Document:

EXHIBIT 10.19

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as
of April 24, 2008, by and between PRO BRAND INTERNATIONAL,
INC., a Georgia corporation (the “Company”), GRANAHAN MCCOURT ACQUISITION CORPORATION, a Delaware
corporation (“Parent”) and JAMES CROWNOVER
(“Executive”).  In consideration
of the mutual covenants and agreements set forth herein, the parties agree as
follows:

 

1.                 Purpose and Effective Date.  On or about the date hereof, the Company and
Parent entered into or will enter into an Agreement and Plan of Merger (the “Merger
Agreement”), pursuant to which a wholly owned subsidiary of Parent will
merge into the Company and the Company will be the surviving corporation (the “Merger”).  The purpose of this Agreement is to terminate
all prior employment agreements and similar arrangements between the Company,
and any of its affiliates, and Executive relating to the subject matter of this
Agreement, to recognize Executive’s significant contributions to the overall
financial performance and success of the Company, to protect the Company’s
business interests through restrictive covenants, and to provide a single,
integrated document which shall provide the basis for Executive’s continued
employment by Parent and the Company. 
This Agreement will be effective upon the closing of the Merger (the “Effective
Date”).  If, for any reason, the
Merger is not completed or effectuated, this Agreement shall be void and any
prior agreements relating to Executive’s employment with the Company shall
remain in effect.

 

2.                 Employment and Duties.  Subject to the terms and conditions of this
Agreement, the Company employs Executive to serve as Chief Operating
Officer.  Executive accepts such
employment and agrees to undertake and discharge the duties, functions and
responsibilities commensurate with the aforesaid position and such other duties
and responsibilities as may be prescribed from time to time by the Board of
Directors of the Company (the “Board”) and/or the Chief Executive Officer
(the “CEO”).  Executive shall
devote substantially all of his business time, attention and effort to the
performance of his duties hereunder and shall not engage in any business,
profession or occupation, for compensation or otherwise without the express written
consent of the Board, other than personal, personal investment, charitable, or
civic activities or other matters that do not conflict with Executive’s duties.

 

3.                 Term.  The term of Executive’s employment pursuant
to this Agreement shall commence on the Effective Date and, unless terminated
as set forth in Section 9, continue for a period of three (3) years
ending on the third anniversary of the Effective Date (the “Employment Term”).  On such third anniversary, the Employment
Term shall terminate unless the parties mutually agree to extend the Employment
Term.  If Executive is employed by the
Company beyond the expiration of the Employment Term, Executive’s employment
with the Company shall be “at-will.” 
Notwithstanding any termination of the Employment Term or Executive’s
employment, Sections 9 and 10 shall remain in effect until all obligations and
benefits that accrued prior to termination are satisfied.

 

4.                 Salary.  During the Employment Term, the Company shall
pay Executive an annual base salary, before deducting all applicable withholdings, of no less
than $240,000 per year, payable at the time and in the manner dictated by the
Company’s standard payroll policies. 
Such minimum annual base salary may be periodically reviewed and
increased (but not 

 

 

decreased without Executive’s express written consent) at the
discretion of the Compensation Committee of the Board of Directors of Parent
(the “Compensation Committee”) to reflect, among other matters, cost of
living increases and performance results (such annual base salary, including
any increases pursuant to this Section 4, the “Annual Base Salary”).

 

5.                 Other Compensation and Fringe
Benefits.

 

(a)                                  Executive shall be entitled to
participate in all benefit, pension, savings, welfare, perquisite and other
plans or arrangements that the Company may establish from time to time for its
senior executive officers, subject to the terms and conditions of such plans or
arrangements.  Such plans or arrangements
shall be no less favorable to Executive than those provided to Executive by the
Company as of December 31, 2007.

 

(b)                                 Executive shall be eligible to
receive an annual incentive bonus opportunity for each calendar year included
in the Employment Term, with such opportunity to be earned based upon attainment
of performance objectives established by the Compensation Committee after
consultation with the Company’s Chief Executive Officer (“Annual Bonus”).  Executive’s target Annual Bonus shall be no
less than 50% of Executive’s Annual Base Salary (the target is referred to as
the “Annual Bonus Opportunity”). 
Executive’s Annual Bonus Opportunity may be periodically reviewed and
increased (but not decreased without Executive’s express written consent) at
the discretion of the Compensation Committee. 
The Annual Bonus shall be paid no later than the March 15th
first following the calendar year to which the Annual Bonus relates.  Unless provided otherwise herein or the
Compensation Committee determines otherwise, no Annual Bonus shall be paid to
Executive unless Executive is employed by the Company, or an affiliate thereof,
on the Annual Bonus payment date.

 

(c)                                  Executive shall be eligible to
participate in Parent’s equity incentive plans with periodic equity grants
comparable to those made to other similarly situated top executives of Parent.

 

(d)                                 Subject to Executive’s continued
employment through the date the relevant EBITDA target is satisfied and subject
to such other terms and conditions determined by the Compensation Committee to
be necessary or appropriate, Executive shall, in the sole discretion of the
Compensation Committee, be entitled to an additional bonus if, following the
acquisition by Parent or the Company of another company or business or the
assets of another company or business, the EBITDA targets established by the
Compensation Committee related to such acquired business are satisfied.

 

6.                 Management Retention Bonus.

 

(a)                                  Subject to Section 6(b), as
consideration for entering into this Agreement and in addition to any other
salary, bonus, compensation or benefits to which Executive may be entitled,
Executive shall be entitled to the following retention 

 

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management
bonus payments (the “Management Retention Bonus”).  Beginning on the first day of the first
calendar month following the Effective Date and on the first day of each
calendar month thereafter for a total of 36 months, the Company shall pay
Executive a cash, lump sum amount equal to $34,166.66, less applicable
withholdings.  A termination of Executive’s
employment prior to any payment date shall not impact, or in any way alter or
release the Company’s obligation to pay, the Management Retention Bonus as
provided above, unless Executive is terminated by the Company for Cause pursuant
to clause (i), (ii) or (iii) of the definition of “Cause” in Section 9(d) of
this Agreement (but excluding a termination for Cause as defined in Section 9(d)(iv)),
in which case, the Company shall have no further obligation to pay any unpaid
portion of the Management Retention Bonus.

