Document:

Exhibit 10.1

 

IRON MOUNTAIN INCORPORATED

Compensation Plan for Non-Employee Directors

 

	
Restatement   Date
    	
 
    	
As   of June 29, 2011
    
	
 
    	
 
    	
 
    
	
Eligibility
    	
 
    	
All   non-employee Directors
    
	
 
    	
 
    	
 
    
	
Annual   Board Retainer
    	
 
    	
$52,000   per year; paid in advance in quarterly installments
    
	
 
    	
 
    	
 
    
	
Annual   Committee Retainers
    	
 
    	
In   addition to the Annual Board Retainer, a $10,000 per year retainer for   members of the Audit Committee, Strategic Review Special Committee or CEO   Search Committee, a $7,500 per year retainer for members of the Compensation   Committee, and a $6,000 per year retainer for members of the Strategic   Planning and Capital Allocation or Nominating and Governance Committees; in   each case paid in advance in quarterly installments, provided, however, that   the Strategic Review Special Committee shall receive two installments of   $5,000 for each of the third and fourth quarters of 2011, paid in advance of   each such quarter.
    
	
 
    	
 
    	
 
    
	
Annual   Chair Retainers
    	
 
    	
In   addition to the Annual Board Retainer and any Annual Committee Retainers, a   $15,000 per year retainer for acting as Chair of the Audit Committee; a   $10,000 per year retainer for acting as Chair of the Compensation Committee,   an $8,000 per year retainer for acting as the Chair of the Strategic Planning   and Capital Allocation or Nominating and Governance Committees; and a $25,000   per year retainer for acting as the Lead Independent Director; in each case   paid in advance in quarterly installments
    
	
 
    	
 
    	
 
    
	
Pro Rata Portion of Retainers
    	
 
    	
A   non-employee Director shall be entitled to retain the portion of the Annual,   Committee and Chair Retainers (as applicable) paid with respect to the   quarter in which he or she ceases to be a non-employee Director or serve on a   Committee or as a Chair or Lead Independent Director, but shall not be   entitled to any further portion of the Retainer(s)
    
	
 
    	
 
    	
 
    
	
Meeting   Expenses
    	
 
    	
Reimbursement   for all normal travel expenses to attend meetings; reimbursements due shall   be paid promptly after the end of each quarter, subject to timely receipt of   each director’s expense documentation
    
	
 
    	
 
    	
 
    
	
Group   Insurance Benefits
    	
 
    	
Iron   Mountain’s group medical and dental benefits (single or family) are available   to non-employee Directors, but they must pay the current employee   contribution rate in effect for such coverage; group life, AD&D, STD and   LTD coverage are not available to non-employee Directors
    

 

 

	
Amount   of Stock Grant
    	
 
    	
A   stock grant in the form of restricted stock units will be made of that number   of whole shares of Iron Mountain Incorporated common stock determined by   dividing $100,000 by the stock’s “fair market value” (as determined under the   Iron Mountain Incorporated 2002 Stock Incentive Plan) on the date of grant
    
	
 
    	
 
    	
 
    
	
Timing   of Stock Grants
    	
 
    	
To   be made annually to all non-employee Directors as of the first Board meeting   following the annual meeting of stockholders; newly elected non-employee   Directors receive a pro-rated   grant on the date of their election or appointment to the Board
    
	
 
    	
 
    	
 
    
	
Vesting   of Stock Grants
    	
 
    	
100%   on the one year anniversary of grant (or, if earlier, the annual meeting of   stockholders that is closest to the one year anniversary)
    
	
 
    	
 
    	
 
    
	
Purchase   Price of Stock Grants
    	
 
    	
$0.01
    
	
 
    	
 
    	
 
    
	
Restrictions   on Transfer of Common Stock
    	
 
    	
None   once vested; prior to vesting transfer is subject to restrictions set forth   in the Iron Mountain Incorporated 2002 Stock Incentive Plan
    
	
 
    	
 
    	
 
    
	
SEC   Considerations
    	
 
    	
Grants   will generally be made under the Iron Mountain Incorporated 2002 Stock   Incentive Plan, the shares of each of which are registered on Form S-8;   insider trading restrictions and short-swing profit rules of the   Securities Exchange Act of 1934 apply
    
	
 
    	
 
    	
 
    
	
Taxation   of Stock Grants
    	
 
    	
Non-employee   Directors pay ordinary income tax (and SECA tax) at time of vesting, which   (except as described below) will also coincide with the delivery of shares,   on the fair market value of the shares on date of vesting; Iron Mountain   receives a corresponding tax deduction at that time
    
	
 
    	
 
    	
 
    
	
Election   to Defer Retainers
    	
 
    	
Non-employee   Directors may elect to defer some or all of their Retainer fees paid in cash under   the Iron Mountain Incorporated Directors Deferred Compensation Plan;   deferrals will be invested in phantom shares equal in value to Iron Mountain   common stock; deferral elections must be made by December 31 of the year   prior to the year in which the fees are earned (or within 30 days of becoming   eligible for the Plan); amounts will be subject to ordinary income tax when   distributed (at a time elected by the non-employee Director)
    
