Document:

Exhibit 10.1

 

DESCRIPTION
OF THE MATERIAL TERMS OF

THE
MIVA 2009 BONUS PROGRAM

 

The MIVA 2009
Bonus Program (the “Bonus Program”) provides for the payment of cash bonuses to
employees of MIVA, Inc. (the “Company”) and its subsidiaries, including
the Company’s currently employed named executive officers (the “NEOs,” as named
in the Company’s 2008 proxy statement and anticipated to be named in the 2009
proxy statement). Bonus payouts to the NEOs under the Bonus Program are based
on achievement of adjusted EBITDA objectives for the Company for the fiscal
year ended December 31, 2009. Adjusted EBITDA is defined as EBITDA
(earnings before interest, income taxes, depreciation, and amortization) plus
non-cash compensation expense plus or minus certain identified revenues or
expenses that are not expected to recur or be representative of future ongoing
operation of the business.

 

The following
table sets forth the target bonus amounts for which an NEO is eligible under
the Bonus Program:

 

	
   

  	
   

  	
   

  	
   

  	
  Target Bonus

  	
   

  
	
  Executive Officer

  	
   

  	
  Position

  	
   

  	
  (as a % of 2009 base salary)

  	
   

  
	
  Peter Corrao

  	
   

  	
  Chief Executive Officer

  	
   

  	
  80

  	
  %

  
	
  Lowell W.
  Robinson

  	
   

  	
  Chief Financial Officer and Chief Operating Officer

  	
   

  	
  60

  	
  %

  
	
  John Pisaris

  	
   

  	
  General Counsel

  	
   

  	
  50

  	
  %

  
	
  Subhransu
  Mukherjee

  	
   

  	
  Senior Vice President MIVA Media

  	
   

  	
  50

  	
  %

  
	
  Robert Roe

  	
   

  	
  Senior Vice President MIVA Direct

  	
   

  	
  50

  	
  %

  

 

Any bonus payouts
to NEOs will be made on an annual basis. Participants in the Bonus Program,
including the NEOs, are eligible to over-achieve their target bonus based on
over-achievement of adjusted EBITDA to a maximum total payout per participant
of 200% of such participant’s target bonus. In the event of a change of
control, the adjusted EBITDA objectives will be deemed to be met for the NEOs,
and each NEO’s target bonus for the full year will be paid upon consummation of
the change of control, and in any event, no later than March 15, 2010.

 

Except for certain
executives, or as provided in a contract to the contrary, a participant’s right
to any bonus under the Bonus Program will cease upon termination of employment
for any reason, whether voluntary or involuntary. For NEOs with employment
contracts containing provisions for termination for “good reason” or
termination by the Company “without cause,” upon separation of employment for
either of those reasons, the executive will receive an amount equal to their
target bonus, pro-rated for the amount of time employed by the Company in
fiscal 2009, increased or decreased pursuant to actual performance versus
targeted performance in the Bonus Program measured as of the end of the
calendar month preceding the termination date. Any such pro-rata bonus will be
paid as soon as administratively possible following termination, and in any
event, no later than March 15, 2010.

 

The Company reserves
the right to amend or cancel the Bonus Program for any reason in its sole
discretion.Exhibit 10.2

 

MIVA, INC.

 

AMENDMENT I

 

EMPLOYMENT AGREEMENT

 

WHEREAS, MIVA, Inc.
(“Employer”) and Lowell Robinson (“Executive”) entered into an Executive
Employment Agreement, effective December 15, 2006 (“Agreement”); and

 

WHEREAS, Section 409A
of the Internal Revenue Code of 1986, as amended, was enacted in 2004, and
places strict rules on the time and form of certain payments provided
under the Agreement; and

 

WHEREAS, the
Employer and Executive may, by written consent of both parties, amend the
Agreement; and

 

WHEREAS, the
Employer and Executive desire to amend the Agreement to bring it into
compliance with Code Section 409A so as to avoid the imposition on
Executive of excise taxes.

 

NOW THEREFORE, it is
agreed, for good and valuable consideration, the receipt of which is hereby
acknowledged, that, effective January 1, 2009, that the Agreement is
amended as follows:

 

1.                                      The
last sentence in Section 6(a) is deleted and replaced with the
following:

 

For purposes of this Section 6, ‘Termination Date’ shall mean the
date on which a ‘separation from service’ occurs, as defined in Treasury
Regulation Section 1.409A-1(h).

