Document:

Repurchase Notice by Language Line Holdings to Matthew Gibbs

 Exhibit 10.25 
  

					
		 		  	Language Line Holdings, LLC
		 		  	One Lower Ragsdale Drive
		 		  	Monterey, CA 93940
		 		  	Phone 831.648.5811

 December 11, 2006 
 Matthew Gibbs 
 391 Dry Creek Road 
 Monterey, CA 93940

  

	Re:	Repurchase Notice 

 Dear Matt: 
 Reference is made to the Incentive Unit Agreement between you and Language Line Holdings, LLC (“Holdings”), dated July 12, 2004 and March 21, 2006
(the “Agreement”). Reference is also made to the fact that you have notified Language Line Services of your intended resignation effective December 18, 2006. 
 Your resignation constitutes a Termination Event pursuant to Section 5(a) of the Agreement. Pursuant to Section 6 of the Agreement, Holdings has the right to repurchase all or any portion of your vested
Class “C” Common Units at Fair Market Value, and your unvested Class “C” Common Units (the “Units”) for an aggregate purchase price of $1.00 upon a Termination Event. 
 Holdings hereby notifies you, pursuant to Section 6 (c) of the Agreement, that it has elected to repurchase an aggregate 300,000 of your vested Units and
3,300,000 of your unvested Units, such purchase to be completed on a pro-rata basis based on the number of Class C-1 Common Units, Class C-2 Common Units and Class C-3 Common Units held by you (the “Repurchased Units”). We have calculated
the purchase price for the Repurchased Units in accordance with Section 6(b) of the Agreement as $27,000.00 in the aggregate for your vested Units and $1.00 in the aggregate for your unvested Units (the “Purchase Price”) and, thus,
have enclosed a check in such amount (see Schedule A for detail) 
 In consideration of the Purchase Price, you hereby represent and warrant to Holdings as
follows as of the date hereof and as of the Closing Date (as defined): 
  

	1.	Ownership. All of the Repurchases Units are owned of record and beneficially by you, and you have good and marketable title to the Repurchased units, free and clear of any
security interest, claims, liens, pledges, options, encumbrances, charges, agreements, voting trusts, proxies or other arrangements or restrictions whatsoever (collectively, Encumbrances”) except as for such legend and related transfer
restrictions. All of the Repurchased Units are validly issued, fully paid and nonassessable. At the Closing (as defined below), you will deliver to Holdings good and marketable title to the Repurchased Units, free and clear of any Encumbrances.

	2.	Legal Capacity. You have full legal capacity to enter into and perform your obligations set forth in this Agreement. This Agreement, when executed and delivered, will
constitute the valid and legally binding obligation, enforceable against you in accordance with its terms. 

  

	3.	Conflicts. The execution, delivery and performance of this Agreement by you does not conflict with or result in a breach of any agreement, instrument, order, judgement,
decree, law or governmental regulation to which you or the Repurchased Units are subject. 

 All questions concerning the construction,
validity and interpretation of this Agreement will be governed by and construed in accordance with the domestic laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of
New York or any other jurisdiction) that would cause application of the laws of any jurisdiction other than the State of New York. 
 Please sign the
attached copy of this letter and return it to me no later than December 18, 2006; provided that, for the avoidance of doubt, you, by cashing the enclosed check, agree to the terms set forth herein. The time and place of closing of the
aforesaid repurchase shall be the earlier of (x) the time you cash the enclosed check, (y) the receipt by me of a copy of this letter signed by you, or (z) July 7, 2006, in each case, in our offices at the address set forth above
(the “Closing”) 
  

			
	Yours truly,
	
	LANGUAGE LINE HOLDINGS, LLC
		
	By:	 	/s/ Dennis G. Dracup
	Name:	 	Dennis G. Dracup
	Title:	 	President and CEO

 Accepted as of this 
 8th day of December, 2006 
  

	
	
	/s/ Matthew Gibbs
	Matthew Gibbs

 Schedule A 
 Share Repurchase Calculation 
  

																	
	 	  	Jun-04
Grant	  	Mar-06
Grant	  	Total
Grants	  	Shares
Repurch.	  	Repurch.
Price	  	Aggregate
Repurch.
Price	  	Shares
Not
Repurch
	 A. Vested Shares
	  	1,200,000	  	—  	  	1,200,000	  	300,000	  	$	0.09	  	$	27,000.00	  	900,000
	 B. Unvested Shares
	  	2,800,000	  	500,000	  	3,300,000	  	3,300,000	  	 	na	  	$	1.00	  	—  
		  	 	  	 	  	 	  	 	  			  	 	 	  	 
	 C. Total Shares Granted
	  	4,000,000	  	500,000	  	4,500,000	  	3,600,000	  	 	na	  	$	27,001.00	  	900,000Offer Letter to Jeffrey Grace

 Exhibit 10.26 
  

			
		  	

