Document:

ex10-1.htm

Exhibit 10.1

 

MEMBERSHIP INTEREST PURCHASE AGREEMENT

 

THIS MEMBERSHIP INTEREST PURCHASE AGREEMENT(“Agreement”), dated this 29th day of March 2017, is entered into between Bulova Technologies Group, Inc., a Florida Corporation (“Seller”), and Arc Technologies, Inc., a Wyoming Corporation (“Buyer”).

 

WHEREAS, Seller is the owner of 100% of the issued and outstanding membership interests (the "Membership Interest Units") of Bulova Technologies Ordnance Systems LLC ("BTOS"); and

 

WHEREAS, Seller desires to sell and Buyer desires to purchase, all of the Membership Interest Units on the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the mutual representations, warranties, agreements and indemnities herein contained and for other good and valuable consideration, the receipt

and sufficiency of which is hereby mutually acknowledged, the parties agree as follows

 

1. Purchased Membership Interest Units                                  

 

Subject to the terms and conditions herein stated, Seller hereby sells, assigns, transfers and

delivers to Buyer, and Buyer hereby purchases and acquires from Seller, all right, title and interest 

of Seller in and to the Membership Interest Units for a total purchase price of $1.00, the receipt of which is hereby acknowledged, and the issuance to Buyer of an aggregate of 2,000,000 shares of the common stock, par value $0.001 per share, of Seller to be delivered ninety (90) days following the effective date of this Agreement. 

 

2. Representations and Warranties 

 

2.1 Seller hereby represents and warrants as follows and acknowledges that Buyer is relying upon such representations and warranties in connection with the purchase by Buyer of the Membership Interest Units:

 

(a)     BTOS is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Florida;

 

(b)     The authorized membership interests of BTOS consists of 50,000 membership interests of which 50,000 membership interests have been duly issued and are outstanding;

 

(c) No person, corporation or other entity has any agreement, option or warrant, or any right or privilege (whether by law, pre-emptive or contractual, or whether by means of any exercise, conversion or other right or action) which has the effect of or is capable of becoming an agreement, option or warrant, for the purchase from BTOS of any securities of BTOS;

 

(d)     All of the Membership Interest Units are owned by Seller as the respective registered and beneficial owner of record, with good and marketable title thereto, free and clear of all mortgages, liens, charges, security interests, adverse claims, pledges, encumbrances, restrictions and demands whatsoever (other than restrictions imposed by federal or state securities laws);

 

(e)      Seller has all requisite power and authority to execute, deliver and perform its obligations under this Agreement; the execution, delivery and performance of this Agreement by Seller has been duly authorized by all necessary action on the part of Seller and this Agreement constitutes the legal, valid and binding obligation of Seller, enforceable against it in accordance with its terms;

  

 

 

 

	
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(f)     Neither Seller nor BTOS has incurred any obligation or liability, contingent or otherwise, for brokerage or finders' fees or agents' commissions or financial advisory services or other similar payment in connection with this Agreement or the transactions contemplated hereby or thereby; 

 

(g)     The most current balance sheet of BTOS as applicable as a financial statement of BTOS as of December 2016, is attached and adopted as part of this Agreement as Attachment , and

(h)     Seller hereby represents and agrees that this transaction has been entered and is being conducted by the parties, who are unrelated otherwise, as an ‘arms-length’ transaction.

 

2.2     Buyer hereby represents and warrants as follows and acknowledges that Seller is relying upon such representations and warranties in connection with the sale by Seller of the Membership Interest Units:

 

(a)     Buyer is a Wyoming domiciled corporation duly existing under Wyoming law;

 

(b)     This Agreement constitutes the legal, valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, except as enforceability may be limited by applicable bankruptcy or insolvency statutes or by a court acting as a court of equity;

 

(c)     Buyer is not a party to, bound or affected by or subject to any indenture, mortgage, lease, agreement, instrument or charter provision, statute, regulation, order, judgment, decree or law which would be violated, contravened or breached by, or under which any default would occur as a result of, the consummation of the transactions provided for herein; 

 

(d)     Buyer is purchasing the Membership interest units for its own account for investment purposes, and not with intent to resell; and

 

(e)     Buyer hereby represents and agrees that this transaction has been entered and is being conducted by the parties, who are unrelated otherwise, and to as an “arms-length’ transaction.

 

3.     Survival of Representations and Warranties

 

3.1      Seller. The representations and warranties of Seller contained in this Agreement, or any agreement, certificate or other document delivered or given pursuant to this Agreement, shall survive the consummation of the transactions contemplated by this Agreement.

