(b)           In
the event that Employer terminates Executive’s employment with Employer without
Cause within twelve months after a “Change in Control” (as defined in Section 12(c) below),
or if Executive terminates her employment with Employer for Good Reason (in
accordance with Sections 11(e) and 11(f) above) within twelve months
after a Change in Control, then, in addition to the benefits provided for under
Sections 11(a)(i) and 11(a)(ii), Employer shall pay to Executive  a severance benefit equal to (i) Executive’s
then applicable annual Base Compensation for the Applicable Severance Period
and (ii) an amount equal to one hundred percent (100%) of the Incentive
Compensation Target(s), if any, applicable during the calendar year ending
during the Applicable Severance Period. 
The severance benefit shall be payable in Termination Fee Installment
Payments; that is, in equal monthly installments over the Applicable Severance
Period (as defined in Section 11(b)) with the first payment due within
five business days after the date of Executive’s termination of
employment.  In addition, all stock 

 

 

7

 

options and other equity-based compensation
arrangements that must be exercised shall be exercisable in accordance with the
terms of the applicable award agreement.

 

(c)                                  For purposes of this Agreement, “Change in Control” shall mean an
occurrence of any of the following events:

 

(i)                                     an acquisition (other than directly from Employer) of any voting
securities of Employer (the “Voting Securities”) by any “person or group”
(within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934 (the “Exchange Act”)) other than an
employee benefit plan of Employer, immediately after which such person or group
has “Beneficial Ownership” (within the meaning of Rule 13d-3 under the
Exchange Act) of more than fifty percent (50%) of the combined voting power of
Employer’s then outstanding Voting Securities; or

 

(ii)                                  the consummation of (A) a merger, consolidation or reorganization
involving Employer, unless the company resulting from such merger,
consolidation or reorganization (the “Surviving Corporation”) shall
adopt or assume this Agreement and the stockholders of Employer immediately
before such merger, consolidation or reorganization own, directly or indirectly
immediately following such merger, consolidation or reorganization, at least
fifty percent (50%) of the combined voting power of the Surviving Corporation
in substantially the same proportion as their ownership immediately before such
merger, consolidation or reorganization, (B) a complete liquidation or
dissolution of Employer, or (C) a sale or transfer of all or substantially
all of the assets of Employer.

 

(d)                                 In the event that, as a
result of payments to or for the benefit of Executive under this Agreement or
otherwise in connection with a Change in Control, any state, local or federal
taxing authority imposes any taxes on Executive that would not be imposed but
for the occurrence of a Change in Control, including any excise tax under Section 4999
of the Internal Revenue Code and any successor or comparable provision, then,
in addition to the benefits provided for under Sections 11(a)(i) and 11(a)(ii) and
under Sections 12(a) and 12(b), Employer (including any successor to
Employer) shall pay to Executive at the time any such tax becomes payable an
amount equal to the amount of any such tax imposed on Executive.

 

13.                               DISABILITY; DEATH.

 

(a)                                  If, prior to the expiration or termination of the Employment Term,
Executive shall be unable to perform her duties by reason of disability or impairment
of health for at least six consecutive calendar months, Employer shall have the
right to terminate Executive’s employment on account of disability by giving
written notice to Executive to that effect, but only if at the time such notice
is given such disability or impairment is still continuing.  In the event of a dispute as to whether
Executive is disabled within the meaning of 

 

 

8

 

this Section 13(a), either party may from time
to time request a medical examination of Executive by a doctor selected by
Employer, and the written medical opinion of such doctor shall be conclusive
and binding upon the parties as to whether Executive has become disabled and
the date when such disability arose.  The
cost of any such medical examination shall be borne by Employer.  If Employer terminates Executive’s employment
on account of disability, then, in addition to the benefits provided for under
Sections 11(a)(i) and 11(a)(ii), all unvested stock options and any other
equity-based compensation arrangements shall be terminated, and all vested
stock options shall be exercisable in accordance with the terms of the
applicable award agreement.

 

(b)           If,
prior to the expiration or termination of the Employment Term, Executive shall
die, then, in addition to the benefits provided for under Sections 11(a)(i) and
11(a)(ii), the Employment Term shall terminate without further notice.  In such an event, all unvested stock options
and any other equity-based compensation arrangements shall be terminated, and
all vested stock options shall be exercisable in accordance with the terms of
the applicable award agreement.

