Document:

Exhibit
10.3(b)

    

    SUPPLEMENT

    TO

    SEPARATION
AGREEMENT

            AND
GENERAL
RELEASE        

     

    
      THIS SUPPLEMENT, effective as of
June 30, 2009 to that certain Separation Agreement and General Release, dated as
of December 30, 2005 (the “Separation Agreement”), by and between Medialink
Worldwide Incorporated (“Medialink”) and J. Graeme McWhirter
(“McWhirter”).

      

      WHEREAS, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto have agreed to supplement and modify the Separation Agreement (i)
to modify the amount of the Severance Payment; and (ii) to exchange limited
releases.

      

      NOW, THEREFORE, the parties
hereto mutually agree as follows:

      

      1.           All
capitalized terms used herein but not defined herein shall have the meaning
ascribed to them in the Separation Agreement.

      

      2.           McWhirter
agrees and acknowledges that as of the date of this Supplement to the Separation
Agreement, he has received from Medialink the aggregate gross amount of One
Hundred Seventy-Nine Thousand Six Hundred Eight and 56/100 ($179,608.56) Dollars
as the Consulting Payment.  McWhirter acknowledges and agrees that
this amount constitutes the entire Consulting Payment due from Medialink and no
further payments will be made by Medialink towards the Consulting
Payment.  Medialink acknowledges that McWhirter is not required to
provide any further consulting services to Medialink.

      

      3.           McWhirter
agrees and acknowledges that as of the date of this Supplement to the Separation
Agreement, he has received from Medialink the aggregate gross amount of One
Million Nineteen Thousand Ninety-Four and 88/100 ($1,019,094.88) Dollars towards
the Severance Payment.  McWhirter acknowledges and agrees that
notwithstanding the terms of Section 6(b) of the Separation Agreement, this
amount constitutes the entire Severance Payment due from Medialink and no
further payments will be made by Medialink towards the Severance
Payment.

      

      4.         
 Supplementing Section 12(a) of the Separation Agreement, but not in lieu
thereof, McWhirter hereby stipulates, agrees, and understands that in
consideration of the Medialink release given in this Supplement to the
Separation Agreement, that being good and valuable consideration, McWhirter, on
behalf of himself and the McWhirter Parties, hereby releases Medialink and the
Medialink Parties from any and all debts, obligations, claims, demands,
judgments or causes of action of any kind whatsoever in tort, contract, by
statute, or on any other basis for compensatory, punitive or any other damages,
expenses, reimbursements or costs of any kind arising out of the Separation
Agreement, including without limitation, any claims that McWhirter is entitled
to further payments towards the Severance Payment or is entitled to other
payments under the Separation Agreement or otherwise.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      5.         
Supplementing Section 12(b) of the Separation Agreement, but not in lieu
thereof, Medialink hereby stipulates, agrees, and understands that in
consideration of the McWhirter release given in this Supplement to the
Separation Agreement, that being good and valuable consideration, Medialink, on
behalf of itself and the Medialink Parties, hereby releases McWhirter from any
and all debts, obligations, claims, demands, judgments or causes of action of
any kind whatsoever in tort, contract, by statute, or on any other basis for
compensatory, punitive or any other damages, expenses, reimbursements or costs
of any kind arising out of or related to certain tax matters; provided, however,
that nothing herein shall be deemed a release of any claim related to or arising
from additional material facts, circumstances, actions or inactions which are
not known to Medialink as of the date of this Supplement to the Separation
Agreement.

      

      6.           McWhirter
agrees that upon the delivery of this Supplement to the Separation Agreement
from Medialink to McWhirter, McWhirter shall deliver to Medialink all records,
documents and information in McWhirter’s custody or control, if any, which
pertain to Medialink and/or which may be useful to Medialink in the resolution
of any tax, finance or operational issues affecting
Medialink.  Further, McWhirter agrees to respond by telephone, to the
best of his capabilities, to any Medialink requests for information related to
Medialink’s taxes, finances or operations.

      

      7.         
This Supplement to the Separation Agreement is expressly conditioned upon the
approval of the terms hereof by Medialink’s Board of Directors, and shall not be
effective until such approval.  The officer signing below on behalf of
Medialink hereby represents that the terms hereof have been approved by
Medialink’s Board of Directors.

      

      8.         
Except as specifically supplemented or modified by this Supplement to the
Separation Agreement, in all other respects the Separation Agreement remains
unchanged and in full force and effect.

      

      IN WITNESS WHEREOF, the
parties hereto have executed this Supplement to the Separation Agreement as of
the date set forth above.

