Document:

EX-10.09

 Exhibit 10.09 

 
 

 
 Description of Annual Incentive Plan 
 I. Purpose and Administration:  
 This Annual Incentive Plan (“AIP”)
is designed to reward Diamond Foods, Inc. (the “Company” or “Diamond”) employees for their outstanding performance in support of Diamond’s business objectives and to align variable compensation with the
financial performance of the Company. 
 The AIP is administered by the Committee. The Committee may prescribe, amend, or rescind rules,
regulations, policies, interpretations, and guides as deemed appropriate for the proper and effective administration of the AIP. All decisions, determinations, and interpretations of the Committee will be final and binding. If the Committee
determines that the established performance measures or objectives are no longer suitable because of a change in the Company’s business, operations, corporate structure, capital structure, or other conditions the Committee may modify the
measures, objectives, or related awards as it deems appropriate in its discretion. 
 II. Eligibility:  

Each year, an employee (“Eligible Employee”) will be eligible to participate in the AIP if the employee (i) is employed as of
May 1 in the fiscal year, (ii) is employed continuously through and including the last day of the fiscal year, except for an approved leave of absence and (iii) meets other eligibility criteria as may be established by the
Compensation Committee (the “Committee”) or CEO from time to time. Eligibility to participate in the AIP one year does not guarantee eligibility in any following year, nor does participation in the AIP in any year guarantee payment
of any award in such year.
 III. Description:  
  

	 	A.	 Bonus Potential. Each Eligible Employee is assigned a target bonus, which is a percentage (the “Target Bonus Percentage”) of
base salary, and a maximum bonus, which is a percentage (the “Max Bonus Percentage”) of base salary. The Target Bonus Percentage and Max Bonus Percentage each is subject to adjustment at the sole discretion of the Company or the
Committee. Each Eligible Employee’s target incentive bonus (the “Target Bonus”) is equal to the Target Bonus Percentage multiplied by such employee’s base salary earned throughout the fiscal year, and the maximum incentive
bonus (the “Max Bonus”) is 

  

					
	

	  	Confidential	  	1

 

 
  

	 	
equal to the Max Bonus Percentage multiplied by such employee’s base salary earned throughout the fiscal year. The Target Bonus Percentages and Max Bonus Percentages for each category of
employee are subject to adjustment by the Company and the Committee. 

  

	 	    	Each year, the AIP will be funded based on the level of performance achieved by the Company against one or more financial objectives (the “AIP
Metrics”) established by the Committee at the beginning of each fiscal year. The AIP Metrics will be one or more company-wide financial metrics and may relate to, without limitation, EBITDA, revenues, gross margin, gross profit, operating
margin, operating profit, earnings growth, earnings per share, and non-GAAP calculations of any such metrics, at the sole discretion of the Committee. 

  

	 	B.	Bonus Pool Funding. The AIP pool funds as follows: 

  

	 	•	 	 The AIP pool would be funded at the target level (the “Target Funding”) if the target level of performance (“Target
Performance”) against the AIP Metrics is achieved by the Company. The Target Funding is calculated as the sum of all Eligible Employee’s Target Bonuses. 

 

	 	•	 	 The AIP pool begins to fund at a threshold level (the “Threshold Funding”) only if a threshold level of performance
(“Threshold Performance”) against the AIP Financial Metrics is achieved by the Company. The Threshold Funding amount will be a portion of the Target Funding amount and will be established by the Company and the Committee each year.

  

	 	•	 	 The AIP pool would fund at a maximum level (the “Max Funding”) if a maximum level of performance (“Max Performance”)
against the AIP Financial Metrics is achieved by the Company. The Max Funding amount is 200% of the Target Funding amount, and the determination of what constitutes Max Performance will be established by the Company and the Committee each year.

  

	 	•	 	 In between the Threshold Performance, Target Performance and Max Performance levels, the level of funding increases as established by the Company and
the Committee each year. 

  

					
	

	  	Confidential	  	2

 

 
  

	 	•	 	 The Company and the Committee retain discretion to limit funding in the event of extraordinary events. 

 

	 	C.	Bonus Pool Allocation. Once the aggregate amount of AIP pool funding is established, the pool is allocated to each department of the Company based on the ratio
of (i) the total Target Bonus of the Eligible Employees in such department to (ii) the total Target Bonus of all Eligible Employees in the Company. 