 

(c)           Nothing
contained in this Section 13 shall impair or otherwise affect any rights
and interests of Executive under any insurance arrangements, death benefit plan
or other compensation plan or arrangement of Employer which may be adopted by
the Board.

 

14.                               LAW APPLICABLE. 
This Agreement shall be governed by and construed pursuant to the laws
of the Commonwealth of Virginia, without giving effect to conflicts of laws
principles.

 

15.                               NOTICES.  Any notices required or
permitted to be given pursuant to this Agreement shall be sufficient, if in
writing and sent by certified or registered mail, return receipt requested, to
the residence, listed on the signature page of this Agreement, in the case
of Executive, and to 7915 Jones Branch Drive, McLean, Virginia 22102,
Attention: Chief Executive Officer, in the case of Employer.

 

16.                               ASSIGNMENT,
ETC.  This Agreement shall inure to the benefit of
and be binding upon the parties hereto and their respective legal
representatives, heirs, assignees and/or successors in interest of any kind
whatsoever; provided, however, that Executive acknowledges and
agrees that she cannot assign or delegate any of her rights, duties,
responsibilities or obligations hereunder to any other person or entity.  Employer may assign its rights under this
Agreement to any affiliate of Employer or to any entity upon any sale of all or
substantially all of the assets of Employer, or upon any merger or
consolidation of Employer with or into any other entity, provided that
such assignment shall not relieve Employer of its obligations hereunder without
the written consent of Executive.

 

17.                               ENTIRE
AGREEMENT; MODIFICATIONS.  This Agreement constitutes the entire final
agreement between the parties with respect to, and supersedes any and all prior
agreements between the parties hereto both oral and written concerning, the
subject matter hereof and may not be amended, modified or terminated except by
a writing duly signed by the parties hereto.

 

 

9

18.                               SEVERABILITY.  If any provision of this
Agreement shall be held to be invalid or unenforceable, and is not reformed by
a court of competent jurisdiction, such invalidity or unenforceability shall
attach only to such provision and shall not in any way affect or render invalid
or unenforceable any other provision of this Agreement, and this Agreement
shall be carried out as if such invalid or unenforceable provision were not
contained herein.

 

19.                               NO WAIVER.  A waiver of any breach or
violation of any term, provision or covenant contained herein shall not be
deemed a continuing waiver or a waiver of any future or past breach or
violation.  No oral waiver shall be
binding.  The failure of a party to
insist upon strict adherence to any term of this Agreement on one or more
occasions shall not be considered a waiver or deprive that party of the right
thereafter to insist upon strict adherence to that term or any other term of
this Agreement.

 

20.                               ARBITRATION.

 

(a)           Agreement to Arbitrate.  In the event of differences between Employer
and Executive arising out of or relating to her employment with Employer or the
termination of that employment, Executive and Employer mutually agree to
arbitration.  Executive understands that
her assent to mandatory arbitration is a condition of employment and continued
employment.  Any claim or controversy
that arises out of or relates to this Agreement or the breach of it, as well as
all other claims made arbitrable by this Agreement, will be settled by
arbitration in the Commonwealth of Virginia in accordance with the rules of
the American Arbitration Association. 
Judgment upon the award rendered may be entered in any court possessing
jurisdiction of arbitration awards.  A
request by a party to a court for interim measures or specific performance
necessary to preserve a party’s rights and remedies for resolution pursuant to
this Section 20 shall not be deemed a waiver of the agreement to
arbitrate.  The parties, their
representatives, other participants and arbitrator shall hold the existence,
content and result of the arbitration in confidence.

