Document:

EXHIBIT 10.3

 

EMPLOYMENT AGREEMENT 

 

THIS AGREEMENT is made this the 14th day of June, 2006, by and between Breda Telephone Corp., d/b/a
Western Iowa Networks, an Iowa Corporation, hereinafter referred to as “Breda,” and Charles J. Deisbeck, the Chief Operations Officer, hereinafter referred to as “Chuck.”  

 

WHEREAS, the parties hereto desire to enter into a mutual agreement wherein Breda shall employ Chuck
as its new Chief Operations Officer.  

 

WHEREAS, the parties hereto desire to enter into an agreement based upon terms and conditions set
forth below.  

 

NOW, therefore in consideration of the mutual covenants and obligations hereinafter set forth, the
parties agree as follows:

 

1.            
Employment and Duties.  Breda employs Chuck in the capacity as Chief Operations Officer subject to the control of the Board of Directors.  Chuck shall perform
such duties as shall be assigned to him from time to time by the Board of Directors.  

 

2.            
Term.  The term of this Agreement shall begin on July 1, 2006, and shall terminate on June 30, 2009.  

 

3.            
Compensation.  Breda shall pay Chuck for all of his services rendered a salary of One Hundred Thousand Dollars ($100,000.00) a year, payable in equal monthly
installments.  Salary payments shall be subject to withholding and other applicable taxes.  

 

4.            
Relocation Expenses.  Breda shall pay for the relocation expenses of Chuck, which relocation expenses shall include packing and moving of household and
personal effects.  Breda will also pay for Chuck’s hotel expenses during the interim, up to and including July 19, 2006.  

 

5.            
Duties.  Chuck shall devote his entire attention and energy to the business and affairs of Breda and shall not be engaged in any other business activity,
whether or not such business activity is for the pursuit of gain, profit or other pecuniary advantages, unless Breda consents to Chuck’s involvement in such business activities.  In this
capacity, Chuck shall be responsible for all the affairs and operations of the company.  Breda may, from time to time, extend or curtail Chuck’s precise services.

 

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6.            
Compensation After the First Year of Employment.  Chuck’s compensation for the second and third year of this Agreement shall be set by the Chief Executive
Officer, with the final approval resting with the Board of Directors.  However, the compensation shall not be less than $100,000.00 per year.  The Chief Executive Officer, with approval of the Board
of Directors, may also set up a bonus program for Chuck for the second and third year of this Agreement.  

 

7.            
Employee Benefits.  Chuck shall be entitled to any retirement benefits as offered by Breda to its other employees.  Chuck will receive health insurance for
both he and his wife, and all other employee benefits, a list of said benefits is attached hereto and made a part hereof.  

 

8.            
Vacation.  Chuck shall be entitled to four (4) weeks paid vacation each year of this Agreement.  

 

9.            
Expenses.  Chuck may incur reasonable expenses for promoting Breda’s business, including expenses for entertainment, travel and similar items.  Breda will
reimburse Chuck for all such expenses upon Chuck’s periodic presentation of the itemized account of such expenditures.  

 

10.          
Termination Without Cause.  Breda may, without cause, terminate this agreement at any time by giving sixty (60) days written notice to Chuck.  In that event, Chuck, if
requested by Breda, shall continue to render his services and shall be paid his regular compensation up to the date of termination.  In addition, Chuck will be paid on the date of termination a
severance allowance equal to six (6) months of his regular pay, if he is terminated during the first year of this Agreement; the equivalent of four (4) months of his pay if he is terminated during
the second year of this Agreement; and the equivalent of two (2) months pay if he is terminated during the third year of this Agreement.  

 

Chuck may, without cause, terminate this agreement by giving sixty (60) days notice to Breda.  In
such event, Chuck shall continue to render his services to Breda and shall be paid his regular compensation until the date of termination, but he shall not receive any severance allowance.  

 

11.          
Termination for Cause.  Breda may terminate this agreement for cause upon five (5) days written notice to Chuck stating the reason for said termination.  Matters that would be
considered terminable for cause would include, but not be limited to:

 

	

             
 	

            a.
 	

            Fraud or theft;
 

	

             
 	

            b.
 	

            Falsifying records;
 

	

             
 	

            c.
 	

            Refusal to carry out a specific order of the Board of Directors;

 

 

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            d.
 	

            Abuse, discrimination, or harassment of other employees;
 

	

             
 	

            e.
 	

