Document:

EXHIBIT 10.2 
    

    
      PREMIERE GLOBAL SERVICES, INC.
    

    
      AMENDED AND RESTATED EMPLOYMENT AGREEMENT
    

    
      THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered
      into by and between PREMIERE GLOBAL SERVICES, INC., a Georgia
      corporation (the “Company”), and DAVID M. GUTHRIE (the
      “Employee”), on May 19, 2008, to be effective as of June 30, 2008 (the
      “Effective Date”).
    

    
      BACKGROUND STATEMENT
    

    
      The Company and the Employee are parties to that certain Employment
      Agreement effective as of July 20, 2006 (the “Original Agreement”),
      which Original Agreement was further amended on September 15, 2006, and
      December 21, 2007. The Company and the Employee desire to amend and
      restate the Original Agreement as set forth herein.
    

    
      THEREFORE, in consideration of and reliance upon the foregoing
      Background Statement and the representations, warranties and covenants
      contained in this Agreement, and other good and valuable consideration,
      the Company and the Employee agree to the following:
    

    
      TERMS
    

    
      Section 1. Duties. The Company hereby employs the Employee as Chief
      Technology Officer of the Company. The Employee will have the powers,
      duties and responsibilities normally associated with the Chief
      Technology Officer of a corporation, including duties assigned to him
      from time to time by the Chief Executive Officer of the Company to whom
      he shall report. The Employee will devote substantially all of his
      business time to faithfully and industriously perform his duties and
      promote the business and best interests of the Company. The Employee’s
      duties hereunder are to be performed (subject to such travel as may be
      required in the conduct of his duties hereunder) at the Company’s
      corporate headquarters located in Atlanta, Georgia.
    

    
      Section 2. Compensation.
    

    
      Section 2.1. Base Salary. During the term of the Employee’s employment
      under this Agreement, the Company will pay the Employee an annual base
      salary of four hundred thousand dollars ($400,000), payable in
      accordance with the Company’s standard payroll practices.
    

    
      Section 2.2. Bonus Compensation. In addition to his base salary, the
      Employee will be entitled to earn an annual bonus and/or quarterly
      bonuses for each calendar year during the term of this Agreement in an
      amount to be determined based on performance criteria and targets
      established from time to time by the Compensation Committee of the Board
      of Directors of the Company. Unless the Compensation Committee
      determines otherwise prior to the end of the first quarter of a given
      calendar year, the Employee’s target bonus for each calendar year will
      be equal to sixty percent (60%) of his annual base salary for such year,
      with eighty percent (80%) of the target bonus allocated to achievement
      of quarterly targets (i.e. twenty percent (20%) per quarter) and twenty
      percent (20%) allocated to achievement of annual targets. The Employee
      will also be entitled to any additional bonus and incentive compensation
      granted to Employee by the Compensation Committee in its discretion. The
      timing of determination and the date of payment of the bonus would be
      consistent with the payment dates for the other senior officers of the
      Company.
    

    
      
        

        

      

      
        
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      Section 2.3. Employee Benefits. During the term of his employment under
      this Agreement, the Employee will be entitled to participate in all
      employee benefit programs, including pension and profit-sharing plans,
      and any medical, health, dental, disability and other insurance programs
      and any fringe benefits generally available to other senior employees of
      the Company.
    

    
      Section 2.4. Reimbursement of Expenses. The Company will reimburse the
      Employee, in accordance with the Company’s policies, for all reasonable
      expenses incurred by the Employee in performing his duties hereunder.
      Notwithstanding the foregoing, the Company will have no obligation to
      pay reimbursements under this Section 2.4 unless the Employee submits
      timely reports of his expenditures to the Company in the manner
      prescribed by the Company.
    

    
      Section 2.5. Vacation. The Employee will be entitled to three (3) weeks
      paid vacation annually in accordance with the Company’s policies.
    

    
      Section 3. Term of Employment. Subject to Section 4 hereof, the
      Employee’s initial term of employment under this Agreement will begin on
      the Effective Date and will expire on December 31, 2008. The initial
      term of employment will automatically renew for an additional one-year
      period upon the foregoing expiration, and thereafter upon the expiration
      of any renewal term provided by this Section 3, unless the Company or
      the Employee provides written notice to the other party at least ninety
      (90) days prior to the expiration date that such party does not want
      this Agreement to renew.
    

    
      Section 4. Termination of Employment.
    

    
      Section 4.1. Automatic Termination. The Employee’s employment hereunder
      will terminate automatically upon the death of the Employee.
    

    
      Section 4.2. Termination by the Company without Cause or by the Employee
      with Good Reason.
    

    
      (a) The Company may terminate the Employee’s employment under this
      Agreement for “Cause,” which shall consist of any of the following:
    

    
      
        

        

      

      
        
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      (i) the willful and continued failure of the Employee to perform
      substantially his duties with the Company (other than any such failure
      resulting from incapacity due to physical or mental illness, and
      specifically excluding any failure by the Employee, after reasonable
      efforts, to meet performance expectations), after a written demand for
      substantial performance is delivered to the Employee by the Chief
      Executive Officer of the Company which specifically identifies the
      manner in which the Chief Executive Officer of the Company believes that
      the Employee has not substantially performed his duties;
    

    
      (ii) the willful engaging by the Employee in illegal conduct or gross
      misconduct which has, or reasonably may be expected to have, a
      substantial, adverse effect upon the Company;
    

    
      (iii) the Employee’s violation of any written policy of the Company;
    

    
      (iv) the Employee’s indictment, conviction, or entry of a plea of guilty
      or nolo contendere for the commission or perpetration of any felony or
      any crime involving dishonesty, embezzlement, theft, moral turpitude or
      fraud;
    

    
      (v) the Employee’s breach of any provision of Section 5 of this
      Agreement; or
    

    
      (vi) the Employee’s breach of any other material term or covenant of
      this Agreement; provided that such breach is not cured, if it is
      susceptible to cure, within thirty (30) days following receipt of notice
      from the Company setting forth the allegations of Cause.
    

