Document:

fs1a0610ex10xiv_nxt.htm

Exhibit 10.14

 

AGREEMENT

 

This Agreement (the "Agreement") is entered into as of the 22nd day of April, 2009, by and between NXT Nutritionals Holding Inc., a Delaware corporation with its principal offices at 56 Jackson Street, Holyoke MA. 01040, ("NXT"), and Trabajando, Inc. f/s/o Blair Underwood ("Underwood").

 

RECITALS

 

A.            NXT  is the an operating .company in the business of selling ingredients including SUSTA and Healthy Dairy Smoothies ("The Products");

 

B.             NXT is in need of a Underwood, and wishes to engage Underwood to act in this position. (Underwood)

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the promises, conditions and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged; NXT, and Underwood agree as follows:

 

1.   Underwood Services. NXT hereby engages (Underwood) for the purpose of Informing consumers of the unique benefits of the Company's products. During the term of this Agreement, Underwood agrees to allow his approved likeness to be used in print materials, on the Companies web site, in approved emails directed to consumers, store ads and in one (1) TV commercial which will appear on CNBC and online. In addition Underwood will agree to make no more than 2 personal appearances per year on behalf of the Company, subject to mutually approved dates and times; and consult on up to two (2) additional commercials, subject to Underwood's professional availability. Company agrees to give final artistic approval to Underwood, and further agrees to using Underwood in a manner that will not interfere with his other career endeavors. The Underwood agrees not to withhold his services other than for reasonable conflicts in scheduling. Company agrees to pay for all approved travel expenses in advance.

 

2.   Term. Subject to Sections 3 and 5 below, the term of this Agreement shall be for a period of two (2) years beginning on the date shown above. This term may be extended for an additional two year period on the mutual written consent of both parties.

 

3.   Compensation. In consideration of services rendered to NXT, Underwood shall receive 400,000 shares of the company's restricted stock (NXTH). The company and Underwood have established the following mutually agreed upon key milestones that will automatically earn the Underwood additional cash and stock upon the occurrence of the following events:

 

  

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Cash Compensation:

	
●  

	
On the 1 year anniversary of the execution of this Agreement, Underwood shall receive a cash payment of $50,000, payable on or before April 22, 2010.

	
●  

	
For the term of this Agreement, Underwood shall receive .15 cents per sale of SUSTA Natural Sweetener 50 count boxes or SUSTA Natural Sweetener multi serve pouches sold through the Company's Cause Marketing (Marketing efforts involving the Company and a non-profit organization for the benefit of both groups.)

Performance Incentives:

	
●  

	
Underwood shall receive an additional 250,000 shares when the Company achieves $10 million in gross annual sales.

 

7.   Accountings/Audit. NKT will report to Underwood quarterly, no later than thirty (30) days after the end of each quarter, on Underwood contingent compensation for such quarter. Underwood may exercise reasonable rights of audit of NXT's records relating to Underwood share of contingent compensation (but no other aspect of NXT's business unless it relates to computations hereunder), upon reasonable notice to NXT within ninety (90) days following receipt of each accounting statement at Underwood's expense; provided that if Underwood is under paid more than five percent (5%), then NXT shall be responsible to pay the costs of the audit Such right of audit may only be exercised once in every twelve (12) months period. Underwood may not dispute any statement rendered after twelve (12) months from the date of delivery of any such statement

 

8.   Mediation. Any controversy or claim arising from, out of or relating to this Agreement, including, without limitation claims or any controversy based in tort, contract or warranty, claims for discrimination under state or federal law, claims for violation of any federal, state or local law, statute or regulation (collectively, "Claims"), shall first be submitted for non­binding mediation to an impartial mediator ("Mediator") selected jointly by the parties. The parties will use their best efforts to participate in mediation within forty-five (45) days of the nuking of a Claim. If the Claim is not resolved in mediation, then either party may bring an action in the Superior Court of Los Angeles County, California. Notwithstanding anything to the contrary in this Section 8, either party shall have the right to seek injunctive and/or other equitable relief in a court of competent jurisdiction in the event of a material breach of the provisions of this Agreement, without first resorting to mediation.

