Document:

Exhibit 10.1

 

July 7, 2006

BY
MESSENGER 

David
Frerichs

18802 Via San Marco

Irvine CA 92603

Re:          Separation Agreement

Dear David:

The following are the terms of our Separation
Agreement.

1.             Separation Date: 
Your employment with SRS Labs will terminate on July 12, 2006 (“Date of
Termination”) and you need not report to the office next week as previously
planned. On your Date of Termination, you will be paid all regular base salary
and accrued vacation due through July 12, 2006.

2.             Unemployment Benefits:  The Company will not contest your eligibility
for unemployment compensation.

3.             Return of Company Property:
You should arrange with David Walker to gather up and return all Company
property in your possession or under your control by July 12, 2006. This
includes but is not limited to all keys, credit cards, originals and copies of
documents, and all office, computer, or telephone equipment.

4.             Separation Benefits:
In consideration for your signing and fulfilling your obligations under this
agreement, the Company will provide the following severance benefits once this
agreement takes effect:

A.            The Company will pay a lump sum of
US$125,000.00 minus appropriate withholding and payroll deductions computed on
an annual withholding schedule.

B.            The Company will reimburse you for
the documented monthly premiums you pay to continue your current coverage for
yourself and your family under the Company’s current group medical, dental, and
vision plans for the same six month period set forth in Section 4A above,
provided you make a timely election to continue such coverage under COBRA
immediately after July 12, 2006. All such coverage will be subject of
course to the terms and conditions of the medical plan documents.

C.
           Thirty Seven Thousand Five
Hundred (37,500) of the stock options previously granted to you will become
vested upon your Date of Termination, and will be exercisable for a period of
ninety (90)

 

days
thereafter in accordance with the Company’s stock option plans and your stock
option agreements.

D.
           Your eligibility for all other
compensation and benefits from your employment will terminate on your Date of
Termination.

5.             Cooperation:  You and the Company agree to
cooperate in assuring a smooth and orderly transition as you separate from
employment. During the period you are receiving separation pay and benefits,
you agree to make yourself reasonably available for limited periods of time to
answer questions and provide information about your work for the Company. You
and the management of the Company will refrain from making any disparaging
comments about the other or from interfering in any way with the other’s
business or future employment. In responding to inquiries about you from
prospective employers, the Company will disclose your dates of employment, title,
final rate of pay, and the fact that you separated from employment with the
Company by mutual agreement, provided you refer all such inquiries to David
Walker.

6.             Final Settlement: 
Since these benefits go beyond what you are entitled to under the Company’s
policies, you agree that this severance agreement constitutes a full and final
settlement of any and all claims, known or unknown, of any kind that you or
your dependents may have to date against the Company or any of its parent or
affiliated companies and their officers, directors, shareholders, employees,
insurors, agents, successors, or assigns, and you agree to dismiss and never to
bring any legal or administrative action based on any such claim. This includes
but is not limited to claims arising from your hiring, employment,
compensation, or termination, or arising under equal employment laws such as
Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act,
or the California Fair Employment and Housing Act.

You also agree that this release includes all
claims, know or unknown, and you waive the protection of any statute that might
otherwise limit your waiver of unknown claims, such as Section 1542 of the
California Civil Code, which reads as follows:

A
general release does not extend to claims which the creditor does not know or
suspect to exist in his or her favor at the time of executing the release
which, if known by him or her must have materially affected his or her
settlement with the debtor.

7.             Confidentiality: 
You agree to keep this agreement, including the fact and amount of pay and
benefits, strictly confidential to the fullest extent allowed by law, but you
may disclose it to your attorney or accountant.

8.             Trade Secrets: 
During your employment, you were entrusted with access to highly confidential
trade secrets of the Company concerning its customers, bids, prospects,
finances, business plans, personnel, and other areas. You agree to

 

keep all such information confidential and not to use or disclose it
for any purpose after your termination. The Confidentiality, Non-Competition,
and Compliance Agreement you signed on November 17, 2005, shall remain in
full force and effect by its terms.

9.             Voluntary Agreement: 
You acknowledge that you are entering into this agreement freely and
voluntarily, with a full understanding of its terms including the release of
all claims. You should consult with your attorney if you so desire before
signing this agreement.

10.           Complete Agreement:   Once signed by you, this letter will become a
legally binding contract. You agree that this letter sets forth all of the
terms of your agreement with the Company, and supersedes all other agreements
and understandings, whether oral, written or implied, including but not limited
to your offer letter dated September 30, 2005, except that any other
agreements you have signed with the Company concerning confidential information
or assignment of inventions shall remain in effect.

11.           No Admission:  You
acknowledge that this is not an admission of wrongdoing by you or the Company,
and shall not be used as evidence of guilt. If you elect not to sign this
letter, you will still receive your final salary and accrued vacation on July 12,
2006, but this letter will become null and void.

To confirm that you agree to these terms, please
sign and date the enclosed copy of this letter, and return it to me in the
enclosed envelope so that we can provide you with your severance benefits.

Please call David Walker if you have any questions
or comments. I wish you the best in your future endeavors.

