Document:

Exhibit 4.1

 Exhibit 4.1 
 FLORIDA GULF BANCORP, INC. 
 OFFICERS’ AND EMPLOYEES’ STOCK
OPTION PLAN 
 ARTICLE I 
 Definitions 
 As used herein, the following terms have the meanings hereinafter
set forth unless the context clearly indicates to the contrary: 
 (a) “Company” shall mean Florida Gulf Bancorp,
Inc., a Florida corporation. 
 (b) “Board” or “Board of Directors” shall mean the board of directors of the
Company. 
 (c) “Change of Control” shall be deemed to have occurred if an entity or person (including a
“Group”) as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, which is not a beneficial owner (as defined in Rule 13d-3 promulgated thereunder) of more than 10% of the outstanding Stock as of the date the Company
commences a Companying business, becomes the beneficial owner after such date of shares of Company Stock having 50% or more of the total number of votes that may be cast for the election of directors of the Company (excluding any transaction which
results in the formation by the Company of a Company holding company owned substantially by all of the former shareholders of the Company). 
 (d) “Code” shall mean the Internal Revenue Code of 1986, as amended, unless otherwise specifically provided herein. 
 (e) “Employee” shall mean any individual who is employed with the Company as an officer or employee. 
 (f) “Incentive Stock Option” shall have the meaning given to it by Section 422 of the Code. 
 (g) “Nonemployee Director” shall mean a member of the Board who is not an Employee. 
 (h) “Nonstatutory Stock Option” shall mean any Option granted by the Company pursuant to this Plan which is not an Incentive Stock Option. 

(i) “Option” shall mean an option to purchase Stock granted by the Company pursuant to the provisions of this Plan. 

(j) “Option Price” shall mean the purchase price of each share of Stock subject to Option, as defined in Section 5.2
hereof. 

 (k) “Optionee” shall mean an Employee who has received an Option granted by the
Company hereunder. 
 (l) “Plan” shall mean this Florida Gulf Bancorp, Inc. Officers’ and Employees’ Stock
Option Plan. 
 (m) “Service” shall mean the tenure of an individual as an Employee of the Company. 

(n) “Stock” shall mean the common stock of the Company, par value $5.00 per share, or, in the event that the outstanding shares
of Stock are hereafter changed into or exchanged for shares of a different class of stock or securities of the Company or some other corporation, such other stock or securities. 

(o) “Stock Option Agreement” shall mean the agreement between the Company and the Optionee under which the Optionee may
purchase Stock pursuant to the Plan. 
 (p) “Stock Option Committee” shall mean such Board committee as may be
designated by the Board to administer the Plan. 
 ARTICLE II 

The Plan 
 2.1
Name. This plan shall be known as the “Florida Gulf Bancorp, Inc. Officers’ and Employees’ Stock Option Plan.” 
 2.2 Purpose. The purpose of the Plan is to advance the interests of the Company and its shareholders by affording to the Employees of the Company an opportunity to acquire or increase their
proprietary interest in the Company by the grant of Options to such Employees under the terms set forth herein. By thus encouraging such Employees to become owners of Stock of the Company, the Company seeks to motivate, retain, and attract those
highly competent individuals upon whose judgment, initiative, leadership, and continued efforts the success of the Company in large measure depends. 
 2.3 Effective Date. The Plan shall become effective on the later of the approval of this Plan by (i) the Florida Department of Banking and Finance, or (ii) by the holders of a majority of
the outstanding shares of Stock. 
 2.4 Participants. Only Employees of the Company shall be eligible to receive Options
under the Plan. 

  
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 ARTICLE III 
 Plan Administration 
 3.1 Stock Option Committee. This Plan shall be
administered by the Stock Option Committee. 
 3.2 Power of the Stock Option Committee. The Stock Option Committee shall
have full authority and discretion: (a) except with respect to Options covering the Employees and the shares of Stock specified on Exhibit A attached hereto, to determine, consistent with the provisions of this Plan, which of the Employees will
be granted Options to purchase any shares of Stock which may be issued and sold hereunder as provided in Section 4.1 hereof to the extent such shares are not covered by the Options to be granted to the Employees specified on Exhibit A attached
hereto, the times at which Options shall be granted, and the number of shares of Stock covered by each Option; (b) to determine whether the Options granted pursuant to this Plan shall be Incentive Stock Options or Nonstatutory Stock Options;
(c) to construe and interpret the Plan; (d) to determine the terms and provisions of each respective Stock Option Agreement, which need not be identical; and (e) to make all other determinations and take all other actions deemed
necessary or advisable for the proper administration of the Plan. All such actions and determinations shall be conclusively binding upon all persons for all purposes. Unless otherwise indicated by the Stock Option Committee, Options granted pursuant
to this Plan shall be Incentive Stock Options. 
 ARTICLE IV 

