Image Entertainment, Inc. Equity Incentive Allocation Agreement with Ted Green, John Hyde, and John Avagliano

Summary

Image Entertainment, Inc. agrees that if any equity awards from its management pool (14.4% of fully diluted equity as of January 8, 2010) granted to employees or consultants other than John Hyde, Ted Green, or John Avagliano are forfeited, those shares will be reallocated. The forfeited shares may be awarded to new employees or consultants taking over the relevant duties, or to Hyde, Green, and/or Avagliano, as recommended by the CEO to the Board's Compensation Committee.

EX-10.7 8 a10-15695_1ex10d7.htm EX-10.7

Exhibit 10.7

 

Image Entertainment, Inc.

20525 Nordhoff Street, Suite 200,

Chatsworth, California 91311

 

April 12, 2010

 

Ted Green

John Hyde

John Avagliano

 

Re:          Equity Incentive Allocation

 

Gentlemen:

 

The Company agrees for the benefit of each of you that in the event that, out of the 14.4% of the fully diluted equity of the Company as of January 8, 2010 (i.e., the “management pool” of equity), equity awards are granted to employees or consultants of the Company other than John Hyde (or Producers Sales Organization), Ted Green or Executive (e.g., Messrs. Gagnon and Bromiley), and such consultants or employees forfeit any such equity awards, the Company shall award all of such forfeited shares (i) to any new employees or consultants taking over the duties of the consultants or employees who forfeited such awards, and (ii) to John Hyde (or Producers Sales Organization), Ted Green and/or Executive, in each case at such times and in such amounts as the Chief Executive Officer shall recommend to the Compensation Committee of the Board of Directors.

 

Very truly yours,

 

IMAGE ENTERTAINMENT, INC.

 

By:

/s/ THEODORE GREEN

 

Name:

Theodore Green

 

Its:

Chairman/CEO