Document:

Exhibit 10.26

 

Summary of the Material Terms of the MIVA, Inc.

2008 Long Term Incentive Compensation Plan

 

                On December 17, 2007, the
Compensation Committee of the Board of Directors (the “Board”) of MIVA, Inc.
(the “Company”) adopted the MIVA, Inc. 2008 Long Term Incentive Compensation
Program.

 

                The program provides for grants
of Restricted Stock Units (each an “RSU”) under the MIVA, Inc. 2006 Stock
Award and Incentive Plan to certain employees, including executive officers, of
the Company. Under the program, 80% of the total grant to a participant will be
service-based RSUs and 20% will be performance-based RSUs. Each RSU represents
the right to receive one share of the Company’s common stock upon satisfaction
of the vesting conditions. Up to 1,900,000 shares of the Company’s common stock
are initially reserved for issuance and may be granted under the program.

 

                Service-based RSUs will vest at
the rate of 25% per year beginning one year from the date of grant. Except as
provided below, vesting of service-based RSUs is contingent upon continued
employment with the Company and, unless vested, service-based RSUs will be
forfeited upon separation of employment from the Company for any reason.
Service-based RSUs will immediately and fully vest in the event of a change in
control of the Company as defined in the MIVA, Inc. 2006 Stock Award and
Incentive Plan.

 

                For certain participants who
have employment agreements with the Company, subject to the terms of the specific
employment agreements, if the person is terminated without cause or the person
resigns from the Company for good reason, any unvested service-based RSUs
generally will immediately and fully vest upon termination of employment. If a
participant’s employment with the Company is terminated due to death, any
unvested service-based RSUs will not become vested due to such death.

 

                Performance-based RSUs will vest
based on the Company’s stock obtaining a pre-determined closing price for a
period of time. For performance-based RSUs to vest, the Company’s stock must
close above the target price of $4.00 per share for 10 consecutive trading days
(the “Performance Goal”). However, for grants made after January 2, 2008,
the target price for the Performance Goal will be $2.00 above the fair market
value of the Company’s stock on the date of grant. If the Performance Goal is
met, then the performance-based RSUs will vest on the vesting day, which is the
day following the achievement of the Performance Goal; provided, however, if
the Performance Goal is met prior to June 30, 2008, then the vesting day
will be on June 30, 2008.

 

                Vesting of performance-based
RSUs is contingent upon continued employment with the Company and, unless a
participant is employed on the date the Performance Goal is met, the
performance-based RSUs will terminate upon the date of termination of such
participant. Also, if a participant is terminated for cause following
attainment of the Performance Goal but prior to the vesting day, then such
participant’s performance-based RSUs will terminate. If the Performance Goal is
met prior to June 30, 2008 and a participant’s employment terminates other
than for cause after the Performance Goal is met and prior to June 30,
2008, the vesting day is June 30, 2008.

 

                If there is a change in control
and the Performance Goal is not met prior to the date of such change in
control, then the participant’s performance-based RSUs will terminate. If there
is a change in control prior to June 30, 2008 but following attainment of
the Performance Goal, then the participant’s performance-based RSUs will vest
on the date of such change in control.

 

                On January 2, 2008, it is
anticipated that the following named executive officers of the Company will
receive the following RSUs under the program:

 

	
  Peter
  Corrao, Chief Executive Officer

  	
   

  	
  380,000

  
	
  Sebastian
  Bishop, President and Chief Marketing Officer

  	
   

  	
  198,791

  
	
  Lowell
  Robinson, Chief Financial Officer and Chief Operating Officer

  	
   

  	
  125,000

  
	
  John
  Pisaris, General Counsel

  	
   

  	
  124,116Exhibit 10.35

 

CONCEPTUS, INC.

