Document:

Exhibit 10.1

 

AMENDMENT NO. 2 TO THE EMPLOYMENT AGREEMENT

BETWEEN DOUGLAS R. LEBDA AND TREE.COM, INC.

 

March 26, 2009

 

This
Amendment No. 2 to that certain Employment Agreement, dated as of January 7,
2008 between Douglas R. Lebda (“Employee”)
and Tree.com, Inc. (as successor by assignment to IAC/InterActiveCorp) (the “Company”), as subsequently amended by
Amendment No.1 dated August 15, 2008 (“Amendment
No. 1”) (collectively, the “Agreement”),
is effective as of February 17, 2009 unless otherwise indicated.  All capitalized terms used herein without
definition shall have the meanings given to them in the Agreement.

 

WHEREAS, subject to the terms and conditions set forth herein, Employee and the
Company wish to make certain amendments to the Agreement.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereby agree as follows:

 

A.                                   Base Pay Adjustment: 
Effective April 3, 2009, Section 3A(a) of the Agreement is hereby
deleted and replaced in its entirety with the following:

 

3A.          COMPENSATION.

(a)           BASE
SALARY.  During the Term, the Company
shall pay Employee an annual base salary of $550,000 (the “Base Salary”), payable in equal biweekly
installments or in such other installments as may be in accordance with the
Company’s payroll practice as in effect from time to time.  The Base Salary shall be reviewed by the
Company, if requested by Employee in writing, no less frequently than annually
in a manner consistent with similarly situated executives of the Company and
may be increased but not decreased.  For
all purposes under this Agreement, the term “Base Salary” shall refer to the
Base Salary as in effect from time to time.

 

B.                                     Relocation:  Section 3A(d)(iii)
of the Agreement is hereby deleted and replaced in its entirety with the
following:

 

Payment of and/or Reimbursement for Certain Relocation Expenses.  The
Company shall pay on Employee’s behalf (or reimburse Employee for) actual,
reasonable and documented expenses relating to his relocation to Charlotte,
North Carolina, if such occurs, on the same basis as similarly situated
employees and in accordance with Company policy (the “Relocation Expenses”). 
As required by Company policy and as a condition to the payment of
and/or reimbursement for the Relocation Expenses, Employee agrees to repay the
Company for 100%, 75%, 50% and 25% of such expenses upon a termination of
Employee’s employment for Cause (as defined in Section 1(c) of the Standard
Terms and Conditions) or if 

 

 

Employee
voluntarily terminates his employment with the Company (except for Good Reason
as defined in accordance with the provisions of Section 1(d) of the Standard
Terms and Conditions or termination pursuant to Section 1(g) of the Standard
Terms and Conditions) during months 0 through 4, 5 through 9, 10 through 14 and
15 through 18, respectively, of the Term.

 

C.                                     Equity Awards

1.               Effective March 26, 2009 (the “Grant Date”), Employee shall be granted
one hundred seventy-five thousand (175,000) shares of Tree.com restricted
common stock, vesting in four equal installments on the first, second, third,
and fourth anniversary of February 17, 2009, and with voting rights being
conferred on the respective vesting dates.

2.               In addition, subject to receipt of shareholder approval
on or about April 28, 2009 and Employee’s employment on such date, Employee
shall be granted one hundred seventy-five thousand (175,000) shares of Tree.com
restricted common stock, vesting in four equal installments on the first,
second, third, and fourth anniversary of February 17, 2009, and with voting
rights being conferred on the respective vesting dates.

3.               Such grants shall be governed by and subject to the
terms of the Tree.com, Inc. Annual Stock and Incentive Plan (the “Plan”).

4.               For purposes of the vesting provisions set forth in
Section 1(d) of the Standard Terms and Conditions, the restricted stock granted
under this paragraph C shall be considered “LT Restricted Stock.”

 

D.                                    Bonus:  Section 3A(b)
of the Agreement is hereby deleted and replaced in its entirety with the
following:

 

DISCRETIONARY
BONUS:  During the Term, Employee shall be eligible
to receive discretionary annual bonuses in a manner consistent with similarly
situated executives of the Company.  The
Board of Directors, in consultation with Employee, shall establish
performance-based metrics for determining the amount of the bonus paid to
Employee, which metrics shall be consistent with those established for
similarly situated executives of the Company.

 

E.                                     Except as explicitly set forth herein,
the remaining provisions of the Agreement will remain in full force and effect.

 

 

IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 as of the date first
set forth above.

 

 

	
   

  	
  /s/ Douglas R. Lebda

  
	
   

  	
  Douglas R. Lebda

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TREE.COM, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Claudette Hampton

  
	
   

  	
  By: Claudette Hampton

  
	
   

  	
  Senior Vice President –
  Human ResourcesExhibit 10.2

 

AMENDMENT NO. 1 TO THE EMPLOYMENT AGREEMENT

BETWEEN ROBERT L. HARRIS AND TREE.COM, INC.

 

March 26, 2009

 

This
Amendment No. 1 (this “Amendment”) to that certain Employment Agreement,
dated as of June 30, 2008 (the “Agreement”), between Robert L. Harris (“Employee”)
and Tree.com, Inc. (as successor by assignment to LendingTree, LLC) (the “Company”),
is effective as of March 26, 2009. 
All capitalized terms used herein without definition shall have the
meanings given to them in the Agreement.

 

WHEREAS,
subject to the terms and conditions set forth herein, Employee and the Company
wish to make certain amendments to the Agreement.

