Document:

exv10w6

Exhibit 10.6

THIRD AMENDMENT TO THE

INGRAM MICRO 401(K) INVESTMENT SAVINGS PLAN

     The Ingram Micro 401(k) Investment Savings Plan, which was restated as of April 1, 2005, is
hereby amended in the following manner in accordance with the amendment procedures set forth in
Section 12.1 of the Plan. This Amendment is effective as of January 1, 2007.

     Section 2.1 is amended by the addition of the following thereto:

“(d) Notwithstanding the
above, individuals who become Eligible Employees in connection with an
acquisition of stock or assets of a trade or business, a merger, or a similar transaction, shall be
eligible to become Participants as soon as administratively feasible following their Entry Dates.
The Administrator shall determine such administratively feasible dates, provided that no such date
shall be later than six months following the Entry Date of the affected Eligible Employees.”

     IN WITNESS WHEREOF, this Third Amendment is executed on the date set forth below.

	 	 	 	 	 
	 	INGRAM MICRO INC.

 	 
	 	By:  	/s/ Lynn Jolliffe
 	 
	 
	 	Title:  	SVP-HR
	 
	 	Date:	10/17/07exv10w9

Exhibit 10.9

 

    SIXTH
    AMENDMENT TO THE

    INGRAM MICRO 401(k) INVESTMENT SAVINGS PLAN

 

    The Ingram Micro 401(k) Investment Savings Plan, which was
    restated as of April 1, 2005, is hereby amended in the
    following manner in accordance with the amendment procedures set
    forth in Section 12.1 of the Plan. This Amendment is
    effective as of the dates specified below.

 

    1. Effective with respect to the Compensation paid, and
    Before-Tax Contributions and/or After-Tax Contributions made, on
    or after April 1, 2009, Section 3.2 is amended by
    revising the first paragraph thereof to read as follows:

 

    “The Employer may make a Matching Contribution for each
    Participant who makes Before-Tax Contributions and/or After-Tax
    Contributions for the payroll period equal to twenty-five
    percent (25%) of the Participant’s Before-Tax Contributions
    and/or After-Tax Contributions for the payroll period not
    exceeding five percent (5%) of the Participant’s
    Compensation for the payroll period. Matching Contributions
    shall not be made on account of Catch-Up Contributions.”

 

    2. Effective January 1, 2009, Section 3.2 is
    amended by revising the third paragraph thereof to read as
    follows:

 

    “The Employer shall determine, in its absolute discretion,
    whether Matching Contributions shall be made for any particular
    period of time. The Employer is not required to contribute
    Matching Contributions for any period of time.”

 

    IN WITNESS WHEREOF, this Sixth Amendment is executed on the date
    set forth below.

 

    INGRAM MICRO INC.

 

			
	 	    By: 
	
    /s/ Lynn Jolliffe

 

			
	 	    Title: 
	
    SVP-HR

 

			
	 	    Date: 
	
    02-17-09exv10w11

Exhibit 10.11

Executive Incentive Plan

PURPOSE

The spirit of the Intevac Executive Incentive Plan (“EIP”) is to motivate senior management to
maximize shareholder value by tying accomplishment of the Company’s financial objectives and each
senior manager’s individual objectives to cash incentive compensation.

PARTICIPATION

Participation in the EIP is limited to the key members of the management team selected by the CEO.
The Compensation Committee reviews and approves the EIP each year.

BONUS POOL

The Bonus Pool is the amount of funds that are available to pay EIP bonuses each year.

The Bonus Pool is calculated by multiplying a percentage times Plan year pro-forma pretax earnings
(excluding any reduction in pretax earnings for EIP bonuses, employee profit sharing, and stock
compensation expense). At the beginning of each Plan year the CEO recommends, subject to
Compensation Committee approval, the percentage of pro-forma pretax earnings to be allocated to the
Bonus Pool.

There is no Bonus Pool in years in which the Company does not report pro-forma pretax earnings.
Since the Bonus Pool is based upon pretax earnings it includes the effects of any interest income,
or expense, or any extraordinary gains, or losses, incurred by the Company during the Plan year.

The Compensation Committee reserves the right to exclude any extraordinary or unusual gains, or
losses, from pretax earnings for the purposes of calculating the Bonus Pool.

 

 

TARGET BONUS

Each EIP participant is assigned a Target Bonus Percentage at the beginning of the calendar year,
or when they are hired. This Target Bonus Percentage may be changed during the year in the event
that a promotion or significant change in responsibility occurs. Each Participant’s Target Bonus
will be calculated by multiplying their Target Bonus Percentage times their Base Pay earned during
the Plan year. For example, if a Participant’s Base Pay earned during the Plan year was $100,000
and their Target Bonus Percentage was 20%, then their Target Bonus would be $20,000. If the same
Participant worked for half of the year and earned $50,000 of Base Pay during the Plan year, then
the Participant’s Target Bonus would be $10,000.

