Document:

Exhibit 10.6

Exhibit 10.6

CHARTER OF

THE EXECUTIVE COMMITTEE

OF THE BOARD OF DIRECTORS

OF VR HOLDINGS, INC.

The Executive Committee of VR Holdings, Inc., a Delaware corporation (the “Company”), is a committee of the Board of Directors of the Company, the composition and responsibilities of which are described in this Executive Committee Charter.

1.

Composition.  In accordance with Article III of the Bylaws of the Company, the Board of Directors, by resolution adopted by a majority of the whole Board of Directors, may designate an Executive Committee.  The Executive Committee shall consist of no fewer than ___ members.  The members of the Executive Committee shall be appointed by the Board of Directors.  The Chairman of the Board of Directors shall be the Chair of the Executive Committee; provided, however, that if the Chairman of the Board of Directors is an executive officer or employee of the Company, then the Chairman of the Executive Committee of the Board of Directors shall be an independent director.  The members of the Executive Committee shall serve at the pleasure of the Board of Directors or until their successors shall be duly designated.  Vacancies in the Executive Committee shall be filled by the Board of Directors.

2.

Responsibilities.  In accordance with Article III of the Bylaws of the Company, during the intervals between the meetings of the Board of Directors, the Executive Committee shall have and may exercise all of the authority of the Board of Directors in the management of the business affairs of the Company to the extent authorized by the resolution providing for the Executive Committee or by subsequent resolution adopted by a majority of the whole Board of Directors.  This authorization is subject to the limitations imposed by law, the Bylaws of the Company or the Board of Directors.

3.

Reporting.  The Executive Committee shall keep written minutes of each meeting, which shall set forth the Committee’s actions, and shall be duly filed in the Company’s records.  Reports of meetings of the Executive Committee, including a report of all actions taken, shall be made to the Board of Directors at its next regularly scheduled meeting, following the Executive Committee meeting, accompanied by any recommendations to the Board of Directors approved by the Executive Committee.Exhibit 10.7

Exhibit 10.7

 

VR HOLDINGS, INC.

CHARTER OF THE FINANCE COMMITTEE

1.

Purpose.  Acting pursuant to Section 141 of the Delaware General Corporation Law and Article III of the Company’s Bylaws, the Board of Directors has established a Finance Committee for the purpose of overseeing all areas of corporate finance for the Company and its subsidiaries, including capital structure, equity and debt financings, capital expenditures, cash management, banking activities and relationships, investments, foreign exchange activities and share repurchase activities.

2.

Membership.  The Committee will consist of a minimum of three members of the Board of Directors, the majority of whom shall meet the same independence and experience requirements of the Audit Committee of the Company and the applicable provisions of federal law and the rules and regulations promulgated thereunder and the applicable rules of The Nasdaq Stock Market, the New York Stock Exchange, or any other exchange where the shares of the Company may be listed or quoted for sale.  The members of the Committee are recommended by the Nominating and Corporate Governance Committee and are appointed by and serve at the discretion of the Board of Directors.

3.

Responsibilities.  The Finance Committee shall be responsible for reviewing with Company management, and shall have the power and authority to approve on behalf of the Board of Directors, any and all strategies, plans, policies and actions related to corporate finance, including the following:

(a)

Capital structure plans and strategies and specific equity or debt financings;

(b)

Capital expenditure plans and strategies and specific capital projects;

(c)

Strategic and financial investment plans and strategies and specific investments;

(d)

Mergers, acquisitions and divestitures;

(e)

Cash management plans and strategies and all activities relating to cash accounts and cash investments portfolio, including the establishment and maintenance of bank, investment and brokerage accounts; and

(f)

Plans and strategies for managing foreign currency exchange exposure and other exposures to economic risks.

Notwithstanding the power and authority of the Committee to act on behalf of the Board of Directors with respect to such matters, the Committee, in its discretion, may submit any such matter, along with its recommendation with respect thereto, to the full Board of Directors for consideration and approval.

4.

Authority.  Any action duly and validly taken by the Committee pursuant to the power and authority conferred under this Charter shall for all purposes constitute an action duly and validly taken by the Board of Directors and may be certified as such by the Secretary or other authorized officer of the Company.

5.