 

(b)           Covered Claims. 
Except as otherwise provided in this Agreement, Executive and Employer
hereby consent to the resolution by arbitration of all claims or controversies
for which a court otherwise would be authorized by law to grant relief, in any
way arising out of, relating to, or associated with Executive’s employment with
Employer or its termination (“Claims”) that Employer may have against
Executive or that Executive may have against Employer or against its officers,
directors, employees, or agents, in their capacity as such or otherwise.  The Claims covered by this Agreement include,
but are not limited to:  claims for
discrimination based on race, sex, religion, national origin, age, marital
status, handicap, disability, or medical condition; claims for benefits, except
as excluded in the following paragraph, and claims for violation of any
federal, state, or other governmental constitution, statute, ordinance, or
regulation (including but not limited to claims arising under Title VII of the
Civil Rights Act, the Americans with Disabilities Act, the Age Discrimination
in Employment Act, the Family Medical Leave Act, the Fair Labor Standards Act,
and Employee Retirement Income Security Act). 
Additionally, any and all issues of arbitrability (whether a claim is
covered by this Agreement) will be decided by the arbitrator(s) and not a
court.

 

(c)           Claims Not Covered. 
This agreement to arbitrate does not apply to or cover claims for workers’
compensation benefits; claims for unemployment compensation 

 

 

10

 

benefits; claims by Employer
for injunctive and/or other equitable relief for breach of Section 7 or
for unfair competition and/or the use and/or unauthorized disclosure of trade
secrets or confidential information; and claims based upon an employee pension
or benefit plan, the terms of which contain an arbitration or other
non-judicial dispute resolution procedure, in which case the provisions of such
plan shall apply.

 

21.          COMPLIANCE WITH SECTION 409A.  Because the parties hereto intend that any
payment under this Agreement shall be paid in compliance with Section 409A
of the Code (“Section 409A”) and all regulations, guidance and other
interpretative authority thereunder, such that there will be no adverse tax
consequences, interest or penalties as a result of such payments, the parties
hereby agree to modify the timing (but not the amount) of any payment hereunder
to the extent necessary to comply with Section 409A and avoid application
of any taxes, penalties or interest thereunder. 
Consequently, notwithstanding any provision of this Agreement to the
contrary, if Executive is a “specified employee” as defined in Section 409A,
Executive shall not be entitled to any payments upon Date of Termination until
the earlier of (i) the date which is six (6) months after Date of
Termination for any reason other than death, or (ii) the date of Executive’s
death.  Any amounts otherwise payable to
Executive following Date of Termination that are not so paid by reason of this Section 21
shall be paid as soon as practicable after the date that is six (6) months
after Date of Termination (or, if earlier, the date of Executive’s death).  The provisions of this Section 21 shall
only apply if, and to the extent, required to comply with Section 409A in
a manner such that Executive is not subject to additional taxes and/or
penalties under Section 409A.

 

22.          COUNTERPARTS.  This Agreement may be
executed in counterparts, each of which shall be an original, but all of which
together shall constitute one and the same instrument, and it shall not be
necessary in making proof of this agreement to account for all such
counterparts.

 

 

11

 

IN WITNESS WHEREOF, the undersigned have
hereunto set their hands to this Agreement on the day and year first above
written.

 

	
   

  	
  ATS CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward H. Bersoff

  
	
   

  	
  Name:

  	
  Dr. Edward H. Bersoff

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Pamela A. Little

  
	
   

  	
  Name:

  	
  Pamela A. Little

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

 

 

 

12

Schedule
10

 

 

Inventions Owned
by Executive

 

None.

 

 

13

 

Exhibit A

 

 

Form of
General Release

 

 

14

 

GENERAL
RELEASE

I,
Pamela A. Little, in consideration of and subject to the performance by ATS
Corporation, a Delaware corporation (the “Company”), hereby give this
GENERAL RELEASE (the “Release”) in exchange for the payments and
benefits to be provided to me under that certain Employment Agreement dated
                  ,
2008, between the Company and me (the “Employment Agreement”).

1.             I hereby acknowledge and agree that
the payments and benefits provided under the Employment Agreement represent
substantial consideration over and above that to which I would otherwise be
entitled and that I am voluntarily executing this Release so as to be eligible
to receive such benefits.

2.             For myself and my personal representatives, I hereby
release, forever discharge, indemnify and hold harmless the Company and its
affiliates, and the officers, directors, shareholders, owners, Executives and
agents of the Company and its affiliates in their capacity as such
(collectively, the “Released Parties”), from any and all causes of
action, suits, debts, agreements, promises, damages, judgments, claims,
demands, obligations and liabilities of any kind of nature whatsoever, whether
known or unknown, liquidated or unliquidated, which I or my heirs or personal
representatives ever had, now have or hereafter can, shall or may have against
any of the Released Parties, for, upon, or by reason of any act, omission,
occurrence, cause or thing whatsoever prior to the date hereof.  I agree not to sue any of the Released
Parties in any court or bring any other kind of legal proceeding against any of
the Released Parties regarding any of the matters as to which I have released
the Released Parties under this Release.

