Document:

dmd_Ex10-1

		
			Exhibit 10.1
		

		
			 
		

		
			Outside Director Compensation Program
		

		
			(Updated as of May 2015)
		

		
			 
		

		
			 
		

		
			The following compensation shall be payable in accordance with the terms set forth below to each Outside Director serving on the Board of Directors (the “Board”) of Demand Media, Inc. (the “Corporation”). Outside Directors shall include any member of the Board who is not (i) an employee of the Corporation, or (ii) affiliated with Oak Investment Partners, Spectrum Equity Investors or Generation Capital, or any of their affiliated entities (collectively, the “Venture Sponsors”).
		

		
			 
		

		
			Cash Compensation
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Board Service

					
					
						 

				
	
					
						Annual Retainer:

					
					
						$30,000

				
	
					
						Non-Executive Chairman

					
					
						 

				
	
					
						Annual Retainer

					
					
						$90,000

				
	
					
						Committee Service

					
					
						 

				
	
					
						Audit Committee:

					
					
						 

				
	
					
						Chair Annual Retainer:

					
					
						$15,000

				
	
					
						Member Annual Retainer:

					
					
						$8,000

				
	
					
						Compensation Committee:

					
					
						 

				
	
					
						Chair Annual Retainer:

					
					
						$10,000

				
	
					
						Member Annual Retainer:

					
					
						$5,000

				
	
					
						Nominating and Corporate Governance Committee:

					
					
						 

				
	
					
						Chair Annual Retainer:

					
					
						$8,000

				
	
					
						Member Annual Retainer:

					
					
						$4,000

				
	
					
						 

				
	
					
						All Annual Retainers will be paid quarterly in arrears after the end of each applicable calendar quarter at the regularly scheduled Board meeting following the conclusion of such quarter. The Annual Retainers to be paid for serving as the Non-Executive Chairman and for service on any Committee (including as Committee chair) are in addition to the Annual Retainer for serving on the Board. 

				

		
			 
		

		
			 
		

		

		

		 

		

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		Equity Compensation
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Initial Equity Grant:

					
					
						Each Outside Director will receive an initial equity award granted on or after the date on which the Outside Director is first elected to the Board (the “Initial Grant”) with an aggregate grant date fair value of approximately $150,000.  The Initial Grant shall consist of (i) a one-time restricted stock unit award with respect to the Corporation’s common stock with a grant date fair value of approximately $75,000 (the “Initial RSU Grant”) and (ii) a one-time non-qualified stock option award with respect to the Corporation’s common stock with a grant date fair value of approximately $75,000 (the “Initial Option Grant”), which Initial Option Grant shall have an exercise price equal to the closing price of the Corporation’s common stock on the grant date on the applicable exchange or market on which its common stock is listed as of such date.  One-third (1/3) of the Initial RSU Grant shall vest on the one year anniversary of the Outside Director’s appointment to the Board and the remaining two-thirds (2/3) of the Initial RSU Grant shall vest in eight (8) substantially equal installments on each three-month anniversary of the first vesting date, subject to continued Board service through the applicable vesting date. One-third (1/3) of the Initial Option Grant shall vest on the one year anniversary of the Outside Director’s appointment to the Board and the remaining two-thirds (2/3) of the Initial Option Grant shall vest in twenty-four (24) substantially equal installments on each monthly anniversary of the first vesting date, subject to continued Board service through the applicable vesting date.

				
	
					
						Annual Equity Grant:

					
					
						Each Outside Director who is serving on the Board on the day preceding any annual meeting of stockholders (excluding any Outside Director that received an Initial Grant in the same calendar year as the calendar year in which the applicable annual meeting of stockholders takes place) and whose service will continue on the day following such annual meeting (whether due to re-election or an ongoing term of service) will automatically receive an additional equity award granted as of the date of such annual meeting (the “Annual Grant”) with an aggregate grant date fair value of approximately $75,000.  The Annual Grant shall consist of (i) a restricted stock unit award with respect to the Corporation’s common stock with a grant date fair value of approximately $37,500 (the “Annual RSU Grant”) and (ii) a non-qualified stock option award with respect to the Corporation’s common stock with a grant date fair value of approximately $37,500 (the “Annual Option Grant”), which Annual Option Grant shall have an exercise price equal to the closing price of the Corporation’s common stock on the grant date on the applicable exchange or market on which its common stock is listed as of such date.  The Annual RSU Grant shall vest in twelve (12) substantially equal installments on each three-month anniversary of the grant date, subject to continued Board service through the applicable vesting date.  The Annual Option Grant shall vest in thirty-six (36) substantially equal installments on each monthly anniversary of the grant date, subject to continued Board service through the applicable vesting date.

					
						 

					
						Each outstanding, unvested equity award issued pursuant to the Initial Grant or an Annual Grant will automatically accelerate and vest in full on the date on which (i) an Outside Director ceases to be an Outside Director due to his or her death or disability or (ii) an Outside Director stands for re-election but is not re-elected to the Board. 

