Document:

Solo Cup Company Management Incentive Plan

 Exhibit 10.35 
 Solo Cup Company 2007 Management Incentive Plan 

 Plan Name 
  

	 	•	 	 The Solo Cup Company Management Incentive Plan (The “Plan”). 

 Purpose 
  

	 	•	 	 The Plan is meant to provide short-term incentive compensation to individuals in key positions who contribute significantly to the growth and success of Solo Cup.
It is focused on annual performance against Company goals and individual goals. 

 The Plan is designed to achieve the following
objectives: 
  

	 	•	 	 Establish a clear link between results and rewards in order to drive performance and accountability; 

  

	 	•	 	 Provide competitive award opportunities commensurate with results achieved; and 

  

	 	•	 	 Reward above-average performance with above-average total cash compensation. 

 Effective Date 
  

	 	•	 	 The effective date of the Plan will be January 1, 2007. The Plan is intended to cover fiscal year 2007 and will remain in effect unless earlier terminated by
the Executive Committee, which consists of the President and CEO, the EVP & CFO and the EVP – HR and General Counsel. 

 Plan Year/Cycle 
  

	 	•	 	 The Plan year will correspond to the calendar year, from January 1 through December 31. 

 Eligibility 
  

	 	•	 	 Incentive opportunities will vary by position, based on responsibility and position scope. 

  

	 	•	 	 All salaried employees within Salary Grade 6 and above, hired before October 1st of the current Plan calendar year, are eligible for participation in the Plan.

 Funding 
  

	 	•	 	 The Plan will be paid out of the general assets of the Company, and any payment thereunder will be contingent upon the achievement of certain Company financial
goals. 

 Performance Measures 
  

	 	•	 	 The Company performance measures selected will be based on the Company’s strategic direction and therefore, can change from year to year. The Executive
Committee will establish the Company performance measures at the beginning of each year. 

  

	 	•	 	 The Individual performance measures will be established and reviewed to ensure alignment with the Company’s strategic goals. These measures must be approved by
the participant’s manager, as well as, his or her corresponding EVP or SVP. 

  

 1 

 Solo Cup Company 2007 Management Incentive Plan 

  

 Award Opportunities 
  

	 	•	 	 Each participant will have a threshold, target, and maximum incentive award opportunity expressed as a percentage of annualized base salary.

  

	 	•	 	 Attainment of the Company performance threshold will reflect a 50% payout. If the threshold (minimum) level of the Company financial goal(s) is not achieved, there
will be no individual or Company component award payouts. 

  

	 	•	 	 Attainment of the Company maximum target will reflect a 200% payout. If actual Company performance is above the maximum level, the award will be the maximum award
allowable under the Plan. 

  

	 	•	 	 If actual Company performance is between either the threshold and target, or target and maximum levels, the award will be determined based on interpolation between
performance levels. 

  

	 	•	 	 Earned awards will be calculated based on the annual base salary as of the end of the plan year (December 31). The participant must be “actively employed”
on the day of payment in order to receive an award. 

  

	 	•	 	 ‘Exhibit A’ attached hereto contains the specific performance measures and payout opportunities for 2007. 

 Determination of Awards 
  

	 	•	 	 As soon as practicable after the close of the plan year, the Executive Committee will finalize the actual level of performance for each stated Company performance
criteria. This actual level of performance will be compared to the target and any deviation from target will be computed. This deviation from target, expressed as a percentage, will determine the actual payouts. 

  

	 	•	 	 The President and CEO will approve final awards and will make discretionary adjustments, if appropriate, to reflect the relative performance of each participant.

 Form of Payment 
  

	 	•	 	 All awards will be paid in cash, in one lump sum, less any required legal withholdings. The award is subject to 401(k) deferrals, if an election is currently in
force when the award is paid out. 

 Timing of Award Payment 
  

	 	•	 	 Awards will be paid annually, as soon as practical after the end of the plan year. Past practice would indicate awards would typically be paid at the end of March
or early April of the following calendar year. 

  

 2 

 Solo Cup Company 2007 Management Incentive Plan 

  

 Change of Status 
  

	 	•	 	 In the event of a change of status, payment will be determined as follows: 

  

	 	 •
	 	 New Hires. The award opportunity will be prorated on a daily basis beginning with the date of employment and
continuing through the end of the plan year (based on 365 available days). Employees hired after October 1st
will be eligible for participation beginning on January 1 of the next calendar year. 

  

	 	•	 	 Promotion. Promotions are defined as any change which elevates the Employee’s grade level during the calendar year. Award will be prorated based
on the award opportunity and annualized base salary as of the final day that the incumbent held each eligible position during the calendar year. 

  

	 	•	 	 Death or Disability. Award will be prorated based on the award opportunity and annual base salary of the incumbent and the number of months the incumbent
actually participated in that plan year. The award will be paid to the participant’s designated beneficiary. 