Meetings and Reports.  The Committee shall hold regular meetings at least four times each year generally in conjunction with the regularly scheduled meetings of the Board of Directors, and such special meetings as the Chair of the Committee or the Chairman of the Board may direct.  The Committee shall maintain written minutes of its meetings, which will be filed with the minutes of the Board of Directors.  At each regularly scheduled meeting of the Board of Directors, the Chair of the Committee shall provide the Board of Directors with a report of the Committee’s activities and proceedings.Exhibit 10.8

Exhibit 10.8

VR HOLDINGS, INC.

CHARTER OF THE GOVERNANCE AND NOMINATING COMMITTEE

Purpose

The purpose of the Governance and Nominating Committee of the Board of Directors is to assist the Board in identifying qualified individuals to become Board members and determining the composition of the Board and its committees.

Membership And Procedures

Membership and Appointment.  The Committee shall consist of not less than three members of the Board, with the exact number being determined by the Board.  The members of the Committee shall be appointed and replaced from time to time by the Board.

Independence.  Each member shall meet the independence requirements of applicable provisions of the federal securities laws and the rules promulgated thereunder and the applicable rules of The Nasdaq Stock Market, the New York Stock Exchange, or any other exchange where the shares of the Company may be listed or quoted for sale.

Authority to Retain Advisers.  In the course of its duties, the Committee shall have sole authority, at the Company’s expense, to engage and terminate search firms, as the Committee deems advisable, to identify director candidates, including the sole authority to approve the search firm’s fees and other retention terms.

Evaluation.  The Committee shall annually review and reassess the adequacy of this Charter and recommend any proposed changes to the Board.

Duties And Responsibilities

The Committee shall:

1.

Evaluate and make recommendations regarding the composition and size of the Board.

2.

Determine the composition of committees of the Board, with consideration of the desires of individual Board members.

3.

Monitor compliance with Board and Board committee membership criteria.

4.

Recommend nominees to the full Board to fill vacancies on the Board.

5.

Investigate suggestions for candidates for membership on the Board and shall recommend prospective directors, as required, to provide an appropriate balance of knowledge, experience and capability on the Board, including stockholder nominations for the Board.Exhibit 10.9

Exhibit 10.9 

EXECUTIVE SUMMARY MEMORANDUM

To:

All Directors, Executive Officers, Senior Vice Presidents and Vice Presidents of VR Holdings, Inc. (the “Company”) and Presidents of Subsidiaries

From:

John E. Baker, President

Date:

May 14 , 2010

Re:

Federal Securities Law Compliance

Included below for your review is a memorandum prepared by outside counsel to the Company that summarizes certain important federal securities law requirements and restrictions applicable to your transactions in the securities of the Company.  This memorandum and the attached policy also outlines the Company’s corporate insider trading policies and procedures for ensuring compliance with the federal securities laws by all Executive Officers and Directors of the Company and all Presidents of Subsidiaries.  You should thoroughly read the entire memorandum and return the certificate attached to me as soon as possible.  I have summarized the discussion for your convenience, and have also provided a more detailed discussion below.  If you have any questions regarding this memorandum and the applicable law, please contact our Compliance Officer (see Section 3).

1.

Insider Trading.  The federal securities laws prohibit you and members of your family from buying or selling the Company’s securities while having knowledge of material nonpublic information about the Company or the market for the Company’s securities (so-called “inside information”).  In addition, communication of inside information to a third party, under circumstances where improper trading can be anticipated, is also prohibited.  Individuals trading on (or tipping) inside information may be liable for criminal sanctions or fines of up to $1,000,000 and 10 years imprisonment, and civil penalties of up to three times the profit gained or loss avoided.

“Material” information generally means information that is likely to have a significant impact on the decision of a person to buy, sell or hold the Company’s securities.  Either positive or adverse information may be material.  Information is considered to be publicly available only when it has been released to the public through a Company press release or SEC filing and two full trading days have passed.

The Company’s insider trading policies apply to any and all transactions in the Company’s equity securities, including its common stock and options to purchase common stock, preferred stock, warrants and other convertible or derivative securities.

The federal securities laws also impose personal liability on so-called “controlling persons” who fail to take appropriate steps to prevent or detect insider-trading violations by their subordinates.  Since you may be deemed a controlling person, the law makes it your responsibility, along with all other insiders, to strictly enforce the restrictions set forth in this memorandum and the insider trading policy statement discussed in this memorandum.

