Document:

Amendment No.1 to Deferral Plan for Non-Employee Directors

 EXHIBIT 10.31 
  
 TERADYNE, INC. 
  
 AMENDMENT NO. 1 TO DEFERRAL PLAN FOR NON-EMPLOYEE DIRECTORS 
  

May 22, 2003 
  
 Effective as of March 1, 2003, the Teradyne, Inc. Deferral Plan for Non-Employee Directors (the “Plan”) is hereby amended as follows:

  

	1.	 	The first sentence of Section 1 is hereby deleted in its entirety and replaced with the following: 

  
 “All Non-employee Directors of the Company who are eligible to participate in the Company’s 1997 Employee Stock
Option Plan (the “1997 Plan”) are eligible to participate in this Plan.” 
  

	2.	 	The last sentence of Section 5 is hereby deleted in its entirety and replaced with the following: 

  
 “Shares delivered on any payment date shall be authorized pursuant to and issued in accordance with the terms of the
1997 Plan.” 
  
 In all other respects the Plan is hereby
affirmed and shall remain in full force and effect. 
  
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of Page Left Blank Intentionally] 

 TERADYNE, INC. 
  
  
  
 By: /s/ George W.
Chamillard                     
 Name: George W. Chamillard 
 Title: Chairman & Chief Executive Officer 

 Teradyne, Inc. 
 Deferral Plan for Non-Employee Directors 
  
 WHEREAS, Teradyne, Inc. (the “Company”) is desirous of offering its Non-employee Directors the option of deferring the receipt of their retainers and any and all other applicable compensation and fees.

  
 NOW, THEREFORE, the Company hereby adopts the Teradyne, Inc.
Deferral Plan for Non-employee Directors (the “Plan”) as set forth below effective January 1, 2001. 
  

	1.	 	Eligibility 

  
 All Non-employee Directors of the Company are eligible to participate in this Plan. If a subsidiary wishes to participate in the Plan, the Board of
Directors of the subsidiary shall adopt a resolution authorizing participation by the subsidiary in the Plan. 
  

	2.	 	Participation 

  
 Each Non-employee Director may elect or defer, on a year by year basis, the receipt of 100% of his or her retainer and any and all other fees and
compensation related to the position as a Non-employee Director that would otherwise be payable to the Non-employee Director for a Plan Year. 
  
 Each Non-employee Director who elects to participate in this Plan for any Plan Year must complete a Deferral Election Form no later than the December 1
prior to the first day of such Plan Year. For the first Plan Year, Non-employee Directors who elect to participate must complete a Deferral Election Form as soon as administratively possible prior to December 15, 2000. Such annual elections are
irrevocable with respect to the Plan Year to which they relate. 
  
 Non-employee Directors who do not timely complete a Deferral Election Form for any Plan Year shall not be allowed to participate herein for such Plan Year and shall receive the retainer and any and all other applicable compensation and fees
to which they become entitled during such Plan Year with respect to their position as a Non-Employee Director in accordance with the Company’s customary practices. 
  

	3.	 	Administration 

  
 Deferral amounts shall, as elected annually by the Non-employee Director, be invested in one of the following: 
  

	 	a.	 	A notional cash account credited with interest for each Plan Year or portion thereof based upon the 10 year Treasury Note interest rate in effect on the first day of such Plan Year.

  

	 	b.	 	A deferred stock unit (DSU) account in which deferrals will be deemed to be invested in common stock of the Company based on its fair market value on the date such deferrals are
contributed to the Plan and any deemed dividends declared thereon shall be deemed to be invested in common stock of the Company based on its fair market value on the date such dividends are declared. 

  
 Deferral amounts will be deemed to have been contributed to the Plan on the
day such amounts would have been payable to the Non-employee Director in accordance with the Company’s customary practices, but for his irrevocable election to defer payment. 
  

	4.	 	Voting and Divided Rights 

  
 No Participant shall be entitled to any voting rights or to receive any dividends with respect to any amounts deferred to the DSU account. 
  

	5.	 	Distributions 

  
 The value of the amounts deferred shall be distributed in a single payment within 90 days of the date the Non-employee Director no longer serves as such.

  
 Amounts credited to a Participant’s notional cash account
are distributable only in cash. 
  
 Amounts credited to a
Participant’s DSU account are distributable in the common stock of the Company. Any fractional shares in the DSU account, however, are distributable in cash at the Company’s discretion based upon the fair market value of the Company’s
common stock, on the date of payment. Shares delivered on any payment date may be either Treasury shares or authorized and unissued shares or both. 
  