 

Amended and Restated Independent Director Equity
Compensation Policy

 

Adopted December 11, 2007

 

1.             General. 
This Amended and Restated Independent Director Equity Compensation
Policy (the “Policy”) is adopted by the Board of Directors (the “Board”)
in accordance with Section 12 of the Conceptus, Inc. Ninth Amended
and Restated 2001 Equity Incentive Plan (the “Plan”) and amends and
restates in its entirety that certain Independent Director Equity Compensation
Policy adopted by the Board as of April 12, 2007 (the “Prior Policy”).  Capitalized but undefined terms used herein
shall have the meanings provided for in the Plan.

 

2.             Board Authority. 
Pursuant to Section 12 of the Plan, the Board is responsible for
adopting a written policy for the grant of Awards under the Plan to Independent
Directors, which policy is to specify, with respect to any such Awards, the
type of Award(s) to be granted Independent Directors, the number of Shares
to be subject to Independent Director Awards, the conditions on which such
Awards shall be granted, become exercisable and/or payable and expire, and such
other terms and conditions as the Board determines in its discretion.

 

3.             Initial Equity Grants to Independent Directors.  Each person who is initially elected to the
Board as an Independent Director shall be granted, automatically and without
necessity of any action by the Board or any committee thereof, on the date of
such initial election Restricted Stock Units with respect to that number of shares
of Common Stock (subject to adjustment as provided in Section 18 of the
Plan) calculated by dividing $300,000 by the per share Fair Market Value of the
Common Stock on the date of grant (“Initial RSUs”).  Notwithstanding the foregoing, members of the
Board who are employees of the Company and who subsequently terminate
employment with the Company and remain members of the Board shall not receive
Initial RSUs.

 

4.             Subsequent Equity Grants to Independent Directors.  Each person who is an Independent Director
immediately following an annual meeting of stockholders (provided that, on such date, he or she
shall have served on the Board for at least six (6) months prior to the
date of such annual meeting) shall be granted, automatically and without
necessity of any action by the Board or any committee thereof, on the date of
such annual meeting Stock Appreciation Rights with respect to that number of
shares of Common Stock (subject to adjustment as provided in Section 18 of
the Plan) calculated by dividing $112,000 by the per share Fair Market Value of
the Common Stock on the date of grant (“Annual SARs”).  Members of the Board who are employees of the
Company and who subsequently terminate employment with the Company and remain
on the Board, to the extent that they are otherwise eligible, shall receive,
after termination of employment with the Company, Annual SARs pursuant to this Section 4
(with the date of his or her termination of employment being deemed to be his
or her date of initial election to the Board).

 

 

5.             Lead Independent Director and Committee Chair Grants.  In addition to the grants in Section 3
and Section 4:

 

(i)            the Lead Independent Director, as
appointed by the Board, who is serving in such capacity immediately following
an annual meeting of stockholders shall be granted, automatically and without
necessity of any action by the Board or any committee thereof, on the date of
such annual meeting Stock Appreciation Rights with respect to that number of
shares of Common Stock (subject to adjustment as provided in Section 18 of
the Plan) calculated by dividing $28,000 by the per share Fair Market Value of
the Common Stock on the date of grant;

 

(ii)           the Independent Director who is
serving as the Chair of the Audit Committee of the Board immediately following
an annual meeting of stockholders shall be granted, automatically and without
necessity of any action by the Board or any committee thereof, on the date of
such annual meeting Stock Appreciation Rights with respect to that number of
shares of Common Stock (subject to adjustment as provided in Section 18 of
the Plan) calculated by dividing $17,500 by the per share Fair Market Value of
the Common Stock on the date of grant; and

 

(iii)          the Independent Director who is
serving as the Chair of the Compensation Committee of the Board immediately
following an annual meeting of stockholders shall be granted, automatically and
without necessity of any action by the Board or any committee thereof, on the
date of such annual meeting Stock Appreciation Rights with respect to that
number of shares of Common Stock (subject to adjustment as provided in Section 18
of the Plan) calculated by dividing $10,500 by the per share Fair Market Value
of the Common Stock on the date of grant.