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereby agree as follows:

 

A.                                   Effective April 3, 2009, Section 3
of the Agreement is hereby deleted and replaced in its entirety with the
following:

 

3.                                       COMPENSATION.

(a)           BASE SALARY. 
During the period that Executive is employed with the Company hereunder,
the Company shall pay Executive an annual base salary of $275,000 (the “Base
Salary”), payable in equal biweekly installments (or, if different, in
accordance with the Company’s payroll practice as in effect from time to time),
or such higher salary as shall be agreed to in writing by Executive and the
Company from time to time.  For all
purposes under this Agreement, the term “Base Salary” shall refer to the Base
Salary as in effect from time to time.

 

B.                                     Equity Awards

1.               Effective March 26,
2009, Employee shall be granted (a) five thousand (5,000) Tree.com
Restricted Stock Units (“RSUs”), vesting in one installment on February 17th, 2011; and (b) seven
thousand five hundred (7,500) RSUs, vesting in four equal installments on the
17th of February of each of 2010, 2011, 2012,
and 2013.

2.               In addition, subject to
receipt of shareholder approval on or about April 28, 2009 and Employee’s
employment on such date, Employee shall be granted (a) five thousand
(5,000) Tree.com RSUs, vesting in one installment on February 17th, 2011; and (b) seven
thousand five hundred (7,500) RSUs, vesting in four equal installments on the
17th of February of each of 2010, 2011, 2012,
and 2013.

3.               Such grants shall be
governed by and subject to the terms of the Tree.com, Inc. Annual Stock
and Incentive Plan (the “Plan”).

4.               In the event that Executive’s
employment hereunder is terminated by the Company or the Company commits a
material breach of this Agreement prior to the expiration of the Term for any
reason other than Executive’s death or Disability or for Cause, any 

 

 

unvested RSUs granted under
this paragraph B that are scheduled to vest during the Severance Period shall
vest immediately upon such termination or breach.  This paragraph shall be construed to
providing additional vesting rights to Executive beyond those conferred in the
Plan and the related Award agreement, and nothing in this Agreement shall
reduce any vesting rights otherwise conferred to Executive under the Plan or
the Award agreement.

 

C.                                     Except as explicitly
set forth herein, the Agreement will remain in full force and effect.

 

IN WITNESS WHEREOF, the parties have executed this Amendment as
of the date first set forth above.

 

 

	
   

  	
   

  	
  /s/ Robert L. Harris

  
	
   

  	
   

  	
  Robert L. Harris

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TREE.COM, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Claudette Hampton

  
	
   

  	
   

  	
  By: Claudette Hampton

  
	
   

  	
   

  	
  Senior Vice President —
  Human ResourcesExhibit 10.3

 

AMENDMENT NO. 1 TO THE EMPLOYMENT AGREEMENT

BETWEEN MATT PACKEY AND TREE.COM, INC.

 

March 26, 2009

 

This
Amendment No. 1 (this “Amendment”) to that certain Employment Agreement,
dated as of August 3, 2008 (the “Agreement”), between Matt Packey (“Executive”)
and Tree.com, Inc. (as successor by assignment to LendingTree, LLC) (the “Company”),
is effective as of March 26, 2009. 
All capitalized terms used herein without definition shall have the
meanings given to them in the Agreement.

 

WHEREAS, subject
to the terms and conditions set forth herein, Executive and the Company wish to
make certain amendments to the Agreement.

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereby agree as follows:

 

A.                                   Effective April 3, 2009, Section 3
of the Agreement is hereby deleted and replaced in its entirety with the
following:

 

3.                                       COMPENSATION.

(a)                                  BASE SALARY.  During the period that Executive is employed
with the Company hereunder, the Company shall pay Executive an annual base
salary of $250,000 (the “Base Salary”), payable in equal biweekly installments
(or, if different, in accordance with the Company’s payroll practice as in
effect from time to time), or such higher salary as shall be agreed to in
writing by Executive and the Company from time to time.  For all purposes under this Agreement, the
term “Base Salary” shall refer to the Base Salary as in effect from time to
time.

 

B.                                     Equity Awards

1.               Effective March 26,
2009, Executive shall be granted (a) five thousand (5,000) Tree.com
Restricted Stock Units (“RSUs”), vesting in one installment on February 17th, 2011; and (b) six
thousand two hundred fifty (6,250) Tree.com RSUs, vesting in four equal
installments on the 17th of February of each of 2010, 2011, 2012,
and 2013.

2.               In addition, subject to
receipt of shareholder approval on or about April 28, 2009 and Executive’s
employment on such date, Executive shall be granted (a) five thousand
(5,000) Tree.com RSUs, vesting in one installment on February 17th, 2011; and (b) six
thousand two hundred fifty (6,250) Tree.com RSUs, vesting in four equal
installments on the 17th of February of each of 2010, 2011, 2012,
and 2013.

3.               Such grants shall be
governed by and subject to the terms of the Tree.com, Inc. Annual Stock
and Incentive Plan (the “Plan”), as amended from time to time.

4.               In the event that Executive’s
employment hereunder is terminated by the Company or the Company commits a
material breach of this Agreement prior to the expiration of 

 

 

the Term for any reason
other than Executive’s death or Disability or for Cause, all unvested RSUs
granted under this paragraph B shall immediately vest upon the date of such
termination or breach.  This paragraph
shall be construed to providing additional vesting rights to Executive beyond
those conferred in the Plan and the related Award agreement, and nothing in
this Agreement shall reduce any vesting rights otherwise conferred to Executive
under the Plan or Award agreement.

 

C.                                     Except as explicitly
set forth herein, the Agreement will remain in full force and effect.

 

IN WITNESS WHEREOF, the parties have executed this Amendment as
of the date first set forth above.

 

 

	
   

  	
  /s/ Matthew A. Packey

  
	
   

  	
  Matthew A. Packey

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TREE.COM, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Doug Lebda

  
	
   

  	
  By: Doug Lebda

  
	
   

  	
  Chairman & Chief
  Executive Officer

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