Document:

ADSK 01.31.2014 Ex 10.32

Exhibit 10.32
AUTODESK, INC.
INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN
(as amended and restated effective September 21, 2011)
(Sub-Plan of the Autodesk, Inc. 1998 Employee Qualified Stock Purchase Plan, as amended and restated)
The following constitute the provisions of the International Employee Stock Purchase Plan, as amended and restated (herein called the “Sub-Plan”) of Autodesk, Inc. (herein called the “Company”), a sub-plan of the Autodesk, Inc. 1998 Employee Qualified Stock Purchase Plan, as amended and restated (herein called the “US Plan”).
1.Purpose.  The Sub-Plan is intended to provide eligible Employees of the Company’s Affiliates the opportunity to acquire a proprietary interest in the Company through the purchase of shares of the Company’s common stock at periodic intervals with their accumulated payroll deductions or other approved contributions.  The Sub-Plan is not intended to qualify as an employee stock purchase plan under Section 423 (b) of the U.S. Internal Revenue Code of 1986, as amended.
All provisions of this Sub-Plan shall be governed by the U.S. Plan, except as otherwise provided herein.
The Sub-Plan became effective on the designated Effective Date.
2.Definitions.
All definitions in the Sub-Plan shall be interpreted in accordance with the U.S. Plan except as otherwise provided herein.
(a)“Affiliate” shall mean a corporation, partnership, joint venture or other business entity, or branch of such business entity, domestic or foreign, of which not less than 50% of the voting shares are held by the Company or a Subsidiary, whether or not such corporation now exists or is hereafter organized or acquired by the Company or an Affiliate.
(b)“Effective Date” shall mean December 6, 2007; provided, however, that any Affiliate which extends the benefits of this Sub-Plan to its Employees after December 6, 2007, shall designate a subsequent Effective Date with respect to its employee-Participants.
(c)“Employee” shall mean any person employed by an Affiliate. 
(d) “Participant” means any Employee who meets the eligibility and participation requirements set forth in Sections 3 and 4, below.
3.Eligibility.  Each individual who is (a) an Employee as of the last day of the Enrollment Period for the applicable Offering Period, and (b) employed by an Affiliate (or legal 

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extension of an Affiliate, such as a branch office) operating in one of the countries listed on the attached Schedule A (which Schedule A may be amended form time to time by the Board or a committee thereof), shall be eligible to participate in the Sub-Plan for that Offering Period.
4.Participation.
(a)An eligible Employee may become a Participant in the Plan by completing a subscription agreement authorizing payroll deductions or other approved contributions on the form provided by the Company and filing it with the Company’s payroll office during the Enrollment Period for the applicable Offering Period, unless a later or earlier time for filing the subscription agreement is set by the Board for all eligible Employees with respect to a given offering.  
(b)Payroll deductions for a Participant shall continue at the rate specified in the subscription agreement throughout the Offering Period with automatic re-enrollment for the Offering Period which commences the day after the Exercise Date at the same rate specified in the original subscription agreement, subject to any change in subscription rate made pursuant to Section 6(c) of the U.S. Plan, unless sooner terminated by the participant as provided in Section 11 of the U.S. Plan.
5.Payroll Deductions and Other Approved Contributions.
(a)Except to the extent otherwise determined by the Board, payroll deductions shall be made in accordance with Section 6 of the U.S. Plan.  The Board may, at its discretion, approve other methods of contributions including, without limitation, check, cash or standing order of the Participant’s individual bank account.
(b)The amounts so collected shall be credited to the participant’s individual book account under the Sub-Plan, initially in the currency in which paid by the Affiliate until converted into U.S. Dollars.  Accordingly, all purchases of Common Stock under the Sub-Plan are to be made with the U.S. Dollars into which the payroll deductions for the Offering Period or other approved contributions have been converted.  The amounts collected from a participant may be commingled with the general assets of the Company or the  Affiliate and may be used for general corporate purposes, except as otherwise required by local law.
(c)For purposes of determining the number of shares purchasable by a participant, the payroll deductions or other approved contributions credited to each participant’s book account during each Exercise Period shall be converted into U.S. Dollars on the Exercise Date for that Exercise Period on the basis of the exchange rate in effect on such date.  The Board shall have the absolute discretion to determine the applicable exchange rate to be in effect for each Exercise Date by any reasonable method (including, without limitation, the exchange rate actually used by the Company for its intra-Company financial transactions for the month of such transfer).  Any changes or fluctuations in the exchange rate at which the payroll deductions or other approved contributions collected on the participant’s behalf are converted into U.S. Dollars on each Exercise Date shall be borne solely by the participant.
6.Grant of Option.  The grant of the option and the purchase price of the option shall be in accordance with Section 7 of the U.S. Plan.
7.Exercise of Option.  The exercise of the option shall be in accordance with Section 8 of the U.S. Plan.
8.Withdrawal; Termination of Employment.
(a)A Participant may withdraw all but not less than all the payroll deductions or other approved contributions credited to his or her account under the Sub-Plan at any time 