				

		
			 
		

		 

		

			2ex10-1.htm

Exhibit 10.1

 

AMENDMENT NUMBER THREE TO
MASTER TRANSACTION AGREEMENT AND OTHER TRANSACTION DOCUMENTS

 

This Amendment Number Three to Master Transaction Agreement and Other Transaction Documents (this “Amendment”) is entered into as of June 17, 2015 by and between Apple Inc., a California corporation (“Apple”), Liquidmetal Technologies, Inc., a Delaware corporation (“LMT”), Liquidmetal Coatings, LLC, a Delaware limited liability company (“LMC”), and Crucible Intellectual Property, LLC, a Delaware limited liability company (“LMT-SPE”), with reference to the following facts:

 

A.     Apple, LMT, LMC and LMT-SPE have previously entered into that certain Master Transaction Agreement, made effective as of August 5, 2010 (as amended and modified, from time to time, the “MTA”).

 

B.     Pursuant to the MTA, LMT and LMT-SPE entered into that certain Contribution Agreement dated as of August 5, 2010 (as amended and modified, from time to time, the “Contribution Agreement”) pursuant to which LMT agreed to contribute to LMT-SPE the LMT Technology at the Closing Date and for eighteen (18) months thereafter.

 

C.     Apple, LMC, LMT and LMT-SPE have previously entered into that certain Amendment Number One to Master Transaction Agreement and Other Transaction Documents, dated June 15, 2012, pursuant to which, among other things, the Capture Period (as defined in the MTA), was extended through February 5, 2014 (“Amendment Number One”), and Amendment Number Two to Master Transaction Agreement and other Transaction Documents, dated May 17, 2014, pursuant to which, among other things, the Capture Period was extended through February 5, 2015 (“Amendment Number Two”, and together with Amendment Number One, the “Prior Amendments”).

 

D.     Apple, LMC, LMT, and LMT-SPE hereby desire to extend Apple’s rights of first notice and first refusal, and Apple, LMC, LMT, and LMT-SPE hereby desire to further extend the Capture Period upon the terms and conditions set forth in this Amendment.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto amend the agreements described in the recitals above, as follows:

 

1.     DEFINITIONS. All initially capitalized terms used in this Amendment shall have the meanings given to them in the MTA unless specifically defined herein. For the avoidance of doubt, the term “LMT Technology” shall have the meaning set forth in Amendment Number One (after giving effect to Amendment Number Two and this Amendment).

 

2.     AMENDMENTS. 

 

(a)     Section 1(a)(v) of the MTA (as amended by the Prior Amendments) is hereby further amended by replacing “February 5, 2015” with “February 5, 2016”.

 

(b)     Section 9(A)(a) of the MTA (which was added to the MTA pursuant to Amendment Number One) is hereby replaced by the following:

 

“(a) Apple’s rights under this Section 9(A) will commence February 6, 2014 and expire on February 5, 2018.”

 

(c)     Recital A of the Contribution Agreement (as amended by the Prior Amendments) is hereby further amended by replacing “February 5, 2015” with “February 5, 2016”.

 

 

 

1

 

 

(d)     Section 1 of the Contribution Agreement (as amended by the Prior Amendments) is hereby further amended by replacing “February 5, 2015” with “February 5, 2016”.

 

3.     SECTION 16 OF MTA. Section 16 of the MTA (as amended by the Prior Amendments) is by this reference thereto incorporated into this Amendment as if restated in its entirety herein, except that each reference therein to the MTA shall be deemed a reference to this Amendment. This Amendment constitutes the entire agreement between the parties relating to the subject matter hereof and supersedes and cancels all other prior agreements and understandings of the parties in connection with subject matter. 

 

4.     EFFECTIVENESS. The effectiveness of this Amendment is hereby conditioned upon receipt by Apple of a fully executed copy of this Amendment from each party hereto.

 

5.     REAFFIRMATION. Each party hereto acknowledges and reaffirms all of its obligations and duties under the Transaction Documents.

 

6.     LIMITED EFFECT. In the event of a conflict between the terms and provisions of this Amendment and the terms and provisions of the Transaction Documents, the terms and provisions of this Amendment shall govern. In all other respects, the Transaction Documents, as amended and supplemented hereby, shall remain in full force and effect.

 

7.     COUNTERPARTS; EFFECTIVENESS. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed and delivered shall be deemed to be an original. All such counterparts, taken together, shall constitute but one and the same Amendment. This Amendment shall become effective upon the execution of a counterpart of this Amendment by each of the parties hereto. This Amendment is a Transaction Document and is subject to all the terms and conditions, and entitled to all the protections, applicable to Transaction Documents generally.

 

[remainder of page left blank intentionally; signatures to follow]

 

 

 

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first set forth above.

 

APPLE INC.,
a California corporation

 

By:     /s/ Zadesky                                                      

Name:     Zadesky                                                       

Title:     VP Product Design                                      

 

LIQUIDMETAL TECHNOLOGIES, INC. 

 

By:     /s/ Ricardo A. Salas                                        

Name:     Ricardo A. Salas                                         

Title:     Executive Vice President                             

 

LIQUIDMETAL COATINGS, LLC

 

By:     /s/ Ricardo A. Salas                                        

Name:     Ricardo A. Salas                                         

Title:     Secretary                                                       

 

CRUCIBLE INTELLECTUAL PROPERTY, LLC 

 

By:     /s/ Ricardo A. Salas                                       

Name:     Ricardo A. Salas                                         

Title:     President                                                       

 

 

 

 

 

 

 

 

 

 

 

 

Amendment Number Three to Master Transaction Agreement

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