  

	 	•	 	 Voluntary Termination, Termination for Cause, Involuntary Termination, or Demotion. Any or all of the awards under the Plan for the year will be forfeited
upon the occurrence of any of these events if prior to the day of payment. Demotions to a lower grade level that are still MIP eligible will result in the participant’s award opportunity to be prorated based on the award opportunity and
annualized base salary as of the final day that the participant held each eligible position during the calendar year. 

  

	 	•	 	 Leaves of Absence. Participants who have been on an approved Leave of Absence for medical or other reasons for periods greater than 30 days in length during
the fiscal year may receive a prorated portion of their earned incentive award. This prorated portion is based on the time worked during the year. 

 Miscellaneous 
  

	 	•	 	 The Company pays all costs of the Plan. 

  

	 	•	 	 The Company will withhold taxes in the appropriate amounts and at the appropriate times on all payouts. 

  

	 	•	 	 Awards under the Plan are not transferable by participants. 

  

	 	•	 	 This Plan is not a contract of employment, nor is any portion of the Plan to be construed as a contract for continued employment, whether for the duration of the
Plan, or thereafter. Nothing in this plan alters the terms or conditions of employment at-will. 

  

	 	•	 	 No Participant shall have the right to anticipate, sell, transfer, assign, pledge or encumber his or her right to receive any award made under the Plan until such
an award becomes payable to him or her. 

  

	 	•	 	 No Participant shall have any lien on any assets of the Company by reason of any award made under the Plan. 

 Administration 
 The Executive Committee administers this Plan and has
the right to review this program annually and to make changes in Plan participation, target incentives, determination of performance factor benchmarks or any other aspect of this Plan. 
  

 3Eighth Amendment to Loan and Security Agreement

 Exhibit 10.1 
 EIGHTH AMENDMENT 
 TO 
 LOAN AND SECURITY AGREEMENT 
 THIS EIGHTH AMENDMENT to Loan and Security
Agreement (this “Amendment”) is entered into this 7th day of May, 2007, by and between Silicon Valley Bank (“Bank”) and Insightful Corporation, a Delaware corporation (“Borrower”) whose address is 1700 Westlake Avenue
North, Suite 500, Seattle, WA 98109. 
 RECITALS 
 A. Bank and Borrower have entered into that certain Loan and Security Agreement dated as of March 29, 2002, as amended by that certain Loan
Modification Agreement by and between Bank and Borrower dated as of August 15, 2002, as amended by that certain Loan Modification Agreement by and between Bank and Borrower dated as of November 18, 2002, as amended by that certain Loan
Modification Agreement by and between Bank and Borrower dated as of January 13, 2003, as amended by that certain Amendment No. 1 to Loan and Security Agreement by and between Bank and Borrower dated as of March 28, 2003, as amended by
that certain Loan Modification Agreement by and between Bank and Borrower dated as of March 27, 2004, as amended by that certain Loan Modification Agreement by and between Bank and Borrower dated as of March 26, 2005, and as amended by
that certain Seventh Amendment to Loan and Security Agreement by and between Bank and Borrower dated as of March 27, 2006 (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan
Agreement”). 
 B. Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement. 
 C. Prior to entering into this Amendment, the obligations evidenced by the Loan Documents, including the Loan Agreement, were paid in full.
However, the parties hereto now desire and intend that the Loan Documents shall be revived and considered to be in full force and effect, and that the Loan Agreement, when taken with this Amendment and any other documents evidencing the obligations
shall reflect a full agreement of the parties with respect to the subject mater thereof. 
 D. Borrower has requested that Bank amend
the Loan Agreement to (i) extend the Revolving Maturity Date, (ii) amend the financial covenants, (iii) incorporate a new Equipment loan facility, and (iv) make certain other revisions to the Loan Agreement as more fully set
forth herein. 
 E. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with
the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration,
the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1.
Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. 
 2. Amendments to Loan Agreement. 
 2.1 Section 2.1.1 (Revolving Advances). Section 2.1.1(b)
is amended in its entirety and replaced with the following: 
 To obtain an Advance, Borrower must notify Bank by facsimile or
telephone by 12:00 p.m. Pacific time on the Business Day the Advance is to be made. Borrower must promptly confirm the notification by delivering to Bank the Payment/Advance Form attached as Exhibit B. Bank will credit Advances to Borrower’s
deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. 
 2.2 Section 2.1.6 (Equipment III Advances). Section 2.1.6 is incorporated into the Loan Agreement to read as follows:

 (a) Through December 31, 2007 (the “Equipment III Availability End Date”), Bank will make advances (“Equipment III
Advance” and, collectively, “Equipment III Advances”) not exceeding the Committed Equipment III Line. The Equipment III Advances may only be used to finance or refinance Equipment purchased on or after 90 days before the date of each
Equipment III Advance (or on or after 180 days as to the initial Equipment III Advance) and may not exceed 100% of the equipment invoice excluding taxes, shipping, warranty charges, freight discounts and installation expense. Transferable software
licenses, leasehold improvements or other soft costs, including sales tax, freight, and installation expenses may constitute up to 25% of the aggregate Equipment III Advances. Each Equipment III Advance must be for a minimum of $75,000. The number
of Equipment III Advances is limited to 6. Up to $250,000 of the Committed Equipment III Line may be used to finance Equipment located outside the United States. 
 (b) Each Equipment III Advance shall immediately amortize and be payable in 36 equal payments of principal plus interest beginning 30 calendar days following such Equipment III Advance and continuing on the same
calendar day of each month thereafter. The final payment due on the applicable Equipment III Maturity Date shall include all outstanding principal and all accrued unpaid interest. Equipment III Advances when repaid may not be reborrowed. 

