Document:

EX-10.10

 Exhibit 10.10 

Summary of Executive Officer and Non-employee Director Compensation 

Set forth below is a summary of the compensation paid by Dril-Quip, Inc. (the “Company”) to its executive officers and non- employee directors as of the date of filing of the Company’s Annual Report on Form 10-K. For more information regarding executive officer and director compensation, please read “Director
Compensation,” “Executive Compensation,” and “Corporate Governance Matters-Related Person Transactions-Employment Agreements with Executive Officers” contained in the Company’s proxy statement for its 2015 Annual
Meeting of Stockholders to be filed with the SEC pursuant to Regulation 14A. 
 Executive Officers 

Each of the Company’s President and Chief Executive Officer, Senior Vice President and Chief Operating Officer, Vice President- Finance and Chief Financial Officer and Vice President-General Counsel and Secretary (each, an “Executive Officer”) is compensated in accordance with his employment agreement, each of which is
filed as an Exhibit to the Company’s Form 8-K/A filed December 12, 2011 and is incorporated by reference herein. 
 In addition,
the Executive Officers are eligible to receive a performance bonus for 2015 performance under the Company’s Short Term Incentive Plan. The bonus award will be calculated based on (i) the Company’s performance in the 12-month period
ending December 31, 2015 against target performance, (ii) the Executive Officer’ s achievement of personal objectives and (iii) the bonus target amounts for each Executive Officer that are set by the Compensation Committee of the
Board of Directors. 
 Under the Company’s 2004 Incentive Plan, as amended and restated (the “Long Term Incentive Plan”),
employees may be granted awards in the form of stock options, stock appreciation rights, stock awards, cash awards or performance awards. The current forms of the applicable award agreements pursuant to the Company’s Long Term Incentive Plan
are included as exhibits to the Company’s Annual Report on Form 10-K. 
 Non-Employee Directors 

The non-employee Chairman of the Board receives an annual fee of $150,000 and the Company’s other non-employee directors receive an annual
fee of $75,000. The Chairman of each of the Committees receives an additional annual fee in the amount of $15,000 for the Audit Committee and $10,000 for the Nominating and Governance Committee and the Compensation Committee. In addition, the
non-employee directors receive a fee of $1,000 for attendance at each Board of Directors meeting and $1,000 for each committee meeting. All directors are reimbursed for their out-of-pocket expenses and other expenses incurred in attending meetings
of the Board or its committees and for other expenses incurred in their capacity as directors. 
 In June 2014, the Board of Directors
authorized a stock compensation program for the directors pursuant to the 2004 Plan. Under this program, the Directors may elect to receive all or a portion of their fees in the form of restricted directors stock awards in an amount equal to 125% of
the fees in lieu of cash. The awards are made quarterly on the first business day after the end of each calendar quarter and vest on January 1 on the second year after the grant date. 

Under the Company’s Long Term Incentive Plan, non-employee directors may be granted awards in the form of stock options, stock
appreciation rights, stock awards, cash awards or performance awards. The current forms of the applicable award agreements pursuant to the Company’s Long Term Incentive Plan are included as exhibits to the Company’s Annual Report on Form
10-K.Exhibit 10.01

 

PROMISSORY NOTE

 

$250,000 February 26, 2015

 

FOR VALUE RECEIVED, and
subject to the terms and conditions set forth herein, TERA GROUP, INC., a Delaware corporation (the “Maker”),
hereby unconditionally promises to pay to the order of MGT CAPITAL INVESTMENTS, INC., a Delaware corporation or its assigns (the
“Noteholder,” and together with the Maker, the “Parties”),
the principal amount of $250,000 (the “Loan”), together with all accrued interest thereon, as provided in this
Promissory Note (the “Note”, as the same may be amended, restated, supplemented or otherwise modified from time
to time in accordance with the terms set forth herein).

 

1.     
Delivery; Payment Date; Optional Prepayments; Merger and Letter of Intent.

 

1.1      
Delivery. On the date of the issuance of this Note, the Noteholder shall deliver to the Maker $100,000 (the “Initial
Payment”). Then on March 3, 2015, the Noteholder shall deliver to the Maker the remainder of the Loan, the amount of
$150,000 (the “Remainder Payment”).

 

1.2      
Payment Date. The aggregate unpaid principal balance of the Loan, all accrued and unpaid interest and all other amounts
payable under this Note shall be due and payable upon demand at any time after August 15, 2015 (the “Demand Payment”).