Very
truly yours,

	
   

  
	
   

  	
   

  
	
  Tom Yuen

  
	
  Chief Executive
  Officer

  
	
   

  
	
   

  
	
  I agree to the
  terms stated in this letter.

  
	
   

  
	
   

  
	
   

  	
    Dated:

  
	
  David J.
  FrerichsExhibit 10.1

 

AMENDMENT 2005-2

 

BECKMAN COULTER, INC.

SUPPLEMENTAL PENSION PLAN

 

WHEREAS, Beckman Coulter, Inc. (the “Company”), a
Delaware corporation, maintains the Beckman Coulter, Inc. Supplemental
Pension Plan (the “Plan”); and

 

WHEREAS, the Company now desires to amend the Plan;
and

 

WHEREAS,
the Company has the right to amend the Plan;

 

NOW,
THEREFORE, the Plan is hereby amended as follows, effective as of the date of
adoption of this Amendment 2005-2:

 

Section 3 of the Plan is amended by adding the following
paragraph at the end of the section to read as follows:

 

“The
benefits under the Supplemental Plan for William H. May (“May”) shall be
determined in accordance with this Section 3 of the Supplemental Plan;
provided, however, that May’s Final Average Earnings, as defined in the Pension
Plan, shall be determined by including in May’s Basic Earnings, as defined in
the Pension Plan, the bonus to be paid to May in 2005 pursuant to the
retention agreement between the Company and May dated April 11, 2005.
Such bonus shall be part of May’s Basic Earnings for December, 2005.”

 

 

IN
WITNESS WHEREOF, this Amendment 2005-2 is hereby adopted this 19th day of December,
2005.

 

 

	
   

  	
  BECKMAN
  COULTER, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ James Robert
  Hurley

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Its

  	
  Vice President, Human ResourcesExhibit 10.2

 

AMENDMENT 2005-1

 

BECKMAN COULTER, INC.

2004 LONG-TERM PERFORMANCE PLAN

 

(Amendment
of the Plan Regarding Annual Grants to Non-Employee Directors)

 

WHEREAS,
Beckman Coulter, Inc., a Delaware corporation (the “Company”), maintains
the Beckman Coulter, Inc. 2004 Long-Term Performance Plan (the “Plan”);

 

WHEREAS,
pursuant to Section 9 of the Plan, the Board of Directors of the Company
has the right to amend the Plan; and

 

WHEREAS, the
Board of Directors of the Company deems it desirable to amend the Plan to
provide for an automatic grant of (i) a nonqualified stock option to
purchase 4,000 shares of the Company’s common stock (the “Common Shares”) and (ii) a
stock unit award with respect to 700 Common Shares, to each non-employee
director of the Company who is in office as of the first trading day on the New
York Stock Exchange in each calendar year, commencing in 2006, during the term
of the Plan.

 

NOW, THEREFORE, the
Plan is hereby amended, effective December 31, 2005, as follows:

 

1.                                       Section 6
is hereby amended and restated to read in its entirety as follows:

 

“6.                 Director Formula
Plan.

 

6.1                               Participation.
 Awards under this Section 6
shall be granted to each member of the Board who is not, and has not been, an
officer or employee of the Company or any subsidiary for a period of at least
one year (an “Eligible Director”), exclusively
in accordance with the provisions set forth below and subject to the
limitations in Section 3. Options granted pursuant to Section 6.2 and
stock units granted pursuant to Section 6.3 will be evidenced by award
agreements, the forms of which have been approved by the Board.

 

6.2                               Annual
Option Grants.  Subject to
adjustments under Section 6.5, each Eligible Director in office on the
first day of trading on the New York Stock Exchange in each calendar year
during the term of this Plan, commencing in 2006, shall automatically be
granted at the close of trading on that day (without any action by the
Administrator) a nonqualified stock option (the grant date of which will be such
date) to purchase 4,000 Common Shares. Subject to adjustments under Section 6.5,
if an Eligible Director first takes office after December 31, 2005 and other than on or before the first day
of trading on the New York Stock Exchange in the year in which he or she first
takes office, the Eligible Director shall be granted (without any action by the
Administrator) a nonqualified stock option (the grant date of which will be the
date he or she first takes office) to purchase 400 Common Shares, or if greater,
the number of Common Shares determined by multiplying 4,000 by (i) the
number of days remaining after the grant date until

 

 

the
following January 2 (provided that such number shall not be greater than
365), divided by (ii) 365, then rounded to the next whole number.

 

6.2.1                     Exercise Price.  The
purchase price per share covered by each option granted pursuant to this Section 6.2
shall be 100 percent of the fair market value of a Common Share on the grant
date. The exercise price of any option granted under this Section 6.2
shall be paid in full at the time of each purchase in cash or by check or in
Common Shares valued at their fair market value on the date of exercise of the
option, or partly in such shares and partly in cash, but any such shares used in
payment must be owned by the participant at least six months prior to the date
of exercise.

 

6.2.2                     Term.  Each
option granted under this Section 6.2 and all rights or obligations
thereunder will expire 7 years after the grant date and will be subject to earlier
termination as provided below. Each option granted under this Section 6.2
will become exercisable as to 33-1/3% of the total number of Common Shares
subject to the option on each of the first, second and third anniversaries of
the grant date of the option.