2.

Window Periods; Preclearance.  Generally, you will only be able to purchase or sell the Company’s securities during four “window periods” occurring throughout the year.  These window periods begin on the third business day after the Company announces its quarterly (or annual) operating results for the prior fiscal quarter and end on the 30th day prior to the end of the current fiscal quarter.  However, in order to ensure that all Company directors and officers fully comply with the complex and sometimes confusing requirements of the federal securities laws, you will be required to notify me and our Compliance Officer in advance of any proposed transaction in the Company’s securities, including sales, purchases, option exercises and the like.  Even if your purchase or sale will occur within a window period, you must preclear your proposed transaction with our Compliance Officer.  Purchases or sales outside of the window periods may be allowed in certain limited circumstances, provided there exists no inside information at the time and you preclear the transaction with the Compliance Officer.  For a more detailed description of the preclearance procedures, please see Appendix A, “Policy on Preclearance of All Securities Transactions” attached hereto.

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3.

Compliance Officer.  The Company has appointed the Company’s General Counsel as the Company’s Compliance Officer to assist the Board of Directors in implementing our insider trading policies.  The duties of the Compliance Officer will include, but are not limited to:

(a)

Administering and interpreting this memorandum and monitoring and enforcing compliance with all policy provisions and procedures.

(b)

Responding to all enquiries relating to the insider trading policies and related procedures.

(c)

Providing copies of the Company’s insider trading policies and other appropriate materials to all current and new employees, officers and employees, and such other persons who the Compliance Officer determines may have access to material nonpublic information concerning the Company.

(d)

Administering, monitoring and enforcing compliance with all applicable federal and state insider trading laws and regulations and assisting in the preparation and filing of all required SEC reports relating to insider trading in Company’s Securities.

(e)

Revising the policy as necessary to reflect changes in insider trading laws and regulations.

4.

Company Discipline.  Violation of the Company’s insider trading policies or applicable insider trading or tipping laws by any employee, officer or director may subject a director to dismissal proceedings and an officer or employee to disciplinary action by the Company up to and including termination for cause.  The Company’s insider policies are intended to be broader than the law and the Company reserves the right to determine, in its own discretion and on the basis of the information available to it, that specific conduct violates its policy, whether or not the conduct also violates the law.  It is not necessary for the Company to await the filing or conclusion of a civil or criminal action against the alleged violator before taking disciplinary action.

5.

Certain Exceptions. The prohibition on trading in the Company’s securities set forth herein does not apply to:

(a)

The exercise of stock options for cash under the Company’s stock option plans (but not the sale of any such shares), since the Company itself is the other party to the transaction and the price does not vary with the market but is fixed by the terms of the option agreement;

(b)

The purchase of shares pursuant to the Company’s Employee Stock Purchase Plan (but not the sale of any such shares), since the Company itself is the other party to the transaction and the shares are purchased during the course of the plan regardless of the stock price; and

(c)

The purchase of stock through the Company’s stock fund of the 401(k) Plan through regular payroll deductions; however, the election to transfer funds into or out of the stock fund is subject to the insider trading restrictions.

6.

Insider Trading Restrictions.

(a)

What is Insider Trading?  The federal securities laws prohibit directors, executive officers, employees and agents of the Company from purchasing or selling the Company’s securities while in possession of material nonpublic information about the Company or the market for the Company’s stock (i.e., so-called “inside information”).  These restrictions also apply to your spouse, children, relatives who share your home and certain trusts, partnerships and corporations affiliated with you.  In addition, communication of inside information (“tipping”) to a third party, where improper trading can be anticipated, is also strictly prohibited.

 

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(b)

What is Inside Information?  “Material inside information” generally means information that is not publicly known and which if known would be likely to have a significant impact on the decision of a person to buy, sell or hold Company stock.  Any information about the Company, the disclosure of which you believe would cause the price of the Company’s stock to decrease or increase, is probably inside information.  Inside information may cover a broad range of topics, including significant new products or processes; the gain or loss of a substantial customer or supplier; pending litigation or changes in the status of litigation; a significant refinancing transaction; news of a pending acquisition or disposition of assets, or a proposed merger or tender offer; government investigations; changes in management; or pending changes in corporate policy (such as dividend increases or stock splits).  Either positive or adverse information may be material.  Since the question of whether inside information is “material” is determined in litigation with the benefit of 20-20 hindsight, you should generally presume that nonpublic information is material if you have any doubts.

