Document:

Exhibit 10.32(a)

 

 

March 7, 2016

 

 

 

Middlesex Water Company

1500 Ronson Road

Iselin, New Jersey 08830-3020

 

	Re:	Extension of Expiration Date for that certain $20,000,000.00 Commercial Line of Credit

(“Line of Credit”)
extended by PNC Bank, National Association (the “Bank to Middlesex Water Company (the “Borrower”)

 

Dear Mr. O’Connor:

 

We are pleased to inform
you that the Line of Credit has been renewed. The Expiration Date of the Line of Credit, as set forth in that certain Amended and
Restated Committed Line of Credit Note executed and delivered by the Borrower to the Bank dated April 29, 2015 (the “Note”)
and/or that certain Amended and Restated Loan Agreement dated April 29, 2015 governing the Line of Credit (the “Loan Agreement”),
has been extended from January 31, 2017 to January 31, 2018, or such later date as may, in the Bank’s sole discretion, be
designated by the Bank by written notice from the Bank to the Borrower. All sums due under the Note, the Loan Agreement or any
related documents, instruments and agreements (collectively as amended from time to time, the “Loan Documents”)
shall be due and payable on the Expiration Date, as extended hereby. All other terms and conditions of the Loan Documents governing
the Line of Credit remain in full force and effect.

 

It has been a pleasure
working with you and I look forward to a continued successful relationship. Thank you again for your business.

 

Very truly yours,

 

	PNC BANK, NATIONAL ASSOCIATION	 
	 	 	 
	By: 	/s/Virginia G. Alling	 
	 	 	 
	 	Virginia G. Alling	 
	 	Senior Vice PresidentEX-10.1

 Exhibit 10.1 
  

 
 [WITH EMPLOYMENT AGREEMENT] 

EFI 2016 Bonus Program 
 We are pleased to offer you
participation in the EFI 2016 Bonus Program (the “Program”) on the terms set forth below. 
 Each participant (the
“Participant”) in the Program will, provided that the Participant remains employed by EFI through the date of grant of such awards, be granted an award of restricted stock units that is subject to vesting requirements based on the
performance of Electronics For Imaging, Inc. (“EFI” or the “Company”) for 2016 and the Participant’s continued employment as set forth below. 

Performance Equity Bonus Terms 
  

	 	•	 	Per the approval by the Company’s Compensation Committee (the “Compensation Committee”) and subject to your continued employment with the Company through the date of grant, you will be granted two
performance-based restricted stock unit (“RSU”) awards with respect to the Program. The RSU awards (the “RSU Awards”) will be subject to vesting based on the achievement of certain Company performance goals for 2016
as set forth below, and your continued employment as set forth below (“Program Components”). In addition, no portion of the RSU Awards will vest if the Company’s 2016 Non-GAAP operating income is less than $*** million.

  

	 	•	 	The total number of RSUs that you will be granted will equal your “Equity Bonus Eligibility” amount (expressed in U.S. Dollars) set forth below, divided by the closing price of EFI’s common stock on
                    , 2016. In each case your total RSUs under each Program Component will be rounded down to the nearest whole share.

  

	 	•	 	The RSUs will be granted under and will be subject to the terms and conditions of EFI’s 2009 Equity Incentive Award Plan, as amended (the “2009 Equity Plan”) and the Restricted Stock Unit Award
Notice and Restricted Stock Unit Award Agreement used by EFI to evidence RSU awards granted under the 2009 Equity Plan, except as otherwise expressly set forth herein. Each RSU Award will have a grant date that is the grant date that the
Compensation Committee approves for such award (the “Grant Date”). The RSU awards are also subject to the individual and other share limits of the 2009 Plan. 

 

	 	•	 	During the first quarter of 2017, the Program Administrator (as defined below) will determine whether (and the extent to which) the performance conditions applicable to the RSUs were achieved for 2016, subject to
approval by the Compensation Committee (the date of the Compensation Committee’s approval is referred to as the “Determination Date”). Subject to your continued employment by the Company through the applicable Vesting Date, if
the Program Administrator determines that the applicable performance condition related to the RSUs was achieved for 2016, subject to the Compensation Committee’s approval, the related RSUs will vest (the “Vesting Date”) on the
later of (1) February 10, 2017 or (2) the vesting date as determined by the Compensation Committee on the Determination Date (such vesting date to be no more than four business days after the Determination Date). Each RSU that
vests in accordance with the terms of the Program will be paid in one share of the Company’s common stock as soon as practicable after (and in all events within two and one-half months after) the Vesting Date. 

