Document:

Amended and Restated Director Compensation Policy

 Exhibit 10.3 
 BASIN WATER, INC. 
 AMENDED AND RESTATED 
 DIRECTOR COMPENSATION POLICY 
 Non-employee members of the board of directors
(the “Board”) of Basin Water, Inc. (the “Company”) shall be eligible to receive cash and equity compensation effective as of March 27, 2007 (the “Effective Date”) as set forth in this Amended
and Restated Director Compensation Policy (“Director Compensation Policy”). The cash compensation and equity awards described in this Director Compensation Policy shall be paid or be made, as applicable, automatically and without
further action of the Board, to each non-employee director who may be eligible to receive such cash compensation or equity awards unless such non-employee director declines the receipt of such cash compensation or equity awards by notice to the
Company. This Director Compensation Policy shall remain in effect until it is revised or rescinded by further action of the Board. 
 1.
Cash Compensation. 
 (a) General Board Retainer. Each non-employee director shall be eligible to receive an
annual retainer of $24,000 for service on the Board. 
 (b) Audit Committee Chair Retainer. Each non-employee director
who serves as chair of the Audit Committee of the Board shall be eligible to receive an additional annual retainer of $6,000 for such service. 
 (c) Compensation Committee Chair Retainer. Each non-employee director who serves as chair of the Compensation Committee of the Board shall be eligible to receive an additional annual retainer of $4,500 for such
service. 
 (d) Nominating and Governance Committee Chair Retainer. Each non-employee director who serves as chair of
the Nominating and Governance Committee of the Board shall be eligible to receive an additional annual retainer of $4,500 for such service. 
 (e) Meeting Stipends. Each non-employee director shall be eligible to receive an additional stipend of $1,500 for each Board meeting or $750 for each Board meeting attended by telephone ($1,500 if such
telephonic meeting lasts more than three hours), and $1,000 for each committee meeting attended in person or $500 for each committee meeting attended by telephone ($1,000 if such telephonic meeting lasts more than three hours). 
 (f) Special Projects. Each non-employee director working on special projects that are approved by the Board shall be eligible to
receive an additional stipend of $1,000 per day for such services. 
 (g) Expense Reimbursements. The Company shall
reimburse non-employee directors for reasonable expenses incurred to attend meetings of the Board or its committees. 
 (h)
Travel Allowance and Expenses. Non-employee directors shall be paid $500 for each day of travel ($750 if the travel time exceeds 3 hours) in connection with attendance at a Board or committee meeting. Any travel expenses shall be reimbursed
in accordance with the Company’s standard travel policy. 
 2. Equity Compensation. The stock options described below shall be
granted under and shall be subject to the terms and provisions of the Company’s 2006 Equity Incentive Award Plan (the “2006 Plan”), as amended from time to time, and shall be granted subject to the execution and delivery of
award agreements, including attached exhibits, in substantially the same forms approved by the Board, setting forth the vesting schedule applicable to such awards and such other terms as may be required by the 2006 Plan. 
 (a) Annual Awards. On the date of each annual meeting of the Company’s stockholders on or after the Effective Date, a person
who is a non-employee director automatically shall be granted a non-qualified stock option and restricted stock as follows: 
 (i) On the first annual meeting of the Company’s stockholders that takes place after the Effective Date, (A) an option to purchase that number of shares of Company common stock (subject to 