 

3.2      Buyer. The representations and warranties of Buyer contained in this Agreement, or any agreement, certificate or other document delivered or given pursuant to this Agreement, shall survive the completion of the transactions contemplated by this Agreement and, notwithstanding such completion or any investigation made by or on behalf of Seller, shall continue in full force and effect for the benefit of Seller and any claim in respect thereof shall be made in writing for a period of 36 months after the Closing Date.

 

 

 

 

	
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4.     Additional Agreements

 

4.1 Each of Seller and Buyer shall take or cause to be taken all necessary or desirable actions, steps and corporate proceedings to approve or authorize the transactions contemplated by this Agreement and the execution and delivery of this Agreement and other agreements, understandings and documents contemplated hereby, and shall cause all necessary meetings of members and security holders to be held for such purpose.

 

4.2     Buyer understands and agrees that it is purchasing the Membership Interest Units, including all of the 50,000 outstanding Membership Interest Units of BTOS, but not the right to proceeds resulting from litigation docketed under the Armed Services Board of Contract Appeals (ASBCA) case number 59089, the proceeds having been previously assigned to a third party. Buyer is not responsible for the payment of any costs for prosecution of such litigation and claims, including all attorney’s fees and related costs, and Buyer shall have no such responsibility for any such payments.

 

4.3     Buyer specifically acknowledges that it is aware that the entity has material obligations and liabilities which have been disclosed and are related to a claim from the United States Army under the Armed Services Board of Contract Appeals case number 57406 and that such obligation and liability remain a liability of the entity after the purchase of this controlling interest by the Buyer.

 

5.     Indemnification

 

5.1     Buyer agrees to indemnify and hold harmless Seller from and in respect of any cost, claim, loss, damage, liability or expense which such other party may suffer or incur, whether at law or in equity, arising out of, resulting from or in connection with (a) any existing liability of BTOS, whether fixed or contingent, known or unknown, absolute or otherwise or (b) the inaccuracy of any Buyer representation or warranty contained herein, for the time periods provided in Section 3 hereof. Seller shall have no obligation of indemnity hereunder of any nature or kind.

 

5.2     No claim for indemnification will arise until written notice thereof is given to Buyer. Such notice shall be sent within a reasonable time following the determination by Seller that a claim for indemnity may exist. In the event that any legal proceedings shall be instituted or any claim or demand is asserted by any third person in respect of which either party may seek any indemnification from the other party, Seller shall give or cause to be given to Buyer written notice thereof and Buyer shall have the right, at its option and expense, to be present at the defense of such proceedings, claim or demand, but not to control the defense, negotiation or settlement thereof, which control shall at an times remain with Seller, unless Buyer irrevocably acknowledges full and complete responsibility for indemnification of Seller in respect of the subject claim, in which case the Buyer may assume such control through counsel of its choice; provided, however, that no settlement shall be entered into without Seller's prior written consent (which shall not be unreasonably withheld). The parties agree to cooperate fully with each other in connection with the defense, negotiation or settlement of any such third party legal proceeding, claim or demand.

 

5.3 Notwithstanding anything in this Agreement to the contrary, the indemnity provided for in this Section 5 shall apply to any loss, claim, and cost. damage, expense or liability, whether or not the actual amount thereof shall have been ascertained prior to the final day upon which a claim for indemnity with respect thereto may be made hereunder in accordance with Section 5 hereof, so long as written notice thereof shall have been given to the party from whom indemnification is sought prior to said date, setting forth specifically and in reasonable detail, so far as is known, the matter as to which indemnification is being sought. but nothing herein shall be construed to require payment of any claim for indemnity until the actual amount payable shall have been finally ascertained.

 

 

 

 

	
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6. Notices

 

Notices required or permitted to be given under this Agreement shall be in writing and shall be deemed to be sufficiently given when sent by certified or registered mail or by overnight courier or by hand, addressed to the addresses set forth on the first page of this Agreement or to such other address furnished by notice given in accordance with this Section, and upon written return of certified delivery in the form given by such currier or delivery method.

 

7. Governing Law

 

This Agreement shall be governed by and construed in accordance with the laws of the State of Florida. In the event there is any dispute between the parties as to their rights and obligations under this Agreement, the parties submit to the jurisdiction of any state or federal court sitting in the State of Florida and waive any defense of inconvenient forum to the maintenance of any action so brought.