 

6.2.3                     Early Termination.  Subject
to earlier termination of the option pursuant to Section 6.2.2, 6.5 or
6.6, if an Eligible Director’s services as a member of the Board terminate (for
any reason) (the last day that the Eligible Director provides services as a
member of the Board is referred to as the Eligible Director’s “Severance Date”), (a) the Eligible Director will have
until the date that is one year after his or her Severance Date to exercise the
option (or portion thereof) to the extent that it was vested on the Severance
Date, (b) the option, to the extent not vested on the Severance Date,
shall terminate on the Severance Date, and (c) the option, to the extent
exercisable for the one-year period following the Severance Date and not exercised
during such period, shall terminate at the close of business on the last day of
the one-year period.

 

6.3                               Annual
Stock Unit Grants.  Subject to
adjustments under Section 6.5, each Eligible Director in office on the
first day of trading on the New York Stock Exchange in each calendar year
during the term of this Plan, commencing in 2006, shall automatically be
granted at the close of trading on that day (without any action by the
Administrator) a stock unit award (the grant date of which will be such date)
with respect to 700 Common Shares. Subject to adjustments under Section 6.5,
if an Eligible Director first takes office after December 31, 2005 and other than on or before the first day
of trading on the New York Stock Exchange in the year in which he or she first
takes office, the Eligible Director shall be granted (without any action by the
Administrator) a stock unit award (the grant date of which will be the date he
or she first takes office) with respect to 70 Common Shares, or if greater, the
number of Common Shares determined by multiplying 700 by (i) the number of
days remaining after the grant date until the following January 2
(provided that such number shall not be greater than 365), divided by (ii) 365,
then rounded to the next whole number.

 

 

6.3.1                     Vesting.  Each
stock unit award granted under this Section 6.3 shall become vested as to
33-1/3% of the number of Common Shares subject to the award on each of the
first, second and third anniversaries of the grant date of the stock unit
award.

 

6.3.2                     Voting; Dividend Rights.  An
Eligible Director to whom a stock unit award is granted pursuant to this Section 6.3
shall have no rights as a stockholder of the Company, no dividend rights
(except as expressly provided in the award agreement evidencing the stock unit
award with respect to dividend equivalent rights) and no voting rights with
respect to the stock units or any Common Shares issuable in respect of such
stock units, until Common Shares are actually delivered and held of record by
the Eligible Director.

 

6.3.3                     Timing and Manner of Payment.  Stock
units subject to a stock unit award granted pursuant to this Section 6.3
shall be paid in an equivalent number of Common Shares promptly after the
vesting of such stock units; provided, however, that an Eligible Director may elect,
on a form and in a manner provided by the Administrator, prior to the December 31
immediately preceding the year in which the stock unit award is granted to have
vested stock units paid promptly after the Eligible Director first ceases to
serve as a member of the Board. An Eligible Director entitled to receive
payment of Common Shares pursuant to a stock unit award shall deliver to the
Company any representations or other documents or assurances required by the
Company.

 

6.4                               Limits.  Annual grants that would otherwise
exceed the maximum number of Common Shares under Section 3 will be
prorated within such limitation.

 

6.5                               Adjustments.
 Options granted under Section 6.2
and stock units granted under Section 6.3 will be subject to adjustments,
accelerations and terminations as provided in Section 8, but only to the
extent that such adjustment and any Administrator action in respect thereof in
the case of a Change in Control Event (as defined in Section 8.1) is
effected pursuant to the terms of a reorganization agreement approved by
stockholders of the Company, or is otherwise consistent with adjustments to
options and stock units held by persons other than executive officers or
directors of the Company (or, if there are none, consistent in respect of the
underlying shares with the effect on stockholders generally).

 

6.5                               Acceleration Upon a
Change in Control Event.  Each option
granted under Section 6.2 and each stock unit granted under Section 6.3
shall become fully vested and immediately exercisable or payable, as
applicable, upon the occurrence of a Change in Control Event as provided in Section 8.1;
subject, however, to the discretion of the Administrator to prevent such full
acceleration as provided therein. Each option granted under Section 6.2
and each stock unit granted under Section 6.3 shall be subject to early
termination also as provided in Section 8.1.”

 

 

2.                             A
new section 11.4 is hereby added to the Plan to read in its entirety as
follows:

 

“11.4                  Construction.  This Plan shall be construed and interpreted
to comply with Section 409A of the Code. Notwithstanding Section 9
above, the Company reserves the right to amend the Plan and any outstanding
awards granted under this Plan to the extent it reasonably determines is necessary
in order to preserve the intended tax consequences of such awards in light of Section 409A
and any regulations or other guidance promulgated thereunder.”

 

IN
WITNESS WHEREOF, this amendment is hereby adopted this 22nd day of December,
2005.

 

	
   

  	
  BECKMAN
  COULTER, INC.

  
	
   

  	
   

  
	
   

  	
  By

  	
  James Robert Hurley

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its

  	
  Senior Vice President, Human Resources

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