Document:

Exhibit
10.1

 

WAIVER

 

 

The undersigned identified below is the
investment manager (the “Investment Manager”) for  the holder, Odyssey America Reinsurance
Corporation, (the “Holder”) of 3.75% Convertible Senior Notes due 2011 (the “Senior
Notes”) issued by Overstock.com, Inc., a Delaware corporation (the “Company”).

 

For good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Investment Manager
hereby waives, on behalf of the Holder and its insurance subsidiaries, any right
it may have under Section 3.7(a) of the Indenture dated November 23, 2004
governing the Senior Notes (the “Indenture”) to require the Company to
repurchase any Senior Notes then held by Holder or any of its subsidiaries, or
to otherwise make any payment to the Holder or any insurance subsidiary of the
Holder pursuant to any Senior Notes then held by it or any of its insurance
subsidiaries, as a result of, or in connection with, the occurrence of any “Fundamental
Change” as defined in Section 3.7(a) of the Indenture, to the extent that such
Fundamental Change results solely from the acquisition by Patrick Byrne (“Patrick”)
and/or John Byrne (“John”) and/or immediate members of the Byrne family and/or
wholly-owned affiliates of Patrick or John (collectively, with Patrick and
John, the “Byrne Family”) of additional shares of the Company’s common stock or
the ownership by any or all of them of a number of shares sufficient to
constitute a “Fundamental Change” for purposes of the Indenture (the “Byrne
Acquisition Fundamental Change”). Notwithstanding the foregoing, this Waiver
shall be null and void to the extent that: (1) John is no longer a director of
the Company; (2) Patrick is no longer an executive officer of the Company; (3)
the individual or aggregate effect of the aforementioned Byrne Family
acquisitions constitute a going private transaction; (4) the Company is
delisted from Nasdaq; (5) the Company’s common stock becomes subject to any
cease trade, halt or freeze order that lasts for more than one trading day; or
(6) two years have passed from the date hereof.

 

As partial consideration for
the execution and delivery of this Waiver by the Holder, the Company hereby
agrees to (a) pay Holder $50,000 and (b) notify promptly the Holder and any
other holder of the Senior Notes who executes a substantially similar waiver of
any new offering of securities issued by the Company to the extent it can do so
without violating any law, rule or regulation and without unreasonably
jeopardizing the success of any planned transaction; provided, however, that
the obligation set forth in clause (b) expires on the earlier of (i) the
nullification of this Waiver; (ii) the closing of such offering, (iii) expiry
of the term of the Senior Notes, and (iv) the date on which Holder no longer
holds at least $10 million aggregate principal amount of the Senior Notes.

 

The Company agrees that this Waiver herein
shall within one business day be disclosed to the public by the Company filing
a Form 8-K with the Securities and Exchange Commission with this Waiver as an
exhibit thereto.

 

 

By his execution below,
Patrick hereby confirms that (1) he has no current intention to acquire any
number of shares of common stock of the Company or otherwise take any action
that would result in the occurrence of the Byrne Acquisition Fundamental Change
and (2) he has no knowledge of any current intention on the part of any member
of the Byrne Family to acquire any number of shares of common stock of the
Company.

 

 

Holder:  HAMBLIN WATSA INVESTMENT COUNSEL LTD., in its
capacity as investment manager for Odyssey America Reinsurance Corporation

 

 

	
  By:

  	
  /s/ Paul Rivett

  	
   

  
	
  Name:

  	
  Paul Rivett

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
	
  Dated: 

  	
  April 3, 2006

  	
   

  
	
   

  	
   

  	
   

  
	
  The Company:
  OVERSTOCK.COM, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Patrick M. Byrne

  	
   

  
	
  Name:

  	
  Patrick M. Byrne

  	
   

  
	
  Title:

  	
  President

  	
   

  
	
  Dated: 

  	
  April 3, 2006

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  PATRICK M. BYRNE

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Patrick M. Byrne

  	
   

  
	
  Dated:  

  	
  April 3, 2006

  	
   

  

 

 

2Exhibit 10.13D

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

PURSUANT TO

THE AES CORPORATION 2003 LONG TERM COMPENSATION PLAN

 

The
AES Corporation, a Delaware corporation (the “Company”), grants to the Employee
named below, pursuant to The AES Corporation 2003 Long Term Compensation Plan
(the “Plan”) and this Restricted Stock Unit Award Agreement (this “Agreement”),
this Award of Restricted Stock Units (“RSUs”) upon the terms and conditions set
forth herein. Capitalized terms not otherwise defined herein will each have the
meaning assigned to them in the Plan.

