Document:

QuickLinks
 -- Click here to rapidly navigate through this document

 

 
 

Exhibit 10.3    
    
    Execution Version    
    

 
 

MAUI LAND & PINEAPPLE COMPANY, INC.    
    
    WAIVER AND AMENDMENT NO. 2 TO REGISTRATION RIGHTS AGREEMENT    
    

        This Waiver and Amendment No. 2 to Registration Rights Agreement (the "Amendment") is entered into as of
April 30, 2008, by and among Maui Land & Pineapple Company, Inc., a Hawaii corporation (the "Company"), on the one hand, and Ohana
Holdings, LLC ("Ohana"), and ZG Ventures, LLC ("ZG," and together with Ohana, the
"Investors"), being the holders of not less than a majority in interest of the Registrable Securities, on the other hand. Reference is made to that
certain Registration Rights Agreement, dated March 12, 2007, by and among the Company and each of the Investors, as amended by that certain Amendment No. 1 to Registration Rights
Agreement, dated April March 10, 2008 (as so amended, the "Agreement"), obligating the Company to file a registration statement with the
Securities and Exchange Commission to register the Registrable Securities for resale not later than March 31, 2008 (the "Filing Deadline"). The
Company and the Investors desire, pursuant to Article X of the Agreement, to waive certain obligations and amend certain provisions of the Agreement, as described in greater detail herein. 

        NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth and for good and valuable consideration, receipt of which is hereby acknowledged, the parties hereby agree
as follows: 

        1.    Definitions.    Capitalized terms used herein without definition shall have the meanings ascribed to such terms
in the Agreement. 

        2.    Acknowledgment, Representation and Waiver.    

        (a)    Acknowledgment.    The Investors acknowledge that, pursuant to Rule 3-09 of
Regulation S-X, the Company failed to file with the Commission the separate 2007 audited financial statements of W2005 Kapalua/Gengate Hotel Holdings L.L.C.
("W2005 Kapalua/Gengate"), a joint venture with respect to which MLP RCK LLC, a wholly-owned subsidiary of the Company, owned a 21.4286% interest
as of December 31, 2007, by the filing deadline of March 31, 2008. As a result of extenuating circumstances and for reasons outside of the Company's control, the Company did not file the
audited financial statements of W2005 Kapalua/Gengate until April 1, 2008, one day after the deadline imposed by Rule 3-09 of Regulation S-X. The W2005
Kapalua/Gengate financial statements were filed with Amendment No. 1 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2007. 

        (b)    Representation.    The Company represents that, as a result of the Company's late filing of the audited
financial statements of W2005 Kapalua/Gengate, it has sought and obtained a waiver from the Commission with respect to the timely-filing requirement set forth in General Instruction I.A.3(b) of
Form S-3, and as a result remains eligible to use Form S-3, notwithstanding the late filing of the audited financial statements of W2005 Kapalua/Gengate. 

        (c)    Waiver.    The Investors hereby expressly waive, and agree not to initiate any claims against the Company
related to the late filing of the audited financial statements of W2005 Kapalua/Gengate and arising as a result of (i) the Company's breach of Section 2.1(a) of the Agreement, which
required the Company to file by the Filing Deadline a registration statement with the Commission to register the Registrable Securities for resale, and (ii) the Company's breach of
Section 2.3 of the Agreement, which required the Company to file all reports required to be filed by the Company with the Commission in a timely manner so as to preserve its eligibility for the
use of Form S-3; provided, however, that this Section 2(c) shall not be construed as a waiver of any other breach or breaches
by the Company of any other provision(s) of the Agreement. 

        3.    Amendments.    

        (a)   Section 1.1(a)
of the Agreement is hereby amended to read in full as follows: 

        "1.1
(a)    "Effectiveness Deadline" means, (i) with respect to the initial Registration Statement required to be filed
pursuant to Section 2.1(a), June 2, 2008 or, in the event that the Registration Statement is subject to the Commission's review,
July 31, 2008, and (ii) with respect to any additional Registration Statement(s) that may be required to be filed pursuant to  Section 2.1(b), the 120th day following (a) the
date or time on which the Commission shall indicate as being the first date or time
that such Registrable Securities may then be included in a Registration Statement if such Registration Statement
is required because the Commission shall have notified the Company in writing that certain Registrable Securities were not eligible for inclusion on a previously filed Registration Statement, or
(b) if such additional Registration Statement is required for a reason other than as described in (a) above, the date on which the Company first knows, or reasonably should have known,
that such additional Registration Statement(s) is required." 

