Document:

exv10w33

 

Exhibit 10.33

CapitalSource Inc.

Compensation for Non-Employee Directors

Annual Fees

Directors each receive an annual fee of $25,000. Members of the Audit Committee receive an
additional annual fee of $20,000, except the chairperson of the Audit Committee receives an
additional annual fee of $44,000. Members of other committees receive an additional annual fee of
$5,000 for each committee on which they serve, except the chairperson of each other committee
receives an additional annual fee of $7,500.

On an annual basis, each director receives an equity grant of $25,000, which will be paid, at the
election of each director, in the form of restricted stock units (“RSUs”) or options to purchase
shares of common stock. The annual equity grant is converted into RSUs based on the closing market
price of the company’s common stock on the grant date, and is converted into stock options on a 5:1
basis (i.e., $25,000 ÷ closing market price of the company’s common stock on the grant date X 5).

RSUs vest in full on the first anniversary of the grant and directors may elect to defer receipt of
the shares underlying their RSUs beyond vesting. Dividends paid during the vesting period or any
subsequent deferral period, will be credited in the form of additional RSUs. Stock options vest on
the first anniversary of the grant, have a ten-year term and an exercise price equal to the fair
market value on the grant date.

Meeting Fees

Each director is paid $1,000 for each Board of Directors meeting they attend and $1,000 for
each committee meeting they attend, except that Audit Committee members receive $2,000 for each
Audit Committee meeting they attend.

Deferral

Directors may also receive their fees in the form of deferred stock units (“DSUs”) or stock
options instead of cash. Director fees will be converted, at the election of each director, into:
(i) fully vested DSUs based on the closing market price of the company’s common stock on the grant
date, or (ii) stock options exercisable for five times the number of shares of common stock as the
director would have received had the director elected to receive such fees in DSUs, with an
exercise price equal to the fair market value on the grant date and a ten-year term.

Expenses

Directors are reimbursed for their reasonable expenses of attending Board of Directors and
committee meetings.exv10w1

 

Exhibit 10.1

Amendment to 1997 Stock Option and Incentive Plan

	1.	 	Effective April 27, 2006, Section 9(a) of the 1997 Stock Option and Incentive Plan (the
“Plan”) shall be amended and restated in its entirety as follows:

	 	 	 	“9. OUTSIDE DIRECTOR OPTION GRANTS

	 	(a)	 	[Reserved.]”

	2.	 	Except as specifically provided herein, the Plan shall remain in full force and effect.exv10w2

 

Exhibit 10.2

Non-Employee Director Compensation Program

     The following is a summary of the compensation arrangements for Orbital’s non-employee
directors effective April 27, 2006, unless otherwise noted:

Annual Retainers and Meeting Fees*:

	 	-	 	Annual retainer of $30,000
	 
	 	-	 	Annual retainer of $5,000 for the chairperson of each standing committee for up
to one standing committee per year
	 
	 	-	 	Annual retainer of $1,000 for each non-chair member of each standing committee
for up to two standing committees per year
	 
	 	-	 	Annual retainer of $10,000 for the lead independent director
	 
	 	-	 	$1,000 for each Board meeting attended in person in excess of five meetings per
year
	 
	 	-	 	$500 for each committee meeting attended in person
	 
	 	-	 	$500 for each Board or committee meeting held telephonically

*The annual retainers and meeting fees are payable in cash or shares of restricted common stock at
the non-employee director’s election. The restricted common stock grants are issued under our 1997
Stock Option and Incentive Plan and have a two-year vesting term.

Stock Purchase Matching Program:

	 	-	 	Matching a non-employee director’s purchase of up to $10,000 worth of common
stock in the open market in a calendar year with a grant of restricted common stock
that vests in its entirety two years from the date of grant.