    

     

    
      
        
          
            	 	 	MEDIALINK
      WORLDWIDE INCORPORATED	 
	 	 	 	 
	
                    /s/
      J. Graeme McWhirter 

                  	 	By:	
                    /s/ 
      Kenneth Torosian

                  	 
	
                    J.
      GRAEME McWHIRTER  

                  	 	 	
                    Name: 
      Kenneth Torosian

                  	 
	
                     

                  	 	 	
                    Title:   
      Chief
      Financial Officer

                  	 

          

           

        

      

    

    
      
         

      

      
        2Unassociated Document

    Exhibit
10.1

     

    STANDARD
MICROSYSTEMS CORPORATION

    2006 DIRECTORS STOCK
APPRECIATION RIGHTS PLAN

    (As Amended and Restated on
June 1, 2009)

    

    

    
      	
              1.

            	
              Purpose.  The
      purpose of this 2006 Directors Stock Appreciation Rights Plan (the “Plan”
      or the “SAR Plan”) of Standard Microsystems Corporation (the “Company” or
      “SMSC”), is to link the compensation of outside directors of the Company,
      whose services are considered essential to the Company’s continued
      progress, to the performance of SMSC stock, and to also provide them with
      a further incentive to continue to serve as directors of the
      Company.  The Plan is also intended to assist the Company
      through utilization of the incentives provided by the Plan to attract and
      retain experienced and qualified candidates to fill vacancies in the Board
      that may occur in the future.

            

    

     

    2.           Administration

    

    
      	
               
      

            	
              a.

            	
              The
      Plan will be administered by the Board of Directors (the “Board”) of the
      Company.  The Board may delegate all or a portion of the
      administrative responsibilities for the SAR Plan to the Compensation
      Committee of the Board. Subject to the express provisions of the Plan, the
      Board will have complete authority to interpret the Plan; to prescribe,
      amend, and rescind rules and regulations relating to it; to determine the
      terms and provisions of the respective Stock Appreciation Rights (“SAR”)
      Agreements (which need not be identical); and to make all other
      determinations necessary or advisable for the administration of the
      Plan.  The Board’s determinations on the matters referred to in
      this Section 2 will be conclusive and binding on all
    parties.

            

    

    

    
      	
               
      

            	
              b.

            	
              No
      member of the Board, or any employee of the Company authorized to
      administer the Plan, shall be liable for any action or determination made
      in good faith with respect to this Plan or any SAR Grant. To the full
      extent permitted by law, the Company shall indemnify and hold harmless
      each person made or threatened to be made a party to any civil or criminal
      action or proceeding by reason of the fact that such person, or such
      person's testator or intestate, is or was a member of the Board, or an
      authorized employee.

            

    

     

     

    
      	
              3.

            	
              Participation
      in the Plan.  Each person who is now or shall become a
      director of the Company and who is not, while serving as director, an
      employee of the Company or any Subsidiary of the Company, shall be
      eligible to participate in the Plan (an “Eligible Director”, hereinafter
      also referred to as a “Grantee”).  A director of the Company
      shall not be deemed to be an employee of the Company solely by reason of
      the existence of a consulting contract between such director and the
      Company or any Subsidiary thereof pursuant to which the director agrees to
      provide consulting services as an independent consultant to the Company or
      its Subsidiaries on a regular or occasional basis for a stated
      consideration.

            

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

     

    
      	
              4.

            	
              SAR
      Shares Subject to the Plan.  Subject to the provisions of
      Section 10 hereof, this Plan has 400,000 “hypothetical” shares (the
      “Shares”) of $.10 par value common stock of SMSC (the “Common Stock”)
      available for the granting of SARs under the Plan.  The Plan
      does not permit any payments for a SAR Grant to be made in the Common
      Stock of SMSC.

            

    

     

    If any
SARs are not granted under the Plan in whole or in part, such as if an Eligible
Director should cease to be a Board member before any SAR becomes vested,
“hypothetical” Shares that could have been granted or do not vest shall remain
available for the granting of new SARs under the Plan.

     

     

    
      	
              5.

            	
              General
      Terms and Conditions of SAR
Grants

            

    

     

    
      	
               
      

            	
              a.

            	
              Form
      of SARs.  Each SAR granted under this Plan shall be
      evidenced by a written SAR Agreement in such form as the Board shall from
      time to time approve, which SAR Agreement shall set forth the applicable
      date of grant (the “Grant Date”) and shall comply with and be subject to
      the terms and conditions set forth in the
Plan.

            

    

     

    
      	
               
      

            	
              b.

            	
              Initial
      SARs.  .  Any Eligible Director first elected
      or appointed after June 1, 2009 shall automatically be granted 28,000
      Initial SARs.  All Initial SARs shall be subject to the Vesting
      Schedule contained in Section 5(f)
below.