(c)

What are the Penalties for Insider Trading?  The federal securities laws impose potentially onerous civil and criminal penalties on persons who trade while in possession of material inside information or who improperly disclose confidential information to a third party.  Individuals trading on (or tipping) inside information may be liable for criminal sanctions or fines of up to $1,000,000 and 10 years imprisonment, and civil penalties of up to three times the profit gained or losses avoided.  Also, penalties may be imposed against so-called “controlling persons” who fail to take appropriate steps to prevent or detect insider trading violations (including tipping violations) by certain of their employees or subordinates.  Civil penalties for persons who control violators can equal the greater of $1,000,000 or three times the profit gained or losses avoided.  The Company itself may also be subject to criminal penalties of up to $2,500,000 for insider-trading violations committed by employees.

It is very possible that your status as an officer or director of the Company would implicate you as a controlling person subject to personal liability for the insider trading violations of the Company’s employees.  Although personal liability will only be imposed if it is shown that you were aware or should have been aware of the fact that an employee was likely to engage in insider trading and that you failed to take steps necessary to prevent the violation, this standard will of course be applied with 20-20 hindsight after a violation has occurred.

(d)

How can I Limit the Potential for a Violation?  To ensure that all material nonpublic information concerning the Company remains confidential:  (i) “tips” about inside information should never be given to anyone who may, directly or indirectly, use such information to derive an improper personal benefit through personal trading in the Company’s securities or by passing the tip on to others; (ii) access to material nonpublic information must be limited to only those individuals who have a “need to know”; (iii) all material nonpublic information should be clearly marked as “confidential” so that individuals are aware that such information may not be otherwise disclosed or used and such information should be kept in a secured area not generally accessible to other individuals; (iv) all enquiries concerning the Company from the press or financial analysts must be channeled through the Compliance Officer; and (v) confidential information should not be discussed in public or quasi-public places where conversations may be overheard by others.  If you become aware of a leak of inside information, whether inadvertent or otherwise, you should report the leak immediately to the Compliance Officer.

(e)

What is the Company’s Policy Prohibiting Insider Trading?  The Company has decided to establish specific rules and procedures regulating when executive officers and directors of the Company (and other employees with access to inside information) may trade in the Company’s stock.  A Company policy statement prohibiting insider trading by all directors and employees and requiring the maintenance of confidentially of inside information has been circulated as a separate memo to all employees of the Company and is attached hereto.  The policy statement serves two principal functions: first, it provides information to all Company employees (in addition to directors and officers) about their obligations to refrain from insider trading and maintain the confidentiality of inside information.  Second, it provides evidence that the Company has developed policies and procedures reasonably designed to prevent insider trading.  This policy statement should be given to all new employees, distributed annually to all employees and generally posted at the Company’s facilities.

  

  

3

Adoption and strict enforcement of the policy statement and the requirements set forth in this memorandum (collectively, the “insider trading policies”) will help to provide you and the Company with a first line of defense against liability resulting from another employee’s illegal trades.  However, it is incumbent on all executive officers and directors of the Company to ensure strict compliance with these policies.  Failure to enforce the policies could ultimately result in an additional basis for imposing personal liability on executive officers or directors of the Company.

Additionally, violation of the Company’s insider trading policies or applicable insider trading or tipping laws by any employee, officer or director may subject a director to dismissal proceedings and an officer or employee to disciplinary action by the Company up to and including termination for cause.  The Company’s insider policies are intended to be broader than the law and the Company reserves the right to determine, in its own discretion and on the basis of the information available to it, that specific conduct violates its policy, whether or not the conduct also violates the law.  It is not necessary for the Company to await the filing or conclusion of a civil or criminal action against the alleged violator before taking disciplinary action.