 

9.   Indemnification. Each of the parties agrees to indemnify and hold harmless the other party, its officers, directors and employees, from and against any and all loss, liability, claims, costs and damages, including but not limited to reasonable outside attorneys' fees, arising directly or indirectly from a breach of the terms and conditions of this Agreement by the other party. NXT agrees to add Underwood and Trabajando, Inc. as additional insured parties on its Errors and Omissions General Liability, and Product Liability insurance policies. NXT warrants that it shall have minimum coverage of five million dollars per event.

 

  

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10.          Authority. Underwood warrants and represents that he has the full power and axe hority to enter into this Agreement and to perform all of his respective obligations hereunder; thay any consents or corporate authority required to enter into this Agreement has been obtained; that the execution and performance of this Agreement will not violate any federal, state or local law or regulation, or the legal or equitable rights of any third party; and that each has obtained all licenses and permits required by any local, state or federal authority to provide the Services to be

rendered hereunder.

 

11.          Notice. All notices to be given hereunder shall be in writing and shall be deemed given (i) on the date delivered in person, or (ii) on the date indicated on the return receipt if mailed. postage prepaid, by certified or registered U.S. Mail, with return receipt requested, or (iii) on the next business day after delivery to Federal Express or other overnight courier service, postage and or delivery charges prepaid, and addressed as follows:

 

	        TO NXT: 	 NXT Nutritionals Holdings, Inc.
	 	 56 Jackson Street
	 	 Holyoke Ma. 01040
	 	 
	        TO Underwood:	 Fox Rothschild LLP
	 	 ATTN. Darrell D. Miller, Esq.
	 	 1800 Century Park East, Suite 300 
	 	 Los Angeles, CA 90067
	 	 

 

12.          No Assignment. This Agreement, and the respective rights and duties of the parties, may not be assigned by either party without the written consent of all parties to this Agreement.

 

13.          No Modification. This Agreement shall not be altered or modified except in wt icing, duly executed by the parties hereto. No course of dealing nor any delay on the part of either party in exercising any other rights hereunder will operate as a waiver of any rights of such party, or be deemed a continuing waiver or a waiver of any breach, default, or right to enforce any term, covenant or provision of this Agreement

 

14.          Choice of Law. This Agreement has been entered into in, and shall be governed, interpreted and construed in accordance with the laws of the State of California. Any suit, action or proceeding arising from or related to this Agreement shall be brought exclusively in the Superior Court of California, LA County.

15.          Attorneys Fees. If an action is brought to enforce the terms of this Agreement, the prevailing party shall be entitled to its reasonable outside attorneys' fees, expert fees, and cc sts, at trial and on appeal.

 

  

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16.          Successors in Interest. This Argument shall be binding on the executors, administrators, heirs, representatives, agents, trustees, successors and assigns of each of the parties herein

 

17.          Integration. This Agreement constitutes, the entire agreement between the parties and supersedes all prior and contemporaneous oral and written understandings and agreements between the parties.

 

18.         Severability. If any term, covenant or provision of this Agreement, or any part hereof, is found by any court of competent jurisdiction to be invalid, illegal or unenforceable in any prospect, the remaining terms, covenants and provisions of this Agreement shall be given the mainstream effect possible without regard to the invalid, illegal or unenforceable term, covenant or provision. In lieu of any such invalid, illegal or unenforceable provision, the parties hereto intend that there shall be substituted therefore as part of this Agreement a term, covenant or provision as similar to terms to such invalid, illegal or unenforceable term, covenant or provision, or part thereof, as may be valid, legal and enforceable.

 

19.         Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original, but all of which. together shall constitute one and the same instrument. The signature page of any counterpart may be detached there from without imparing the legal effect of the signature(s) thereon provided such signature page is attached to any other counterpart identical thereto except having additional signature pages executed by the other Party. Counterparts may be delivered by facsimile provided that original executed counterparts are delivered to the recipient on the next business day following the facsimile transmission.