	6.	 	Amendments and Terminations 

  
 The Board of Directors may amend or terminate this Plan at any time provided that no such action shall adversely affect any right or obligation with
respect to any amounts deferred prior to such termination or amendment. 
  

	7.	 	Definitions 

  
 As used in this Plan, the following terms shall have the following meanings: 
  

	 	a.	 	Account means amounts invested at the Participant’s election in either or both the notional cash account or the DSU account. 

  

	 	b.	 	Board of Directors means the Board of Directions for Teradyne, Inc. 

  

	 	c.	 	Participants means any Non-employee Director who makes an annual election to defer receipt of his or her retainer and any and all other applicable compensation and fees otherwise
payable to him or her with respect to his or her position as a Non-employee Director. 

  

	 	d.	 	Plans means the Teradyne, Inc. Deferral Plan for Non-employee Directors as specified herein and amended from time to time. 

  

	 	e.	 	Plan Year means the calendar year. The first plan year is effective January 1, 2001. 

  

	 	f.	 	Fair market value of the common stock of the Company on any date shall be the opening price for such date as officially quoted by the New York Stock Exchange. If the common stock
should not then be listed or admitted to trading on the New York Stock Exchange, the opening price shall be the opening price for such date as officially quoted by the Exchange on which such stock is listed. However, if the Company’s common
stock is not publicly traded, fair market value shall be deemed to be the fair value of the common stock as determined by the Directors (excluding any Non-employee Directors participating herein) after taking into consideration all factors which
they deem appropriate, including, without limitation, recent sale and offer prices of the common stock in private transactions negotiated at arm’s length, revenues and pre-tax earnings of the Company for the most recent twelve month period,
projected revenues and pre-tax earnings of the Company for the next twelve-month period, discounted positive cash flow of the Company, price/earnings multiples of comparable publicly-traded companies (adjusted for any illiquidity associated with the
Company’s stock), appropriate discounts for illiquidity and appropriate consideration of the senior rights, preferences and privileges of other classes of preferred stock outstanding, and other pertinent factors determined by such Directors.

  

	8.	 	Dilutions and other Adjustments 

  
 In the event of any change in the outstanding shares of the common stock of the Company by reason of any stock dividend or split, recapitalization,
merger, consolidation, spin-off, reorganization, combination or exchange of shares or other similar corporate change, then if the Company shall determine, in its sole discretion, that such change equitably requires an adjustment in the number or
kind of shares then held in a Participant’s DSU account, then such adjustments shall be made by the Company and shall be conclusive and binding for all purposes of the Plan. 

	9.	 	Miscellaneous Provisions 

  
 A Participant’s right and interest under the Plan may not be assigned or transferred. In the case of a Participant’s death, payments of the
Participant’s Account due under this Plan shall be made to his designated beneficiary, or in the absence of such designation, to his estate. 
  
 Any amounts deferred under this Plan shall remain the assets of the Company until paid in accordance with the provisions of this Plan, and in the event of
the Company’s insolvency, will be subject to the claims of the Company’s general creditors. In the event of the Company’s insolvency, a Participant shall be a general creditor of the Company with respect to his or her claim for
benefits hereunder. 
  

	10.	 	This Plan is established in accordance with the laws of the Commonwealth of Massachusetts. 

  
 IN WITNESS WHEREOF, the Company has caused this Plan to be signed in its name by its duly authorized officer and impressed
with its corporate seal. 
  
  
 By: /s/ George W. Chamillard             
  
 Title: Chairman and Chief Executive OfficerChange in Control Agreement

 EXHIBIT 10.32 
  
 EXECUTIVE OFFICER CHANGE IN CONTROL AGREEMENT 
  
 EXECUTIVE OFFICER CHANGE IN CONTROL AGREEMENT entered into this 2nd day of July, 2003, by and between Teradyne, Inc., a
Massachusetts corporation (“Teradyne”), and the undersigned executive officer of Teradyne (“Employee”). 
  
