Document:

exv10w29

 

Exhibit 10.29

First Amendment to the Employment Agreement

     This First Amendment to the Employment Agreement (this “Amendment”) is made effective as of
the 15th day of September, 2006 by and between Smart Move, LLC, a Colorado limited liability
company (the “Employer”), on the one hand, and Chris Sapyta (the “Executive”), on the other hand.
Capitalized terms not defined in this Amendment shall have the meanings set forth in the Agreement
(as defined below).

RECITALS:

     WHEREAS, the Employer and the Executive entered into an Employment Agreement, dated as of
January 15, 2006 (the “EA”); and,

     WHEREAS, the Employer and the Executive now desire to amend the EA.

     NOW THEREFORE, for valuable consideration, the receipt and adequacy of which are expressly
acknowledged, accepted and agreed, the Employer and the Executive hereby agree and consent, that
the following sections of the EA shall be amended and restated in their entirety and shall read as
follows:

     1. Paragraph (a) of Section 4.2. ANNUAL BONUS is amended and restated in its entirety and
shall read as follows:

     "(a) Schedule A contains Milestones expressed in terms of the Stock Price of Employer. As
used herein, “Stock Price” shall mean the average of the closing bid prices of the Common Stock
(“Common Stock”), par value $6.00 per share, of Employer, as reported by the principal market where
the Common Stock is then traded, over the ten (10) trading days preceding September 30 in each
Employment Year (as adjusted for stock splits, stock dividends, reclassification or other similar
events). If, at the end of the particular Employment Year, the Employer’s Stock Price is equal to
or exceeds one or more of the prices specified, Executive shall be entitled to the percentage of
the Target Bonus set forth next to the highest such price achieved. Any Bonus earned as a result
of achieving the Stock Price target shall be paid to Executive within three business days of the
end of the Employment Year in which the Milestone is achieved. Total maximum bonus for Schedule A
Milestones obtained is equal to 50% of the current Employment Year’s “Target Bonus”.

     2. Paragraph (b) of Section 4.7. EQUITY INCENTIVE is amended and restated in its entirety and
shall read as follows:

     "(b) OPTION AWARDS. Employer shall grant to the Executive Options to purchase 96,000 shares of
Common Stock to be issued only if the Executive can achieve certain performance objectives. All
Options granted pursuant to this paragraph shall:

     (i) be subject to an option agreement containing terms substantially similar to the terms
generally provided in the option agreements of the Employer’s other senior managers (except as
otherwise modified herein);

 

 

     (ii) have a term of 10 years from the date of grant;

     (iii) shall be fully vested and be exercisable as follows:

     a. At the end of Employment Period one, at September 30, 2007, Options with respect to
32,000 shares, with an exercise price equal to $10.00, shall be issued vest and be exercisable
immediately; only if the company has reached the performance objective of 9,000 booked moves.

     b. At the end of Employment Period two, at September 30, 2007, Options with respect to
32,000 shares, with an exercise price equal to $12.00, shall be issued vest and be exercisable
immediately; only if the company has reached the performance objective of 12,000 booked moves.

     c. At the end of Employment Period three, at September 30, 2008, Options with respect to
32,000 shares, with an exercise price equal to $14.00, shall be issued vest and be exercisable
immediately; only if the company has reached the performance objective of 15,000 booked moves.

     PROVIDED, HOWEVER, that upon a Change of Control, all Options that have not yet vested and
become exercisable shall be deemed to have vested and have become exercisable as of the time
immediately preceding such Change of Control;

     (iv) shall provide for cashless exercise of such Options;

     (v) be issued under a qualified omnibus long-term incentive plan (a “Plan”) that will provide
for Incentive Stock Options pursuant to Internal Revenue Code (“Code”) Section 422, non-qualified
stock options and other forms of long-term incentives. If the Employer does not have a Plan
applicable to the Executive or if an existing Plan does not provide for the foregoing terms or if
sufficient shares are not available for grant under an existing Plan, Employer undertakes to
implement a Plan to provide for the issuance of Executive’s Options. Failure of the Employer to
implement such a Plan shall not prevent Executive’s right to receive his Options and he may elect,
in his sole discretion, to receive Options not subject to a Plan.

     (c) From time to time, the Board may, in its discretion, grant additional Options to
Executive, on such terms as the Board determines.”

     3. Schedule A and B to the EA is amended and restated in its entirety and is attached
herewith.

[Remainder of the page intentionally left blank]

2

 

     This Amendment is acknowledged and agreed to this 15th day of September, 2006.