	
 
    	
 
    	
 
    
	
Election   to Defer Stock Grants
    	
 
    	
Non-employee   Directors may elect to defer some or all of their stock grant under the Iron   Mountain Incorporated Directors Deferred Compensation Plan; at vesting, the   Director’s account will be credited with a number of phantom shares equal to   the number of shares that would otherwise have been delivered; deferral   elections must be made by December 31 of the year prior to the year in   which the grant is made (or within 30 days of becoming eligible for the   Plan); amounts will be subject to
    

 

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ordinary   income tax when distributed (at a time elected by the non-employee Director)
    

 

Adopted:  June 29, 2011

 

3Exhibit 10.1

 

FIRST AMENDMENT TO THE

ASSET PURCHASE AGREEMENT DATED MAY 19, 2011

 

This First Amendment is made and entered into as of July 1, 2011 (“Amendment”) to the Asset Purchase Agreement (“Agreement”) dated as of May 19, 2011, by and among Deckers Outdoor Corporation, a Delaware corporation (“Parent”), Deckers Acquisition, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent (“Purchaser”), Deckers International Limited, a Bermuda corporation (“Deckers Bermuda”), Sanuk USA, LLC, a California Limited Liability Company (“Sanuk”), the equity holders of Sanuk Thomas J. Kelley (“Kelley”) and Ian L. Kessler (“Kessler”), C&C Partners, Ltd., a California corporation (“C&C”), and the shareholders of C&C Donald A. Clark (“Clark”) and Paul Carr (“Carr”).  Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Agreement.

 

RECITALS

 

WHEREAS, as described in the Agreement, the parties to the Agreement contemplated having Deckers Acquisition, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent, purchase substantially all of the assets of each of Sanuk and C&C related to the Business;

 

WHEREAS, pursuant to the Agreement, Deckers Bermuda is to acquire from Sellers the International Exploitation Rights, subject to the rights of Purchaser to, among other things, record title of the Sanuk Intellectual Property and the C&C Intellectual Property upon the closing of the transactions contemplated by the Agreement;

 

WHEREAS, the parties to the Agreement now intend to have Parent rather than Purchaser purchase substantially all of the assets of each of Sanuk and C&C related to the Business; and

 

WHEREAS, pursuant to the Agreement, Deckers Bermuda will continue to acquire from Sellers the International Exploitation Rights.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, the parties hereto agree that the Agreement shall be amended as follows:

 

1.                                       Amendments.

 

(a)                                  Deckers Acquisition, Inc., a Delaware corporation, shall no longer be a party to the Agreement, and in connection therewith, each reference in the Agreement and in the Ancillary Agreements to “Purchaser” shall now refer only to Deckers Outdoor Corporation, a Delaware corporation.  Each reference in the Agreement and in the Ancillary Agreements to “Parent and Purchaser,” “Parent or Purchaser,” and “Each of Parent and Purchaser” shall now mean and refer only to Deckers Outdoor Corporation, a Delaware corporation.

 

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(b)                                 Section 2.10(a)(xv) is hereby amended and restated as follows:

 

“(xv)                      Audited Financial Statements of C&C;”

 

(c)                                  The first sentence of Section 2.11(b) is hereby amended and restated as follows:

 

“Within 90 days after the Closing Date, Purchaser will prepare and deliver to each Seller:  (i) an unaudited consolidated balance sheet of the Sellers, as of the Closing Date (the “Closing Balance Sheet”); and (ii) a statement setting forth Working Capital, as determined by reference to the Closing Balance Sheet (such statement shall be referred to herein as the “Working Capital Statement”).”

 

(d)                                 Section 6.2(c) is hereby amended and restated as follows:

 

“(c)                            Audited Financial Statements.  The Audited Financial Statements of C&C shall not be materially different from the C&C Financial Statements.”

 

(e)                                  Section 7.1(j) is hereby amended and restated as follows:

 

“(j)                               Audited Financial Statements.  Sanuk and the Sanuk Sellers will use their commercially reasonable efforts to cause the Audited Financial Statements of Sanuk to be completed as promptly as practicable. Further, Sanuk and the Sanuk Sellers will use their commercially reasonable efforts to provide documentation to KPMG reasonably necessary to complete the Sanuk audit, including, without limitation, execution of a representation letter reasonably consistent with the draft circulated among KPMG, Sanuk and Sanuk’s counsel on June 30, 2011 regarding audits of Sanuk’s balance sheet as of December 31, 2010, and the related statement of income, stockholders’ equity, and cash flows for the year then ended.”

