Document:

EX-10.20

 

Exhibit 10.20

FIRST AMENDMENT

OF THE

AMENDED AND RESTATED

MONEYGRAM INTERNATIONAL, INC.

EXECUTIVE SEVERANCE PLAN (TIER I)

1. Section 5(e) of the Amended and Restated MoneyGram International, Inc. Executive Severance Plan
(Tier I) (the “Tier I Plan”) is hereby deleted and shall have no further force or effect.

2. Section 6 of the Tier I Plan is hereby amended and restated, in its entirety, as follows:

     6. ELIGIBILITY FOR BENEFITS: Benefits as described in Section 7 shall be provided in the
event the Executive incurs a Separation from Service with the Corporation and its subsidiaries:

     (a) Involuntarily by the Corporation or the applicable subsidiaries without Cause (a “Without
Cause Separation”); or

     (b) By the Executive for Good Reason (a “Good Reason Separation”);

provided that either such termination occurs within twenty-four months after a Change of Control;
and provided, further, that in no event shall a separation as a consequence of an Executive’s
death, disability, or Retirement (as defined in the next sentence) entitle the Executive to
benefits under this Plan. “Retirement” shall mean the Executive’s voluntary retirement at or after
his normal retirement date under the Corporation’s or a subsidiary’s retirement plan or, if the
Executive does not participate in any such plan that provides for a normal retirement date, at or
after age 65.

3. Section 7(a)(i) of the Tier I Plan, following the phrase “multiplied by”, is hereby amended and
restated, in its entirety, as follows:

     (i) Three times a fraction, the numerator of which is 36 minus the number of full months from
the date of the Change of Control through the last day of the Executive’s employment, and the
denominator of which is 36.

5. Section 7(a)(ii) of the Tier I Plan, following the phrase “Separation, or”, is hereby deleted
and shall have no further force or effect.

6. Section 7(b)(i) of the Tier I Plan is hereby amended and restated, in its entirety, as follows:

     (i) Severance Period. For purposes of this Section, “Severance Period” means three years
times a fraction, the numerator of which is 36 minus the number of full months from the date of the
Change of Control through the last day of the Executive’s employment, and the denominator of which
is 36, from the date of separation (or until his death or normal retirement date, whichever is
sooner).

 

 

7. Section 15 of the Tier I Plan is hereby amended and restated, in its entirety, as follows:

     15. AMENDMENT AND TERMINATION: This Plan may be amended or terminated by action of the
Board. This Plan shall terminate with respect to an Executive if the Chief Executive Officer of
the Corporation determines that the Executive is no longer a key executive to be provided a
severance agreement and so notifies the Executive by certified mail at least 30 days before
participation in this Plan shall cease. Notwithstanding the foregoing, no such amendment,
termination or determination adverse in any manner to any Executive may be made (and if made, shall
have no effect) on or following the “Closing Date”, as that term is defined in the Amended and
Restated Purchase Agreement among the Corporation and certain Investors dated March 16, 2008,
without the express written consent of such Executive.

8. Except as herein expressly amended, the Tier I Plan shall continue in full force and effect.

2EX-10.21

 

Exhibit 10.21

FIRST AMENDMENT

OF THE

AMENDED AND RESTATED

MONEYGRAM INTERNATIONAL, INC.

EXECUTIVE SEVERANCE PLAN (TIER II)

1. Section 14 of the Amended and Restated MoneyGram International, Inc. Executive Severance Plan
(Tier II) (the “Tier II Plan”) is hereby amended and restated, in its entirety, as follows:

     14. AMENDMENT AND TERMINATION: This Plan may be amended or terminated by action of the
Board. This Plan shall terminate with respect to an Executive if the Chief Executive Officer of
the Corporation determines that the Executive is no longer a key executive to be provided a
severance agreement and so notifies the Executive by certified mail at least 30 days before
participation in this Plan shall cease. Notwithstanding the foregoing, no such amendment,
termination or determination adverse in any manner to any Executive may be made (and if made, shall
have no effect) on or following the “Closing Date”, as that term is defined in the Amended and
Restated Purchase Agreement among the Corporation and certain Investors dated March 16, 2008,
without the express written consent of such Executive.