Shares of Stock Subject to Plan 
 4.1 Limitations. Subject to adjustment pursuant to the provisions of Section 4.3 hereof, the number of shares of Stock which may be issued and sold hereunder pursuant to Stock Option
Agreements shall not exceed one hundred ninety-four thousand eight hundred (194,800) shares. Of the One hundred ninety-four thousand eight hundred (194,800) shares of Stock which may be issued and sold hereunder pursuant to Stock Option
Agreements as provided in the foregoing sentence, Seventy Five Thousand Five Hundred (75,500) shares shall be covered by the Options specified on Exhibit A attached hereto, which Options shall be Incentive Stock Options, and shall be granted to
the Employees (and, as to each such Employee, shall cover the number of shares of Stock) specified on Exhibit A attached hereto on the Effective Date. Shares issued pursuant to the exercise of Options shall be issuable only from authorized and
unissued shares. 
 4.2 Options Granted Under Plan. Shares of Stock with respect to which an Option granted hereunder
shall have been exercised shall not again be available for Option hereunder. If Options granted hereunder shall terminate for any reason without being wholly exercised, then the Stock Option Committee shall have the discretion to grant new Options
to Optionees hereunder covering the number of shares to which such terminated Options related. 

  
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 4.3 Stock Adjustments; Mergers and Combinations. Notwithstanding any other provision
in this Plan, if the outstanding shares of Stock are increased or decreased or changed into or exchanged for a different number or kind of shares or other securities of the Company or of any other corporation by reason of any merger, sale of stock,
consolidation, liquidation, recapitalization, reclassification, stock split up, combination of shares, or stock dividend, the total number of shares set forth in Section 4.1 shall be proportionately and appropriately adjusted by the Stock
Option Committee. If the Company continues in existence, the number and kind of shares that are subject to any Option and the Option Price per share shall be proportionately and appropriately adjusted without any change in the aggregate price to be
paid therefor upon exercise of the Option. If the Company will not remain in existence or a majority of its stock will be purchased or acquired by a single purchaser or group of purchasers acting together, then the Stock Option Committee may
(i) declare that all Options shall terminate 30 days after the Stock Option Committee gives written notice to all Optionees of their immediate right to exercise all Options then outstanding (without regard to limitations on exercise otherwise
contained in the Options), or (ii) notify all Optionees that all Options granted under the Plan shall apply with appropriate adjustments as determined by the Stock Option Committee to the securities of the successor corporation to which holders
of the numbers of shares subject to such Options would have been entitled, or (iii) some combination of aspects of (i) and (ii). The determination by the Stock Option Committee as to the terms of any of the foregoing adjustments shall be
conclusive and binding. 
 4.4 Acceleration of Option Exercise. Subject to Section 4.3, upon dissolution or
liquidation of the Company, any merger or combination in which the Company is not a surviving corporation, or sale of substantially all of the assets of the Company is involved, or upon any Change of Control, the Optionee shall have the right to
exercise his Option thereafter in whole or in part notwithstanding the provisions of Section 5.3 hereof, to the extent that it shall not have been exercised. 
 ARTICLE V 
 Options 

5.1 Option Grant and Agreement. Each Option granted hereunder shall be evidenced by minutes of a meeting of the Stock Option
Committee authorizing the same and by a written Stock Option Agreement dated as of the date of grant and executed by the Company and the Optionee, which Stock Option Agreement shall set forth such terms and conditions as may be determined by the
Stock Option Committee to be consistent with the Plan and shall indicate whether the Option that it evidences is intended to be an Incentive Stock Option or a Nonstatutory Stock Option; provided, however, that the Options to be granted to the
Employees (and, as to each such Employee, to cover the number of shares of Stock) specified on Exhibit A attached hereto shall not be required to be evidenced by minutes of a meeting of the Stock Option Committee authorizing the same. 

