Document:

EX-10.39

 

Exhibit 10.39

PHH CORPORATION

RESTRICTED STOCK UNIT

CONVERSION AWARD NOTICE

Vesting Schedule Modification

On February 1, 2005, PHH Corporation (the “Company”) awarded you Restricted Stock Units in
consideration of the conversion of the restricted stock units granted to you by Cendant Corporation
on June 3, 2004. A portion of those Restricted Stock Units would vest on April 27, 2006, if the
Company achieves certain targets for net income growth and return on equity for fiscal year 2005.
However, due to the changes in the Company’s business during fiscal year 2005, the Compensation
Committee has modified the vesting targets for 2005 as set forth below. This document constitutes
part of and is subject to the terms and provisions of the Conversion Award Notice, the PHH
Corporation Restricted Stock Unit Conversion Award Agreement, and the PHH Corporation 2005 Equity
Incentive Plan (the “Plan”). The terms used but not defined in this modification shall have the
meanings set forth in the Conversion Award Notice, the Agreement, or the Plan.

	 	 	 	 	 	 
	Grantee:	 	[Name]
	 	 	[Address]
	 
	 	 	 	 	 
	Participant #:	 	[Social Security Number]
	 
	 	 	 	 	 
	Conversion Date:	 	February 1, 2005
	 
	 	 	 	 	 
	Number of Conversion

Restricted Stock Units:	 	[                    ]
	 
	 	 	 	 	 
	Performance Goals:
	 	 	 	 	 
	 
	 	 	 	 	 
	Modified Vesting Schedule:	 	Vesting Date: April 27, 2006
	 
	 	 	 	 	 
	 

	 	(1	)	 	12.5% of the Restricted Stock Units shall become vested
on April 27, 2006, if the Company achieves 100% of its
target (Pre-Tax Income After Minority Interest,
excluding spin-off related expenses, equal to
[***]) for the 2005 fiscal year; or
	 
	 	 	 	 	 
	 

	 	(2	)	 	18.75% of the Restricted Stock Units shall become
vested on April 27, 2006, if the Company achieves 150% of
its target (Pre-Tax Income After Minority Interest,
excluding spin-off related expenses, equal to
[***]) for the 2005 fiscal year.

All of the terms and conditions of the Restricted Stock Unit Conversion Award Notice except those
modified above, remain in full force and effect.

	 	 	 	 	 	 	 
	 	 	PHH CORPORATION	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	Date: November              , 2005	 	 

RETAIN THIS MODIFICATION, YOUR NOTIFICATION AND YOUR CONVERSION AWARD AGREEMENT WITH YOUR IMPORTANT DOCUMENTS AS A RECORD OF THIS AWARD.

 

	[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.EX-10.40

 

Exhibit 10.40

PHH CORPORATION

RESTRICTED STOCK UNIT

AWARD NOTICE

Accelerated Vesting Schedule Modification

On June 28, 2005, PHH Corporation (the “Company”) awarded you Restricted Stock Units. A portion of
those Restricted Stock Units would be subject to accelerated vesting on June 28, 2006, if the
Company achieves certain targets for net income growth and return on equity for fiscal year 2005.
However, due to the changes in the Company’s business during fiscal year 2005, the Compensation
Committee has modified the accelerated vesting targets for 2005 as set forth below. This document
constitutes part of and is subject to the terms and provisions of the Award Notice, the PHH
Corporation Restricted Stock Unit Award Agreement (the “Agreement”), and the PHH Corporation 2005
Equity Incentive Plan (the “Plan”). The terms used but not defined in this modification shall have
the meanings set forth in the Award Notice, the Agreement, or the Plan.

	 	 	 
	Grantee:

	 	[Name]
	 

	 	[Address]
	 
	 	 
	Participant #:

	 	[Social Security Number]
	 
	 	 
	Grant Date:

	 	June 28, 2005
	 
	 	 
	Number of Restricted

Stock Units:

	 	[                    ]
	 
	 	 
	Performance Goals for Accelerated Vesting:

	 
	 	 
	Modified Vesting Schedule:

	 	Accelerated Vesting Date: June 28, 2006

25% of the Restricted Stock Units shall become vested
on June 28, 2006, if the Company achieves 100% of its
target (Pre-Tax Income After Minority Interest,
excluding spin-off related expenses, equal to
[***]) for the 2005 fiscal year.

