Document:

ex10-1.htm

    
      

    

    

     

    Exhibit
10.1

     

    FIRST
AMENDMENT TO

    SECOND
AMENDED EMPLOYMENT AGREEMENT

    

                   This
First Amendment ("Amendment") is made and entered into effective as of February
22, 2008 (the "Effective Date") to the Employment Agreement referenced below by
and between Sequiam Corporation and Subsidiaries., ("Company" or "Employer"),
and Nicholas VandenBrekel, an individual ("Employee") (together the
"Parties").

    RECITALS

    

                   WHEREAS,
the Parties had entered into that certain Second Amended Employment Agreement on
February 1, 2008 (the "Original Agreement"); and

    

                   WHEREAS,
the Parties now want to amend the Original Agreement to make such changes as are
specifically covered herein and as specifically identified in
italics.

    

    AGREEMENT

    

                   NOW,
THEREFORE, for good and valuable consideration, and in consideration of the
mutual covenants and conditions herein set forth, the receipt and sufficiency of
which is hereby acknowledged, the Parties agree as follows:

    

            Section
1 is hereby deleted and revised to read in its entirety as follows:

    

    1.           Employment.  Sequiam
hereby employs Employee and hereby affirms, renews and extends the employment of
Employee as the Chief
Scientist of Sequiam and Employee hereby affirms, renews and accepts such
employment, for the “Term” (as defined in Section 3 below), upon the terms and
conditions set forth herein. This Agreement constitutes an amendment and
restatement of Sequiam Agreement in its entirety, and as of the Effective Date
hereof, the terms, conditions and other provisions of this Agreement shall
supersede all terms, conditions and other provisions of the Sequiam
Agreement.

    

    Except as
set forth in this Amendment, the Original Agreement shall remain in full force
and effect and references in the Original Agreement to "this Agreement",
"hereunder", "herein", "hereof", and words of like effect shall mean the
Original Agreement as so amended by this Amendment.

    

    This
Amendment may be executed in one or more counterparts and/or by facsimile, each
of which shall be deemed an original and all of which signed counterparts, taken
together, shall constitute one instrument.

    

    IN
WITNESS WHEREOF, the Parties have executed this Amendment as of the Effective
Date
referenced above.

    

    
      	
              Employee

            	
              Sequiam
      Corporation

            
	
              By:
      /s/ Nicholas VandenBrekel

            	
              By:
      /s/ Bob Aoki

            
	
              Name:
      Nicholas VandenBrekel

            	
              Name:  Bob
      Aoki

            
	 
      	
              Chairman
      Compensation Committee

            
	 
      	 
      
	 
      	
              Sequiam
      Biometrics, Inc.

            
	 
      	
              By:
      /s/ Mark Mroczkowski

            
	 
      	
              Name:
      Mark Mroczkowski

            
	 
      	
              Secretary

            
	 
      	 
      
	 
      	
              Sequiam
      Biometrics (PTY) Ltd.

            
	 
      	
              By:
      /s/ Mark Mroczkowski

            
	 
      	
              Name:
      Mark Mroczkowski

            
	 
      	
              Director

            
	 
      	 
      
	 
      	
              Sequiam
      East, Inc.

            
	 
      	
              By:
      /s/ Mark Mroczkowski

            
	 
      	
              Name:
      Mark Mroczkowski

            
	 
      	
              Directorex10-2.htm

    
      

    

    

     

    Exhibit
10.2

     

    

    

    FIRST
AMENDMENT TO

    EMPLOYMENT
AGREEMENT

    

                   This
First Amendment ("Amendment") is made and entered into effective as of February
22, 2008 (the "Effective Date") to the Employment Agreement referenced below by
and between Sequiam Corporation and Subsidiaries ("Company" or "Employer"), and
Chris Barrow, an individual ("Employee") (together the "Parties").

    RECITALS

    

                   WHEREAS,
the Parties had entered into that certain Employment Agreement on October 15,
2008 (the "Original Agreement"); and

    

                   WHEREAS,
the Parties now want to amend the Original Agreement to make such changes as are
specifically covered herein and as specifically identified in
italics.

    

    AGREEMENT

    

                   NOW,
THEREFORE, for good and valuable consideration, and in consideration of the
mutual covenants and conditions herein set forth, the receipt and sufficiency of
which is hereby acknowledged, the Parties agree as follows:

    

            Section
1.2 is hereby deleted and revised to read in its entirety as
follows:

    

    1.2
Duties of Executive. During the Term of Employment under this Agreement, the
Executive shall serve as the President and Chief Executive
Officer (“CEO”) of the Company, shall faithfully and diligently perform
all services as may be assigned to him by the Board of Directors, and shall
exercise such power and authority as may from time to time be delegated to him
by the Board of
Directors. The Executive shall devote his full time and attention to the
business and affairs of the Company, render such services to the best of his
ability, and use his reasonable best efforts to promote the interests of the
Company. Notwithstanding the foregoing or any other provision of this Agreement,
it shall not be a breach or violation of this Agreement for the Executive to (i)
serve on corporate, civic or charitable boards or committees, (ii) deliver
lectures, fulfill speaking engagements or teach at educational institutions, or
(iii) manage personal investments, so long as such activities do not
significantly interfere with or significantly detract from the performance of
the Executive’s responsibilities to the Company in accordance with this
Agreement.