 

1.     This Award of RSUs is subject to all terms
and conditions of this Agreement and the Plan, the terms of which are
incorporated herein by reference:

 

	
  Name
  of Employee:

  	
  [

  	
  ]

  
	
   

  	
   

  	
   

  
	
  Date
  of Birth:

  	
  [

  	
  ]

  
	
   

  	
   

  	
   

  
	
  AES
  Directory Name:

  	
  [

  	
  ]

  
	
   

  	
   

  	
   

  
	
  Grant
  Date:

  	
  [May
  4, 2005]

  	
   

  
	
   

  	
   

  	
   

  
	
  Number
  of RSUs Granted:

  	
  [59,
  079]

  	
   

  

 

2.     Each RSU represents a right to receive one
Share on a date (the “Delivery Date”) selected by the Committee that occurs
during the 60 day period commencing on May 4, 2008, if and only if, such RSU
(i) has not been forfeited prior to the Delivery Date and (ii) has vested in
accordance with this Agreement prior to the Delivery Date;  provided, however, that in lieu of delivery
of a Share on the Delivery Date, the Committee may, in its discretion, cause
the Company to deliver cash having a Fair Market Value equivalent to a Share on
the Delivery Date.

 

3.     An RSU (i) does not represent an equity
interest in the Company, (ii) carries no voting, dividend or dividend equivalent
rights and (iii) the holder will not have an equity interest in the Company or
any such shareholder rights, unless the vesting conditions of the RSU are met
and the RSU is paid out with a Share rather than cash and in such case not
until the relevant Share is delivered on the Delivery Date.

 

4.     This Award of RSUs will vest in three equal
installments on each of the first, second and third anniversary of the Grant
Date (each a “Vesting Date”); provided, however,

 

(i)    that if the Employee’s employment or
provision of services is terminated prior to the third anniversary of the Grant
Date by reason of the Employee’s death or Disability or
by the Company without cause, any portion of this RSU Award that
has not yet vested as of such termination date shall be immediately vested on
such termination date; and

 

(ii)   that if the Employee’s employment or
provision of services is terminated prior to the third anniversary of the Grant
Date, in either case for any reason other than
death, Disability or by the Company without cause  (including
voluntarily by the Employee (including by Retirement) or by the Company with
cause), all RSUs with Vesting Dates after the termination date will be
forfeited and will no longer be outstanding, the Employee’s right to receive
Shares and/or cash on the Delivery Date in respect of any such forfeited RSUs
will be forfeited at such time and only 

 

1

 

Shares
and/or cash in respect of RSUs with Vesting Dates prior such termination date
will be delivered on the Delivery Date.

 

5.     In the event that a Change of Control occurs
prior to the Delivery Date, if the RSUs described herein have not already been
previously forfeited or cancelled, such RSUs will become fully vested and the
Delivery Date will occur immediately prior to the Change in Control; provided,
however, that in connection with a Change of Control and certain other events,
payment of any obligation payable pursuant to the proceeding sentence may be
made in cash of equivalent value and/or securities or other property in the
Committee’s discretion.

 

6.     Under current U.S. federal income tax laws,
the Employee will be subject to income tax upon delivery of Shares and/or cash
to the Employee on the Delivery Date, at which time the Fair Market Value of
the Shares and/or cash will be reportable as ordinary income, and subject to
income tax withholding. However, under a special rule applicable to deferred
compensation, the value of the Shares underlying in the RSUs as and when the
RSUs vest, although the Shares are not then delivered, is reportable at such
time as wages for purposes of social security and Medicare (e.g. FICA) taxes
and is subject to withholding. The Company and its subsidiaries and affiliates
have the right (i) to withhold any tax required to be withheld in connection
with this Award of RSUs from Shares and/or cash otherwise deliverable or from
any other payment to be made to the Employee, or (ii) to otherwise condition
the Employee’s right to receive or retain the Shares and/or cash on the
Employee making arrangements satisfactory to the Company or any of its
subsidiaries or affiliates to enable any related tax obligation of the Employee
to be satisfied. The Employee should consult his or her personal advisor to
determine the effect of this Award of RSUs on his or her own tax situation.

 

7.     Notices hereunder and under the Plan, if to
the Company, will be delivered to the Plan Administrator (as so designated by
the Company) or mailed to the Company’s principal office, 4300 Wilson Boulevard,
Arlington, VA 22203, attention of the Plan Administrator, or, if to the
Employee, will be delivered to the Employee or mailed to his or her address as
the same appears on the records of the Company.

 

8.     All decisions and interpretations made by the
Board of Directors or the Committee with regard to any question arising
hereunder or under the Plan will be binding and conclusive on all persons. Unless
otherwise specifically provided herein, in the event of any inconsistency
between the terms of this Agreement and the Plan, the Plan will govern.

 

9.     By accepting this Award of RSUs, the Employee
acknowledges receipt of a copy of the Plan and the prospectus relating to this
Award of RSUs, and agrees to be bound by the terms and conditions set forth in this
Agreement and the Plan, as in effect and/or amended from time to time.

 

10.   This Agreement will be governed by the laws
of the State of Delaware without giving effect to its choice of law provisions.

 

	
   

  	
  THE
  AES CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  
	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
   

  
	
   

  	
  Title:

  

 

2

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