 

(f)                                    Sections 9.12 and 9.13 are hereby amended and restated as follows:

 

“9.12                     Arbitration and Venue.  Any controversy or claim arising out of or relating to this Agreement or the making, performance or interpretation thereof (except for disputes regarding the determination of Closing Working Capital, which shall be decided as provided in Section 2.11) shall be submitted to arbitration in San Diego County, California, pursuant to the commercial arbitration rules and procedures of the American Arbitration Association before a panel of three arbitrators, unless the parties are able to agree on the selection of a single arbitrator.  In the absence of such agreement within ten (10) days after the initiation of an arbitration proceeding, Sellers shall select one arbitrator and Purchaser shall select one arbitrator, and those two arbitrators shall then select, within ten (10) days, a third arbitrator.  If those two arbitrators are unable to select a third arbitrator within such ten (10) day period, a third arbitrator shall be appointed by the commercial panel of the American Arbitration Association.  The decision in writing of at least two of the three arbitrators shall be final and binding upon the parties.  The arbitrator(s) decision shall provide a reasoned basis for the resolution of each dispute and for any award.  The ruling of the arbitrator(s) shall be final, and judgment thereon may be entered in any court having jurisdiction.  Each party will bear one half of the cost of the arbitration filing and hearing fees, and the cost of the arbitrator.  Each party will bear its own attorneys’ fees, unless otherwise decided by the arbitrator.  The parties understand and agree that the arbitration shall be instead of any civil litigation and that the arbitrator’s decision shall be final and binding to the fullest extent permitted by law and enforceable by any court having 

 

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jurisdiction thereof.  Each party shall be entitled to pre-hearing discovery as provided in California Code of Civil Procedure Section 1283.05.

 

9.13                           Consent to Jurisdiction and Forum Selection.  Only to the extent a party seeks to challenge or enforce an arbitration award arising out of arbitration proceedings set forth in Section 9.12 above, or to the extent a party seeks a temporary restraining order, preliminary injunction, or other similar relief, the parties hereto agree that all actions or proceedings shall be initiated and tried exclusively in the State and Federal courts located in the County of San Diego, State of California.  Each party hereby waives any right it may have to assert the doctrine of forum non conveniens or similar doctrine or to object to venue with respect to any proceeding brought in accordance with this paragraph, and stipulates that the State and Federal courts located in the County of San Diego, State of California shall have in personam jurisdiction and venue over each of them for the purposes of litigating any dispute, controversy or proceeding arising out of or related to this Agreement.  Each party hereby authorizes and accepts service of process sufficient for personal jurisdiction in any action against it as contemplated by this Section 9.13 by registered or certified mail, return receipt requested, postage prepaid, to its address for the giving of notices as set forth in this Agreement, or in the manner set forth in Section 9.3 of this Agreement for the giving of notice.  Any final judgment rendered against a party in any action or proceeding shall be conclusive as to the subject of such final judgment and may be enforced in other jurisdictions in any manner provided by law.”

 

2.                                       Disclosure Schedules.  The Disclosure Schedule shall be amended and restated as set forth as Exhibit A hereto.

 

3.                                       No Other Changes.  Except as expressly modified by this Amendment, all terms of the Agreement shall remain in full force and effect.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, this First Amendment to the Asset Purchase Agreement has been duly executed and delivered by the parties hereto, or their duly authorized officer, as of the date first above written.

 

	
 
    	
PARENT:
    
	
 
    	
 
    
	
 
    	
Deckers   Outdoor Corporation,
    
	
 
    	
a   Delaware corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:   
    	
Zohar   Ziv
    
	
 
    	
Title:   
    	
Chief   Operating Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PURCHASER:
    
	
 
    	
 
    
	
 
    	
Deckers   Acquisition, Inc.,
    
	
 
    	
a   Delaware corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:   
    	
Zohar   Ziv
    
	
 
    	
Title:   
    	
President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
DECKERS   BERMUDA:
    
	
 
    	
 
    
	
 
    	
Deckers   International Limited,
    
	
 
    	
a   Bermuda corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:   
    	
Zohar   Ziv
    
	
 
    	
Title:   
    	
Vice-President
    

 

[Amendment to Asset Purchase Agreement]

 

 

IN WITNESS WHEREOF, this First Amendment to the Asset Purchase Agreement has been duly executed and delivered by the parties hereto, or their duly authorized officer, as of the date first above written.

 

	
 
    	
SANUK:
    
	
 
    	
 
    
	
 
    	
Sanuk   USA, LLC,
    
	
 
    	
a   California Limited Liability Company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Thomas   J. Kelley
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Ian   L. Kessler
    

 

[Amendment to Asset Purchase Agreement]

 

 

IN WITNESS WHEREOF, this First Amendment to the Asset Purchase Agreement has been duly executed and delivered by the parties hereto, or their duly authorized officer, as of the date first above written.

 

 

	
 
    	
C&C:
    
	
 
    	
 
    
	
 
    	
C&C   Partners, Ltd.,
    
	
 
    	
a   California corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Donald   A. Clark
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Paul   Carr
    

 

[Amendment to Asset Purchase Agreement]

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