Base Pay is based upon each Participant’s recurring base pay rate. It does not include any other
types of employee compensation. For example, Base Pay does not include items such as commissions,
relocation or housing allowances, hiring or other bonuses, overtime, employer taxes, Company 401K
contributions or Company provided health or life insurance.

REALIZED BONUS

Each Participant’s Realized Bonus will be calculated by applying two factors to their Target Bonus:

	 	1.	 	Each Participant’s performance relative to a predetermined set of objectives (MBO
Performance Factor)
	 
	 	2.	 	The size of the Bonus Pool relative to anticipated bonus payments (The Bonus Pool
Factor)

Accordingly, each individual’s bonus will be calculated as follows:

Realized Bonus = Target Bonus x Normalized MBO Performance Factor x Bonus Pool Factor

MBO Performance Factor —will be based upon each Participants performance relative to a
predetermined set of factors determined at the beginning of the Plan year:

Business Results

Business Development and Marketing

Product Excellence

Strategic Initiatives

Page 2

 

For example, if Business Results was given a 40% weighting and each one of the other factors
was given a 20% weighting and a Participant achieved 100% of their Business Results and
Business Development and Marketing
objectives, but only half of their Product Excellence and Strategic Initiatives, then the
Participant’s MBO Performance Factor would be 80%, calculated as follows:

	 	 	 	 	 
	 

	 	Business Results
	 	40% x 100% = 40%
	 

	 	Business Development and Marketing
	 	20% x 100% = 20%
	 

	 	Product Excellence
	 	20% x 50% = 10%
	 

	 	Strategic Initiatives
	 	20% x 50% = 10%
	 
	 	 	 	 
	 	 	MBO Performance Factor = 40% + 20% + 10% + 10% = 80%

Each set of objectives will be rated as anywhere between 0% and 150% complete. For example, if
a Participant were rated as having achieved 150% of all their objectives, then the MBO
Performance Factor would be 150%.

Bonus Pool Factor will be based upon the size of the Bonus Pool relative to anticipated bonus
payments. For example, if the Bonus Pool only has enough funds to pay 50% of all anticipated
bonus payments, then the Bonus Pool Factor will be 50%. Conversely, if the Bonus Pool has
enough funds to pay 200% of all anticipated bonus payments, then the Bonus Pool Factor will be
200%. The maximum Bonus Pool factor is 200% of individual’s target %.

PAYMENT

Payment of EIP bonuses will typically be made by the end of February of the year following each
Plan Year.

EIP bonuses will only be paid to Participants that are employees of the Company on the date the
bonuses are paid. For example, if a Participant completes all, or part, of a Plan year, but
resigns prior to payment of their EIP bonus, then no EIP bonus will be due, or paid to that
employee.

Page 3exv10w12

Exhibit 10.12

November 12, 2008

Mr. Kevin
Fairbairn

Dear Kevin:

     This letter amends certain provisions of your offer letter dated January 24, 2002 (the “Offer
Letter”) and replaces Exhibit B to the Offer Letter in its entirety.

     The Offer Letter is hereby amended to provide the following:

     1. The sixth (6th) through eleventh (11th) paragraphs of the Offer
Letter are hereby replaced in their entirety to read:

     "‘Change of Control’ means a merger or acquisition of the Company in a transaction pursuant to
which the shareholders of the Company immediately prior to such transaction own less than fifty
percent (50%) of the surviving entity in such transaction, or a sale of all or substantially all of
the assets of the Company. No transaction will constitute a Change of Control unless it also
constitutes a “change in control” event within the meaning of Section 409A (as defined below).

     In the event of a Change of Control after which Intevac stock does not exist (such as purchase
of the Company for cash), all of your unvested options outstanding at that time will immediately
vest.

     In the event of a Change of Control after which Intevac stock survives, you may either elect
to retain your unvested options or to accelerate vesting as in the preceding sentence.

     In the event of a Change of Control in which stock in the acquiring company is exchanged for
Intevac stock and the acquiring company offers to substitute options in non-Intevac stock with an
economic value equal to all of your unvested Intevac options, you may either elect to accept the
new stock options or accelerate vesting as in the preceding two sentences.

