Document:

Exhibit 10.18 

RIMAGE CORPORATION

NON-EMPLOYEE DIRECTOR RESTRICTED STOCK UNIT 

AWARD AGREEMENT WITH DEFERRAL ELECTION UNDER THE 

AMENDED AND RESTATED 2007 STOCK INCENTIVE PLAN

1Director Name:_______________________
     Grant:
__________ Restricted Stock Units Signature:____________________________
     Grant Date:
_______________________ 

1.        Grant. Effective on the Grant Date, you
have been granted the number of Restricted Stock Units indicated above, which
entitles you to receive [_________] shares of common stock (the “Stock”) of
Rimage Corporation (the “Company”) in accordance with the provisions of this
Agreement and the provisions of the Amended and Restated Rimage Corporation
2007 Stock Incentive Plan, as amended and restated (the “Plan”). 

2.        Lapse of Restrictions. The Restricted Stock
Units will fully (100%) vest and no longer be subject to the restrictions of
and forfeiture under this Agreement upon the earlier of: 

	
  

 	
  

 	
  

 
	
  

 	
 a.

 	
 The first
 anniversary date of the Grant Date if you continue to provide services to the
 Company on that date; provided, that, subject to Section 2(b) below, in the
 event of your separation from service with the Company (within the meaning in
 Treas. Reg. §1.409A-1(b)), whether such separation is occasioned by you or by
 the Company, with or without cause or by mutual agreement (“Separation from
 Service”), your right to receive and/or vest in any Restricted Stock Units
 under this Agreement will terminate and any unvested Restricted Stock Units
 will be forfeited effective as of the date of your Separation from Service. 

 
	
  

 	
  

 	
  

 
	
  

 	
 b.

 	
 The event of
 your death or Disability or in the event of a Change in Control of the
 Company. Disability and Change in Control shall be defined in accordance with
 the Plan, except as otherwise provided in this Agreement. 

 

3.        Maturity and Issuance of Stock. The
“Maturity Date” for a particular Restricted Stock Unit shall be the earliest
date on which all restrictions described in Section 2 on such Restricted Stock
Units lapse, subject to your right to defer the Maturity Date with respect to
the event specified in Section 2(a) above; provided, however, that no Maturity
Date shall occur with respect to a Change in Control unless the Change in
Control satisfies the definition in Treas. Reg §1.409A-3(i)(5) (which, for
purposes of this Agreement, shall require the acquisition of at least 30% of
the stock of the Company). Upon the “Maturity Date” for a particular Restricted
Stock Unit, the Company shall, within 90 days of such date (30 days in the
event of a Change in Control) transfer to you one unrestricted, fully
transferable share of Stock in exchange for that Restricted Stock Unit, subject
to your right to elect to defer the Maturity Date in accordance with the
deferral provisions described below. 

	
  

 	
  

 
	
  

 	 

 
	
 1
 This form of restricted stock unit agreement was used to evidence an award of
 3,500 restricted stock units granted on May 13, 2009 to each of Lawrence M.
 Benveniste, Philip D. Hotchkiss, Thomas F. Madison, Steven M. Quist and James
 L. Reissner. 

 

4.        No Rights as Shareholder in Units. Until
Stock is issued in settlement of the Restricted Stock Units on the Maturity
Date, you will not be deemed for any purpose to be, or have rights as, a
Company shareholder or receive dividends with respect to shares of Stock
issuable with respect to the Restricted Stock Units, except as provided below.
You are not entitled to vote any shares of Stock by virtue of this Award until
the Stock is issued in settlement of the Restricted Stock Units. 

5.        Dividend Equivalents. During the period
from the Grant Date to the Maturity Date, the Company shall accumulate a cash
amount equal to dividends in cash or property paid from time to time on issued
and outstanding shares of Stock in an amount that is equivalent to the
dividends which you would have received had you been the owner of the number of
shares of Stock equal to the number of Restricted Stock Units granted
hereunder. The cash shall accumulate as a book entry on the books of the
Company and shall accrue interest until the Maturity Date computed using the
one-year Treasury Bill rate as of January 1 of the calendar year for which
interest is credited. The cash amount plus interest (collectively, “Dividends”)
shall be paid to you on the Maturity Date. The payment of Dividends and interest
hereunder shall be treated as additional compensation to you. 