            Unauthorized dissemination of records or information;
 

	

             
 	

            f.
 	

            Possession of illegal drugs or weapons while on Breda property;
 

	

             
 	

            g.
 	

            Conviction of a crime, the nature of which would be calculated to render an
employee undesirable as Chief Operations Officer and detrimental to the best interest of the company; and
 

	

             
 	

            h.
 	

            Using or possessing intoxicants or narcotics of any kind while on company
premises or being at work under the influence of such substances.
 

 

12.         
Illness or Disability.   If Chuck is absent from his employment by reason of illness or other incapacity for more than twenty (20) consecutive weeks, Breda may, after such
twenty (20) consecutive weeks, terminate Chuck’s employment by furnishing him notice of termination.  Breda shall pay Chuck compensation during any period of illness or incapacity in accordance
with Breda’s sick pay policy then in effect.  If Chuck is terminated for illness or disability, he will not be entitled to severance pay.  

 

13.         
Restrictive Covenants. During the term of this agreement, and for a period of one (1) year hereafter, Chuck shall not, either as an individual or on his own account, or as a
partner, joint venture, employee, agent, officer, director or shareholder, directly or indirectly (a) enter into or engage in any business competitive with that of Breda within a fifty (50) mile area
in which Breda is then doing business; and (b) solicit or attempt to solicit any of Breda’s customers with the intent or purpose to perform services for such customers which are the same or
similar to those provided to the customers by Breda, or to sell to such customers goods which are the same or similar to those provided to customers by Breda.

 

14.         
Confidential Information.  Chuck acknowledges and agrees that all information of a technical or business nature, such as know how, trade secrets, business plans, data,
processes, techniques, customer information, inventions, discoveries and devices, acquired by Chuck in the course of his employment under this agreement, is valuable, proprietary information of
Breda.  Chuck agrees that such confidential information whether in written, verbal or model form shall not be disclosed to anyone outside of the employment of Breda, without Breda’s written
consent.  

 

15.         
Return of Documents.  Upon the termination of Chuck’s employment with or without cause, Chuck shall immediately return and deliver to Breda and shall not retain any
originals or copies of any books, papers, price lists, customer contacts, bids, customer lists, files, notebooks or any other documents containing any of the confidential information or otherwise
relating to Chuck’s performance of duties under this agreement.  Chuck further acknowledges and agrees that all such documents are Breda’s sole and exclusive property.

 

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16.         
Construction of Agreement. This agreement shall be interpreted, constructed and governed by and under the laws of the State of Iowa.  If any provision or clause of this
agreement or the application thereof to either party is held to be invalid by a court of competent jurisdiction, then such provision shall be severed therefrom and such invalidity shall not effect
any other provision of this agreement.

 

	

             
 	

            a.
 	

            In the event that the provisions of paragraph 13 shall ever be deemed to exceed
the time or geographical limits permitted by applicable law, then such provision shall be reformed to the maximum time and geographical limits permitted by applicable law.
 

 

	

             
 	

            b.
 	

            The representations, warranties, covenants and agreements of the parties shall
be revived continuously during the Term, or in consideration of the compensation paid to Chuck and shall survive the termination of this agreement.
 

 

	

             
 	

            c.
 	

            This agreement contains the entire agreement between the parties hereto with
respect to the subject matter hereof, and there are no understandings, representations or warranties of any kind between the parties except as expressly set forth herein.
 

 

	

             
 	

            d.
 	

            Neither this agreement nor any right or obligation of Chuck hereunder may be
assigned by Chuck without the prior written consent of Breda.  
 

 

	

             
 	

            e.
 	

            Subject thereto, this agreement and the covenants and conditions herein
contained shall enure to the benefit of and shall be binding upon the parties hereto and their respective successors and permitted assigns.  
 

 

BREDA TELEPHONE CORP.

 

	

             
 	

            By:  
 	

            /s/ Charles Thatcher  
 

	

            Date:  June 14, 2006
 	

            Charles Thatcher, President
 

 

	

             
 	

            /s/ Charles J. Deisbeck  
 

	

            Date:  June 14, 2006
 	

            Charles J. Deisbeck 
 

 

 

E-8Advanced Micro Devices Inc. Executive Incentive Plan

 Exhibit 10.8 
 Advanced Micro Devices, Inc. 
 Executive Incentive Plan 
 March 2006 
  

	1.	Purposes. 

 The purposes of the Advanced Micro Devices, Inc.
(“AMD”) Executive Incentive Plan are to motivate the Company’s key employees to improve stockholder value by linking a portion of their cash compensation to the Company’s financial performance, reward key employees for improving
the Company’s financial performance, and help attract and retain key employees. The Plan is intended to permit the payment of bonuses that qualify as performance-based compensation under Section 162(m) of the Code. 
  

