Document:

exv10w2

 

Exhibit 10.2

FIRST AMENDMENT TO THE

RESTATED BORDERS GROUP, INC.

ANNUAL INCENTIVE BONUS PLAN

     The Borders Group, Inc. Annual Incentive Bonus Plan, as restated as of March 17, 2005 (the
“Plan”) is hereby amended as follows:

1. The portion of Section 6 following paragraph (e) thereof is hereby deleted and replaced with
the following:

     “For purposes of this Section 6, a Change in Control of the Company shall occur upon the first
to occur of the following:

     (i) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Securities Exchange Act of 1934, as amended) (the “Exchange Act”) (a “Person”)
of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of
20% or more of either the then outstanding shares of common stock of the Company (the “Outstanding
Company Common Stock”) or the combined voting power of the then outstanding voting securities of
the Company entitled to vote generally in the election of directors (the “Outstanding Company
Voting Securities”); provided, however, that for purposes of this subsection (i), the following
acquisitions shall not constitute a Change in Control: (1) any acquisition directly from the
Company, (2) any acquisition by the Company, (3) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any corporation controlled by the Company
or (4) any acquisition by any corporation pursuant to a transaction which complies with clauses
(1), (2) and (3) of subsection (iii) of this definition; or

     (ii) Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board; provided, however, that any
individual becoming a director subsequent to the date hereof whose election, or nomination for
election by the Company’s shareholders, was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall be considered as though such individual were a
member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of an actual or threatened election contest with respect to
the election or removal of directors or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board; or

     (iii) Consummation of a reorganization, merger or consolidation or sale or other disposition
of all or substantially all of the assets of the Company (a “Business Combination”), in each case,
unless, following such Business Combination, (1) the individuals and entities who were the
beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company
Voting Securities immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 60% of, respectively, the then outstanding shares of common stock and the
combined voting power of the then outstanding voting securities entitled to vote generally in the
election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as

 

 

Exhibit 10.2

a result of such transaction owns the Company or all or substantially all of the Company’s assets either
directly or through one or more subsidiaries) in substantially the same proportions as their
ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock
and Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding any
corporation resulting from such Business Combination or any employee benefit plan (or related
trust) of the Company or such corporation resulting from such Business Combination) beneficially
owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common
stock of the corporation resulting from such Business Combination or the combined voting power of
the then outstanding voting securities of such corporation except to the extent that such ownership
existed prior to the Business Combination and (3) at least a majority of the members of the board
of directors of the corporation resulting from such Business Combination were members of the
Incumbent Board at the time of the execution of the initial agreement, or of the action of the
Board, providing for such Business Combination; or

     (iv) Approval by the shareholders of the Company of a complete liquidation or dissolution of
the Company.”

     Except as herein amended, the Plan shall remain in full force and effect.

	 	 	 	 	 
	 	BORDERS GROUP, INC.

 	 
	 	By:  	/s/ Edward W. Wilhelm
 	 
	 	 	Edward W. Wilhelm 	 
	 
	 	Date: 	March 31, 2008exv10w1

 

Exhibit 10.1

ROWAN COMPANIES, INC.

2008 BONUS PLAN

	 	 	 
	Who is eligible?

	 	Executive and other officers, managers and certain key employees
(approximately 90 employees).
	 
	 	 
	What is my target
bonus?

	 	A percentage of your base pay depending on your salary/responsibility level.
	 
	 	 
	How is payout of my

	 	There are two pieces of the bonus plan:
	 
	bonus determined?

	 	•     Nondiscretionary portion (50% of your target): Based on
achievement of budgeted Drilling EBITDA.

	 
	 	 
	 

	 	•     Discretionary portion (50% of your target): This portion varies by
individual and will be based on your performance and achievement of your
individual and group goals. The payout of this portion of your bonus will
be in the discretion of the Compensation Committee of the Board of
Directors.

	 
	 	 
	What is the
highest/lowest
bonus I may
receive?

	 	Payout will be between zero and 200% of your target depending on the
achievement of Drilling EBITDA and your individual/group goals. The two
portions of the bonus plan are independent of each other.
	 
	 	 
	What is Drilling
EBITDA?

	 	GAAP-based EBITDA from Drilling segment operations, relative to the 2008
budget as approved by the Board of Directors.
	 
	 	 
	How is the payout
of the
nondiscretionary portion calculated:

	 	If the Company has positive net income on a consolidated basis and Drilling
EBITDA of at least 75% of budget, all after profit sharing payout, then
payment will be calculated (on a sliding scale) as follows:
	
	 	 

	 	 	 
	Drilling EBITDA as	 	% of target for
	% of Budget	 	nondiscretionary portion
	75% or less
	 	No payout
	87.5 %
	 	50% of target
	100%
	 	100% of target
	112.5%
	 	150% of target
	125 or more%
	 	200% of target

	 	 	 
	How does profit
sharing fit in with
the bonus plan?

	 	Any award under the bonus plan is offset by any profit sharing award you
receive. Two times your target under the bonus plan is the maximum bonus
you will receive in a year.

6

 

Exhibit 10.1

ROWAN COMPANIES, INC.

2008 PROFIT SHARING PLAN

	 	 	 
	Who is eligible?

	 	All previous corporate or drilling division option recipients, plus all other qualifying division office employees (approximately 400 total employees)
	 
	 	 
	How is the profit sharing determined?