 

8. Entire Agreement

 

This Agreement constitutes the entire agreement between the parties relating to the subject matter hereof. There are no oral statements, representations, warranties, undertakings or agreements between the parties. This agreement may be amended only by an instrument in writing signed by both parties.

 

9. Assignment

 

Neither this Agreement nor any rights or obligations hereunder may be assigned by either party without the prior written consent of the other party, which consent may be withheld in either party's sole and absolute discretion, except that Buyer may assign its rights hereunder to an entity that is substantially owned by Buyer without Seller' consent.

 

10. Binding Effect

 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement may be executed in counterparts.

 

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

 

	
ARC TECHNOLOGIES, INC.

 

 

 

 

By: /s/ Thomas E. Law II                                 

Name: Thomas E. Law II

Date:    3/29/17
	
BULOVA TECHNOLOGIES GROUP, INC.

 

 

 

 

By: /s/ Stephen L. Gurba                                   

Name: Stephen L. Gurba 

Date:    3/29/17

	  	  

 

	
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Page 4 of 4Exhibit 10.1

 

 

Bruker Corporation

2017 Short-Term Incentive Compensation Program

 

Program Objectives

 

The 2017 Bruker Corporation (“Bruker” or the “Company”) Short-Term Incentive Compensation Program (the “ICP” or “Program”) is designed to reward management employees and key personnel for performance that contributes significantly to the Company’s growth and financial success.

 

The Program is designed to reward several layers of success at the Bruker Corporate, Group, Divisional, Business Unit, functional, and individual levels, while maintaining a focus on significant improvement over prior year results.  Incentive Awards under this Program are granted as “Cash-Based Awards” pursuant to and in accordance with the terms of the Bruker Corporation 2016 Incentive Compensation Plan (the “2016 Plan”).

 

Eligibility

 

Select executive and key employees in the Company are eligible to participate in the Program, as the Company may determine at its discretion. Sales commissioned employees and employees participating in any other cash-based incentive plan are not eligible to participate in the ICP. Employees participating in this ICP are generally not eligible to participate in any other cash-based incentive plan.

 

The Incentive Award for any employee who becomes eligible to participate in the Program after the beginning of the Performance Period shall be pro-rated based on their participation date. Employees must become eligible prior to November 15th in order to participate. Participants must be active employees on payroll on the payout date to receive an Incentive Award. To be eligible to receive any Incentive Award under the Program, the employee must be considered in good standing as determined by the Company in its sole discretion and may not be on a performance improvement plan.

 

Incentive Targets and Awards

 

Each Participant shall have a pre-determined Incentive Target, typically expressed as a percentage of the individual’s base salary. Additionally, the conditions to achieve the Incentive Target shall also be pre-determined.  Achievement of a Participant’s Incentive Target typically depends on a

 

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combination of Company or business achievement of financial goals and individual objectives, with weightings assigned to each based on Company discretion and Participant level in the organization. Incentive Award payouts are calculated and paid annually based on Company and individual performance relative to the goals, such that actual Incentive Award payouts can be below, at, or above the Incentive Target.

 

For purposes of this Program, financial goals may be determined pursuant to generally accepted accounting principles (GAAP) or on a non-GAAP basis and may include the following metrics or variations thereof: earnings per share (EPS); pre-tax or after-tax net income; operating income or profit; cash flow; gross or net revenues; gross or net sales; costs (including cost reductions); margins; units sold; market share; stock price; total shareholder return; return on sales, assets, equity, capital or investment; earnings before deducting one or more of interest, taxes, depreciation and amortization; capital expenditures; working capital; inventory decrease; effective tax rate in one or more jurisdictions; planning for, or completion or implementation of, acquisitions or divestitures of specific product lines, business segments, business units, divisions or subsidiaries; or other balance sheet or income statement objectives approved by the Compensation Committee (the “Committee”).

 

Performance measures may be set at the consolidated level, segment level, division level, group level, or business unit level. Additionally, performance measures may be measured either annually or cumulatively over a period of years, and on an absolute basis or relative to pre-established targets, a previous year’s results or to a designated comparison group, in each case as specified by the Committee.

 

Differences in weightings of financial goals, or the financial goals themselves, may exist between the Corporate and Group/Divisional financial metrics to reflect organizational scope, responsibility, and shareholder expectations.  Each of the metrics may also be weighted to reflect the relative importance of each of the goals. Participants in the operating groups may have a portion of their financial goals tied to their direct area of responsibility or some other area related to their responsibility (e.g., an organization that is “1-up” from their current direct area of accountability) to encourage teamwork, collaboration, and alignment across the organization.

