Document:

ex101.htm

    
      

    

    Exhibit 10.1

    

    

    

    March 26,
2009

    

    

    Scott D.
Stowell

    30141
Saddleridge Dr.

    San Juan
Capistrano, CA  92675

     

     

    Dear
Scott:

     

    Re:           Employment
Arrangement

     

    This
letter will serve to confirm your employment arrangement for calendar years 2009
and 2010 (the "Period"),
which is as follows:

     

    
      	
              1.  

            	
              Duties.  You
      will serve as Chief Operating Officer of Standard Pacific Corp. (the
      "Company").  You
      acknowledge that the Company is undertaking a restructuring which may
      reduce or otherwise alter the size and scope of the Company and your
      responsibilities, including, without limitation, the addition or
      elimination of Company regions and divisions, significant alterations to
      the Company’s corporate office and staff, and a restructuring, addition or
      elimination of various other aspects of the operations of the
      Company.  We agree that in no case will any such changes include
      a requirement that you relocate your current primary office more than
      thirty-five miles from its existing location without your
      consent.

            

    

     

    
      	
              2.  

            	
              Base
      Salary; Benefits.  Your
      base salary will be $750,000 per year, payable semi-monthly (subject to
      all applicable taxes and withholdings)  and you will be entitled
      to participate in the health and welfare programs we make generally
      available to all employees of the Company from time to time (i.e., health,
      dental, vision, 401(k)).

            

    

     

    
      	
              3.  

            	
              Discretionary
      Bonus.  In
      addition to your base salary and benefits, you will be eligible to receive
      an annual discretionary bonus (the "Discretionary
      Bonus") based on the Compensation Committee’s subjective evaluation
      of your performance and its evaluation of the Company’s overall financial
      condition.  The payment and the amount of the Discretionary
      Bonus, if any, will at all times be at the sole discretion of the
      Compensation Committee.

            

    

     

    
      	
              4.  

            	
              Retention
      Bonus.  If
      you remain employed by the Company through December 31, 2010, then you
      will be paid a retention bonus of $2.5 million dollars (the "Retention
      Bonus"), less all applicable taxes and withholdings.  If
      you resign your employment for any reason other than for "good reason" (as
      defined below), or if your employment is terminated for "cause" (as
      defined below) before December 31, 2010, then you will not be eligible for
      the Retention Bonus.  Should the Company terminate your
      employment for reasons other than "cause" or should you resign for "good
      reason" on or prior to December 31, 2010, then you will receive the full
      amount of the Retention Bonus (less all applicable taxes and withholdings)
      as a severance payment.  This severance payment will be paid in
      lieu of any other severance or other payment to which you might otherwise
      be entitled under any plan, program or arrangement, including, without
      limitation, any payment that may otherwise be due under the December 1,
      2006 Change of Control Agreement between you and the Company ("CIC
      Agreement").  Payment of the Retention Bonus, irrespective of
      whether or not it is being paid as a severance payment, is also subject to
      the conditions described in Section
      5 below.  For purposes of this
    letter:

            

    

     

    
      	
              ·  

            	
              "Cause"
      shall mean the occurrence or existence of any of the following with
      respect to you:  (a) your conviction by, or entry of a plea of
      guilty or nolo contendere in, a court of competent and final jurisdiction
      for any crime involving moral turpitude or any felony punishable by
      imprisonment in the jurisdiction involved; (b) your willful engaging in
      dishonest or fraudulent actions or omissions which results directly or
      indirectly in any demonstrable material financial or economic harm to the
      Company or its affiliates;  (c) your willful breach or willful
      and habitual neglect of your material duties, and such breach or neglect
      remains uncured for a period of forty-five (45) days after written
      notice from the Company; (d) your repeated non-prescription use of any
      controlled substance which in the Company's reasonable determination
      renders you unfit to serve in your capacity as an officer or employee of
      the Company or its affiliates; or  (e) your physical destruction
      of substantial property or assets of the Company or its affiliates;
      and

            

    

     

    
      	
              ·  

            	
              "Good
      reason" shall mean (a) the failure to provide you the base salary and/or
      the benefits described in Section 2 above, or (b) requiring you to
      relocate your current primary office more than 35 miles from its existing
      location without your consent In order to receive the Retention Bonus as
      severance pay in connection with a resignation for "good reason," you must
      resign within 60 days of becoming aware of the facts or circumstances
      constituting "good reason."

            

    

     

    
      	
              5.  