        (b)   Section 2.1(a)
of the Agreement is hereby amended to read in full as follows: 

        "2.1
(a)    The Company shall file with the Commission a Registration Statement on Form S-3 covering the resale of all of the Registrable Securities by no
later than May 2, 2008. In the event that Form S-3 is unavailable for such a registration, then the Company, on or before May 2, 2008, will (i) file a
Registration Statement on such form as is then available to effect a registration of all of the Registrable Securities, and (ii) undertake to register the Registrable Securities on
Form S-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration
Statement on Form S-3 covering the Registrable Securities has been declared effective by the Commission. The Company shall use its reasonable best efforts to have the Registration
Statement declared effective by the Commission as soon as practicable, but in no event later than the applicable Effectiveness Deadline. By 9:30 am Eastern Standard Time on the Business Day following
the Effective Date, the Company shall file with the Commission in accordance with Rule 424 under the Securities Act the final prospectus to be used in connection with sales pursuant to such
Registration Statement." 

        4.    Miscellaneous.    

        a.    Ratification; Effect.    This Amendment shall be construed in connection with and as part of the Agreement, and
all terms, conditions, and covenants set forth in the Agreement and each other instrument or agreement referred to therein, as applicable, except as herein amended, are hereby ratified and confirmed
and shall remain in full force and effect. 

        b.    Further Assurances.    Each party agrees to execute such other and further instruments and documents as may be
necessary or proper in order to complete the transactions contemplated by this Amendment. 

        c.    Counterparts.    This Amendment may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 

[Signature Pages Follows]  

        IN WITNESS WHEREOF, the parties hereto have executed this Waiver and Amendment No. 2 to Registration Rights Agreement as of the date first set forth above. 

	 	 	COMPANY:
	

 	
 	
MAUI LAND & PINEAPPLE COMPANY, INC.
	

 	
 	

By:	

/s/ Robert I. Webber
 Robert I. Webber

Chief Operating Officer and Chief Financial Officer
	    	 	 	 
	    	 	 	 
	 	 	INVESTORS:
	

 	
 	
OHANA HOLDINGS, LLC
	

 	
 	

By:	

/s/ Michael Mohr
 Michael Mohr

Managing Member
	

 	
 	
ZG VENTURES, LLC
	

 	
 	

By:	

/s/ Miles Gilburne
 Miles Gilburne

Managing Member

QuickLinks

Exhibit 10.3 Execution Version

MAUI LAND & PINEAPPLE COMPANY, INC. WAIVER AND AMENDMENT NO. 2 TO REGISTRATION RIGHTS AGREEMENTQuickLinks
 -- Click here to rapidly navigate through this document

 

 
 

Exhibit 10.1    
    

Terms and Conditions for 2008 Stock Option Awards  

Overview  

        These Terms and Conditions apply to the option granted to you by IAC/InterActiveCorp ("IAC" or the "Company") pursuant to Section 5 of the
IAC/InterActiveCorp 2005 Stock and Annual Incentive Plan (the "Plan") of the right and option (the "Stock Options") to purchase the number of shares of common stock of the Company, par value $0.001
per share (the "Common Stock"), set forth in your award notice (the "Award Notice") at the exercise price per share set forth in the Award Notice. The Stock Option shall be a Nonqualified Stock
Option. Unless earlier terminated pursuant to the terms of your Award Notice, these Terms and Conditions or the Plan, the Stock Options shall expire within ten years of your Award Date. 

        ALL CAPITALIZED TERMS USED HEREIN, TO THE EXTENT NOT DEFINED, SHALL HAVE THE MEANINGS SET FORTH IN THE PLAN.

