Document:

EXHIBIT 10.4 

PREMIERE GLOBAL SERVICES, INC. 

FIRST AMENDMENT TO

FOURTH AMENDED AND RESTATED

EXECUTIVE EMPLOYMENT AGREEMENT 

           THIS
FIRST AMENDMENT to the Fourth Amended and
Restated Executive Employment Agreement (the “First Amendment”) is
made and entered into by and between PREMIERE GLOBAL SERVICES, INC., a
Georgia corporation (the “Company”), and JEFFREY
A. ALLRED (the
“Executive”), dated as of September 15, 2006.

BACKGROUND STATEMENT: 

          WHEREAS, the Company and the Executive entered into that certain Fourth Amended and Restated Executive Employment Agreement on April 18, 2005, to be
effective as of January 1, 2005 (“the “Original Agreement”); and 

          WHEREAS, the Company and the Executive desire to amend the Original Agreement as set forth herein; 

          NOW, THEREFORE, in consideration of and reliance upon the foregoing and other good and valuable consideration, the adequacy and sufficiency of which are
hereby acknowledged, the Company and the Executive hereby amend the Original Agreement as follows: 

          1.           The first two sentences to Section 1. “Duties” to the Original Agreement are hereby deleted in their entirety and replaced with the following: 

             The Company will employ the Executive as its Chief Investment Officer. The Executive will have the powers, duties and responsibilities as from time to time assigned to him by the Company’s
    Chief Executive Officer consistent with such position, and the Executive will report directly to the Chief Executive Officer. 

          2.           The
following language is hereby added as the second sentence to Section 2.5. “Severance
Pay” to
the Original Agreement: 

  
    Any non-renewal of the term of this Agreement by the Company pursuant to Section 4 hereof, in contemplation of, or within the twenty-four (24) month period following, a Change in Control shall be deemed to constitute a
    termination by the Company without Cause as of the expiration of the then-current term of this Agreement. 

          3.           Section 7. “Section 409A Compliance” to the Original Agreement is hereby deleted in its entirety and replaced with the following: 

          Section 7.           Section 409A Compliance.  

             Notwithstanding anything in the Agreement to the contrary, if any amount or benefit that would constitute “deferred compensation” for purposes of Section 409A of the Code, would
    otherwise be payable or distributable under the Agreement by reason of the Executive’s separation from service, then if and to the extent necessary to comply with Section 409A of the Code, the payment or distribution of such amount or benefit will 

  
    be delayed until the first day following the six (6) month anniversary of the Executive’s termination of service. On such date, the Company will pay or distribute to the Executive an amount equal to that which the
    Executive would normally have received during such six (6) month period.  Thereafter, payments and benefits will be paid or distributed as provided in the Original Agreement. 

          3.           Except as otherwise provided herein, the terms and conditions of the Original Agreement shall remain in full force and effect. 

 

          IN WITNESS WHEREOF, the parties hereto have executed this First Amendment on the date hereof. 

	 

		 	
PREMIERE GLOBAL SERVICES, INC. 
	
	     

	
	     

	
	 

		 	
By:      
		 /s/
    Boland T. Jones  

	 

		 	 

		
Boland T. Jones 
	
	 

		 	 

		
Chief Executive Officer 
	
	     

	
	
ATTEST: 
		 	 

		 

	
	 

	
	 /s/
    L. Scott Askins                
	 	 

		 

	
	
L. Scott Askins 
		 	 

		 

	
	
Secretary 
		 	 

		 

	
	     
	 

		 	
EXECUTIVE 
	
	     

	
	     

	
	 

		 	
By: 
		 /s/
    Jeffrey A. Allred  

	 

		 	 

		
Jeffrey A. AllredEXHIBIT 10.5 

Michael E. Havener 

    1474 Hedgewood Lane 

    Kennesaw, GA 30152 

Dear Mike: 

          This letter amends your Employment Letter with Premiere Global Services, Inc. (f/k/a PTEK Holdings, Inc.) (the “Company”) dated September 27, 2004 and signed by you on September 30,
2004, as amended on April 22, 2005 and signed by you on April 28, 2005 (“Employment Letter”). All references to “PTEK Holdings, Inc.” and “PTEK” in your Employment Letter are amended and restated to read the
“Company.” 