    

    Except as
set forth in this Amendment, the Original Agreement shall remain in full force
and effect and references in the Original Agreement to "this Agreement",
"hereunder", "herein", "hereof", and words of like effect shall mean the
Original Agreement as so amended by this Amendment.

    

    This
Amendment may be executed in one or more counterparts and/or by facsimile, each
of which shall be deemed an original and all of which signed counterparts, taken
together, shall constitute one instrument.

    

    IN
WITNESS WHEREOF, the Parties have executed this Amendment as of the Effective
Date
referenced above.

    

    
      	
              Employee

            	
              Sequiam
      Corporation

            
	
              By:
      /s/ Chris Barrow

            	
              By:
      /s/ Bob Aoki

            
	
              Name:
      Chris Barrow

            	
              Name:  Bob
      Aoki

            
	 
      	
              Chairman
      Compensation Committee

            
	 
      	 
      
	 
      	
              Sequiam
      Biometrics, Inc.

            
	 
      	
              By:
      /s/ Mark Mroczkowski

            
	 
      	
              Name:
      Mark Mroczkowski

            
	 
      	
              Secretary

            
	 
      	 
      
	 
      	
              Sequiam
      Biometrics (PTY) Ltd.

            
	 
      	
              By:
      /s/ Mark Mroczkowski

            
	 
      	
              Name:
      Mark Mroczkowski

            
	 
      	
              Director

            
	 
      	 
      
	 
      	
              Sequiam
      East, Inc.

            
	 
      	
              By:
      /s/ Mark Mroczkowski

            
	 
      	
              Name:
      Mark Mroczkowski

            
	 
      	
              Directorex10-24.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    Exhibit
10.24

     

    NON-MANAGEMENT
DIRECTOR COMPENSATION ARRANGEMENTS

     

    Effective January 1, 2008, each of
the directors who is not an employee of Pepco Holdings, Inc. ("PHI" or the
"Company") or any of its subsidiaries (a "non-management director") is paid an
annual retainer of $85,000, plus a fee of $2,000 for each Board and Committee
meeting attended.  Each non-management director who chairs the
Compensation/Human Resources, Corporate Governance/Nominating, Executive or
Finance Committee is paid an additional annual retainer of
$5,000.  The non-management director who chairs the Audit Committee is
paid an additional annual retainer of $7,500.  The Lead Director is
paid an additional annual retainer of $15,000.  Annual retainers and
Committee Chairman/Lead Director annual retainers are paid in equal quarterly
installments on the first day of each quarter.

     

    The Company also provides directors
with travel accident insurance for Company-related travel, directors’ and
officers’ liability insurance coverage and reimburses directors for travel,
hotel and other out-of-pocket expenses incurred in connection with their
performance of their duties as directors.  The Company also provides
the directors with free parking in the Company's headquarters building other
than in connection with their performance of their duties as
directors.ex10-33.htm

    Exhibit
10.33

     

    NAMED
EXECUTIVE OFFICER COMPENSATION DETERMINATIONS

     

    2008
Named Executive Officer Compensation Determinations

     

    The following is a description of
certain compensation decisions made on January 24, 2008, by the Pepco Holdings,
Inc. (“PHI”) Board of Directors or the Compensation/Human Resources Committee
(the “Committee”) thereof with respect to the compensation payable to the PHI
executive officers identified below, each of whom is an executive officer listed
in the Summary Compensation Table included in PHI’s proxy statement for its 2007
Annual Meeting (a “Named Executive Officer”), except Paul H. Barry, who became
Senior Vice President and Chief Financial Officer in September
2007.  PHI expects that Mr. Barry will be listed in the Summary
Compensation Table included in PHI’s proxy statement for its 2008 Annual
Meeting.  As to each executive officer listed below, the decisions
consisted of (i) the establishment of base salary for 2008, (ii) the
establishment of the executive’s 2008 annual bonus opportunity and (iii) the
establishment of the executive’s award opportunities for the period 2008-2010
pursuant to the Performance Stock Program and Restricted Stock Program under the
Pepco Holdings, Inc. Long-Term Incentive Plan (the “LTIP”).  Ed
Mayberry and William J. Sim, each of whom retired in 2006, and
Thomas S. Shaw, who retired in 2007, were Named Executive Officers, and
accordingly, no 2008 salary decisions or awards were made for these
individuals.