 

20. Miscellaneous. All Travel for Underwood shall be First Class, :plus 1 guest, Hotel First Class, and Exclusive Ground Transportation, and $250 per diam. Additionally, Underwood shall receive a free personal supply of NXT products. All Press releases and publicity that includes Underwood's name, likeness or bio must be approved in writing by Underwood.

 

IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the day and year first above written.

 

 

	 NXT Nutritionals Holdings Inc.	 	Trabajando, Inc.	 
	 	 	 	 	 	 
	 By:	 /s/ Francis McCarthy	 	 By:	 /s/ Blair Underwood	 
	 	 Francis McCarthy	 	 	 Blair Underwood	 
	 	 President & CEO	 	 	 President	 

 

 

4EX-10.1

PERFORMANCE-BASED RESTRICTED STOCK AGREEMENT

This Performance-Based Restricted Stock Agreement dated June 14, 2010 is made by and between
Lionbridge Technologies, Inc., a Delaware corporation (hereinafter referred to as the “Company”),
and [NAME], a key employee of the Company or a subsidiary of the Company (hereinafter referred to
as the “Employee”). This is an Agreement between the Company and the Employee with respect to
restricted stock granted under the 2005 Stock Incentive Plan of Lionbridge Technologies, Inc., (the
“Plan”). Capitalized terms not defined herein shall have such meanings ascribed to them in the
Plan.

WHEREAS, the Nominating and Compensation Committee of the Company’s Board of Directors (the
“Committee”), appointed to administer the Plan, has determined that it would be to the advantage
and best interest of the Company and its shareholders to grant the Restricted Stock (as hereinafter
defined) provided for herein to the Employee;

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and
valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby agree
as follows:

ARTICLE I

GRANT OF PERFORMANCE-BASED RESTRICTED STOCK

Section 1.1 — Grant of Restricted Stock

In consideration of the Employee’s agreement to remain in the employ of the Company or its
Subsidiary and for other good and valuable consideration, the value of which exceeds the par value
of the Restricted Stock, on the date hereof the Company grants to the Employee [XXXX #] shares of
its common stock $0.01 par value (the “Restricted Stock”), upon the terms and conditions set forth
in this Agreement.

ARTICLE II

TERMS OF RESTRICTED STOCK

Section 2.1 — Restrictions on Transfer

The Employee may not sell, assign, transfer, pledge, hypothecate, mortgage or otherwise
dispose of, by gift or otherwise, or in any way encumber all or any of the Restricted Stock until
such time as the Restricted Stock becomes vested pursuant to the provisions of this Agreement.

Section 2.2 — Vesting of Restricted Stock

	 	(a)	 	In general.  All shares of Restricted Stock shall be subject to
forfeiture (“unvested”) and shall be forfeited in accordance with the Forfeiture
Schedules set forth in Section 2.2(b) below based on upon the achievement of
profitability targets (the “Profitability Target”), during the calendar year of the
grant (2010) and the following two calendar years (2011 and 2012) (the “Measuring
Period”).

	 	(b)	 	Forfeiture Schedule. 

All shares of Restricted Stock shall be subject to forfeiture (“unvested”) and shall be forfeited
in accordance with the following schedule based on percent completion of the Profitability Target
within the requisite Measurement Period as follows:

 

	 	 	 	 	 	 	 
	Percent of Profitability target	 	 	 	 
	achieved within the Measurement	 	 	 	Percent of Incentive Restricted
	Period	 	 	 	Stock Forfeited
	100%

	 	 
	 	 	0	%
	 

	 	 
	 	 	 	 
	99%

	 	 
	 	 	1	%
	 

	 	 
	 	 	 	 
	98%

	 	 
	 	 	2	%
	 

	 	 
	 	 	 	 
	97%

	 	 
	 	 	3	%
	 

	 	 
	 	 	 	 
	96%

	 	 
	 	 	4	%
	 

	 	 
	 	 	 	 
	95%

	 	 
	 	 	5	%
	 

	 	 
	 	 	 	 