All of the terms and conditions of the Restricted Stock Unit Award Notice except those modified
above, remain in full force and effect.

	 	 	 	 	 	 	 
	 	 	PHH CORPORATION	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	Date: November              , 2005	 	 

RETAIN THIS MODIFICATION, YOUR NOTIFICATION AND YOUR AWARD AGREEMENT WITH YOUR IMPORTANT DOCUMENTS AS A RECORD OF THIS AWARD.

 

	[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.EX-10.41

 

Exhibit 10.41

PHH CORPORATION

2005 EQUITY AND INCENTIVE PLAN

NON-QUALIFIED STOCK OPTION

AWARD NOTICE

Accelerated Vesting Schedule Modification

On June 28, 2005, PHH Corporation (the “Company”) awarded you Non-Qualified Stock Options. A
portion of those Non-Qualified Stock Options would be subject to accelerated vesting on June 28,
2006, if the Company achieves certain targets for net income growth and return on equity for fiscal
year 2005. However, due to the changes in the Company’s business during fiscal year 2005, the
Compensation Committee has modified the accelerated vesting targets for 2005 as set forth below.
This document constitutes part of and is subject to the terms and provisions of the Award Notice,
the PHH Corporation Non-Qualified Stock Option Award Agreement (the “Agreement”), and the PHH
Corporation 2005 Equity Incentive Plan (the “Plan”). The terms used but not defined in this
modification shall have the meanings set forth in the Award Notice, the Agreement, or the Plan.

	 	 	 
	Optionee:
	 	[Name]
	 
	 	[Address]
	 
	 	 
	Social Security #:
	 	[Social Security Number]
	 
	 	 
	Grant Date:
	 	June 28, 2005
	 
	 	 
	Number of Shares:
	 	[                    ]
	 
	 	 
	Exercise Price:
	 	$24.99
	 
	 	 
	Expiration Date:
	 	The Options shall expire at 5:00 p.m. Eastern Time on the 10th anniversary of the Grant Date, unless fully exercised or terminated earlier.
	 
	 	 
	Performance Goals for Accelerated Vesting:
	 
	 	 
	Modified Vesting Schedule:
	 	Accelerated Vesting Date: June 28, 2006

25% of the Options shall become vested on June 28, 2006, if the Company achieves 100% of its target
(Pre-Tax Income After Minority Interest, excluding spin-off related expenses, equal to [***]) for the 2005 fiscal year.

All of the terms and conditions of the Non-Qualified Stock Option Award Notice, except those
modified above, remain in full force and effect.

	 	 	 	 	 	 	 
	 	 	PHH CORPORATION	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	Date: November              , 2005	 	 

RETAIN THIS MODIFICATION, YOUR NOTIFICATION, AND YOUR AWARD AGREEMENT WITH YOUR IMPORTANT DOCUMENTS AS A RECORD OF THIS AWARD.

 

	[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.<PAGE>
                                                                    EXHIBIT 10.1

                                                              September 30, 2005

Mark D. Moyer
2 Indian Hill Road
Westport, Connecticut 06880

Dear Mark:

We are pleased to extend to you our offer of employment with Ziff Davis Media
Inc. ("ZDM" or the "Company") to be Senior Vice President of Finance and Chief
Financial Officer for Ziff Davis Media. You will report to Bob Callahan, the
Chairman and CEO. As we have discussed, this is an important position at ZDM,
and it will certainly give you the opportunity to make a major contribution to
our business. We welcome your playing a key role on our senior management team
and in defining and building the Company.

This letter sets forth the terms of our offer:

BASE SALARY

Your annual base salary will be $275,000. You will be eligible for an annual
review in which your base salary and other compensation may be adjusted on a
discretionary basis. Base salary will be paid in accordance with ZDM's standard
payroll policies as may be in effect from time to time. Currently, base salary
is paid on the 15th and the last day of each month. Our offer also includes a
$20,000 (gross) sign-on-bonus, which shall be payable by November 1, 2005.

