Document:

exv10w18

 

Exhibit 10.18

SoundBite Communications, Inc.

Summary of Provisions of 2007 Management Cash Compensation Plan

Purpose:

     The purpose of the 2007 Management Cash Compensation Plan (the “Plan”) is to provide
a balanced compensation package while recognizing the company’s needs and its current stage of
development. The Plan seeks to establish competitive levels of compensation, integrate management’s
pay with the company’s performance, and provide the ability to attract and retain qualified
management. The Plan is intended to align management’s financial interests with those of the
company’s shareholders; increase shareholder value through continued revenue growth coupled with
improved financial performance. The Plan is designed to focus senior management on year-over-year
revenue growth, on achieving profitability, and on meeting the intermediate and long term strategic
objectives of the company. The bonus opportunity is directly tied to factors that will impact
shareholder value.

Plan Participants:

President and Chief Executive Officer

Chief Operating and Financial Officer

Chief Technology Officer

Executive Vice President Worldwide Sales

Director of Marketing Communications

Vice President Business Development

Vice President Client Management

Vice President Collections and Industry Marketing

Vice President Engineering

Vice President of Finance

Vice President Operations

The Plan:

	 	 	 	The Plan has two components; base salary and variable performance based
compensation.
	 
	 	A.	 	Base Salary:
	 
	 	 	 	Base salary levels for senior management are set based upon an independent third party
review of senior management compensation. The recommended 2007 base salary is based on a
number of factors, including the status of the competitive marketplace for such positions
(including a comparison of base salaries for comparable positions at comparable companies
within the Company’s industry), the responsibilities of the position, the experience, and
the required knowledge of the individual.
	 
	 	B.	 	Variable Performance Based Compensation:
	 
	 	 	 	The Plan provides for a cash bonus to be paid on a quarterly, semi annual and annual basis.
The bonus levels for senior management are set based upon an independent third party review
of senior management compensation. The recommended 2007 cash bonus is based on a number of
factors, including the status of the competitive marketplace for such positions (including
a comparison of base salaries for comparable positions at comparable companies within the Company’s industry), the responsibilities of the

 

 

	 	 	 	position,
the experience, and the required knowledge of the individual. For 2007 there will be three
components to the variable performance bonus: Revenue Growth, Operating Income
Breakeven/Profitability and Organizational Goals and Objectives. The respective bonuses
will be accrued in the quarter they are earned. No earned bonuses will be paid until the
quarter the company achieves operating income. Assuming the operating income threshold is
achieved; bonuses will be paid upon closing of the company’s books and record of the
respective quarter based upon the payment frequency for each component provided below.

Revenue Growth: The Revenue Growth portion provides for 33% of the individual’s bonus
to be earned and paid based upon actual revenue achievement when compared to Plan
revenue levels. The Revenue Growth performance will be measured and, subject to the
operating income threshold, paid on a quarterly basis.

Operating Income Breakeven/Profitability: The Operating Income Breakeven/Profitability
portion provides for 33% of the individual’s bonus to be earned and paid based upon
actual operating income (loss/breakeven/profit) achievement when compared to Plan
operating income levels. The Operating Income Breakeven/Profitability performance will
be measured and, subject to the operating income threshold, paid on a quarterly basis.
For purposes of this exceeding Plan bonus, a minimum threshold of operating income must
be attained for the full year.

Organizational Goals and Objectives: The Organizational Goals and Objectives portion
provides for 34% of the individual’s bonus to be earned and paid based upon achievement
of previously agreed to goals and objectives. If the applicable goals and objectives
are met, this bonus will be subject to the operating income threshold, paid on a
quarterly basis. The major areas to be addressed with this program include, but are not
limited to, the following: new product launches, business development, marketing
programs, security, financial systems and controls implementation, operational
efficiency, and research and development quality. Individual participants will
incorporate these goals based upon their respective roles, responsibility, and position
at the company.exv10w1

 

Exhibit 10.1

From the Office of: n/a

STANDARD FORM

PURCHASE AND SALE AGREEMENT

This
14th day of August 2007.

