Document:

exv10w2

 

Exhibit 10.2

[Atmel Corporation Letterhead]

March 13, 2007

Mr. Steven Laub

c/o Atmel Corporation

2325 Orchard Parkway

San Jose, CA 95131

     Re: Employment Agreement dated as of August 6, 2006 (the “Employment Agreement”)

Dear Steve:

     As you know, Atmel Corporation (the “Company”) was contractually required to issue to you
1,000,000 shares (the “Restricted Shares”) of restricted stock (or restricted stock units) on
January 2, 2007, but did not do so as a result of the Company not having a then current prospectus
relating to the S-8 registration statement applicable to such an issuance. As a result, the
Company and you agree as follows:

     1. You waive the right to assert that such failure to issue the Restricted Shares constitutes
a material breach for purposes of Section 10(e)(v) of the Employment Agreement, conditioned on the
Company’s performance of the terms hereof.

     2. The Company will issue the Restricted Shares to you within ten (10) business days after
the date the prospectus relating to the Company’s S-8 registration statement again becomes current,
but prior to August 6, 2007. Notwithstanding such delayed issuance, vesting of the Restricted
Shares will be per the dates and schedule set forth in the Employment Agreement.

     3. If your employment with the Company terminates prior to the issuance of the Restricted
Shares then you will receive vesting of the Initial Option and Additional Option as expressly set
forth in the Employment Agreement. In addition, the Company will pay to you in cash an amount
equal to the Vested Portion of the Restricted Shares multiplied by the Fair Value (the “Restricted
Share Payment”). If the Restricted Share Payment is paid to you and such payment results in your
being subject to a greater Excise Tax than you would have been subject to had the Restricted Shares
instead been issued (and become vested) in accordance with the provisions of the Employment
Agreement (such increase in the Excise Tax referred to as the “Increased Excise Tax”), then you
will receive from the Company: (a) a cash payment sufficient to pay the Increased Excise Tax; and
(b) additional cash payments sufficient to pay the federal and state income and employment taxes
and additional Excise Taxes arising from the payments (including such additional cash payments)
made to you by the Company. The “Vested Portion of the Restricted Shares” will mean the number of
Restricted Shares that would have vested as expressly set forth in the Employment Agreement through
and as a result of such

 

 

termination had the Restricted Shares been issued on January 2, 2007. “Fair Value” will mean (a)
if the Company is then publicly traded, an amount equal to the closing price of a share of common
stock of the Company averaged over the twenty (20) trading days immediately prior to the date of
such termination; or (b) if the Company is not then publicly traded, an amount equal to the fair
market value of a share of common stock of the Company as of the date of such termination as
determined by mutual agreement of the parties. In the absence of such mutual agreement, such per
share fair market value will be determined by arbitration pursuant to the Employment Agreement,
provided that each party will submit to the arbitrator its determination of the fair market value
of a share of common stock of the Company and the arbitrator will be constrained in its
determination of the Company’s per share fair market value to select one (1) of the two (2) figures
so submitted, except that if the Company’s proposed per share fair market value is greater than
your proposed per share fair market value, the per share fair market value will equal the mid-point
of the two (2) figures so submitted (the “Mid-Point”). Upon receipt of each party’s proposed
figure, the Company will make payment to you as provided above based on its proposed per share fair
market value (or the Mid-Point, if applicable) as an advance against the amount to be paid to you
as provided above based on the per share fair market value to be determined by the arbitrator.

     4. Capitalized terms not otherwise defined herein will have the meanings set forth in the
Employment Agreement.

     5. Except as amended hereby, the Employment Agreement will continue in full force and effect.

     To acknowledge your agreement to the foregoing, please sign and return a copy of this letter,
whereupon both the Company and you will be bound by the terms hereof.

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	/s/ Patrick Reutens
 	 
	 	for Atmel Corporation 	 
	 	 	 
	 

	 	 	 
	Agreed and Acknowledged:
	 	 
	 
	 	 
	/s/ Steven Laub
 

Steven Laubexv10w10

 

Exhibit 10.10

LoopNet, Inc.