Continuous Service  

        In order for your Stock Options to vest, you must be continuously employed by IAC or any of its Subsidiaries or Affiliates (excluding Expedia, Inc. and its
subsidiaries) during the Restriction Period (as defined below). Nothing in your Award Notice, these Terms and Conditions or the Plan shall confer upon you any right to continue in the employ or
service of IAC or any of its Subsidiaries or Affiliates or interfere in any way with their rights to terminate your employment or service at any time. 

Vesting  

        Subject to the Award Notice, these Terms and Conditions and the Plan, your Stock Options shall vest and become exercisable (such period prior to vesting is the
"Restriction Period") as follows: 

	Vesting Date
 
	 	Percentage of the Stock Option

Award Vesting
	 
	On the first year anniversary of your Award Date	 	25	%
	

On the second year anniversary of your Award Date	
 	

25	
%
	

On the third year anniversary of your Award Date	
 	

25	
%
	

On the fourth year anniversary of your Award Date	
 	

25	
%

Method of Exercise of the Stock Options and Payment of the Exercise Price  

        The portion of your Stock Options that are vested shall be exercisable by delivery to the Company or the agent selected by IAC to administer the Plan (the
"Agent") of a written (including by way of electronic means) notice stating the number of whole shares to be purchased pursuant to these Terms and Conditions and accompanied by payment of the full
purchase price of the shares of Common Stock to be purchased. Your Stock Options may not be exercised at any one time as to fewer than 100 shares (or such number of shares as to which the Stock
Options are then exercisable if less than 100). Fractional share interests shall be disregarded except they may be accumulated. 

        The
exercise price of the Stock Options shall be paid: (i) in cash or by certified check or bank draft payable to the order of the Company; (ii) by exchange of shares of
unrestricted Common Stock of the Company already owned by you and having an aggregate Fair Market Value equal to the aggregate purchase price (which amount shall be equal to the product of the
exercise price multiplied by the number of shares of Common Stock in respect of which the Stock Options are being exercised); provided, that you represent and warrant to the Company that you hold the
shares of Common Stock free and clear of liens and encumbrances; (iii) by delivering, along with a properly executed exercise notice to the Company, a copy of irrevocable instructions to a
broker to deliver promptly to the Company the aggregate exercise price and the amount of any applicable federal, state, local or foreign 

 

withholding
taxes required to be withheld by the Company; provided, however, that such exercise must be implemented solely under a program or arrangement established and approved by the Company with a
brokerage firm selected by the Company; or (iv) by any other procedure approved by the Committee, or by a combination of the foregoing. 

Termination of Employment  

        The treatment of your Stock Options upon the termination of your employment is set forth in your Award Notice, the remainder of this "Termination of Employment"
section and the Plan. For the avoidance of doubt, transfers of employment among the Company and its Subsidiaries and Affiliates, without any break in service, is not a Termination of Employment.
Except as set forth below, upon a Termination of Employment, all vested Stock Options may be exercised prior to the first to occur of (a) the 90th day after such
Termination of Employment or (b) expiration of the option grant. 

        If
your employment is terminated by IAC or any of its Subsidiaries or Affiliates for Cause, or if following any Termination of Employment between you and IAC or any of its Subsidiaries
or Affiliates for any reason IAC determines that during the two (2) years prior to such Termination of Employment there was an event or circumstance that would have been grounds for termination
for Cause, all of your Stock Options (whether or not vested) shall be forfeited and canceled in their entirety upon such termination. In the event you exercised your Stock Options upon your
Termination of Employment for Cause or after an event that would be grounds for a Termination of Employment for Cause, the Company shall be entitled to recover from you at any time within two
(2) years after such exercise, and you shall pay over to the Company, any gain realized as a result of the exercise. This remedy shall be without prejudice to, or waiver of, any other remedies
IAC or its Subsidiaries or Affiliates may have in such event. 

