Document:

exv10w23

 

Exhibit 10.23

EMPLOYMENT AGREEMENT

     EMPLOYMENT AGREEMENT (“Agreement”) dated as of December 18, 2007 (the “Effective Date”) by and
among SMART Modular Technologies (WWH), Inc. (the “Company”) and Iain MacKenzie (“Executive”).

     WHEREAS, Executive serves as President and Chief Executive Officer of the Company;

     WHEREAS, Executive and the Company (or its affiliates) previously executed an offer letter
dated February 11, 2004 (the “Offer Letter”) and Executive previously executed an Employment,
Confidential Information and Invention Assignment Agreement (the “Confidentiality Agreement”);

     WHEREAS, the Company considers it in their best interests to foster the continued employment
of Executive from and after the Effective Date; and

     WHEREAS, Executive is willing to continue his employment on and after the Effective Date on
the terms hereinafter set forth in this Agreement.

     NOW THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements of
the parties set forth in this Agreement, and of other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally
bound, agree as follows:

ARTICLE 1

Position; Term Of Agreement

     Section 1.01. Position. (a) Executive shall continue to serve as President and Chief
Executive Officer of the Company and shall report to the Company’s Board of the Directors (the
“Board”). Executive shall have such duties and authority, consistent with such position, as shall
be determined from time to time by the Company. Executive may have similar positions with the
Company’s subsidiaries and affiliates.

     (b) During his employment with the Company, Executive will devote substantially all of his
business time to the performance of his duties under this Agreement and will not engage in any
other business, profession or occupation for compensation or otherwise which would conflict with
the rendition of such services either directly or indirectly, without the prior written consent of
the Board.

     Section 1.02. Term. The term of this Agreement (the “Term”) shall be for a period of four
years from the Effective Date, and thereafter the Term will automatically renew for additional
one-year periods unless either party provides ninety days’ prior written notice of termination of
the Term. The obligation of the

 

 

Company to make payments or provide benefits pursuant to Section 3.01 of this Agreement to
which Executive has acquired a right pursuant to a termination of Executive’s employment prior to
the expiration of the Term shall survive the expiration of the Term until such payments and
benefits have been provided in full in accordance with the provisions of Article 3.

     Section 1.03. At-Will Employment Status. Nothing contained in this Agreement shall
interfere with the at-will employment status of Executive or with the Company’s or Executive’s
right to terminate Executive’s employment with the Company at any time, with or without cause.

ARTICLE 2

Compensation And Benefits

     Section 2.01. Base Salary. The Company shall pay Executive an annual base salary (the “Base
Salary”), payable in accordance with the standard payroll and personnel practices of the Company.
Executive’s compensation package shall be subject to periodic review by the Board or a committee of
the Board, and Executive will be entitled to such increases in Base Salary as determined by the
Board (or its committee) in its sole discretion.

     Section 2.02. Bonus. Executive shall be eligible to participate in a bonus plan in
accordance with the terms and conditions of such plan. Executive’s target bonus shall be
determined by the Board or a committee of the Board, with actual bonus payment subject to the
Company’s performance and other terms and conditions of the bonus plan.

     Section 2.03. Executive Benefits. During the Term, Executive shall be provided employee
benefits (including fringe benefits, vacation, life, health, accident and disability insurance,
401(k) plan) on the same basis as those benefits are generally made available to senior executives
of the Company. In addition, Executive will be reimbursed by the Company for certain
immigration-related expenses.

     Section 2.04. Business And Travel Expenses. Reasonable travel, entertainment and other
business expenses incurred by Executive in the performance of Executive’s duties hereunder shall be
reimbursed by the Company in accordance with the Company’s policies as in effect from time to time.