    
      (b) The Employee may terminate his employment under this Agreement for
      “Good Reason,” which shall consist of any of the following:
    

    
      (i) the assignment to the Employee of any duties inconsistent in any
      respect with the Employee’s position (including status, offices, titles
      and reporting requirements), authority, duties or responsibilities with
      the Company or any other action by the Company which results in a
      diminution in such position, authority, duties or responsibilities,
      excluding for this purpose an isolated, insubstantial and inadvertent
      action not taken in bad faith and which is remedied by the Company
      promptly after receipt of notice thereof given by Employee;
    

    
      (ii) a material reduction in the Employee’s base salary;
    

    
      (iii) a material breach by the Company of any of the provisions of this
      Agreement; or
    

    
      (iv) the Company’s requiring the Employee without his consent to be
      based at any office or location other than the Atlanta, Georgia area.
    

    
      
        

        

      

      
        
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      However, no such event described hereunder shall constitute Good Reason
      unless the Employee has given written notice to the Company specifying
      the event relied upon for such determination within ninety (90) days
      after the occurrence of such event and the Company has not remedied such
      situation within thirty (30) days of receipt of such notice. The Company
      shall notify the Employee of the timely cure of any claimed event of
      Good Reason and the manner in which such cure was effected, and any
      notice of termination delivered by the Employee based on such claimed
      Good Reason that has been cured shall be deemed withdrawn and shall not
      be effective to terminate the Agreement.
    

    
      (c) Any non-renewal of the term of this Agreement by the Company
      pursuant to Section 3 hereof, in contemplation of, or within twenty-four
      (24) months after, a Change in Control (as defined below) shall be
      deemed to constitute a termination by the Company without Cause as of
      the expiration of the then-current term of this Agreement.
    

    
      (d) If the Employee’s employment with the Company under this Agreement
      is terminated (i) by the Company without Cause either before or after a
      Change in Control or (ii) by the Employee with Good Reason within
      twenty-four (24) months after a Change in Control, the Employee will be
      entitled to receive (A) an amount equal to his annual base salary
      through the date of termination (the “Termination Date”) to the extent
      not theretofore paid, (B) a pro rata portion of any quarterly bonus
      earned by the Employee with respect to the calendar quarter in which the
      termination occurs, payable on or about the same date that bonuses for
      such calendar quarter are paid to other executive officers of the
      Company, (C) severance pay equal, in the aggregate, to two hundred
      percent (200%) of the Employee’s annual base salary in effect on the
      Termination Date, and (D) an amount equal to the cost of the Employee’s
      COBRA coverage for eighteen (18) months, determined as of the
      Termination Date. As a condition to the payment of these severance
      amounts, the Employee will sign a release and waiver of claims in
      substantially the form set forth in Exhibit A hereto (the “Release”).
      The Release must be signed and returned to the Company within the period
      of time designated by the Company (not less than seven (7) and not more
      than sixty (60) days following the Employee’s receipt of such Release),
      and any revocation period required by law or applicable regulation with
      respect to the release and waiver of claims contained in the Release
      must expire without the Employee’s revoking or causing it to be revoked.
      Subject to Section 8 hereof, the severance amounts in clauses (C) and
      (D) will be payable in cash in a lump sum within seventy-five (75) days
      following the Termination Date (the actual date during such period to be
      determined by the Company in its sole discretion).
    

    
      (e) For the purposes of this Agreement, a “Change in Control” shall mean
      the occurrence of any of the following events:
    

    
      (i) An acquisition (other than directly from the Company) of any voting
      securities of the Company (“Voting Securities”) by any “Person” (as the
      term person is used for purposes of Section 13(d) or 14(d) of the
      Securities Exchange Act of 1934, as amended (the “1934 Act”))
      immediately after which such Person has “Beneficial Ownership” (within
      the meaning of Rule 13d-3 promulgated under the 1934 Act) of fifty
      percent (50%) or more of the combined voting power of the Company’s then
      outstanding Voting Securities; provided, however, that in determining
      whether a Change in Control has occurred, Voting Securities that are
      acquired in an acquisition by (A) an employee benefit plan (or a trust
      forming a part thereof) maintained by (I) the Company or (II) any
      corporation or other person of which a majority of its voting power or
      its equity securities or equity interests are owned directly or
      indirectly by the Company (a “Subsidiary”), or (B) the Company or any
      Subsidiary, or (C) any Person in connection with a “Non-Control
      Transaction” (as hereinafter defined), shall not constitute an
      acquisition for purposes for this clause (i); or
    

    
      
        

        

      

      
        
