Document:

exv10w15w2

 

Exhibit 10.15.2

RESTRICTED STOCK AGREEMENT UNDER

RESTATED REMOTE DYNAMICS, INC.

2004 MANAGEMENT INCENTIVE PLAN

     THIS RESTRICTED STOCK AGREEMENT (“Agreement”) is made as of November 7, 2005, between Remote
Dynamics, Inc., a Delaware corporation (the “Company”), and Neil Read, an individual residing 6720
Branch Trail, Frisco, Texas, 75035 (“Executive”).

RECITALS:

     The Company has adopted the Remote Dynamics, Inc. 2004 Management Incentive Plan, amended (the
“Plan”), a copy of which is attached hereto as Exhibit A, and all of the terms and provisions of
which are incorporated herein by reference and made a part hereof. All capitalized terms used but
not defined in this Agreement have the meanings set forth in the Plan.

     The Company has determined that it would be in the best interests of the Company and its
shareholders to make the grant of stock provided for herein to the Executive to recognize the
Executive’s value to the Company via the award of a proprietary interest in the future of the
Company.

     NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties
hereto agree as follows:

	1.	 	Grant of Restricted Stock. The Company hereby grants to the Executive, on the terms and
conditions hereinafter set forth 20,000 shares of Common Stock, $0.01 par value per
share, of the Company (the “Restricted Stock”).
	 
	2.	 	Effective Date and Vesting.

	 	A.	 	The Effective Date of the grant of Restricted Stock shall be September 21, 2005.
	 
	 	B.	 	One third of the shares of Restricted Stock granted to the Executive hereunder,
subject to the other terms and conditions set forth herein, shall become vested on the
attainment of each of the performance criteria listed on the attached Exhibit B (the
“Vesting Dates”).
	 
	 	C.	 	Upon the death (other than by suicide) or Permanent Disability of Executive,
fifty percent (50%) of the Restricted Stock not yet vested at the time of death or
Permanent Disability shall vest as of the date of death or Permanent Disability;
provided that, if it is no longer possible to earn any portion of such unvested
Restricted Stock, then Executive shall not be entitled to receive such portion of the
fifty percent (50%) of the Restricted Stock that is no longer possible to become
vested.

 

 

	 	D.	 	Upon Company’s termination of employment of Executive for Cause, any shares of
Restricted Stock that have not vested shall be forfeited to the Company without
consideration.
	 
	 	E.	 	If the employment of an Executive with the Company is terminated by the Company
not for Cause, fifty percent (50%) of the Restricted Stock not yet vested at the time
of termination shall vest as of the date of termination; provided that, if it is no
longer possible to earn such unvested Restricted Stock, then Executive shall not be
entitled to receive fifty percent (50%) of the Restricted Stock that is no longer
possible to become vested.
	 
	 	F.	 	In the event of an Executive’s Resignation for Good Reason, fifty percent (50%)
of the Restricted Stock not yet vested at the time of resignation shall vest as of the
date of resignation; provided that, if it is no longer possible to earn such unvested
Restricted Stock, then Executive shall not be entitled to receive fifty percent (50%)
of the Restricted Stock that is no longer possible to become vested.
	 
	 	G.	 	Upon the Executive’s voluntary termination of employment not on account of
death, Permanent Disability, or Resignation for Good Reason, any shares of Restricted
Stock that have not vested shall be forfeited to the Company without consideration.

	3.	 	Retention of Certificates. All original certificates evidencing shares of Restricted Stock
shall be held by the Company for the benefit of the Executive until
the transfer of such shares are no longer subject to the restrictions set out in the Plan and this Agreement.
	 
	4.	 	Tax Election. Within 30 days after the date of this Agreement, Executive may make an election
with the Internal Revenue Service under Section 83(b) of the Internal Revenue Code of 1986, as
amended, and the regulations promulgated thereunder.
	 
	5.	 	Employment of Executive. As an inducement to the Company to issue the Restricted Stock to
Executive, and as a condition thereto, the Executive acknowledges and agrees that neither the
issuance of the Restricted Stock to Executive nor any provision contained herein shall entitle
Executive to remain in the employment of the Company or its affiliates or affect the right of
the Company to terminate Executive’s employment at any time.
	 