	2.	Definitions. 

 Wherever the following terms are used in the
Plan they shall have the meanings specified below, unless the context clearly indicates otherwise. 
  

	 	A.	“Award” means, with respect to each Participant, any cash incentive payment made under the Plan for a Performance Period. 

  

	 	B.	“Code” means the Internal Revenue Code of 1986, as amended. 

  

	 	C.	“Committee” means the Compensation Committee of AMD’s Board of Directors, or such other committee designated by that Board of Directors, which is authorized to
administer the Plan under Section 3 hereof. With respect to payments hereunder intended to qualify as performance-based compensation under Section 162(m) of the Code, the Committee shall be comprised solely of two or more directors who are
“outside directors” under Section 162(m) of the Code. 

  

	 	D.	“Company” means AMD and any corporation or other business entity of which AMD (i) directly or indirectly has an ownership interest of 50% or more, or (ii) has a
right to elect or appoint 50% or more of the board of directors or other governing body. 

  

	 	E.	“Key Employee” means any employee of the Company whose performance the Committee determines can have a significant effect on the success of the Company.

  

	 	F.	“Participant” means any Key Employee to whom an Award is granted under the Plan. 

  

	 	G.	“Performance Period” means any fiscal year of the Company or such other longer period than a fiscal year as determined by the Committee. 

	 	H.	“Plan” means this Plan, which shall be known as the AMD Executive Incentive Plan. 

  

	3.	Administration. 

  

	 	A.	The Plan shall be administered by the Committee. Subject to the requirements for qualifying payments hereunder as performance-based compensation under Section 162(m) of the
Code, the Committee shall have the authority to: 

  

	 	(i)	interpret and determine all questions of policy and expediency pertaining to the Plan; 

  

	 	(ii)	adopt such rules, regulations, agreements and instruments as it deems necessary for its proper administration; 

  

	 	(iii)	select Key Employees to receive Awards; 

  

	 	(iv)	determine the terms of Awards; 

  

	 	(v)	determine amounts subject to Awards (within the limits prescribed in the Plan); 

  

	 	(vi)	determine whether Awards will be granted in replacement of or as alternatives to any other incentive or compensation plan of the Company or an acquired business unit;

  

	 	(vii)	grant waivers of Plan or Award conditions (other than Awards intended to qualify as performance-based compensation under Section 162(m) of the Code); 

 

	 	(viii)	accelerate the payment of Awards (but with respect to Awards intended to qualify as performance-based compensation under Section 162(m) of the Code, only as permitted under
that Section); 

  

	 	(ix)	correct any defect, supply any omission, or reconcile any inconsistency in the Plan, any Award or any Award notice; 

  

	 	(x)	take any and all other actions it deems necessary or advisable for the proper administration of the Plan; 

  

	 	(xi)	adopt such Plan procedures, regulations, subplans and the like as it deems are necessary to enable Key Employees to receive Awards; and 

  

	 	(xii)	amend the Plan at any time and from time to time, provided however that no amendment to the Plan shall be effective unless approved by the Company’s stockholders, to the extent
such stockholder approval is required under Section 162(m) of the Code. 

	 	B.	The Committee may delegate its authority to grant and administer Awards to a separate committee; however, only the Committee may grant and administer Awards which are intended to
qualify as performance based compensation under Section 162(m) of the Code. 

  

	4.	Eligibility. 

 Only Key Employees as designated by the Committee are
eligible to become Participants in the Plan. No person shall be automatically entitled to participate in the Plan. 
  

	5.	Performance Goals. 

  

	 	A.	The Committee shall set forth in writing objectively determinable performance goals (“Performance Goals”) applicable to a Participant for a Performance Period prior
to the commencement of such Performance Period, provided, however, that such goals may be established after the start of the Performance Period but in no event later than the latest time permitted by Section 162(m) of the Code with respect to
any payments intended to qualify as performance-based compensation under Section 162(m) of the Code (generally, for Performance Periods of one year or more, no later than 90 days after the commencement of the Performance Period) (the
“162(m) Determination Date”). 

