Document:

MASI-2014-Nikken Fourth Amd-EX 10.5

Exhibit 10.5

FOURTH AMENDMENT TO PURCHASE AND SALE AGREEMENT
THIS FOURTH AMENDMENT TO PURCHASE AND SALE AGREEMENT (“Fourth Amendment”) is made and entered into effective as of the 12th day of March, 2014 by and between NIKKEN, INC., a California corporation (“Seller”), and MASIMO CORPORATION, a Delaware corporation (“Buyer”).
R E C I T A L S
A.Seller and Buyer have entered into that certain Agreement of Purchase and Sale Agreement and Escrow Instructions dated November 1, 2013 (“Original Purchase Agreement”), as amended by that certain First Amendment to Purchase and Sale Agreement dated January 8, 2014 (the “First Amendment”), further amended by that certain Second Amendment to Purchase and Sale Agreement dated January 10, 2014 (the “Second Amendment”), and further amended by that certain Third Amendment to Purchase and Sale Agreement dated March 10, 2014 (the “Third Amendment”, and collectively with the Original Purchase Agreement, the First Amendment, the Second Amendment and the Third Amendment, referred to as the “Agreement”), relative to the sale/purchase of that certain real property located at 52 Discovery Way, Irvine, California (the “Property”).

B.Seller and Buyer desire to further amend the Agreement to among other things further extend the Feasibility Period on the terms and conditions set forth below.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller and Buyer hereby agree to further amend the Purchase Agreement as follows:
1.Definitions.  Any capitalized term used, but not defined, herein shall have its respective meaning as set forth in the Agreement.

2.Reinstatement of Agreement.  Notwithstanding the Termination Notice delivered by Buyer to Seller on March 11, 2014, the parties hereby acknowledge and agree that, by their mutual execution of this Fourth Amendment, the Termination Notice is revoked and the Agreement is hereby reinstated and in full force and effect.  In connection with the reinstatement of the Agreement, the parties hereby further acknowledge and agree as follows:

(a)This Fourth Amendment shall serve as Buyer’s Approval Notice pursuant to Section 3.2.3 of the Agreement.  The Approval Notice shall be considered timely delivered and Buyer shall no longer have any right to terminate the Agreement pursuant to Section 3.2 of the Agreement.

(b)On or before March 13, 2014, Buyer shall deliver the Additional Deposit to Escrow Holder, and the Additional Deposit shall be deposited by Escrow Holder in accordance with Section 2.3 of the Agreement.  Effective upon execution of this Agreement the entire $2,000,000 Deposit shall constitute liquidated damages in the event the Agreement is terminated for a Buyer’s Default in accordance with Section 10.1 of the Agreement.

3.Agreement in Full Force and Effect.  Except as expressly amended hereby, the terms and conditions of the Agreement are hereby ratified and confirmed, and shall continue in full force and effect.  In the event of any conflict or inconsistency between the terms set forth herein and the terms of the Agreement, the terms contained in this Fourth Amendment shall govern and control.

4.Counterparts; Facsimile; E-Mail.  This Fourth Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  For purposes of this Fourth Amendment, any signature transmitted by facsimile or e-mail (in pdf. or comparable format) shall be considered to have the same legal and binding effect as any original signature.

[SIGNATURES APPEAR ON FOLLOWING PAGE]

IN WITNESS WHEREOF, the undersigned have entered into this Fourth Amendment effective as of the day and year first above written.
	
		
	SELLER:
	NIKKEN, Inc.,
a California corporation

By:/s/ Kurt H. Fulle___________________
Name: Kurt H. Fulle
Its: President and CEO

	 
	 

	 
	 

	 
	 

	BUYER:
	Masimo Corporation,
a Delaware corporation

By: /s/ Yongsam Lee_______________
Name: Yongsam Lee
Its: EVP, Operations and CIOEXEL 2014.03.31 Exhibit 10.3

Exhibit 10.3

2014 Non-Employee Director Compensation
 
Cash Compensation
	
					
	Board of Directors
	Retainer Fee
	

	$25,000
	

	 
	Additional Chair Retainer Fee
	

	$30,000
	

	 
	Regular Meeting Fee
	

	$2,500
	

	 
	Special Meeting Fee*
	

	$1,000
	

	Audit Committee
	Retainer Fee
	

	$6,000
	

	 
	Additional Chair Retainer Fee
	

	$15,000
	

	 
	Meeting Fee**
	

	$1,000
	

	Compensation Committee
	Retainer Fee
	

	$5,000
	

	 
	Additional Chair Retainer Fee
	

	$10,000
	

	 
	Meeting Fee**
	

	$1,000
	

	Nominating & Corporate Governance Committee
	Retainer Fee
	

	$5,000
	

	 
	Additional Chair Retainer Fee
	

	$10,000
	

	 
	Meeting Fee**
	

	$1,000
	

	Research & Development Committee
	Retainer Fee
	

	$10,000
	

	 
	Additional Chair Retainer Fee
	

	$10,000
	

	 
	Meeting Fee**
	

	$5,000
	

*      Meeting at which minutes are generated.
**  In-person meeting or teleconference at which minutes are generated.