            

    

     

    
      	
               
      

            	
              c.

            	
              Current
      Service SARs.  In addition to Initial SARs, each Eligible
      Director shall be automatically granted SARs equal to 3,500 shares
      (“Current SAR Grant”) on a quarterly basis beginning after one year of
      incumbency for each Eligible Director who was first elected or appointed
      after June 1, 2009 and after three years of incumbency for all Eligible
      Directors first elected or appointed prior to June 1, 2009.  All
      shares granted pursuant to a Current SAR Grant shall be fully vested upon
      the first anniversary of each Grant Date.  Current Service SARs
      shall be granted on each January 15, April 15, July 15, and October 15
      (or, if any such day shall not be a business day, then on the next
      succeeding business day).

            

    

     

    
      	
               
      

            	
              d.

            	
              SAR
      Grant Value.  All SARs granted hereunder shall have a
      “Grant Value” equal to the “Fair Market Value” of a share of Common Stock
      on the Grant Date, as defined in Section
13(f).

            

    

     

    
      	
               
      

            	
              e.

            	
              SARs
      Nontransferable.  Each SAR granted under the Plan by its
      terms shall not be transferable by the Grantee otherwise than by will, or
      by the laws of descent and distribution.  No SAR or interest
      therein may be transferred, assigned, pledged, or hypothecated by the
      Grantee during his or her lifetime, whether by operation of law or
      otherwise, or be made subject to execution, attachment, or similar
      process.

            

    

     

    
      	
               
      

            	
              f.

            	
              Vesting
      of SARs.  For all Initial SARS granted after June 1,
      2009, one-half (1/2) of the number of Initial SARs granted shall vest on
      the first anniversary of the date of grant, and the remaining one half
      (1/2) shall vest on the second anniversary of the date of grant. In the
      event of death, Disability or any termination from the Board, the Board
      shall have the discretion to accelerate the vesting of any Initial or
      Current Service SARs.

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              g.

            	
              Exercise
      of SARs.  Any SAR, once vested, can be exercised within
      the complete discretion of the Grantee at any point in time prior to the
      expiration of any SAR.

            

    

    

    All SAR
Grants shall be exercised only in accordance with the Company’s current Trading
Policy.

    

    
      	
               
      

            	
              h.

            	
              Payments
      Upon Exercise.  Upon the exercise of a SAR, a Grantee
      shall be entitled to receive an amount in cash equal to the excess of the
      fair market value of one share over the Grant Value per share specified in
      the related SAR Grant, multiplied by the number of shares in respect of
      which the SAR Grant is exercised. Full or fractional shares may be
      exercised.  Payment will be made within ten (10) business days
      of any exercise.

            

    

    

    
      	
               
      

            	
              i.

            	
              Termination
      of Grantee’s Directorship.  If a Grantee's directorship
      with the Company is terminated for any reason, other than by reason of
      death or Disability (as described in Subsections (j) and (k) below) prior
      to exercise, any vested SARs shall remain exercisable for a period equal
      to the lesser of three (3) years from the date of the termination of a
      Grantee’s Directorship or the outstanding exercise period for any
      SAR.

            

    

     

    
      	
               
      

            	
              j.

            	
              Death
      of Grantee.  If a Grantee’s directorship is terminated by
      reason of his death prior to the exercise of his SAR Grant, or if a
      Grantee whose directorship is terminated as a result of a Disability (as
      described in Subsection (k) below) shall die following the Grantee's
      termination of being a director, but prior to exercise of any vested SAR
      Grant, such SAR Grant shall be exercisable by the Grantee's Beneficiary to
      the extent of the number of SARs in which the Grantee was vested for a
      period equal to the lesser of three (3) years from the date of the
      termination of a Grantee’s Directorship or the outstanding exercise period
      for any SAR.

            

    

     

    
      	
               
      

            	
              k.

            	
              Disability
      of Grantee.  If a Grantee shall become Disabled during
      the Grantee's directorship with the Company and the Grantee's directorship
      with the Company is terminated as a consequence of such Disability, or if
      a Grantee whose directorship is terminated shall become Disabled following
      the Grantee’s termination of being a Director, but prior to the exercise
      of any vested SAR Grant, any SAR Grant shall be exercisable by the Grantee
      or the Grantee’s personal representative for a period equal to the lesser
      of three (3) years from the date of the termination of a Grantee’s
      Directorship or the outstanding exercise period for any
    SAR.

            

    

     

    
      	
               
      

            	
              l.