		
	 Dennis G. Dracup
	  	One Lower Ragsdale Drive
	 President and Chief Executive Officer
	  	Monterey, CA 93940
		  	Phone 831.648.5811
		  	Fax 831.648.5801
		  	e* dennis.dracup@languageline.com
		  	www.LanguageLine.com

 December 8, 2006 
 Mr. Jeffrey Grace 
 21160 Old Ranch Court 
 Salinas, CA 93908 
 Dear Jeff: 
 This is to offer you
the position of Chief Financial Officer effective December 18, 2006. This is a regular, full-time and exempt employee position. In addition, you will be appointed to the Board of Directors of Language Line Holdings, LLC effective with your
appointment and continued employment as CFO of Language Line Services. 
 The compensation for this position is shown in Attachment A. 
 You will have access to information of a confidential nature that Language Line Services considers and treats as its trade secret. For this reason, in addition to the
provisions in the Code of Conduct regarding trade secrets and solicitation of customers and employees, this offer is contingent upon your agreement that, should your employment with Language Line Services terminate for any reason, you will refrain
for a period of one-year post termination from accepting employment or entering into any relationship with the following direct competitors of Language Line Services: Network Omni, Tele-Interpreters, Tele Tech, Certified Languages International,
Lionbridge, and Pacific Interpreters. In addition, you agree that this one-year prohibition is necessary to protect Language Line Services’ trade secrets including but not limited to its sales and marketing plan and specifications
regarding its customers and that, in the event of your resignation for any reason or termination for cause, you can obtain employment in your occupation with businesses other than these direct competitors of Language Line Services. 
 It is further specifically agreed that Language Line Services shall have the right, as an addition to all the remedies permitted by law and in equity, to restrain any
violation of the Code of Conduct or the agreements herein. You agree that should it be necessary for either party to file any action in court relative to your employment with Language Line Services, venue shall be in the Monterey County Superior
Court. The restrictions on unfair competition contained herein and in Language Line Services’ Code of Conduct are not to be construed as permitting acts of unfair competition after a one-year period. It is agreed and understood that you will
not at any time, either before or after the one-year period contained herein, engage in acts of unfair competition, which are prohibited by law. 

 

 
  

 Language Line Services has an at-will employment relationship with its employees; either you or the company may
therefore terminate employment at any time, with or without cause. 
 Please confirm your agreement with the terms set forth above by your signature on the
attached employment acceptance form and return to Language Line Services, together with the enclosed forms. 
 If you have any questions regarding any items
in this letter, please do not hesitate to call me for assistance at (831) 648-5811. 
  

	
	Sincerely,
	
	/s/ Dennis G. Dracup
	Dennis G. Dracup
	President and CEO

 Attachments 
 I
accept your offer of employment and the conditions of employment as set forth in your job offer letter dated December 8, 2006. 
  

	
	
	/s/ Jeffrey Grace
	Jeffrey Grace

 

 
  

 Language Line Services 
 Jeffrey Grace Compensation Plan 
 Attachment A 
 The following are the components of your compensation. 
  

	A.	Salary: Annual Salary of $212,300.00, paid in monthly installments of $17,691.67. 

  

	B.	Bonus: You will be eligible for an annual bonus paid at the Executive Officer level, as approved by the Board of Directors and administered according to the Language
Line Services Bonus Administrative Document. See Attachment B for detail. 

  

	C.	Incentive Shares: A recommendation will be made to the Board of Directors to grant you additional 500,000 Management Incentive Shares.The Second Amendment to the Licensing and Marketing Agreement

 Exhibit 10.1 
  

			
	 Exhibit 10.1
 as filed with
 10-Q
	  	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as
[*]. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

 SECOND AMENDMENT TO LICENSING
AND MARKETING AGREEMENT 
 This SECOND AMENDMENT
TO THE LICENSING AND MARKETING AGREEMENT (this “Second Amendment”) is made and entered into as of October 23, 2006 by and
among Comcast STB Software DVR, LLC, Comcast Corporation, and TiVo Inc. (collectively, the “Parties”). 
 RECITALS

 WHEREAS, the Parties entered into that certain Licensing and Marketing Agreement having an
effective date of March 15, 2005 (the “Agreement”); 
 WHEREAS, the Parties have
previously amended the Agreement via that certain First Amendment dated March 27, 2006; and 
 WHEREAS, the Parties wish to further clarify and amend the Agreement as explicitly set forth in this Second Amendment. 
 NOW, THEREFORE, the Parties agree as follows: 
 AGREEMENT 
 Unless stated otherwise, capitalized terms used herein shall have the meanings set forth in the Agreement.

  

	1.	TIMS ACCEPTANCE DEADLINE. 

  

	 	1.1	Clause (x) of Section 6.1(b)(vi) of the Agreement is hereby amended by deleting “(the “TIMS Acceptance Deadline”) and replacing it with
“or such other date as Licensee and TiVo may agree in a PCR adopted pursuant to Section 6.4 (as the case may be, the “TIMS Acceptance Deadline”)”. 