SMART MOVE, LLC

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Edward Johnson
 	 
	 	 	Name:  	Edward Johnson 	 
	 	 	Title:  	CFO 	 
	 

EXECUTIVE

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Chris Sapyta
 	 
	 	 	Name:  	Chris Sapyta 	 
	 	 	Title:  	CEO 	 
	 

3

 

SCHEDULE A

PERFORMANCE MILESTONES —STOCK PRICE

	 	 	 	 	 	 	 	 	 	 	 
	YEAR 1 BONUS	 	YEAR 2 BONUS	 	YEAR 3 BONUS
	At 9/30/2007	 	At 9/30/2008	 	At 9/30/2009
	STOCK PRICE	 	% EARNED	 	STOCK PRICE	 	% EARNED	 	STOCK PRICE	 	% EARNED
	$6.00
	 	15%
	 	$8.50
	 	20%
	 	$10.50
	 	25%
	$7.50
	 	30%
	 	$9.50
	 	35%
	 	$11.50
	 	50%
	$8.50
	 	50%
	 	$10.50
	 	60%
	 	$12.50
	 	75%
	$9.50
	 	100%
	 	$11.50
	 	100%
	 	$13.50
	 	100%

	 	 	 	 	 	 	 
	YEAR 4 BONUS	 	YEAR 5 BONUS
	At 9/30/20010	 	At 9/30/2011
	STOCK PRICE	 	% EARNED	 	STOCK PRICE	 	% EARNED
	$12.50
	 	30%
	 	$14.50
	 	40%
	$13.50
	 	60%
	 	$15.50
	 	65%
	$14.50
	 	85%
	 	$16.50
	 	90%
	$15.50
	 	100%
	 	$17.50
	 	100%

4

 

SCHEDULE B

PERFORMANCE MILESTONES — COMPLETED MOVES

	 	 	 	 	 	 	 	 	 	 	 
	YEAR 1 BONUS	 	YEAR 2 BONUS	 	YEAR 3 BONUS
	At 9/30/2007	 	At 9/30/2008	 	At 9/30/2009
	Completed	 	 	 	Completed	 	 	 	Completed	 	 
	Moves 10/2006	 	% EARNED	 	Moves 10/2007	 	% EARNED	 	Moves 10/2008	 	% EARNED
	- 9/2007	 	  	 	- 09/2008	 	  	 	- 09/2009	 	  
	2500
	 	25%
	 	5000
	 	25%
	 	7000
	 	25%
	2750
	 	50%
	 	5500
	 	50%
	 	7500
	 	50%
	3000
	 	75%
	 	6000
	 	75%
	 	8000
	 	75%
	3250
	 	100%
	 	6500
	 	100%
	 	9000
	 	100%

	 	 	 	 	 	 	 
	YEAR 4 BONUS	 	YEAR 5 BONUS
	At 9/30/2010	 	At 9/30/2011
	STOCK PRICE	 	% EARNED	 	STOCK PRICE	 	% EARNED
	TBD
	 	25%
	 	TBD
	 	25%
	TBD
	 	50%
	 	TBD
	 	50%
	TBD
	 	75%
	 	TBD
	 	75%
	TBD
	 	100%
	 	TBD
	 	100%

5exv10w30

 

Exhibit 10.30

First Amendment to the Employment Agreement

     This First Amendment to the Employment Agreement (this “Amendment”) is made effective as of
the 15th day of September, 2006 by and between Smart Move, LLC, a Colorado limited liability
company (the “Employer”), on the one hand, and Edward Johnson (the “Executive”), on the other hand.
Capitalized terms not defined in this Amendment shall have the meanings set forth in the Agreement
(as defined below).

RECITALS:

     WHEREAS, the Employer and the Executive entered into an Employment Agreement, dated as of
January 15, 2006 (the “EA”); and,

     WHEREAS, the Employer and the Executive now desire to amend the EA.

     NOW THEREFORE, for valuable consideration, the receipt and adequacy of which are expressly
acknowledged, accepted and agreed, the Employer and the Executive hereby agree and consent, that
the following sections of the EA shall be amended and restated in their entirety and shall read as
follows:

     1. Paragraph (a) of Section 4.2. ANNUAL BONUS is amended and restated in its entirety and
shall read as follows:

     "(a) Schedule A contains Milestones expressed in terms of the Stock Price of Employer. As
used herein, “Stock Price” shall mean the average of the closing bid prices of the Common Stock
(“Common Stock”), par value $6.00 per share, of Employer, as reported by the principal market where
the Common Stock is then traded, over the ten (10) trading days preceding September 30 in each
Employment Year (as adjusted for stock splits, stock dividends, reclassification or other similar
events). If, at the end of the particular Employment Year, the Employer’s Stock Price is equal to
or exceeds one or more of the prices specified, Executive shall be entitled to the percentage of
the Target Bonus set forth next to the highest such price achieved. Any Bonus earned as a result
of achieving the Stock Price target shall be paid to Executive within three business days of the
end of the Employment Year in which the Milestone is achieved. Total maximum bonus for Schedule A
Milestones obtained is equal to 50% of the current Employment Year’s “Target Bonus”.