5.2 Option Price. Subject to adjustment pursuant to the provisions of Section 4.3 hereof, the Option Price of each share of
Stock subject to Option shall be the greater of Ten and 

  
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00/100 Dollars ($10.00) or the fair market value of the Stock on the date of grant. The Option Price of the Options set forth on Exhibit A shall be Ten and 00/100 Dollars ($10.00). If the Stock
is publicly held and actively traded in an established market on the date of grant, then the fair market value of the Stock on the date of grant shall be determined by the Board of Directors by any reasonable method using market quotations. If the
Stock is not publicly held and actively traded in an established market on the date of grant, then the fair market value of the Stock on the date of grant shall be determined in good faith by the Board of Directors using any reasonable method (and
the book value of such shares may be substituted for the fair market value). Notwithstanding the foregoing, at no time shall the exercise price be less than the fair market value of the shares on the date the Option is granted or the par value
thereof as determined by the Board of Directors. 
 5.3 Option Exercise. Options may be exercised in whole or in part
from time to time with respect to whole shares only, within the period permitted for the exercise thereof. Each Option shall become exercisable in the following manner: 
  

	 	(a)	During the first year after the date of grant of such Option, twenty percent (20%) of the Option shall be exercisable; 

 

	 	(b)	During the second year after the date of grant of such Option, such Option shall be exercisable only to the extent of forty percent (40%) of the shares covered by
such Option; 

  

	 	(c)	During the third year after the date of grant of such Option, such Option shall be exercisable only to the extent of sixty percent (60%) of the shares covered by
such Option; 

  

	 	(d)	During the fourth year after the date of grant of such Option, such Option shall be exercisable only to the extent of eighty percent (80%) of the shares covered by
such Option; 

  

	 	(e)	During the fifth and each succeeding year after the date of grant of such Option, such Option shall be exercisable as to all shares covered by such Option.

 Notwithstanding any other provision in this Plan, no option granted under the Plan may be exercised more than ten
(10) years after the date on which it is granted. Options shall be exercised by: (i) written notice of intent to exercise the Option with respect to a specific number of shares of Stock which is delivered by hand delivery or registered or
certified mail, return receipt requested, to the Company at its principal office; and (ii) payment in full (by a check or money order payable to “Florida Gulf Bancorp, Inc.”) to the Company at such office of the amount of the Option
Price for the number of shares of Stock with respect to which the Option is then being exercised. In addition to and at the time of payment of the Option Price, the Optionee shall pay to the Company in cash the full amount of all federal, state, and
local withholding or other employment taxes, if any, applicable to the taxable income of the Optionee resulting from such exercise, and any sales, transfer, or similar taxes imposed with respect to the issuance or transfer of shares of Stock in
connection with such exercise. 

  
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 5.4 Nontransferability of Option. No Option shall be transferred by an Optionee
otherwise than by will or the laws of descent and distribution. During the lifetime of an Optionee, the Option shall be exercisable only by him or by his legal guardian or personal representative, or by an individual holding on behalf of the
Optionee a valid Durable Power of Attorney. 
 5.5 Effect of Death, Disability, Retirement, or Other Termination of
Service. 
  

	 	(a)	If an Optionee’s Service with the Company shall be terminated for “cause,” as defined in Section 5.5(b) hereof, then no Options held by such
Optionee, which are unexercised in whole or in part, may be exercised on or after the date on which such Optionee is first notified in writing by the Company of such termination for cause. 

 

	 	(b)	For purposes of this Section 5.5, termination for “cause” shall mean termination for the Optionee’s personal dishonesty, incompetence, willful
misconduct, breach of fiduciary duty involving personal profit, violation of any law, rule, or regulation (other than traffic violations or similar offenses), violation of any agreement or order with any Company regulatory agency, or failure by the
Optionee to perform his stated duties. 

  

	 	(c)	If an Optionee’s Service with the Company shall be terminated for any reason other than for cause (as defined in Section 5.5(b) hereof) and other than the
retirement after age sixty-five (65) or the disability (as defined in Section 5.5(e) hereof) or death of the Optionee, then no Options held by such Optionee, which are unexercised in whole or in part, may be exercised on or after such
termination of Service. 

  

	 	(d)	If an Optionee’s Service with the Company shall be terminated by reason of retirement after age sixty-five (65) or the death or disability (as defined in
Section 5.5(e) hereof) of the Optionee, then the Optionee or personal representative or administrator of the estate of the Optionee or the successor Trustee of the Optionee’s Trust containing dispositive provisions, or the person or
persons to whom an Option granted hereunder shall have been validly transferred by the personal representative or administrator pursuant to the Optionee’s will or the laws of descent and distribution, as the case may be, shall have the right to
exercise the Optionee’s Options for ninety (90) days after the date of such termination, but only to the extent that such Options were exercisable at the date of such termination. 

  
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	 	(e)	For purposes of this Section 5.5, the terms “disability” and “disabled” shall have the meaning set forth in the principal disability insurance
policy or similar program then maintained by the Company on behalf of its employees or, if no such policy or program is then in existence, the meaning then used by the United States Government in determining persons eligible to receive disability
payments under the social security system of the United States. 

