Document:

Exhibit 10.15

 

Compensation
of Directors

 

For
their services as directors of Blyth, Inc. (the “Company”), non-employee
directors of the Company receive an annual fee of $20,000, reimbursement of
out-of-pocket expenses, plus a fee of $1,500 for each board meeting attended in
person or a fee of $500 for each board meeting attended by telephone. Each
member of the Audit Committee, the Compensation Committee and the Nominating
and Corporate Governance Committee, including each committee chairperson, also
receives a fee of $1,500 for each committee meeting attended in person or a fee
of $500 for each committee meeting attended by telephone.  The chairperson of the Audit Committee
receives an annual retainer fee of $10,000 and each of the chairpersons of the
Compensation Committee and the Nominating and Corporate Governance Committee
receive an annual retainer fee of $5,000. 
The full Board of Directors determines awards for non-employee
directors, subject to limits of awards of 5,000 shares of Common Stock or share
equivalents for new non-employee directors and 2,500 shares of Common Stock or
share equivalents for annual awards to continuing non-employee directors.  Directors who are also employees do not
receive any additional compensation for their services as directors.Exhibit
10.1

 

March 17, 2005

 

 

Robert A. Eckel

3 Seminole Circle

Andover, Massachusetts 01810

 

SUBJECT:  Offer of Employment

 

Dear Bob:

 

On
behalf of Digimarc Corporation (the “Company”), I am pleased to confirm our
offer of employment for the position of President, Digimarc ID Systems, LLC.  You will report to Bruce Davis, Chairman and
Chief Executive Officers of the Company. 
Your job duties may, of course, evolve and change with time, as the
Company’s needs change.

 

The following summarizes the benefits and
terms relating to this offer.

 

Your initial compensation will consist of a
base salary of $270,000 per year, payable bi-weekly.   In addition, we will provide you a sign-on
bonus of $50,000, payable 30 days after your start date.  You also will be eligible to participate in
Digimarc’s Discretionary Incentive Bonus Program.  You will be eligible for a potential annual
bonus of $120,000 and a peer performance bonus of an additional $30,000 to be
paid annually.  A portion of this bonus
will be guaranteed under the following circumstances.  If you begin employment on or before May 2,
2005, the Company will guarantee $75,000 of the $90,000 prorated incentive bonus
for 2005.  Details of this bonus will be
determined between you and Bruce Davis no later than 60 days after your date of
hire.

 

Provided you satisfy standard eligibility
criteria, you will receive Company health, dental, vision, short-term
and long-term disability and life insurance, and your dependents will receive
Company health, vision, and dental insurance. 
There is an employee contribution to cover you and your dependents.  You will be eligible to participate in
the Digimarc 401(k) Plan on the first day of the month following your date of
hire.  Also, each year you will receive time off for certain recognized
holidays and 160 hours of flexible time off. 
All Company policies, including policies regarding medical
coverage and other employee benefits, may be amended by the Company from time
to time or discontinued, in the Company’s sole discretion.

 

Subject to
your acceptance of this offer, and approval by the Compensation Committee of
the Board of Directors, you will receive a Stock Option to purchase 250,000
shares of Digimarc common stock, pursuant to the Digimarc Stock Incentive
Plan.  The option will be evidenced by a
stock option agreement between you and Digimarc which shall contain the terms
and conditions of the option, including but not limited to, the exercise price
for shares purchased under the option and the vesting schedule.

 

 

The strike price is determined by the closing
price of our stock on the effective date of the grant made by the Compensation
Committee (usually the date of hire). 
The new hire grant vest over four years. 
Under the terms of our plan, 25% of the grant vests one year from the
initial date of grant, and then vests daily in the amount of 1/1460 of the
share each day for the next three years, so that 100% of the initial grant will
vest during the four year period.

 

The highly confidential nature of our
business makes it necessary for Digimarc to obtain a credit report, criminal
background and reference check on all prospective employees.  As such, this offer of employment is
contingent upon Digimarc completing these background checks.  You have already signed an Authorization for Release of Information form, which will
enable us to proceed with the check. 
Credit reports and criminal background checks are performed by Premier
Employment Screening Services, an outside agency.  Please note that a “poor” credit history or
criminal conviction will not necessarily act as a bar to employment if Digimarc
is satisfied that it will not affect performance on the job.  We would anticipate completion of these
reports five working days.

 

In addition,
this offer is contingent successful upon your signing the following forms:

 

Non-Disclosure/Non-Compete Agreement: 
This document refers to the non-disclosure of confidential information,
ownership of inventions and a non-compete agreement.  The Company requires all employees to sign this
document prior to employment.  This
letter and the Non-Disclosure/Non-Compete constitute the entire agreement
between you and the Company and supersede and replace any prior agreement
either written or oral.

 

Employment
Eligibility Verification Form (Form I-9): We are
required by the Immigration Reform and Control Act of 1986 to have this form
completed and on file for all Company employees.  The I-9 form will be included in your new
hire packet to be given to you at your new hire orientation.  Please bring the appropriate eligibility
documents mentioned in the I-9 with you on your start date.

 

While it is
our belief that our relationship will be a positive one, it is appropriate to
advise you that the Company is an “at-will”
employer and does not offer employment on a fixed-term basis and either you or
the Company can terminate it at any time and for any reason.  The representations in this letter and from
our meetings with you should not be construed in any manner as a proposed
contract for any fixed term.  Further,
you will be expected to comply with all rules, policies and procedures of the
Company as they may be modified from time to time and your failure to follow
such rules, policies or procedures could result in disciplinary action
including termination of your employment.