	94%

	 	 
	 	 	6	%
	 

	 	 
	 	 	 	 
	93%

	 	 
	 	 	7	%
	 

	 	 
	 	 	 	 
	92%

	 	 
	 	 	8	%
	 

	 	 
	 	 	 	 
	91%

	 	 
	 	 	9	%
	 

	 	 
	 	 	 	 
	90%

	 	 
	 	 	10	%
	 

	 	 
	 	 	 	 
	89%

	 	 
	 	 	14	%
	 

	 	 
	 	 	 	 
	88%

	 	 
	 	 	18	%
	 

	 	 
	 	 	 	 
	87%

	 	 
	 	 	22	%
	 

	 	 
	 	 	 	 
	86%

	 	 
	 	 	26	%
	 

	 	 
	 	 	 	 
	85%

	 	 
	 	 	30	%
	 

	 	 
	 	 	 	 
	< 85%

	 	 
	 	 	50	%
	 

	 	 
	 	 	 	 

(c) To the extent earned in accordance with the above schedule and provided he or she remained
an employee of the Company continuously to January 1st of the year immediately following
the Measuring Period, the Grantee’s rights to the Restricted Stock shall become nonforfeitable
(“vested”) on the date the Company publicly releases earnings for the second year of the Measuring
Period.

 

(d) In the event of the Grantee’s death, Disability or a termination of employment of the
Grantee by the Company (or a Subsidiary thereof) other than a termination for cause, if the event
occurs after the end of the calendar year of the Grant but before the end of the Measuring Period,
the Grantee’s rights to one-half of the Restricted Stock that would otherwise become nonforfeitable
(“vested”) on the date the Company publicly releases earnings for the second year of the Measuring
Period shall become nonforfeitable as of such date.

 

(e) In the event of a Reorganization Event, all shares of Restricted Stock shall vest without
any further action on the part of the Company or the Grantee as of the date of the Change of
Control.

  

(f) Definitions.  

	 	(i)	 	For all purposes of this Agreement, the term “Reorganization Event”
shall have the meaning set forth in Section 11 of the Plan.

	 	(ii)	 	The term “Profitability Target” means $ million to be achieved on
a cumulative basis within the Measurement Period and determined as follows:

	 	•	 	Income from Operations, plus

	 	•	 	Merger, Restructuring & other charges

	 	•	 	Amortization of Acquisition Related Intangibles

	 	•	 	Depreciation

	 	•	 	Amortization, and

	 	•	 	Stock Based Compensation Expense

(g) The Grantee acknowledges and agrees that the Nominating and Compensation Committee
of the Board of Directors may in its sole discretion, adjust the Profitability Target to
reflect the impact of foreign currency exchange rate fluctuations during the Measurement
Period or any other extraordinary events.

 

Section 2.3 — Forfeiture of Restricted Stock

Until the Restricted Stock is vested in accordance with Section 2.2 of this Agreement, it will
be forfeited to the Company immediately upon a termination of employment for any reason.

Section 2.4 — Escrow

The Secretary of the Company shall retain physical custody of the certificates representing
the Restricted Stock until all of the restrictions imposed pursuant to this Agreement expire or
shall have been removed.

Section 2.5 — Legend

The certificates evidencing the Restricted Stock shall bear a legend substantially as follows
until all of the restrictions imposed pursuant to this Agreement expire or have been removed:

The shares represented by this certificate are subject to restrictions
on transfer until the date the Company publicly releases its earnings
for 2012 and may not be sold, exchanged, transferred, pledged,
hypothecated or otherwise disposed of except in accordance with and
subject to all of the terms and conditions of a Restricted Stock
Agreement dated as of June 14, 2010, a copy of which the Company shall
furnish to the holder of this certificate upon request and without
charge.