ARTICLE 3

Certain Termination Benefits

     Section 3.01. Certain Events of Termination. (a) Severance Benefits. In the event that
during the Term either Executive is terminated by the Company

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without Cause (as defined below) or Executive resigns for Good Reason, Executive shall be
entitled to the following benefits:

     (i) The Company shall pay Executive an amount equal to 12 months of his Base Salary
plus his annual target bonus in effect on the date of termination (the “Severance
Payment”); and

     (ii) Executive shall be provided with health benefits under the Company’s health plan
(or the Company shall reimburse or subsidize Executive’s continued coverage under COBRA at
the same cost to Executive as before his termination of employment) until the earlier of
(A) 12 months following the date of termination or (B) the date Executive becomes eligible
for group health coverage with another employer.

provided that receipt of the foregoing shall be subject to within 60 days following termination of
Executive’s employment, Executive signing and not revoking prior to the revocation period required
under applicable law a release of claims in a form reasonably acceptable to the Company (the
“Release”). Subject to clause (b) below, the Company shall pay one-half of Severance Payment in a
lump sum cash payment within ten business days following the last to occur of (i) Executive’s
termination of employment or (ii) the last day on which Executive may revoke the Release in
accordance with its terms, and the remaining one-half of the Severance Payment on the first
business day following the six-month anniversary of the date of termination of Executive’s
employment.

     (b) Section 409A. Notwithstanding anything to the contrary in this Agreement, if the
Executive is determined by the Company’s compensation committee to be a “specified employee” within
the meaning of Section 409A of the Internal Revenue Code, as amended (“Section 409A”) and the
regulations thereunder, as of the date of Executive’s “separation from service” as defined in
Treasury Regulation Section 1.409A-1(h) (or any successor regulation), and if any payments or
entitlements provided for in this Agreement constitute a “deferral of compensation” within the
meaning of Section 409A and therefore cannot be paid or provided in the manner provided herein
without subjecting the Executive to additional tax, interest or penalties under Section 409A, then
any such payment and/or entitlement which would have been payable during the first six months
following the Executive’s “separation from service” shall instead be paid or provided to the
Executive in a lump sum payment on the first business day immediately following the six-month
anniversary of Executive’s “separation from service”.

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     Section 3.02. Definitions.

     (a) “Cause” means the occurrence of any one or more of the following:

     (i) an act of dishonesty made by Executive in connection with his responsibilities
which the Company reasonably believes will damage its business;

     (ii) Executive’s conviction of, or plea of nolo contendere to, a felony which the
Board of Directors reasonably believes had or will have a material detrimental effect on
the reputation or business of the Company or its affiliates;

     (iii) Executive’s gross misconduct; or

     (iv) Executive’s continued substantial violations of his duties, or repeated failure
or inability to perform any reasonably assigned duties, after written notice from the
Company or one of its affiliates, and a reasonable opportunity of not more than 30 days to
cure (to the extent capable of cure), such violation, failure or inability.

     (b) “Good Reason” means the occurrence of any of the following without Executive’s written
consent:

     (i) a material diminution in base compensation, other than a Company-wide salary
reduction program; or

     (ii) a material diminution in operational duties and responsibilities; provided that,
for the avoidance of doubt, Good Reason shall not have occurred if after a change in
control of the Company, Executive is performing substantially the same duties and
responsibilities as before the change in control but the Company (or its successor) is not
directly owned by public stockholders or Executive is performing such duties and
responsibilities for a business unit of a parent entity that continues substantially all
of the business of the Company;

provided further that no act or failure to act by the Company shall give rise to Good Reason unless
(A) Executive notifies the Company in writing of the circumstances he believes constitute Good
Reason hereunder within 30 days after he acquires knowledge of such circumstances and (B) the
Company has failed to cure or remedy such circumstances within 30 days of written notice by
Executive to the Company.

ARTICLE 4

Covenants and Representations

     Section 4.01. Confidentiality and Non-Disclosure Agreement. Executive agrees to continue to
comply with the Confidentiality Agreement during and after the Term.

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     Section 4.02. Non-Solicitation; Non-Disparagement. (a) Without limiting the terms of the
Confidentiality Agreement, Executive agrees that during his employment with the Company and for a
period of 12 months thereafter, he shall not, on his own behalf or on behalf of or in connection
with any other person, without the prior written consent of the Company, directly or indirectly, in
any capacity whatsoever, alone or through or in connection with any person (a) solicit the business
of (or procure or assist the canvassing or soliciting of the business of) any customer or
prospective customer of the Company and its affiliates identified and known to Executive at the
time of termination of employment, either away from the Company or as it relates directly to the
business of the Company; or (b) solicit the employment or engagement of or otherwise entice away
from the employment or engagement of the Company or any of its affiliates, any individual who is
employed or engaged by the Company or any of its affiliates.