 

	 	    	Each Eligible Employee will then be awarded a bonus from the AIP pool allocated to his or her department (the “Departmental Pool”). Each year, the
Company and the Committee will determine the mix of corporate and/or individual or departmental objectives that must be achieved for an Eligible Employee to receive a bonus from the Departmental Pool. The Company may reallocate funds between
Departmental Pools. 

  

	 	    	Each year, the Company and Compensation Committee will determine the mix of employee bonus between Company performance against specific metrics and performance against
individual goals (e.g., 80% weighting on Company performance and 20% weighting on individual performance). 

  

	 	D.	Performance Assessment. Each Eligible Employee will receive a rating (the “Performance Rating”) based on the employee’s contributions
toward overall company and individual or departmental objectives, which will be used to determine the amount of such employee’s bonus. The Performance Rating scale and associated level of bonus payment will be established by the Company each
year. 

  

	 	-	The objectives against which an Eligible Employee may be measured may include, without limitation, corporate goals (such as revenues, gross margin, gross profit,
operating margin, earnings growth, earnings per share, and non-GAAP calculations of any such metrics), departmental goals (such as category business team or functional goals relating to accomplishment of strategic initiatives, brand or category
financial performance, market share, revenue, profitability, cost efficiency, products, brand equity, human capital or other goals) or individual goals as determined in conjunction with the Eligible Employee’s manager. The company and
individual performance objectives are confidential information to be treated as such under company policies. 

  

					
	

	  	Confidential	  	3

 

 
  

 IV. Payment of Bonus:  
 Bonuses under the AIP will be paid after the end of the fiscal year, unless otherwise determined by the Committee. Award payments are subject to withholding for all applicable taxes. Employee agrees to
pay any taxes owed on any benefits provided pursuant to the AIP. As outlined in the Company’s Compensation Recovery Policy, Executives may be required under certain circumstances to reimburse the Company for Incentive-Based Compensation. Please
refer to that policy for more details. 

  

					
	

	  	Confidential	  	4ex10-29.htm

Exhibit 10.29

 

 

ASSIGNMENT OF PATENT

 

WHEREAS, PVM International, Inc., a California corporation having a place of business at 6700 Fallbrook Ave., Suite 289, West Hills, CA 91307 (“Assignor”) owns all right, title, and interest in the patents and patent applications listed in Exhibit A; and

 

WHEREAS, Medbox, Inc. a Nevada corporation having a place of business at 8439 W. Sunset Blvd. Suite 101, West Hollywood, CA 90069 (“Assignee”) desires to acquire Assignor’s interest in and to said patents and patent applications and any provisional, continuation, continuation-in-part, divisional, reissued, re-examined, and foreign applications and patents relating thereto;

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by Assignor, Assignor, has sold assigned, and transferred and does hereby sell, assign, and transfer unto Assignee, and Assignee’s successors and assigns, (a) the entire right, title, and interest, for the United States of America, in and to said U.S. patents and patent applications and all the rights and privileges in any application and under any and all patents that may be granted in the U.S. for any invention(s) described in said patents and patent applications, including but not limited to, all corresponding provisional, continuation, continuation-in-part, divisional, reissue, and reexamination applications; and (b) the entire right, title, and interest in and to any and all foreign patents and applications for any invention described in said U.S. patent and patent applications, in any and all countries foreign to the U.S. including all rights of priority arising from them, and all the rights and privileges under any and all forms of protection, including patents, that may be granted in said countries foreign to the U.S. for them; and (c) the right to seek remedies for any and all infringements of any of the foregoing patents and to collect and retain all damages and profits and enjoy any and all remedies granted for infringements.

 

Assignor hereby authorizes Assignee to make any and all application for such protection in its own name and maintain such protection in any and all countries foreign to the U.S., and to invoke and claim for any application for patent or other form of protection for any said invention, without further authorization from Assignor, any and all benefits, including the right of priority provided by any and all treaties, conventions or agreements.

 

Assignor hereby consents that a copy of this assignment shall be deemed a full legal and formal equivalent of any document which may be required in any country in proof of the right of Assignee to apply for protection for any invention described in said U.S. patent or other form of protection for any said invention and to claim the aforesaid benefit of the right of priority.