 
adjustment as provided in the 2006 Plan) as is equal to the quotient of (x) the Option Multiple times the Initial Cash Compensation divided by
(y) the fair market value of a share of common stock on the date of grant (as determined under the 2006 Plan, the “Fair Market Value”) and (B) a restricted stock award of that number of shares of common stock as is equal
to the quotient of (x) the Restricted Stock Multiple times the Initial Cash Compensation divided by (y) the Fair Market Value. 
 (ii) On each subsequent annual meeting of the Company’s stockholders, with respect to any non-employee director that was not a director as of the date of the prior year’s annual meeting of the Company’s
stockholders, (A) an option to purchase that number of shares of Company common stock (subject to adjustment as provided in the 2006 Plan) as is equal to the quotient of (x) Option Multiple times the Initial Cash Compensation divided by
(y) the Fair Market Value and (B) a restricted stock award of that number of shares of common stock as is equal to the quotient of (x) the Restricted Stock Multiple times the Initial Cash Compensation divided by (y) the Fair
Market Value. 
 (iii) On each subsequent annual meeting of the Company’s stockholders, with respect to any non-employee
director that was a director as of the date of the prior year’s annual meeting of the Company’s stockholders, (A) an option to purchase that number of shares of Company common stock (subject to adjustment as provided in the 2006 Plan)
as is equal to the quotient of (x) Option Multiple times the Prior Year Cash Compensation divided by (y) the Fair Market Value and (B) a restricted stock award of that number of shares of common stock as is equal to the quotient of
(x) the Restricted Stock Multiple times the Prior Year Cash Compensation divided by (y) the Fair Market Value. 
 For purposes of this
Section 2(a): 
 “Initial Cash Compensation” shall mean the sum of (a) the General Board Retainer to be paid to
such non-employee director in accordance with Section 1(a) in the year of determination plus (b) all retainers to be received in such year, if any, pursuant to Sections 1(b), 1(c) and 1(d) for such non-employee director’s
service as chair of the Audit Committee, Compensation Committee and/or Nominating and Governance Committee in the year of determination. 
 “Prior Year Cash Compensation” shall mean, for any year in which the determination is made, the total cash compensation earned by a non-employee director in the prior fiscal year pursuant to Sections 1(a) through 1(f) of
this Director Compensation Policy. 
 “Option Multiple” shall be a number determined by the Board on an annual basis at or
around the time of the annual meeting of the Company’s stockholders and shall be in effect until the end of the fiscal year. The Option Multiple for 2007 shall be 2.0. 
 “Restricted Stock Multiple” shall be a number determined by the Board on an annual basis at or around the time of the annual meeting of
the Company’s stockholders and shall be in effect until the end of the fiscal year. The Restricted Stock Multiple for 2007 shall be 1.5. 
 (b) Terms of Awards Granted to Independent Directors.  
 (i) Exercise Price of Options. The per share
price of each option granted to a non-employee director shall equal 100% of the fair market value of a share of common stock on the date the option is granted (as determined under the 2006 Plan). 
 (ii) Price of Restricted Stock. The per share price of each share of restricted stock granted to a non-employee director shall
equal $0.001 per share. 
 (iii) Vesting. 
 (A) Options granted to non-employee directors shall become 100% vested on the first anniversary of the date of grant, subject to a
director’s continuing service on the Board through such date. No portion of an option which is unexercisable at the time of a non-employee director’s termination of membership on the Board shall thereafter become exercisable. 

 (B) Restricted stock granted to non-employee directors shall become 100% vested on the
first anniversary of the date of grant, subject to a director’s continuing service on the Board through such date. No portion of a restricted stock grant which is restricted at the time of a non-employee director’s termination of
membership on the Board shall thereafter become unrestricted. 
 (iv) Term. The term of each option and restricted
stock award granted to a non-employee director shall be ten years from the date the option is granted. 
 (v) Accelerated
Vesting. In the event of a Change in Control (as defined in the 2006 Plan) while a non-employee director is still serving as a member of the Board, or in the event of a non-employee director’s Termination of Directorship (as defined in the
2006 Plan) by reason of his or her death or Disability, all options and restricted stock granted to a non-employee director pursuant to this Director Compensation Policy shall become fully exercisable immediately prior to such Change in Control or
Termination of Directorship, as applicable.EXHIBIT 10.1

 Exhibit 10.1 
 March 30, 2007 
 Bryan Rogers 
 8250 Robert Bruce
Drive 
 Richmond, VA 23235 
 Dear Bryan: 
 It is with great pleasure that we offer to you the position of Vice President & Controller with Old Dominion Electric Cooperative. 
 Should you accept the position, you will report to Bob Kees, and your salary will be $5,885.63 gross per pay period. Your responsibilities and salary may be subject to
periodic review and modification in accordance with Old Dominion’s operational needs, as they may change over time. Your employment with Old Dominion is at-will and is indefinite. 
 This offer is made on the condition that you accept this offer by signing and returning the enclosed copy to Old Dominion so that we receive it by March 30, 2007, and that you agree to commence your duties on
April 1, 2007. 
  