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      (ii) The individuals who, as of the date of this Agreement, are members
      of the Board of Directors of the Company (the “Incumbent Board”) cease
      for any reason to constitute at least sixty percent (60%) of the Board;
      provided, however, that if the election, or nomination for election by
      the Company’s shareholders, of any new director was approved by a vote
      of at least eighty percent (80%) of the Incumbent Board, such new
      director shall for purposes of this Agreement, be considered as a member
      of the Incumbent Board; provided, further, however, that no individual
      shall be considered a member of the Incumbent Board if such individual
      initially assumed office as a result of either an actual or threatened
      “Election Contest” (as described in Rule 14a-11 promulgated under the
      1934 Act) or other actual or threatened solicitation of proxies or
      consents by or on behalf of a Person other than the Board (a “Proxy
      Contest”), including by reason of any agreement intended to avoid or
      settle any Election Contest or Proxy Contest; or
    

    
      (iii) Approval by the shareholders of the Company of:
    

    
      (A) a merger, consolidation or reorganization involving the Company,
      unless:
    

    
      (I) the shareholders of the Company, immediately before such merger,
      consolidation or reorganization, own, directly or indirectly,
      immediately following such a merger, consolidation or reorganization, at
      least fifty one percent (51%) of the combined voting power of the
      outstanding voting securities of the corporation resulting from such
      merger, consolidation or reorganization (the “Surviving Corporation”) in
      substantially the same proportion as their ownership of the Voting
      Securities immediately before such merger, consolidation or
      reorganization, and
    

    
      (II) the individuals who were members of the Incumbent Board immediately
      prior to the execution of the agreement providing for such merger,
      consolidation or reorganization constitute at least two thirds (2/3) of
      the members of the board of directors of the Surviving Corporation. (A
      transaction in which both of clauses (I) and (II) above shall be
      applicable is hereinafter referred to as a “Non-Control Transaction.”);
      or
    

    
      
        

        

      

      
        
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      (B) A complete liquidation or dissolution of the Company; or
    

    
      (C) An agreement for the sale or other disposition of all or
      substantially all of the assets of the Company to any Person (other than
      a transfer to a Subsidiary).
    

    
      Section 4.3. Termination by the Employee. The Employee may terminate his
      employment under this Agreement by giving the Company at least thirty
      (30) days prior written notice.
    

    
      Section 4.4. Compensation Upon Termination by the Company for Cause or
      by the Employee without Good Reason. In the event the Company terminates
      the Employee’s employment hereunder for Cause, or if the Employee
      terminates his employment pursuant to Section 4.3, the Company will pay
      to the Employee his accrued base salary through the Termination Date, as
      well as any earned and accrued but unpaid bonus compensation.
    

    
      Section 5 Restrictive Covenants.
    

    
      Section 5.1. Acknowledgements. The Employee understands and agrees that,
      by virtue of the Employee’s position with the Company, the Employee will
      have substantial impact on the goodwill and other legitimate business
      interests of the Company and access to ”Confidential Information” and
      “Trade Secrets” (as such terms are defined below) relating to the
      Company and its customers. Employee hereby acknowledges his
      responsibility for building and maintaining business and customer
      relationships for the Company and the Company’s significant investment
      of resources and money in specialized training and professional
      development of the Employee concerning the Company’s unique business
      services, processes and strategies. Accordingly, the Employee
      acknowledges that he will be in a position to have a substantial adverse
      impact on the Company’s business interests should the Employee engage in
      activities in violation of the restrictive covenants of this Section 5.
      The Employee acknowledges that the Company is materially relying upon
      the Employee’s compliance with the terms of this Section 5 and that the
      Employee’s covenants herein are material to the Company’s ongoing
      operations. The Employee further acknowledges that the Employee’s
      adherence to the restrictive covenants set forth in this Section 5 is
      also an important and substantial part of the consideration that the
      Company is receiving under this Agreement and agrees that the term,
      geographic area and scope of the restrictive covenants in this Section 5
      are reasonably necessary to protect and preserve the legitimate business
      interest of the Company and enforceable in all respects. Employee
      further acknowledges and agrees the Employee is capable of obtaining
      gainful, lucrative and desirable employment that does not violate the
      restrictions contained in this Agreement.
    

    
      
        

        

      

      
        
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      Section 5.2. Prohibited Activities. During the “Restricted Period” (as
      defined below), the Employee will not, directly or indirectly, for the
      Employee’s own account or for or on behalf of any other person or
      entity, whether as an owner, operator, officer, director, employee,
      partner, principal, joint venturer, consultant, investor, shareholder or
      independent contractor:
    

    
      (a) Non-competition. Participate in the ownership or management of, or
      provide services, within a seventy-five (75) mile radius of each
      location in which the Company conducts “Business” (as defined below)
      within the United States on the Effective Date of the Agreement (the
      “Territory”), of substantially the same nature or character as those
      provided to the Company by the Employee to any business that directly or
      indirectly competes with the Company in the Territory with respect to
      multimedia messaging (high-volume actionable communications, including
      e-mail, wireless messaging, voice message delivery, SMS messaging and
      fax) and audio and data conferencing and Web-based collaboration
      services (collectively, the “Business”). Employee acknowledges and
      agrees that in connection with his performance of the duties set forth
      in Section 1, Employee will be performing services in and have overall
      management responsibility for the Company’s technology and product
      development strategies in each of these office locations.
    