 

Assignor hereby consents that a copy of this assignment shall be deemed a full legal and formal equivalent of any document which may be required in any country in proof of the right of Assignee to apply for protection for any invention described in said U.S. patent or other form of protection for any said invention and to claim the aforesaid benefit of the right of priority.

 

Assignor requests that any and all patents for any said invention be issued to Assignee in all countries foreign to the U.S., or to such nominee as Assignee may designate.

 

  

  

  

 

Assignor covenants and agrees that, when requested, Assignor shall, without charge to Assignee but at Assignee’s expense, sign all papers, take all rightful oaths, and do all acts which may be necessary, desirable, or convenient in connection with patent applications, patents, or other forms of protection of any said invention, and for the defense and protection thereof if challenged in a court of law.

 

ASSIGNOR

 

PVM International, Inc.

 

By: /s/ Vincent Mehdizadeh

 

Name:

 

Title: CEO

 

Date: 7/23/14

 

ASSIGNEE

 

Medbox, Inc.

 

By: /s/ Guy Marsala

 

Name: Guy Marsala

 

Title: CEO

 

Date: 7/23/14

  

  

  

 

EXHIBIT A

 

Appl. Ser. No.;  Title;  Pat. No.;  Country

 

11/999,385

 

VENDING MACHINE APPARATUS TO DISPENSE HERBAL MEDICATIONS AND PRESCRIPTION MEDICINES

 

7,844,363

 

US

 

12/931,761

 

SYSTEM TO VERIFY IDENTITY OF PATIENT RECEIVING MEDICATION AND MONITORING THE DISPENSING OF MEDICATION TO THE PATIENT INCLUDING MONITORING THE DISPENSING OF MEDICATION TO THE PATIENT INCLUDING MONITORING THE DEVELOPMENT OF THE MEDICATION FROM WHERE THE SEEDS ARE OBTAINED, HOW THE PLANT WAS CULTIVATED, WHERE THE MEDICAL PORTION OF THE PLANT WAS HARVESTED AND CONVERTED INTO MEDICATION TO BE DISPENSED TO A PATIENT

 

N/A

 

US

 

13/068,383

 

SYSTEM TO VERIFY IDENTITY OF PATIENT RECEIVING MEDICATION AND MONITORING THE DISPENSING OF MEDICATION TO THE PATIENT AND DISPENSING THE MEDICATION THROUGH A VENDING MACHINE TO MAINTAIN INVENTORY CONTROL

 

N/A

 

US

 

13/314,522

 

SYSTEM TO ALLOW A CONSUMER TO STORE AND SUBSEQUENTLY RETRIEVE ITEMS FROM A STORAGE LOCKER AFTER CARD SWIPE AND IDENTITY VERIFICATION

 

N/A

 

US

 

13/314,692

 

SYSTEM TO ALLOW FOR A PHARMACIST TO STORE A FILLED PRESCRIPTION IN AN ELECTRONIC LOCKBOX FOR SUBSEQUENT RETRIEVAL BY A CUSTOMER AFTER IDENTITY VERIFICATION

 

N/A

 

  

  

  

 

US

 

14/050,097

 

SYSTEM AND APPARATUS TO VERIFY DISPENSING OF SAMPLE MEDICATION AT A PHYSICIAN'S OFFICE, INCLUDING MONITORING WHICH INDIVIDUAL HAS OBTAINED ACCESS TO AND OBTAINED SAMPLE MEDICINES TO ELIMINATE IMPROPER UTILIZATION AND DISPENSING OF SUCH SAMPLE MEDICINES

 

N/A

 

US

 

14/333,628

 

SYSTEM TO VERIFY IDENTITY OF PATIENT RECEIVING MEDICATION AND MONITORING THE DISPENSING OF MEDICATION TO THE PATIENT INCLUDING MONITORING THE DEVELOPMENT OF THE MEDICATION FROM WHERE THE SEEDS ARE OBTAINED, HOW THE PLANT WAS CULTIVATED, AND WHERE THE MEDICAL PORTION OF THE PLANT WAS HARVESTED AND CONVERTED INTO THE MEDICATION TO BE DISPENSED TO A PATIENT

 

N/A

 

US

 

Appl. Ser. No. Title Pat. No. Country

 

2717695

 

VENDING MACHINE APPARATUS TO DISPENSE HERBAL MEDICATIONS AND PRESCRIPTION MEDICATIONS

 

N/A

 

CA

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}]]