	
	 Sincerely,

	
	 Tammy M. Coburn

	 Human Resources Coordinator

  

					
	AGREED TO AND ACCEPTED BY:	 		 	
			
	 /s/ Bryan Rogers
	 		 	Dated: March 30, 2007
	Bryan RogersConsulting Agreement

 EXHIBIT 10.6 
 CONSULTING AGREEMENT 
 THIS CONSULTING AGREEMENT (the
“Agreement”) made this 29th day of September 2006 (“Effective Date”) by and between: 

Private Media Group, Inc. a corporation registered in the State of Nevada and with registered office at 3230 Flamingo Road, Suite 156, Las Vegas, Nevada 89121
USA (henceforth “ Private”), 
 and 
 Peter Cohen
(carrying a US passport with passport number 156267429) of 1415 Sunset Harbor Drive, Apt 403 Miami Beach, Florida 33139 USA (herein “Consultant”) 
 RECITALS 
 WHEREAS, Private desires consulting and similar services relating to Private’s business;

 and 
 WHEREAS, Consultant desires to contract with
Private to perform such services. 
 NOW, THEREFORE, in consideration of the mutual covenants herein, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows: 
  

	1.	Consultancy 

 The Consultant shall serve as a consultant to Private
for a period commencing on the Effective Date and ending one month after Private serves written notice of termination on the Consultant (herein “the Notice Period”). If Private serves notice of termination of this Agreement during the
period commencing on the Effective Date and ending on the anniversary of the Effective Date in addition to the Fees chargeable for the period of this Agreement Consultant will be entitled to invoice Private for an additional sum equal to one
month’s fees by way of compensation for termination of the Agreement. If Private serves notice of termination of this Agreement after the first anniversary of the Effective Date in addition to the Fees chargeable for the period of this
Agreement Consultant will be entitled to invoice Private for an additional sum equal to three month’s fees by way of compensation for termination of the Agreement. During the Notice Period Private shall have absolute discretion as to whether
Consultant will be required to continue to perform the Services. Private reserves the right to terminate this Agreement at any time without payment of any compensation in the event of fundamental breach of the Agreement by the Consultant in the
provision of the Services including but not limited to any significant illegal or criminal actions, gross insubordination, or gross negligence. 

	2.	Scope of Work 

 The Consultant shall perform the services set forth
in Exhibit A attached hereto (the “Services”). Any additions or modifications of the Services shall be set forth in writing and signed by both parties. The performance of services and compensation therefore necessary for completion of such
additions or modifications shall be governed by this Agreement unless otherwise described in the written agreement of the parties. 
  

	3.	Exclusivity 

 Consultant agrees that he will provide the Services exclusively to Private and will not engage in activities defined in Exhibit A either on his own behalf or for any 3rd party without the prior written consent of Private. 
  

	4.	Consulting Fees 

 Private agrees to pay Consultant the sum of
$16,667 (SIXTEEN THOUSAND, SIX HUNDRED AND SIXTY SEVEN DOLLARS) per calendar month, twelve months per year during the term of the Agreement. The fees specified herein are intended to be exclusive of all reasonable expenses incurred by the Consultant
in the performance of his obligations hereunder. Consultant will be reimbursed for normal travel and entertainment expenses where appropriate in the course of providing the Services in accordance with Private’s Travel and Entertainment Policy.
Consultant agrees to comply with Private’s normal business policies in relation to the reimbursement of expenses including providing copies of receipts and other documents reasonably necessary to enable Private to verify the expenses. The
Consulting Fee will be paid upon submission of Consultant’s invoice in arrears at the end of each calendar month. 
 4.1 Bonus 
 Exhibit B sets out the Consultant’s entitlement to additional remuneration in the form of entitlement to additional fees (herein “(he Bonus Fees”) in
specified circumstances. Bonus fees are only awarded per calendar year starting with the year of 2007 payable within 10 working days of the date of filing of Private’s annual financial statements, i.e. in the case of 2007 on April 1, 2008.
Consultant has to have provided services as per this Agreement throughout the entire calendar year for which a Bonus Fee is applicable. 
  