     2. Paragraph (b) of Section 4.7. EQUITY INCENTIVE is amended and restated in its entirety and
shall read as follows:

     "(b) OPTION AWARDS. Employer shall grant to the Executive Options to purchase 75,000 shares of
Common Stock to be issued only if the Executive can achieve certain performance objectives. All
Options granted pursuant to this paragraph shall:

     (i) be subject to an option agreement containing terms substantially similar to the terms
generally provided in the option agreements of the Employer’s other senior managers (except as
otherwise modified herein);

 

 

     (ii) have a term of 10 years from the date of grant;

     (iii) shall be fully vested and be exercisable as follows:

     a. At the end of Employment Period one, at September 30, 2007, Options with respect to
25,000 shares, with an exercise price equal to $10.00, shall be issued vest and be exercisable
immediately; only if the company has reached the performance objective of 9,000 booked moves.

     b. At the end of Employment Period two, at September 30, 2007, Options with respect to
25,000 shares, with an exercise price equal to $12.00, shall be issued vest and be exercisable
immediately; only if the company has reached the performance objective of 12,000 booked moves.

     c. At the end of Employment Period three, at September 30, 2008, Options with respect to
25,000 shares, with an exercise price equal to $14.00, shall be issued vest and be exercisable
immediately; only if the company has reached the performance objective of 15,000 booked moves.

     PROVIDED, HOWEVER, that upon a Change of Control, all Options that have not yet vested and
become exercisable shall be deemed to have vested and have become exercisable as of the time
immediately preceding such Change of Control;

     (iv) shall provide for cashless exercise of such Options;

     (v) be issued under a qualified omnibus long-term incentive plan (a “Plan”) that will provide
for Incentive Stock Options pursuant to Internal Revenue Code (“Code”) Section 422, non-qualified
stock options and other forms of long-term incentives. If the Employer does not have a Plan
applicable to the Executive or if an existing Plan does not provide for the foregoing terms or if
sufficient shares are not available for grant under an existing Plan, Employer undertakes to
implement a Plan to provide for the issuance of Executive’s Options. Failure of the Employer to
implement such a Plan shall not prevent Executive’s right to receive his Options and he may elect,
in his sole discretion, to receive Options not subject to a Plan.

     (c) From time to time, the Board may, in its discretion, grant additional Options to
Executive, on such terms as the Board determines.”

     3. Schedule A and B to the EA is amended and restated in its entirety and is attached
herewith.

[Remainder of the page intentionally left blank]

2

 

     This Amendment is acknowledged and agreed to this 15th day of September, 2006.

SMART MOVE, LLC

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Chris Sapyta
 	 
	 	 	Name:  	Chris Sapyta 	 
	 	 	Title:  	CEO 	 
	 

EXECUTIVE

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Edward Johnson
 	 
	 	 	Name:  	Edward Johnson 	 
	 	 	Title:  	CFO 	 
	 

3

 

SCHEDULE A

PERFORMANCE MILESTONES —STOCK PRICE

	 	 	 	 	 	 	 	 	 	 	 
	YEAR 1 BONUS	 	YEAR 2 BONUS	 	YEAR 3 BONUS
	At 9/30/2007	 	At 9/30/2008	 	At 9/30/2009
	STOCK PRICE	 	% EARNED	 	STOCK PRICE	 	% EARNED	 	STOCK PRICE	 	% EARNED
	$6.00
	 	15%
	 	$8.50
	 	20%
	 	$10.50
	 	25%
	$7.50
	 	30%
	 	$9.50
	 	35%
	 	$11.50
	 	50%
	$8.50
	 	50%
	 	$10.50
	 	60%
	 	$12.50
	 	75%
	$9.50
	 	100%
	 	$11.50
	 	100%
	 	$13.50
	 	100%

	 	 	 	 	 	 	 
	YEAR 4 BONUS	 	YEAR 5 BONUS
	At 9/30/20010	 	At 9/30/2011
	STOCK PRICE	 	% EARNED	 	STOCK PRICE	 	% EARNED
	$12.50
	 	30%
	 	$14.50
	 	40%
	$13.50
	 	60%
	 	$15.50
	 	65%
	$14.50
	 	85%
	 	$16.50
	 	90%
	$15.50
	 	100%
	 	$17.50
	 	100%

4

 

SCHEDULE B

PERFORMANCE MILESTONES — COMPLETED MOVES

	 	 	 	 	 	 	 	 	 	 	 
	YEAR 1 BONUS	 	YEAR 2 BONUS	 	YEAR 3 BONUS
	At 9/30/2007	 	At 9/30/2008	 	At 9/30/2009
	Completed	 	 	 	Completed	 	 	 	Completed	 	 
	Moves 10/2006	 	% EARNED	 	Moves 10/2007	 	% EARNED	 	Moves 10/2008	 	% EARNED
	- 9/2007	 	 	 	- 09/2008	 	 	 	- 09/2009	 	 
	2500
	 	25%
	 	5000
	 	25%
	 	7000
	 	25%
	2750
	 	50%
	 	5500
	 	50%
	 	7500
	 	50%
	3000
	 	75%
	 	6000
	 	75%
	 	8000
	 	75%
	3250
	 	100%
	 	6500
	 	100%
	 	9000
	 	100%

	 	 	 	 	 	 	 
	YEAR 4 BONUS	 	YEAR 5 BONUS
	At 9/30/2010	 	At 9/30/2011
	STOCK PRICE	 	% EARNED	 	STOCK PRICE	 	% EARNED
	TBD
	 	25%
	 	TBD
	 	25%
	TBD
	 	50%
	 	TBD
	 	50%
	TBD
	 	75%
	 	TBD
	 	75%
	TBD
	 	100%
	 	TBD
	 	100%

5

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