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ARTICLE III

OTHER PROVISIONS

Section 3.1 — Notices

Any notice to be given under the terms of this Agreement to the Company shall be addressed to
the Company in care of its Secretary, and any notice to be given to the Employee shall be addressed
to such Employee at the address given beneath such Employee’s signature hereto. By a notice given
pursuant to this Section 3.1, either party may hereafter designate a different address for notices
to be given to such party. Any notice which is required to be given to the Employee shall, if the
Employee is then deceased, be given to the Employee’s personal representative if such
representative has previously informed the Company of such representative’s status and address by
written notice under this Section 3.1. Any notice shall be deemed duly given when enclosed in a
properly sealed envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in a
post office or branch post office regularly maintained by the United States Postal Service.

Section 3.2. – Acknowledgement.

By entering into this Agreement and accepting the Award, Employee acknowledges that: (a) the
Plan is discretionary and may be modified, suspended or terminated by the Company at any time as
provided in the Plan; (b) the grant of the Restricted Stock is a one-time benefit and does not
create any contractual or other right to receive future grants of awards or benefits in lieu of
awards; (c) all determinations with respect to any such future grants, including, but not limited
to, the times when awards will be granted, the number of shares subject to each award, the award
price, if any, and the time or times when each award will be settled, will be at the sole
discretion of the Company; (d) Employee’s participation in the Plan is voluntary; (e) the value of
the Restricted Stock is an extraordinary item which is outside the scope of Employee’s service
contract, if any; (f) the Restricted Stock is not part of normal or expected compensation for any
purpose, including without limitation for calculating any benefits, severance, resignation,
termination, redundancy, end of service payments, bonuses, pension or retirement benefits or
similar payments; (g) the future value of the Common Stock subject to the Restricted Stock is
unknown and cannot be predicted with certainty, (h) neither the Plan, nor the issuance of the
Restricted Stock confers upon Employee any right to continue in the service of (or any other
relationship with) the Company or any Related Company, (i) the grant of the Restricted Stock will
not be interpreted to form an employment relationship with the Company or any Related Company, and
(j) he or she reconfirms his or her contractual and legal obligations of confidentiality to the
Company and his or her obligations not to compete with the Company, as such as described in his or
her Non-Disclosure Agreement, Non-Competition Agreement and/or Business Protection Agreement with
the Company.

Section 3.3 – Recoupment and Forfeiture on Certain Conditions

The Employee expressly understands and agrees that this grant of Restricted Stock is conditioned on
Employee’s agreement and consent that the Board of Directors of the Company or its Nominating and
Compensation Committee has the sole discretion to require the Employee or Employee’s estate to
repay to the Company, in cash and upon demand, any Proceeds (as defined below) resulting from the
sale or other disposition (including to the Company) of Shares issuable or issued upon vesting of
Restricted Stock (a) in the event of a  restatement (other than a restatement due to a change in
accounting policies) of the Company’s financial results where the restatement  results in a
material impact on the financial statements for the period affecting the achievement of the
performance conditions for this grant of Restricted Stock in Section 2.2 or (b) if the Board or the
Committee determines that the Employee has engaged in fraud or misconduct (“Misconduct) that
resulted in or substantially resulted in vesting of any or all of this grant of Restricted Shares
due to achievement of the performance conditions in Section 2.2.   The amount to be repaid shall be
determined by the Committee in its sole discretion based on its determination of the effect of the
Misconduct or the restatement on the Corporation’s stock price, up to an amount equal to the market
value per Share at the time of such sale or other disposition multiplied by the number of shares
sold or disposed of.  If Shares have vested and have not been disposed of, Shares will be subject
to forfeiture (together with any cash amounts described in the prior sentence, “Proceeds”).  Any
determination by the Committee with respect to the foregoing shall be final, conclusive and binding
on all interested parties.  This provision expires on the earlier of (a) a Change of Control or (b)
three years from the date of grant of the Award.

[remainder of page intentionally left blank]

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Section 3.4 — Construction

In the event of any discrepancy between the terms of this Agreement and the terms of the Plan
itself, the Plan will control. This Agreement shall be administered, interpreted and enforced
under the laws of the Commonwealth of Massachusetts.

IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto.

LIONBRIDGE TECHNOLOGIES, INC.

By:       

     

[NAME]

      

     

Address

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