  

	 	(f)	No transfer of an Option by the Optionee by will or by the laws of descent and distribution shall be effective to bind the Company unless the Company shall have been
furnished with written notice thereof and an authenticated copy of the will and/or such other evidence as the Company may deem necessary to establish the validity of the transfer and the acceptance by the transferee or transferees of the terms and
conditions of such Option. 

 5.6 Rights as Shareholder. An Optionee or a transferee of an Option shall
have no rights as a shareholder with respect to any shares of Stock subject to such Option prior to the purchase of such shares by exercise of such Option as provided herein. 
 5.7 Investment Intent. Upon or prior to the exercise of all or any portion of an Option, the Optionee shall furnish to the Company in writing such information or assurances as, in the
Company’s opinion, may be necessary to enable it to comply fully with the Securities Act of 1933, as amended, and the rules and regulations thereunder and any other applicable statutes, rules, and regulations. Without limiting the foregoing, if
a registration statement is not in effect under the Securities Act of 1933, as amended, with respect to the shares of Stock to be issued upon exercise of an Option, the Company shall have the right to require, as a condition to the exercise of such
Option, that the Optionee represent to the Company in writing that the shares to be received upon exercise of such Option will be acquired by the Optionee for investment and not with a view to distribution and that the Optionee agree, in writing,
that such shares will not be disposed of except pursuant to an effective registration statement, unless the Company shall have received an opinion of counsel reasonably acceptable to it to the effect that such disposition is exempt from the
registration requirements of the Securities Act of 1933, as amended. The Company shall have the right to endorse on certificates representing shares of Stock issued upon exercise of an Option such legends referring to the foregoing representations
and restrictions or any other applicable restrictions on resale or disposition as the Company, in its discretion, shall deem appropriate. 
 ARTICLE VI 
 Incentive Stock Options 

6.1 Requirements. All Incentive Stock Options granted pursuant to the terms of this Plan shall be subject to the additional
limitations and restrictions as set forth in the Code and in this Article VI. Any Option granted pursuant to this Plan which does not fulfill all of the provisions of this Article VI shall not be an Incentive Stock Option and thus shall be a
Nonstatutory Stock Option. 

  
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 6.2 Grant Period. All Incentive Stock Options granted hereunder must be granted
within ten (10) years from the earlier of: (a) the date the Plan is adopted by the Board; or (b) the date the Plan is approved by the shareholders of the Company. 

6.3 Eligibility. The Stock Option Committee shall determine which Employees shall receive Incentive Stock Options. No member of
the Stock Option Committee is eligible to receive Incentive Stock Options. Incentive Stock Options may not be granted to any Employee who, at the time the Incentive Stock Option is granted, owns stock possessing more than ten percent (10%) of
the total combined voting power of all classes of stock of the Company unless: (a) such Incentive Stock Option by its terms is not exercisable after the expiration of five (5) years from the date of its grant; and (b) the Option Price
of the shares covered by such Incentive Stock Option is not less than one hundred and ten percent (110%) of the fair market value of such shares on the date that such Incentive Stock Option is granted. 

6.4 Special Rule Regarding Exercisability. If, for any reason, any Option granted hereunder which is intended to be an Incentive
Stock Option shall exceed the limitation on exercisability contained in the Code at any time, such Options shall nevertheless be exercisable, but: (a) any exercise of such Option shall be deemed to be an exercise of an Incentive Stock Option
first until the portion of such Option qualifying as an Incentive Stock Option shall have been exercised in full; and (b) the portion of such Option in excess of the foregoing limitation on exercisability shall be deemed to be a Nonstatutory
Stock Option. 
 ARTICLE VII 
 Nonstatutory Stock Options 
 The Stock Option Committee may grant Nonstatutory
Stock Options under this Plan. Such Nonstatutory Stock Options must fulfill all of the requirements of all provisions of this Plan except for those contained in Article VI hereof. Subject to the approval and acceptance of the Stock Option Committee,
any Employee who is granted a Nonstatutory Stock Option pursuant to this Plan shall be entitled to elect to surrender all or any part of such Nonstatutory Stock Option to the Company and receive, in exchange, an Incentive Stock Option covering the
same number of shares as those with respect to which the Nonstatutory Stock Option was surrendered. Any such election shall be valid and effective only upon its approval and acceptance by the Stock Option Committee. 