2007 Bonus Plan

1. Purpose

The LoopNet, Inc. 2007 Bonus Plan (the “Plan”) is intended to: (i) enhance stockholder value by
promoting strong linkages between employee contributions and company performance; (ii) support
achievement of the business objectives of LoopNet, Inc. (the “Company”); and (iii) promote
retention of participating employees.

2. Effective Date

The Plan is effective for the Company’s 2007 fiscal year beginning January 1, 2007, through
December 31, 2007 (the “Plan Year”). The Plan is limited in time and will expire automatically on
December 31, 2007 (the “Expiration Date”). The Plan also supersedes all prior bonus or commission
incentive plans with respect to the eligible employees (as set forth in Section 4) or any written
or verbal representations regarding the subject matter of the Plan.

3. Administration

	(a)	 	The Plan shall be administered by the Compensation Committee of the Board of Directors of the
Company (the “Compensation Committee”). The Compensation Committee shall have all powers and
discretion necessary or appropriate to administer the Plan and to control its operation,
including, but not limited to, the power to (i) determine which employees are eligible to
participate in the Plan, (ii) prescribe the terms and conditions of the Plan bonuses hereunder
(as further defined in Section 6 below, the “Bonuses”), (iii) determine the extent of the
achievement of the Bonuses, (iv) adopt rules for the administration, interpretation and
application of the Plan as are consistent therewith, and (v) interpret, amend or revoke any
such rules. The Company’s Chief Executive Officer will be responsible for implementing the
Plan.

	(b)	 	All determinations and decisions made by the Compensation Committee, the Board, and any
delegate of the Compensation Committee pursuant to the provisions of the Plan shall be final,
conclusive, and binding on all persons, and shall be given the maximum deference permitted by
law.

	(c)	 	The Compensation Committee, in its sole discretion and on such terms and conditions as it may
provide, may delegate all or part of its authority and powers under the Plan to one or more
directors and/or officers of the Company.

	(d)	 	The Company shall provide a copy of the Plan to each Participant (as defined in Section 4
below).

 

 

4. Eligibility

Each of the Chief Executive Officer, Chief Financial Officer, Chief Marketing Officer, Chief
Product Officer and Chief Technology Officer or other employee designated by the Compensation
Committee of the Company may be eligible to participate in this Plan, provided he or she is
designated by the Compensation Committee as a participant and the Compensation Committee has not,
in its sole discretion, withdrawn such designation (a “Participant”) and he or she meets all the
following conditions:

(a) is a full-time regular employee of the Company as of the last day of the Plan Year;

	(b)	 	has not entered into an agreement relating to termination of his or her employment with the
Company (other than an employment agreement or offer letter, change of control agreement, or
equity compensation agreement that provides for certain benefits in connection with the
Participant’s future termination of employment); and

	(c)	 	is not subject to disciplinary actions, is in good standing with the Company and is not
subject to a performance improvement plan.

5. Performance Measures

In general, Bonuses will be based upon the achievement of a combination of financial metrics, such
as revenue, earnings before interest, taxes, depreciation and amortization and stock compensation
expense (“adjusted EBITDA”) and net income, and business objectives (the “Performance Objectives”).
Revenue, adjusted EBITDA and net income shall be measured in accordance with generally accepted
accounting principles. The Compensation Committee will determine the target Performance
Objectives, and Participants will be provided with a summary of the target Performance Objectives.

6. Bonus Metrics

	(a)	 	Each Participant will be eligible for payment of a Bonus equal to a percentage of
Participant’s Base Salary (as defined below) (“Bonus Percentage”) based primarily on the level
of achievement of the Performance Objectives.

	(b)	 	Base salary is the Participant’s base salary actually paid to the Participant for the Plan
Year (“Base Salary”); provided that if a Participant has a paid leave of absence of any length
during the Plan Year, the salary paid to the Participant during such leave of absence will not
be included in Base Salary. Nothing in the Plan, or arising as a result of a Participant’s
participation in the Plan, shall prevent the Company from changing a Participant’s Base Salary
at any time based on such factors as the Company shall in its discretion determine
appropriate.