	 	Any profit sharing payout will be
between zero and 20% of your Base
Pay, depending on the achievement of
Drilling EBITDA relative to the 2008
budget as approved by the Board of
Directors. If the Company has a
positive net income (excluding asset
sales), then the profit sharing is
paid (on a sliding scale) as
follows:

	 	 	 
	Drilling EBITDA as	 	 
	% of Budget	 	% of Base Pay
	75% or less
	 	No payout
	87.5 %
	 	10%
	100% or more
	 	20%

	 	 	 
	What is base pay?

	 	Normal salary/wage compensation,
including any overtime pay (excludes
any bonus payments, equity award
value, expat premium and other
compensation not part of your
recurring wage payment).
	 
	What is the maximum payout possible?

	 	The 2008 profit sharing payout will
be capped at 20% of the base pay of
all eligible employees taken
together (approximately $7.5
million).

7exv10w18

 

Exhibit 10.18

HORNE INTERNATIONAL, INC.

WORKING CAPITAL TERM SHEET

April 10, 2008

	 	 	 
	 
	 	 
	Borrower:

	 	Horne International, Inc., a Delaware corporation (“Borrower”)
	 
	 	 
	Lender:

	 	Darryl K. Horne (“Lender”)
	 
	 	 
	Loan Amount:

	 	$500,000.00 ("Loan")
	 
	 	 
	Facility Type:

	 	Working Capital Loan
	 
	 	 
	Interest Rate:

	 		Interest shall accrue on the unpaid principal balance of the Loan until paid
in full at the rate of twelve and one-half percent (12 1/2%) per annum (“Interest Rate”);
provided, however, if any installment of interest or payment of principal and interest accrued and due at maturity remains unpaid
on the 15th day after the due date of such payment, such late payment may be subject to a late charge of five
percent (5%) of such late payment.  Upon the occurrence and during the continuance of an Event of Default under any
of the Loan Documents and until such Event of Default is cured, interest on the Loan will accrue at the
rate of three percent (3%) per annum above the Interest Rate.
	 
	 	 
	Term:

	 	The Loan shall mature and be payable in full at the earlier of (a) twelve (12) months from the
Closing Date or (b) the sale of the Real Property (as defined below) (“Maturity Date”); provided, however, the Borrower
may request one (1) six (6) month extension of the Maturity Date (“Extension Option”), which the Lender shall grant provided
that (i) the Borrower sends the Lender a written notice of its intention to exercise the Extension Option (“the Extension Option Notice”)
at least thirty (30) days prior to the Maturity Date, (ii) no default has occurred under the Loan and is continuing, (iii) the Borrower
pays the Lender a Loan Extension Fee equal to one half percent (1/2%) of the outstanding principal balance of the Loan concurrently with
delivery of the Extension Option Notice.
	 
	 	 
	Payments:

	 	Interest only payable quarterly on the first day of each calendar quarter until the
Maturity Date, as may be extended under the Extension Option, at which time  the entire principal balance of the Loan and all accrued and
unpaid interest, late fees, and default interest, together with any costs and fees due under the promissory note, shall be due and
payable in full.  
	 
	 	 
	Prepayment:

	 	The Loan may be prepaid in full or in part, without premium or penalty, at any time, provided
that there is no indebtedness outstanding under the Borrower's Revolving Line of Credit with Evan Auld-Susott and Trevor
Foster (“Senior Lender”).

 

 

	 	 	 
	 
	 	 
	 
	 	 
	Collateral:

	 	Second Deed of Trust on the Borrower's fee simple interest in certain commercial real property
situated at 91 Hill Avenue,  Fort Walton Beach, Florida, 32548, (“Real Property”), which Second Deed of Trust shall be
junior in priority and subordinate to a First Deed of Trust in favor of the Senior Lender to secure Borrower’s obligations
under the Revolving Line of Credit.
	 
	 	 
	Default:

	 	In the event that Borrower shall fail to perform its obligations to pay interest quarterly or
to pay the Loan in full at the Maturity Date, as may be extended by the Extension Option, Lender may exercise its collection
remedies as provided in the Working Capital Promissory Note and the
Second Deed of Trust.
	 
	 	 
	Loan Documents:

	 	The Borrower shall execute and deliver a Working Capital Promissory Note, a Second Deed of
Trust, and such other agreements, certificates and other instruments required by the Lender and its counsel in connection with
the Loan (“Loan Documents”).  The Loan Documents shall contain such reasonable terms and provisions as are customarily
required by lenders in connection with  loans secured by real property.
	 
	 	 
	Costs and
Expenses:

	 	The Borrower shall pay all reasonable out of pocket costs and expenses (including legal fees)
actually incurred by  the Lender in connection with the preparation, negotiation, and review of Loan Documents, including  premiums related
to a title insurance policy insuring the Lender’s second lien interest in the Real Property.
	 
	 	 
	Closing:

	 	Closing of the Loan shall be held at a location agreed to by the Borrower and the Lender on
or before April 13, 2008, unless the parties shall agree otherwise.

     
THE FOREGOING TERMS AND CONDITIONS ARE HEREBY ACCEPTED AND AGREED TO THIS 10th DAY OF APRIL, 2008.

	 	 	 
	 
	 	 
	 
	 	 
	 

	 	BORROWER:
 

                                 HORNE INTERNATIONAL, INC.
 

                                 By: /s/ Michael M. Megless
                                                     Name: Michael M.
Megless

                                 Title:   Chief Financial Officer
 
 

                                 LENDER:
 

                                 /s/ Darryl K. Horne

                                      DARRYL K. HORNE

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