Document:

Exhibit 10.3

 

AMENDMENT TO THE 

TALX CORPORATION 2006-2008 LONG TERM INCENTIVE PLAN FOR 

SELECTED KEY EXECUTIVE EMPLOYEES

 

WHEREAS, TALX Corporation (“Company”) previously adopted the TALX Corporation 2006-2008 Long Term Incentive Plan for Selected Key Executives  (“Plan”); and

WHEREAS, pursuant to Section 7 thereof, the Company reserved the right of the Compensation Committee of the Board of Directors and/or the President and Chief Executive Officer of the Company to amend the Plan under special circumstances; and 

WHEREAS, effective as of April 1, 2005, the Company desires to amend the Plan for the purpose of complying with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Code”);

NOW THEREFORE, effective as of April 1, 2005, the Plan is amended as follows:

1.            Section 4.2 of the Plan is deleted in its entirety and replaced with the following:

 

	
             
 	
            4.2
 	
            Participants
 

The individuals selected by the Committee and/or President/CEO to be participants shall be deemed participants in the Plan from the beginning of the Plan Period (i.e., from April 1, 2005), unless a different participation date is specifically designated.  Such individual shall continue to be a participant in the Plan until the date of his/her termination of employment for any reason or a Change of Control.

 

2.            Section 5.4 of the Plan is deleted in its entirety and replaced with the following:

 

	
             
 	
            5.4
 	
            Time and Mode of Payment of Award
 

Except as otherwise provided herein, the Company shall pay each award in cash in a single lump sum on the first day of the third month immediately following the last day of the Plan Period.      

 

In the event of a change in the ownership or effective control of the Company, or a change in the ownership of a substantial portion of the assets of a Company, as defined under Code Section 409A and the regulations promulgated thereunder (each event constitutes a “Change of Control”), prior to the end of the Plan Period, each Participant shall receive payment of an award based upon the achievement of the goals 

 

 

 

defined in his/her Annex incorporated by reference to the Plan, as adjusted based on the attendant circumstances and prorated based on the portion of the Plan Period completed as of the date of the Change in Control relative to the entire Plan Period.  Such partial award shall be paid in a lump sum on the effective date of the Change of Control and shall constitute the Participant’s entire award available under the Plan.  However, if any amount becomes payable due to a Change of Control that occurs during the 2007 calendar year, payment of such amount shall be delayed until January 1, 2008.  In the event of such a delay in payment, the amount payable to the Participant shall be increased to reflect earnings at an annual rate of interest equal to 4.75 percent.

 

In all cases in which an amount is payable upon a fixed date, payment is deemed to be made upon the fixed date if the payment is made at such date or a later date within the same calendar year or, if later, by the 15th day of the third calendar month following the specified date.  

 

3.            Section 5.5 of the Plan is amended by adding the following after the first paragraph therein:

 

In the event that a partial award becomes payable due to the Participant’s termination of employment (other than on account of death) and such Participant is a Specified Employee, as determined under Code Section 409A and the regulations promulgated thereunder, payment shall be made on the first day of the seventh month immediately following the Participant’s termination of employment if such date is later than the date such amount would otherwise be paid.  In the event of such a delay in payment, the amount payable to the Participant shall be increased to reflect earnings at an annual rate of interest equal to 4.75 percent.

 

IN WITNESS WHEREOF, this Amendment is executed this 15th day of May, 2007.

 

	
             
 	
            TALX Corporation
 
	
             
 	
             
 	
             
 
	
             
 	
            By:
 	
            /s/ William W. Canfield
 
	
             
 	
             
 	
            William W. Canfield
 President and Chief Executive OfficerEX-10.6 TRADEMARK ASSIGNMENT OF SECURITY

 

Exhibit 10.6

LAURUS MASTER FUND, LTD.

c/o Laurus Capital Management, LLC

335 Madison Avenue, 10th Floor

New York, NY 10017

May 10, 2007

Verso Technologies, Inc.

400 Galleria Parkway, Suite 200

Atlanta, Georgia 30339

Attention: Chief Financial Officer

          Re: Amendment to Intellectual Property Security Agreement

Ladies and Gentlemen:

     Reference is made to (a) the Intellectual Property Security Agreement dated as of September
20, 2006 (as amended, restated, supplemented or otherwise modified from time to time, the “IP
Agreement”) among Verso Technologies, Inc., a Minnesota corporation (“Verso”),
Telemate.net Software, Inc., a Georgia corporation (“Telemate”), Verso Verilink, LLC, a
Georgia limited liability company (“Verilink”, and together with Verso and Telemate, the
“Grantors” and each a “Grantor”), and Laurus Master Fund, Ltd., a Cayman Islands
company (“Laurus”) and (b) the Intellectual Property Assignment dated as of March 26, 2007
(as amended, restated, supplemented or otherwise modified from time to time, the “IP
Assignment”) by and among Paradyne Networks, Inc., a Delaware corporation, Paradyne
Corporation, a Delaware corporation (“Paradyne”), and Verso. Capitalized terms used herein that
are not defined shall have the meanings given to them in the IP Agreement.

     Verso has notified Laurus that it has acquired certain Trademarks and Patents from Paradyne
pursuant to the IP Assignment. Each Grantor and Laurus hereby agree to amend Schedules I and II to
the IP Agreement by supplementing each such Schedule with the information contained on Schedules I
and II attached hereto.