The foregoing release is
a general release that includes, but is not limited to, a release of any claim
I may have under the Age Discrimination in Employment Act, which prohibits age
discrimination in employment; Title VII of the Civil Rights Act of 1964, which
prohibits discrimination in employment based on race, color, national origin,
religion or sex; the Equal Pay Act which prohibits paying men and women unequal
pay for equal work; and any other federal, state or local law or regulation or
under common law.

3.             I represent and warrant that:

(a)           I have returned all property of the
Company or any affiliate or subsidiary thereof in my possession, including
keys, property access devices, and credit cards and any confidential or
proprietary information regarding the Company and its affiliates in tangible
form.

(b)           In executing this Release, I have not
relied upon, and I do not rely upon, any representation or statement made to me
by the Company or any of its affiliates or any of their agents or
representatives, other than any statements expressly contained herein.

4.             I agree that if any provision of
this Release is adjudicated to be invalid or unenforceable, or if compliance
with any provision of this Release is restrained pending a final determination
as to its legality, such deletion or restraint shall apply only to the
operation of the provision or provisions deemed invalid, unenforceable, or
restrained, and to the extent any provision of this Release is deemed invalid,
unenforceable, or restrained, the remaining provisions will be valid and
enforceable to the fullest extent possible.

 

Page 1 of 3

 

 

5.             I agree that in the event that I
receive any or all of the payments and benefits under the Employment Agreement
and then I subsequently revoke this Release or breach any provision hereof, I
shall promptly pay to the Company the amount of such payments and benefits I
received and in no event later than five (5) days after such revocation or
breach.

 

6.             I agree that in the event of any
breach or threatened breach of this Release by me, the Company shall be
entitled to specific performance and injunctive relief (i.e.,
a court order) as a remedy for any such breach or threatened breach hereof
without necessity of posting bond or other security, the requirement for which
is expressly waived.  Such remedy shall
not be deemed to be the exclusive remedy for any breach of this Release but
shall be in addition to all other remedies available to the Company at law or
in equity.

 

7.             I agree that this Release shall
also be binding upon my spouse, dependents, children, heirs, successors and
assigns and their legal representatives and shall inure to the benefit of and
shall release the Company and its successors and assigns.

 

8.             I acknowledge and hereby state that
(i) I enter into this Release voluntarily without duress or undue
influence; (ii) I have read and understand the terms and conditions of
this Release; and (iii) I have had a reasonable opportunity to review this
Release.  Furthermore, I understand that
I may revoke this Release within seven days of signing it by delivering a
written revocation to                                               .

 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]

 

 

Page 2 of 3

 

NOTICE

 

 

YOU
SHOULD THOROUGHLY REVIEW AND UNDERSTAND THE TERMS, CONDITIONS AND EFFECT OF
THIS GENERAL RELEASE.  YOU HAVE THE RIGHT
TO CONSIDER IT FOR TWENTY-ONE (21) DAYS BEFORE SIGNING IT.  ALSO, YOU HAVE THE RIGHT TO CONSULT WITH AN
ATTORNEY BEFORE YOU SIGN THIS GENERAL RELEASE. 
YOU HAVE SEVEN (7) CALENDAR DAYS AFTER SIGNING THIS GENERAL RELEASE
TO REVOKE YOUR SIGNATURE.  IF YOU CHOOSE
TO REVOKE THIS GENERAL RELEASE, IT WILL NOT BE BINDING ON YOU, BUT YOU WILL NOT
BE ENTITLED TO PAYMENTS OR BENEFITS UNDER THE TERMS OF THE EMPLOYMENT
AGREEMENT.  IN ADDITION, IF YOU BREACH
ANY PROVISION OF THIS RELEASE, YOU WILL NOT BE ENTITLED TO PAYMENTS OR BENEFITS
UNDER THE EMPLOYMENT AGREEMENT. 
MOREOVER, IF YOU RECEIVE ANY PAYMENTS OR BENEFITS UNDER THE TERMS OF THE
EMPLOYMENT AGREEMENT AND SUBSEQUENTLY REVOKE THIS GENERAL RELEASE OR BREACH ANY
PROVISION HEREOF, YOU MUST REMIT SUCH PAYMENTS OR BENEFITS TO THE COMPANY
IMMEDIATELY.