            	
              Delivery
      of Notice and Execution of SAR Grant Agreement.  Upon the
      determination to issue a SAR Award, the Company shall promptly issue a
      notice representing the Shares subject to the SAR Grant to the
      Grantee.  Each Grantee shall enter into, and be bound by the
      terms of, a SAR Grant Agreement which shall include or incorporate by
      reference the terms of the Plan and which shall contain such other terms,
      conditions and restrictions not inconsistent with the Plan as the Board
      shall determine.

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

     

    
      	
               
      

            	
              m.

            	
              Tax
      Withholding.  The obligation of the Company to make
      payment upon any Payment Date of an SAR Grant shall be subject to all
      applicable Federal, state and local tax withholding
      requirements.  A Grantee shall be responsible for any portion of
      the Grantee’s tax liabilities associated with the exercise of any SAR
      Grants.

            

    

     

    
      	
               
      

            	
              n.

            	
              Next
      Business Day Rule.  To the
      extent that any SAR is granted on a day that is not a business day in
      which the NASDAQ is open, the Grant Date of any SAR shall be the next
      business day upon which the NASDAQ is
open.

            

    

     

     

    
      	
              6.

            	
              No
      Right to Continue as a Director.  Neither the Plan, the
      execution of any SAR Grant Agreement, nor any other action taken pursuant
      to the Plan, shall constitute or be evidence of any agreement or
      understanding, express or implied, that the Company will retain a director
      for any period of time, or at any particular rate of
      compensation.

            

    

     

    
      	
              7.

            	
              No
      Stockholder’s Rights for Grantees.  A Grantee shall have
      no rights as a stockholder with respect to any Shares covered by SAR
      Grant, and no adjustments shall be made for any dividends paid before or
      after the exercise of any SAR.

            

    

     

    
      	
              8.

            	
              No
      Right to Vote.  A Grantee shall have no right to vote any
      Shares as a result of the granting of any
SAR.

            

    

     

    
      	
              9.

            	
              No
      Right to Dividends.  A Grantee shall have no right to
      dividends as a result of the granting of any
  SARs.

            

    

     

    
      	
              10.

            	
              Adjustments.  The
      number of Shares representing the number of SARs which may be issued under
      the Plan, as stated in Section 4 hereof, as well as the Grant Value per
      share under such outstanding SAR Awards, and the amount to be paid upon
      the Payment Date of any SAR, shall be suitably adjusted by the Board to
      reflect any stock dividend, stock split, shares combination, or similar
      change in the capitalization of the Company.  The Board shall
      use its reasonable judgment in determining a suitable
      adjustment.

            

    

     

    
      	
               
      

            	
              In
      the event the Company is liquidated or a corporate transaction described
      in Section 424(a) of the Code and the Treasury Regulations issued
      thereunder occurs (as, for example, a merger, consolidation, acquisition
      of property or stock, separation or reorganization), each outstanding SAR
      Grant shall be assumed by the surviving or successor corporation if
      any.

            

    

     

    
      	
              11.

            	
              Change
      in Control.  Notwithstanding any provisions to the
      contrary, in the event of a Change in Control, the Board may, within its
      discretion, within a period of twelve (12) months after such Change in
      Control, determine that each SAR Grant outstanding hereunder shall
      terminate within thirty (30) days after notice to the Grantees, and such
      Grantees shall receive, with respect to each SAR Grant, an amount equal to
      the excess of the Fair Market Value of such SAR Grant over the Grant
      Value, as determined under Section 5(d), to the extent such action is
      consistent with Section 409A of the Code, and any guidance issued
      thereunder.  Such amount shall be payable in
    cash.

            

    

     

    
      	
              12.

            	
              Amendment
      or Discontinuance of the Plan.  The Board may suspend or
      discontinue the Plan or revise or amend it in any respect whatsoever;
      provided, however, that, without approval of the Grantees, no revision or
      amendment shall change the rights under any granted or vested
      SARs.

            

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    

     

    
      	
              13.

            	
              Definition.  For
      purposes of the Plan the words and phrases used herein shall have the
      following meanings:

            

    

     

    
      	
               
      

            	
              a.

            	
              “Beneficiary”
      shall mean a Grantee’s spouse, if married, or the Grantee’s estate, if no
      spouse exists as of any applicable Payment Date.  A Grantee may,
      however, designate other individuals or entities as a Beneficiary for any
      payment, in accordance with procedures established by the
      Board.

            

    

     

    b.           “Board”
means the Board of Directors of SMSC.

     

    
      	
               
      

            	
              c.