 

(b)                                 Notwithstanding anything
contained in this Agreement to the contrary if any portion of the Management
Retention Bonus would constitute a “parachute payment” under section 280G of
the Internal Revenue Code of 1986, as amended (the “Code”), and the
regulations promulgated thereunder, then, notwithstanding anything in this
Agreement to the contrary, unless the shareholder approval described below is
obtained, the Management Retention Bonus shall be reduced (but not below zero)
to the extent necessary to cause the payments thereof not to be “parachute
payments” under section 280G of the Code and Executive shall have no further
rights or claims with respect to the reduced portion.  Prior to the Closing Date, the Company shall
seek shareholder approval in accordance with Section 280G(b)(5) of
the Code of that portion of the Management Retention Bonus that would, absent
such shareholder approval, be subject to the imposition of an excise tax under Section 4999
of the Code or that would not be deductible by reason of Section 280G of
the Code.  The Company shall give Parent
a reasonable opportunity to comment on the forms of such consent and any
related documentation sent to shareholders for this purpose.

 

7.                 Vacation.  For and during each calendar year within the
Employment Term, Executive shall be entitled to reasonable paid vacation
periods consistent with Executive’s position and in accordance with the Company’s
standard policies, or as the Board may approve; provided, however, that for
each calendar year, Executive shall be entitled to no less than four (4) weeks
of paid vacation.  In addition, Executive
shall be entitled to such holidays consistent with the Company’s standard
policies.

 

8.                 Expense Reimbursement.  In addition to the compensation and benefits
provided herein, the Company shall, upon receipt of appropriate documentation,
reimburse Executive each month for his reasonable travel, lodging,
entertainment, promotion and other ordinary and necessary business expenses to the
extent such reimbursement is permitted under the Company’s expense
reimbursement policy.

 

9.                 Termination of Employment.  The Company or Executive may terminate
Executive’s employment at any time and for any reason in accordance with Section 9(a) below.  The Employment Term shall be deemed to have
ended on the last day of Executive’s employment.  The Employment Term shall terminate
automatically upon Executive’s death.

 

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(a)                                  Notice of Termination.  Any purported termination of Executive’s
employment (other than by reason of death) shall be communicated by written
Notice of Termination (as defined herein) from one party to the other in
accordance with the notice provisions contained in Section 27.  For purposes of this Agreement, a “Notice
of Termination” shall mean a notice that indicates the Date of Termination
(as that term is defined in Section 9(b)) and, with respect to a
termination due to Cause (as that term is defined in Section 9(d)),
Disability (as that term is defined in Section 9(e)) or Good Reason (as
that term is defined in Section 9(f)), sets forth in reasonable detail the
facts and circumstances that are alleged to provide a basis for such
termination.  A Notice of Termination
from the Company shall specify whether the termination is with or without Cause
or due to Executive’s Disability.  A
Notice of Termination from Executive shall specify whether the termination is
with or without Good Reason.

 

(b)                                 Date
of Termination.  For purposes of
this Agreement, “Date of Termination” shall mean the date of Executive’s
death or the date specified in the Notice of Termination (but in no event shall
such date be earlier than the thirtieth (30th) day following the
date the Notice of Termination is given). 
For the avoidance of doubt, following the delivery of a Notice of
Termination by the Company for a reason other than Cause, death or Disability
or by Executive for Good Reason, and prior to the Date of Termination,
Executive shall continue to provide services to the Company by devoting not
less than 20% of the average time that Executive had devoted to Executive’s
duties to the Company during the 36 months immediately prior to the delivery of
such Notice of Termination, and shall cease to provide services to the Company
on the Date of Termination.

 

(c)                                  No Waiver.  The failure to set forth any fact or
circumstance in a Notice of Termination, which fact or circumstance was not
known to the party giving the Notice of Termination when the notice was given,
shall not constitute a waiver of the right to assert such fact or circumstance
in an attempt to enforce any right under or provision of this Agreement.

 

(d)                                 Cause.  For purposes of this Agreement, a termination
for “Cause” means a termination by the Company based upon: (i) Executive’s
conviction of, or plea of guilty or nolo contendere to, a felony, (ii) willful
violation or gross neglect of Executive’s material duties and responsibilities
that results in material detriment to the Company, (iii) Executive
engages in conduct involving fraud or dishonesty that results in material
detriment to the Company, or (iv) Executive materially breaches the
terms of this Agreement in a manner that results in material detriment to the
Company.

 

(e)                                  Disability.  For purposes of this Agreement, a termination
based upon “Disability” means a termination of Executive’s employment by
the Company based upon Executive’s entitlement to long-term disability benefits
under the Company’s long-term disability plan or policy, as in effect on the
Date of Termination, or if no such policy, based on Executive’s inability to
engage in any substantial gainful activity by reason of any medically
determinable physical or 

 

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mental impairment
which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, as determined by the Board in
good faith.

 

(f)                                    Good Reason.  For purposes of this Agreement, a termination
for “Good Reason” means a termination by Executive during the Employment
Term based upon the
occurrence (without Executive’s express written consent) any of the following:

 

(i)                                     a material diminution in
Executive’s Annual Base Salary;

 

(ii)                                  a material diminution in
Executive’s authority, duties, or responsibilities;

 

(iii)                               a
requirement that Executive have a reporting relationship other than as set
forth in Section 2, if such change would result in a material diminution
in the authority, duties or responsibilities of the person to whom the Executive
is required to report;

 

(iv)                              a material change in the
geographic location of Executive’s principal place of employment (excluding
reasonable and customary business travel on Company business); or

 

(v)                                 a material breach by the Company
of any of its obligations under this Agreement.