    
      (b) Non-solicitation. Solicit for the purpose of engaging in the
      Business or competing with the Company any (i) customers of the Company
      who were customers of the Company during the one (1) year period
      preceding Employee’s termination and with whom the Employee had material
      contact, or (ii) prospective customers of the Company who, within two
      (2) years prior to Employee’s termination, had been the subject of
      individually targeted solicitation by Company representatives to become
      a customer of the Company and where the Employee supervised and/or
      participated in such solicitation activities. For purposes of this
      Agreement, the Employee shall be deemed to have had “material contact”
      with a customer if (a) he had business dealings with the customer on the
      Company’s behalf; (b) he was responsible for supervising or coordinating
      the dealings between the Company and the customer; or (c) he obtained
      Trade Secrets or Confidential Information about the customer as a result
      of his association with the Company.
    

    
      (c) Non-recruitment. Solicit or induce, or attempt to solicit or induce,
      any of the Company’s employees, agents, consultants, or independent
      contractors to terminate their relationship with the Company or to
      establish a relationship with a competitor of the Company of
      substantially the same nature or character theretofore existing with
      respect to the Company.
    

    
      (d) Non-disparagement. Speak or act in any manner that is intended to,
      or does in fact, damage the goodwill or the business or reputation of
      the Company.
    

    
      
        

        

      

      
        
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      For purposes of this Agreement, the Restricted Period will be a period
      beginning on the Effective Date and continuing for a period of one (1)
      year after the termination or expiration of the Employee’s employment
      hereunder, regardless of the reason for such termination or expiration.
      The foregoing notwithstanding, the Employee may own as a passive
      investment less than three percent (3%) of any class of securities
      registered pursuant to the 1934 Act of any corporation engaged in
      competition with the Company pursuant to Section 5.2(a) hereof so long
      as the Employee does not otherwise (i) participate in the management or
      operation of any such business, or (ii) violate any other provision of
      this Agreement.
    

    
      Section 5.3. No Interference With Contracts. The Employee
      acknowledges his obligation to abide by applicable state laws
      prohibiting interference with the Company’s contracts with third
      parties, such as improperly seeking to have a third party terminate or
      not renew any contractual relationship with the Company.
    

    
      Section 5.4. Confidentiality and Trade Secrets.
    

    
      (a) The Employee agrees to maintain in strict confidence, and not use or
      disclose to anyone except pursuant to written instructions from the
      Company, any “Trade Secret” of the Company, for so long as the pertinent
      data or information remains a Trade Secret, provided that the obligation
      to protect the confidentiality of any such information or data shall not
      be excused if such information or data ceases to qualify as a Trade
      Secret as a result of the unauthorized acts or omissions of the Employee.
    

    
      (b) The Employee agrees to maintain in strict confidence and, except as
      necessary to perform his duties hereunder, not to use or disclose any
      “Confidential Information” during his
      employment hereunder and for a period of two (2) years thereafter.
    

    
      (c) Upon termination of the Employee’s employment with the Company, the
      Employee shall not retain or destroy and shall return to the Company any
      and all property and all business records of the Company and its
      customers, including, but not limited to, cell phones, keys, credit and
      identification cards, computers, files, personal items or equipment
      provided to the Employee for his use, together with all written or
      recorded materials, contracts, calendars, telephone lists,
      electronically stored information, documents, computer disks, plans,
      records (including, without limitation, customer records on computer
      drives, computer disks or paper), notes or other materials relating to
      the Company, its business or its customers, including all copies
      thereof, regardless of whether the Employee prepared them himself or
      they were provided to the Employee by the Company or any customer. At
      all times, the items listed above shall remain the property of the
      Company or its customers.
    

    
      (d) The Employee may disclose Trade Secrets or Confidential Information
      pursuant to any order or legal process requiring him (in his legal
      counsel’s reasonable opinion) to do so, provided that the Employee shall
      first have notified the Company in writing of the request or order to so
      disclose the Trade Secrets or Confidential Information in sufficient
      time to allow the Company to seek an appropriate protective order.
    

    
      
        

        

      

      
        
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      (e) “Trade Secret” shall mean information that is a trade secret as
      defined under applicable law. In the absence of a definition under
      applicable law, a “Trade Secret” shall mean any information, without
      regard to form, including, but not limited to, technical or
      non-technical data, a formula, a pattern, a compilation, a program, a
      plan, , a device, a method, a technique, a drawing, a
      process, financial data, financial plans, product plans, or a list of
      actual or potential customers or suppliers which is not commonly known
      by, or available to, the public and which information (i) derives
      economic value, actual or potential, from not being generally known to,
      and not being readily ascertainable by proper means by, other persons
      who can obtain economic value from its disclosure or use, and (ii) is
      the subject of efforts that are reasonable under the circumstances to
      maintain its secrecy.
    

    
      (f) “Confidential Information” shall mean any nonpublic information of a
      competitively sensitive nature, other than Trade Secrets, acquired by
      the Employee, directly or indirectly, in connection with the Employee’s
      employment, including (without limitation) oral, written or electronic
      information concerning the Company, its businesses, or its customers,
      suppliers or partners that is not generally known to the public or the
      Company’s competitors and which has value to the Company or its
      customers, including, but not limited to the following: information
      concerning the Company’s financial position and results of operations
      (including, but not limited to, revenues, margins, EBITDA, net income,
      assets and liabilities); annual and long-range business plans and
      methods; product or service plans; technical information; inventions;
      marketing plans and methods, account invoices; training, educational and
      administrative manuals; customer information, including names,
      addresses, telephone numbers, customer requirements, and purchase
      histories; “Customer Content” (as defined below); and associate lists.
      Confidential Information shall not include any data or information that
      has been voluntarily disclosed to the public by the Company (except
      where such public disclosure has been made by or at the direction of the
      Employee without authorization), that has been independently developed
      and disclosed by others, or that otherwise enters the public domain
      through lawful means. “Customer Content” shall mean any nonpublic
      information or content owned by the Company’s customers and disclosed to
      the Company and/or Employee, either directly or through the Company’s
      services, including technical data, financial information, proprietary
      information, business information or information protected by a
      confidentiality agreement between the Company and its customers.
    