     (b) Executive agrees that he shall not make negative statements or representations, or
otherwise communicate negatively, directly or indirectly, in writing, orally, or otherwise, or take
any action which may, directly or indirectly, disparage or be damaging to the Company, its
subsidiaries, affiliates, successors or their officers, directors, employees, business or
reputation; provided that nothing herein shall prevent you from responding accurately and fully to
any question, inquiry or request for information when required by law or legal process.

     Section 4.03. Material Inducement; Specific Performance. If any provision of this Agreement
or the Confidentiality Agreement is determined by a court of competent jurisdiction not to be
enforceable in the manner set forth herein or therein, the Company and Executive agree that it is
the intention of the parties that such provision should be enforceable to the maximum extent
possible under applicable law and that such court shall reform such provision to make it
enforceable in accordance with the intent of the parties.

     Section 4.04. Executive Representation. Executive expressly represents and warrants to the
Company that Executive is not a party to any contract or agreement and is not otherwise obligated
in any way, and is not subject to any rules or regulations, whether governmentally imposed or
otherwise, which will or may restrict in any way Executive’s ability to fully perform Executive’s
duties and responsibilities under this Agreement.

ARTICLE 5

Successors And Assignments

     Section 5.01. Assignments. Except for an assignment in the event of a change in control or
an assignment to an affiliate of the Company, this Agreement shall not be assignable by the Company
without the written consent of Executive. This Agreement shall not be assignable by Executive.

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     Section 5.02. Successors; Binding Agreement. This Agreement shall inure to the benefit of
and be binding upon personal or legal representatives, executors, administrators, successors,
heirs, distributees, devisees, and legatees.

ARTICLE 6

Miscellaneous

     Section 6.01. Notices. Any notice required to be delivered hereunder shall be in writing
and shall be addressed:

	 	 	 	 	 
	 
	 	(i)
	 	if to the Company, to:
	 
	 

	 	 	 	4211 Starboard Drive
	 
	 	 	 	Fremont, CA 94538
	 
	 	 	 	Fax: 510 360-8500
	 
	 	 	 	Attention: General Counsel
	 
	 	 	 	 
	 
	 	 	 	with a copy to the Chair of the Compensation Committee of the Board.
	 
	 	 	 	 
	 
	 	(ii)
	 	if to Executive, to
Executive’s last known address as reflected on the books and records of the Company;

or, in each case, to such other address as such party may hereafter specify for the purpose by
written notice to the other party hereto. Any such notice shall be deemed received on the date of
receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such
day is a business day in the place of receipt. Otherwise, any such notice shall be deemed not to
have been received until the next succeeding business day in the place of receipt.

     Section 6.02. Dispute Resolution. (a) Except as set forth in clause (b) below, each of
Executive and the Company agree that any dispute or controversy arising out of or relating to any
interpretation, construction, performance or breach of this Agreement shall be settled by
arbitration to be held in San Francisco, California, in accordance with the rules then in effect of
the American Arbitration Association. The arbitrator may grant injunctions or other relief in such
dispute or controversy. The decision of the arbitrator shall be final, conclusive and binding on
the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court
having jurisdiction. The Company and Executive shall each pay one-half of the costs and expenses
of such arbitration, and each of us shall separately pay its counsel fees and expenses.

     (b) Executive agrees that a material breach or threatened breach of Article 4 or the
Confidentiality Agreement may cause the Company irreparable injury for which adequate remedies are
not available at law. Therefore, Executive agrees that, if he materially breaches any of those
covenants during or following termination of employment, the Company may be entitled to an
injunction or

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other equitable relief in addition to any other relief to which the Company may become
entitled.

     Section 6.03. Unfunded Agreement. The obligations of the Company under this Agreement
represent an unsecured, unfunded promise to pay benefits to Executive and/or Executive’s
beneficiaries, and shall not entitle Executive or such beneficiaries to a preferential claim to any
asset of the Company.