 

Executive’s continued employment shall not constitute consent to, or a
waiver of rights with respect to, any act or failure to act constituting Good
Reason hereunder; provided, however, that no such event described above shall
constitute Good Reason unless: (1) Executive gives Notice of Termination
to the Company specifying the condition or event relied upon for such
termination within ninety (90) days of the initial existence of such condition
or event; and (2) the Company fails to cure the condition or event
constituting Good Reason within thirty (30) days following receipt of Executive’s
Notice of Termination.

 

10.               Obligations of the Company Upon
Termination.

 

(a)                                  Termination by the Company for a
Reason Other than Cause, Death or Disability and Termination by Executive for
Good Reason.  If Executive’s employment is terminated
during the Employment Term by: (1) the Company for any reason other than
Cause, Death or Disability; or (2) Executive for Good Reason:

 

(i)                                     the Company shall pay Executive
the following (collectively, the “Accrued Obligations”): (A) within
five (5) business days after the Date of Termination, any earned but
unpaid Annual Base Salary; (B) within a reasonable time following
submission of all applicable documentation and in accordance with the Company’s
expense reimbursement policy, any expense reimbursement payments owed to
Executive for expenses incurred prior to the Date of Termination; (C) no
later than March 15th of the year in which the Date of Termination occurs,
any earned but unpaid Annual Bonus payments relating to the prior calendar
year; and (D) no 

 

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later
than March 15th of the calendar year following the year in
which the Date of Termination occurs, a prorated Annual Bonus based upon the
actual Annual Bonus that would have been earned by Executive for the year in
which the Date of Termination occurs (based upon the
actual satisfaction of the applicable performance measures, but ignoring any
requirement that Executive must be employed on the payment date; and provided,
that, if the Compensation Committee elects to exercise any permitted discretion
to reduce Executive’s actual Annual Bonus, the discretion applied to Executive
shall be the same as the discretion applied to other senior executives of
Parent or the Company whose employment did not terminate) multiplied by the percentage of the calendar
year completed before the Date of Termination;

 

(ii)                                  the Company shall pay Executive,
within thirty (30) business days after the Date of Termination, a lump-sum
payment equal to 200%  of the
sum of: (A) Executive’s Annual Base Salary in effect immediately
prior to the Date of Termination (disregarding any reduction in Annual Base
Salary to which Executive did not expressly consent in writing); and (B) the
greater of the target Annual Bonus Opportunity in the year in which the Date of
Termination occurs or the average Annual Bonus paid to Executive by the Company
for the three (3) years preceding his termination of employment;

 

(iii)                               (A) all stock option,
restricted stock and other equity-based incentive awards granted by the Company
or the Parent that vest solely based on Executive’s continued employment (“Time-Vesting
Awards”) and that were outstanding but not vested as of the Date of
Termination shall become immediately vested and/or payable in full; and (B) all
stock option, restricted stock and other equity-based incentive awards granted
by the Company or the Parent that vest based in whole or in part on actual
satisfaction of performance criteria (“Performance-Vesting Awards”)
shall remain outstanding until the end of the applicable performance period and
shall only vest if and when the applicable performance targets are met pursuant
to their express terms but ignoring any requirement of continued employment (provided,
that, if the Compensation Committee elects to exercise any permitted discretion
to reduce the portion of any such Performance-Vesting Awards that becomes vested,
the discretion applied to Executive shall be the same as the discretion applied
to other senior executives of Parent or the Company whose employment did not
terminate); and

 

(iv)                              as long as Executive pays the
full monthly premiums for COBRA coverage and to the extent permitted under the
Company’s plan, the Company shall provide Executive and, as applicable,
Executive’s eligible dependents with continued medical and dental coverage, on
the same basis as provided to the Company’s active employees and their
dependents until the earlier of: (A) three (3) years after the
Date of Termination; or (B) the date Executive is first eligible
for medical and dental coverage (without 

 

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pre-existing
condition limitations) with a subsequent employer.  In addition, within thirty (30) business days
after the Date of Termination, the Company shall pay Executive a lump sum cash
payment equal to thirty-six monthly medical and dental COBRA premiums based on
the level of coverage in effect for the Executive (e.g., employee only or
family coverage) on the Date of Termination.

 

(b)                                 Termination by the Company for
Cause.  If Executive’s employment is terminated
during the Employment Term by the Company for Cause, the Company’s only
obligation under this Agreement shall be payment of any Accrued Obligations
except that Company shall have no obligation to pay Executive any pro rata
bonus for the year in which the Date of Termination occurs.

 

(c)                                  Termination due to Death or
Disability or by Executive without Good Reason.  If Executive’s employment is terminated
during the Employment Term due to death or Disability or by Executive without
Good Reason, the Company shall pay Executive (or to Executive’s estate or
personal representative in the case of death), within thirty (30) business days
after the Date of Termination, any Accrued Obligations.  In addition, if Executive’s employment is
terminated due to death or Disability, (x) all Time-Vesting Awards that
were outstanding but not vested as of the Date of Termination shall become
immediately vested and/or payable, as the case may be, as if Executive’s
employment had continued for two (2) additional years; and (y) all
Performance-Vesting Awards shall remain outstanding until the end of the
applicable performance period and shall only vest if and when the applicable
performance targets are met pursuant to their express terms but ignoring any
requirement of continued employment (provided, that, if the
Compensation Committee or other committee of the Board elects to exercise any
permitted discretion to reduce the portion of any such Performance-Vesting Awards that
becomes vested, the discretion applied to Executive shall be the
same as applied to other senior executives of Parent or the Company whose
employment did not terminate).