 

Basis of Financial Targets

 

The determination of achievement of financial goals for purposes of Incentive Award calculations will be based upon final audited financial statements for the Performance Period; and, where applicable, the baseline numbers will be the

 

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prior year audited financial results as approved by the Company’s Board of Directors.

 

Incentive Award Achievement and Maximums

 

Financial Goals

 

Financial goals have a minimum of 0% payout and no maximum, with payouts determined relative to the achievement of each of the specified performance goals on a linear basis, e.g., 110% performance results in 110% payout for any one financial metric.

 

Individual Goals

 

All individual goals will be established with the Participant’s manager and approved by the appropriate executive officer, where appropriate. Individual performance will be assessed based on achievement of individual goals. Payouts will be determined based on the manager’s assessment of individual performance relative to each of the specified goals. Individual performance has a minimum payout of 0% and a maximum payout of 125%.

 

Total Award Opportunity

 

Results of the financial goals relative to their respective targets will be multiplied by the corresponding payout percentage tied to the specific level of performance for each goal. Those products will then be added together to derive the final payout percentage for the financial portion of the award.  Results of the individual goals will be used in determining the overall payout for the individual portion of the award.

 

While there is no maximum on any one particular financial goal, the total Incentive Award payout under the Program, after combining both financial and individual portions, is subject to a maximum payout of 200% of the Participant’s Incentive Target.

 

Award Payments

 

Annual Incentive Awards earned under the ICP will be paid shortly after audited results are approved by the Company’s Board of Directors and reported by the Company.  All Incentive Awards payable under the Program are subject to applicable federal, state, and local withholding tax and any such other taxes as may be required.

 

General Provisions

 

The terms and conditions of the Program are subject to the provisions of the 2016 Plan. The Committee is responsible for approving the Program, Incentive

 

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Targets, and other metrics thereof, and for administering the Program in accordance with and subject to the terms and conditions of the 2016 Plan. The Committee shall have full and sole authority to interpret the Program, to establish and amend rules and regulations relating to it, and to make all other determinations necessary or advisable for the administration of the Program, unless otherwise delegated to the Company’s CEO and CFO.

 

All Awards that are intended to qualify as performance-based compensation under Section 162(m) of the Internal Revenue Code shall be granted and administered consistent with such intent.

 

The Company reserves the right to amend, modify, suspend or terminate the Program at any time solely in its discretion with or without notice to Participants.

 

Nothing contained herein shall in any way alter the nature of employment at the Company or constitute a contract of employment or in any way be construed to confer on the Participant any right to continue as a participant in the 2016 Plan or the Program or as an employee of the Company or any subsidiary of the Company.

 

The Committee may, in its sole discretion and in accordance with and subject to the terms of the 2016 Plan, adjust Incentive Targets to take into account the effects of any Extraordinary Items.   “Extraordinary Items” means unusual or nonrecurring events affecting the Company or the financial statements of the Company, such as, but not limited to, (a) effects of changes in foreign exchange, (b) an unbudgeted material expense incurred by or at the direction of the Board of Directors or a committee thereof, (c) a material litigation judgment or settlement, (d) effects of mergers, acquisitions, divestitures, spin-offs, consolidation, acquisition of property or stock, reorganizations, restructuring charges, or joint ventures, or (e) changes in applicable laws, regulations, or accounting principles.

 

After the Performance Period has ended, the Participant will be entitled to receive a payout based on the value of the Incentive Award earned by the Participant over the Performance Period, taking into account the extent to which the corresponding performance goals were achieved. Notwithstanding the foregoing, if an employee resigns voluntarily, or is terminated for performance reasons or for violation of Company policies prior to the time of the Incentive Award payout, he/she will not be eligible to receive any portion of the Incentive Award. If an employee (other than a “covered employee” (as such term is defined in the regulations promulgated under Section 162(m) of the Internal Revenue Code)) is terminated involuntarily for reasons other than performance or violation of Company policies prior to the end of a Performance

 

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Period, the Company may, in its sole discretion, determine whether to pay any portion of the Incentive Award, taking into account such things as individual performance and length of time the employee performed in the designated role during the Performance Period. If a covered employee is terminated involuntarily for reasons other than performance or violation of Company policies prior to the end of a Performance Period, then only if and to the extent the Committee determines after the end of the Performance Period that the performance conditions of the Incentive Award have been satisfied and that payment would satisfy the requirements for performance-based compensation under Section 162(m) of the Internal Revenue Code, the Covered Employee will be entitled to payment of a pro rata portion of the Incentive Award based on that portion of the Performance Period completed prior to the date of such termination.