  

	 	B.	Each Performance Goal shall relate to one or more of the following business criteria of the Company and/or any business unit that are to be monitored during the fiscal year (or
performance period): 

  

			
	· Net income	 	· Stockholder return
		
	· Earnings per share	 	· Revenue
		
	· Return on investment	 	· Revenue growth
		
	· Operating income	 	· Market share
		
	· Strategic positioning programs	 	· Return on net assets
		
	· Cash flow	 	· Return on equity
		
		 	· New product releases

  

	 	C.	On or prior to the 162(m) Determination Date, the Committee shall establish in writing a bonus formula specifying the target level of performance that must be achieved with respect
to each criterion that is identified in a Performance Goal in order for an Award to be payable and shall, for each Participant, establish in writing a target Award payable under the Plan for the Performance Period upon attainment of the Performance
Goals. 

  

	 	D.	In the event Performance Goals are based on more than one business criterion, the Committee may determine to make Awards upon attainment 

 of the Performance Goal relating to any one or more of such criteria, provided the Performance Goals,
when established, are stated as alternatives to one another at the time the Performance Goal is established. 
  

	6.	Awards. 

  

	 	A.	During any fiscal year of the Company, no Participant shall receive an Award of more $10,000,000. 

  

	 	B.	No Award shall be paid to a Participant unless and until the Committee makes a certification in writing with respect to the attainment of the Performance Goals to the extent
required by Section 162(m) of the Code. Although the Committee may in its sole discretion eliminate or reduce an Award payable to a Participant pursuant to the applicable bonus formula, the Committee shall have no discretion to increase the
amount of a Participant’s Award as determined under the applicable bonus formula. 

  

	 	C.	Unless otherwise directed by the Committee, each Award shall be paid as soon as practicable after the end of the Performance Period to which such Award relates.

  

	 	D.	The payment of an Award requires that the Participant be on the Company’s payroll as of the date of payment of the Award. Subject to the requirements for qualifying payments
hereunder as performance-based compensation under Section 162(m) of the Code, the Committee may make exceptions to this requirement in the case of retirement, death or disability, as determined by the Committee in its sole discretion.

  

	 	E.	The Company shall withhold all applicable federal, state, local and foreign taxes required by law to be paid or withheld relating to the receipt or payment of any Award.

  

	 	F.	At the discretion of the Committee, payment of an Award or any portion thereof may be deferred until a time established by the Committee. Deferrals shall be unfunded and shall be
made in accordance with guidelines established by the Committee to ensure that such deferrals comply with applicable requirements of the Code and its regulations. Deferrals shall be initiated by the delivery of a written, irrevocable election by the
Participant to the Committee or its nominee. Such election shall be made prior to the date specified by the Committee. The Committee may also credit earnings on cash payments that are deferred and set the rates of such interest.

  

	7.	General. 

  

	 	A.	No Awards shall be paid under the Plan unless and until the Company’s stockholders shall have approved the Plan and the business criteria set forth above as required by
Section 162(m) of the Code. So long as the 

 Plan shall not have been previously terminated by the Company, it shall be resubmitted for approval by
the Company’s stockholders in the fifth year after it shall have first been approved by the Company’s stockholders, and every fifth year thereafter. In addition, the Plan shall be resubmitted to the Company’s stockholders for approval
as required by Section 162(m) of the Code if it is amended in any way that changes the material terms of the Plan, including by materially modifying the business criteria set forth above, increasing the maximum Award payable under the Plan or
changing the Plan’s eligibility requirements. 
  

	 	B.	Any rights of a Participant under the Plan shall not be assignable by such Participant, by operation of law or otherwise, except by will or the laws of descent and distribution. No
Participant may create a lien on any funds or rights to which he or she may have an interest under the Plan, or which is held by the Company for the account of the Participant under the Plan. 

  

	 	C.	Participation in the Plan shall not give any Key Employee any right to remain in the employ of the Company. Further, the adoption of this Plan shall not be deemed to give any Key
Employee or other individual the right to be selected as a Participant or to be granted an Award. 

  

	 	D.	To the extent any person acquires a right to receive payments from the Company under this Plan, such rights shall be no greater than the rights of an unsecured creditor of the
Company. 

  

	 	E.	The Plan shall be governed by and construed in accordance with the laws of the State of California. 

  

	 	F.	The Board may amend or terminate the Plan at any time and for any reason, subject to stockholder approval as described above.

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