Annual Restricted Stock Grant (effective January 1, 2007):

	 	-	 	Under Orbital’s 1997 Stock Option and Incentive Plan, each non-employee
director receives an automatic annual grant of $30,000 worth of restricted stock. The
number of shares of restricted common stock granted will be equal to $30,000 divided by
the closing sales price of the Orbital’s common stock on the date of grant. The grant
will vest in its entirety on the anniversary of the grant date.exv10w1

 

Exhibit 10.1

Summary Sheet regarding Compensation for Executive Officers

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2006 Bonus Criteria (4)
	 	 	 	 	 	 	 	 	2005	 	Shares of	 	 	 	Corporate/	 	Individual/Team
	 	 	 	 	2006 Base	 	Bonus	 	Restricted	 	Bonus	 	Financial	 	Performance
	Name	 	Title	 	Salary (1)	 	Amount	 	Stock (2)	 	Range (3)	 	Goals	 	Goals
	Andrew C. Florance

	 	President & Chief

Executive Officer
	 	$	405,363	 	 	$	272,473	 	 	 	12,625	 	 	0-100%
	 	 	75	%	 	 	25	%
	Frank A. Carchedi

	 	Chief Financial

Officer & Treasurer
	 	$	226,455	 	 	$	141,855	 	 	 	3,443	 	 	50-80%
	 	 	60	%	 	 	40	%
	Christopher
Tully (5)

	 	Sr. Vice President
Sales & Customer
Service
	 	$	238,680	 	 	$	64,260	 	 	 	2,967	 	 	0-35%
	 	 	0	%(5)	 	 	100	%
	Craig Farrington

	 	Vice President

Research
	 	$	178,432	 	 	$	93,291	 	 	 	1,952	 	 	0-75%
	 	 	40	%	 	 	60	%

 

			
	(1)	 	All salary increases will be effective as of April 1, 2006.
	 
	(2)	 	The shares of restricted stock were granted to the executives under the Company’s 1998
Stock Incentive Plan, as amended. The shares vest over a four-year period, one-fourth on
each of April 27, 2007, April 27, 2008, April 27, 2009 and April 27, 2010. A form of
restricted stock agreement has been filed as an exhibit to the Company’s Annual Report on
Form 10-K for the year ended December 31, 2004 and is incorporated by reference herein.
	 
	(3)	 	The bonus range represents a percentage of the executive’s base salary.
	 
	(4)	 	The table sets forth the break down for each executive officer of the percentage of
such officer’s bonus that is based on achievement of corporate/financial goals and the
percentage of such officer’s bonus that is based on achievement of individual/team
performance goals. The criteria that the Committee uses to determine bonuses include,
without limitation, the level of achievement of goals based on the following criteria:
Company revenues, Company earnings, research, data quality, new and enhanced products,
software development, management, customer service, accounts receivable, human resources,
investor relations, financial reporting and sales. The criteria differ for each of the
executive officers.
	 
	(5)	 	Mr. Tully also has the ability to earn monthly commissions based on the Company’s
monthly net new revenue amounts.exv10w1

 

Exhibit 10.1

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (hereinafter referred to as the “Agreement”) is made and entered on
May 1, 2006, but to be effective in all respects as of May 1, 2006 (hereinafter the “Effective
Date”), by and between Viseon, Inc., a corporation duly organized and existing pursuant to the laws
of the state of Nevada, (“the Company” or “Viseon”), and Sean Belanger, an individual resident of
Largo, Florida (hereinafter referred to as the “Executive”).

WITNESSETH:

     WHEREAS, the Company desires to have the benefit of the Executive’s efforts and services; and

     WHEREAS, the Company recognizes that circumstances may arise which may cause uncertainty of
continued employment of the Executive without regard to the Executive’s competence or past
contributions;

     WHEREAS, such uncertainties may result in the loss of valuable services of the Executive to
the detriment of the Company and its shareholders;

     WHEREAS, the Executive will be in a better position to consider the best interests of the
Company if the Executive is afforded reasonable security, as provided in this Agreement, against
altered conditions of employment which may result from situations now unknown, and

     WHEREAS, the Executive and the Company desire to enter into this Agreement setting forth the
terms and conditions of the Executive’s employment, as provided hereinbelow.

     NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements
hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto mutually covenant and agree as follows:

1. DEFINITIONS. Whenever used in this Agreement, the following terms shall have the meanings set
forth below:

(a) “Affiliate” shall have the same meaning as given to that term in Rule 12b-2 of
Regulation 12B promulgated under the Exchange Act.

(b) “Base Salary” shall be an amount equal to the Executive’s annualized
compensation calculated pursuant to Section 6 herein for the initial Term of this
Agreement.

(c) “Board” shall mean the Board of Directors of the Company.