            	
              “Change
      in Control” shall mean: (i) the acquisition of ownership of stock of the
      Company, by any person (including, without limitation, a corporation,
      trust, partnership, joint venture, limited liability company (a "Person")
      or by any group of Persons), whether directly, indirectly, beneficially or
      of record, in which acquisition, together with stock held by such person
      or group, represents more than 20% of the total voting power of all
      outstanding stock of the Company; (ii) any merger or consolidation of the
      Company which the stockholders of the Company before such merger or
      consolidation do not, as a result of the merger or consolidation, own at
      least 50% of the merger or consolidation; or (iii) any nomination and
      election of 50% or more of all members of the Board of Directors of the
      Company within a 36-month period whose election is without the
      recommendation of the Board.  "Change in Control" shall not
      include acquisition of the Company's stock by any Company employee benefit
      plans.

            

    

     

    
      	
               
      

            	
              d.

            	
              “Code”
      means the Internal Revenue Code of 1986, as amended from time to
      time.

            

    

     

    
      	
               
      

            	
              e.

            	
              “Disability”
      means a Grantee is unable to engage in any substantial gainful activity by
      reason of any medically determinable physical or mental impairment which
      can be expected to result in death, or can be expected to last for a
      continuous period of not less than twelve (12)
  months.

            

    

    

    
      	
               
      

            	
              f.

            	
              “Fair
      Market Value” means, as of the date on which such Fair Market Value is to
      be determined, the closing price of a share of Common Stock as reported in
      The Wall Street Journal (or a publication or reporting service deemed
      equivalent to The Wall Street Journal for such purpose by the Board) for
      the over-the-counter market or any national securities exchange and other
      securities market which at the time are included in the stock price
      quotations of such publication.

            

    

    

    g.           “SAR
Grant” means an award of SARs granted under the Plan.

    

    
      	
               
      

            	
              h.

            	
              “Stock
      Appreciation Right” means a contractual right that allows a Grantee to
      receive payment for a SAR Grant equal to the value of any appreciation in
      the value of SMSC Common Stock over the Grant Value, as provided in
      Section 5(d), on the applicable exercise
date.

            

    

     

    
      	
               
      

            	
              i.

            	
              “Subsidiary”
      means any entity as defined in Section 424(f) of the
  Code.

            

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

     

    
      	
              14.

            	
              Section
      409A.  Section 409A of the Code was enacted as part of
      the American Jobs Creation Act of 2004 (“AJCA”).  The Final
      Regulations issued under Section 409A provide that SARs are not treated as
      a form of nonqualified deferred compensation, as long as the base value
      for each SAR is not less than the fair market value of a share of stock of
      service recipient at the time of grant and the right does not include any
      additional deferral features.  It is intended that the SAR Plan
      is not subject to the provisions of Section 409A, and the Plan shall be
      amended, if necessary, to comply with Final Regulations under Section
      409A.  Notwithstanding the foregoing or anything herein to the
      contrary, in no event shall the Corporation be liable for any taxes or
      penalties owed as a result of the failure of the Plan or any deferral or
      payment made hereunder to comply with Section
  409A.

            

    

     

    
      	
              15.

            	
              Notice.  Any
      notice to the Company required by this Plan shall be in writing addressed
      to the General Counsel of the Company at its principal office, and shall
      be deemed delivered only when it is received by the General
      Counsel.

            

    

     

    
      	
              16.

            	
              Expenses.  The
      administrative or other expenses of the Plan shall be paid by the
      Company.

            

    

     

     

    
      	
              17.

            	
              Severability.  In
      the event that any one or more provisions of the Plan or any Agreement, or
      any action taken pursuant to the Plan or such Agreement, should, for any
      reason, be unenforceable or invalid in any respect under the laws of the
      United States, any state of the United States or any other government,
      such unenforceability or invalidity shall not affect any other provision
      of the Plan or of such or any other Agreement, but in such particular
      jurisdiction and instance the Plan and the affected Agreement shall be
      construed as if such unenforceable or invalid provision had not been
      contained therein or as if the action in question had not been taken
      thereunder.

            

    

     

    
      	
              18.

            	
              Gender
      and Number.  The masculine gender, where appearing
      herein, shall be deemed to include the feminine gender, and the singular
      shall be deemed to include the plural, unless the context clearly
      indicates to the contrary.

            

    

     

     

    
      	
              19.

            	
              Conflict.  In
      the event of a conflict between the terms of this Plan and the terms of
      any Agreement, the terms of this Plan shall
  govern.

            

    

     

    
      	
              20.

            	
              Governing
      Law.  This Plan and all determinations made and actions
      taken pursuant hereto shall be governed by the law of the State of New
      York, without regard to the provisions governing conflict of laws, and
      construed accordingly.

            

    

     

    

     

    
      
         

      

      
        6

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