 

(d)                                 Six-Month Delay.  To the extent Executive is a “specified
employee,” as defined in Section 409A(a)(2)(B)(i) of the Code and the
regulations and other guidance promulgated thereunder and any elections made by
the Company in accordance therewith, notwithstanding the timing of payment
provided in any other Section of this Agreement, no payment, distribution
or benefit under this Agreement that constitutes a distribution of deferred
compensation (within the meaning of Treasury Regulation Section 1.409A-1(b))
upon separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h))
that would otherwise be payable during the six-month period after separation
from service, will be made during such six-month period, and any such payment,
distribution or benefit will instead be paid on the first business day after
such six-month period.

 

11.               Non-Delegation
of Executive’s Rights.  The
obligations, rights and benefits of Executive hereunder are personal and may
not be delegated, assigned or transferred in any 

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manner whatsoever, nor are such obligations,
rights or benefits subject to involuntary alienation, assignment or transfer.

 

 

12.               Nondisclosure
of Confidential Information.  During
the course of Executive’s employment with the Company, Executive will have access
to certain Confidential Information. 
Executive agrees to hold in strictest confidence and not to use, except
for the benefit of the Company and its affiliates, the Company’s Confidential
Information and Trade Secrets.  For
purposes of this Agreement, “Confidential Information” means any
information, without regard to form, relating to the Company’s and its
affiliates’ clients, operations, finances, and business that derives economic
value, actual or potential, from not being generally known to other persons or
entities, including but not limited to technical or non-technical data,
compilations (including compilations of customer, supplier, or vendor
information), programs, methods, devices, techniques, processes, inventions,
improvements, writings, memoranda, reports, drawings, sketches, financial data,
pricing methodology, formulas, patterns, strategies, studies, business
development, software systems, marketing techniques and lists of actual or
potential customers (including identifying information about customers),
whether or not in writing.  Confidential
Information includes information disclosed to the Company and/or its affiliates
by third parties that the Company and/or such affiliates are obligated to maintain
as confidential.  Confidential Information
shall not include any information that: (i) at the time of the disclosure
was generally known to the public; (ii) becomes known to the public
through no violation of this Agreement; or (iii) is disclosed to Executive
by a third party that is not under an obligation to maintain the
confidentiality of the information.  In
the event that Executive becomes legally compelled to disclose any Confidential
Information, Executive shall provide the Company with prompt written notice of
such requirement prior to any disclosure to allow the Company to seek a
protective order or other remedy. 
Confidential Information subject to this Agreement may include
information that is not a trade secret under applicable law, but information
not constituting a Trade Secret shall only be treated as Confidential
Information under this Agreement during the Employment Term and for a two-year
period following Executive’s termination of employment.  “Trade Secret” shall mean Confidential
Information constituting a trade secret under applicable law.

 

13.               Restrictive Covenants

 

(a)                                  Non-Competition.  During the Employment Term and, unless the
Agreement shall have expired on the third anniversary of the Effective Date,
for a period of two years after Executive’s employment with the Company
terminates for any reason, Executive will not, directly or indirectly, own,
manage, operate, control, be employed by, act as an advisor to or participate
in the ownership, management, operation or control of, or hold any position as
a shareholder, director, officer, consultant, independent contractor, partner,
employee, advisor or investor in, any person or entity that provides or offers
products or services that are the same as or substantially similar to the
products and services offered as part of the Company’s Business (as defined in Section 13(b));
provided that in no event shall ownership of less than one percent (1%) of the
outstanding equity securities of any issuer whose securities are registered
under the Securities and Exchange Act of 1934, as amended, standing alone, be
prohibited by this Section 13(a). 
The “Territory” shall mean the geographic area of the United
States of America in which the 

 

8

 

Company
or any of its affiliates regularly engages in the Company’s Business.  Following termination of the Employment Term,
upon request of the Company or Parent made while this Section 13(a) is
in effect, Executive shall notify the Company of Executive’s then current
employment status.

 

(b)                                 Non-Solicitation of
Customers/Suppliers.  Executive agrees that during the Employment
Term and, unless the Agreement shall have expired on the third anniversary of
the Effective Date, for two years after Executive’s employment with the Company
terminates for any reason, Executive will not directly or indirectly solicit
Customers or the purpose of providing goods and services competitive with the
Company’s Business or otherwise interfere with or harm, or attempt to interfere
with or harm, the relationship of the Company or any of its affiliates with any
Customer.  “Customers” as of any
date shall mean the customers and suppliers of the Company or any of its
affiliates on such date relating to the Company’s Business.  The “Company’s Business” shall mean
the business of designing, selling, promoting for sale or manufacturing, as
distributor, designer, broker, or manufacturer, specialty equipment and/or
electronics related to audio, visual and data signals, including, without
limitation, parts, equipment and hardware ancillary thereto.

 

(c)                                  Non-Solicitation of Employees.  Executive agrees that during the Employment
Term and, unless the Agreement shall have expired on the third anniversary of
the Effective Date, for two years after Executive’s employment with the Company
terminates for any reason, Executive shall not, directly or indirectly, whether
on behalf of Executive or others, solicit, lure or attempt to hire away any
individual who is or, within twelve (12) months of the date of such action, was
an employee of the Company or any of its affiliates.

 

(d)                                 Injunctive
Relief.  Executive agrees
that in the event of a breach of Section 13 of this Agreement, damages
will not be an adequate remedy and the Company will be entitled, inter alia, to injunctive relief to restrain
any such breach, threatened or actual.  In addition, any
material breach of the terms of this Section 13 shall be considered Cause.