 

1.3      
Optional Prepayment. The Maker may prepay the Loan in whole or in part at any time or from time to time without penalty
or premium by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment. No prepaid
amount may be re-borrowed.

 

1.4      
No Effect on Merger. The outstanding balance will have no effect on the merger consideration as set forth in the
Letter of Intent dated February 26, 2015 by and between the Parties.

 

2.     
Interest.

 

2.1      
Interest Rate. The outstanding principal amount of the Loan made hereunder shall bear interest at the rate of five
percent (5%) per annum from the date hereof until the Loan is paid in full, whether at maturity, by prepayment or otherwise.

 

2.2      
Interest Payment Dates. Interest shall be payable as set forth in Section 1.2 hereof; interest is payable at maturity
which is on demand.

 

2.3      
Business Day Convention. Whenever any payment to be made hereunder shall be due on a day that is not a business day,
such payment shall be made on the next succeeding business day and such extension will be taken into account in calculating the
amount of interest payable under this Note. “Business Day” means a day other than a Saturday, Sunday or other day on
which commercial banks in New York City are authorized or required by law to close.

 

3.     
Events of Default. The occurrence of any of the following shall constitute an Event of Default hereunder (“Event
of Default”):

 

3.1      
Failure to Pay. The Maker fails to make Demand Payment within two (2) business days of demand by Noteholder.

 

    	 

    	 

    

3.2      
Bankruptcy. The Maker commences or there is commenced against the Maker any case, proceeding or other action (i)
under any existing or future law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have
an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization,
arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or
(ii) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial
part of its assets, or the Maker makes a general assignment for the benefit of its creditors.

 

4.     
Miscellaneous.

 

4.1      
Notices.  

 

(a)      
All notices, requests or other communications required or permitted to be delivered hereunder shall be delivered in writing
to such address as a Party may from time to time specify in writing.

(b)      
Notices if (i) mailed by certified or registered mail or sent by hand or overnight courier service shall be deemed to have
been given when received, (ii) sent by facsimile during the recipient’s normal business hours shall be deemed to have been
given when sent (and if sent after normal business hours shall be deemed to have been given at the opening of the recipient’s
business on the next Business Day) and (iii) sent by e-mail shall be deemed received upon the sender’s receipt of an acknowledgment
from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other
written acknowledgment).

 

4.2      
Governing Law. This Note and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise)
based upon, arising out of or relating to this Note and the transactions contemplated hereby shall be governed by the laws of the
State of New York, without giving effect to the conflicts of laws principles thereof.

 

4.3      
Submission to Jurisdiction.  The Maker hereby irrevocably and unconditionally (i) agrees that any legal action,
suit or proceeding arising out of or relating to this Note may be brought in the courts of the State of New York and (ii) submits
to the exclusive jurisdiction of any such court in any such action, suit or proceeding. Final judgment against the Maker in any
action, suit or proceeding shall be conclusive and may be enforced in any other jurisdiction by suit on the judgment.

 

4.4      
Waiver of Notice. The Maker hereby waives presentment, demand for payment, protest, notice of dishonor, notice of
protest or nonpayment, notice of acceleration of maturity and diligence in connection with the enforcement of this Note or the
taking of any action to collect sums owing hereunder.

 

4.5      
Amendments and Waivers. No term of this Note may be waived, modified or amended except by an instrument in writing
signed by both of the parties hereto. Any waiver of the terms hereof shall be effective only in the specific instance and for the
specific purpose given.

 

4.6      
Headings. The headings of the various sections and subsections herein are for reference only and shall not define,
modify, expand or limit any of the terms or provisions hereof.

 

4.7      
No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising on the part of the Noteholder,
of any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise
of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other
right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law.

 

    	 

    	 

    

IN WITNESS WHEREOF, the Maker has executed
this Note as of February 26, 2015.

 

 

	
        TERA
GROUP, INC.

	 
	 
	By:	/s/ Christian Martin
	Name:	Christian Martin
	Title:	Chief Executive Officer
	 	 

 

 

IN WITNESS WHEREOF, the Noteholder
has executed this Note as of February 26, 2015.

 

 

	
        MGT
CAPITAL INVESTMENTS, INC.

	 
	 
	By:	/s/ Robert Ladd
	Name:	Robert Ladd
	Title:	Chief Executive Officer

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