     In the event of a Change of Control where the acquiring company decides that you will not
continue in your position as President and Chief Executive Officer and therefore your employment is
terminated upon the Change of Control, the Company will pay you, in one lump sum, an amount equal
to twenty-four (24) months of your base salary, subject to withholding of applicable taxes. Such
payment shall be made upon or as soon as practicable following your separation from service with
the Company, but, subject to the section entitled “Section 409A” below, in no event later than
March 15 of the year following the year in which your separation from service occurs.”

     In the event of the involuntary termination of your employment by the Company of you through
termination from your position as President and Chief Executive Officer for any reason not
involving good cause, the Company will continue to pay your base salary for twelve (12) months
following such termination (in accordance with the Company’s normal payroll practices and subject

 

 

to withholding of applicable taxes), if you execute and do not revoke a waiver and release of
claims that is acceptable to the Company. The waiver and release of claims must become effective
within sixty (60) days of your termination or such earlier date specified by the release (such
deadline, the “Release Deadline”). If the release does not become effective by the Release
Deadline, you will forfeit any rights to severance under this paragraph, and in no event will
severance payments under this paragraph be paid or provided until the release actually becomes
effective. In the event the Release Deadline is in the calendar year following the calendar year
in which your termination occurs, then any severance payments or benefits under this paragraph that
would be considered Payments (as defined below) will be paid on the first payroll date to occur
during the calendar year following the calendar year in which such termination occurs, or, if
later, (i) the Release Deadline, (ii) such time as required by the payment schedule applicable to
each payment as set forth in the first sentence of this paragraph, or (iii) such time as required
by the section below entitled “Section 409A.” Any Payments delayed as a result of the prior
sentence will be paid on the first date permitted under such sentence. ”

     2. The following paragraphs are added after the eleventh (11th) paragraph of the
Offer Letter, which shall read in their entirety as follows:

     "Section 409A. (a) Notwithstanding anything to the contrary in this letter, no
Payments (as defined below) will become payable under this letter until you have a “separation from
service” within the meaning of Section 409A. It is the Company’s expectation and intent that
severance payments under this letter will fall within the Section 409A exceptions described in
clauses (c) and/or (d) below and therefore will not constitute Payments. However, if you are a
“specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”) and the final regulations and any guidance promulgated thereunder (“Section
409A”) at the time of your termination (other than due to death) or resignation, then the severance
payable to you, if any, pursuant to this letter, when considered together with any other severance
payments or separation benefits that are considered deferred compensation under Section 409A
(together, the “Payments”) that are payable within the first six (6) months following your
termination of employment, shall be delayed until the earlier of: (i) the date that is six (6)
months and one (1) day after the date of the termination, or (ii) the date of your death (such
date, the “Delayed Initial Payment Date”), and the Company (or the successor entity thereto, as
applicable) shall (A) pay to you a lump sum amount equal to the sum of the Payments that you would
otherwise have received on or before the Delayed Initial Payment Date, without any adjustment on
account of such delay, if the Payments had not been delayed pursuant to this paragraph, and (B) pay
the balance of the Payments in accordance with any applicable payment schedules set forth herein.
Notwithstanding anything herein to the contrary, if you die following your termination but prior to
the Delayed Initial Payment Date, then any Payments delayed in accordance with this paragraph will
be payable in a lump sum as soon as administratively practicable after the date of Employee’s death
(and in all cases, within ninety (90) days of your death) and all other Payments will be payable in
accordance with the payment schedule applicable to each payment or benefit.

     (b) Each payment and benefit payable under this letter is intended to constitute a separate
payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

     (c) Any amounts paid under this letter that satisfy the requirements of the “short-term
deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute
Payments for purposes of clause (a) above.

 

 

     (d) Any severance amount paid under the letter that qualifies as a payment made as a result of
an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury
Regulations that does not exceed the Section 409A Limit shall not constitute Payments for purposes
of clause (a) above. For purposes of this letter, “Section 409A Limit” shall mean the lesser of
two (2) times (A) your annualized compensation based upon the annual rate of pay paid to you during
the Company’s taxable year preceding the Company’s taxable year of your termination of employment
as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service
guidance issued with respect thereto; or (B) the maximum amount that may be taken into account
under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the your
employment is terminated.

     (e) The foregoing provisions are intended to comply with the requirements of Section 409A so
that none of the severance payments and benefits to be provided hereunder will be subject to the
additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so
comply. You and the Company agree to work together in good faith to consider amendments to this
letter and to take such reasonable actions which are necessary, appropriate or desirable to avoid
imposition of any additional tax or income recognition prior to actual payment to you under Section
409A.”