        In
the event of a Termination of Employment due to your death (or, in the event of your death following a Termination of Employment while the Stock Options remain exercisable) that
portion of the Stock Options, if any, which is exercisable at the time of death may be exercised by your estate or by a person who acquired the right to exercise such Stock Options by bequest or
inheritance or otherwise by reason of your death at any time prior to the first to occur of (a) one (1) year after the date of death or (b) expiration of the option grant. In the
event of a Termination of Employment due to your Disability or Retirement, that portion of the Stock Option, if any, which is exercisable at the time of such Termination of Employment for Disability
or Retirement may be exercised by you or your guardian or legal representative at any time prior to the first to occur of (a) one (1) year after such Termination of Employment or
(b) expiration of the option grant. 

Taxes and Withholding  

        No later than the date of exercise of the Stock Options granted hereunder (or such earlier date as of which an amount in respect of the Stock Options first
becomes includible in your gross income for federal, state, local or foreign income or employment or other tax purposes), you shall pay to the Company or make arrangements satisfactory to the
Committee regarding payment of any federal, state, local or foreign taxes of any kind required by law to be withheld upon the exercise of your Stock Options and the Company shall, to the extent
permitted or required by law, have the right to deduct from any payment of any kind otherwise due to you (either directly or indirectly through its agent), federal, state, local and foreign taxes of
any kind required by law to be withheld upon the exercise of your Stock Options. Notwithstanding the foregoing, the Company shall be entitled to hold the shares issuable to you upon exercise of your
Stock Options until the Company or the Agent has received from you (i) a duly executed Form W-9 or W-8, as applicable and (ii) payment for any federal,
state, local or foreign taxes of any kind required by law to be withheld with respect to such Stock Options. 

2

 

Adjustment in the Event of Change in Stock; Change in Control  

        Adjustment in the Event of Change in Stock.    In the event of (i) a stock dividend, stock split, reverse stock split,
share combination, or recapitalization or similar event affecting the capital structure of IAC (each, a "Share Change"), or (ii) a merger, consolidation, acquisition of property or shares,
separation, spin-off, reorganization, significant non-recurring cash dividend, stock rights offering, liquidation, Disaffiliation, or similar event affecting IAC or any of its
Subsidiaries (each, a "Corporate Transaction"), the Committee or the Board shall make such substitutions or adjustments
as it, in its good faith and sole discretion, deems appropriate and equitable to the number and kind of shares of Common Stock subject to your Stock Options and/or the exercise price per share. The
determination of the Committee regarding any such adjustment will be final and conclusive and need not be the same for all Stock Option award recipients. 

        Change in Control.    In the event you cease to be employed by either IAC or any of its Subsidiaries or Affiliates within the
two (2) year period following a Change in Control of IAC (and not any of its Subsidiaries or Affiliates) as a result of (i) a termination by IAC or any of its Subsidiaries or Affiliates
without Cause, (ii) your death or Disability or (iii) a resignation by you for Good Reason (as defined in Section 10 of the Plan), then upon the occurrence of such Termination of
Employment, 100% of your unvested Stock Options shall automatically vest. In addition, following a Termination of Employment under these circumstances, your Stock Options will expire upon the later of
(i) the last date on which your Stock Options would be exercisable in the absence of a Change in Control and (ii) the earlier of (A) the first anniversary of the Change in Control
and (B) expiration of the option grant. The Disaffiliation of the Subsidiary or Affiliate of IAC by which you are employed or for which you are performing services at the time of such sale or
other disposition by IAC shall be considered a Termination of Employment (not a Change in Control) and shall be governed by the applicable provisions of
the Plan and the provision set forth under the caption "Termination of Employment" above; provided that the Committee or the Board may deem it appropriate to make an equitable adjustment to your Stock
Options. 

Non-Transferability of Stock Options  

        Your Stock Options are non-transferable (including by way of sale, assignment, exchange, encumbrance, pledge, hedge or otherwise) by you other than by
will or the laws of descent and distribution or pursuant to a qualified domestic relations order, and your Stock Options may be exercised, during your lifetime, only by you or by your guardian or
legal representative or any transferee described above. 