            	
              Required
      Release; Timing of Payment.  Payment
      of any Retention Bonus (including any Retention Bonus that serves as a
      severance payment) otherwise due to you is conditioned upon (i) your
      execution and delivery of the Company’s standard form of general release
      (the "Release")
      which will provide for your release of any and all claims you may have
      against the Company arising in connection with events, circumstances,
      acts, omissions or other events occurring prior to the effective date of
      the Release, and
      (ii) the expiration of your right to revoke, if any, contained in the
      Release.   You shall have no right to receive the Retention
      Bonus if the conditions described in the preceding sentence are not met,
      irrespective of whether or not it is being paid as a severance
      payment.  Any Retention Bonus due to you while you remain an
      employee of the Company will be paid in cash in a single lump sum within
      ten (10) days following the effective date of the Release, unless a longer
      period is required to comply with any applicable law, rule or regulation;
      provided that if such Release is effective earlier than January 31, 2011,
      the Company shall have until January 31, 2011 to pay the Retention
      Bonus.  Any Retention Bonus due to you as a severance payment
      will be paid to you in a single lump sum upon the effectiveness of the
      Release, unless a longer period is required to comply with any applicable
      law, rule or regulation (and, for the avoidance of doubt, payment shall be
      delayed until six (6) months after your termination to the extent required
      by Section 409A of the Internal Revenue Code).  In all events,
      the Release must be executed by you no later than sixty (60) days
      following your termination of employment or the scheduled payment date for
      the Retention Bonus, as applicable.  Notwithstanding the
      foregoing, the Compensation Committee of the Company’s Board of Directors
      shall have the authority to pay up to 25% of the Retention Bonus at any
      time following December 31, 2009 in advance of when it would otherwise be
      due.  Any amount paid pursuant to the preceding sentence will be
      deducted dollar for dollar from the final Retention Bonus payable to
      you.

            

    

     

    
      	
              6.  

            	
              Termination
      of Change in Control Agreement; Waiver of Claims.   This
      Agreement replaces and supersedes your CIC Agreement, which is hereby
      terminated, and you acknowledge that you will have no further rights under
      the CIC Agreement. You further agree that in consideration for your being
      eligible for the Retention Bonus described in Section 4 above, you release
      and waive any claims, complaints or lawsuits you may have for benefits or
      payments under the CIC
Agreement.

            

    

     

    
      	
              7.  

            	
              Prohibition
      on Transfer.  You
      may not transfer all or any portion of your Retention Bonus prior to
      actual payment.

            

    

     

    
      	
              8.  

            	
              At-Will
      Employment.  Nothing
      herein shall modify your status as an at-will employee of the
      Company.  As an at-will employee, you are free to resign your
      employment and the Company is free to terminate your employment at any
      time for any reason, with or without
  cause.

            

    

     

    
      	
              9.  

            	
              Arbitration.  Any
      and all disputes between you and the Company (including its affiliated
      entities, officers, directors and employees) relating to this Agreement or
      any other aspect of your employment shall be resolved by binding
      arbitration.  The arbitration will be conducted in accordance
      with the rules applicable to employment disputes of JAMS or such other
      arbitration service as the Company and you agree upon, and the law of
      California.  The Company will be responsible for paying any
      filing fee and the fees and costs of the arbitrator.  The
      arbitration provided herein shall be the exclusive and binding remedy for
      any such dispute and will be used instead of any court action, which is
      hereby expressly waived, except for any request by either party hereto for
      temporary or preliminary injunctive relief pending arbitration in
      accordance with applicable law.  The Federal Arbitration Act
      shall govern the interpretation and enforcement of such arbitration
      proceeding.  The arbitrator shall apply the substantive law (and
      the law of remedies, if applicable) of the State of California, or federal
      law, if California law is preempted.  The arbitration shall be
      conducted in Orange County, California, unless otherwise mutually
      agreed.

            

    

     

    
      	
              10.  

            	
              Entire
      Agreement; Confidentiality.  This
      letter contains the entire understanding between you and the Company
      regarding your compensation for calendar years 2009 and 2010 and
      supersedes and replaces all prior and contemporary oral and written
      agreements, understandings and discussions concerning your compensation
      for calendar years 2009 and 2010.  This Agreement may not be
      modified or amended except by virtue of a writing signed by you and the
      CEO of the Company. You agree that you will keep the terms of this letter
      agreement confidential.

