Document:

EXHIBIT
10.3

 

STATEMENT REGARDING EXTENSION OF COLLABORATIVE
RESEARCH AND LICENSE AGREEMENT DATED OCTOBER 26, 2004 BETWEEN SENOMYX, INC. AND
NESTEC, LTD.

 

At a steering committee
meeting on April 12, 2007, the Company and Nestlé agreed to amend the agreement
regarding the discovery and commercialization of novel flavor ingredients in
the coffee and coffee whitener fields to extend the dates provided in Appendix
A to April 25, 2011 (end date for Collaborative Period) and April 26, 2008
(Go/No-Go Decision Date).Exhibit 10.10

UNITED
ONLINE, INC.

2007 MANAGEMENT BONUS PLAN

I.                                            PURPOSES
OF THE PLAN

1.01                        The United Online, Inc.
(“Company”) 2007 Management Bonus Plan (“Plan”) is established to promote the
interests of the Company by creating an incentive program to (i) attract and
retain employees who will strive for excellence, and (ii) motivate those
individuals to set and achieve above-average objectives by providing them
with rewards for contributions to the financial performance of the Company.

II.                                        ADMINISTRATION
OF THE PLAN

2.01                        The Plan is hereby
adopted by the Company’s Compensation Committee of the Board of Directors (the “Committee”),
and shall be administered by the Committee pursuant to the powers provided to
the Committee by the Board of Directors of the Company.

2.02                        The interpretation and
construction of the Plan and the adoption of rules and regulations for
administering the Plan shall be made by the Committee in its sole
discretion.  Decisions of the Committee
shall be final and binding on all parties who have an interest in the Plan.

III.                                    DETERMINATION
OF PARTICIPANTS

3.01                        The following
individuals will participate in the Plan: 
Mark R. Goldston, Charles S. Hilliard, Frederic A. Randall, Jr., Gerald
J. Popek, Mathew J. Wisk, Jeremy Helfand, Robert J. Taragan, and Paul
Jordan.  An individual shall be eligible
to receive a bonus under the Plan if employed by the Company or any of its
participating subsidiaries on the earlier of February 15, 2008 or the date on
which bonuses under this Plan are distributed. 
If an individual is not employed by the Company or a participating
subsidiary on such date, he will not be eligible to receive a bonus under the
Plan.  However, an individual who is on a
leave of absence or whose employment terminates and is then re-hired in
the same fiscal year may remain eligible at the discretion of the Committee,
and the Committee may provide a pro rata bonus. 
In the event of termination of an individual’s employment as a result of
death or disability, the Committee shall provide the individual or the
individual’s estate with a pro rata bonus.

3.02                        For purposes of the
Plan:

A.            An individual shall be considered an employee for so long
as such individual remains employed by the Company or one or more subsidiary
corporations.

B.            Each corporation (other than the
Company) in an unbroken chain of corporations beginning with the Company shall
be considered to be a subsidiary of the Company, provided each such corporation
(other than the last corporation in the unbroken chain) owns, at the time of
determination, stock possessing more than fifty percent of the total combined
voting power of all classes of stock in one of the other corporations in such
chain.

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IV.                                   BONUS
AWARDS

4.01                        No eligible employee
shall earn any portion of a bonus award made hereunder for any fiscal year
until payment of the award pursuant to Section 5.01.

4.02                        The individual bonus
awards payable to the participants in the Plan for the 2007 Year shall be based
50% upon the Company’s success in achieving specified revenue targets (“Revenue
Targets”) and 50% upon the Company’s success in achieving specified adjusted
OIBDA targets (that is, targets tied to the Company’s operating income before
depreciation and amortization expenses and certain other expenses) (“Adjusted
OIBDA Targets,”) determined by the Committee for that fiscal year (the “Revenue
and Adjusted OIBDA Bonus”).  In
determining whether the Company has achieved the Adjusted OIBDA Targets,
Adjusted OIBDA will be determined consistent with the Company’s historical methodology
for calculating Adjusted OIBDA for financial reporting purposes; provided,
however, (1) Adjusted OIBDA shall be calculated before restructuring expenses,
merger related expenses, stock based compensation expenses and other expenses
associated with the relocation of the Company’s or any of its subsidiaries’
offices, (2) in determining whether the Company has achieved an Adjusted OIBDA
Target, any bonus amounts which accrue under this Plan shall not be included as
an expense in computing Adjusted OIBDA, (3) any adjustments to Adjusted OIBDA
attributable to a change in accounting principles shall be excluded and (4) all
items of gain, loss or expense for such fiscal year determined to be
extraordinary or unusual in nature or infrequent in occurrence, or related to
the disposal of a segment of a business, shall be excluded from Adjusted
OIBDA.  In the event the Company acquires
other companies or businesses during the 2007 fiscal year, all revenues and
Adjusted OIBDA contributions as a result of such acquisitions shall be included
in determining whether the Revenue Targets and Adjusted OIBDA Targets have been
achieved.