 (c) To obtain an Equipment III Advance, Borrower must notify Bank (the notice is irrevocable) by
facsimile no later than 12:00 p.m. Pacific time 1 Business Day before the day on which the Equipment III Advance is to be made. The notice in the form of Exhibit B (Payment/Advance Form) must be signed by a Responsible Officer or designee and
include a copy of the invoice for the Equipment being financed. 
 2.3 Section 2.3 (Interest Rate, Payments).
Section 2.3 is deleted in its entirety and replaced with the following: 
 (a) Interest Rate. (i) Advances accrue interest on
the outstanding principal balance at a per annum rate equal to the Prime Rate; (ii) Equipment III Advances accrue interest on the outstanding principal balance at a per annum rate of 0.25 of one percentage point above the Prime Rate. After an
Event of Default, Obligations accrue interest at 5 percent above the rate effective immediately before the Event of Default. The interest rate increases or decreases when the Prime Rate changes. Interest is computed on a 360 day year for the actual
number of days elapsed. 
 (b) Payments. Interest due on the Committed Revolving Line
is payable on the 23rd of each month. Payments received after 12:00 noon Pacific time are considered received at the
opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment is due the next Business Day and additional interest shall accrue. Bank may debit any of Borrower’s deposit accounts including
Account Number 3300282904 for principal and interest payments or any amounts Borrower owes Bank when due. Bank will notify Borrower when it debits Borrower’s accounts. These debits are not a set-off. 
 2.4 Section 6.7 (Financial Covenants). Section 6.7 is amended in its entirety and replaced with the following:

 Borrower will maintain as of the last day of each fiscal quarter: 
 (i) Net Loss. Borrower’s year to date Net Loss, excluding Borrower’s stock option expenses, shall not exceed ($1,300,000) for
the quarter ending March 31, 2007, ($2,900,000) for the six months ending June 30, 2007, ($4,200,000) for the nine months ending September 30, 2007 and ($3,600,000) for the twelve months ending December 31, 2007. 
 (ii) Minimum Liquidity. A ratio of unrestricted cash and marketable securities plus 50% of Borrower’s net Accounts, to outstanding
Obligations of at least 2.00 to 1.00. 
 2.5 Section 13 (Definitions). The following term and its respective
definition set forth in Section 13.1 is amended in its entirety and replaced with the following: 
 “Committed Equipment
III Line” is a Credit Extension of up to $750,000. 

 “Credit Extension” is each Advance, Equipment III Advance, Letter of Credit, or any
other extension of credit by Bank for Borrower’s benefit. 
 “Equipment III Advance” is defined in Section 2.1.6.
 
 “Equipment III Availability End Date” is defined in Section 2.1.6. 
 “Equipment III Maturity Date” for each Equipment III Advance is a date 36 months after such Equipment III Advance, but no later than
December 31, 2010 as to the last Equipment III Advance. 
 “Revolving Maturity Date” is the earlier of either
(a) 364 days following the effectiveness of that certain Eighth Amendment to Loan and Security Agreement by and between Bank and Borrower, and (b) May 31, 2008. 
 3. Limitation of Amendments. 
 3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or
modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document. 
 3.2 This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions,
representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 
 4. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows:

 4.1 Immediately after giving effect to this Amendment (a) the representations and warranties contained in the
Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and
(b) no Event of Default has occurred and is continuing; 
 4.2 Borrower has the power and authority to execute and
deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 4.3
The organizational documents of Borrower delivered to Bank on March 29, 2002 remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

 4.4 The execution and delivery by Borrower of this Amendment and the performance
by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 
 4.5 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation
binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on
Borrower, or (d) the organizational documents of Borrower; 
 4.6 The execution and delivery by Borrower of this
Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or
exemption by any governmental or public body or authority, or subdivision thereof, binding on either Borrower, except as already has been obtained or made; and 
 4.7 This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against
Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting
creditors’ rights. 
 5. Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts
taken together shall be deemed to constitute one and the same instrument. 
 6. Effectiveness. This Amendment shall be deemed
effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto, and (b) Borrower’s payment of credit line fee in an amount equal to $7,500 and a term loan fee of $3,750. 
 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered
as of the date first written above. 
  

									
	BANK	 		 	BORROWER
			
	Silicon Valley Bank	 		 	Insightful Corporation
					
	By:	 	/s/ Jennifer Bentley	 		 	By:	 	/s/ Richard Barber
	Name:	 	Jennifer Bentley	 		 	Name:	 	Richard Barber
	Title:	 	Relationship Manager	 		 	Title:	 	CFO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]