(d) “Business Day” shall mean any day other than a Saturday or a Sunday or a day
on which commercial banking institutions in the City of Dallas, Texas are
authorized by law to be closed. Any reference to “days” (unless Business Days are
specified) shall mean calendar days.

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(e) “Cause,” with respect to Executive’s termination, shall mean any
termination of Executive based upon one or more of the following:

     (i) the Executive is convicted of a felony, or pleads “guilty” or “no contest”
to, a felony; or

     (ii) the Executive (A) fails or refuses to perform the Executive’s duties, (B)
materially breaches any of his obligations under this Agreement, or (C) violates
the Company’s established policies and procedures in a manner that materially
damages the Company, its business reputation or prospects, including any breach of
the Executive’s fiduciary duties to the Company through usurping any Company
opportunity or misappropriating any material Company asset, which in any of those
cases described in (A), (B) or (C) he fails to cure or otherwise resolve to the
satisfaction of the Board within thirty (30) days of the Executive receiving
written notice identifying the failure, breach or violation that is approved in
form and substance by no less than two-thirds of the Board, acting in good faith.

(f) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to
time.

(g) “Common Stock” shall mean shares of duly authorized, validly issued, fully
paid and nonassessable common stock of the Company, par value $0.01 per share.

(h) “Company Stock Plan” shall mean the RSI SYSTEMS, INC. 1994 STOCK PLAN, as amended,
or the Viseon Inc. 2005 Stock Plan, as amended, including all future amendments or any
other employee stock option or benefit plan of the Company established hereafter for
the purpose of enabling executives, key employees and non-employee directors of the
Company or its Subsidiaries to participate in the long-term success and growth of the
Company by giving them a proprietary interest in the Company through the granting of
stock options, phantom stock rights, SARs, or other forms of equity incentives
pursuant to the terms of any such benefit plan.

(i) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

(j) “Notice of Termination” shall mean a written document notifying the Executive that his
employment with the Company has been immediately terminated for Cause, which shall (a)
describe the facts and circumstances providing a basis for termination, including the
termination provision(s) of this Agreement relied upon; (b) have been approved by a
resolution duly adopted by a majority of the directors then serving on the Board; and (c)
be delivered to the Executive by any means in accordance with the provisions of Section 18
of this Agreement.

(k) “Person” shall mean any individual, partnership, joint venture, association,
trust, corporation or other entity, other than an employee benefit plan of the Company
or an entity organized, appointed or established pursuant to the terms of any such
benefit plan.

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(l) “Termination Payment” shall mean the compensation due and payable by
the Company to the Executive on the Termination Date, in the event that this
Agreement is terminated prior to the end of the Term, in such amount as determined
by the basis for such termination in accordance with Sections 7, 8 or 9 below.

2. EMPLOYMENT. The Company hereby agrees to employ the Executive and the Executive hereby agrees to
serve the Company, on the terms and conditions set forth herein.

3. TERM. The employment of Executive shall be for a period (the “Term”), which shall begin on
the date of this Agreement and continue until date of the earliest to occur of the following
events (such date being the “Termination Date”):

(a) the date on which the Company terminates it for Cause, or for any other reason, or no
reason at all, upon written notice to Executive;

(b) the date on which Executive terminates it for Good Reason (as defined below) or for any
other reason, or no reason at all, which date shall be as set forth in Executive’s written
notice to the Company (i) specifying the grounds constituting Good Reason, if applicable,
or (ii) otherwise tendering notice of his resignation and the termination of this
Agreement; provided, that Executive may not terminate for Good Reason unless the Company
fails to cure such grounds to the reasonable satisfaction of Executive within ten (10) days
after delivery of such notice;

(c) the date of the death or Total Disability (as defined below) of Executive.

For purposes of this Agreement, (i) termination by Executive for “Good Reason” shall mean
termination of Executive’s employment at his initiative following the occurrence of any one or more
of the following: (A) any decrease in Executive’s then current Base Salary; or (B) any material
breach of this Agreement by the Company after written notice from Executive; provided, that the
Company fails to cure such breach to the reasonable satisfaction of Executive within ten (10) days
thereafter; and (ii) “Total Disability” shall mean any time Executive is unable to reasonably
perform his duties to the Company due to injury, illness or disability (physical or mental) for a
period of two consecutive months, as determined in good faith by the Board.