    

    
      	 
      	 
      	 
      	 
      	 
      	
              2008
      Long-Term

              Incentive
      Plan Awards (2)

            
	
              Name

            	
              Title

            	 
      	
              2008
      Base Salary

            	
              Target
      2008 Annual Bonus Opportunity as a Percentage of Base Salary
      (1)

            	
              Performance
      Stock Program Award Opportunity (# of shares) (3)

            	
              Restricted
      Stock Program Award (# of  shares) (4)

            
	
              Dennis
      R. Wraase

            	
              Chairman,
      President and Chief Executive Officer

            	
              $

            	
              1,076,000

            	
              100%

            	
              Target

              Maximum

            	
              48,567

              97,134

            	
              24,283

            
	
              Paul
      H. Barry

            	
              Senior
      Vice President and Chief Financial Officer

            	
              $

            	
              518,000

            	
              60%

            	
              Target

              Maximum

            	
              11,690

              23,380

            	
               5,845

            
	
              William
      T. Torgerson

            	
              Vice
      Chairman and General Counsel

            	
              $

            	
              558,000

            	
              60%

            	
              Target

              Maximum

            	
              12,593

              25,186

            	
               6,297

            
	
              Joseph
      M. Rigby

            	
              Executive
      Vice President and Chief Operating Officer

            	
              $

            	
              600,000

            	
              60%

            	
              Target

              Maximum

            	
              13,541

              27,082

            	
               6,770

            

    

    

    
      	
               
      

            	
              (1)

            	
              An
      executive can earn from 0 to 180% of this percentage of his base salary as
      a cash bonus depending on the extent to which the preestablished
      performance goals are achieved. See “Executive Incentive Compensation
      Plan” below for 2008 performance
goals.

            

    

     

    
      	
               
      

            	
              (2)

            	
              The
      market value of the PHI common stock, $.01 par value (“Common Stock”)
      (determined based on the average of the high and low Common Stock price as
      traded on the New York Stock Exchange on December 31, 2007),
      representing the executive’s combined (i) target award opportunity under
      the Performance Stock Program and (ii) share award under the Restricted
      Stock Program is equal to the following percentage of the executive’s 2008
      base salary:  200% for Mr. Wraase and 100% for
      Messrs. Barry, Torgerson and
Rigby.

            

    

     

    
      	
               
      

            	
              (3)

            	
              See
      “Long-Term Incentive Plan Awards -- Performance Stock Program” below for a
      description of the Performance Stock
Program.

            

    

     

    
      	
               
      

            	
              (4)

            	
              See
      “Long-Term Incentive Plan Awards -- Restricted Stock Program” below for a
      description of the restricted stock
awards.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Executive Incentive
Compensation Plan

     

    Each of the executive officers listed
in the table above is a participant in the PHI Executive Incentive Compensation
Plan.  On January 24, 2008, the Committee established as the
performance goals to be used for the determination of 2008 cash bonus awards for
each of the executive officers (1) earnings relative to the corporate plan, (2)
cash flow, (3) electric system reliability, (4) customer satisfaction, (5)
diversity and (6) safety.

     

    Long-Term Incentive Plan
Awards

     

    On January 24, 2008, the Committee
established award opportunities pursuant to the Performance Stock Program and
made awards of restricted stock under the Restricted Stock Program under the
LTIP.  Participants in the LTIP are key executives of PHI and its
subsidiaries selected by the Chairman of the Board of PHI and approved by the
Committee, including each of the executive officers listed in the table
above.

     

    Performance Stock Program

     

    The award opportunities established
under the Performance Stock Program, which account for two-thirds of each
participant’s aggregate 2008 Long-Term Incentive Plan award opportunity, relate
to performance over a three-year period beginning in 2008 and ending in
2010.  Depending on the extent to which the preestablished performance
criteria are satisfied, the participant can earn from 0 to 200% of the target
award in the form of shares of Common Stock.  The performance criteria
consist of an earnings-per-share goal, which will account for 75% of the
potential award, and cash flow per share goal, which will account for 25% of the
potential award.  If during the course of the three-year performance
period, a significant event occurs, as determined in the discretion of the
Compensation/Human Resources Committee, which the Committee expects to have a
substantial effect on total shareholder performance during the period, the
Committee may revise such measures. The target award opportunity and maximum
award opportunity (representing 200% of the target award opportunity) of each
listed executive officer are shown in the table above.

     

    Restricted Stock Program

     

    Under the Restricted Stock Program,
each listed executive officer has received a grant of shares of restricted
stock, which accounts for one-third of the executive’s aggregate 2008 Long-Term
Incentive Plan award opportunity.  The shares of restricted stock are
subject to forfeiture if the employment of the executive terminates before
January 24, 2011, except that in the even of death, disability or
retirement, the award is prorated to the date of termination.  During
the vesting period, the executive has all rights of ownership with respect to
the shares, including the right to vote the shares and the right to receive
dividends on the shares, which dividends the executive will be entitled to
retain whether or not the shares vest.

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