 

14.               Proprietary Rights.  Executive assigns all of Executive’s interest
in any and all inventions, discoveries, improvements and patentable or
copyrightable works initiated, conceived or made by Executive, either alone or
in conjunction with others, during the Employment Term and related to the
Company’s Business to the Company or its nominee.  Whenever requested to do so by the Company,
Executive shall execute any and all applications, assignments or other
instruments that the Company shall in good faith deem necessary to apply for
and obtain trademarks, patents or copyrights of the United States of America or
any foreign country or otherwise protect the interests of the Company and its
affiliates therein.  These obligations
shall continue beyond the conclusion of the Employment Term with respect to
inventions, discoveries, improvements or copyrightable works initiated, conceived
or made by Executive during the Employment Term.

 

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15.               Return of Company Property.  Upon termination of Executive’s employment
for any reason or earlier, upon the Company’s request, Executive shall promptly
return to the Company all “Property” that has been entrusted or made available
to Executive by the Company or its affiliates. 
For purposes of this Agreement, “Property” means all records,
files, electronic storage media, memoranda, reports, price lists, customer
lists, drawings, plans, sketches, keys, codes, computer hardware and software,
equipment and other property of any kind or description prepared, used or
possessed by Executive during Executive’s employment with the Company and, if
applicable, any of its affiliates (and any duplicates of any such property),
which relate to the Company or its affiliates, or the Company’s or its
affiliates’ business, products or services.

 

16.           Cooperation.  In the event of termination of Executive’s
employment, for whatever reason (other than death), Executive agrees to
cooperate with the Company and its affiliates and to be reasonably available to
the Company and its affiliates for a reasonable period of time thereafter with
respect to matters arising out of Executive’s employment hereunder or any other
relationship with the Company and its affiliates, whether such matters are
business-related, legal or otherwise. 
The Company shall reimburse Executive for all expenses reasonably incurred
by Executive during such period in connection with such cooperation
services.  Any such cooperation shall
take into account any responsibilities to which Executive is subject to a
subsequent employer or otherwise.

 

17.               Actions.  The parties agree and acknowledge that the
rights conveyed by this Agreement are of a unique and special nature and that
the Company will not have an adequate remedy at law in the event of a failure
by Executive to abide by its terms and conditions, nor will money damages
adequately compensate for such injury. 
Therefore, it is agreed between and hereby acknowledged by the parties
that, in the event of a breach by Executive of any of the obligations of this
Agreement, the Company shall have the right, among other rights, to damages
sustained thereby and to obtain an injunction or decree of specific performance
from any court of competent jurisdiction to restrain or compel Executive to
perform as agreed herein.  Executive
hereby acknowledges that, except as expressly provided in Section 13,
obligations under Sections 13, 14, 15, 16 and 17 shall survive the termination
of Executive’s employment and of the Employment Term and be binding by their
terms at all times subsequent to the termination of employment for the periods
specified therein.  Nothing herein shall
in any way limit or exclude any other right granted by law or equity to the
Company.

 

18.               Release.  Notwithstanding any provision herein to the
contrary, the Company may require that, prior to payment of any amount or
provision of any benefit under Section 10 (other than due to Executive’s
death), Executive shall have executed a release in such form as is reasonably
acceptable to Executive and the Company, and any waiting periods contained in
such release shall have expired.  With
respect to any release required to receive payments owed pursuant to Section 10,
the Company must provide Executive with the form of release no later than seven
(7) days after the Date of Termination and the release must be signed by
Executive and returned to the Company, no later than sixty (60) days after the
Date of Termination.

 

19.               No Mitigation.  The Company agrees that, if Executive’s
employment hereunder is terminated during the Employment Term, Executive is not
required to seek other employment or to attempt in any way to reduce any
amounts payable to Executive by the Company hereunder.  Further, the amount of any payment or benefit
provided for hereunder shall not be 

 

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reduced by any compensation earned by Executive as the result of
employment by another employer, by retirement benefits or otherwise.

 

20.               Entire Agreement and Amendment.  This Agreement embodies the entire agreement
and understanding of the parties hereto in respect of the subject matter of
this Agreement, and supersedes and replaces all prior agreements,
understandings and commitments with respect to such subject matter.  This Agreement may be amended only by a
written document signed by both parties to this Agreement.

 

21.               Governing Law.  This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Delaware, excluding any
conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of this Agreement to the substantive law of
another jurisdiction.

 

22.               Successors.  This Agreement may not be assigned by
Executive.  In addition to any
obligations imposed by law upon any successor to the Company, the Company will
require any successor (whether direct or indirect, by purchase, merger, consolidation
or otherwise) to all or substantially all of the stock, business and/or assets
of the Company, to expressly assume and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to
perform it if no such succession had taken place.  Failure of the Company to obtain
such assumption by
a successor shall be a material breach of this Agreement.  Executive agrees and consents to any such
assumption by a successor of the Company, as well as any assignment of this
Agreement by the Company for that purpose. 
As used in this Agreement, “the Company” shall mean the Company as
herein before defined as well as any such successor that expressly assumes this
Agreement or otherwise becomes bound by all of its terms and provisions by
operation of law.  This
Agreement shall be binding upon and inure to the benefit of the parties and
their permitted successors or assigns.