     Section 6.04. Entire Agreement. This Agreement (together with the Confidentiality
Agreement) represents the entire agreement between Executive and the Company and its affiliates
with respect to the matters referred to herein, and supersedes all prior discussions, negotiations,
and agreements concerning such matters, including without limitation the Offer Letter and any
severance plan or policy of the Company; provided, however, that any amounts payable to Executive
hereunder shall be reduced by any amounts paid to Executive pursuant to, or notice period required
by, the WARN ACT or other any applicable law in connection with any termination of Executive’s
employment.

     Section 6.05. Tax Withholding. Notwithstanding anything in this Agreement to the contrary,
the Company shall withhold from any amounts payable under this Agreement all federal, state, city,
or other taxes as are legally required to be withheld.

     Section 6.06. Waiver Of Rights. The waiver by either party of a breach of any provision of
this Agreement shall not operate or be construed as a continuing waiver or as a consent to or
waiver of any subsequent breach hereof.

     Section 6.07. Amendment. This Agreement may not be modified, altered or changed except upon
the express written consent of both parties.

     Section 6.08.  Severability. In the event any provision of this Agreement shall be held
illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining
parts of this Agreement, and this Agreement shall be construed and enforced as if the illegal or
invalid provision had not been included.

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     Section 6.09. Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of California without reference to principles of conflict of laws.

     Section 6.10. Counterparts. This Agreement may be signed in several counterparts, each of
which shall be an original, with the same effect as if the signatures thereto and hereto were on
the same instrument.

     IN WITNESS WHEREOF, the Company and Executive have executed this Agreement, to be effective as
of the day and year first written above.

	 	 	 	 	 
	 	SMART MODULAR TECHNOLOGIES (WWH), INC.

 	 
	 	By:  	/s/  D. Scott Mercer
	 	 	Name:  	D. Scott Mercer 	 
	 	 	Title:  	Director 	 
	 

	 	 	 
	 

	 	EXECUTIVE:
	 
	 	 
	 

	 	/s/ Iain Mackenzie
	 

	 	 
	 

	 	Iain MacKenzie

8exv10wxpy

 

EXHIBIT 10(p)

EMPLOYMENT AGREEMENT

     THIS SUCCESSIVE EMPLOYMENT AGREEMENT is dated as of December 28, 2007 (the “Successive
Agreement”), effective as of April 1, 2009 (the “Effective Date”), between SAGA COMMUNICATIONS,
INC. (the “Corporation”) and EDWARD K. CHRISTIAN (“Christian”).

     WHEREAS, the Corporation and Christian are parties to the Employment Agreement dated April 1,
2002 (the “Employment Agreement”).

     WHEREAS, the term of the Employment Agreement terminates on March 31, 2009.

     WHEREAS, the Corporation desires to ensure the continuity of management following the
termination of such term and, accordingly, the Corporation wishes to thereafter continue to employ
Christian as Chairman, President and Chief Executive Officer of the Corporation on the terms and
conditions herein set forth;

     WHEREAS, Christian wishes to be so thereafter employed by the Corporation in those capacities
pursuant to such terms and conditions; and

     WHEREAS, the salary for Christian established in this Successive Agreement has been determined
from a compensation study performed in 2007 at the request of the Compensation Committee of the
Corporation.

     NOW THEREFORE, in consideration of the mutual covenants herein contained, the Corporation and
Christian agree as follows:

     1. The Employment Agreement shall remain in full force and effect until its expiration on
March 31, 2009, except as it may be earlier terminated pursuant to the provisions thereof. This
Successive Agreement shall become effective on the Effective Date simultaneous with the expiration
of the Employment Agreement, unless Christian’s employment has been earlier terminated pursuant to
the provisions of the Employment Agreement.

     2. The Corporation hereby agrees to employ Christian, effective on the Effective Date, as
Chairman, President and Chief Executive Officer of the Corporation and in such additional
capacities for the Corporation and/or its affiliates as the Corporation may from time to time
direct. The term (hereinafter referred to as “the Term”) of Christian’s employment under this
Successive Agreement shall commence on the date hereof and, except as it may be earlier terminated
pursuant to the provisions hereof, shall terminate March 31, 2014.