ARTICLE VIII 

Stock Certificates 
 The Company shall not be required to issue or deliver any certificate for shares of Stock purchased upon the exercise of any Option granted hereunder or of any portion thereof, prior to fulfillment of all
of the following conditions: 
 (a) The admission of such shares to listing on all stock exchanges on which the Stock is then
listed, if any; 

  
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 (b) The completion of any registration or other qualification of such shares under any
federal or state law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory agency, which the Company shall in its sole discretion determine to be necessary or advisable; 

(c) The obtaining of any approval or other clearance from any federal or state governmental agency which the Company shall in its sole
discretion determine to be necessary or advisable; and 
 (d) The lapse of such reasonable period of time following the exercise
of the Option as the Company from time to time may establish for reasons of administrative convenience. 
 ARTICLE IX 

Termination, Amendment, and Modification of Plan 
 The Board may at any time terminate, and may at any time and from time to time and in any respect amend or modify, the Plan; provided, however, that no such action of the Board without approval of the
shareholders of the Company may increase the total number of shares of Stock subject to the Plan except as contemplated in Section 4.3 hereof or alter the class of persons eligible to receive Options under the Plan, and provided further that no
termination, amendment, or modification of the Plan shall without the written consent of the Optionee of such Option adversely affect the rights of the Optionee with respect to an Option or the unexercised portion thereof. 

Notwithstanding any other provision of this Plan, the Company’s primary federal regulator shall at any time have the right to direct
the Company to require Optionees to exercise their Options or forfeit their Options if the Company’s capital falls below the minimum requirements, as determined by such federal regulator. 

ARTICLE X 

Miscellaneous 

10.1 Service. Nothing in the Plan or in any Option granted hereunder or in any Stock Option Agreement relating thereto shall
confer upon any Employee the right to continue in the Service of the Company. 
 10.2 Other Compensation Plans. The
adoption of the Plan shall not affect any other stock option or incentive or other compensation plans in effect for the Company, nor shall the Plan preclude the Company from establishing any other forms of incentive or other compensation for
directors, officers, or employees of the Company. 

  
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 10.3 Plan Binding on Successors. The Plan shall be binding upon the successors and
assigns of the Company. 
 10.4 Singular, Plural; Gender. Whenever used herein, nouns in the singular shall include the
plural, and the masculine pronoun shall include the feminine gender. 
 10.5 Applicable Law. This Plan shall be governed
by and construed in accordance with the laws of the State of Florida. 
 10.6 Headings, etc., No Part of Plan. Headings
of Articles and Sections hereof are inserted for convenience and reference; they constitute no part of the Plan. 
 10.7
Severability. If any provision or provisions of this Plan shall be held to be invalid, illegal, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 IN WITNESS WHEREOF, the undersigned President and Chief Executive Officer of the Company has signed this Plan for and on
behalf of the Company. 
  

	
	 /s/ William P. Valenti

	William P. Valenti
	President and Chief Executive Officer
	
	Dated: February 5, 2001

  
 10EXECUTIVE OFFICER AGREEMENT

 Exhibit 10.1 
 EXECUTIVE OFFICER AGREEMENT 
 This EXECUTIVE OFFICER AGREEMENT is entered
into this 29th day of June 2012, by and between Teradyne, Inc., a Massachusetts corporation (“Teradyne” or the “Company”), and the undersigned executive officer of Teradyne (“Executive”). 

WITNESSETH: 

WHEREAS, the Executive is retiring from the Company effective June 29, 2012 (the “Retirement Date”). 

WHEREAS, Teradyne recognizes the contributions the Executive has made to the success of the Company and wishes to ensure the Executive is
available to provide consulting to the Company and does not engage in any business competitive with the Company following his retirement for the period from the Retirement Date through January 27, 2016 (the “Non-Competition Period”).

 WHEREAS, Teradyne and Executive desire to set forth certain terms and conditions relating to the Executive’s retirement
from Teradyne. 
 NOW THEREFORE, in consideration of the promises and of the mutual covenants and agreements hereinafter set
forth, the parties hereto hereby agree as follows: 
  

	 	1.	Consulting. 

 In
consideration of the benefits received under this Agreement, the Executive agrees to make himself reasonably available to provide consulting services to the Company as reasonably requested by the Company for up to one hundred and sixty
(160) hours during each of the following three twelve (12) month periods of the Non-Competition Period: (a) June 30, 2012 through June 29, 2013; (b) June 30, 2013 through June 29, 2014; and June 30, 2014
through June 29, 2015. For the period from June 30, 2015 through January 27, 2016, the Executive will make himself available as above for up to ninety (90) hours. During the four periods enumerated above, if the Company does not
avail itself of the specified number of consulting hours related to that period, the hours will not accumulate or roll over into any subsequent period. The Company will reimburse the Executive for any expenses he incurs in connection with the
consulting, in accordance with the Company’s prevailing Travel and Entertainment Policy. In connection with the performance of any consulting services, the Executive shall maintain the confidentiality of any information provided by the Company,
comply with the Company’s Code of Conduct and work as an independent contractor without any employment benefits that the Company makes available to its employees. The Executive hereby agrees that following the Retirement Date, he shall cease to
be an employee of the Company. 