 

The payment of Incentive Awards pursuant to the achievement of the qualitative goals is subject to the satisfaction of minimum performance expectations, as determined by the Company’s CEO or CFO.  Such minimum performance expectations include, without limitation, compliance with the Company’s Code of Conduct and other policies.

 

In the event the CEO or CFO determine, in their sole respective discretion, that a Participant’s performance has failed to meet the minimum standard of performance reasonably expected of such Participant, the Participant will receive only such portion of his or her qualitative Incentive Awards calculated as payable in respect of such goals, or none of such qualitative Incentive Awards, as may be so determined by the CEO or the CFO, or, in the case of the CEO and CFO, by the Committee.

 

In addition, in the event such failure to achieve minimum performance expectations is due to a material violation of the Code of Conduct or other Company policies which fall within the Participant’s area of responsibility, the ability of the CEO, CFO or Committee to reduce or eliminate the qualitative Incentive Awards calculated as payable in respect of such goals shall be extended to and include the ability to eliminate or reduce the payment of amounts calculated as payable pursuant to the achievement of the quantitative goals.

 

Payments made to any Participant pursuant to an Incentive Award shall be subject to clawback: (1) to the extent of the excess of what would have been paid to the participant under a Restatement (as defined below), (2) in the event that a Participant, during employment or other service covered by this Program, shall engage in activity detrimental to the business of the Company, (3) as required by any clawback policy implemented by the Company, or (4) as otherwise required by any provision of any law, government rule or regulation,

 

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or stock exchange listing requirement. For the purposes of the Program, “Restatement” means, with respect to any payment under an Incentive Award, a restatement of previously filed financial statements that is required to be prepared and filed at any time during the three-year period following such payment due to material noncompliance of the Company with any financial reporting requirements under the United States federal securities laws.

 

All interpretations and determinations, including determinations of the amount of Incentive Awards due any Participant, made by the Committee or its delegate(s) shall be final and binding on all persons.

 

The Company shall have the right to withhold from any amount payable hereunder any amount it reasonably determines is sufficient to satisfy all federal, state and local or non-U.S. withholding tax requirements on any Incentive Award under this Program and to take such other action as may be necessary or advisable in the opinion of the Company to satisfy all obligations for withholding of such taxes.

 

This Program applies to all employees globally, with such adjustments for local law and local business and accounting practices as the Committee may determine.

 

Notwithstanding other provisions of the Program, in the event of a Change in Control (as defined below) of the Company:

 

(1)                                 If an Incentive Award is continued or assumed and within the lesser of the expiration of the Performance Period and 24 months following the Change in Control the Company (or its successor) involuntarily terminates the Participant without Cause (as defined below) or the Participant voluntarily terminates for Good Reason (as defined below) then, upon such termination, the Incentive Target payout opportunity under such Incentive Award will be deemed to have been earned on a pro rata basis for that portion of the Performance Period(s) completed as of the effective date of such qualifying termination and will be paid to the Participant within thirty (30) days following such termination, unless the acceleration of payment would result in additional taxes under Section 409A of the Internal Revenue Code.

 

(2)                                 If an Incentive Award is not continued or assumed, the Incentive Target payout opportunity under such Incentive Award will be deemed to have been earned on a pro rata basis for that portion of the Performance Period completed as of the effective date of such Change in Control and will be paid to the Participant within thirty

 

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(30) days following such Change in Control, unless the acceleration of payment would result in additional taxes under Section 409A of the Internal Revenue Code.

 

The obligations of the Company under this Program shall be unsecured and unfunded obligations, and to the extent that any Participant acquires a right to receive a payment under this Program, such right shall be no greater than the right of an unsecured general creditor of the Company and no Participant shall have any right, title or interest in any of the assets of the Company or its affiliates.  No assets of the Company or its affiliates shall be held under any trust, or held in any way as collateral security for the fulfilling of the obligations of the Company under this Program.  Any and all assets of the Company and its affiliates shall be, and remain, the general unpledged, unrestricted assets thereof.