6.        No Transferability. The Restricted Stock
Units or any interest or right therein or part thereof shall not be subject to
disposition by transfer, alienation, anticipation, pledge, hypothecation,
encumbrance, assignment or any other means, whether such disposition be
voluntary or involuntary or by operation of law by judgment, levy, attachment,
garnishment or any other legal or equitable proceedings (including bankruptcy),
and any attempted disposition thereof shall be null and void and of no effect;
provided that the Restricted Stock Units may be transferable by will or the
laws of descent and distribution as provided below. 

7.        Deferral of Maturity Date. Notwithstanding
the foregoing, you may defer receipt of all or a portion of the Stock you are
to receive in settlement for your Restricted Stock Units that vest in
accordance with Section 2(a) above, together with any Dividend Equivalents and
interest in accordance with Section 5 on such Restricted Stock Units as
follows: 

	
  

 	
  

 	
  

 
	
  

 	
 a.

 	
 You may
 elect, on or before the Grant Date, to defer the Maturity Date for 25%, 50%,
 75% or 100% of the Restricted Stock Units that vest by submitting a deferral
 election form in substantially the form attached hereto as Exhibit A to the
 Chief Financial Officer of the Company. Any subsequent changes to your
 election as to the time of payment shall be made in accordance with the
 requirements of Section 409A of the Internal Revenue Code of 1986, as amended
 (the “Code”). The election shall apply only to the Restricted Stock Units
 under this Agreement and a new election must be made for any future grants of
 Restricted Stock Units under the Plan. 

 
	
  

 	
  

 	
  

 
	
  

 	
 b.

 	
 You may
 elect to defer the Maturity Date for payment to the earlier of (i) January 1
 of the year following the year in which you incur a Separation from Service
 with the Company; or (ii) January 1 of any year prior to your Separation from
 Service, provided such year is no less than three (3) nor more than ten (10)
 years from the Grant Date. 

 

2

	
  

 	
  

 	
  

 
	
  

 	
 c.

 	
 Notwithstanding
 any other provisions of this Agreement to the contrary, if at the time of
 your Separation from Service, you are a “Specified Employee,” the Maturity
 Date hereunder shall be delayed until the date which is six (6) months after
 the date of your Separation from Service, or if earlier, the date of your
 death. Issuance of the shares of Stock and payment of the Dividend
 Equivalents and interest thereon shall be made as soon as reasonably practicable,
 but no later than thirty (30) days following the end of such period. A
 “Specified Employee” shall have the meaning under Treas. Reg. §1.409A-1(i) as
 reasonably determined by the Company. 

 

8.        Successors and Designated Beneficiary. This
Agreement shall be binding upon, and inure to the benefit of, the Company and
its successors and assigns, and upon any person acquiring, whether by merger,
consolidation, purchase of assets or otherwise, all or substantially all of the
Company’s assets and business. If any Restricted Stock Units under this
Agreement have not been distributed, at the time of your death, such benefits
shall be distributed to the beneficiary or beneficiaries (“Designated
Beneficiary”) designated by you in a writing filed with the Company in such
form and at such time as the Committee (as defined below) shall require. If you
fail to designate a beneficiary, or if your Designated Beneficiary does not
survive you, any benefits distributable to you shall be exercised by or
distributed to the legal representative of your estate. If your Designated
Beneficiary survives you, but dies before the complete distribution of benefits
to the Designated Beneficiary under this Agreement, then any benefits
distributable to the Designated Beneficiary shall be distributed to the legal
representative of the estate of the Designated Beneficiary. 

9.        Administration and Compliance with Section 409A of the
Code. The Compensation Committee of the Board (the “Committee”)
shall exercise any authority and discretion in the administration of this
Agreement in accordance with the terms of the Plan. This Agreement is intended
to comply with Section 409A of the Code and shall be construed and interpreted
in accordance with such intent. Except as provided herein or as provided in the
Plan, no payment shall be subject to further deferral except as otherwise
permitted or required pursuant to regulations and other guidance issued
pursuant to Section 409A of the Code. Any provision of this Agreement that
would fail to satisfy Section 409A of the Code shall be amended to comply with
Section 409A of the Code on a timely basis, which may be made on a retroactive
basis, in accordance with regulations and other guidance issued under Section
409A of the Code. This Agreement may be terminated by mutual agreement between
you and the Company prior to the date all amounts have been distributed to you
only if the termination complies with Section 409A of the Code. 