	6.	 	Restrictions on Transfer.

	 	A.	 	Executive shall not sell, transfer, assign, pledge or otherwise dispose of any
interest in any Restricted Stock or his or her rights under this Agreement before the
Vesting Date.
	 
	 	B.	 	Under no circumstances shall any sale or other transfer of any shares of
Restricted Stock be valid unless and until the shares proposed to be sold or
transferred are fully vested.

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	7.	 	Notices; Deliveries. Any notice or delivery required to be given under the terms of this
Agreement shall be addressed to the Company at its principal office, and any notice or
delivery to be given to the Executive shall be addressed to him or her at the address given by
him or her beneath his or her signature hereto or such other address as either party hereto
may hereafter designate in writing to the other. Any such notice or delivery shall be deemed
to have been duly given when addressed as aforesaid, registered or certified mail, and
deposited (postage or registration or certification fee prepaid) in a post office or branch
post office regularly maintained by the United States.
	 
	8.	 	Disputes. As a condition of the granting of the Restricted Stock hereby, Executive and his or
her heirs and successors agree that any dispute or disagreement that may arise hereunder shall
be determined by the Company’s Board of Directors (or, at the Board of Directors’ election,
the Committee that administers the Plan, if any), in its sole discretion and judgment.
	 
	9.	 	Certificates.

	 	A.	 	The certificate(s) representing the shares of Restricted Stock granted hereby
will be stamped or otherwise imprinted with the legend required by the Plan with
respect to any applicable restrictions on the sale or transfer of such shares, and the
stock transfer records of the Company will reflect stop transfer instructions with
respect to such shares.
	 
	 	B.	 	The Company shall retain the certificate(s) representing the shares of
Restricted Stock granted to Executive pursuant to this Agreement until such time as the
vesting restrictions set forth in Section 2 have lapsed or are removed by the
Committee. Within a reasonable time thereafter, the Company will deliver to Executive a
new certificate representing such shares, free of the legend referred to in paragraph
(A) above. The issuance of such certificate shall not affect any restrictions upon the
transferability of such shares pursuant to applicable law or otherwise.
	 
	 	C.	 	Any stock certificate(s) representing the shares of Restricted Stock granted
hereunder prior to the termination or lapse of the restrictions on vesting and transfer
shall reflect the legend referred to in paragraph (A) above
which shall remain on such

certificate(s) until such time as the vesting and transfer restrictions have terminated
or lapsed or are removed by the Committee.

	10.	 	Restricted Stock Subject to Plan. The Restricted Stock granted hereby is subject to the Plan.
If a conflict exists between any term or provision contained herein and a term or provision of
the Plan, the applicable terms and provisions of the Plan will govern and prevail.
	 
	11.	 	Miscellaneous.

	 	A.	 	Executive hereby agrees that (i) the Company may withhold from Executive any
payment or consideration to be paid to Executive by the Company, any tax which

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	 	 	 	the Company believes is required to be withheld with respect to any benefit under the
Plan or this Restricted Stock Agreement, and (ii) Executive will make appropriate
arrangements with the Company for satisfaction of any applicable federal, state or
local income tax withholding requirements.
	 
	 	B.	 	This Agreement shall be binding upon and inure to the benefit of any successor
or successors of the Company.
	 
	 	C.	 	The interpretation, performance and enforcement of this Agreement shall be
governed by the laws of the State of Texas.
	 
	 	D.	 	This Agreement may be executed in multiple counterparts, each of which shall be
deemed an original, but all of which collectively shall constitute a single instrument.
	 
	 	E.	 	If any one or more of the provisions or parts of a provision contained in this
Agreement shall for any reason be held to be invalid, illegal or unenforceable in any
respect in any jurisdiction, such invalidity, illegality or unenforceability shall not
affect any other provision or part of a provision of this Agreement or any other
jurisdiction, but this Agreement shall be reformed and construed in any such
jurisdiction as if such invalid or illegal or unenforceable provision or part of a
provision had never been contained herein and such provision or part shall be reformed
so that it would be valid, legal and enforceable to the maximum extent permitted in
such jurisdiction.
	 