    
      Section 5.5. Remedies. In the event the Employee violates or threatens
      to violate the provisions of this Section 5, the parties acknowledge and
      agree that damages at law will be an insufficient remedy and that the
      Company will be entitled to equitable relief in addition to any other
      remedies or rights available to the Company, and no bond or security
      will be required in connection with such equitable relief.
    

    
      
        

        

      

      
        
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      Section 5.6. Counterclaims. The existence of any claim or cause of
      action the Employee may have against the Company will not at any time
      constitute a defense to the enforcement by the Company of the
      restrictions or rights provided by this Section 5, but the failure to
      assert such claim or cause of action shall not be deemed to be a waiver
      of such claim or cause of action.
    

    
      Section 6. Ownership of Employee’s Work
    

    
      Section 6.1. Company Ownership of Inventions, Patents and Copyrights.
      The Employee hereby assigns, releases and transfers to the Company and
      its nominees, successors and assigns the Employee’s entire right, title
      and interest in any idea, invention, improvement, design of useful
      article (whether the design is ornamental or otherwise), computer
      program and related documentation and other work of authorship,
      hereafter made or conceived solely or jointly by the Employee, or
      created wholly or in part by the Employee, whether or not such
      Inventions are patentable, copyrightable or susceptible to other forms
      of protection, where such Inventions (a) relate to the actual or
      anticipated business or research or development of the Company, or (b)
      are suggested by or result from any task assigned to the Employee or
      work performed by the Employee for or on behalf of the Company (all
      hereinafter referred to as “Inventions”); provided that the restrictions
      contained in this Section 6 will not apply to Inventions conceived after
      the termination of the Employee’s employment unless they are conceived
      with the use of Confidential Information or Trade Secrets of the Company
      or facilities, property or personnel of the Company. The Employee
      stipulates that any works of authorship prepared by or at the direction
      of the Employee in connection with his employment with the Company shall
      be deemed to be “works made for hire” under the United States copyright
      laws, and owned solely and exclusively by the Company or its nominees,
      successors, and assigns.
    

    
      Section 6.2. Notice of Inventions and Cooperation. The Employee shall
      promptly disclose in writing to his supervisor any Inventions and shall
      execute specific assignments of title and do anything else reasonably
      necessary to enable the Company to secure, maintain or enforce patent,
      copyright or other forms of protection therefor in the United States and
      in other countries.
    

    
      Section 7. Company. For purposes of Sections 5 and 6, “Company” shall
      include the Company and its affiliated entities.
    

    
      Section 8. Section 409A Compliance. Notwithstanding anything in the
      Agreement to the contrary, if any amount or benefit that would
      constitute “deferred compensation” for purposes of Section 409A of the
      Internal Revenue Code of 1986, as amended (the “Code”), would otherwise
      be payable or distributable under the Agreement by reason of the
      Employee’s separation from service, then if and to the extent
      necessary to comply with Section 409A of the Code, the payment or
      distribution of such amount or benefit will be delayed until the first
      day following the six (6) month anniversary of the Employee’s
      termination of service. On such date, the Company will pay or distribute
      to the Employee an amount equal to that which the Employee would
      normally have received during such six (6) month period. Thereafter,
      payments and benefits will be paid or distributed as provided in Section
      4.2(d).
    

    
      
        

        

      

      
        
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      Section 9. Compliance With Other Agreements. The Employee represents and
      warrants to the Company that he is free to enter this Agreement and that
      the execution of this Agreement and the performance of his obligations
      under this Agreement will not, as of the date of this Agreement or with
      the passage of time, conflict with, cause a breach of or constitute a
      default under any agreement to which the Employee is a party or may be
      bound.
    

    
      Section 10. Severability. Every provision of this Agreement is intended
      to be severable. If any provision or portion of a provision is illegal
      or invalid, then the remainder of this Agreement will not be affected.
      Moreover, any provision of this Agreement which is determined to be
      unreasonable, arbitrary or against public policy will be modified as
      necessary so that it is not unreasonable, arbitrary or against public
      policy.
    

    
      Section 11. Waiver. A waiver by a party to this Agreement of any breach
      of this Agreement by the other party will not operate or be construed as
      a waiver of any other breach or a waiver of the same breach on a future
      occasion. No delay or omission by either party to enforce any rights it
      may have under this Agreement will operate or be construed as a waiver.
    

    
      Section 12. Amendment. This Agreement may not be amended or modified
      except by a writing signed by both parties.
    

    
      Section 13. Headings. The various headings contained in this Agreement
      are inserted only as a matter of convenience and in no way define, limit
      or extend the scope or intent of any of the provisions of this Agreement.
    

    
      Section 14. Counterparts. This Agreement may be executed in several
      counterparts, each of which will be deemed an original, but all of which
      taken together will constitute one and the same instrument.
    