           Section 1 of your Employment Letter is hereby deleted in its entirety and replaced with the following: 

           1. Position. The Company hereby employs you as Chief Financial Officer of the Company, reporting to the President of the Company. 

          Sentence 2 in paragraph 2 of Section 7 of your Employment Letter is hereby deleted in its entirety and replaced with the following: 

  
    In addition, if the Company terminates your employment without Cause during the 12-month period following a Change of Control of the Company, you will be entitled to receive severance pay equal to 100% of your base annual
    salary in effect at the date of termination, payable in a lump sum within five business days of the date of termination. 

          Paragraph 3 of your Employment Letter is hereby deleted in its entirety and replaced with the following: 

  
    3. Bonus Compensation. In addition to your base salary, you will be entitled to earn an annual bonus and/or quarterly bonuses for each calendar year
    during the term of your employment as CFO of the Company in the amounts to be determined based upon performance criteria and targets established from time to time by the Compensation Committee of the Board of Directors of the Company (the
“Compensation Committee”).  Unless the Compensation Committee determines otherwise prior to the end of the first quarter of a given calendar year, your target bonus for each calendar year will be equal to fifty percent (50%) of your annual
    base salary for such year, with 80% of the target bonus allocated to achievement of quarterly targets (i.e. 20% per quarter) and 20% allocated to achievement of annual targets.  You will also be entitled to any additional bonus and incentive
    compensation granted to you by the Compensation Committee in its discretion. The timing of determination and the date of payment of the bonus would be consistent with the payment dates for the other senior officers of the Company. 

          The following paragraph is also hereby added to your Employment Letter: 

             Notwithstanding anything in your Employment Letter to the contrary, if any amount or benefit that would constitute “deferred compensation” for purposes of Section 409A of the Internal
    Revenue Code of 1986, as amended (the “Code”), would otherwise be payable or distributable under this Employment Letter by reason of your separation from service, then if and to the extent necessary to
    comply with Section 409A of the Code, the payment or distribution of such amount or benefit will be delayed until the first day following the six month anniversary of your termination of service. On such date,
    the Company will pay or distribute to you an amount equal to that which you would normally have received during such six month period. Thereafter, payments and benefits will be paid or distributed as provided in Section 7 of your Employment Letter,
    as amended. 

          Except as otherwise provided herein, the terms and conditions of your Employment Letter shall remain in full force and effect. 

	 	
Sincerely, 
	
	 	 

	
	 	 

	
	 	
/s/ Theodore P. Schrafft 
	
	 	
Theodore P. Schrafft 
	
	 	
President 
	

	
ACKNOWLEDGED AND AGREED TO BY: 
	
	 
	
Signature:           
		
/s/ Michael E. Havener      
	
	 

		
Michael E. Havener 
	
	 	 
	
Date: 
		
September 15, 2006 
	

2atwillsept06

Exhibit 10.1

GenVec,
Inc.

Terms
of At-Will Employment

Employee
Name:  Douglas
J. Swirsky   

Position:
CFO,
Corporate Secretary and Treasurer

Start
Date: September
18, 2006

 

Business
Hours:   8:30 a.m.
- 5:30 p.m.

Salary:   $265,000/annually
to be paid in semi-monthly installments

Sign-On
Bonus:

$50,000 -
payment to be made with first payroll check after start date. Payment subject to
employee withholding taxes. If employee voluntarily leaves the Company prior to
completion of one-year employment, the Company will have the right to request a
full repayment of this bonus.

Salary
Continuation Agreement:

Employee
will receive 12 month salary continuation if employment is terminated other than
for cause, in accordance with the terms of the agreement which is attached and
made part of this offer.

Change
in Control Agreement: 

Employee
will receive an 18 month agreement effective upon a Change in Control triggering
event, in accordance with the terms of the agreement which is attached and made
part of this offer.

Relocation
Expenses:

Should
employee wish to relocate nearer to the workplace during the first year of
employment, GenVec will provide relocation assistance consistent with GenVec’s
relocation policy at the time of utilization. If employee voluntarily leaves the
Company prior to completion of one-year employment, the Company will have the
right to request all or a portion of the assistance provided.