	 	 	 	 	 	 	 	 	 	 	 
	1.	 	PARTIES AND MAILING

ADDRESS

(fill in)	 	Century Bank and Trust Company

400 Mystic Avenue, Medford, MA 02155

hereinafter called the SELLER, agrees to SELL and 

C&S Capital Properties, LLC 

51 Main Street, Stoneham, MA 02180

hereinafter called the BUYER or PURCHASER, agrees to
BUY, upon the terms hereinafter set forth the following
described premises:
	 
	 	 	 	 	 	 	 	 	 	 
	2.	 	DESCRIPTION

(fill in and
include title
reference)	 	51 - 61 High Street, Medford, MA 02155

containing approximately 8,451 sq. ft. of land area
	 
	 	 	 	 	 	 	 	 	 	 
	3.	 	BUILDINGS,
STRUCTURES,
IMPROVEMENTS,
FIXTURES

(fill in or
delete)	 	Included in the sale as a part of said premises are the
buildings, structures, and improvements now thereon, and
the fixtures belonging to the SELLER and used in
connection therewith including, if any, all wall-to-wall
carpeting, drapery rods, venetian blinds, window shades,
screens, screen doors, storm windows and doors, awnings,
shutters, furnaces, heaters, heating equipment, stoves,
ranges, gas burners and fixtures appurtenant thereto,
hot water heaters, plumbing and bathroom fixtures,
garbage disposers, electric and other lighting fixtures,
mantels, outside television antennas, fences, gates,
trees, shrubs, plants, and, ONLY IF BUILT IN,
refrigerators, air conditioning equipment, ventilators,
dishwashers, washing machines and dryers: and
but excluding
	 
	 	 	 	 	 	 	 	 	 	 
	4.	 	TITLE DEED
(fill in) 	 	Said premises are to be conveyed by a good and
sufficient quitclaim deed running to the BUYER, or to
the nominee designated by the BUYER by written notice to
the SELLER at least seven (7) days before the deed is to be delivered
as herein provided, and said deed shall convey a good and clear record and
marketable title thereto, free from encumbrances, except

(a) Provisions of existing building and zoning laws.

(b) Existing rights and obligations in party walls which
are not the subject of written agreement.

(c) Such taxes for the then current year as are not due
and payable on the date of the delivery of such deed.

(d) Any liens for municipal betterments assessed after
the date of this agreement.

(e) Easements, restrictions and reservations of record,
if any, so long as the same do not prohibit or
materially interfere with the current use of said
premises.

(f) 

TITLE REFERENCE: Certificate of Title No. 204233 filed
in the Middlesex South Land Registration Office, in

Registration Book 1151, Page 83. 
	 	
Include here by
specific reference
any restrictions,
easements, rights
and obligations in
party walls not
included in (b),
leases, municipal
and other liens,
other encumbrances,
and make provision
to protect SELLER
against BUYER’S
breach of SELLER’s
covenants in
leases, where
necessary	 
	 
	 	 	 	 	 	 	 	 	 	 
	5.	 	PLANS	 	If said deed refers to a plan necessary to be recorded
therewith the SELLER shall deliver such plan with the
deed in form adequate for recording or registration.
	 