 WITNESSETH: 
  
 WHEREAS, Teradyne and Employee desire to set forth certain terms and conditions relating to benefits to be afforded to Employee upon the occurrence of a
Change in Control (as hereinafter defined) of Teradyne; 
 NOW THEREFORE, in consideration of the premises and of the mutual covenants and
agreements hereinafter set forth, the parties hereto hereby agree as follows: 
 1.    Option
Acceleration.  (a) During the Term (as hereinafter defined), if within twenty-four (24) months following a Change in Control there is a Termination Event (as hereinafter defined), all of Employee’s unvested Options granted prior
to, on, or after the date hereof (but only (I) such Options as have been granted to Employee by Teradyne as of the date of the Change in Control or (II) such Options as have been assumed by an acquiring company at the time of a Change in Control or
such new options that have been substituted by an acquiring company for Options existing at the time of a Change in Control, each pursuant to the terms of any Teradyne option plan) shall automatically become fully vested as of the date of such
Termination Event. The parties hereto acknowledge that the terms of this Agreement are intended to modify the terms of Employee’s existing Option agreements and to be a supplement to future Option agreements. 
 (b) For purposes of this Agreement, the following terms shall have the following meanings: 
 “Cause” shall mean conduct involving one or more of the following: (i) the substantial and continuing failure of Employee, after notice
thereof, to render services to Teradyne in accordance with the terms or requirements of his or her employment; (ii) Employee’s disloyalty, gross negligence, willful misconduct, dishonesty, fraud or breach of fiduciary duty to Teradyne; (iii)
Employee’s deliberate disregard of the rules or policies of, or breach of an agreement with, Teradyne which results in direct or indirect loss, damage or injury to Teradyne; (iv) the unauthorized disclosure by Employee of any trade secret or
confidential information of Teradyne; or (v) the commission by Employee of an act which constitutes unfair competition with Teradyne. 
 A
“Change in Control” shall be deemed to have occurred upon the occurrence of any of the following events: (i) any consolidation, cash tender offer, reorganization, recapitalization, merger or plan of share exchange following which
the shareholders of Teradyne immediately prior to such transaction own less than a majority of the combined voting power of the then-outstanding securities of the combined corporation or person immediately after such transaction; (ii) any sale,
lease, exchange or other transfer of all or substantially all of Teradyne’s assets; (iii) the adoption by the Board of Directors of Teradyne of any plan or proposal for the liquidation or dissolution of Teradyne; (iv) a change in the majority
of the Board of Directors of Teradyne through one or more contested elections; or (v) any person (as that term is used in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act of 1934, as amended) becomes beneficial owner of 30% or more of
the combined voting power of Teradyne’s outstanding voting securities. 
 “Good Reason” shall mean any one or more of
the following: (i) any material reduction of Employee’s responsibilities (other than for Cause or as a result of death or disability); (ii) any material reduction in Employee’s model compensation as in effect on the date of the
consummation of the Change in Control, or as the same may be increased from time to time, or any failure by Teradyne to pay to Employee any bonus accrued, but not yet paid, upon written notice by Employee to Teradyne, within 45 days; (iii) a
material reduction in the value 

 
of Employee’s benefit package from the value of Employee’s benefit package on the date of the consummation of the Change in Control; or (iv) any
permanent assignment of Employee to a job location situated more than 50 miles away from his current job location. 
  
 “Option” shall mean an option to purchase shares of Teradyne Common Stock. 
  
 “Termination Event” shall mean (i) any termination of Employee by Teradyne without Cause or (ii) any
voluntary termination by Employee for Good Reason. 
  
 2.    (a) Parachute Payment Gross-Up.  If any Payments (as hereinafter defined) to Employee are subject to the Excise Tax (as hereinafter defined), Teradyne shall pay to Employee a Gross-Up Payment (as
hereinafter defined). The Gross-Up Payment with respect to any Payment shall be paid no later than 15 days prior to the date that the Excise Tax is due with respect to such Payment. 
  
 (b)    Definitions.  For purposes of this Section 2, the following
terms shall have the following meanings: 
  

	 	(i)	 	“Code” shall mean the Internal Revenue Code of 1986, as amended. 

	 	(ii)	 	“Excise Tax” shall mean the tax imposed by Section 4999 of the Code. The amount of the Excise Tax (if any) imposed on any non–cash benefits or any deferred
payment or benefit shall be reasonably determined by Teradyne, after consultation with its legal and tax advisors. 

	 	(iii)	 	“Gross-Up Payment” shall mean, with respect to Payments to the Employee, the amount necessary so that the amount retained by Employee, after reduction for (1) any
Excise Tax on the Gross-Up Payment and (2) any federal, state, or local income and employment taxes imposed on the Gross-Up Payment, is an amount equal to the Excise Tax on the Payments to Employee, other than the Gross-Up Payment. The amount of the
Gross-Up Payment shall be reasonably determined by Teradyne after consultation with its legal and tax advisors. 