2. Except as herein expressly amended, the Tier II Plan shall continue in full force and effect.exv10w82

 

EXHIBIT 10.82

CONSULTING AGREEMENT

     AGREEMENT made as of the 24th day of March 2008, by and between SYNTAX-BRILLIAN CORPORATION, a
Delaware corporation (hereinafter called “Company”) and JOHN S. HODGSON (hereinafter called
“Consultant”).

W I T N E S S E T H:

     Consultant has been Executive Vice President and Chief Financial Officer of Company since
October 1, 2007 and has also served as a Director of the Company since its inception in 2005 and
previously served as Chairman of the Company’s Audit Committee.

     Consultant has also held various positions as an Officer and Director in several Subsidiaries
and Affiliates of the Company to the present at various times since the inception of the Company.

     Consultant is hereby submitting his resignation of all positions with the Company and its
Subsidiaries and Affiliates as referenced in Schedule A hereto, including his positions as a
Director, to the respective Boards of Directors of said entities to take effect on March 24, 2008.
Consultant will be continue to be compensated as an employee through March 31, 2008.

     Company desires to maintain access to Consultant’s knowledge and experience to assist it in
connection with the transition to a replacement for Consultant.

     Company desires to engage Consultant and Consultant desires to accept such engagement, all on
the terms and conditions hereinafter set forth.

     NOW, THEREFORE, in consideration of the premises and of the mutual covenants set forth in this
Agreement, the parties hereto agree as follows:

     1. Engagement.

          (a) The Engagement. Company hereby engages Consultant, and Consultant hereby accepts such
engagement, as an independent contractor to perform the duties set forth in this Agreement and to
act in the best interests of the Company as defined by its Board of Directors.

          (b) Duties of Consultant. During Consultant’s engagement by Company pursuant to this
Agreement, Consultant shall render such advice and recommendations to Company as Company may
reasonably request with respect to Company’s financial and accounting matters.

     2. Extent of Duties. Consultant shall devote such of Consultant’s business time, attention,
and efforts as are reasonably necessary to the performance of Consultant’s duties under this
Agreement, and shall perform such duties faithfully and diligently.

 

 

          3. Compensation.

          (a) Fixed Compensation. Company shall pay to Consultant as full compensation for the duties
performed by Consultant during Consultant’s engagement under this Agreement, an annual fee in the
amount of $275,000. One fourth of said fee ($68,750) shall be paid on April 1, 2008 with the
remainder paid in installments of $22,916.67 on a monthly basis commencing with July 1, 2008 until
the fee is paid in full. In addition, Consultant shall be paid an amount that matches the current
Company contribution for the continuation of the medical, vision and dental insurance coverage.
(These payments are specified in Schedule B as attached.) Consultant hereby waives any right to
any other compensation and releases Company from any other claims for compensation related to any
previous employment with the Company or service as an Officer and Director of the Company unless
specified herein. The Consultant shall be responsible for any withholding for federal and state
tax purposes.

          (b) Stock-Based Compensation. All vested stock-based compensation previously granted to
Consultant shall continue in full force and effect during the period of Consultant’s service
hereunder.

          (c) Reimbursement. Company shall reimburse Consultant for all travel and entertainment
expenses and other ordinary and necessary business expenses incurred by Consultant in connection
with the business of Company and Consultant’s duties under this Agreement; provided, however, that
Consultant shall not incur such expenses in an amount in excess of $200 during any month without
written authorization from Company. The term “business expenses” shall not include any item not
deductible by Company for federal income tax purposes. To obtain reimbursement, Consultant shall
submit to Company receipts, bills, or sales slips for the expenses incurred. Reimbursements shall
be made by Company monthly within 10 days of presentation by Consultant of evidence of the expenses
incurred.

     4. Term of Engagement.

          (a) Engagement Term. The term of Consultant’s engagement hereunder shall commence on April 1,
2008 and shall continue until March 31, 2009.