            

    

     

    If the
terms of this letter agreement are acceptable to you, please sign and return one
copy to the Human Resource Department.  If you have any questions,
please contact me at your earliest convenience.

     

     

    
      	Sincerely,	 	Accepted
      and Agreed:	 
	 	 	 	 
	 STANDARD
      PACIFIC CORP.	 	 	 
	 	 	 	 
	 /s/
      Ken Campbell	 	 /s/
      Scott D. Stowell	 
	
              Ken
      Campbell

              President
      & Chief Executive Officer

            	 	
              Scott
      D. Stowell, an individualEXHIBIT 10.1

R E S T R I C T E D  S T O C K  A G R E E M E N T

Non-transferable

  

G R A N T  T O

  

  DAVID E. TRINE

(“Grantee”)

by Premiere Global Services, Inc. (the “Company”) of

100,000

shares of its common stock, $0.01 par value (the “Shares”)

pursuant to and subject to the provisions of the Premiere Global Services, Inc. Amended and Restated 2004 Long-Term Incentive Plan (the “Plan”) and to the terms and conditions set forth on the following page (the “Terms and Conditions”). Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Plan.

     Unless sooner vested in accordance with Section 3 of the Terms and Conditions, the restrictions imposed under Section 2 of the Terms and Conditions will expire as to the following number  of  Shares awarded hereunder, on the following respective dates; provided that Grantee is then still employed by the Company or any of its Affiliates:

		
	  	Date of Expiration

      of Restrictions
      

    
	Number  of Shares
      

    
	  
	25,000	1st Anniversary of Grant Date 
	25,000	2nd Anniversary of Grant Date 
	50,000	3rd Anniversary of Grant Date 

     IN WITNESS WHEREOF, Premiere Global Services, Inc., acting by and through its duly authorized officers, has caused this Agreement to be executed as of the Grant Date.

		
	   	PREMIERE GLOBAL SERVICES, INC. 
	 	 
	 	By: 	/s/ Scott Askins Leonard
      

    
	 	             	Scott Askins Leonard 
	 	            	Its: SVP – Legal and General Counsel 
	 	 
	 	Grant Date: 	March 31, 2009 
	 	 	 
	 	Accepted by Grantee: 	/s/ David E. Trine
      

    

1

2009 Form

TERMS AND CONDITIONS

1. Grant of Shares. The Company hereby grants to the Grantee, subject to the restrictions and the other terms and conditions set forth in the Plan and in this award agreement (this “Agreement”), the number of Shares indicated on
Page 1 hereof.

2. Restrictions. The Shares are subject to each of the following restrictions. “Restricted Shares” mean those Shares that are subject to the restrictions imposed hereunder which restrictions have not then expired or terminated.
Restricted Shares may not be sold, transferred, exchanged, assigned, pledged, encumbered or hypothecated to or in favor of any party other than the Company or an Affiliate, or be subjected to any lien, obligation or liability of Grantee to any other
party other than the Company or an Affiliate. If Grantee’s employment with the Company or any Affiliate terminates for any reason other than as set forth in paragraph (b), (c) or (d)  of Section 3 hereof, then Grantee shall forfeit all of Grantee’s
right, title and interest in and to the Restricted Shares as of the date of employment termination and such Restricted Shares shall revert to the Company immediately following the event of forfeiture. The restrictions imposed under this Section 2
shall apply to all Shares or other securities issued with respect to Restricted Shares hereunder in connection with any merger, reorganization, consolidation, recapitalization, stock dividend or other change in corporate structure affecting the
Stock of the Company.

3. Expiration and Termination of Restrictions. The restrictions imposed under Section 2 will expire on the earliest to occur of the following (the period prior to such expiration being referred to herein as the “Restricted
Period”):

     (a) As to the number  of the Shares specified on page 1 hereof, on the respective dates specified on page 1 hereof; provided Grantee is then still employed by the Company or an Affiliate;

     (b) As to all of the unvested Shares, on the date of termination of Grantee’s employment by reason of death or Disability; 

     (c) As to all of the unvested Shares, upon the occurrence of a “Change in Control” of the Company (as such term is defined in the Plan); or

     (d) As to the next tranche of unvested Shares, on the date of termination of Grantee’s employment by the Company without
“Cause” (as such term is defined below).

For purposes of this Agreement, “Cause” shall have the meaning as set forth in Grantee’s employment agreement with
the Company or any of its Affiliates, as in effect from time to time.