 

23.               Counterparts.  This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

24.               Legal Fees.  If Executive terminates his employment for
Good Reason or if the Company involuntarily terminates Executive without Cause,
then, in the event Executive incurs legal fees and other expenses in seeking to
obtain or to enforce any rights or benefits provided by this Agreement, the
Company will reimburse Executive’s reasonable fees and expenses as incurred
quarterly, including, without limitation, reasonable attorneys’ fees and
expenses, experts’ fees and expenses, investigative fees, and travel expenses,
in connection with such dispute, provided that (i) Executive provides the
Company with written documentation substantiating the amount of such fees and
expenses, and (ii) Executive prevails on at least one material issue in
such dispute.  The Company will make such
reimbursement payments quarterly based on the written substantiation
documentation submitted by Executive to the Company during the prior quarter.  In no event will any reimbursement be made
later than the end of the calendar year next following the calendar year in
which the expense was incurred by Executive. 
Executive must provide such written substantiation in time for the
Company to make such reimbursement by such deadline.  In the event Executive does not so prevail
(in either case, a “Resolution”), Executive will repay to the Company
any amounts previously reimbursed by it 

 

11

 

within a reasonable period of time not to exceed 60 days following the
date of the Resolution.  The amount of
expenses eligible for reimbursement under this Section 24 during a
calendar year will not affect the amount of expenses eligible for reimbursement
under this Section 24 in another calendar year, and the right to such
reimbursement is not subject to liquidation or exchange for another benefit
from the Company.  Except to the extent
provided in the preceding sentence, each party shall pay its own legal fees and
other expenses associated with any dispute under this Agreement.

 

25.               Indemnification.  During the Term of this Agreement and after
Executive’s termination of employment for any reason, the Company shall
indemnify Executive and hold Executive harmless from and against any claim,
loss or cause of action arising from or out of Executive’s performance as an
officer, director or employee of the Company or any of its subsidiaries or
other affiliates or in any other capacity, including any fiduciary capacity, in
which Executive serves at the Company’s request, in each case to the maximum
extent permitted by law and under the Company’s Articles of Incorporation and
By-Laws (the “Governing Documents”), provided that in no event shall the
protection afforded to Executive hereunder be less than that afforded under the
Governing Documents as in effect on the Effective Date of this Agreement except
for changes mandated by law.  The rights
under this Section 25 shall survive the termination of employment and the
Employment Term until the expiration of the applicable statute of limitations.

 

26.               Severability.  If any section, subsection or provision
hereof is found for any reason whatsoever to be invalid or inoperative, that
section, subsection or provision shall be deemed severable and shall not affect
the force and validity of any other provision of this Agreement.  If any covenant herein is determined by a
court to be overly broad thereby making the covenant unenforceable, the parties
agree and it is their desire that such court shall substitute a reasonable
judicially enforceable limitation in place of the offensive part of the
covenant and that as so modified the covenant shall be as fully enforceable as
if set forth herein by the parties themselves in the modified form.  The covenants of Executive in this Agreement
shall each be construed as an agreement independent of any other provision in
this Agreement, and the existence of any claim or cause of action of Executive
against the Company, whether predicated on this Agreement or otherwise, shall
not constitute a defense to the enforcement by the Company of the covenants in
this Agreement.

 

27.               Notices.  Any notice, request, or instruction to be
given hereunder shall be in writing and shall be deemed given when personally
delivered or three (3) days after being sent by United States Certified
Mail, postage prepaid, with Return Receipt Requested, to the parties at their
respective addresses set forth below:

 

To the Company:

 

Pro Brand International, Inc.

1900 West Oak Circle,

Marietta, Georgia, 30062

Fax:

Telephone:

Attention: General Counsel

 

12

 

With a copy
to:

 

Granahan
McCourt Acquisition Corporation

179 Stony
Brook Road

Hopewell, NJ
08525

Fax:

Telephone:
(609) 333-1200

Attention:
David C. McCourt

 

To Executive:

 

at the home address of Executive as noted in the corporate records of
the Company

 

28.               Waiver of Breach.  The waiver by any party of any provisions of
this Agreement shall not operate or be construed as a waiver of any prior or
subsequent breach by the other party.

 

29.               Tax Withholding.  the Company or an affiliate may deduct from
all compensation and benefits payable under this Agreement any taxes or
withholdings the Company is required to deduct pursuant to state, federal or
local laws.

 

30.               Code Section 409A.  To the extent applicable, it is intended that this Agreement
and any payment made hereunder shall comply with the requirements of Section 409A
of the Code, and any related regulations or other guidance promulgated with
respect to such Section by the U.S. Department of the Treasury or the
Internal Revenue Service (“Code Section 409A”).  Any provision that would cause the Agreement
or any payment hereof to fail to satisfy Code Section 409A shall have no
force or effect until amended to comply with Code Section 409A, which
amendment may be retroactive to the extent permitted by Code Section 409A.  Without limiting the generality of the
foregoing:  (i) for all purposes
under this Agreement, reference to Executive’s “termination of employment” (and
corollary terms) with the Company shall be construed to refer to Executive’s “separation
from service” (as determined under Treasury Regulation Section 1.409A-1(h),
as uniformly applied by the Company) with the Company; and (ii) to the
extent that any reimbursement, fringe benefit or other, similar plan or
arrangement in which Executive participates during the term of Executive’s
employment under this Agreement or thereafter provides for a “deferral of
compensation” within the meaning of Code Section 409A of the Code, (x) the
amount eligible for reimbursement or payment under such plan or arrangement in
one calendar year may not affect the amount eligible for reimbursement or
payment in any other calendar year (except that a plan providing medical or health benefits may
impose a generally applicable limit on the amount that may be reimbursed or
paid),
and (y) subject to any shorter time periods provided in any expense
reimbursement policy of the Company, any reimbursement or payment of an expense
under such plan or arrangement must be made on or before the last day of the
calendar year following the calendar year in which the expense was incurred.

 

13

 

IN WITNESS
WHEREOF the parties have executed this Agreement to be effective as of the date
first set forth above.