          (b) Termination Under Certain Circumstances. Notwithstanding anything to the contrary herein
contained:

                    (i) In the event of the Consultant’s death prior to the completion of the term of this
Agreement, Consultant’s engagement shall be fully vested with the unpaid fee paid to Consultant’s
estate;

                    (ii) If Consultant shall fail, for a period of more than 30 consecutive days, or for 30 days
within any 60-day period, to perform any of Consultant’s duties under this Agreement as the result
of illness or other incapacity, Company may, at its option, upon notice to Consultant, terminate
Consultant’s engagement effective on the date of that notice;

                    (iii) If Consultant shall breach or violate any of the provisions of this Agreement, or fail
to perform in a manner reasonably satisfactory to Company any of the duties required of Consultant
and such breach, violation, or failure shall continue for a period of 10 days after Company shall
have given Consultant written notice specifying the nature thereof in

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reasonable detail, Company
may, at its option, upon notice to Consultant, terminate Consultant’s engagement effective on the
date of that notice.

     5. Competition and Confidential Information.

          (a) Non-Competition. During the period of Consultant’s engagement by Company and the period
ending 12 months after the termination of Consultant’s engagement by Company, regardless of the
reason therefor, Consultant shall not (whether directly or indirectly, as owner, principal, agent,
stockholder, director, officer, manager, employee, partner, participant, or in any other capacity)
perform any duties for or engage or become financially interested in any competitive business
conducted within the Restricted Territory. As used herein, competitive business shall mean any
business that sells or provides or attempts to sell or provide products or services the same as or
substantially similar to the products or services sold or provided by Company; and the Restricted
Territory shall mean any geographic area in which Company currently conducts business.

          (b) Confidential Information. Consultant shall maintain in strict secrecy all confidential or
trade secret information relating to the business of Company (the “Confidential Information”)
obtained by Consultant in the course of Consultant’s engagement as well as in the course of the
Consultant’s prior employment with the Company and his service as a Director of the Company, and
Consultant shall not, unless first authorized in writing by Company, disclose to, or use for
Consultant’s benefit or for the benefit of any person, firm, or entity at any time either during or
subsequent to the term of Consultant’s engagement, any Confidential Information, except as required
in the performance of Consultant’s duties on behalf of Company. For purposes hereof, Confidential
Information shall include without limitation any engineering, drawings, or other reproductions or
materials of any kind; any trade secrets, knowledge, or information with respect to processes,
inventions, formulae, machinery, manufacturing techniques, or know-how; any business methods or
forms; any names or addresses of customers or data on customers or suppliers; and any business
policies, financial information or other information relating to or dealing with the accounting,
financial, purchasing, production, sales, or distribution policies or practices of Company.

          (c) Return of Books, Papers and other Company Property. Upon the termination of Consultant’s
engagement with Company for any reason, Consultant shall deliver promptly to Company all manuals,
memoranda, and specifications; all cost, pricing, and other financial data; all customer
information; all other written or printed materials that are the property of Company (and any
copies of them); and all other materials which that contain Confidential Information relating to
the business of Company, which Consultant may then have in Consultant’s possession whether prepared
by Consultant or not and any other Company property excluding computer and communication devices.

          (d) Disclosure of Information. Consultant shall disclose promptly to Company, or its nominee,
any and all ideas, designs, processes, and improvements of any kind relating to the business of
Company, whether patentable or not, conceived or made by Consultant, either alone or jointly with
others, during working hours or otherwise, during the entire period of Consultant’s engagement with
Company, or within six months thereafter.

3

 

          (e) Assignment. Consultant hereby assigns to Company or its nominee, the entire right, title,
and interest in and to all inventions, discoveries, and improvements, whether patentable or not,
which Consultant may conceive or make during Consultant’s engagement with Company, or within six
months thereafter, and which relate to the business of Company. Whenever requested to do so by
Company, whether during the period of Consultant’s engagement or thereafter, Consultant shall
execute any and all applications, assignments, and other instruments that Company shall deem
necessary or appropriate to apply for, obtain, or maintain Letters Patent of the United States or
of any foreign country or to protect otherwise the interest of Company therein.

          (f) Equitable Relief. In the event a violation of any of the restrictions contained in this
paragraph is established, Company shall be entitled to preliminary and permanent injunctive relief
as well as damages and an equitable accounting of all earnings, profits, and other benefits arising
from such violation, which right shall be cumulative and in addition to any other rights or
remedies to which Company may be entitled. In the event of a violation of any provision of
subparagraph (a), (d) or (e) of this paragraph, the period for which those provisions would remain
in effect shall be extended for a period of time equal to that period beginning when such violation
commenced and ending when the activities constituting such violation shall have been finally
terminated in good faith.