No Rights as a Stockholder  

        Neither you nor any transferee of your Stock Options shall have rights as a stockholder (including the right to vote the shares underlying your Stock Options and
the right to receive dividends, except as provided above or in the Plan) with respect to any shares covered by such Stock Options until you or your transferee (i) has given written notice of
exercise, (ii) if requested, has given the representation described in Section 14(a) of the Plan and (iii) has paid in full for the shares issuable upon exercise. 

Payment of Transfer Taxes, Fees and Other Expenses  

        The Company agrees to pay any and all original issue taxes and stock transfer taxes that may be imposed on the issuance of shares acquired pursuant to exercise of
your Stock Options, together with any and all other fees and expenses necessarily incurred by the Company in connection therewith. Notwithstanding the foregoing, you shall be solely responsible for
any other taxes (including, without limitation, federal, state, local or foreign income, social security, estate or excise taxes) that may be payable as a result of your participation in the Plan or
as a result of the exercise of your Stock Options 

3

 

and/or
the sale, disposition or transfer of any shares of Common Stock acquired upon the exercise of your Stock Options. 

Other Restrictions  

        The exercise of your Stock Options shall be subject to the requirement that, if at any time the Committee shall determine that (i) the listing,
registration or qualification of the shares of Common Stock subject or related thereto upon any securities exchange or under any state or federal law, or (ii) the consent or approval of any
government regulatory body is necessary or desirable as a condition of, or in connection with, such exercise or the delivery or purchase of shares pursuant thereto, then in any such event, the
exercise shall not be effective unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. 

Conflicts and Interpretation  

        In the event of any conflict between these Terms and Conditions and the Plan, the Plan shall control; provided, that an action or provision that is permissive
under the terms of the Plan, and required under these Terms and Conditions, shall not be deemed a conflict and these Terms and Conditions shall control. In the event of any ambiguity in these Terms
and Conditions, or any matters as to which these Terms and Conditions are silent, the Plan shall govern including, without limitation, the provisions thereof pursuant to which the Committee has the
power, among others, to (i) interpret the Plan, (ii) prescribe, amend and rescind rules and regulations relating to the Plan and (iii) make all other determinations deemed
necessary or advisable for the administration of the Plan. In the event of any conflict between your Award Notice (or any other information posted on IAC's extranet or given to you directly or
indirectly through the Agent (including information posted on www.benefitaccess.com)) and IAC's books and records, or (ii) ambiguity in the Award
Notice (or any other information posted
on IAC's extranet or given to you directly or indirectly through the Agent (including information posted on www.benefitaccess.com)), IAC's books and
records shall control. 

Amendment  

        IAC may modify, amend or waive the terms of your Stock Options, prospectively or retroactively, but no such modification, amendment or waiver shall materially
impair your rights without your consent, except as required by applicable law, NASDAQ or stock exchange rules, tax rules or accounting rules. The waiver by either party of compliance with any
provision of these Terms and Conditions shall not operate or be construed as a waiver of any other provision hereof. 

Data Protection  

        The acceptance of your Stock Options constitutes your authorization of the release from time to time to IAC or any of its Subsidiaries or Affiliates and to the
Agent (together, the "Relevant Companies") of any and all personal or professional data that is necessary or desirable for the administration of your Stock Options and/or the Plan (the "Relevant
Information"). Without limiting the above, this authorization permits your employing company to collect, process, register and transfer to the Relevant Companies all Relevant Information (including
any professional and personal data that may be useful or necessary for the purposes of the administration of your Stock Options and/or the Plan and/or to implement or structure any further grants of
equity awards (if any)). The acceptance of your Stock Options also constitutes your authorization of the transfer of the Relevant Information to any jurisdiction in which IAC, your employing company
or the Agent considers appropriate. You shall have access to, and the right to change, the Relevant Information, which will only be used in accordance with applicable law. 

4

 

Notification of Changes  

        Any changes to these Terms and Conditions shall either be posted on IAC's extranet and www.benefitaccess.com or
communicated (either directly by IAC or indirectly through any of its Subsidiaries, Affiliates or the Agent) to you electronically via e-mail (or otherwise in writing) promptly after such
change becomes effective. 

5

QuickLinks

Exhibit 10.1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}]]