4. POSITIONS AND DUTIES. The Executive shall hold the position of Chief Executive Officer of the
Company and shall perform such duties that are customary for a person employed in such position at
a similar corporation and shall have such duties, responsibilities and authority as may from time
to time be assigned to the Executive by the Board. In this regard, the Executive shall devote his
full working time and efforts to the business and affairs of the Company. The Executive may also
serve as a director or officer or both of such not-for-profit corporations as he may desire, join
and participate in such committees for community or national affairs as he may select and join and
serve on business corporation boards of directors, so long as such activities do not significantly
interfere with the performance of Executive’s duties hereunder.

5. PLACE OF PERFORMANCE. In connection with the Executive’s employment by the Company, the
Executive shall be based at the principal executive offices of the Company in Irving, Texas or at
any other location within the greater Dallas area of the State of Texas, or Largo, Florida or at
any other location within the greater Tampa area of the State of Florida upon relocation of the
Company’s principal executive offices, except for where travel is required to conduct Company
business. In addition, Executive may work any place as agreed upon in the manner contemplated in
Section 6(f) of this Agreement.

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6. COMPENSATION AND RELATED MATTERS.

(a) Commencing on the Effective Date and throughout the Term of employment, the
Company shall pay to the Executive an annualized Base Salary at a rate of Three
Hundred Thousand Dollars ($300,000) per year in twenty-four equal installments at
the rate of twice per month, or in such other convenient periodic payments as the
Company and the Executive may mutually agree. Compensation shall be reviewed on
an annual basis and shall be subject to a minimum increase in a percentage not
less than that of the annual increase in the cost of living.

(b) The Company hereby grants to Executive under the Company Stock Plan incentive
stock options entitling the Executive to purchase from the Company TWO MILLION
EIGHT HUNDRED SIXTY ONE THOUSAND FOUR HUNDRED SEVENTY TWO (2,861,472) shares of
Common Stock, at an initial exercise price of thirty two cents ($.32) per share,
in accordance with Option Agreements attached as Exhibit B hereto (the
“Option Agreements”). Such options shall be subject to the vesting schedule and
other terms set forth in the Option Agreements.

(c) In addition to Executive’s Base Salary, Executive shall be entitled to
participate in any bonus and other benefit plans that the Company provides or may
establish for the benefit of its senior executives, including, without limitation,
the Management Incentive Plan the terms of which will be determined by the
Company, with the approval of the Executive, within 90 days of the Effective Date.
The Management Incentive Plan will provide for a target bonus for the Executive
of One Hundred Fifty Thousand Dollars ($150,000) for the first year of Executive’s
employment with the Company if the goals and objectives agreed between the Company
and the Executive in connection with the finalization of the Management Incentive
Plan are exceeded.

(d) During the Term, the Company shall provide Executive with the same insurance
and other benefits that the Company makes available to its other employees in
accordance with the policies and procedures presently established by the Company
or as may be changed from time to time.

(e) During the Term, the Executive shall be entitled to receive prompt
reimbursement for all reasonable expenses incurred by the Executive in performing
services hereunder, including all business travel and living expenses while away
from home on business or at the request of and in the service of the Company;
provided, that such expenses are incurred and accounted for in accordance with the
policies and procedures presently established by the Company or as may be changed
from time to time.

(f) The Executive shall be entitled to twenty-five (25) vacation days in each
calendar year, and to compensation in respect of earned but unused vacation days,
determined in accordance with the Company’s vacation plan or policy. The
Executive shall also be entitled to all paid holidays provided by the Company to
its executives. The Executive shall also be entitled to all other benefits
provided by the Company to its executive employees.

(g) If the Company relocates the principal executive offices of the Company to any
location outside of the greater Dallas area of the State of Texas or the

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greater Tampa area of the State of Florida and the Executive agrees to relocate,
the Company will pay the reasonable expenses incurred by the Executive in
relocation. Relocation expenses to be paid by the Company shall include: (i)
temporary living costs for up to six (6) months; (ii) all fees and expenses
associated with the purchase of a residence in excess of the actual purchase
price, such as, real estate agency commissions or fees, appraisal fees, credit
reports, survey fees, inspection fees, recording fees for mortgage or deed, title
insurance or guarantee premiums, and tax title search and attorney fees; (iii) all
costs and expenses to transport the household goods and other possessions of the
Executive including, but not limited to, packing (including disconnection of
appliances), unpacking (including connection of appliances); and (iv) storage for
up to six (6) months and the transportation of the Executive ‘s automobile.