	 	2.	Consideration for Consulting and Non-Competition. 

 In consideration for his consulting services, the signing of the Release attached as Attachment A as well as the promises and covenants including the Non-Competition and Non-Solicitation provision set
forth herein, the Company agrees to the following treatment of the portions of the Executive’s outstanding equity grants which remain unvested as of the Retirement Date; provided that such treatment shall be subject to Section 3 hereof and
full compliance by the Executive with Section 5 hereof: 
  

	 	a)	Any unvested, time-based restricted stock units granted before 2012 shall continue to vest during the Non-Competition Period; 

 

	 	b)	Any unvested, time-based restricted stock units granted in 2012 prior to the Retirement Date shall continue to vest during the Non-Competition Period in a pro-rated
amount based on the number of days that the Executive was employed during 2012; 

  

	 	c)	Any unvested stock options granted before 2012 shall continue to vest during the Non-Competition Period; 

 

	 	d)	Any unvested stock options granted in 2012 prior to the Retirement Date shall continue to vest during the Non-Competition Period in a pro-rated amount based on the
number of days that the Executive was employed during 2012; 

  

	 	e)	Any vested stock options as of the Retirement Date or stock options that become vested during the Non-Competition Period may be exercised for the remainder of the
generally applicable term of such option which in all cases is no later than seven years from the respective dates of grant; 

  

	 	f)	Any previously granted unvested, performance-based restricted stock units for which the performance percentage has been determined by Teradyne’s Board of Directors
and/or Compensation Committee as of the Retirement Date shall continue to vest during the Non-Competition Period; and 

  

	 	g)	Any previously granted unvested, performance-based restricted stock units for which the performance percentage has not been determined by Teradyne’s Board of
Directors and/or Compensation Committee as of the Retirement Date shall commence vesting at their target or 100% level on the first anniversary of their grant date in a pro-rated amount based on the number of days that the Executive was employed
during the relevant performance period, and shall continue to vest during the Non-Competition Period. 

 Schedule A attached
hereto and incorporated herein is a complete list of the Executive’s outstanding equity grants from the Company as of the Retirement Date. The parties agree that, except as otherwise provided herein, the terms of the Executive’s existing
equity award agreements shall continue in effect and that any portion of the Executive’s outstanding equity 

  
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grants which are not vested by reason of the application of Section 2(a), (b), (c), (d), (f) and (g) shall be forfeited as of the last day of the Non-Competition Period or on such
earlier date pursuant to Section 5. 
 Executive acknowledges that he is not and would not be entitled to the consideration
described in this Section 2 absent his execution and non-revocation of this Agreement and the release. The consideration described in this Section 2 is in addition to other retirement and/or pension benefits to which the Executive may be
entitled associated with the Executive’s retirement. The parties acknowledge that Executive shall not be entitled to any severance or separation payment or benefit associated with his retirement, other than all accrued wages and unused vacation
time as of the Retirement Date. The Executive acknowledges and agrees that his termination of employment with the Company shall not be considered a retirement for purposes of his unvested equity grants which are outstanding as of the Retirement Date
and that the settlement or exercise of rights under such grants shall not be accelerated. 
  

	 	3.	Conditions to Consideration. 

 The consideration and entitlements set forth above in Section 2 shall be conditioned on Executive’s signing, and not revoking, a Release, in the form attached as Attachment A, within twenty-one
(21) days following the Retirement Date, plus any legally required revocation period. 
  

	 	4.	Compensation in connection with Retirement. 

 Executive shall receive the following compensation in connection with his retirement: 
  

	 	a)	Variable compensation payment for 2012 pro-rated to the Retirement Date paid in accordance with and at the time consistent with the Company’s standard practice;

  

	 	b)	Profit sharing payment, if any, for the first half of 2012 made in accordance with the Company’s standard practice; and 

 

	 	c)	All other compensation and benefits to which the executive is currently entitled in connection with his employment or his retirement. 