BENEFITS

GenVec
offers a comprehensive package of benefits to all regular full-time employees.
Listed below are the benefits currently provided to GenVec employees. GenVec
reserves the right to change, amend, eliminate or add benefits at any time. The
Company pays for the cost of some benefits; the employee and the Company share
the cost for other benefits.

 

1

Annual
Bonus: 

Eligibility
and distribution of bonus is based on achievement of corporate and individual
objectives in accordance with the approved GenVec Compensation Plan. Bonus is
based on a percentage of base salary and targeted to comparable data by level
and position of the employee. Data is reviewed annually to determine the
competitive target percent.

Equity: 

A new
hire grant of 300,000 stock options to purchase shares of Common Stock at a
strike price equal to the fair market closing value on the first day of
employment. Such options will be issued under and subject to the terms and
conditions of the Company’s Stock Option Plan, vesting over a 4-year period.

Employee
Stock Purchase Plan:

GenVec
provides employees with an opportunity to purchase Common Stock of the Company
at a discounted price through accumulated payroll deductions. 

Medical
Insurance:

GenVec
provides insurance to all regular full-time employees and their eligible
dependents for major medical, surgical and hospital expenses under a Preferred
Provider Network (“PPO”) Plan or Point of Service Open Access (“POS”)Plan
through CareFirst Blue Cross/Blue Shield of Maryland. The employee has the
option to select whichever plan is most appropriate for their medical needs.
Payroll deductions for the employees’ portion of the medical insurance premium
are taken on a semi-monthly pre-tax basis through the Flexible Benefits Plan.
Coverage
for the Plan begins on the first day of employment. If the
employee elects the PPO Plan, GenVec pays 70% of the premium coverage for the
employee, dependents, and/or significant other. If the employee elects the POS
plan, GenVec pays 80% of the premium coverage for the employee, dependents,
and/or significant other.

Dental
Insurance:

GenVec
provides dental insurance to all regular full-time employees and their eligible
dependents through the Cigna Insurance PPO Dental
Plan. Preventive care such as cleanings and x-rays, are reimbursed at 100% of
the usual and customary charges. Minor and major dental care is subject to a
deductible. Coverage for the Plan begins on the first day of employment. Open
enrollment is December for each new calendar year. GenVec pays 80% of the
premium coverage for the employee, dependents, and/or significant
other.

Section
125c (Cafeteria Plan) - Flexible Benefits Plan:

Section
125c of the Internal Revenue Code allows employers to provide a Flexible
Benefits Plan to their employees. The Plan allows employees to receive tax-free
reimbursements for eligible health care and/or dependent care expenses and
allows employees to pay for their medical insurance premiums with pre-tax
dollars.

 

2

The three
tax-free benefits available to employees through the Flexible Benefits Plan
are:

Premium
Conversion:

This
benefit allows employees to convert the dollars they pay for medical/dental
insurance premiums from after-tax dollars to pre-tax dollars. Using Premium
Conversion, employees will no longer pay Federal, State and FICA taxes on their
portion of medical/dental insurance premiums deducted from their
paycheck.

Health
Care Flexible Spending Account (FSA):

Employees
may elect to contribute up to $5,000 per year to a Health Care FSA to pay for
their eligible medical, dental, and vision care expenses. The dollars deposited
in a Health Care FSA will not be subject to Federal, State and FICA taxes.
Participants will receive tax-free reimbursement from this Account for eligible
health care expenses incurred by the employee, the employee’s spouse or the
employee’s eligible dependents.

Dependent
Care Flexible Spending Account (FSA):

Employees
may elect to contribute up to $5,000 per year to a Dependent Care FSA to pay for
dependent care expenses. Eligibility requirements include that both the employee
and spouse work full-time or the non-working spouse is a full-time student. The
dollars deposited in a Dependent Care FSA will not be subject to Federal, State
and FICA taxes. These expenses include baby-sitters, day-care centers and
providers of serviced in-home to care for dependents who are unable to care for
themselves. This also includes care for an elderly dependent for whom the
employee legally claims exemption.