     This letter acts as an amendment to your Offer Letter. To the extent not amended hereby, your
Offer Letter remains in full force and effect. This letter and your Offer Letter represent the
entire agreement between you and the Company with respect to the subject matter contained therein,
and supersedes all prior or contemporaneous agreements whether written or oral. This letter and
your Offer Letter may only be amended or modified in a writing signed by an appropriate officer of
the Company and by you. I have attached two copies of this letter. Please sign and date one copy
and return it to Kimberly Burk, Vice President of Human Resources as soon as possible. Please keep
the other copy for your records.

	 	 	 	 	 
	 	Sincerely,

 	 
	 	/s/  NORMAN H. POND
 	 
	 	Norman H.  Pond 	 
	 	Chairman of the Board 	 
	 

	 	 	 
	ACCEPTED AND AGREED TO:
	 	 
	 
	 	 
	/s/ KEVIN FAIRBAIRN
 

President, Chief Executive Officer and Director

	 	 
	November 12, 2008
	 	 

 

 

January 24, 2002

Mr. Kevin Fairbairn

Dear Kevin

On behalf of Intevac (the “Company”), I am pleased to offer you the position of President and Chief
Executive Officer of the Company. Speaking for myself, as well as the other members of the
Company’s Board of Directors, we are all very impressed with you and your credentials and we look
forward to your future success in this position.

The terms of your new position with the Company are set forth below:

You will become the President and Chief Executive of the Company. As President and Chief Executive
Office, you will have responsibility for the general management of the Company’s business and you
will report to the Board of Directors.

You will be paid a monthly base salary of $20,417, which is equivalent to $245,000 on an annualized
basis. Your salary will be payable pursuant to the Company’s regular payroll policy. You will
be eligible for an annual performance bonus of up to 200% of annual salary predicated upon
achieving specific goals and objectives. At the Company’s election the bonus paid above 50% of
salary may be paid in cash or stock. The details of this bonus plan will be worked out jointly
between you and the Board and agreed to annually within sixty (60) days after approval of the
years’ annual operating plan. For the year 2002 the understanding is that a bonus of 50% will be
awarded at end of 2002 provided the company performance is reasonably good with details to be
agreed by 4/1/02.

In addition, upon becoming an employee of the Company, I will recommend that the Board of Directors
grant you an option to purchase an aggregate of 250,000 shares Intevac’s common stock at an
exercise price equal to the fair market value of the Common Stock on the date of the grant, as
determined by the Board of Directors. These option shares will vest at the rate of
1/5th of the total number of shares on the first anniversary of your date of employment,
and an additional 1/60th of the total number of shares at the end of each one-month
period thereafter.

In the event of a Change of Control after which Intevac stock would not exist (such as purchase of
the Company for cash) all options in this grant that have not vested will immediately vest and be
exercised.

In the event of a Change of Control after which Intevac stock survives the employee may elect to
retain the unvested options or to accelerate vesting with conditions like those in the “purchase of
the Company for cash” situation.

In the event of a Change of Control after which stock in the acquiring company is exchanged for
Intevac stock and the acquiring company offers to provide an option in a different stock of
equivalent economic value the employee may elect to accept the new stock options or accelerate
vesting with conditions like those in the “purchase the Company for cash” situation

 

 

“Change of Control” means a merger or acquisition of the Company in a transaction pursuant to
which the shareholders of the Company immediately prior to such transaction own less than fifty
percent (50%) of the surviving entity in such transaction, or sale of all or substantially all of
the assets of the Company.

In the event of the involuntary termination of your position as President and Chief Executive
Officer for any reason not involving good cause, conditioned upon your execution of a wavier and
release of claims that is acceptable to the Company, the Company will continue to pay your base
salary for twelve (12) months following such termination.

In the event of change of control where the buyer decides to not continue your position, the
Company will continue to pay you an amount equal to your base salary for twelve (12) months in one
lump sum. In the event the buyer requests that you continue as CEO or equivalent position a
contract will be established with the buyer requiring them to pay you an amount equal to twice (2
times) your annual salary after 12 months employment.

You will be eligible to participate in the Company’s standard benefits program, details of which
will be sent under separate cover.

This offer of employment is contingent upon (1) your signing the Company’s Employee Proprietary
Information Agreement, and (2) your providing proof of your eligibility to work in the U.S.

Your employment with the Company will be on an “at will” basis, meaning that either you or the
Company may terminate your employment at any time for any reason or no reason.

Kevin, we are all delighted to be able to extend you this offer and look forward to working with
you.

To indicate your acceptance of the Company’s offer, please sign and date this letter in the space
provided below and return it to me.

Sincerely,

/s/ Norman H. Pond

Norman H. Pond

Chairman

Accepted and Agreed:

Signature: /s/ Kevin Fairbairn

Start Date: January 24, 2002

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