 

2.                                      The
following Section 6(j) is added to the Agreement:

 

Notwithstanding any provision in this Section 6 to the contrary,
if Executive is a “specified employee” as defined in Section 409A of the
Code and the Company determines that any amounts to be paid to Executive under
this Section 6 are subject to Section 409A of the Code, then the
Company shall not commence payment of such amounts until the earlier of (a) the
date that is six months after the Executive’s Termination Date or (b) the
date of the Executive’s death.  Any
amount that otherwise would have been payable but for the delay described above
shall be aggregated and paid with the first payment under this Section 6(j).

 

3.                                      The
last sentence of the first paragraph of Section 8(a) is deleted in
its entirety and replaced with the following:

 

The reduction of the amounts payable hereunder, if applicable, shall be
made by reducing first the payments under Section 8.

 

 

IN WITNESS WHEREOF,
Executive has hereunto set his hand, and Employer has caused this Amendment I
to be executed in its name and on its behalf, as of the 23rd day of December 2008.

 

 

	
   

  	
  MIVA Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter A. Corrao

  
	
   

  	
   

  
	
   

  	
  Its:

  	
  President and CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Executive

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Lowell Robinson

  
	
   

  	
   

  	
  Lowell RobinsonExhibit 10.3

 

MIVA, INC.

 

AMENDMENT I

 

EMPLOYMENT AGREEMENT

 

WHEREAS, MIVA, Inc., successor to FindWhat.com (“Employer”)
and John B. Pisaris (“Executive”) entered into an Executive Employment
Agreement, effective February 1, 2004 (“Agreement”); and

 

WHEREAS, Section 409A of the Internal Revenue Code of
1986, as amended, was enacted in 2004, and places strict rules on the time
and form of certain payments provided under the Agreement; and

 

WHEREAS, the Employer and Executive may, by written consent
of both parties, amend the Agreement; and

 

WHEREAS, the Employer and Executive desire to amend the
Agreement to bring it into compliance with Code Section 409A so as to
avoid the imposition on Executive of excise taxes.

 

NOW THEREFORE, it is agreed, for good and valuable
consideration, the receipt of which is hereby acknowledged, that, effective January 1,
2009, that the Agreement is amended as follows:

 

1.             The last
sentence in Section 6(a) is deleted and replaced with the following:

 

For
purposes of this Section 6, ‘Termination Date’ shall mean the date on
which a ‘separation from service’ occurs, as defined in Treasury Regulation Section 1.409A-1(h).

 

2.             The following Section 6(k) is
added to the Agreement:

 

Notwithstanding
any provision in this Section 6 to the contrary, any payment that is
required by this Section 6  to be
paid in installments (including, but not limited to, Base Salary continuation
under Section 6(b)) shall be paid in two payment streams.  The first payment stream will begin as soon
as practicable after the Termination Date and end upon the earlier of (i) the
date Executive has been paid an amount equal to the lesser of two times the
dollar limit prescribed in Section 401(a)(17) of the Internal Revenue Code
of 1986, as amended (the “Code”) or (ii) the last day of the installment
period.  The second payment stream will
be equal to the amount, if any, payable to Executive during the installment
period that was not paid in the first payment stream.  This amount will commence as soon as
practicable after the day that is six months after the Termination Date and end
on the last day of the installment period. 
All other amounts payable to Executive will be paid in accordance with
the applicable provision of this Section 6; provided, 

 

 

however,
that if Executive is a “specified employee” as defined in Section 409A of
the Code and the Company determines that any amounts to be paid to Executive
hereunder are subject to Section 409A of the Code, then the Company shall
not commence payment of such amounts until the earlier of (a) the date
that is six months after the Executive’s Termination Date or (b) the date
of the Executive’s death.  Any amount
that otherwise would have been payable but for the delay described above shall
be aggregated and paid with the first payment under this Section 6(k).

 

3.             The following
clause is added after the first sentence of the first paragraph of Section 6(e):

 

provided,
however, that such notice is given within ninety (90) days of the event that
constitutes Good Reason and the Company has not cured the condition within
thirty (30) days of receipt of such notice.” 
Additionally, consider deleting part (iv) because a change in
control is not a permitted good reason event under Section 409A of the
Code.

 

4.             Section 6(e)(iv) is
deleted from the Agreement in its entirety.

 

5.             The following
clause is deleted in its entirety from the second to last sentence of the first
paragraph of Section 8(a):

 

Unless
an alternative method of reduction is elected by Executive.

 

[Signature
block follows on next page.]

 

 

IN WITNESS WHEREOF, Executive has hereunto set
his hand, and Employer has caused this Amendment I to be executed in its name
and on its behalf, as of the 23rd day of December 2008.

 

 

	
   

  	
  MIVA, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Peter A. Corrao

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
  President and CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Executive

  
	
   

  	
   

  
	
   

  	
  /s/
  John B. Pisaris

  
	
   

  	
  John
  B. Pisaris

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