 

Presented:
                        ,
200  .

 

I,
Pamela A. Little, hereby accept and agree to all the provisions of this
Release.

 

 

	
   

  	
  Date:

  	
   

  
	
  Executives’
  Signature

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Pamela A. Little

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  
	
  Witness’ Signature

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Printed
  Name of Witness

  	
   

  	
   

  

 

 

Page 3 of 3EXHIBIT 10.1

 

SEVENTH AMENDMENT TO CREDIT AGREEMENT

 

THIS AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into
as of December 1, 2007, by and between RENTRAK CORPORATION, an Oregon
corporation (“Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”).

 

RECITALS

 

WHEREAS, Borrower is currently indebted to Bank pursuant to the terms
and conditions of that certain Credit Agreement between Borrower and Bank dated
as of July 15, 2002, as amended from time to time (“Credit Agreement”).

 

WHEREAS, Bank and Borrower have agreed to certain changes in the terms
and conditions set forth in the Credit Agreement and have agreed to amend the
Credit Agreement to reflect said changes.

 

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree that the Credit
Agreement shall be amended as follows:

 

1.   Section 1.1
(a) is hereby amended by deleting “December 1, 2007” as the last day
on which Bank will make advances under the Line of Credit, and by substituting
for said date “December 1, 2008,” with such changes to be effective upon
the execution and delivery to Bank of a promissory note dated as of December 1,
2007 (which promissory note shall replace and be deemed the Revolving Line of Credit
Note defined in and made pursuant to the Credit Agreement) and all other
contracts, instruments and documents required by Bank to evidence such change.

 

2.   Section 1.3
is hereby deleted in its entirety, and the following substituted therefor:

 

“SECTION 1.3. COLLATERAL.

 

As security for all indebtedness and other obligations of Borrower to
Bank subject hereto, Borrower hereby grants to Bank security interests of first
priority in all Borrower’s accounts receivable and other rights to payment,
general intangibles and equipment.

 

All of the foregoing shall be evidenced by and subject to the terms of
such security agreements, financing statements, deeds or mortgages, and other
documents as Bank shall reasonably require, all in form and substance
satisfactory to Bank.  Borrower shall pay
to Bank immediately upon demand the 

 

1

 

full amount of all charges, costs and expenses (to include fees paid to
third parties and all allocated costs of Bank personnel), expended or incurred
by Bank in connection with any of the foregoing security, including without
limitation, filing and recording fees and costs of appraisals, audits and title
insurance.”

 

3.   Except
as specifically provided herein, all terms and conditions of the Credit
Agreement remain in full force and effect, without waiver or modification.  All terms defined in the Credit Agreement
shall have the same meaning when used in this Amendment.  This Amendment and the Credit Agreement shall
be read together, as one document.

 

4.   Borrower
hereby remakes all representations and warranties contained in the Credit
Agreement and reaffirms all covenants set forth therein.  Borrower futher certifies that as of the date
of this Amendment there exists no Event of Default as defined in the Credit
Agreement, nor any condition, act or event which with the giving of notice or
the passage of time or both would constitute any such Event of Default.

 

UNDER OREGON LAW, MOST AGREEMENTS, PROMISES
AND COMMITMENTS MADE BY BANK CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH
ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE
BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION AND BE SIGNED BY
BANK TO BE ENFORCEABLE.

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the day and year first written above.

 

	
   

  	
   

  	
  WELLS FARGO BANK,

  
	
  RENTRAK CORPORATION

  	
   

  	
    NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/Mark Thoenes

  	
   

  	
   

  	
  By:

  	
  /s/Victoria Vohs

  	
   

  
	
  Mark Thoenes, Chief Financial Officer

  	
   

  	
  Victoria Vohs, Vice President

  
							

 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]