  
 1 

 Performance Targets and Equity Bonus Target 

Your Equity Bonus Eligibility amount is set forth below. 
 Equity
Bonus Eligibility: [$] 
 The performance goals applicable to your equity bonus opportunity are set forth below. Vesting of each of your RSU awards is also
conditioned on the Company’s achievement of the Non-GAAP 2016 operating income threshold performance level set forth above. 
  

									
	  Performance Metric
  
	  	 Threshold
  
	 	  	  

Target

 
	 
	  

 2016 Revenue (millions)
  
	  	$  
	        M  
	    
	  	$  
	        M  
	    

	  

 2016 Non-GAAP Operating Income (millions)

 
	  	  
 $

 
	  

        M

 
	  

  
  
	  	  
 $

 
	  

        M

 
	  

  
  

 The number of Revenue RSUs that will vest will be determined based on the Company’s revenue for 2016 as certified by the
Compensation Committee. If the RSU revenue threshold level set forth above is achieved, the Revenue RSUs will vest on a pro-rata, straight-line basis between 0% and 100% vesting, starting at the RSU threshold revenue level up to the RSU target
revenue level. In other words, none of the Revenue RSUs will vest for Company 2016 revenue at or below the threshold level; from there, the percentage of Revenue RSUs that vest will increase on a straight-line basis up to 100% vesting for Company
2016 revenue at or above the target level and will be determined based on the actual level of Company revenue achieved for 2016. 
 The number of Operating
Income RSUs that will vest will be determined based on the Company’s Non-GAAP Operating Income for 2016 as certified by the Company’s Compensation Committee. If the RSU Non-GAAP Operating Income threshold level set forth above is
satisfied, the Operating Income RSUs will vest on a pro-rata, straight-line basis between 0% and 100% vesting, starting at the RSU threshold Non-GAAP Operating Income level up to the RSU target Non-GAAP Operating Income level. In other words, none
of the Operating Income RSUs will vest for Company 2016 Non-GAAP Operating Income at or below the threshold level; from there, the percentage of Operating Income RSUs that vest will increase on a straight-line basis up to 100% vesting for Company
2016 Non-GAAP Operating Income at or above the target level and will be determined based on the actual level of Company Non-GAAP Operating Income achieved for 2016. 

In each case, the number of RSUs that vest (if any) will be rounded down to the nearest whole share, and is subject to your continued employment in good
standing through the date of vesting. Any portion of the award that does not vest (including as a result of the failure to satisfy either or both of the continued employment or threshold Non-GAAP Operating Income conditions or the failure to achieve
the target level of performance indicated above) will terminate and you will have no rights with respect thereto. 
 Non-GAAP Operating Income is
defined as operating income determined in accordance with GAAP, as adjusted to remove the impact of certain recurring and non-recurring expenses and the tax effect of these adjustments, in each case consistent with the determination of non-GAAP
operating income in the Company’s financial reporting. 
 Maximum Award – In no event shall any RSU award vest
with respect to more than 100% of the RSUs subject to such award.  
 Adjustments – The results will be adjusted for certain
material items which are not included in the original calculation of the performance targets as follows: 
 (a) Bookings achieved in 2016 and revenue
deferred from 2016 into a subsequent reporting period will be included in calculation of the achievement of the performance metrics; and 
 (b) Revenue
and operating income from each acquisition completed during 2016 will be used to calculate the achievement of the performance metrics to the extent that such revenue and operating income are generated through sales by Company sales channels existing
prior to the completion each such acquisition; revenue and operating income generated by sales channels acquired as part of each such acquisition will not be included; and 

(c) All performance metrics targets shall be adjusted using the currency exchange rates in effect at the time that the Company’s Annual Operating Plan was
calculated. 

  
 2 

 Other Terms 

Program Participants 
 Participants in this Program are not
eligible for participation in any other variable compensation arrangement, program or plan, such as commission-based plans or other similar plans, for 2016. 

Leaves of Absences 
 Periods of leave of absence will be
considered when determining the vesting of RSU award. Specifically, RSU vesting will (unless otherwise required by applicable law) be calculated on a pro-rata basis excluding any leave of absence period(s) during the applicable Program Year. 