 

Should you
have any questions concerning any part of this offer letter, please call me.
Although we believe that the terms of this letter are consistent with all
applicable laws, we employ people in a number of different jurisdictions. To
the extent that any provision of this letter or the Employment Agreement
expressly conflicts with the local laws applicable to you, the terms of such
local law shall govern.   To confirm your
acceptance of this offer, please sign the original of this letter where
indicated and return to me at my confidential fax, 503.469.xxxx.

 

During the
course of our discussions, we have referenced a number of employment terms in a
document entitled the Employment Offer Term Sheet.  That document is appended to this letter, and
will be deemed part of this offer of employment.

 

2

 

No one has the
power to modify these basic terms of your employment offer other than the Chief
Executive Officer of the Company and any such modification must be in writing
in order to be effective. We would anticipate your first day with Digimarc to
be on or before Monday, May 2, 2005.  This offer
will expire on Friday, April 8, 2005 at 3:00 PM (PST).

 

Let me close
by affirming our belief that the skills and enthusiasm you bring to the Company
will be instrumental to our future success and we look forward to welcoming you
to Digimarc!

 

Sincerely,

 

Bruce Davis

Chairman
and Chief Executive Officer

Digimarc
Corporation

 

I accept Digimarc Corporation’s offer of employment under the terms
outlined in this letter.

 

	
  /s/ Robert
  Eckel

  	
   

  	
   4/11/05

  	
   

  
	
  Name

  	
  Date

  

 

Attachment:

Employment
Offer Term Sheet

 

3Exhibit
10.2

 

April 11, 2005

 

Mr. Paul Gifford

20668 Sevilla Lane

Saratoga, CA 95070

 

Re: Transition Proposal

 

Dear Paul

 

I hereby acknowledge receipt of your letter dated April 11, 2005 with
respect to your resignation as President and Chief Operating Officer of
Digimarc Corporation.  I want to express
my appreciation for your service to Digimarc, and to outline our plan for a
smooth transition of DIDS leadership responsibilities to Bob Eckel.

 

As we have discussed, we wish to mutually establish a reasonable period
in which to accomplish this transition, and to memorialize our understanding of
your commitment to provide for the smooth transition of responsibilities, to
define your transition rights and responsibilities, and summarize the
communication, reporting, location and other protocols under which we mutually
intend to operate during the transition. 
This letter of our mutual intent does not, however, constitute an
employment agreement, and it is not to be interpreted, construed or enforced as
an employment agreement.  You remain an
at will employee of Digimarc through this transition period.

 

It is anticipated at this time that you will provide transition
services to the company, as specified in this letter, for a period up to December 31,
2005, at which time you plan to either retire or otherwise no longer be an
employee of Digimarc. During this transition period, Digimarc will continue to
compensate you at your current rate of base salary (the same base salary which
you received as President and COO).  We
will also provide you reimbursement for all reasonable and necessary business
expenses that you incur during the transition period in accordance with
Digimarc’s usual and customary policies and procedures.  You will not be eligible to participate in the
bonus plan for executive officers of the company after June 1, 2005;
however, at the discretion of the Compensation Committee of the Board of
Directors, you may be eligible for a partial bonus for that period during which
you were President and COO.

 

At such time as we mutually agree to a date for your separation from
Digimarc, we will jointly execute a separation and release agreement between
you and Digimarc.  Following the
execution of that agreement, and if the date of your separation is prior to December 31,
2005, then Digimarc will provide you with a lump sum severance payment for any
balance of your annual salary through the end of the year that has not been
paid as

 

 

of that date, together with other amounts typically and customarily
paid at the time of separation.  All such
amounts will be specified in the separation and release agreement.

 

The severance payment described in this paragraph will be payable
without any condition or qualification other than the execution of a separation
and release agreement, unless you are terminated for cause (which we do not
contemplate).  In addition, the company
will either pay benefits or reimburse you for COBRA continuation coverage
through December 31, 2005.

 

We anticipate that you will assist in a smooth transition of your
responsibilities over the course of April, and that you will then take your
paid sabbatical during May.  Digimarc
will pay you for any accrued and unused vacation through December 31, 2005
or, if you depart before that date, the date of the separation and release
agreement. All amounts paid to you at separation will be subject to appropriate
payroll deductions, garnishments, taxes, and contributions.

 

During the transition, your title shall be Vice President, Special
Projects, reporting to me in my capacity as Chief Executive Officer.  You will assist in the smooth and orderly
transition of your responsibilities as Interim President, DIDS, to Bob Eckel,
and assist in various other matters such as financial review and analysis of first
quarter results and documentation of processes and controls, assist in special
projects as requested, and perform other service as requested consistent with
the general scope and intent of this letter. 
You will be provided with office space and administrative staff,
equipment, and other facilities as are necessary go carry out your duties.  During the transition, you may work out of
your home office if it is more convenient, except to the extent I may request
otherwise upon reasonable advance notice.

 

You will continue to be bound to all the terms and conditions of the
Proprietary Information Agreement that you executed on April 23, 2001.  However, it will not be deemed a violation of
that Agreement for you to pursue other employment or business opportunities during
the transition period, nor shall such activities be deemed to interfere with
your obligations to Digimarc during the transition period, except to the extent
that such activities involve your association with a direct competitor.  Enclosed for your reference is Digimarc
Corporation’s “Frequently Asked Questions About Digimarc’s Confidentiality,
Trade Secret, and Non-Competition Agreement” (the FAQ”), which summarizes and
interprets the applicable provisions of the Agreement and our enforcement
policy with respect to it.

 

2

 

We look forward to a smooth and orderly transition, and appreciate your
willingness and flexibility to assist in it.

 

 

Sincerely,

 

Bruce Davis

Chairman and
Chief Executive Officer

Digimarc Corporation

 

 

	
  Acknowledged and Accepted:

  
	
   

  
	
  /s/ Paul Gifford

  
	
   

  
	
  Date: 4/11/05

  

 

3

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