    
      Section 15. Number and Pronouns. Wherever from the context it appears
      appropriate, each term stated in either the singular or the plural will
      include the singular and the plural and pronouns stated in the
      masculine, feminine or neuter gender will include the masculine,
      feminine and neuter genders.
    

    
      Section 16. Assignment; Binding Effect. Neither this Agreement nor any
      right or interest hereunder shall be assignable by either the Employee
      or the Company without the other party’s prior written consent;
      provided, however, that nothing in this Section 16 shall preclude (i)
      the Employee from designating a beneficiary to receive any benefits
      payable hereunder upon his death, or (ii) the executors, administrators
      or other legal representatives of the Employee or his estate from
      assigning any rights hereunder to the person or persons entitled
      thereto. Except as otherwise provided herein, this Agreement will be
      binding upon and inure to the benefit of the parties hereto and their
      respective legal representatives, administrators, executors, successors
      and assigns.
    

    
      
        

        

      

      
        
          - 11 -
        

        
          

        

      

      
        

        

      

    

    
      Section 17. Arbitration. Any dispute between the parties shall be
      resolved through binding arbitration conducted by the American
      Arbitration Association under the rules then in effect. The parties
      agree that any arbitration proceeding shall be conducted in Atlanta,
      Georgia and hereby consent to jurisdiction and venue there. The
      predominately nonprevailing party, as determined by the arbitrator(s),
      shall pay the reasonable attorneys’ fees and other expenses of the
      predominately prevailing party in any such arbitration or resulting
      litigation.
    

    
      Section 18. Entire Agreement. With respect to its subject matter, this
      Agreement constitutes the entire understanding of the parties
      superseding all prior agreements (including without limitation, any
      Nondisclosure, Nonsolicitation & Inventions Agreement), understandings,
      negotiations and discussions between them, whether written or oral, and
      there are no other understandings, representations, warranties or
      commitments with respect thereto except as embodied herein.
    

    
      Section 19. Governing Law. This Agreement shall be governed by and
      interpreted in accordance with the substantive laws of the State of
      Georgia without reference to conflicts of law.
    

    
      Section 20. Notices. Any notices or other communications required or
      permitted under this Agreement shall be in writing and shall be deemed
      to have been duly given and delivered when delivered in person, two (2)
      days after being mailed postage prepaid by certified or registered mail
      with return receipt requested, or when delivered by overnight delivery
      service or by facsimile to the recipient at the following address or
      facsimile number, or to such other address or facsimile number as to
      which the other party subsequently shall have been notified in writing
      by such recipient:
    

    
      If to the Company:
    

    	
           
        	
          Premiere Global Services, Inc.
        
	

        	
          The Terminus Building
        
	

        	
          3280 Peachtree Road, NW, Suite 1000
        
	

        	
          Atlanta, GA 30305-2422
        
	

        	
          Attention: Chief Legal Officer
        
	

        	
          Facsimile: (404) 262-8540
        
	

        	
           
        
	

        	
          If to the Employee:
        
	

        	
          David M. Guthrie
        
	

        	
           
        
	

        	
           
        

    
      
        

        

      

      
        
          - 12 -
        

        
          

        

      

      
        

        

      

    

    
      IN WITNESS WHEREOF, the parties have executed this Agreement as of the
      Effective Date.
    

    	
          PREMIERE GLOBAL SERVICES, INC.
        	
           
        	

        
	

        	
           
        	

        	

        	

        
	

        	

        	

        	

        	
           
        
	
          By:
        	

        	
          /s/ Boland T. Jones
        	

        	

        
	

        	

        	
          Boland T. Jones
        	

        	

        
	

        	

        	

        	

        	
           
        
	
          Its:
        	

        	
          Chief Executive Officer
        	

        	

        

    	
          EMPLOYEE
        
	
           
        	
           
        	
           
        	
           
        	

        
	

        	

        	

        	

        	
           
        
	
          /s/ David M. Guthrie
        
	
          David M. Guthrie
        

    

    

    

    

    
      - 13 -EMPLOYMENT AGREEMENT

Exhibit 10.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMPLOYMENT AGREEMENT

By and Between

RASER TECHNOLOGIES, INC.

 

And

BRENT M. COOK

Dated as of April 4, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employment Agreement

THIS EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into as of the 4th day of April, 2008 (the "Effective Date") by and between RASER TECHNOLOGIES, INC. (the "Company"), and Brent M. Cook ("Employee").  The Company and Employee are sometimes later in this Agreement collectively referred to as the "Parties".

RECITALS

NOW THEREFORE, in consideration of this Agreement and of the covenants and conditions contained in this Agreement, the Parties agree as follows:

1.Employment and Positions.

(a) Positions.  The Company employs Employee and Employee accepts employment by the Company as Chief Executive Officer for the Company for the Period of Employment specified in Paragraph 3 ("Period of Employment").

2.Services to be Rendered.  The Employee shall, during the Period of Employment, serve the Company in the positions set forth in Paragraph 1 ("Employment and Positions") diligently, competently, and in conformance with the corporate policies of the Company.  Employee shall have the responsibility to always act in the best interest of the Company and recognizes opportunities, ideas, and intellectual property relating to the business of the Company that are developed as an officer or employee of Raser Technologies Group, Inc. remain the property of the Company and Employee agrees to execute any and all such documents to accomplish this purpose.

In fulfilling his duties and responsibilities under this Agreement, Employee shall report to the Board of Directors of the Company.