     3. Christian hereby accepts such employment and agrees to devote such of his working time and
effort as shall be necessary to perform his duties.

     4. During the Term of this Successive Agreement, Christian shall be based in the Corporation’s
corporate offices in Grosse Pointe Farms, Michigan.

     5. The Corporation shall pay to Christian for all services rendered by him under this
Successive Agreement an annual salary at the rate of $750,000 per year effective April 1, 2009,
payable in installments of two (2) week intervals. In addition, Christian shall be eligible to
participate, in

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accordance with their terms, in all medical and health plans, life insurance,
profit sharing, 401(k) plan and such other employment benefits and stock option programs as are
maintained by the Corporation or its affiliates for other key employees performing services;
provided that the Corporation and its affiliates shall at all times be free to terminate, modify or
amend such plans. During the Term the Corporation will maintain in force all existing policies of
insurance on Christian’s life, including the existing split dollar policy. During the Term the
Corporation shall also pay for Christian to participate in an executive medical plan and shall
maintain in force its existing medical reimbursement policy.

     6. On each anniversary of the Effective Date beginning on April 1, 2010, the Corporation’s
Compensation Committee shall determine in its discretion the amount of an increase (but not
decrease) to Christian’s then existing annual salary provided, however, that such increase shall
not be less than the lesser of three percent (3%) or the cost of living increase determined under
this paragraph 6. The cost of living increase shall be based on the percentage increase in the
Consumer Price Index for all Cities (“CPI”) published by the Bureau of Labor Statistics of the
United States Department of Labor (or such other comparable standard as may then be in effect)
determined by comparing the respective year end CPI’s of the two previous calendar years.

     7. In addition to the salary specified in paragraph 5 and the annual increases specified in
paragraph 6, Christian shall be eligible for (a) stock options in such amounts as shall be approved
by the Compensation Committee of the Corporation from time to time, and (b) bonuses in such amounts
as shall be determined by the Compensation Committee of the Corporation in its discretion based on
the performance of the Corporation and the accomplishment of objectives mutually established by the
Compensation Committee and
Christian. The Corporation shall pay Christian an extension payment of $100,000 upon
execution of this Successive Agreement.

     8. The Corporation shall cause Christian to be reimbursed for all reasonable expenses incurred
by him in the performance of his duties hereunder in each case in accordance with the Corporation’s
rules and regulations as in effect from time to time.

     9. During his employment hereunder, the Corporation agrees that Christian shall be furnished
with an automobile to be used in connection with his duties hereunder, payment for the expenses of
such automobile, and such other fringe benefits as have been afforded him in the past or as
consistent with his position.

     10. Christian shall be entitled to a reasonable amount of paid vacation time in each calendar
year, consistent with the provisions of paragraph 3.

     11. If Christian, during the Term of this Successive Agreement, shall fail to render
substantially the services required of him hereunder for a continuous period of eight (8) months or
an aggregate period of twelve (12) months during any eighteen (18) consecutive months (excluding
vacations) by reason of his physical or mental disability, as determined by a physician acceptable
to the Corporation and Christian, either party shall have the right to terminate this Successive
Agreement effective upon thirty (30) days’ notice at any time after the eight (8) month or twelve
(12) month period, as the case may be, so long as the disability is continuing.

     12. The Corporation may, by the vote of a majority of independent directors of the
Corporation, terminate Christian’s employment under this Successive Agreement at any time “for
cause” which term, as used herein, shall mean, conviction of a felony; willful misconduct; gross
neglect of duty; material breach of fiduciary duty to the Corporation; or material breach of this
Successive Agreement provided, however, that Christian may be terminated “for cause” only after not
less than

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thirty (30) days’ notice to Christian and an opportunity for Christian to be heard and to
address the charges levied.