7. VOLUNTARY TERMINATION BY EXECUTIVE; TERMINATION FOR CAUSE. The Executive shall have the right
to voluntarily terminate this Agreement at any time upon no less than thirty (30) days prior
written notice to the Company delivered in accordance with the provisions of Section 18. If this
Agreement is terminated prior to the end of the Term by the voluntary resignation of the Executive
or by the Company for Cause (following Executive’s failure to cure the applicable deficiency within
the applicable time periods set forth in this Agreement), then the Executive shall be entitled to a
Termination Payment equal to the aggregate amount of the following:

(a) his then current Base Salary earned under Section 6(a) of this Agreement, computed pro
rata up to and including the Termination Date;

(b) a payment equal to all accrued but unused vacation, sick leave, and personal business
days paid at a per diem rate equivalent to the Executive’s then current Base Salary;

(c) reimbursement of any and all reasonable and necessary business expenses incurred
through the Termination Date;

(d) all options granted to the Executive as provided for in Section 6(b) of this Agreement
to which the Executive is entitled under the Company Stock Plan that have fully vested up
to and including the Termination Date;

(e) any bonuses earned through the Termination Date, paid in accordance with the terms of
the bonus plan pursuant to which any bonus may have been earned, except that the
Executive’s share of any cash bonus pool shall be computed pro rata based on the actual
number of days during the year the Executive was employed by the Company; provided,
however, nothing herein shall be construed to require the Company to calculate or pay any
bonus prior to the regularly scheduled time for making such calculation or payment;

(f) all amounts fully vested prior to the Termination Date to which the Executive is
entitled under any Company profit sharing plan, provided however, that nothing herein shall
be construed to require the Company to calculate or pay any amount prior to the regularly
scheduled time for making such calculation or payment; and

(g) any and all other cash benefits previously earned through the Termination Date and
deferred at the election of the Executive or pursuant to any deferred compensation plans
then in effect.

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8. TERMINATION BY REASON OF DEATH OR DISABILITY. In the event of the termination of this Agreement
prior to the end of the Term resulting from the death or Total Disability, the Executive shall be
entitled to a Termination Payment equal to (a) the same amount he would have received upon a
termination under Section 7 having the same Termination Date, plus (b) an amount equal to the Base
Salary he would have earned during the six (6) month period following the Termination Date. In
addition, all vested options granted to the Executive under the Company Stock Plan shall
immediately and fully vest on the Termination Date.

9. TERMINATION WITHOUT CAUSE OR ON OTHER GROUNDS. If this Agreement is terminated (a) by the
Company prior to the end of the Term for any reason other than Cause, Disability, voluntary
resignation or death or disability of Executive, or (b) by the Executive for Good Reason, then the
Executive shall be entitled to, as the Executive’s sole remedy:

(a) severance pay for a period beginning on the Termination Date and ending twelve months
from such date in an amount equal to Executive’s then current monthly Base Salary (as
determined by Section 6(a) of this Agreement) to be paid on the Company’s normal payroll
cycle during the Severance Period;

(b) all options granted to the Executive under the Company Stock Option Plan shall
immediately and fully vest on the Termination Date;

(c) a payment equal to all unused vacation, sick leave, and personal business days which
the Executive would be entitled to for the remainder of the Term computed on a per diem
rate equivalent to the Executive’s then current Base Salary;

(d) reimbursement of any and all reasonable and necessary business expenses incurred
through the Termination Date;

(e) all bonuses earned through the Termination Date, paid in accordance with the terms of
the bonus plan pursuant to which any bonus may have been earned, except that the
Executive’s share of any cash bonus pool shall be computed pro rata based on the number of
days lapsed from the first date that the Executive was entitled to participate in any such
bonus plan through the Termination Date; provided, however, nothing herein shall be
construed to require the Company to calculate or pay any bonus prior to the regularly
scheduled time for making such calculation or payment;

(f) all amounts to which the Executive is entitled under any Company profit sharing plan
computed pro rata based on the number of days lapsed from the first date that the Executive
was entitled to participate in any such profit sharing plan through the Termination Date,
provided however, that nothing herein shall be construed to require the Company to
calculate or pay any amount prior to the regularly scheduled time for making such
calculation or payment;

(g) any and all other cash benefits previously earned through the Termination Date and
deferred at the election of the Executive or pursuant to any deferred compensation plans
then in effect; and

(h) monthly payments, for a period of thirteen months following the Termination Date, equal
to the monthly premium required by the Executive to maintain his health insurance benefits
pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) the
Company’s group health insurance plan. If the Company is not

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required to provide health benefits pursuant to COBRA, the Company shall provide such
monthly payments as if it was required to provide such health benefits under COBRA.