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prior to the Exercise Date of the Offering Period by giving written notice to the Company.  All of the Participant’s payroll deductions or other approved contributions credited to his or her account will be paid to him or her at the next pay date after receipt of his or her notice of withdrawal and his or her option for the current period will be automatically terminated, and no further payroll deductions for the purchase of shares will be made during the Offering Period.
(b)Upon termination of the participant’s Continuous Status as an Employee prior to the Exercise Date for any reason, including retirement or death, the payroll deductions or other approved contributions credited to his or her account will be returned to the participant’s or, in the case the of Participant’s death, to the person or persons entitled thereto under Section 15 of the U.S. Plan, and his or her option will be automatically terminated.
(c)A Participant’s withdrawal from an offering will not have any effect upon his or her eligibility to participate in a succeeding offering or in any similar plan which may hereafter be adopted by the Company.
9.Transfer of Employment.
(a)In the event that a Participant who is an Employee of an Affiliate is transferred and becomes an employee of the Company during an Offering Period under the Sub-Plan, such individual may, subject to the terms and eligibility of the U.S. Plan, become a participant under the U.S. Plan for the duration of the Offering Period in effect at that time.  Unless otherwise required under local law, any payroll deductions or other approved contributions may continue to be held by the Affiliate former employer of the Participant for the remainder of the Offering Period.  At the next Exercise date, all payroll deductions and other approved contributions made by or to the Company or the Affiliate shall be aggregated for the purchase of shares subject to the terms and limitations of the U.S. Plan.
(b)In the event that an employee of the Company who is a participant in the U.S. Plan is transferred and becomes an Employee of an Affiliate during an Offering Period in effect under the U.S. Plan, such individual may become a participant under the Sub-Plan for the duration of the Offering Period in effect at that time.  Unless otherwise required under local law, any payroll deductions may continue to be held by the Company for the remainder of the Offering Period.  At the next Exercise date, all payroll deductions and other approved contributions made by or to the Company or Affiliate may be aggregated for the purchase of shares subject to the terms and limitations of the Sub-Plan.
10.Interest.  No interest shall accrue on the payroll deductions or other approved contributions of a Participant in the Sub-Plan unless required by local law.
11.Stock.
(a)The shares of the Company’s Common Stock purchasable by Participants under the Sub-Plan shall be made available from shares reserved under the U.S. Plan and any shares issued under the Sub-Plan will reduce, on a share-for-share basis, the number of shares of Stock available for subsequent issuance under the U.S. Plan.
(b)The Participant will have no interest or voting right in shares covered by his or her option until such option has been exercised.
(c)Shares to be delivered to a Participant under the Sub-Plan will be registered in the name of the Participant or in the name of the Participant and his or her spouse.
12.Administration.  The Sub-Plan shall be administered in accordance with Section 14 of the U.S. Plan. The Board may adopt rules or procedures relating to the operation and administration of the Sub-Plan to accommodate the specific requirements of the law and 