     13. Christian’s employment under this Successive Agreement shall automatically terminate upon
his death or upon the consummation of a sale or transfer of control of all or substantially all of
the assets or stock of the Corporation or the consummation of a merger or consolidation involving
the Corporation in which the Corporation is not the surviving corporation. Notwithstanding the
foregoing, any of the above described transactions which does not involve an assignment or transfer
of control of licenses or permits issued by the Federal Communications Commission (excluding for
this purpose any so-called pro forma transfer of control) shall not cause Christian’s employment to
terminate.

     14. Upon termination of Christian’s employment under paragraph 13 (other than by reason of
death), the Corporation will thereupon pay Christian an amount of cash equal to 2.99 times the
average of Christian’s total annual compensation (including bonuses but excluding stock options)
for each of the three immediately preceding (and not overlapping) periods of twelve consecutive
months. In addition, the Corporation shall pay Christian such amount as is necessary to enable
Christian to pay all tax liabilities under Internal Revenue Code Sections 280G and 4999 and all
federal and state tax liabilities arising by reason of payments received
pursuant to this sentence, it being the intent of the parties that Christian be made whole
with respect to the economic effect of Internal Revenue Code Sections 280G and 4999 in connection
with his employment.

     15. Christian agrees that he will not, during the term of this Successive Agreement, or
thereafter, divulge or disclose to unauthorized parties any confidential matters of facts relating
to the operation of the Corporation or its subsidiaries which may become known to him by reason of
his performance of duties under this Successive Agreement.

     16. All material and ideas pertaining to the business of the Corporation or any of its
subsidiaries that are acquired, obtained, created or developed during the term of this Successive
Agreement shall belong solely to the Corporation.

     17. At any time during the Term of this Successive Agreement should Christian voluntarily
terminate his employment with the Corporation, or in the event this Successive Agreement is
terminated “for cause” by the Corporation pursuant to the provisions of Section 12 hereof,
Christian agrees that for a period of three (3) years thereafter he shall not, without written
permission from the Corporation, directly or indirectly own, manage, operate, joint venture,
control, be employed by or participate in the ownership, management, operation, control of or be
connection in any way with, any radio or television station the primary transmitter of which is
located within 65 miles of the community license of a radio or television station (i) then operated
by the Corporation or any subsidiary thereof or (ii) then subject to a sale or purchase contract to
which the Corporation or any subsidiary or parent thereof is a party.

     18. At the time during the Term of this Successive Agreement if Christian’s employment with
the Corporation is terminated for any reason, including death or voluntary resignation by
Christian, other than a “for cause” termination by the Corporation, the Corporation shall continue
to provide health insurance and medical reimbursement, commensurate with all health insurance and
medical reimbursement programs under this Successive Agreement, to Christian and his spouse and to
maintain in force all existing life insurance policies for a period of ten (10) years. At the
conclusion of the ten (10) year period, Christian or his spouse, at his/her option and expense, may
continue such health insurance under the federal COBRA law and the Corporation shall transfer
ownership of such life insurance policies to Christian, his spouse or assignee, or any of them from
the Corporation.

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     19. Any notice hereunder shall be effective if given or tendered by registered or certified
mail, return receipt requested, to Saga Communications, Inc., or to Christian addressed to its/his
respective attention at:

73 Kercheval Avenue

Grosse Point Farms, MI 48236

or at such other address as may be set forth in a notice hereunder.

     20. This Successive Agreement may be modified or terminated only in writing signed by both
parties and shall not be assigned by either party without the prior written consent of the other.
Any attempted assignment without such consent shall be void. This Successive
Agreement contains the entire understanding of the parties with respect to its subject matter
and, on entering into it, neither party has relied upon any representation, warranty or covenant
not expressly set forth herein.

     21. This Successive Agreement shall be governed by and construed in accordance with the laws
of the State of Michigan.

     IN WITNESS WHEREOF, the parties hereto have duly executed this Successive Agreement as of the
day and year first set forth.

	 	 	 	 	 	 	 
	 	 	SAGA COMMUNICATIONS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jonathan Firestone	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Jonathan Firestone	 	 
	 

	 	 	 	Chair, Compensation Committee	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Edward K. Christian	 	 
	 	 	 	 	 
	 	 	Edward K. Christian	 	 

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