ANNUAL INCENTIVE BONUS

Your annualized incentive compensation target for 2005 will be $150,000 (which
will be prorated for 2005) and will be based on ZDM's operating performance as
well as on specific quantitative and qualitative objectives that you and Bob
shall determine. Payment of the annual incentive bonus is at ZDM's discretion
and to the extent ZDM determines it is payable, it shall be payable by March 31
of the following year (e.g., the incentive bonus for 2005 shall be payable by
March 31, 2006) provided you remain a full-time employee of ZDM continuously
through such date. Your annual incentive bonus target for future years will be
determined by you and ZDM on later dates.

STOCK OPTIONS

We will recommend that you be granted an option (the "Option") to purchase
shares of certain classes of the capital stock of Ziff Davis Holdings Inc.
("ZDH"), ZDM's indirect parent, pursuant to the ZDH's 2002 Employee Stock Option
Plan ("Plan"), on the next date grants from the Plan are made following the day
you commence your employment. The number of shares of each class of stock
subject to the Option, and the respective exercise prices thereof, would be as
determined by the compensation committee of ZDH. The Option would be subject to
the terms and conditions of an option agreement in the form approved by ZDH
("Option Agreement"), and the Plan, and subject to your execution of the Option
Agreement.

<PAGE>

Mr. Mark D. Moyer
September 30, 2005
Page 2

MEDICAL, DENTAL, LIFE AND DISABILITY INSURANCE AND OTHER BENEFITS

You will be eligible to participate in the standard ZDM benefits programs that
may be in effect from time to time. Your rights and eligibility under each
benefits plan will be governed by the terms of such plan. Under ZDM's current
plans, you would be eligible to participate in medical, dental, flexible
spending and dependent care accounts, after 30 days of service. Eligibility to
participate in life and disability insurance begins on your first day of
employment with ZDM.

401(k) PLAN

You will be eligible to participate in ZDM's 401(k) plan that may be in effect
from time to time. Your rights and eligibility under each benefits plan will be
governed by the terms of such plan. Under ZDM's current 401(k) plan, you would
be eligible to participate effective on the first day of your employment with
ZDM. Among other provisions, after 6 months of service, ZDM's current 401(k)
plan provides that each pay period ZDM will make a matching contribution equal
to 50% of the contribution you make up to 4% of your compensation (i.e., the
matching contribution may be up to 2% of your compensation during a pay period),
with such matching contributions vesting over a period of three years.

VACATION

You will receive four (4) weeks of vacation per year beyond ZDM holidays.

GENERAL

Your employment will be on at "at will" basis and may be terminated by either
you or ZDM at any time, with or without advance notice or warning, for any
reason or no reason. You will be subject to ZDM's employment policies in effect
from time to time. ZDM reserves the right to at any time to change its
employment policies and to change the terms of (or to discontinue) any of its
benefits plans (including its 401(k) plan). This letter contains the entire
agreement of the parties with respect to the subject matter hereof, and
supersedes all other discussions, negotiations and understandings, whether
written or oral, with respect to such subject matter. This letter may not be
amended except in a writing signed by each party, provided, however, that no
amendment altering the "at will" nature of your employment will be effective
unless signed by the chief executive officer of ZDM. Signatures received via
facsimile shall be deemed originals for all purposes.

This offer shall be contingent upon your ability to commence full-time
employment with ZDM by no later than October 5, 2005. If ZDM does not receive
your signed acceptance of this agreement prior to 3:00 p.m. ET on October 3,
2005, the offer contained herein shall be deemed void. The Company reserves the
right to withdraw this offer at any time prior to acceptance.

I am very pleased to offer you this opportunity to rejoin ZDM. I very much look
forward to working with you again and welcome what I know will be your positive
impact on the Company's operations. Please indicate your agreement with the
terms of this letter by signing below and returning your signed copy to me.

<PAGE>

Mr. Mark D. Moyer
September 30, 2005
Page 3

Sincerely,

Beth A. Repeta
Vice President, Human Resources

AGREED AND ACCEPTED:

----------------------              -----------------------
Mark D. Moyer                       Date

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