Document:

Exhibit

Exhibit 10.4

	
		
	
	 

Contact
Black Box Corporation
Timothy C. Huffmyer 
Vice President, Chief Financial Officer and Treasurer
Phone: (724) 873-6788
Email: investors@blackbox.com
FOR IMMEDIATE RELEASE
Black Box Appoints E.C. Sykes as President and CEO
Brings Strong Track Record of Growth
PITTSBURGH, PENNSYLVANIA, February 9, 2016 -Black Box Corporation (NASDAQ:BBOX), a leading technology solutions provider, announced today that E.C. Sykes has been appointed President and Chief Executive Officer of the Company, effective February 29, 2016.  He also will join the Board at that time.  Mike McAndrew will resign from the Board on that date but will remain available to assist Mr. Sykes on transition matters.
Mr. Sykes has a demonstrated track record of leading growth and profitability in a variety of challenging product and service businesses.  He was President and CEO of Circuit Board Assemblers which was recognized as one the fastest growing companies in the nation when it was acquired by Flextronics.  He spent 14 years at Flextronics International, starting as the North Carolina General Manager and profitably grew revenue from $20M to $200M, then as Vice President of the Guadalajara, Mexico operations where revenue grew from $550M to $1B, and as Group President of the Industrial and Emerging Products Group where the revenue grew from $625M to over $4B to lead the industry.  Under Mr. Sykes, this international business group, employed more than 35,000 employees, operated in 60 manufacturing sites in 19 countries.  The customer base was expanded to over 400 clients in 10 markets by structuring the services to address specific market needs and tucking in niche acquisitions to fill technology gaps.  Mr. Sykes most recently was President and CEO of Switch Lighting, a Silicon Valley LED lighting company, where he reset the business strategy, drove operational improvements and focused on reinvigorating the company’s product line and partnerships.
Thomas G. Greig, Chairman of the Board of Directors, stated, “We are very pleased to have E.C. Sykes as our next CEO.  He has shown the ability to dramatically grow businesses profitably.  He is also noted for his entrepreneurial skills and ability to collaborate with clients to create unique, value-added solutions.  That will serve Black Box well in our dynamic markets as we continue to add relevant IT solutions to our portfolio.”   
Mr. Sykes stated, “It is quite an honor and privilege to be given the opportunity to lead this company with its 40-year history of profitably providing products and services to the technology marketplace.  I am impressed with Black Box’s key assets, including its list of marquee customers, strong client base, diverse technology skillset and broad geographic reach.  I look forward to working with our more than 3,500 Team Members to leverage these assets and take the company to the next level.” 
Mr. Greig continued, “I would like to thank Mike McAndrew for his more than 26 years of service to Black Box.  His distinguished career with Black Box began in our information technology group and has ended with his more than 13 years as an Executive Officer.  As CEO, he had the courage to lead the transformation of this company into a fully integrated enterprise.  On behalf of the Board of Directors and the Black Box Team, we wish him well in his future endeavors.”
About Black Box
Black Box is a leading technology solutions provider dedicated to helping customers build, manage, optimize, and secure their IT infrastructure. Black Box delivers high-value products and services through its global presence and more than 3,500 team members. To learn more, visit the Black Box website at http://www.blackbox.com. 
Black Box® and the Double Diamond logo are registered trademarks of BB Technologies, Inc. 

Exhibit 10.4

Any forward-looking statements contained in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of the date of this release. You can identify these forward-looking statements by the fact that they use words such as "should," "anticipate," "estimate," "approximate," "expect," "target," "may," "will," "project," "intend," "plan," "believe" and other words of similar meaning and expression in connection with any discussion of future operating or financial performance. One can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. Although it is not possible to predict or identify all risk factors, certain risk factors are included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2015. We can give no assurance that any goal, plan or target set forth in forward-looking statements will be achieved and readers are cautioned not to place undue reliance on such statements, which speak only as of the date made. We undertake no obligation to release publicly any revisions to forward-looking statements as a result of future events or developments and caution you not to unduly rely on any such forward-looking statements.Exhibit