	 	F.	 	ANY CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE
SETTLED BY ARBITRATION ADMINISTERED BY THE AMERICAN ARBITRATION ASSOCIATION (“AAA”)
UNDER ITS COMMERCIAL ARBITRATION RULES, AND JUDGMENT ON THE AWARD
RENDERED BY THE

ARBITRATOR(S) MAY BE ENTERED IN ANY COURT HAVING JURISDICTION THEREOF. THE PARTIES ALSO
AGREE THAT THE AAA OPTIONAL RULES FOR EMERGENCY MEASURES OF PROTECTION SHALL APPLY TO
THE PROCEEDINGS. THE COMPANY AND EXECUTIVE AGREE THAT ALL ARBITRATIONS OCCURRING UNDER
THIS SECTION 11.F. SHALL BE HELD IN DALLAS, TEXAS, TO THE EXCLUSION OF ANY OTHER
JURISDICTION.

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     IN WITNESS WHEREOF, the Company has, as of the date first above written, caused this Agreement
to be executed on its behalf by its authorized officer and Executive has hereunto set his or her
hand as of the date first above written.

	 	 	 	 	 
	 	REMOTE DYNAMICS, INC.

 	 
	 	By:  	/s/ W. Michael Smith
 	 
	 	 	W. Michael Smith, 	 
	 	 	Executive Vice President, Chief
Operations Officer, Chief Financial
Officer and Treasurer 	 
	 

EXECUTIVE SIGNATURE PAGE

TO RESTRICTED STOCK AGREEMENT

	 	 	 
	Executive Name:

	 	Neil Read
	 

	 	 
	 
	 	 
	Signature:

	 	/s/ Neil Read
	 

	 	 
	 
	 	 
	Address:
	 	 
	 

	 	 

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EXHIBIT A 

Restated 2004 Management Incentive Plan, as amended

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EXHIBIT B

PERFORMANCE CRITERIA

The shares of Restricted Stock shall vest as follows:

	•	 	One Third (1/3) of the Restricted Stock shall vest upon the execution by Employer of
an agreement with the member companies of SBC Communications, Inc. for the retrofit of
SBC’s fleet of service vehicles at the substantially similar volumes and profit margins
as set forth in the May 20, 2004 Report to the Official Unsecured Creditors Committee;
	 
	•	 	One Third (1/3) of the Restricted Stock shall vest upon the completion by Employer
of three (3) consecutive fiscal quarters in which Employer achieved positive EBIDTA
within two and one-half (2.5) years of the effective date of the Executive Employment
Agreement; and
	 
	•	 	One Third (1/3) of the Restricted Shares shall vest upon the completion by Employer of
four (4) consecutive fiscal quarters in which Employer achieved net income within three
(3) years of the effective date of the Executive Employment Agreement.

7exv10w17

 

Exhibit 10.17

SEPARATION AGREEMENT

     THIS SEPARATION AGREEMENT (“Agreement”), effective on May 31, 2006, is entered into in
Richardson, Texas by and between Remote Dynamics, Inc., a Delaware corporation, with its principal
place of business located at 1155 Kas Drive, Suite 100, Richardson, Texas, 75081 (“Employer”), and
J. Raymond Bilbao, an individual residing at 3333 Nutmeg Circle, Frisco, Texas 75034 (“Executive”).

     WHEREAS, on July 2, 2004, Executive and Employer entered into that Employment Agreement (the
“Employment Agreement”);

     WHEREAS, effective May 31, 2006, Employer and Executive reached agreement on the termination
of their employment relationship as set forth below;

     NOW, THEREFORE, in consideration of the mutual covenants set forth herein, Employer and
Executive, intending to be legally bound, hereby agree as follows:

	1)	 	Employer shall provide Executive with the following severance compensation:

	 	a)	 	Employer shall pay to Executive a severance payment equal to three (3) months
base salary under the Employment Agreement in the total amount of $50,000.01, less
standard withholdings for federal tax, social security and Medicare (the “Severance
Payment”) payable upon May 31, 2006.