 

The Stock Appreciation Rights granted pursuant to this Section 5
shall each be referred to herein as  “Additional
SARs”.

 

6.             Terms of Awards Granted to Independent Directors.

 

(i)            Stock
Appreciation Rights.  The per Share
exercise price of each Stock Appreciation Right granted to an Independent
Director shall equal one hundred percent (100%) of the Fair Market Value of a
share of Common Stock on the date the Stock Appreciation Right is granted.  Annual SARs and Additional SARs shall vest
and become exercisable as follows:  one
half (1/2) of the shares subject
to the Annual SARs and Additional SARs (rounded down to the next whole number
of shares) shall vest on each anniversary of the date of grant for such Annual
SARs and Additional SARs, such that the Annual SARs and the Additional SARs shall
be one hundred percent (100%) vested on the second anniversary of the date of
grant for such Annual SARs and Additional SARs. 
Subject to Section 10 of the Plan, the term of each Stock
Appreciation Right granted to an Independent Director shall be ten (10) years
from the date the Stock Appreciation Right is granted.  No portion of a Stock Appreciation Right
which is unexercisable at the time of an Independent Director’s termination of
membership on the Board shall thereafter become exercisable.  Payment of each Stock Appreciation Right
shall be in shares of Common Stock.

 

2

 

(ii)           Restricted
Stock Units.  The Initial RSUs shall
vest with respect to one fifth (1/5th) of the shares subject to such Restricted
Stock Units on each anniversary of the date of grant such that one hundred
percent (100%) of the shares subject to such grant of Restricted Stock Units
shall be full vested on the fifth (5th) anniversary of the date of grant.  To the extent vested pursuant to the
preceding sentence, the shares of Common Stock subject to each Restricted Stock
Unit shall be transferred to the holder thereof as soon as administratively
practicable following the date such holder ceases to be a Service Provider.  Any Restricted Stock Units which have not
vested on or prior to the date an Independent Director ceases to be a Service
Provider shall be automatically forfeited. 
The Restricted Stock Unit agreement evidencing each grant of Initial
RSUs shall contain such other terms, provisions and conditions not inconsistent
with the Plan as may be determined by the Administrator in its sole discretion.

 

7.             Effect of Acquisition.  Upon an Acquisition of the Company, all
Awards held by an Independent Director shall become fully vested and/or
exercisable, irrespective of any other provisions of the Independent Director’s
Award Agreement.

 

8.             Effect of Other Plan Provisions.  The other provisions of the Plan shall apply
to the Awards granted automatically pursuant to this Policy, except to the
extent such other provisions are inconsistent with this Policy.

 

9.             Treatment of Awards Previously Issued Under the Plan.  Prior to the Policy Effective Date (as
hereinafter defined), the Company issued Awards to Independent Directors.  Those Awards will continue to be governed by Section 12
and Section 13 of the Plan or the Prior Policy, as the case may be, in
either case, as in effect as of their date of grant; provided,
however, that Section 7 of this
Policy shall apply retroactively to such Awards previously granted.

 

10.           Incorporation of the Plan.  All applicable terms of the Plan apply to
this Policy as if fully set forth herein, and all grants of Awards hereby are
subject in all respect to the terms of such Plan.

 

11.           Written Grant Agreement.  The grant of any Award under this Policy shall
be made solely by and subject to the terms set forth in a written agreement in
a form to be approved by the Board and duly executed by an executive officer of
the Company.

 

12.           Policy Subject to Amendment, Modification
and Termination.  This Policy may be
amended, modified or terminated by the Board in the future at its sole
discretion.  No Independent Director
shall have any rights hereunder unless and until an Award is actually
granted.  Without limiting the generality
of the foregoing, the Board hereby expressly reserves the authority to
terminate this Policy during any year up and until the election of directors at
a given annual meeting of stockholders.

 

13.           Effectiveness.  This policy shall become effective as of January 1,
2008 (the “Policy Effective Date”).

 

*     *     *    
*     *

 

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