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procedures of applicable jurisdictions.  Without limiting the generality of the foregoing, the Board is specifically authorized to adopt rules and procedures regarding handling of payroll deductions or other approved contributions, payment of interest, conversion of local currency, payroll tax, withholding procedures and handling of stock certificates that vary with local requirements.  The Board may also adopt rules, procedures or sub-plans applicable to particular Affiliates or jurisdictions.  The rules of such sub-plans may take precedence over other provisions of this Sub-Plan, with the exception of Section 11 of the Sub-Plan, but unless otherwise superseded by the terms of such sub-plan, the provisions of the Sub-Plan shall govern the operation of such sub-plan.
13.Transferability.  Neither payroll deductions nor other funds credited to a Participant’s account nor any rights with regard to the exercise of an option or to receive shares under the Sub-Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 15 of the U.S. Plan) by the Participant.  Any such attempt at assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw funds in accordance with Section 11 of the U.S. Plan.  In order to comply with local law (including, without limitation, local securities and applicable exchange laws), the Company may require a Participant to retain the shares purchased on his or her behalf in a Company account or an account of a designated broker until the sale of such shares.
14.Use of Funds.  All payroll deductions or other approved contributions received or held by the Company under the Sub-Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions or other approved contributions unless required by local law. 
15.Reports.  Individual accounts will be maintained for each Participant in the Sub-Plan.  Statements of account will be given to participating Employees annually promptly following the Exercise Date, which statements will set forth the amounts of payroll deductions or other approved contributions, the per share purchase price, the number of shares purchased and the remaining cash balance refunded or to be refunded, if any.
16.Amendment or Termination.  The Board of Directors of the Company or its Committee appointed pursuant to the U.S. Plan may at any time terminate or amend the Sub-Plan.  No such termination can affect options previously granted, nor may an amendment make any change in any option theretofore granted which adversely affects the rights of any participant.  
Notwithstanding any provision of the U.S. Plan or this Sub-Plan to the contrary, in order to comply with the laws in other countries in which the Company and its Subsidiaries operate or have participants, the Company, by action of its duly authorized officers, in their sole discretion, shall have the power and authority at any time to establish “offering document” and similar addendums to this Sub-Plan to modify administrative procedures and other terms and procedures, to the extent such actions may be necessary or advisable and take any action that it deems advisable to obtain approval or comply with any necessary local governmental regulatory exemptions or approvals.  Notwithstanding the foregoing, no action may be taken hereunder that would violate the Exchange Act, the Code, any securities law or governing statute or any other applicable law or cause the U.S. Plan not to comply with Section 423 of the Code.

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17.Notices.  All notices or other communications by a participant to the Company under or in connection with the Sub-Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof.
18.Term of Sub-Plan.  The Sub-Plan became effective on December 6, 2007, and shall continue in effect until the expiration or termination of the U.S. Plan.
19.Governing Laws.  Except as otherwise expressly required under the laws of the local jurisdiction, the Sub-Plan and all rights hereunder shall be governed by and construed in accordance with the laws of the state of California, United States of America without resort to that state’s conflict-of-laws rules.  Should any provision of this Sub-Plan be determined by a court of competent jurisdiction to be unlawful or unenforceable for a country, such determination shall in no way affect the application of that provision in any other country, or any of the remaining provisions of the Sub-Plan.
Schedule A
Countries with Eligible Employees of Affiliates Participating in the
International Employee Stock Purchase Plan
(as of February 28, 2014)

Australia                 
Austria                 
Belgium                     
Canada     
China                    
Czech Republic                
Denmark
Finland                
France                     
Germany                 
Greece                     
Hong Kong                
Hungary                 
India 
Indonesia
Ireland                    
Israel                    
Italy                     
Japan                     
Malaysia 
Netherlands
New Zealand
Norway
Philippines 
Poland 
Portugal 

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Romania
Singapore
South Korea
Spain
Sweden
Switzerland
Taiwan
Thailand
Turkey
United Arab Emirates
United Kingdom

6INUV-EX10.27_2013.BridgeBank 4th Business Financing Modification

FOURTH BUSINESS FINANCING MODIFICATION AGREEMENT

This Fourth Business Financing Modification Agreement (“Business Financing Modification Agreement”) is entered into as of March 6, 2014, and made effective as of March 1, 2014, by and between BRIDGE BANK, NATIONAL ASSOCIATION (“Lender”) INUVO, INC., a Nevada corporation (“Parent”), BABYTOBEE, LLC, a New York limited liability company (“Babytobee”), KOWABUNGA MARKETING, INC., a Michigan corporation (“Kowabunga”), VERTRO, INC., a Delaware corporation (“Vertro”), and ALOT, INC., a Delaware corporation (“A LOT” and together with Parent, Babytobee, Kowabunga and Vertro, each a “Borrower” and collectively, “Borrowers”).