Notwithstanding the foregoing, the payments and benefits set forth in this Section 9 shall not be
applicable unless Executive first (i) has executed a general release of all claims (in a form
prescribed by the Company), (ii) has returned all property of the Company in Executive’s possession
and (iii) if requested by the Board, has resigned as a member of the Board and as a member of all
boards of directors of all subsidiaries of the Company, to the extent applicable.

10. NONDISCLOSURE OF PROPRIETARY INFORMATION. In consideration of his employment and in part
relying on the mutual covenants and agreements set forth herein, Executive shall execute and
deliver that certain Employee Innovations and Proprietary Rights Assignment Agreement, in the form
of Exhibit A hereto.

11. ATTORNEY’S FEES. In the event that either party hereunder institutes any legal proceedings in
connection with its rights or obligations under this Agreement, the prevailing party in such
proceeding shall be entitled to recover from the other party, all costs incurred in connection with
such proceeding, including reasonable attorneys’ fees, together with interest thereon from the date
of demand at the rate of twelve percent (12%) per annum.

12. SUCCESSORS. This Agreement and all rights of the Executive shall inure to the benefit of and
be enforceable by the Executive’s personal or legal representatives, estates, executors,
administrators, heirs and beneficiaries. In the event of the Executive’s death, all amounts
payable to the Executive under this Agreement shall be paid to the Executive’s surviving spouse or
the Executive’s estate if the Executive dies without a surviving spouse. This Agreement shall
inure to the benefit of, be binding upon and be enforceable by, any successor, surviving or
resulting corporation or other entity to which all or substantially all of the business and assets
of the Company shall be transferred whether by merger, consolidation, transfer or sale.

13. SEVERABILITY. The provisions of this Agreement shall be regarded as divisible, and if any of
said provisions or any part hereof are declared invalid or unenforceable by a court of competent
jurisdiction, the validity and enforceability of the remainder of such provisions or parts hereof
and the applicability thereof shall not be affected thereby.

14. AMENDMENT OR TERMINATION. This Agreement may be amended, superseded, canceled, renewed or
extended, and the terms hereof may be waived, only by written instrument signed by the parties or,
in the case of a waiver, by the party waiving compliance. No delay on the part of any party in
exercising any right, power or privilege hereunder shall operate as a waiver thereof. Nor shall
any waiver on the part of any party of any such right, power or privilege, nor any single or
partial exercise of any such right, power or privilege, preclude any further exercise thereof or
the exercise of any other such right, power or privilege.

15. SURVIVAL OF CERTAIN TERMS. The provisions of paragraphs 10 and 11 shall survive termination of
this Agreement.

16. ENTIRE AGREEMENT. This Agreement sets forth the entire agreement between the Executive and the
Company with respect to the subject matter hereof, and supersedes all prior oral or written
agreements, negotiations, commitments and understandings with respect thereto. Each party to this
Agreement acknowledges that no representations, inducements, or agreements, oral or otherwise, have
been made by any party, or anyone acting on behalf of any party, which are not embodied herein, and
no other agreement, statement or promise not contained in this Agreement shall be valid or binding.
The parties hereto have had an opportunity to consult with

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their respective attorneys concerning the meaning and the import of this Agreement and each has
read this Agreement, as signified by his/their signatures below, and are executing the same for the
purposes and consideration herein expressed.

17. GOVERNING LAW. This Agreement and the Executive’s and Company’s respective rights and
obligations hereunder shall be governed by and construed in accordance with the laws of the State
of Texas applicable to agreements made and to be performed entirely within such State without
giving effect to the provisions, principles, or policies thereof relating to choice or conflict
laws, except to the extent that Federal law may apply.