10.         Adjustment in Capitalization. If any
adjustment in the Company’s capitalization as described in Section 10 of the
Plan occurs, appropriate adjustments shall be made (as provided in Section 10
of the Plan) to the number of Restricted Stock Units under this Agreement. 

11.         Limitation on Rights. Nothing in the Plan
or this Agreement shall be interpreted to interfere with or limit in any way
the right of the Company or any Subsidiary to terminate your services at any
time. In addition, nothing in the Plan or this Agreement shall be interpreted
to confer upon you the right to continue in the service of the Company or any
Subsidiary. 

3

12.          Funding. The rights under this Agreement
shall be unfunded with respect to both the Restricted Stock Units, Dividend
Equivalents and interest thereon, and you will have no more rights than that of
a general creditor of the Company with regard to any payment due under this
Agreement. 

13.          Miscellaneous. This Restricted Stock Unit
Award is granted under and governed by the terms and conditions of the Plan.
You acknowledge and agree that the Plan is discretionary in nature and may be
amended, cancelled, or terminated by the Company, in its sole discretion, at
any time. The grant of a Restricted Stock Unit Award under the Plan is a
one-time benefit and does not create any contractual or other right to receive
an award of Restricted Stock Units or benefits in lieu of Restricted Stock
Units in the future. Future awards of Restricted Stock Units, if any, will be
at the sole discretion of the Company, including, but not limited to, the
timing of the award, the number of Restricted Stock Units and vesting
provisions. By execution of this Agreement, you consent to the provisions of
the Plan and this Agreement. Capitalized terms used herein shall have the
meaning set forth in the Plan, unless otherwise defined herein. 

	
  

 	
  

 	
  

 
	
  

 	
 COMPANY:

 
	
  

 	
  

 
	
  

 	
 RIMAGE
 CORPORATION

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 
	
  

 	
 Its:

 	
  

 

4

Exhibit 10.18

EXHIBIT
A

RIMAGE
CORPORATION 

NON-EMPLOYEE DIRECTOR RESTRICTED STOCK UNIT

DEFERRAL ELECTION FORM UNDER THE

AMENDED AND RESTATED 2007 STOCK INCENTIVE PLAN

	
  

 	
  

 
	
 o Initial Deferral Election (complete all
 Sections)

 	
 o Change Beneficiary
 (complete Sections 3 & 4)

 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	 

 	 

 	 

 	 

 	 

 	 

 
	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	 

 	 

 	 

 	 

 	 

 	 

 
	
 Last
 Name

 	
 First
 Name

 	
  

 	
 MI

 	
  

 	
  

 
	
  

 
	 

 	 

 	 

 	 

 	 

 	 

 
	
 Mailing
 Address

 	
 City

 	
 State

 	
  

 	
 Zip
 Code

 	
 Daytime
 Telephone

 
	
  

 
	 

 	 

 	 

 	 

 	 

 	 

 

SECTION 1 - DEFERRAL
ELECTION – GRANT DATE: [____________]

Pursuant to the terms of the Restricted Stock Unit Agreement
(“Agreement”) under the Amended and Restated 2007 Stock Incentive Plan (the “Plan”),
I hereby elect to defer the Maturity Date for the payment of the following
percentage of Restricted Stock Units awarded to me pursuant to the Agreement
(rounded up to the nearest whole Restricted Stock Unit):

	
  

 	
  

 	
  

 	
  

 
	
 _____ 25%

 	
 _____ 50%

 	
 _____ 75%

 	
 _____ 100%

 

I understand that any Restricted Stock Units I do not elect to defer
will be paid to me within 90 days following the date the Restricted Stock Units
first vest under the Agreement. I also understand that, this election must be
made and effective prior to the effective date of the Agreement under which the
Restricted Stock Units are granted and that, once effective, such election will
be irrevocable with respect to the Restricted Stock Units under the Agreement.
However, I may make a new election with respect to any additional Restricted
Stock Units awarded to me in the future. I further understand that my rights to
my Restricted Stock Units unfunded and unsecured and are no greater than the
rights of an unsecured general creditor of the Company.

SECTION
2 – MATURITY DATE DISTRIBUTION

Except as otherwise set forth below, I elect the following Maturity
Date on which payment of the Restricted Stock Units will be made in a single
lump sum in whole shares of Stock and cash for any Dividend Equivalents and
interest thereon: (check one):

	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 as of the first January 1 to occur following the date of my
 Separation from Service with the Company for any reason; or

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 as of the earlier of (1) January 1 of the __________ (insert
 number not less than 3 nor more than 10) calendar year after the grant date
 or (2) the first January 1 to occur following the date of my Separation from
 Service with the Company for any reason. 