1.    DESCRIPTION OF EXISTING INDEBTEDNESS: Among other indebtedness which may be owing by Borrowers to Lender, Borrowers are indebted to Lender pursuant to, among other documents, a Business Financing Agreement, dated March 1, 2012, by and between Borrowers and Lender, as may be amended from time to time, including by that certain First Business Financing Modification Agreement dated as of June 29, 2012, that certain Second Business Financing Modification Agreement dated as of October 11, 2012, and that certain Third Business Financing Modification Agreement dated as of March 29, 2013 (collectively, the “Business Financing Agreement”).  Capitalized terms used without definition herein shall have the meanings assigned to them in the Business Financing Agreement.   

Hereinafter, all indebtedness owing by Borrowers to Lender shall be referred to as the “Indebtedness” and the Business Financing Agreement and any and all other documents executed by Borrowers in favor of Lender shall be referred to as the “Existing Documents.”

2.    DESCRIPTION OF CHANGE IN TERMS.

A.    Modifications to Business Financing Agreement:

i)  The following new clause (f) is hereby added to Section 1.12 of the Business Financing Agreement:

“(f)    Accelerated Repayments.  In addition to the repayments of principal and interest set forth above in Section 1.12(c), Borrowers shall make payments on the outstanding principal of the Term Loans in the amounts and on the dates as follows:

	
		
	Payment Date
	Principal Payment Amount

	March 10, 2014
	$250,000

	April 10, 2014
	$0

	May 10, 2014
	$0

	June 10, 2014
	$0

	July 10, 2014
	$90,000

	August 10, 2014
	$140,000

	September 10, 2014
	$140,000

	October 10, 2014
	$190,000

	November 10, 2014
	$190,000

	December 10, 2014
	$215,000

ii)  Section 4.9(g) of the Business Financing Agreement is hereby deleted in its entirety and replaced by the following:

“(g)    Within 10 business days of the 15th day of each calendar month and the end of each calendar month (each, a “Testing Date”), a borrowing base certificate, in form and substance satisfactory to Lender setting Eligible Receivables and Receivable Amounts thereof as of such Testing Date (Lender understands and acknowledges that the borrowing base certificate due based on the 15th day of each calendar month will be on an estimated basis).”

iii)  Section 4.15 of the Business Financing Agreement is hereby deleted in its entirety and replaced by the following:

“4.15    Maintain Borrowers’ consolidated financial condition as follows using generally accepted accounting principles consistently applied and used consistently with prior practices (except to the extent modified by the definitions herein):

(a)    Asset Coverage Ratio, measure monthly of not less than (i) 0.70 to 1.00 for the February 2014 measuring period, (ii) 0.90 to 1.00 for the March 2014 and April 2014 measuring periods, (iii) 1.00 to 1.00 for the May 2014, June 2014 and July 2014 measuring periods, and (iv) 1.25 to 1.00 for the August 2014 measuring period and each monthly measuring period thereafter.

(b)    Debt Service Coverage Ratio, measured monthly on a trailing 3 month basis, of not less than 1.75 to 1.00 for each measuring period beginning with the May 2014 measuring period.

(c)    Beginning with the February 2014 measuring period, Borrowers shall not negatively deviate more than 20% from the approved revenue and adjusted EBITDA as calculated in the projected plan most recently submitted and accepted by Lender in its sole discretion.”

iv)  The following defined terms are hereby added to Section 12.1 of the Business Financing Agreement, or amended and restated, as follows:

“EBITDA” means net profit before tax plus interest expense, depreciation expense and amortization expense.

“Term Loan Maturity Date” means March 10, 2015.

“Term Loan Rate” means a per annum rate equal to the Prime Rate plus 6.00%, plus an additional 5.00% during any period that an Event of Default has occurred and is continuing.

‘Testing Date” has the meaning set forth in Section 4.9(g).

3.    CONSISTENT CHANGES.  The Existing Documents are each hereby amended wherever necessary to reflect the changes described above.

4.    PAYMENT OF MODIFICATION FEE. Borrowers shall pay Lender a fee in the amount of $35,000 (“Modification Fee”), plus all legal fees and out-of-pocket expenses.