 

	 	5.	Non-Competition and Non-Solicitation. 

 During the Non-Competition Period, Executive shall not directly or indirectly: 
  

	 	a)	Engage in any business or enterprise (whether as an owner, partner, officer, employee, executive, director, investor, lender, consultant, independent contractor or
otherwise, except as the holder of not more than 1% of the combined voting power of the outstanding stock of a publicly held company) that is competitive with Teradyne (including but not limited to, any business or enterprise that develops, designs,
produces, markets, sells or renders any product or service competitive with any product or service developed, produced, marketed, sold or rendered by Teradyne while Executive was employed by Teradyne); 

  
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	 	b)	Either alone or in association with others, recruit, solicit, hire or engage as an independent contractor, any person who was employed by Teradyne at any time during
the period of Executive’s employment with Teradyne, except for an individual whose employment with Teradyne has been terminated for a period of six months or longer; or 

 

	 	c)	Either alone or in association with others, solicit, divert or take away, or attempt to divert or to take away, the business or patronage of any client or customer or
entity that was a prospective client or customer of Teradyne during the Executive’s employment. 

 If any
restriction set forth in this Section 5 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, the parties
agree that it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable. 
 Executive acknowledges that the restrictions contained in this Section 5 are necessary for the protection of the business and goodwill of Teradyne and are considered by Executive to be reasonable for
such purpose. Executive agrees that any breach of this Section 5 will cause Teradyne irreparable harm and therefore, in the event of any such breach, in addition to such other remedies that may be available, Teradyne shall have the right to
seek equitable and/or injunctive relief. 
 The geographic scope of this Section 5 shall extend to anywhere Teradyne or any
of its subsidiaries is doing business, has done business or has plans to do business. 
 Executive agrees that during the
Non-Competition Period, he will make reasonable good faith efforts to give written notice to Teradyne of each new business activity he plans to undertake, at least (5) business days prior to beginning any such activity. 

If Executive violates the provisions of this Section 5, Teradyne shall be entitled to discontinue any continued vesting per
Section 2 above and Executive shall continue to be bound by the restrictions set forth in this Section 5 for an additional period of time equal to the duration of the violation, such additional period not to exceed 24 months. 

 

	 	6.	Deferred Compensation/Section 409A. 

 Notwithstanding any other provision of this Agreement, if the Executive is a “specified employee” at the time of the Executive’s “separation from service” as such terms are
defined in Section 409A of the Code, all payments, benefits, or removal of restrictions on the transfer of equity under this Agreement with respect to the Executive’s “separation from service” that constitute compensation
deferred under a nonqualified deferred compensation plan as defined in Section 409A of the Code and regulations thereunder for which an exemption does not apply and 

  
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to which such the Executive as a “specified employee” would otherwise be entitled during the first six months following the date of “separation from service” shall be made on
the first day of the seventh month after the date of “separation from service” (or, if earlier, the date of death of the Executive). 
 For purposes of this Agreement, each amount to be paid or benefit to be provided shall be construed as a separate identified payment for purposes of Section 409A, and any payments that are due within
the “short term deferral period” as defined in Section 409A and regulations thereunder or payments that are made under separation pay plans as described in Treasury Regulation Section 1.409A-1(b)(9)(ii), (iii) or (iv), shall
not be treated as deferred compensation unless applicable law requires otherwise. Neither Teradyne nor the Executive shall have the right to accelerate or defer the delivery of any payments or benefits under this Agreement except to the extent
specifically permitted or required by Section 409A. 
 This Agreement is intended to comply with the provisions of
Section 409A and regulations thereunder and the Agreement shall, to the extent practicable, be construed and administered in accordance therewith. Terms defined in the Agreement shall have the meanings given such terms under Section 409A
if and to the extent required to comply with Section 409A. In any event, Teradyne makes no representations or warranty and shall have no liability to the Executive or any other person if any provisions of or payments under this Agreement are
determined to constitute deferred compensation subject to Code Section 409A but not to satisfy the conditions of that section. 
  

	 	7.	Governing Law and Dispute Resolution. 

 This Agreement shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts and this Agreement shall be deemed to be performable in Massachusetts. The
Executive and the Company agree that any dispute, controversy or claim arising between the parties relating to this Agreement shall be resolved by final and binding arbitration before a single arbitrator, except that the parties may seek equitable
relief in court to preserve the status quo pending final resolution in arbitration. The arbitrator shall be selected in accordance with the Employment Dispute Resolution rules of the American Arbitration Association (“AAA”) pertaining at
the time the dispute arises. The parties agree that such arbitration shall take place at the offices of the AAA in Boston, Massachusetts. In such arbitration proceedings, the arbitrator shall have the discretion, to be exercised in accordance with
applicable law, to award any damages permitted by law, and to allocate among the parties the arbitrator’s fees, tribunal and other administrative and litigation costs and, to the prevailing party, reasonable attorneys’ fees. The award of
the arbitrator may be confirmed before and entered as a judgment of any court having jurisdiction of the parties. 
  