4. Delivery of Shares. The Shares will be registered in the name of Grantee as of the Grant Date and will be held by the Company during the Restricted Period in certificated or uncertificated form. If a certificate for Restricted Shares is
issued during the Restricted Period with respect to such Shares, such certificate shall be registered in the name of Grantee and shall bear a legend in substantially the following form (in addition to any legend required under applicable state
securities laws):

“This certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture and restrictions against transfer) contained in a Restricted Stock Agreement between the registered owner of the shares
represented hereby and Premiere Global Services, Inc. Release from such terms and conditions shall be made only in accordance with the provisions of such Agreement, copies of which are on file in the offices of Premiere Global Services,
Inc.”

Stock certificates for the Shares without the first above legend shall be delivered to Grantee or Grantee’s designee upon request of Grantee after the expiration of the Restricted Period, but delivery may be postponed for such period as may be
required for the Company with reasonable diligence to comply, if deemed advisable by the Company, with registration requirements under the Securities Act of 1933, as amended, listing requirements under the rules of any stock exchange, and
requirements under any other law or regulation applicable to the issuance or transfer of the Shares.

5. Voting and Dividend Rights. Grantee, as beneficial owner of the Shares, shall have full voting and dividend rights with respect to the Shares during and after the Restricted Period. If Grantee forfeits any rights he or she may have under
this Agreement, Grantee shall no longer have any rights as a shareholder with respect to the Restricted Shares or any interest therein and Grantee shall no longer be entitled to receive dividends on such Stock. In the event that for any reason
Grantee shall have received dividends upon such Stock after such forfeiture, Grantee shall repay to the Company any amount equal to such dividends.

6. Changes in Capital Structure. The provisions of the Plan shall apply in the case of a change in the capital structure of the Company.

7. No Right of Continued Employment. Nothing in this Agreement shall interfere with or limit in any way the right of the Company or any Affiliate to terminate Grantee’s employment at any time, nor confer upon Grantee any right to
continue in the employ of the Company or any Affiliate.

8. Payment of Taxes. Upon issuance of the Shares hereunder, Grantee may make an election to be taxed upon such award under Section 83(b) of the Code. To effect such election, Grantee may file an appropriate election with the Internal Revenue
Service within thirty (30) days after award of the Shares and otherwise in accordance with applicable Treasury Regulations. Grantee will, no later than the date as of which any amount related to the Shares first becomes includable in Grantee’s
gross income for federal income tax purposes, pay to the Company, or make other arrangements satisfactory to the Committee regarding payment of, any federal, state and local taxes of any kind required by law to be withheld with respect to such
amount. The obligations of the Company under this Agreement will be conditional on such payment or arrangements and the Company and, where applicable, its Affiliates will, to the extent permitted by law, have the right to deduct any such taxes from
any payment of any kind otherwise due to Grantee.

9. Amendment. The Committee may amend, modify or terminate this Agreement without approval of Grantee; provided, however, that such amendment, modification or termination shall not, without Grantee’s consent, reduce or diminish the value
of this award determined as if it had been fully vested (i.e., as if all restrictions on the Shares hereunder had expired) on the date of such amendment or termination.

10. Plan Controls. The terms contained in the Plan are incorporated into and made a part of this Agreement and this Agreement shall be governed by and construed in accordance with the Plan. In the event of any actual or alleged conflict
between the provisions of the Plan and the provisions of this Agreement, the provisions of the Plan shall be controlling and determinative.

11. Successors. This Agreement shall be binding upon any successor of the Company, in accordance with the terms of this Agreement and the Plan.

12. Severability. If any one or more of the provisions contained in this Agreement is deemed to be invalid, illegal or unenforceable, the other provisions of this Agreement will be construed and enforced as if the invalid, illegal or
unenforceable provision had never been included.

13. Notice. Notices and communications under this Agreement must be in writing and either personally delivered or sent by registered or certified United States mail, return receipt requested, postage prepaid. Notices to the Company must be
addressed to:

		
	    	
Premiere Global Services, Inc.
        
	 	
3280 Peachtree Road, N.W.
        
	 	
The Terminus Building, Suite 1000
        
	 	
Atlanta, Georgia 30305
        
	 	
Attn: Director, Stock Plan Management
        

or any other address designated by the Company in a written notice to Grantee. Notices to Grantee will be directed to the address of Grantee then currently on file with the Company, or at any other address given by Grantee in a written notice to the
Company.

2

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