	 	 	 	 	 	 	 	 	 	 
	6.	 	REGISTERED TITLE	 	In addition to the foregoing, if the title to said
premises is registered, said deed shall be in form
sufficient to entitle the BUYER to a Certificate of
Title of said premises, and the SELLER shall deliver
with said deed all instruments, if any, necessary to
enable the BUYER to obtain such Certificate of Title
	 
	 	 	 	 	 	 	 	 	 	 
	7.	 	PURCHASE PRICE

(fill in); space is
allowed to write out the amounts if desired	 	The agreed purchase price for said premises is One
Million Five Hundred
Thousand and 00/100 ($1,500,000.00) dollars of which
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	$	 	 	100,000.00	 	 	have been paid as a deposit this day and
	 

	 	 	$	 	 	 	 	 	 
	 

	 	 	$	 	 	1,400,000.00	 	 	are to be paid at the time of delivery of
the deed in cash, or by certified cashier’s,
treasurer’s or bank check(s)
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	$	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	$
	 	 	1,500,000.00	 	 	TOTAL

	 	 	 	 	 
	COPYRIGHT © 1979, 1984, 1986, 1987, 1988

GREATER BOSTON REAL ESTATE BOARD

	 	
	 	All rights reserved This form may not be copied or reproduced
in whole or in part in any manner whatsoever without the prior
express written consent of the Greater Boston Real Estate Board

 

	 	 	 	 	 
	8.

	 	TIME FOR
PERFORMANCE,
DELIVERY OF DEED

(fill in)
	 	Such deed is to be delivered at 3:00 o’clock P.M. on the
17th day of August, 2007, at the Seller’s Office unless otherwise agreed upon in writing.
It is agreed that time is of the essence of this agreement.
	 
	 	 	 	 
	9.

	 	POSSESSION AND
CONDITION OF
PREMISE. 
(attach a
list of exceptions
if any)
	 	Full possession of said premises is to be delivered at the time of the
delivery of the deed, said premises to be then (a) in the same condition as
they now are, reasonable use and wear thereof excepted, and (b) not in
violation of said building and zoning laws, and (c) in compliance with
provisions of any instrument referred to in clause 4 hereof. The BUYER
shall be entitled personally to inspect said premises prior to the
delivery of the deed in order to determine whether the condition thereof
complies with the terms of this clause.
	 
	 	 	 	 
	10.

	 	EXTENSION TO
PERFECT TITLE OR
MAKE PREMISES
CONFORM 
(Change period of time if desired)
	 	If the SELLER shall be unable to give title or to make conveyance, or
to deliver possession of the premises, all as herein stipulated, or if at
the time of the delivery of the deed the premises do not conform with the provisions
hereof, then any payments made under this agreement shall be forthwith
refunded and all other obligations of the parties hereto shall cease and
this agreement shall be void without recourse to the parties hereto, unless the SELLER elects to use reasonable efforts to remove any defects in
title, or to deliver possession as provided herein, or to make the said
premises conform to the provisions hereof, as the case may be, in which
event the SELLER shall give written notice thereof to the BUYER at or before
the time for performance hereunder, and thereupon the time for performance
hereof shall be extended for a period of thirty (30) days.
	 
	 	 	 	 
	11.

	 	FAILURE TO PERFECT
TITLE OF MAKE
PREMISES CONFORM, etc.
	 	If at the expiration of the extended time the SELLER shall have failed so to
remove any defects in title, deliver possession, or make the premises
conform, as the case may be,  all as herein agreed, or if at any time during
the period of this agreement or any extension thereof, the holder of a
mortgage on said premises shall refuse to permit the insurance proceeds, if
any, to be used for such purposes, then any payments made under this agreement
shall be forthwith refunded and all other obligations of the parties
hereto shall cease and this agreement shall be void without recourse to the parties hereto.
	 
	 	 	 	 
	12.

	 	BUYER’s ELECTION TO
ACCEPT TITLE
	 	The BUYER shall have the election, at either the original or any extended
time for performance, to accept such title as the SELLER can deliver to the
said premises in their then condition and to pay therefore the
purchase price without deduction, in which case the SELLER shall convey such title, except that in the event of
such conveyance in accord with the provisions of
this clause, if the said premises shall have been damaged by fire or
casualty insured against, then the SELLER shall, unless the SELLER has
previously restored the premises to their former
condition, either
	 
	 

	 	 	 	(a)       pay over or assign to the BUYER, on delivery of the deed, all amounts
recovered or recoverable on account of such insurance, less any amounts
reasonably expended by the SELLER for any partial restoration, or

	 
	 

	 	 	 	(b)       if a holder of a mortgage on said premises shall not permit the
insurance proceeds or a part thereof to be used to restore the said
premises to their former condition or to be so paid over or assigned, give
to the BUYER a credit against the purchase price, on delivery of the deed,
equal to said amounts so recovered or recoverable and retained by the
holder of the said mortgage less any amounts reasonably expended by the
SELLER for any partial restoration.