 

	
  EXECUTIVE

  	
  COMPANY

  
	
   

  	
   

  
	
   

  	
  PRO BRAND
  INTERNATIONAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ James
  Crownover 

  	
   

  	
  By:

  	
    /s/
  Philip Shou 

  
	
      James
  Crownover

  	
  Its:

  	
  Chairman and
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  PARENT

  
	
   

  	
   

  
	
   

  	
  GRANAHAN
  MCCOURT ACQUISITION

  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David C.
  McCourt

  
	
   

  	
  Its:

  	
    President,
  Chief Executive Officer and

  
	
   

  	
  Chairman of
  the Board

  
				

 

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Exhibit 10.116    
    

SMD/Retirement
Version 

 
 

COUNTRYWIDE FINANCIAL CORPORATION
  
    2006 EQUITY INCENTIVE PLAN
  
    RESTRICTED STOCK UNIT AWARD AGREEMENT    
    

        The Participant specified below has been granted these Restricted Stock Units ("Units") by  COUNTRYWIDE FINANCIAL
CORPORATION, a Delaware corporation (the "Company") under the terms of the
COUNTRYWIDE FINANCIAL CORPORATION 2006 EQUITY INCENTIVE PLAN (the "Plan"). The Units shall be subject to
the terms and conditions set forth herein (the "Agreement") as well as the terms of the Plan. 

        Section 1.    Award.    In accordance with the Plan, the Company hereby grants to the Participant the number of
Units set forth below. On any date, a Unit has a value equal to the Fair Market Value of one share of Stock. The Participant shall have no rights with respect to a Unit until the Unit vests in
accordance with Section 3 of this Agreement. Prior to actual payment, Units represent an unsecured obligation of the Company, payable only from
the general assets of the Company. The Units are in all respects limited and conditioned as provided herein. Except where the context clearly implies to the contrary, any capitalized terms in this
award shall have the meaning ascribed to them in the Plan. 

        Section 2.    Terms of Award.    The following words and phrases relating to the grant of the Units shall have
the following meanings: 

        (a)   The
"Participant" is <First Name> <Last Name>. 

        (b)   The
"Grant Date" is <Date>. 

        (c)   The
number of "Units" is <Units>. 

        Section 3.    Vesting.    

        (a)   Except
as otherwise provided in this Agreement, Units will vest as indicated in the following table, provided, in each case, the Participant has not had a Termination of
Service prior to the applicable vesting date(s): 

	INSTALLMENT
 
	 	VESTING DATES

	33%	 	1st Anniversary of Grant Date
	33%	 	2nd Anniversary of Grant Date
	34%	 	3rd Anniversary of Grant Date

        (b)   Notwithstanding
the foregoing provisions of this Section 3 or any provision of Section 4.1 of the Plan to
the contrary, all Units shall vest immediately upon the earliest of the following events to occur (the "Event Date"): (i) the Participant's
Termination of Service as a result of a "Workforce Reduction" (as defined below), (ii) a Change in Control other than the
"Merger" (as defined in the Agreement and Plan of Merger by and among Countrywide Financial Corporation, Bank of America Corporation and Red Oak Merger
Corporation dated as of January 11, 2008 (the "Merger Agreement")) that occurs on or before the Participant's Termination of Service (provided
that, for such purpose, from and after the "Effective Time", as defined in the Merger Agreement, a Change in Control shall be determined by reference to
Bank of America Corporation rather than the Company) or (iii) the Participant's Termination of Service as a result of the Participant's death, Disability or
"Retirement". For purposes of this Agreement, and notwithstanding any provisions of the Plan to the contrary, Retirement means the Participant's
Termination of Service after having attained at least age sixty-five (65). 

        (c)   For
purposes of this Agreement, a Workforce Reduction means a Participant's Termination of Service that results in the Participant becoming eligible to receive severance
pay under the Countrywide 

 

Financial
Corporation Change in Control Severance Plan (As Amended and Restated June 14, 2006) or any other severance plan of the Company, Bank of America Corporation or any of their affiliates
under which the Participant is covered at the time of the Participant's Termination of Service. A PARTICIPANT'S TERMINATION OF SERVICE SHALL NOT BE CONSIDERED DUE TO WORKFORCE
REDUCTION UNLESS THE PARTICIPANT EXECUTES A GENERAL RELEASE OF CLAIMS AGAINST THE COMPANY AND ITS AFFILIATES IN A FORM CUSTOMARILY USED BY THE PARTICIPANT'S EMPLOYER AT THE TIME OF THE PARTICIPANT'S
TERMINATION OF SERVICE AS APPLICABLE TO SIMILARLY SITUATED EMPLOYEES, AS WELL AS ANY OTHER DOCUMENTS AS MAY BE REQUIRED BY THE PARTICIPANT'S EMPLOYER IN CONNECTION WITH RECEIVING SEVERANCE BENEFITS
UNDER THE APPLICABLE SEVERANCE PLAN. ALL SUCH DOCUMENTS SHALL BE EXECUTED AS SOON AS ADMINISTRATIVELY PRACTICABLE FOLLOWING THE PARTICIPANT'S TERMINATION OF SERVICE, BUT IN NO EVENT MORE THAN
SEVENTY-FIVE DAYS FOLLOWING THE PARTICIPANT'S TERMINATION OF SERVICE.

        (d)   Notwithstanding
any contrary provision of this Agreement, any Units that have not vested pursuant to this  Section 3 will be forfeited and cancelled immediately upon Participant's Termination of Service.

        Section 4.    Settlement of Units.    

        (a)   Units That Become Vested Upon Vesting Date.    As soon as administratively practicable following the applicable
Vesting Date identified in Section 3(a) of this Agreement, but in no event more than seventy-five days following the applicable
Vesting Date, the Company shall make a cash payment to the Participant equal to the Fair Market Value of one share of Stock as of the Vesting Date in settlement of each vested Unit then payable. 

        (b)   Units That Become Vested Upon Event Date.    To the extent that the Participant's Units become vested upon an
Event Date as provided in Section 3(b) other than death, they shall become payable as soon as administratively practicable following the
originally scheduled Vesting Dates pursuant to Section 3(a) of this Agreement, but in no event more than seventy-five days following
the applicable Vesting Date. The Company shall make a cash payment to the Participant equal to the Fair Market Value of one share of Stock as of the applicable Vesting Date in settlement of each
vested Unit then payable. To the extent that the Participant's Units become vested upon a Termination of Service as a result of the Participant's death as provided in  Section 3(b), they shall
become payable as soon as administratively practicable, but in no event more than seventy-five days,
following the date of such death. 