 

I understand that my Maturity Date may be delayed up to six months for
compliance with federal tax requirements, if applicable. I understand that,
notwithstanding any other provision of this Deferral Election Form to the
contrary, my Restricted Stock Units shall automatically be fully distributed to
me in one lump sum in whole shares of Stock and cash for any Dividend
Equivalents and interest thereon within: (a) 30 days after the occurrence of a
Change in Control (as defined in the Plan); and (b) 90 days following my death.

SECTION
3 - BENEFICIARY DESIGNATION

If I die before I receive full payment of my deferred Restricted Stock
Units, the remaining Restricted Stock Units will be paid in a lump sum in whole
shares of Stock and cash for any Dividend Equivalents and interest thereon to
my Designated Beneficiary as set forth below:

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	 

 	 

 	 

 	 

 	 

 	 

 
	
 Last
 Name

 	
 First
 Name

 	
  

 	
 MI

 	
  

 	
  

 
	
  

 
	 

 	 

 	 

 	 

 	 

 	 

 
	
 Mailing
 Address

 	
 City

 	
 State

 	
  

 	
 Zip
 Code

 	
 Daytime
 Telephone

 
	
  

 
	 

 	 

 	 

 	 

 	 

 	 

 

I understand that I may change my Designated Beneficiary from time to
time by filing a change in Designated Beneficiary with the Company. I further
understand that if my Designated Beneficiary does not survive me, the remaining
Restricted Stock Units will be issued to the legal representative of my estate
and that if my Designated Beneficiary does survive me but dies before the
shares of Stock are issued, the shares of Stock shall be issued to the legal
representative of the estate of the Designated Beneficiary.

SECTION 4 -
AUTHORIZATION

I agree
that my successors in interest and my assigns and all persons claiming under me
shall, to the extent consistent with applicable law, be bound by the statements
contained herein and by the provisions of the Plan as they now exist and as
they may be amended from time to time. 

I have
read and understand this form and hereby authorize the Company to take all
actions indicated on this form.

	
  

 	
  

 
	 

 	 

 
	
 Director’s
 Signature

 	
 Date

 

	
  

 	
  

 
	
  

 	
 SEND COMPLETED FORM TO:
 Robert M. Wolf, Chief Financial Officer, Rimage Corporation, 7725 Washington
 Avenue South, Minneapolis MN 55439, (952) 944-8144

 

This
section for Company use only.

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Date
 approved: 

 	
  

 	
  

 	
 By: 

 	
  

 
	
  

 	 

 	
  

 	
  

 	 

 

2ex10_1-f8k03102010.htm

Exhibit 10.1

SWANK, INC.

90 PARK AVENUE

NEW YORK, NEW YORK 10016

Effective January 1, 2010

Mr. James E. Tulin

c/o Swank, Inc.

8800 North Gainey Center Drive

Scottsdale, Arizona 85258

Dear Mr. Tulin:

Reference is made to the Amended and Restated Employment Agreement dated as of January 10, 2008, between Swank, Inc. (the "Corporation") and you (the “Employment Agreement").

This will confirm that the term of the Employment Agreement is hereby extended for an additional two (2) year period, commencing on January 1, 2010 and ending on December 31, 2011 (the "Extension Period").  Except as modified and amended by this letter, the Employment Agreement shall remain and continue in full force and effect on and after the date hereof.

This letter may be executed in any number of counterparts, each of which shall be deemed an original and all of which taken together shall constitute one and the same agreement.  This letter shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without regard to principles of conflicts of law (other than Section 5-1401 of the New York General Obligations Law).

If the foregoing correctly sets forth our understanding and agreement, kindly countersign this letter in the space provided below.

	  	  	
Very truly yours,

	  
	  	  	  	  	  
	  	  	
SWANK, INC.

	  

	  	  	
By:

	/s/ Jerold R. Kassner	  
	  	  	  	
Name: Jerold R. Kassner

	  	  	  	
Title:   Chief Financial Officer

	  	  	  	  	  
	
ACCEPTED AND AGREED:

	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	/s/ James E. Tulin	  	  	  	  
	
James E. Tulin

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