5.    NO DEFENSES OF BORROWERS/GENERAL Release.  Each Borrower agrees that, as of this date, it has no defenses against the obligations to pay any amounts under the Indebtedness.  Each Borrower (each, a “Releasing Party”) acknowledges that Lender would not enter into this Business Financing Modification Agreement without Releasing Party’s assurance that it has no claims against Lender or any of Lender’s officers, directors, employees or agents.  Except for the obligations arising hereafter under this Business Financing Modification Agreement, each Releasing Party releases Lender, and each of Lender’s and entity’s officers, directors and employees from any known or unknown claims that Releasing Party now has against Lender of any nature, including any claims that Releasing Party, its successors, counsel, and advisors may in the future discover they would have now had if they had known facts not now known to them, whether founded in contract, in tort or pursuant to any other theory of liability, including but not limited to any claims arising out of or related to the Agreement or the transactions contemplated thereby.  Releasing Party waives the provisions of California Civil Code section 1542, which states:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.
The provisions, waivers and releases set forth in this section are binding upon each Releasing Party and its shareholders, agents, employees, assigns and successors in interest.  The provisions, waivers and releases of this section shall inure to the benefit of Lender and its agents, employees, officers, directors, assigns and successors in interest.  The provisions of this section shall survive payment in full of the Obligations, full performance of all the terms of this Business Financing Modification Agreement and the Business Financing Agreement, and/or Lender’s actions to exercise any remedy available under the Business Financing Agreement or otherwise.

6.    CONTINUING VALIDITY.  Each Borrower understands and agrees that in modifying the existing Indebtedness, Lender is relying upon such Borrower’s representations, warranties, and agreements, as set forth in the Existing Documents.  Except as expressly modified pursuant to this Business Financing Modification Agreement, the terms of the Existing Documents remain unchanged and in full force and effect.  Lender’s agreement to modifications to the existing Indebtedness pursuant to this Business Financing Modification Agreement in no way shall obligate Lender to make any future modifications to the Indebtedness.  Nothing in this Business Financing Modification Agreement shall constitute a satisfaction of the Indebtedness.  It is the intention of Lender and Borrowers to retain as liable parties all makers and endorsers of Existing Documents, unless the party is expressly released by Lender in writing.  No maker, endorser, or guarantor will be released by virtue of this Business Financing Modification Agreement.  The terms of this paragraph apply not only to this Business Financing Modification Agreement, but also to any subsequent Business Financing modification agreements.
7.    CONDITIONS.  The effectiveness of this Business Financing Modification Agreement is conditioned upon payment of the Modification Fee and payment of all legal fees and expenses in connection with this Business Financing Modification Agreement.

8.    NOTICE OF FINAL AGREEMENT. BY SIGNING THIS DOCUMENT EACH PARTY REPRESENTS AND AGREES THAT: (A) THIS WRITTEN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES, (B) THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES, AND (C) THIS WRITTEN AGREEMENT MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR UNDERSTANDINGS OF THE PARTIES.

9.    COUNTERSIGNATURE.  This Business Financing Modification Agreement shall become effective as of March 1, 2014, only when executed by Lender and each Borrower.

[Balance of Page Intentionally Left Blank]4
[Signature Page to Fourth Business Financing Modification Agreement]
703059.4

IN WITNESS WHEREOF, Borrowers and Lender have executed this Fourth Business Financing Modification Agreement on the day and year above written.

BORROWERS:                    LENDER:

INUVO, INC.                    BRIDGE BANK, NATIONAL ASSOCIATION

By:      /s/ Wallace D. Ruiz______________        By:      /s/David Farrell___________________ 
Name: Wallace D. Ruiz_________________        Name: David Farrell_____________________
Title:  Chief Financial Officer____________        Title:   Vice President-Relationship Manager

BABYTOBEE, LLC

By:      /s/ Wallace D. Ruiz______________    
Name: Wallace D. Ruiz_________________    
Title:   Chief Financial Officer___________ 

KOWABUNGA MARKETING, INC.

By:      /s/ Wallace D. Ruiz______________    
Name: Wallace D. Ruiz_________________    
Title:   Chief Financial Officer___________

VERTRO, INC.

By:      /s/ Wallace D. Ruiz______________    
Name: Wallace D. Ruiz_________________    
Title:   Chief Financial Officer___________

ALOT, INC.

By:      /s/ Wallace D. Ruiz______________    
Name: Wallace D. Ruiz_________________    
Title:   Chief Financial Officer___________

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