18. NOTICE. Any notice or other communication required or permitted hereunder shall be deemed
given if in writing and delivered personally, telegraphed, telexed, sent by facsimile transmission
or sent by certified, registered or express mail, postage prepaid. Any such notice shall be deemed
given when so delivered personally or sent by overnight air courier or facsimile transmission or,
if mailed, two days after the date of deposit in the United States mail, as follows:

if to the Executive:

Sean Belanger

219 Poinciana Lane

Largo, FL 33770

If to Viseon:

Viseon, Inc.

Attention: Chief Financial Officer

8445 Freeport Pkwy, Suite 245

Irving, TX 75063

Facsimile: 972-906-6380

With a copy to:

Albert B. Greco, Jr.

Law Offices of Albert B. Greco, Jr.

16901 N. Dallas Parkway, Suite 230

Addison, Texas 75001

Facsimile: 972-818-7343

Any party may be given notice in accordance with this Section by any other party at another address
or person for receipt of notices, if such party so designates such other person or address in
writing in accordance with this Section. All such notices and communications (and deliveries)
shall be deemed to have been duly given: at the time delivered by hand, if personally delivered;
when receipt is acknowledged, if transmitted electronically or by facsimile; on the next Business
Day, if timely delivered to a courier guaranteeing overnight delivery; and five days after being
deposited in the mail, if sent first class or certified mail, return receipt requested, postage
prepaid.

19. BINDING EFFECT: NO ASSIGNMENT. This Agreement shall be binding upon and inure to the benefit
of the parties and their respective successors and legal representatives. This Agreement and any
rights hereunder are not assignable except by operation of law or by the Company to any of its
subsidiaries or Affiliates. Any other purported assignment shall be null and void.

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20. VARIATIONS IN PRONOUNS. Wherever the context shall so require, all words herein in the male
gender shall be deemed to include the female or neuter gender and vice versa, all singular words
shall include the plural, and all plural words shall include the singular. All pronouns and any
variations thereof refer to the masculine, feminine or neuter, singular or plural, as the context
may require.

21. REPRESENTATION BY COUNSEL. Each party acknowledges that it has had the opportunity to be
represented by separate independent counsel in the negotiation of this Agreement, that any such
respective attorneys were of its own choosing, that each authorized representative has read this
Agreement and that he understands its meaning and legal consequences to each party. If any or all
Parties have chosen not to seek alternative counsel, said party or parties hereby acknowledge that
he or they refrained from seeking alternative counsel entirely of his or their own volition and
with full knowledge of the consequences of such a decision.

22. PRESUMPTION AGAINST SCRIVENER. Each party waives the presumption that this Agreement is
presumed to be in favor of the party which did not prepare it, in case of a dispute as to
interpretation.

23. CAPACITY. Each party represents and warrants that he has the authority to enter into this
Agreement either on his own behalf or in an official capacity on behalf of a corporate party.

24. OTHER INSTRUMENTS. The Parties hereto covenant and agree that they will execute such other and
further instruments and documents as are or may become necessary or convenient to effectuate and
carry out the business obligations and duties created by this Agreement.

25. NO WAIVER. No waiver by either party at any time of any breach by the other party of, or
compliance with, any condition or provision of this Agreement to be performed by the other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at the same time or any
prior or subsequent time.

26. HEADINGS. The headings used in this Agreement are for administrative purposes only and do not
constitute substantive matter to be considered in construing the terms and shall not affect the
interpretation of this Agreement.

27. COUNTERPARTS. This Agreement may be executed by the parties hereto in separate counterparts,
each of which when so executed and delivered shall be an original, but all such counterparts shall
together constitute one and the same instrument. Each counterpart may consist of a number of
copies hereof each signed by less than all, but together signed by all of the parties hereto.

12

 

     IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement, to be effective
in all respects as of the date and year first above written.

	 	 	 	 	 
	 

	 	VISEON, INC.
	 	 
	 
	 	 	 	 
	 

	 	  /s/ Brian R. Day	 	 
	 

	 	 	 	 
	 

	 	By: Brian R. Day	 	 
	 

	 	Its: Chief Financial Officer	 	 
	 
	 	 	 	 
	 

	 	EXECUTIVE	 	 
	 
	 	 	 	 
	 

	 	  /s/ Sean Belanger	 	 
	 

	 	Sean Belanger	 	 

13

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