3.Period of Employment.  Employee's employment by the Company pursuant to this Agreement shall, unless sooner terminated, begin as of the 1st day of February 2008 (the "Effective Date") and continue for a period of three (3) years from the Effective Date ("Period of Employment").

4.Base Salary.  At the commencement of the Period of Employment, Employee shall be paid a yearly base salary of an amount determined by the Board of Directors consistent with an annual compensation review of comparable positions of public companies.  Base salary shall be paid in semi monthly installments during the Period of Employment.  Base salary shall be increased to $250,000.00 at the commencement of this contract.

5.Incentive Bonus.  The Board of Directors and Management will determine any incentive bonus guidelines during the Period of Employment; Employee shall have the potential to receive a bonus pursuant to the Company's bonus plan and based on performance against specific objectives of up to 70% of base salary.  He may also participate in any Deferred Compensation plans, if any, as in effect from time to time. It is recognized that bonus plans are dependent upon the Corporation income performance and general performance evaluations as determined by the Board. The board reserves the right to adjust the bonus plan on a year by year basis.

6.Expense Reimbursement.  The Employee shall be entitled to prompt reimbursement for reasonable expenses incurred by the Employee in performing services for the Company.  Employee shall be required to provide proof and documentation of such expenditures as required by the Company.

7.Stock Options.  Employee shall also be eligible to receive 100,000 additional stock options with a strike price equal to closing price on April 3, 2008, during the Period of Employment.  The options will vest 1/20 every 3 months for the duration of the 5 year standard vesting period.

8.Other Benefits.  In addition to the benefits previously set forth in this Agreement, Employee shall, during the Period of Employment, be entitled to the benefits described below, and as concerns all such benefit programs where years of service are a factor, to the extent permitted by law, Employee shall be given credit for his years of service with Raser Technologies prior to the implementation of any benefit program.

(a)Vacation.  During the Period of Employment, Employee shall be entitled to not less than six (6) weeks of paid vacation during each calendar year according during the Period of Employment.  The vacation may be carried over from year to year. 

(b)Sick Leave.  Leave time will be granted to the Employee that is reasonable under the circumstances and that is consistent with the Company's policies and procedures, as the same may be changed, modified or terminated for all participants from time to time.

(c)Insurance.  Participation in the group insurance program of the Company as concerns life, disability, medical and dental insurance currently available to other employees as the same may be implemented, changed, modified or terminated for all participants from time to time.  Employee shall be required to pay that portion of the premiums for coverage under such insurance that is payable by other employees of the Company for their insurance coverage.

(d)Retirement Plan.  The Employee shall participate in the Company's Retirement Plans in accordance with the terms and provision and applicable law as the same may be implemented, changed, or terminated from time to time.  Employee shall become eligible to participate in the Company's Retirement Plans at date of hire or as the Effective date of the implementation of such plans, whichever is later.

(e)Other Miscellaneous Benefits.  The Company shall pay or reimburse Employee for the following miscellaneous benefits:
(i)Annual dues for association membership for relevant professional groups.

(ii)Subscription and purchase of books, journals, publications which relate to job duties and responsibilities.

9.Terms of Employment.

(a)Term.The Company hereby agrees to continue the Employee in its employ, and the Employee hereby agrees to remain in the employ of the Company, in accordance with the terms and provisions of paragraph 3 of this Agreement, for the Period of Employment, thus terminating on the third anniversary of the Effective Date of this Agreement, upon 30 days prior written notice from the Company to Employee.  If such written notice of termination is not given, then the Employee's employment under this Agreement shall continue under the terms of this Agreement, until the Employee is terminated by the Company upon thirty (30) days prior written notice.

(b)During the Period of employment.
(i)The Employee's position, authority, duties and responsibilities shall be commensurate in all material respects with those held, exercised and assigned at any time during the ninety (90) day period immediately preceding the Effective Date or at any office which is the headquarters of the Company.

(ii)The Employee's services shall be performed at the location where the Employee was employed immediately preceding the Effective Date or at any office which is the headquarters of the Company.

10.Termination of Agreement.

(a)Termination of the Employment by Employer.  Anything in this Agreement to the contrary notwithstanding , the Company shall have the following rights with respect to termination of Employee's employment.

(i)Disability.  The Company may terminate Employee's employment under this Agreement if the Employee shall become unable to fulfill his duties under this Agreement, as measured by the company's usual business activities, by reason of any medically determinable physical and/or mental disability as determined by two independent physicians.

(ii)Cause.  Employee's employment may be terminated for Cause.  For purpose of the Agreement, "Cause" shall mean and refer to a determination made in good faith by the Company's Board of Directors that:

(1)Employee has been convicted of or has entered into a plea of guilty or nolo contendere to a felony or to any other crime, which other crime is punishable by incarceration for a period of one (1) year or longer, or which is a crime involving moral turpitude;

(2)There has been a theft, embezzlement, or other criminal misappropriation of funds by Employee, whether from the Company or any other person;

(3)Employee has willfully failed or refused to follow reasonable written policies or directives established by the Board of Directors of the Company, or Employee has willfully failed to attend to material duties or obligations of Employee's office (other than any such failure resulting from Employee's incapacity due to physical or mental illness, which is the cause or manifestation of Employee's disability), which failure or refusal continues for thirty (30) days following delivery of a written demand from the Company's Board of Directors for performance to Employee identifying the manner in which Employee has failed to follow such policy or directives or to perform such duties.  