Equity Compensation
	
				
	Board of Directors
	Initial Option Grant*
	Number of Options
	65,000

	 
	Annual Option Grant**
	Number of Options
	40,000

*      For new directors only. Vests over four years, with one year cliff vesting and then monthly thereafter. 
**    Vests monthly over one year.EXEL 2014.03.31 Exhibit 10.4

Exhibit 10.4

January 22, 2014

Jeffrey Hessekiel
585 Pullman Road
Hillsborough, CA 94010

Dear Jeffrey:

We are proud to invite you to join our team.

Our offer of employment is to join Exelixis, Inc. Your title will be that of Executive Vice President & General Counsel, in our Legal Services department reporting to Michael Morrissey, President & Chief Executive Officer in our Executive Administration department.  Other terms of employment include:

Compensation:  Your base salary will be seventeen thousand three hundred seven dollars and seventy cents ($17,307.70) per pay period. We are on a bi-weekly pay schedule. This equates to a base compensation of four hundred fifty thousand dollars and twenty cents ($450,000.20) on an annual basis.  This is an exempt position. 

Equity:  As an inducement that we understand is material to your entering into employment with Exelixis, you will be eligible to elect to receive an award (referred to as the “Equity Award”) for shares of the Company’s common stock under the Exelixis, Inc. 2011 Equity Incentive Plan (referred to as the “2011 Plan”) in the form of either (i) a stock option to purchase two hundred thirty thousand (230,000) shares of Exelixis common stock pursuant to the 2011 Plan and subject to approval by the Board of Directors (referred to as “Alternative 1”); or (ii) a stock option to purchase one hundred seventy two thousand five hundred (172,500) shares of Exelixis common stock pursuant to the 2011 Plan and subject to approval by the Board of Directors, and a restricted stock unit (RSU) award for nineteen thousand one hundred sixty six (19,166) shares of Exelixis common stock pursuant to the 2011 Plan and subject to approval by the Board of Directors (referred to as “Alternative 2”). 

The standard vesting schedule for our stock options is 1⁄4 following the one year anniversary of your Start Date and 1/48th of the original number of shares subject to the stock option every month thereafter over a total of four years, provided that vesting ceases upon termination of your continuous service within the meaning of the 2011 Plan.  The standard vesting schedule for our RSU awards is 1⁄4 on the first established RSU vesting date following the one year anniversary of your Start Date and 1/4th of the original number of shares subject to the RSU award every year thereafter over a total of four years until fully-vested, provided that vesting ceases upon termination of your continuous service within the meaning of the 2011 Plan.  The grant date for your Equity Award will be your Start Date (the Start Date is also the date that the exercise price for your stock option will be established under the 2011 Plan).

Please select the form in which you prefer to receive the Equity Award by selecting one of the alternatives below at the time you accept this offer of employment by returning the signed copies of this letter as provided below:

I hereby prefer to receive the Equity Award as follows (select one):

x           Alternative 1; or
c           Alternative 2 

Jeffrey Hessekiel
January 22, 2014
Page Two

By signing and returning this letter as provided below, you acknowledge that you understand that, after 5:00p.m., Pacific Time on the last business day prior to your Start Date, you may not withdraw or change your designated Equity Award preference.

Benefits:  All full-time employees of Exelixis, Inc. enjoy a generous benefits package, which is outlined on the attached Summary of Benefits.

Performance Review:  Focal reviews will take place annually. If eligible for a performance review increase, the merit increase will typically be effective in March.  

Bonus Target:  You will be eligible for a bonus target of 45%.

Start Date:  TBD

Confidentiality and Company Policies:  As you are aware, it is very important for us to protect our confidential information and proprietary material.  Therefore, as a condition of employment, you will need to sign the attached Confidential Disclosure Agreement.   You will also be required to abide by the Company’s policies and procedures, including the Code of Business Conduct and Ethics.

Reference Verification:  This offer is contingent upon verification of your references.

Background Check:  This offer is contingent upon successfully passing your background check.

Other:  This offer expires on Tuesday, January 28, 2014 unless accepted by you prior to this date.  In addition to performing the duties and responsibilities of your position, you will be expected to perform other duties and responsibilities that may be assigned to you from time to time.  No provision of this letter shall be construed to create or express an implied employment contract for a specific period of time.  Either you or the Company may terminate this employment relationship at any time, with or without cause.  This letter shall be governed by the laws of the State of California.  Also, by signing this letter, you are indicating that you are legally authorized to work in the U.S.

Employment Authorization:  Our offer of employment is at will and contingent upon your ability to document your employment authorization in the United States.  If you are unable to document your right to work within the United States within three days of your date of hire, your employment will be terminated.  

You may accept this offer of employment by signing both copies of this letter and Proprietary Information and Invention Agreements and returning one of each in the envelope provided to Tanya Vallecillo, Human Resources Specialist, 210 East Grand Avenue, South San Francisco, CA 94080.

Jeffrey, we look forward to your coming on board.

Sincerely,

/s/LAURA DILLARD

Laura Dillard
Vice President, Human Resources

Jeffrey Hessekiel
January 22, 2014
Page Three

ACCEPTED BY:

	
			
	/s/    JEFFREY HESSEKIEL        
	 
	2/10/14

	Jeffrey Hessekiel
	 
	Date

Enclosures:    

Benefit Summary
Confidentiality Agreement
DE-4 (optional)
Direct Deposit Form (optional)
Employee Information Form
I-9
Insider Trading Policy
W-4
Holiday Schedule
Payroll Schedule

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00230-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00230-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00230-of-00352.parquet"}]]