     Except as expressly provided herein, all of the representations, warranties, terms, covenants
and conditions of the IP Agreement shall remain unamended and shall continue to be and shall remain
in full force and effect in accordance with their respective terms. The amendment set forth herein
shall be limited precisely as provided for herein to the provision expressly amended herein and
shall not be deemed an amendment or modification of any other term or provision of the IP
Agreement.

     This letter agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns and shall be governed by and construed in accordance with
the laws of the State of New York.

[Remainder of Page Intentionally Left Blank]

 

 

     This letter agreement may be executed by the parties hereto in one or more counterparts, each
of which shall be deemed an original and all of which when taken together shall constitute one and
the same agreement. Any signature delivered by a party by facsimile or electronic transmission
shall be deemed to be an original signature hereto.

	 	 	 	 	 
	 	Very truly yours,

LAURUS MASTER FUND, LTD.

 	 
	 	By:  	/s/
David Grin	 
	 	 	Name:  	David Grin	 
	 	 	Title:  	Director	 
	 

CONSENTED AND AGREED TO:

VERSO TECHNOLOGIES, INC.

By: /s/ Martin D. Kidder                    

      Name: Martin D. Kidder

      Title:   CFO

TELEMATE.NET SOFTWARE, INC.

By: /s/ Martin D. Kidder                    

      Name: Martin D. Kidder

      Title:   President

VERSO VERILINK, LLC

By: /s/ Martin D. Kidder                    

      Name: Martin D. Kidder

      Title:   PresidentEX-10.7 PATENT ASSIGNMENT OF SECURITY

 

Exhibit 10.7

TRADEMARK ASSIGNMENT OF SECURITY

     WHEREAS, Verso Technologies, Inc., a Minnesota corporation (“Company”), has adopted, used and
is using the marks shown in the attached Schedule A (the “Marks”), for which there are
registrations or applications in the United States Patent and Trademark Office under the numbers
shown in the attached Schedule A; and

     WHEREAS, Company entered into (i) a certain Security Agreement, dated as of September 20,
2006, among Company, certain subsidiaries of Company and Laurus Master Fund, Ltd. (“Laurus”) and
(ii) a certain Intellectual Property Security Agreement, dated as of September 20, 2006, among
Company, certain subsidiaries of Company and Laurus (as each may be amended, modified, restated or
supplemented from time to time, collectively, the “Agreements”); and

     WHEREAS, pursuant to the Agreements, Company is granting to Laurus a security interest in the
Marks, the goodwill of the business symbolized by the Marks, and the registrations and applications
therefor.

     NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged,
Company does hereby grant to Laurus a security interest in and to the Marks, together with the
goodwill of the business symbolized by the Marks, and registrations and applications therefor,
which security interest shall secure all the Obligations as defined in the Agreements and in
accordance with the terms and provisions thereof.

     Company expressly acknowledges and affirms that the rights and remedies of Laurus with respect
to the security interest granted hereby are more fully set forth in the Agreements.

Dated as
of: May 10, 2007

	 	 	 	 	 
	 	VERSO TECHNOLOGIES, INC.

 	 
	 	By:  	/s/ Martin
D. Kidder	 
	 	 	Name:  Martin
D. Kidder	 	 
	 	 	Title:  CFO	 	 
	 

	 	 	 	 	 
	 	LAURUS MASTER FUND, LTD.

 	 
	 	By:  	/s/
David Grin	 
	 	 	Name:  	David Grin	 
	 	 	Title:  	DirectorEX-10.8 PATENT ASSIGNMENT OF SECURITY

 

Exhibit
10.8

PATENT ASSIGNMENT OF SECURITY

     WHEREAS, Verso Technologies, Inc., a Minnesota corporation (“Company”), owns the patents and
patent applications shown in the attached Schedule A (the “Patents”), for which there are
recordings or applications in the United States Patent and Trademark Office under the numbers shown
in the attached Schedule A; and

     WHEREAS, Company entered into (i) a certain Security Agreement, dated as of September 20,
2006, among Company, certain subsidiaries of Company and Laurus Master Fund, Ltd. (“Laurus”) and
(ii) a certain Intellectual Property Security Agreement, dated as of September 20, 2006, among
Company, certain subsidiaries of Company and Laurus (as each may be amended, modified, restated or
supplemented from time to time, collectively, the “Agreements”); and

     WHEREAS, pursuant to the Agreements, Company is granting to Laurus a security interest in the
Patents, all proceeds thereof, all rights corresponding thereto and all reissues, divisions,
continuations, renewals, extensions and continuations-in-part thereof, and the recordings and
applications therefor.

     NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged,
Company does hereby grant to Laurus a security interest in and to the Patents and recordings and
applications therefor, which security interest shall secure all the Obligations as defined in the
Agreements and in accordance with the terms and provisions thereof.

     Company expressly acknowledges and affirms that the rights and remedies of Laurus with respect
to the security interest granted hereby are more fully set forth in the Agreements.

Dated as
of: May 10, 2007

	 	 	 	 	 
	 	VERSO TECHNOLOGIES, INC.

 	 
	 	By:  	/s/ Martin
D. Kidder	 
	 	 	Name:  Martin
D. Kidder	 	 
	 	 	Title:  CFO	 	 
	 
	 	LAURUS MASTER FUND, LTD.

 	 
	 	By:  	/s/
David Grin	 
	 	 	Name:  	David Grin	 
	 	 	Title:  	Director

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