	5.	Relationship of Parties 

 Nothing in this agreement shall be
determined to constitute an employment agreement and the Consultant is not entitled to receive any of the benefits, rights or protections which an employee of Private would receive. Fees payable hereunder in respect of the Services are regarded by
Private as freelance earnings and no income tax or so called social security payments will be deducted from the fees payable hereunder. 
  

 2 (6) 

	6.	Provision of Offices, Equipment, Materials and Accommodation 

 The
Consultant will provide the Services at the premises of Private or other offices designated by Private in Barcelona. Necessary space equipment and materials will be provided by Private at its own expense. 
  

	7.	Confidentiality 

 The Consultant acknowledges that
“Confidential Information” is of great value to “Private Media Group” (as these terms are defined in Section 8 of this Agreement) . Accordingly, the Consultant agrees not to divulge to any Unauthorised Person, either during
or after the term of this Agreement, any Confidential Information obtained or developed by the Consultant during the term of this Agreement. The expression “Unauthorised Person” means anyone who is not an employee, agent, advisor or
shareholder of Private or one of its affiliate companies. Upon the expiration or earlier termination of this Agreement, the Consultant agrees to deliver to Private all documents, papers, drawings, tabulations and similar documentation which are
furnished by Private to the Consultant or were prepared by the Consultant in performance of the Services for the Private. Upon the expiration or termination of this Agreement, the Consultant agrees to make no further use or utilization of the
Confidential Information. The provisions of this Section 7 shall survive the termination of this Agreement. 
  

	8.	Confidential Information 

 “Confidential Information,” as
used in this Agreement, shall mean information regarding the business affairs, operations, business opportunities, price and cost information, financial information, customer names, prospects and customer lists, business plans, manuals, letters,
notebooks, procedures, reports, products, processes, inventions, research and development, and other information or knowledge concerning Private Media Group. The term “Private Media Group” means Private Media Group, Inc (a US corporation
incorporated in the State of Nevada and listed on the NASDAQ stock exchange) and its shareholders, subsidiaries and affiliated corporations throughout the World whether wholly or partly owned. The term “Confidential Information” shall not
include information that (a) is or becomes generally available to the public through avenues not in violation of this Agreement, or (b) was available to Consultant on a non-confidential basis prior to disclosure to Consultant by Private.

  

	9.	Independent Contractor 

 Consultant is not an employee of Private
and is not authorized to enter into any legal or contractual obligations on behalf of Private. It is envisaged however that Consultant may represent Private in discussions and contractual negotiations on the understanding that no binding contract
may be entered into until a written agreement incorporating all the relevant obligations is executed on behalf of Private or other relevant company within the Private Media Group. 
  

 3 (6) 

	10.	Assignment 

 The Consultant may not assign this Agreement or his or
her interest herein, nor delegate any obligations hereunder, without the prior written consent of Private. 
  

	11.	Governing Law 

 This Agreement shall be governed by and construed in
accordance with the laws of the State of Nevada, USA whose courts shall have exclusive jurisdiction over disputes arising between the parties hereto. 
 IN
WITNESS WHEREOF, the parties have executed this Agreement. 
  

					
	For and on behalf of Private:	 		 	For and on behalf of Consultant:
			
	/s/ Berth Milton	 		 	 /s/ Peter Cohen

	Berth Milton – CEO, President and Chairman of the Board	 		 	Peter Cohen

  

 4 (6) 

 EXHIBIT A 
 The
Services 
 To offer advice and direction to the CEO of Private and the senior managers of the Private Group of Companies to achieve the following
objectives:- 
  

	1)	to increase operating income; and 

  

	2)	to help the Group make a successful and profitable transition from so called “traditional media” to new media technologies; and 

  

	3)	to enable the Group to improve the efficiency of the systems which create and deliver the Group’s products and services including: management information systems, quality
management, production management, inventory management, and other functions as they affect the organization. 