GenVec
401(k) Plan: 

GenVec
offers a 401(k) retirement saving plan that allow employees to take pre-tax
dollars and deposit them into a highly flexible investment portfolio account.
Employees may elect to contribute up to the IRS annual limit. GenVec matches 50%
of the first 5% of the employee’s contribution. Employee contributions are 100%
vested immediately; the employer-matching portion vests over four (4) years of
service. The Plan allows employees to rollover their prior employer’s qualified
401(k) savings into the GenVec 401(k) Plan upon hire or at any time during
employment with GenVec. Complete information concerning the GenVec 401(k) Plan
will be furnished to employees when they become eligible for participation in
the Plan.

Short
Term Disability (STD):

GenVec
allows regular full time employees to take STD for up to 3 months for medical
conditions that are deemed necessary by a qualified physician. Employees are
eligible for STD upon successful completion of their introductory period of
employment. Employees must provide the Company with written notice of this
disability, including a doctor’s certificate stating the nature of the
disability and the expected date of return to work. The employee will receive up
to 80% of their salary less taxes and benefit payments.

 

3

Long
Term Disability (LTD):

GenVec
provides LTD Insurance, to all regular full-time employees at no cost to the
employee. Long-term disability becomes effective after the short-term disability
period has expired. LTD covers 60% of the employee’s salary less taxes and
benefit payments, up to $10,000 per month. An employee must provide written
notice of their disability to the Company, accompanied by a doctor’s certificate
stating the nature of the disability and the expected date of return to
work.

Life
Insurance with Accidental Death and Dismemberment:

GenVec
covers the cost of life insurance for all regular full-time employees at one
times annual salary up to a maximum of $250,000, in the event of death or
accidental dismemberment. This benefit is payable to the employee or designated
beneficiaries.

Supplemental
Life Insurance:

GenVec
also offers its regular full-time employees a Portable Voluntary Group Life
Insurance policy. An employee may elect to purchase up to $500,000 of life
insurance for themselves and their spouse, and $10,000 for their dependent
children. The cost will be deducted directly from the employee’s payroll
check.

Tuition
Reimbursement:

To
further develop staff skills, GenVec encourages employees to continue their
education. If an employee wishes to enroll in college courses from an accredited
college or university, he/she should discuss the matter with his/her supervisor.
GenVec may assist with cost reimbursement of tuition and fees up to the IRS
limit, which is currently $5,250 per year.

Employee
Assistance Program (EAP):

GenVec
provides, at no cost to the employee, an Employee Assistance Program. An EAP is
a benefit that provides confidential and professional assessment and referral
assistance for employees experiencing personal problems that may be affecting
work performance, job satisfaction, or overall quality of life.

Long
Term Dependent Care:

GenVec
offers its regular full-time employees a voluntary group plan for long term care
for chronically ill dependents or elderly parents.

Vacation: 

Four (4)
weeks (20 days) vacation to accrue per semi-monthly pay period commencing with
the hire date during the first year of employ; thereafter as indicated in the
Employee Handbook.

Sick
Leave:

Sick
leave is provided for employee’s benefit during periods of non-occupational
illness, hospitalization, and convalescence, and to provide paid time for
outpatient and medical/dental appointments for the employee or a family member.
Eligible employee will accrue sick leave at a rate of four (4) hours per pay
period or twelve (12) days on an annualized basis. Sick leave will be carried
over from year to year but is not vested and will not be paid out upon
termination.

4

Personal
Leave: 

GenVec
provides three personal days in January of each calendar year for regular
full-time employees. Personal days are awarded on a pro-rated basis for regular
full-time employees hired during the year. Based on your start date, you will
receive one (1) personal day this year.

Holiday
Leave:

GenVec
generally provides about ten (10) paid holidays during the calendar year.
Additionally, each employee receives two personal floating holidays to be taken
at their discretion with the prior approval of their supervisor. In December of
each year, the specific holidays and corresponding date will be
announced.

At-Will
Employment: 

You
should be aware that your employment with GenVec is for no specified period and
constitutes at-will employment. As a result, you are free to resign at any time,
for any reason or for no reason. Similarly, GenVec is free to conclude its
employment relationship with you at any time, with or without cause, and with or
without notice.

By
signing this agreement, employee agrees to abide by all Company policies and
procedures as a condition of employment. 

Agreed to
and Accepted By:

 

/s/Douglas
J.
Swirsky                                                        
September 18, 2006

Douglas
J. Swirsky       Date

 

 

5

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