Termination of Employment 
 Except as may otherwise be
expressly provided below, in the applicable Restricted Stock Unit Award Notice and Restricted Stock Unit Award Agreement (as to RSUs), or your written employment agreement (if any) with the Company, you will have no right to any bonus for 2016 and
no right to any payment with respect to your RSUs for 2016 (and your RSUs will automatically and immediately terminate and you will have no right with respect thereto) should you cease to be employed by the Company or one of its subsidiaries before
the Vesting Date set forth above (regardless of the reason for such termination of employment). 
 Notwithstanding anything to the contrary in the
applicable Restricted Stock Unit Award Notice and Restricted Stock Unit Award Agreement or your written employment agreement (if any) with the Company, if you are involuntarily terminated Without Cause or are terminated for Good Reason outside of a
Change of Control (as these terms are defined in the applicable employment agreement), you will be eligible for pro-rata vesting of your RSUs related to this Program. The pro-rata RSU vesting will be determined with respect to the number of RSUs
that would have vested under this Program had your employment continued through the Vesting Date, multiplied by a fraction (x) the numerator of which is the number of whole months you were employed by the Company during 2016, and (y) the
denominator of which is twelve. Payment of such pro-rata amount will be made at the same time that payment would have been made had you continued to be employed through the Vesting Date. In the event that you are entitled to a pro-rata payment of
your RSUs, payment will be made in cash (as opposed to shares or other property) with the cash payment in respect of a vested RSU to equal (subject to applicable tax withholding) the closing price of a share of EFI common stock on the Determination
Date. 
 With respect to any RSUs granted under this Program, in the event of any conflict between the provisions of your employment agreement regarding
acceleration of performance equity outside of a Change of Control and this Program, this Program shall control. 
 No Right to Continued Employment

 Nothing contained in this Program, the RSUs, or any related document constitutes an employment or service commitment by the Company (or any
affiliate), affects your status (if you are employed at will) as an employee at will who is subject to termination at any time and for any reason, confers upon you any right to remain employed by or in service to the Company (or any affiliate), or
interferes in any way with the right of the Company (or any affiliate) to terminate your employment or to change your compensation or other terms of employment at any time. 

Program Administration and Interpretation 
 The Program
will be administered by, and interpretation of the Program, as it may apply to any one individual person, matter or circumstance, will be made by the CEO and Vice President of Human Resources (the “Program Administrator”); provided,
however, that as to any RSU Award intended to qualify as “performance-based compensation” under Section 162(m) of the Internal Revenue Code, the Compensation Committee will be the Program Administrator. This Program is not intended
and shall not be construed to imply an employment contract between EFI and any of its employees. In the event of any conflict between the provisions of the Program and the RSU Agreement, this Program shall control. All actions taken and all
interpretations and determinations made by the Program Administrator in respect of such documents and matters shall be conclusive and binding on all persons and shall be given the maximum deference permitted by law. 

Clawback Policy 
 This Program, the RSU Awards, any
securities or other consideration you may receive in payment of or with respect to the RSU Awards, as well as any bonus opportunity under this Program, is subject to the terms of the EFI recoupment, clawback or similar policy as it may be in effect
from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require repayment or forfeiture of your bonus, awards or any shares of stock or other cash or property received with respect to your
bonus or awards (including any value received from a disposition of any shares of stock you may receive in payment of the RSU Awards). 

  
 3 

 Construction 

This Program and the RSU Awards contemplated above are also intended to satisfy, and not be subject to any tax, penalty or interest under, Section 409A of
the Internal Revenue Code. These arrangements shall be construed in accordance with such intents. 
 Program Changes and Duration of the Program 

This Program is effective as of January 1, 2016. It supersedes all prior performance based bonus programs and shall not be modified or terminated unless
authorized in writing by the Program Administrator and/or approved by the Compensation Committee. The Company reserves the right to modify, change or terminate the Program at any time including to revise goals, corporate objectives or to correct
bona fide errors in the Program, or for any other reason. Notices of such changes will be made in writing or via electronic mail to all Participants affected by such changes. 

These terms apply to the Program Year 2016 only and your bonus eligibility, targets, and any unvested RSUs do not carry over to the following year. 

By signing this Program, you acknowledge and accept that the potential value of your award is subject to market risk and any decline in EFI’s
common stock price may result in a lower realizable value upon vesting. You agree that any decline in the stock price impacting your bonus shall not be the responsibility of the Company and shall not constitute Good Reason under your employment
agreement. You agree that your awards are subject to termination as described above, and that you may not be eligible for any cash bonus with respect to 2016. 

I have read and understand the terms of this Program and the documents referred to herein, I acknowledge and agree to the preceding paragraph and to all
of the terms and conditions of this Program and such other documents. 
  

							
	  
	  		  	  
	  	
	[Participant Name]	  		  	[Date]	  	

  
 4

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