(f)

When Can I Sell or Buy Company Stock?  In order to facilitate compliance with the insider trading laws, the Company has adopted the policy that all directors, executive officers, senior vice presidents, vice presidents and Presidents of subsidiaries must contact the Company’s Compliance Officer in advance of making any commitment to purchase (or otherwise acquire) or sell (or otherwise dispose of) Company’s Securities.  Generally, you will only be allowed to buy or sell the Company’s Securities during a “window period”.  These window periods occur four times a year, begin on the third business day after the Company announces its quarterly (or annual) operating results for the prior fiscal quarter and end on the 30th day prior to the end of the current fiscal quarter.  However, even if you desire to purchase or sell the Company’s Securities during a window period, you still must preclear your trade with the Compliance Officer to ensure no inadvertent violation of the insider trading laws occurs.  The Company’s Policy on Preclearance of All Securities Transactions is attached hereto.  Sales outside of the window periods may be allowed under certain limited circumstances, provided of course that no inside information then exists concerning the Company and you preclear the transaction with the Compliance Officer.

(g)

Can I Sell Company Stock Short?  Section 16(c) of the 1934 Act prohibits you from making “short sales” of the Company’s stock.  A short sale is the sale of a security which you do not own which involves the borrowing of shares by your broker for your account, with delivery of the borrowed shares to the buying broker.

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VR HOLDINGS, INC.

CERTIFICATE

The undersigned director, executive officer, senior vice president or vice president of VR Holdings, Inc. (the “Company”) or president of subsidiary hereby states that he or she has carefully read the memorandum discussing certain of the federal securities law restrictions and requirements applicable to the undersigned and the undersigned will strictly comply with all of such restrictions and requirements, as amended or supplemented from time to time by written notice.  The undersigned further acknowledges that this memorandum is not intended to replace his or her responsibility to understand and comply with federal securities laws.

Signature:

Print Name:

Title:

Date: ______________________________

 

Please return this signed Certificate to the Company

prior to the __ day of __________________, 2010

Appendix A

VR HOLDINGS, INC.

POLICY ON PRECLEARANCE OF ALL SECURITIES TRANSACTIONS

To: All Directors, Executive Officers, Senior Vice Presidents and Vice Presidents of VR Holdings, Inc. (the “Company”) and Presidents of Subsidiaries:

This memorandum is to announce a corporate policy requiring preclearance of all transactions in any securities of the Company (the “Company’s Securities”) by all directors and officers of the Company or any of its subsidiaries.  This special policy is supplemental to the Company’s general policy for all employees relating to trading in Company’s Securities and the confidentiality of Company information.

The Company requests that all directors and officers give the Compliance Officer notice of at least one business day before buying or selling any of the Company’s Securities.  This policy applies to transactions by any family member, trust or entity for which you exercise any investment control or are making any investment recommendations or in which you have any pecuniary interest (hereinafter “Related Parties”).

The primary purpose of this policy is to avoid situations of trading in the Company’s Securities by directors and high level employees when the Company is in possession of material undisclosed information.  The Company requires that its directors and officers honor any requests by the Company for a delay in any proposed transaction pending a release of information.  For persons subject to such requirements, this preclearance policy will also give the Compliance Officer the opportunity to review whether a proposed transaction (i) presents any apparent liability for short-swing trading profits under Section 16(b) of the Securities Exchange Act of 1934 (the “1934 Act”) or (ii) fails to satisfy the requirements of Rule 144 promulgated under the Securities Act of 1933 relating to sales of restricted securities.

The Company reserves the right to bar any transactions in the Company’s Securities, even those pursuant to arrangements previously approved, if the Compliance Officer or the Board of Directors, in consultation with legal counsel, determines that such a bar is in the best interests of the Company.

The Company also requires that directors and officers restrict all purchases and sales of the Company’s Securities to the window periods beginning on the third business day after the Company announces its quarterly (or annual) operating results for the prior fiscal quarter and end on the 30th day prior to the end of the current fiscal quarter.

The Company further requires that all directors and officers advise the Compliance Officer, within one day after completion of a proposed transaction, of the date, number of shares and price for the transaction and, for transactions by Related Parties, the names of all persons and entities with a pecuniary interest in the transaction.  Gifts as well as sales by you or by any Related Party should also be reported in this manner.  Such information will be used by the Compliance Officer in assembling necessary reports by directors and executive officers to the Securities and Exchange Commission under Section 16(a) of the 1934 Act.

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