	2)	 	Subsequent to the employment separation, Executive shall be available to answer questions
regarding the business and legal affairs of Employer for a minimum of one hundred (100) hours,
at the Company’s option.
	 
	3)	 	Release of Employer. Executive agrees on behalf of himself and all of his heirs or
personal representatives, to release Employer, all of Employer’s affiliates, including parent
companies and subsidiaries, and all of Employer’s present and former officers, directors,
agents, employees, employee benefit programs, and the trustees, administrators, fiduciaries,
and insurers of such programs, from any and all claims for relief of any kind, whether known
to his or unknown, which in any way arise out of or relate to his employment, the termination
of his employment with Employer, the Employment Agreement, and concerning events occurring at
any time up to the date of this Agreement including, but not limited to, any and all claims of
discrimination of any kind and any and all contractual, tort or other common law claims,
whether legal or equitable, including under any applicable federal laws, including, but not
limited to Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, 42 U.S.C.
§ 1981, the American with Disabilities Act, the Equal Pay Act, the Worker Adjustment and
Restraining Notification Act, the Employment Retirement Income Security Act, the Family
Medical Leave Act, or under any applicable state or local laws or ordinances or any other
legal restrictions on Employer’s rights, including the Texas Commission on Human Rights Act.
However, the releases set forth herein do not include the release of any claims arising under
this Agreement, any rights Executive may have for pension or retirement benefits, any rights
for COBRA benefits, any rights Executive may have as a shareholder of Employer.

 

 

	4)	 	Indemnification of Executive. Employer shall continue to indemnify Executive to the
fullest extent permitted by law, and as set forth in the Bylaws of Employer and pursuant to
any applicable Directors and Officers insurance policy or policies, against all judgments,
penalties, fines, settlements and reasonable expenses actually incurred by Executive in
connection with any proceeding in which Executive is, or threatened to be named, a defendant
because of Executive’s position as a director, officer, employee or agent of Employer.
	 
	5)	 	Subject to Employer’s timely fulfillment of its obligations herein, Executive Further agrees
to adhere to all terms and conditions of the Employment Agreement which survive termination
thereof, including but not limited to, Section 4 thereof. Further, the parties agree not to
disclose or misrepresent to anyone the terms of this Agreement, except to the parties’
attorneys, tax advisors, and as may be required by law.
	 
	6)	 	Executive agrees that this Agreement shall be governed by and construed in accordance with
the laws of the state of Texas, without giving effect to the conflict of laws (rules) or
choice of laws (rules) thereof. Executive consents to the exclusive personal jurisdiction and
venue of the state district court residing in Dallas County, Texas (or if applicable, the
federal district court for the Northern District of Texas, Dallas Division) for all litigation
which may be brought with respect to or arising out of the terms of and the transactions and
relationships contemplated by this Agreement.
	 
	7)	 	Executive acknowledges and agrees that Executive is entering into this Agreement freely and
voluntarily and Executive is satisfied that Executive has been given sufficient opportunity to
consider it and consult with an attorney. Executive acknowledges that Executive has carefully
read and understands all of the provisions of this Agreement. Executive understands that it
sets forth the entire agreement between Employer and Executive.
	 
	8)	 	Executive represents that no other statements, promises, or commitments of any kind, written
or oral, have been made to Executive by Employer, or any of its agents, to cause Executive to
accept it. Executive acknowledges that Executive has been advised to consult legal counsel
concerning this Agreement prior to signing this Agreement, and that Executive has been given
sufficient opportunity to do so. Executive and Employer acknowledge acceptance of this
Agreement by their respective signatures below.

SEPARATION AGREEMENT

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	/s/ J. Raymond Bilbao

	 

	Executive Signature

	 

	J. Raymond Bilbao

	 

	Printed Name

	 

	May 23, 3006

	 

	Date

	 	 	 
	AGREED TO ACCEPTED ON BEHALF OF
	REMOTE DYNAMICS, INC.
	 
	 	 
	BY:

	 	     /s/ Dennis R. Casey
	 

	 	 
	 

	 	     Dennis R. Casey
	 

	 	     Chief Executive Officer

SEPARATION AGREEMENT

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