Exhibit 10.24

UnitedHealth Group
Director Compensation Summary
Our compensation and benefit program is designed to compensate our non-employee directors fairly for work required for a company of our size and scope, and align their interests with the long-term interests of our shareholders. Director compensation reflects our desire to attract, retain and use the expertise of highly qualified people serving on the Company’s Board of Directors. The Compensation and Human Resources Committee reviews the compensation level of our non-employee directors on an annual basis and makes recommendations to the Board of Directors. 
The Company uses annual retainers, equity-based compensation, expense reimbursement and other forms of compensation, as appropriate, to attract and retain non-employee directors. 
Cash Compensation
Non-employee directors receive an annual cash retainer of $125,000. We pay an additional annual cash retainer of $300,000 to the Chair of the Board, an additional annual cash retainer of $25,000 to the Chair of the Audit Committee, an additional annual cash retainer of $20,000 to the Chair of the Compensation and Human Resources Committee, and additional annual cash retainers of $15,000 to the Chair of the Nominating and Corporate Governance Committee and the Chair of the Public Policy Strategies and Responsibility Committee.
Cash retainers are payable on a quarterly basis in arrears on the first business day following the end of each fiscal quarter, and subject to pro-rata adjustment if the director did not serve the entire quarter. Directors may elect to receive common stock or deferred stock units (“DSUs”) in lieu of their cash compensation or defer receipt of their cash compensation to a later date pursuant to the Directors' Compensation Deferral Plan ("Director Deferral Plan").
Equity-Based Compensation
Non-employee directors receive annual grants of DSUs under the 2011 Stock Incentive Plan, as amended, having an annual aggregate fair value of $175,000. The grants are issued quarterly in arrears on the first business day following the end of each fiscal quarter and prorated if the director did not serve the entire quarter. The number of DSUs granted is determined by dividing $43,750 (the quarterly value of the annual equity award) by the closing stock price on the grant date, rounded up to the nearest share.
The DSUs immediately vest upon grant, and non-employee directors who have not met the stock ownership requirement are required to retain all DSUs granted until completion of their service on the Board of Directors. Upon completion of service, the DSUs convert into an equal number of shares of the Company’s common stock. A director may defer receipt of the shares for up to ten years after completion of service pursuant to the Director Deferral Plan. Non-employee directors who have met their stock ownership requirement may elect to receive common stock in lieu of DSUs and/or in-service distributions on pre-selected dates. 
If a director elects to convert his or her cash compensation into DSUs, such conversion grants are made on the day the eligible cash compensation becomes payable to the director and immediately vest upon grant. The director receives the number of DSUs equal to the cash 

Effective January 1, 2016

Exhibit 10.24

compensation foregone, divided by the closing price of our common stock on the date of grant, rounded up to the nearest share.
The Company pays dividend equivalents in the form of additional DSUs on all outstanding DSUs. Dividend equivalents are paid at the same rate and at the same time that dividends are paid to Company shareholders and are subject to the same vesting conditions as the underlying grant.
Director Deferral Plan
Under the Director Deferral Plan, subject to compliance with applicable laws, non-employee directors may elect annually to defer receipt of all or a percentage of their compensation. Amounts deferred are credited to a bookkeeping account maintained for each director participant that uses a collection of unaffiliated mutual funds as measuring investments. Subject to certain additional rules set forth in the Director Deferral Plan, a participating director may elect to receive the distribution in one of the following ways:
		
	•
	a series of five or ten annual installments following the completion of his or her service on the Board of Directors;

		
	•
	a delayed lump sum following either the fifth or tenth anniversary of the completion of his or her service on the Board of Directors;

		
	•
	for cash deferrals, an immediate lump sum upon the completion of his or her service on the Board of Directors; or

		
	•
	pre-selected amounts to be distributed on pre-selected dates while the director remains a member of the Board of Directors.

The Director Deferral Plan does not provide for matching contributions by the Company, but our Board of Directors may determine, in its discretion, to supplement the accounts of participating directors with additional amounts.
Other Compensation
We reimburse directors for any out-of-pocket expenses incurred in connection with service as a director. We also provide health care coverage to directors but only if the director is not eligible for coverage under another group health care benefit program. Health care coverage is provided generally on the same terms and conditions as current employees. Upon retirement from the Board of Directors, current directors may continue to obtain health care coverage under benefit continuation coverage, and after the lapse of such coverage, under the Company’s post-employment medical plan for up to a total of 96 months if they are otherwise eligible.
The Company maintains a program through which it will match up to $15,000 of charitable donations made by each director for each calendar year. The directors do not receive any financial benefit from this program because the charitable income tax deductions accrue solely to the Company. Donations under the program may not be made to family trusts, partnerships or similar organizations.

Effective January 1, 2016

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