  

 5 (6) 

 EXHIBIT B 
 BONUS FEES 
 In addition to Consultant’s base fee, Consultant will be awarded an annual performance related bonus based on achieving
budgeted operating income. Targets to be met in order to receive bonuses will be set by the Company in relation to budgets developed by Consultant. Budgets and targets shall be established within two months from the Effective Date and the Bonus Fees
shall be as set out below: 
  

											
	 Annual Operating Income*
	  	Bonus Fee	 
	 Increase**
	  	>	  	—  	€	 	=	  	—  	€
	 Increase
	  	>	  	1,000,000 	€	 	=	  	20,000 	€
	 Increase
	  	>	  	1,500,000 	€	 	=	  	30,000 	€
	 Increase
	  	>	  	2,000,000 	€	 	=	  	40,000 	€
	 Increase
	  	>	  	2,500,000 	€	 	=	  	50,000 	€
	 Increase
	  	>	  	3,000,000 	€	 	=	  	60,000 	€
	 Increase
	  	>	  	3,500,000 	€	 	=	  	70,000 	€
	 Increase
	  	>	  	4,000,000 	€	 	=	  	80,000 	€
	 Increase
	  	>	  	4,500,000 	€	 	=	  	90,000 	€
	 Increase
	  	>	  	5,000,000 	€	 	=	  	100,000 	€

	*	As reported by the Company to the SEC and as defined by US GAAP 

	**	The increase is defined as the annual increase in operating income for any calendar year compared to the annual operating income for the year 2006 

  

 6 (6) 

 

 
 3230 Flamingo Road, Suite 156 
 Las Vegas, Nevada 89121 USA 
 To Peter Cohen 
 Sunset Harbor Drive, 
 Apt 403 Miami Beach, 
 Florida 33139 
 USA 
  

					
	Dear Peter	 		 	29th September 2006

 Re: Consultancy Agreement 
 We refer to the agreement between us and you dated as of today’s date relating to the provision of your services to Private Media Group, Inc (herein “the Consultancy Agreement”). When signed by you and
us this letter agreement will be a binding agreement the terms of which will supplement the Consultancy Agreement. 
 We hereby agree as follows: 

 

	1)	Notwithstanding the terms of the Consultancy Agreement you will work under the title of COO Private Media Group, Inc and your specific duties and responsibilities will be as
follows:- 

 a) You will be responsible for managing the day-to-day activities of the Private Media Group on a full-time basis.
As COO you are one of the highest ranking members of the Group’s organization, monitoring the daily operations of the Group and reporting to the Group’s Chief Executive Officer directly. 
 b) As COO you will be responsible for Operations Management (OM). Your focus will be strategic, tactical, and short-term OM, which means that you are
responsible for the effective planning, design, operation, and improvement of the systems that create and deliver the Group’s products/services, including: management information systems, quality management, production management, inventory
management, and other functions as they affect the organization. You will have full responsibility for the Group’s financial performance. 
  

	2)	Notwithstanding the terms of the Consultancy Agreement you are entitled to select up to 22 business days per annum as paid vacation (as well as any national, local and company
holidays in Spain). These vacation days should be selected after consultation with the CEO. No more than 5 days may be carried forward from one calendar year to another. 

 

 

	3)	Private will contract for and pay for the rental of a furnished apartment in Barcelona for your accommodation up to a maximum cost of €2,000 per month for a maximum period
of 12 months commencing as soon as possible after the Effective Date when you have located a suitable furnished apartment for these purposes with our assistance. For the avoidance of doubt Private is responsible for the costs associated with renting
the apartment including agency and legal fees but is not responsible for the cost of utilities or any other expense associated with the provision of the accommodation. 

  

	4)	Private will cover the cost of your participation in the Health insurance scheme enjoyed by senior executives of the Group working in the Barcelona offices so that you enjoy the
same level of benefits, 

  

	5)	Should the Consultancy Agreement be terminated for any reason then this letter agreement shall also terminate automatically and simultaneously. 

  

	6)	This letter agreement shall be governed by the laws of the State of Nevada USA whose Courts shall have exclusive jurisdiction to resolve any disputes arising between the parties
hereto. 

 Please sign and return the enclosed copy of this letter agreement to indicate your acceptance of the terms set out herein.

 Yours sincerely 
  

	
	 /s/ Berth Milton

	Berth Milton
	CEO, President and Chairman of the Board

 Accepted and Agreed 
  

	
	 /s/ Peter Cohen

	Peter Cohen

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