 

No right or interest of any Participant under the Program and no Incentive Award will be assignable or transferable, in whole or in part, either directly or by operation of law or otherwise, including without limitation by execution, levy, garnishment, attachment, pledge or in any manner; no attempted assignment or transfer thereof will be effective; and no right or interest of any Participant under the Program and any Incentive Award will be liable for, or subject to, any obligation or liability of such Participant.

 

This Program, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of Delaware, without reference to principles of conflict of laws which would require application of the law of another jurisdiction.

 

This Program, together with the 2016 Plan, constitutes the entire agreement of the Company with respect to the subject matter thereof and cannot be modified by any oral statement or otherwise except by written action of the Committee.

 

Definitions

 

2016 Plan: The Bruker Corporation 2016 Incentive Compensation Plan.

 

Cause: For purposes of termination of employment following a Change in Control, “Cause” shall mean dishonesty with respect to the Company or any of its affiliates, breach of fiduciary duty, insubordination, substantial malfeasance or non-feasance of duty, unauthorized disclosure of confidential information, material failure or refusal to comply with Company’s published policies

 

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generally applicable to all employees, and conduct materially harmful to the business of the Company or any of its affiliates.

 

Change in Control:  A “Change in Control” shall be deemed to have occurred under any one or more of the following conditions:

 

i)                 if, within one year of any merger, consolidation, sale of a substantial part of the Company’s assets, or contested election, or any combination of the foregoing transactions (a “Transaction”), the persons who were directors of the Company immediately before the Transaction shall cease to constitute a majority of the Board of Directors (x) of the Company or (y) of any successor to the Company, or (z) if the Company becomes a subsidiary of or is merged into or consolidated with another corporation, of such corporation (the Company shall be deemed a subsidiary of such other corporation if such other corporation owns or controls, directly or indirectly, a majority of the combined voting power of the outstanding shares of the capital stock of the Company entitled to vote generally in the election of directors);

 

ii)              if, as a result of a Transaction, the Company does not survive as an entity, or its shares are changed into the shares of another corporation unless the stockholders of the Company immediately prior to the Transaction own a majority of the outstanding shares of such other corporation immediately following the Transaction;

 

iii)           if, during the applicable Performance Period, any person, or any two or more persons acting as a group, and all affiliates of such person or persons, who prior to such time owned less than twenty percent (20%) of the then outstanding common stock of the Company, shall acquire, whether by purchase, exchange, tender offer, merger, consolidation or otherwise, such additional shares of the Company’s common stock in one or more transactions, or series of transactions, such that following such transaction or transactions, such person or group and affiliates beneficially own at least fifty percent (50%) of the Company’s common stock outstanding;

 

iv)          the dissolution or liquidation of the Company is approved by its stockholders; or

 

v)             if the members of the Board as of the date  of commencement of the applicable Performance Period (the “Incumbent Board”) cease to represent at least two-thirds of the Board; provided, that any person becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by at least two-thirds of the members comprising the Incumbent Board (either by a specific vote or by approval of the proxy statement in

 

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which such person is named as a nominee for director without objection to such nomination) shall be, for purposes of this paragraph (v), treated as though such person were a member of the Incumbent Board.

 

Committee: The Compensation Committee of Bruker Corporation, as set forth in Section 3 of the 2016 Plan.

 

Good Reason: Unless otherwise defined in a written Incentive Award, employment, severance or similar agreement between the Participant and the Company, “Good Reason” means, without the Participant’s prior written consent, (i) a material diminution in a Participant’s authority, duties, or responsibilities, (ii) a material breach by the Company or its successor of its obligations to a Participant under any written employment, severance or similar agreement, (iii) a material diminution in the Participant’s base compensation plus incentive compensation opportunity, or (iv) the relocation of the Participant’s primary work location to a location more than 50 miles from the Participant’s primary work location immediately prior to a Change in Control. A Participant may not resign for Good Reason without providing the employer written notice of the grounds that the Participant believes constitute Good Reason within 90 days of the initial existence of such grounds and giving the Company or its successor at least 30 days after such notice to cure and remedy the claimed event of Good Reason.

 

Incentive Award: The award payout under the Program.

 

Incentive Target: The incentive opportunity expressed as a percent of the Participant’s base salary.

 

Participant: A specified employee who has met the eligibility criteria outlined in accordance with the Program.

 

Performance Period: The period of time for which performance goals are measured for purposes of determining the awards earned under this Program, generally January 1 through December 31.

 

Program: The Bruker Corporation 2017 Short-Term Incentive Compensation Program.

 

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