  

	 	1.2	Clause (y) of Section 6.1(b)(vi) of the Agreement is hereby amended by adding the following text immediately after the reference to “Comcast”: “and
adopted pursuant to Section 6.4 or as may be otherwise agreed to by Licensee and TiVo in any other PCR adopted pursuant to Section 6.4”. 

  

	2.	TIMS SOLUTION [*]. Clause (y) of Section 6.1(b)(vii) of the Agreement is hereby amended by adding the following clause after the reference to
“[*]”: “[*]”. 

  

	3.	TE ACCEPTANCE DEADLINE. 

  

	 	3.1	Clause (x) of Section 6.2(b)(vi) of the Agreement is hereby amended by deleting “by the second anniversary of the Effective Date (such second anniversary, the
“TE Acceptance Deadline”)” and replacing it with “by June 30, 2007 or such other date as Licensee and TiVo may agree in a PCR adopted pursuant to Section 6.4 (as the case may be, the “TE Acceptance
Deadline”)”. 

	[*]	Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the
omitted portions. 

	 	3.2	Clause (y) of Section 6.2(b)(vi) of the Agreement is hereby amended by adding the following text immediately after the reference to “Comcast”: “and
adopted pursuant to Section 6.4 or as may be otherwise agreed to by Licensee and TiVo in any other PCR adopted pursuant to Section 6.4”. 

  

	4.	TE EXPERIENCE SOFTWARE [*]. Clause (y) of Section 6.2(b)(vii) of the Agreement is hereby amended by adding the following clause
after the reference to “[*]”: “[*]”. 

  

	5.	NON-TIVO DELAYS. Section 6.3(b) of the Agreement is hereby amended by adding the following provision
after the reference to “milestones” in the first sentence thereof: “and the TIMS Acceptance Deadline or TE Acceptance Deadline, as applicable (depending on which Statement of Work is affected by the delay),”.

  

	6.	ADOPTION OF PCRS. A new Section 6.4 is hereby added to the Agreement, which shall read in its entirety as follows:

 6.4 Adoption of PCRs. A PCR with respect to any Statement of Work hereunder may be submitted by either
Licensee or TiVo to the other Party but shall not be effective unless and until duly approved and executed by both Parties in their respective sole discretion in accordance with this Section 6.4. Each PCR that affects the cost to Licensee under
the Statement of Work (whether the total cost of the project or the allocation or timing of individual payments relating thereto) or the development schedule under the Statement of Work (whether the timing of individual milestones, the TIMS
Acceptance Deadline or the TE Acceptance Deadline, as applicable), in each case whether due to a Non-TiVo Delay agreed to by the Parties pursuant to Section 6.3 (and subject to compliance with the provisions thereof) or otherwise, must be
executed by an officer of each Party, and otherwise a PCR may be executed by the designated project manager for each Party. If a PCR extends either the TIMS Acceptance Deadline or the TE Acceptance Deadline, whether due to a Non-TiVo Delay agreed to
by the Parties pursuant to Section 6.3 (and subject to compliance with the provisions thereof) or otherwise, such PCR must expressly set forth both (i) the length of such agreed-upon extension and (ii) the new TIMS Acceptance Deadline
or TE Acceptance Deadline, as applicable, resulting therefrom. 
  

	7.	ADDITIONAL STATEMENTS OF WORK. Section 7.2(a) of the Agreement is hereby amended by deleting
“[*]” in the first sentence thereof and replacing it with “[*]”. 

  

	8.	[*] 

  

	9.	[*] 

  

	10.	EFFECT OF AMENDMENT. All amendments to the Agreement set forth herein shall be effective only from and after the date
hereof. Except as expressly modified herein, all other terms and conditions of the Agreement remain in full force and effect. Except as and to the extent amended hereby, the Agreement is hereby ratified and affirmed in all respects.

  

	[*]	Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the
omitted portions. 

 IN WITNESS WHEREOF, the undersigned
Parties have caused this Second Amendment to be executed by their duly authorized representatives. 
  

															
	COMCAST CORPORATION	 		 	COMCAST STB SOFTWARE DVR, LLC	 		 	TIVO INC.
								
	By:	 	/s/ Arthur R. Block	 		 	By:	 	/s/ James P. McCue	 		 	By:	 	/s/ Jeff Klugman
	Name:	 	Arthur R. Block	 		 	Name:	 	James P. McCue	 		 	Name:	 	Jeff Klugman
	Title:	 	Senior Vice President	 		 	Title:	 	President	 		 	Title:	 	Senior Vice President
								
	Date:	 	10/25/26	 		 	Date:	 	10/26/06	 		 	Date:	 	10/23/06

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