	 
	 	 	 	 
	13.

	 	ACCEPTANCE
OF DEED
	 	The acceptance of a deed by the BUYER or his nominee as the case may be,
shall be deemed to be a full performance and discharge of every agreement
and obligation herein contained or expressed, except such as are, by the
terms hereof, to be performed after the delivery of said deed.
	 
	 	 	 	 
	14.

	 	USE OF MONEY TO
CLEAR TITLE
	 	To enable the SELLER to make conveyance as herein provided, the
SELLER may, at the time of delivery of the deed, use the purchase money or any
portion thereof to clear the title of any or all encumbrances or interests,
provided that all instruments so procured are recorded simultaneously with
the delivery of said deed.
	 
	 	 	 	 
	15.

	 	INSURANCE

*Insert amount
	 	Until the delivery of the deed, the SELLER shall maintain insurance on said
premises as follows:
	 

	 	(list additional
	 	Type of Insurance                                        Amount of Coverage
	 

	 	types of insurance
	 	
	 

	 	and amounts as
	 	(a) Fire and Extended
Coverage                                   *$ 1,427,000
	 

	 	agreed)
	 	(b) General Liability          $1,000,000
	 
	 	 	 	     Aggregate                     $2,000,000
	 
	16.

	 	ADJUSTMENTS

(list operating
expenses, if any,
or attach schedule)
	 	Collected rents, mortgage interest, water and sewer use charges, operating
expenses (if any) according to the schedule attached hereto or set forth
below, and taxes for the then current fiscal year, shall be apportioned and
fuel value shall be adjusted, as of the day of performance of this
agreement and the net amount thereof shall be added to or deducted from, as
the case may be, the purchase price payable by the BUYER at the time of
delivery of the deed. Uncollected rents for the current rental period shall
be apportioned if and when collected by either party.

 

	 	 	 	 	 
	17.

	 	ADJUSTMENT OF UNASSESSED AND
ABATED TAXES
	 	If the amount of said taxes
is not known at the time of
the delivery of the deed,
they shall be apportioned on
the basis of the taxes
assessed for the preceding
fiscal year, with a
reapportionment as soon as
the new tax rate and
valuation can be
ascertained, and, if the
taxes which are to be
apportioned shall
there-after be reduced by
abatement, the amount of
such abatement, less the
reasonable cost of obtaining
the same, shall be
apportioned between the
parties, provided that
neither party shall be
obligated to institute or  prosecute
proceedings for an abatement
unless herein otherwise
agreed.
	 
	 	 	 	 
	18.

	 	 
	 	[DELETED]
	 
	 	 	 	 
	19.

	 	 
	 	[DELETED]
	 
	 	 	 	 
	20.

	 	DEPOSIT (fill in name)
	 	All deposit made hereunder
shall be held in escrow by
the Seller, subject to the
terms of this agreement and
shall be duly accounted for
at the time for performance
of this agreement.
	 
	 	 	 	 
	21.

	 	 
	 	[DELETED]
	 
	 	 	 	 
	22.

	 	 
	 	[DELETED]
	 
	 	 	 	 
	23.

	 	 
	 	[DELETED]
	 
	 	 	 	 
	24.

	 	LIABILITY OF TRUSTEE
SHAREHOLDER BENEFICIARY, etc.
	 	If the SELLER or BUYER
executes this agreement in a
representative of fiduciary
capacity. Only the principal
or the estate represented
shall be bound and neither
the SELLER or BUYER so
executing nor any
shareholder or beneficiary
of any trust, shall be
personality liable for any
obligation, express or
implied hereunder.
	 