  

	 	(1)	 	For purposes of determining the amount of the Gross–Up Payment, Employee shall be deemed to pay federal income taxes at the highest marginal rate of federal, state and local
income tax in the calendar year in which the Gross–Up Payment is made (determined by reference to Employee’s residence for such calendar year), net of the maximum reduction in federal income taxes which could be obtained from deduction of
such state and local taxes. 

  

	 	(2)	 	In the event that the Excise Tax with respect to the Payments is determined to exceed the amount taken into account hereunder, Teradyne shall make an additional Gross–Up
Payment in respect of such excess. For purposes of calculating such Gross-Up Payment, any interest or penalties imposed in connection with such excess Excise Tax shall be treated as an Excise Tax. 

  

	 	(3)	 	In the event that the Excise Tax with respect to the Payments is subsequently determined to be less than the amount taken into account for purposes of calculating the Gross-Up
Payment, Employee shall promptly repay to Teradyne the after-tax portion of the Gross–Up Payment that exceeds the Gross-Up Payment that otherwise would have been payable in connection with the actual Excise Tax imposed on the Payments.

  

	 	(iv)	 	 “Payment” shall mean, with respect to the Employee, any payment in the nature of compensation to (or for the benefit of) such individual, if such
payment is contingent on a change (i) in the ownership or effective control of Teradyne or (ii) in the ownership of a substantial portion of the assets of Teradyne (in each case, as reasonably determined by 

	 	 
Teradyne in accordance with Section 280G(b)(2) of the Code and the regulations promulgated thereunder). Notwithstanding the foregoing, any amount payable to
(or for the benefit of) the Employee shall be a Payment if an Excise Tax is imposed on the Employee with respect to such payment or benefit, and such payment or benefit is contingent on a change (i) in the ownership or effective control of Teradyne
or (ii) in the ownership of a substantial portion of the assets of Teradyne (in each case, determined in accordance with Section 280G(b)(2) of the Code and the regulations promulgated thereunder). 

  
 3.    No Obligation of
Employment.  Employee understands that the employment relationship between Employee and Teradyne will be “at will” and Employee understands that, prior to any Change in Control, Teradyne may terminate Employee with or without
“Cause” at any time. Following any Change in Control, Teradyne may also terminate Employee with or without “Cause” at any time subject to Employee’s rights and Teradyne’s obligations specified in this Agreement.

  
 4.    Governing
Law.  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. 
  
 5.    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. 
  
 6.    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 6. 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. 
  
 7.    Assignment.  Employee may not
assign any of his rights or delegate any of his duties or obligations under this Agreement. The rights and obligations of Teradyne under this Agreement shall inure to the benefit of, and shall be binding upon, the successors and assigns of Teradyne.
For purposes of this Agreement, “Teradyne” shall be deemed to include all successors and assigns of Teradyne. 
  
 8.    Entire Agreement.  This Agreement constitutes the entire understanding of the parties relating to the subject
matter hereof and supersedes and cancels all agreements, written or oral, made prior to the date hereof between Employee and Teradyne relating to the subject matter hereof; provided, however, that Employee’s existing option agreements, as
modified hereby, shall remain in effect. 
  
 9.    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. 
 321 Harrison Avenue 
 Boston, MA 02118

 Attention: General Counsel 
  
 If to Employee, at Employee's address set forth on the signature page hereto. 
 10.    Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed to be
an original, but all of which together shall constitute one and the same instrument. 

 11.    Section Headings.  The descriptive section headings herein
have been inserted for convenience only and shall not be deemed to define, limit, or otherwise affect the construction of any provision hereof. 
  
 12.    Term.  The term of this Agreement (the “Term”) shall commence upon the date hereof and terminate
upon the earlier of (i) twenty-four (24) months following any Change in Control of Teradyne, (ii) the date prior to any Change in Control of Teradyne that Employee for any reason ceases to be an employee of Teradyne and (iii) the date following any
Change in Control of Teradyne that Employee is terminated for Cause or voluntary terminates his employment (other than for Good Reason). 
  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

  

	TERADYNE, INC.
		
	By:	 	/s/    GEORGE W. CHAMILLARD        
	 	

	 Name:
 Title:
	 	 George W. Chamillard 
 Chairman & Chief Executive
 Officer of Teradyne, Inc.

  

	EMPLOYEE
		
	By:	 	/s/    MARK A. JAGIELA        
	 	

	 Name:
 Address:
	 	Mark A. Jagiela

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