	 	8.	Severability. 

 In case
any one or more of the provisions contained in this Agreement for any reason shall be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement
and this Agreement shall be construed to the maximum extent permitted by law. 

  
 5 

	 	9.	Waivers and Modifications. 

This Agreement may be modified, and the rights, remedies and obligations contained in any provision hereof may be waived, only in
accordance with this Section 9. No waiver by either party of any breach by the other or any provision hereof shall be deemed to be a waiver of any later or other breach thereof or as a waiver of any other provision of this Agreement. This
Agreement may not be waived, changed, discharged or terminated orally or by any course of dealing between the parties, but only by an instrument in writing signed by the party against whom any waiver, change, discharge or termination is sought.

  

	 	10.	Assignment. 

 This
Agreement, and Executive’s and Teradyne’s rights and obligations hereunder, may not be assigned by Executive or Teradyne; any purported assignment by Executive or Teradyne in violation hereof shall be null and void. 

 

	 	11.	Entire Agreement. 

 This
Agreement, including Schedule A and Attachment A, constitutes the entire understanding of the parties relating to the subject matter hereof and supersedes all agreements, written or oral, made prior to the date hereof between Executive and Teradyne
relating to the subject matter hereof, except for the attached Release once executed, and the equity award agreements, as modified hereby, between Teradyne and Executive. 

 

	 	12.	Notices. 

 All notices
hereunder shall be in writing and shall be delivered in person or mailed by certified or registered mail, return receipt requested, addressed as follows: 
  

			
	 If to Teradyne, to:
	  	Teradyne, Inc.
		  	600 Riverpark Drive
		  	North Reading, MA 01864
		  	Attention: General Counsel

 If to Executive, at Executive’s address in his employment file on record with the Human Resources
Department. 
  

	 	13.	Cooperation. 

 Executive
agrees to cooperate fully with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company. The Executive’s full cooperation in connection with
such claims or actions shall include, but not be limited to, being available to meet with Company counsel to prepare for trial or discovery or an administrative hearing or alternative dispute resolution and to act as a witness when requested by the
Company at reasonable times designated by the Company. 

  
 6 

	 	14.	Return of Property. 

 No
later than the Retirement Date, Executive shall return to the Company all Company property in his possession or control, including all electronic documents 
  

	 	15.	Non-Disparagement. 

 The
Executive understands and agrees that in consideration for the covenants, terms and conditions herein, he shall not make any false, disparaging or derogatory statements to any third person or entity, including any media outlet, in public or private
regarding the Company’s directors, officers, executives, agents, or representatives or the Company’s business affairs and financial condition. The Company understands and agrees that in consideration for the covenants, terms and conditions
herein, it shall cause its directors and executive officers to not make any false, disparaging or derogatory statements to any third party or entity, including any media outlet, in public or private, regarding the Executive. 

 

	 	16.	Confidential Information 

The Executive acknowledges that the information, observations and data (including trade secrets) obtained by him while employed by the
Company concerning the Company or any affiliate are the property of the Company. The Executive agrees that he will not use, publish or disclose, at any time after the Retirement Date or in connection with his consulting services, any secret or
confidential information or data concerning any discovery, invention, opportunity, product, design, formula, algorithm or process, or any secret or confidential production, sales or other business information, relating to the Company or any client,
subsidiary or affiliate of the Company which he may acquire or have acquired during any period of employment with the Company or any affiliate. The term “confidential information” shall not include information that is in the public domain
at the time of the disclosure. The Executive further agrees to turn over at or prior to the expiration of his employment all tangible forms of such information in his possession or under his control, including drawings, specifications, models,
customer lists and other documents and records as well as all copies and reproductions thereof. Prior to or concurrent with any cessation of services hereunder, the Executive shall reduce to writing and deliver to the Company such information as the
Company may reasonably request to the extent that such information pertains to the business and operations of the Company and its subsidiaries and affiliates and any product or service offered by the Company or its affiliates. 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written. 

 

									
	TERADYNE, INC.	  		 	EXECUTIVE
				
	By:	  	 /s/ Steve Fagerquist
	  		 	 /s/ Jeff Hotchkiss

	 Name:
	  	Steve Fagerquist	  		 	Name:	  	Jeff Hotchkiss
	Title:	  	VP, Human Resources	  		 		  	

  
 7

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