4.03                        In addition to the bonuses payable for
achievement of Revenue Targets and Adjusted OIBDA Targets, the participants in
this Plan shall be entitled to receive an additional bonus (the “Non-Dial Up
Revenue Bonus”) based upon the Company’s success in achieving specified
targets tied to the Company’s revenues excluding the Company’s dial-up billable
services revenues (“Non-Dial Up Revenue
Targets”).  In determining whether
the Company has achieved the Non-Dial Up
Revenue Targets, Non-Dial Up Revenue Targets will be determined consistent with
the Company’s methodology for calculating Revenue Targets; provided, however,
revenues attributable to the Company’s dial-up billable services revenues shall
be excluded.

4.04                        The bonuses shall be
based on a percentage of each individual’s base salary for fiscal 2007 as
follows:

(a)  In the case of Mark Goldston, the Revenue and
Adjusted OIBDA Bonus will be based on a sliding scale of up to 160% of his base
salary depending upon the Company’s attainment of the Revenue Targets and the
Adjusted OIBDA Targets, and the Non-Dial Up Revenue Bonus will be based on a
sliding scale of up to 60% of his base salary;

(b)  In the case of Charles Hilliard, the Revenue
and Adjusted OIBDA Bonus will be based on a sliding scale of up to 150% of his
base salary depending upon the

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Company’s attainment of the Revenue Targets and the
Adjusted OIBDA Targets, and the Non-Dial Up Revenue Bonus will be based on a
sliding scale of up to 45% of his base salary;

(c)  In the case of the other eligible
participants, the Revenue and Adjusted OIBDA Bonus will be based on a sliding
scale of up to 140% of his base salary depending upon the Company’s attainment
of the Revenue Targets and the Adjusted OIBDA Targets, and the Non-Dial Up
Revenue Bonus will be based on a sliding scale of up to 30% of his base salary.

In the event the
Company achieves revenues, Adjusted OIBDA or non-dial up revenues that are in
between specified targets, the Committee may use its discretion to provide an
individual an additional bonus, pro rata or otherwise, based on the Company’s
achievement.

4.05                        Following
completion of the bonus calculation referenced above, the Committee shall issue
a written report containing the final calculation or memorialize their approval
in the minutes of a meeting.

V.                                       PAYMENT
OF BONUS AWARDS

5.01                        Bonuses payable for
achievement of Revenue Targets, Adjusted OIBDA Targets and Non-Dial Up Revenue
Targets shall be paid in cash; provided that any bonuses payable in excess of
125% of annual base salary for Mr. Goldston, 110% of annual base salary for Mr.
Hilliard, and 100% of annual base salary for the other eligible recipients
(each, an “Excess Amount”) shall be paid in shares of Company common
stock.  The cash and stock payments, if
any, shall be paid on February 15, 2008. 
The number of shares of Company common stock shall be determined by
dividing the respective Excess Amounts by $14.14 per share.  All payments under the Plan shall be subject
to the Company’s collection of all applicable federal, state and local income
and employment withholding taxes.

VI.                                   GENERAL
PROVISIONS

6.01                        The Committee may at any
time amend, suspend or terminate the Plan, provided such action is effected by
written resolution.  Moreover, the
Committee reserves the right to amend this Plan as may be necessary or
appropriate to avoid adverse tax consequences under Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”).

6.02                        No amounts awarded or
accrued under this Plan shall actually be funded, set aside or otherwise
segregated prior to payment.  The
obligation to pay the bonuses awarded hereunder shall at all times be an
unfunded and unsecured obligation of the Company.  Plan participants shall have the status of
general creditors and shall look solely to the general assets of the Company
for the payment of their bonus awards.

6.03                        No Plan participant
shall have the right to alienate, pledge or encumber his/her interest in this
Plan, and such interest shall not (to the extent permitted by law) be subject
in any way to the claims of the employee’s creditors or to attachment,
execution or other process of law.

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6.04                        Neither the action of
the Company in establishing the Plan, nor any action taken under the Plan by
the Committee, nor any provision of the Plan, shall be construed so as to grant
any person the right to remain in the employ of the Company or its subsidiaries
for any period of specific duration. 
Rather, each employee will be employed “at-will,” which means that
either such employee or the Company may terminate the employment relationship
at any time for any reason, with or without cause, subject in each case to any
employment agreement between such person and the Company.

6.05                        This is the full and
complete agreement between the eligible employees and the Company with respect
to incentive bonus compensation for the 2007 fiscal year. This Plan does not
supersede, but is supplemental to, any provisions of any employment agreement
to which any of the employees eligible under this Plan may be party.

 

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