	(c)	 	Bonus Percentages are a percentage of Base Salary determined by the Compensation Committee
according to such factors as the Compensation Committee, in its sole discretion, deems
appropriate, including achievement of the Performance Objectives at

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target or greater, individual Participant performance, competitive market data and historical
Company compensation. Bonus Percentages for the Participants are as follows:

	    •	 	Chief Executive Officer: 30% of Base Salary at target achievement of the
Performance Objectives, up to 80% of Base Salary

	    •	 	Chief Financial Officer: 30% of Base Salary at target achievement of the
Performance Objectives, up to 60% of Base Salary

	    •	 	Chief Marketing Officer: 30% of Base Salary at target achievement of the
Performance Objectives, up to 80% of Base Salary

	    •	 	Chief Product Officer: 25% of Base Salary at target achievement of the
Performance Objectives, up to 50% of Base Salary

	    •	 	Chief Technology Officer: 25% of Base Salary at target achievement of the
Performance Objectives, up to 50% of Base Salary

	(d)	 	Notwithstanding anything to the contrary contained herein, the Compensation Committee has the
discretion to determine to pay less than the full amount (including to pay zero percent) of
the Bonus to which any Participant would otherwise be entitled, which determination shall be
based upon such factors as the Compensation Committee determines appropriate (including
without limitation as a result of the Company’s or a Participant’s failing to achieve one or
more objectives with respect to the Plan Year, as a result of which it would be against the
best interests of the Company and its stockholders to pay all or any portion of such Bonus).

	(e)	 	Bonuses shall be unsecured, unfounded obligations of the Company. All Bonuses shall be paid
in cash from the general assets of the Company. To the extent they have any rights under the
Plan, Participants’ rights shall be those of general unsecured creditors of the Company.

	(d)	 	In the event of a Participant’s death, participation in the Plan will cease. At the
discretion of the Compensation Committee, earned and prorated Bonuses may be paid to the
Participant’s estate after the end of the Plan Year (as provided in Section 7 below) but only
if a Bonus would have been paid to the Participant had the Participant been entitled to
receive it.

7. Timing and Form of Payment of Bonuses

Subject to the terms and conditions of the Plan, Bonuses shall be paid as soon as practicable after
completion of the Company year-end audit for the Plan Year.

8. Plan Changes; No Entitlement

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The Compensation Committee may at any time amend, suspend, or terminate the Plan, including may
amend any aspect of the Bonuses and may amend the Plan so as to ensure that no amount paid or to be
paid hereunder shall be subject to the provision of Internal Revenue Code Section 409A(a)(1)(B).
Nothing in the Plan is intended to create an entitlement to any employee for any incentive payment
hereunder.

9. General Provisions

	(a)	 	Tax Withholding. The Company shall withhold all applicable taxes from any Bonus,
including any federal, state and local taxes.

	(b)	 	No Effect on Employment or Service. Nothing in the Plan shall interfere with or
limit in any way the right of the Company to terminate a Participant’s employment or service
at any time, with or without cause. Employment with the Company is on an at-will basis only.
The Company expressly reserves the right, which may be exercised at any time, to terminate any
individual’s employment with or without cause without regard to the effect it might have upon
him or her as a Participant under this Plan.

	(c)	 	Nontransferability of Awards. No award granted under the Plan may be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, or
by the laws of descent and distribution. All rights with respect to an award granted to a
Participant shall be available during his or her lifetime only to the Participant.

	(d)	 	Severability. In the event any provision of the Plan shall be held illegal or
invalid for any reason, the illegality or invalidity shall not affect the remaining parts of
the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision
had not been included.

	(e)	 	Governing Law. The Plan and all awards shall be construed in accordance with and
governed by the laws of the State of California, but without regard to its conflict of law
provisions.

	(f)	 	Entire Agreement. The Plan, and any resolutions of the Compensation Committee of the
Board adopting the Plan, is the entire understanding between the Company and the employee
regarding the subject matter of the Plan and supersedes all prior bonus or commission
incentive plans, or employment contracts whether with the Company or any written or verbal
representations regarding the subject matter of the Plan. Participation in the Plan during
the Plan Year will not convey any entitlement to participate in this or future plans or to the
same or similar bonus benefits. Payments under the Plan are an extraordinary item of
compensation that is outside the normal or expected compensation for the purpose of
calculating any extra benefits, termination, severance, redundancy, end-of-service premiums,
bonuses, long-service awards, overtime premiums, pension or retirement benefits or other
similar payment.

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