iii)Termination pursuant to this Paragraph 9 shall be effective as of the Effective Date of the notice by the Board of Directors to Employee that it has made the required determination, or at such other subsequent date, if any specified in such notice.

iv)Death.  If the Employee dies during the term of this Agreement, his personal representative or designated survivor shall receive all of the salary and benefits provided hereunder for the remaining term of this Agreement, but in no event shall his designated survivor receive less than 12 months salary.  

b)Termination by Employee.

i) With Good Reason.  Employee shall have the right to terminate his employment under this Agreement and any time for Good Reason, provided Employee has delivered written notice to the Company which briefly describes the facts underlying Employee's belief that "Good Reason" exist and the Company has failed to cure such situation within thirty (30) days after effective date of such notice.  For purposes of the Agreement, "Good Reason" shall mean and consist of: 

1)a material breach by the Company of its obligations under this Agreement; 

2)the assignment to Employee of duties that are materially inconsistent with, or that constitute a material alteration in the status of his responsibilities set forth in this Agreement, as an employee of the Company; 

3)a reduction by the Company of Employee's Base Salary below the Base Salary set forth in Paragraph 5 ("Base Salary");

4)without Employee's prior written consent, the transfer or relocation of Employee's place of employment to any place other than the Salt Lake City/ Provo metropolitan area, except for reasonable travel on the business of the Company; or

5)upon the consummation of a sale of all or a substantial portion of the assets of the Company not in the usual regular course of the business of the Company in which sale the acquiring company did not assume all the obligations of the Company under this Agreement.

11.Confidential Information.   The Employee shall hold in fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its affiliated companies and their respective businesses, which have been obtained by the Employee during the Employee's employment by the Company or any of its affiliated companies and which shall not be or become public knowledge (other than by acts of the Employee or representatives of the Employee in violation of this Agreement).  After termination of the Employee's employment with the Company, the Employee shall not, without prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by the Company.  In no event shall an asserted violation of the provisions of this section constitute a basis for deferring or withholding any amounts otherwise payable to the Employee under the provisions of this Agreement.

12.Inventions.
(a)Assignment.  Without further consideration, the Employee shall fully and promptly report to the Company all ideas, concepts, inventions, discoveries, formulas, and designs conceived or produced by the Employee at any time during the Period of Employment relating to the Company's trade or business, whether alone or with other and whether patentable or unpatentable (collectively, "Inventions" pertaining directly or indirectly to the business of the Company as conducted by the Employee at any time during the Employment Period) and shall assign and hereby does assign to the Company or its nominee the Employee's entire right, title and interest in and to all such Inventions.

(b)Cooperation.   The Employee shall take all reasonable action requested by the Company to protect or obtain title to any and all United States and/or foreign patents on any such Inventions, including execution and delivery of all applications, assignments and other documents deemed necessary or desirable by the Company, provided that the Company shall reimburse the Employee for all expenses incurred by the Employee in connection with such execution and delivery.

 

13.Non-Competition after Termination.

(a)Acknowledgment.   The Employee acknowledges that his services and responsibilities are of a particular significance to the Company and that his position with the Company does and will continue to give him and intimate knowledge of its business.  Because of this, it is important to the Company that the Employee be restricted from the competing with the Company in the event of the termination of his employment.

(b)Agreement.  The Employee agrees that, in addition to any other limitations, for a period of one (1) year after the termination of his employment under this Agreement, the Employee will not directly or indirectly compete with the Company or its business within the continental United States of America.

14.Severance Pay.  If the Employee does not continue in the employ of the Company after the termination of this Agreement, whether or not the Employee is offered or continues employment by the Company, Company shall pay to Employee, no later than two months after termination, the sum of one year's annual Base Wages.  The Employee shall not be required to mitigate the amount of the payment provided for in this section by seeking other employment or otherwise; nor shall the amount of the payment be reduced by any compensation earned by the Employee as a result of the employment by another employer after termination or otherwise.

15.Dispute Resolution.  In the event of an unresolved dispute regarding the termination of this contract, the employee waives his right to a trail by jury and agrees to participate in a hearing by a judge.  Each party will be responsible for their respective legal fees.

16.Indemnification.  The Company shall release, indemnify and hold harmless the Employee against and from any and all loss, claims, actions or suits, including costs and attorney's fees, both at trial and on appeal, resulting from or arising out of or in any way connected with the Employee's acts as an employee of the Company.

17.Miscellaneous.  Any notice or other communications required or permitted to be given to the parties hereto shall be deemed to have been given when received, addressed as follows (or at such other address as the party addressed may have substituted by notice pursuant to this Section):
(a)If to the Company:

Raser Technologies, Inc.

5152 North Edgewood Dr.

Suite 375

Provo, UT 84604

Attn: Chief Financial Officer

(b)If to Employee:

Brent M. Cook

18.Governing Law.  This Agreement shall in all respects be interpreted, construed and governed by and in accordance with the laws of the State of Utah.

IN WITNESS WHEREOF, the parties have executed this Agreement in duplicate as of the date written above.

Brent M. Cook

/s/ Brent M. Cook

_____________________________

Brent M. Cook

_____________________________

Chief Executive Officer

 
Raser Board

/s/ Lee A. Daniels

_____________________________

Lee A. Daniels

_____________________________

Chairman of the Compensation Committee

 
Raser Technologies, Inc.

/s/ Martin F. Petersen                   

_____________________________

Martin F. Petersen (dated 5/13/08)

_____________________________

Chief Financial Officer

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