          (g) Restrictions Separable. Each and every restriction set forth in this paragraph is
independent and severable from the others, and no restriction shall be rendered unenforceable by
virtue of the fact that, for any reason, any other or others of them may be unenforceable in whole
or in part.

     6. Miscellaneous.

          (a) Notices. All notices, requests, demands, and other communications required or permitted
under this Agreement shall be in writing and shall be deemed to have been duly given, made, and
received when delivered against receipt, when sent by facsimile or by email, or when deposited in
the United States mails, first class postage prepaid, addressed as set forth below:

	 	 	 
	(i)

	 	If to Company:
	 
	 	 
	 

	 	1600 North Desert Drive
	 

	 	Tempe, Arizona 85281
	 

	 	Attention: General Counsel
	 
	 	 
	(ii)

	 	If to Consultant:
	 
	 	 
	 

	 	To the address set forth in the
	 

	 	records of the Company
	 
	 	 
	 

	 	with a copy, given in the manner prescribed above, to:

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          Either party may alter the address to which communications or copies are to be sent by giving
notice of such change of address in conformity with the provisions of this paragraph for the giving
of notice.

          (b) Indemnification and Insurance. Consultant shall continue to receive protection from
claims under the Indemnification provisions for Officers and Directors of the Company’s By-Laws
during the term of this Agreement. Consultant shall also be named as an Additional Insured party
under the Directors and Officers Insurance Program maintained by the Company during the term of
this Agreement.

          (c) Indulgences. Neither any failure nor any delay on the part of either party to exercise
any right, remedy, power, or privilege under this Agreement shall operate as a waiver thereof, nor
shall any single or partial exercise of any right, remedy, power, or privilege preclude any other
or further exercise of the same or of any other right, remedy, power, or privilege, nor shall any
waiver of any right, remedy, power, or privilege with respect to any occurrence be construed as a
waiver of such right, remedy, power, or privilege with respect to any other occurrence.

          (d) Controlling Law. This Agreement and all questions relating to its validity,
interpretation, performance and enforcement, shall be governed by and construed in accordance with
the laws of the state of Arizona, notwithstanding any Arizona or other conflict-of-interest
provisions to the contrary.

          (e) Binding Nature of Agreement. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, personal representatives, successors, and
assigns, except that neither party may assign or transfer such party’s rights or obligations under
this Agreement without the prior written consent of the other party.

          (f) Execution in Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original (including faxsimile or copies of original
signatures) as against any party whose signature appears thereon, and all of which shall together
constitute one and the same instrument. This Agreement shall become binding when one or more
counterparts hereof, individually or taken together, shall bear the signatures of the parties
reflected hereon as the signatories.

          (g) Provisions Separable. The provisions of this Agreement are independent of and separable
from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue
of the fact that for any reason any other or others of them may be invalid or unenforceable in
whole or in part.

          (h) Entire Agreement. This Agreement contains the entire understanding between the parties
hereto with respect to the subject matter hereof and supersedes all prior and contemporaneous
agreements and understandings, inducements and conditions, express or implied, oral or written,
except as herein contained. The express terms hereof control and supersede any course of
performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement
may not be modified or amended other than by an agreement in writing.

5

 

          (i) Paragraph Headings. The paragraph headings in this Agreement are for convenience only;
they form no part of this Agreement and shall not affect its interpretation.

          (j) Gender. Words used herein, regardless of the number and gender specifically used, shall
be deemed and construed to include any other number, singular or plural, and any other gender,
masculine, feminine, or neuter, as the context requires.

          (k) Number of Days. In computing the number of days for purposes of this Agreement, all days
shall be counted, including Saturdays, Sundays, and holidays; provided, however, that if the final
day of any time period falls on a Saturday, Sunday, or holiday, then the final day shall be deemed
to be the next day which is not a Saturday, Sunday or holiday.

     IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

	 	 	 	 	 
	 	 	SYNTAX-BRILLIAN CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Michael J. Miller
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	/s/ John S. Hodgson
	 	 	 
	 	 	John S. Hodgson

6

 

Schedule A

Syntax-Brillian Corporation, a Delaware corporation

Syntax-Brillian SPE, Inc., a Delaware corporation

Syntax Groups Corporation, a California corporation

Vivitar Corporation, a California corporation and any and all Subsidiary entities

7

 

Schedule B

Attached Payment Table

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