	 	 	 	 
	25.

	 	WARRANTIES AND REPRESENTATIONS
(fill in), if none. State
“none” if any listed, indicate
by whom each warranty or
representation was made
	 	The BUYER acknowledges that
the BUYER has not has not
been influenced to enter
into this transaction nor
has he relied upon any
warranties or
representations not set
forth or incorporated in
this agreement or previously
made in writing, except for
the following additional
warranties and
representations, if any,
made by either the SELLER or
the Broker(s) None.
	 
	 	 	 	 
	26.

	 	MORTGAGE CONTINGENCY CLAUSE
(omit if not provided for in
Offer to Purchase)
	 	In order to help finance the
acquisition of said
premises, the BUYER shall
apply for a conventional
bank of other institutional
mortgage loan of $
1,000,000.00 at
prevailing rates, terms and
conditions. If despite the
BUYER’s diligent efforts a
commitment for such loan
cannot be obtained on or
before August 14, 2007 the
BUYER may terminate this
agreement by written notice
to the SELLER and/or the
Broker(s), as agent(s) for
the SELLER, prior to the
expiration of such time
whereupon any payments made
under this agreement shall
be forthwith refunded and
all other obligations of the
parties hereto shall cease
and his agreement shall be
void without recourse to the
parties hereto in no event
will the BUYER be deemed to
have used diligent efforts
to obtain such commitment
unless the BUYER submits a
complete mortgage loan
application conforming to
the foregoing provision on
or before August 14, 2007.

 

	 	 	 	 	 
	27.

	 	CONSTRUCTION 

OF AGREEMENT
	 	This instrument, executed in
multiple counterparts, is to be construed as a Massachusetts contract, is
to take effect as a sealed instrument, sets forth the entire contract
between the parties, is
binding upon and enures to the benefit of the parties hereto and their respective heirs, devisees,
executors, administrations, successors and assigns, and may be cancelled, modified or amended only
by a written instrument executed by both the SELLER and the BUYER if two or more persons are named
herein as BUYER their obligation hereunder shall be joint and several. The captions and marginal
notes are used only as a matter of convenience and are not to be considered a part of this
agreement or be used in determining the intent of the parties to it.
	 
	 	 	 	 
	28.

	 	[DELETED]
	 	 
	 
	 	 	 	 
	29.

	 	[DELETED]
	 	 
	 
	 	 	 	 
	30.

	 	ADDITIONAL PROVISIONS
	 	The initialed riders, if any,
attached hereto, are incorporated herein by reference.

NOTICE This is a legal document that creates binding obligations if not understood, consult an attorney

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Century Bank and Trust Company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Jonathan G. Sloane,
Co-Pres/Co-CEO.	 	 
	 

	 	 	 	 	 	 	 	 
	SELLER (or spouse)	 	 	 	SELLER Jonathan G. Sloane, Co-President & Co-CEO	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Joseph Senna	 	 
	 

	 	 	 	 	 	 	 	 
	BUYER	 	 	 	BUYER Joseph Senna	 	 
	 

	 	 	 	 	 	Managing Partner of	 	 
	 

	 	 	 	 	 	C&S Capital Properties LLC	 	 

 

Broker(s)

EXTENSION OF TIME FOR PERFORMANCE

Date                     

     The time for the performance of the foregoing agreement is extended until                     o clock___M on
the
                    
day of                      19                     , time still being of the essence of this
agreement as extended in all other respects, this agreement is hereby
ratified and confirmed.

     This extension, executed in multiple counterparts, is intented to take effect as a sealed
instrument.

	 	 	 
	 	 	 
	Seller (or spouse)

	 	SELLER
	 
	 	 
	 	 	 
	BUYER

	 	BUYER

 

Broker(s)

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