        Section 5.    Withholding.    All payments pursuant to this Agreement shall be subject to withholding of all
applicable Federal, state and local income taxes, as determined by the Company, in its sole discretion. 

        Section 6.    Heirs and Successors.    The 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 rights of the Participant or benefits distributable to the Participant under this Agreement have not been settled or distributed, respectively, at the time of the Participant's death, such
rights shall be settled and payable to the Designated Beneficiary, and such benefits shall be distributed to the Designated Beneficiary, in accordance with the provisions of the Agreement. The
"Designated Beneficiary" shall be the beneficiary or beneficiaries designated by the Participant in a writing filed with the Committee on a form as the
Committee may require. The designation of beneficiary form may be amended or revoked from time to time by the Participant. If a deceased Participant fails to choose a Designated Beneficiary, or if no
Designated Beneficiary survives the Participant, any rights that would have been payable to the Participant shall be payable to the legal representative of the estate of the Participant. If a
Designated Beneficiary survives the Participant but 

2

 

dies
before the settlement of Designated Beneficiary's rights under this Agreement, then any rights that would have been payable to the Designated Beneficiary shall be payable to the legal
representative of the estate of the Designated Beneficiary. 

        Section 7.    Non-Transferability of Unit.    Except as otherwise provided in Section 6 of
this Agreement, the Units are non-transferable at all times. The Participant may not sell, assign, transfer, pledge, hypothecate, mortgage, encumber or dispose of (together,  "Transfer") any Units
awarded under this Agreement. Any attempted Transfer of Units shall be null and void and will result in the immediate forfeiture
and cancellation of all of the Units subject to this Agreement. 

        Section 8.    No Voting or Dividend Rights.    The Participant shall at no time be a shareholder of record with
respect to the Units and shall at no time have any voting rights or rights to dividends or dividend equivalents with respect to the Units. 

        Section 9.    Securities Laws.    The Participant acknowledges that certain restrictions under state or Federal
securities laws may apply with respect to the Units granted pursuant to this Award. Participant hereby agrees to execute such documents and take such actions as the Company may reasonably require with
respect to applicable state and Federal securities laws. 

        Section 10.    Adjustments.    The existence of this award shall not affect in any way the right or power of
the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company's capital structure or its business, or any merger or
consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stocks ahead of or convertible into, or otherwise affecting the Company's common stock or the rights
thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar
character or otherwise. 

        Section 11.    Electronic Delivery.    The Company may, in its sole discretion, decide to deliver any documents
related to this grant or future awards that may be granted under the Plan by electronic means or request the Participant's consent to participate in the Plan by electronic means. The Participant
hereby consents to receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system established and maintained by
the Company or another third party designated by the Company. 

        Section 12.    Administration.    The authority to manage and control the operation and administration of the
Agreement and the Plan shall be vested in the Committee, and the Committee shall have all powers with respect to the Agreement as it has with respect to the Plan. Any interpretation of the Agreement
or the Plan by the Committee and any decision made by it with respect to the Agreement or the Plan are final and binding on all persons. 

        Section 13.    Plan Governs.    Notwithstanding anything in the Agreement to the contrary, the Agreement shall
be subject to the terms of the Plan, a copy of which may be obtained by the Participant from the office of the Secretary of the Company. The Agreement is subject to all interpretations, amendments,
rules and regulations promulgated by the Committee from time to time pursuant to the Plan. The Participant acknowledges having read the Plan Prospectus and agrees to be bound by all of the terms and
conditions of the Plan and the Agreement. 

        Section 14.    Not An Employment Contract.    The Units will not confer on the Participant any right with
respect to continuance of employment or other service with the Company or any Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would otherwise have to
terminate or modify the terms of such Participant's employment or other service at any time. 

3

 

        Section 15.    Amendment.    The Agreement may be amended in accordance with the provisions of the Plan, and
may otherwise be amended by written agreement of the Participant and the Company without the consent of any other person. 

        Section 16.    Section 409A Amendment.    This Agreement is intended to comply with the requirements of
Code Section 409A and shall be interpreted consistent with that intent. The Committee reserves the right (including the right to delegate such right) to unilaterally amend this Agreement
without the consent of the Participant in order to maintain an exclusion from the application of, or to maintain compliance with, Code Section 409A. Participant's acceptance of this Award
constitutes acknowledgement and consent to such rights of the Committee. 

        Section 17.    Severability.    In the event any provision of this Agreement shall be held illegal or invalid
for any reason, the illegality or invalidity shall not affect the remaining parts of the Agreement, and the Agreement shall be construed and enforced as if the illegal or invalid provision had not
been included. This Agreement constitutes the final understanding between the Participant and the Company regarding the Units. Any prior agreements, commitments or negotiations concerning the Units
are superseded. 

        IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf, all as of the Grant Date and the
Participant hereby executes and acknowledges acceptance of the terms and conditions of this Agreement. 

Countrywide Financial Corporation:

	/s/ BECKY BAILEY
 Becky Bailey

MD, Global Benefits and Executive Compensation

	 	 

Yes, I do accept

(Click here to accept the terms and conditions of the Agreement

and to acknowledge your receipt and understanding of the

2006 Equity Incentive Plan Prospectus.) 

No, I do not accept

(Click here to reject and forfeit the award.) 

4

QuickLinks

Exhibit 10.116

COUNTRYWIDE FINANCIAL CORPORATION 2006 EQUITY INCENTIVE PLAN RESTRICTED STOCK UNIT AWARD AGREEMENT

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