Document:

ex10d24.htm

Exhibit 10.24

 

 

                   February 10, 2011

Robert A. Fickett

1049 Eugene Court

Sunnyvale, CA 94087

RE: Employment Agreement Waiver

Dear Mr. Fickett:

As you know, CPI International, Inc. (the “Company”) has entered into an Agreement and Plan of Merger, dated as of November 24, 2010 (the "Merger Agreement"), by and among the Company, Catalyst Acquisition, Inc. and CPI International Acquisition, Inc. (f/k/a Catalyst Holdings, Inc.) (“CPI International”) whereby the Company will become a wholly owned subsidiary of CPI International Acquisition, Inc. (the "Transaction").

Following the Transaction, it is intended that you shall provide services to Communications & Power Industries LLC ("CPI Opco"), its subsidiaries and certain of its affiliates of a nature and scope similar to the services you provided prior to the Transaction pursuant to your employment agreement with Communications & Power Industries, Inc. dated as of January 17, 2008 (the "Employment Agreement") and that you shall serve as Manager of CPI International Holding LLC (an indirect parent company of CPI International and CPI Opco following the Transaction); President, Chief Operating Officer and Director of CPI International Holding Corp. and CPI International; and President, Chief Operating Officer and Manager of CPI Opco (the “Post-Closing Positions”). As an incentive to continue to provide such services, CPI International Holding LLC will grant to you Class B profits interests in CPI International Holding LLC (the "Class B Interests") subject to the terms (including vesting terms) of the Amended and Restated Limited Liability Company Operating Agreement of CPI International Holding LLC.

In light of the foregoing, notwithstanding anything to the contrary in the Employment Agreement, you hereby agree to waive your right to terminate your employment for Good Reason under the Employment Agreement as a result of (i) any change or diminution in your position, authority, duties or responsibilities that may occur because neither the Company nor CPI International, nor any of their affiliates, will be publicly-traded companies following the Transaction or (ii) the failure to appoint you, following the Transaction, to any position other than the Post-Closing Positions. Furthermore, you agree that if, following the Transaction, your employment is terminated by CPI International or one of its affiliates without Cause or by you for Good Reason (as modified by this letter agreement), the accelerated vesting provisions of Section 9(b)(iv) of the Employment Agreement shall not apply to the Class B Interests.

 

  

  

  

The waivers contemplated herein shall be applicable only to the Transaction and shall not apply to any subsequent transaction or event. This letter agreement shall become effective only as of the consummation of the Transaction and, if the Merger Agreement is terminated, this letter agreement shall be void and of no force and effect.

This letter agreement contains the entire agreement among the parties concerning the subject matter hereof and supersedes and nullifies all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the parties with respect to the subject matter hereof. Except as modified by this letter agreement, the Employment Agreement shall continue in full force and effect in accordance with its terms; provided, however, that nothing herein shall prohibit the parties from terminating the Employment Agreement in accordance with its terms or entering into a subsequent employment agreement that, with the consent of the parties, supersedes the Employment Agreement.

This letter agreement shall be construed and interpreted in accordance with and governed by the laws of the State of California, other than the conflict of laws provisions of such laws. This letter agreement may not be amended except by an instrument in writing among the parties. This letter agreement may be executed in separate counterparts, each of which shall be considered one and the same agreement and shall become effective when each of the parties has delivered a signed counterpart to the other party, it being understood that all parties need not sign the same counterpart.

(The remainder of this page is intentionally left blank.)

  

- 2 -

  

 

We appreciate your continued efforts on behalf of the Company.

 

 

 

Sincerely,

CPI International Acquisition, Inc.

 

 

 

  

	 By:	
/s/ ROBERT B. MCKEON

	 	
Name: Robert B. McKeon

	 	
Title: President and Director

 

Acknowledged and agreed

of the date first above written:

Robert A. Fickett

/s/ ROBERT A. FICKETT

  

- 3 -ex10d25.htm

Exhibit 10.25

 

 

                         February 10, 2011

Joel A. Littman

870 Elmira Drive

Sunnyvale, CA 94087

RE: Employment Agreement Waiver

Dear Mr. Littman:

As you know, CPI International, Inc. (the “Company”) has entered into an Agreement and Plan of Merger, dated as of November 24, 2010 (the "Merger Agreement"), by and among the Company, Catalyst Acquisition, Inc. and CPI International Acquisition, Inc. (f/k/a Catalyst Holdings, Inc.) (“CPI International”) whereby the Company will become a wholly owned subsidiary of CPI International Acquisition, Inc. (the "Transaction").

Following the Transaction, it is intended that you shall provide services to Communications & Power Industries LLC ("CPI Opco"), its subsidiaries and certain of its affiliates of a nature and scope similar to the services you provided prior to the Transaction pursuant to your employment agreement with Communications & Power Industries, Inc. dated as of January 17, 2008 (the "Employment Agreement") and that you shall serve as Chief Financial Officer, Treasurer, and Secretary of CPI International Holding Corp., CPI International, and CPI Opco (the "Post-Closing Positions"). As an incentive to continue to provide such services, CPI International Holding LLC (an indirect parent company of CPI International and CPI Opco following the Transaction) will grant to you Class B profits interests in CPI International Holding LLC (the "Class B Interests") subject to the terms (including vesting terms) of the Amended and Restated Limited Liability Company Operating Agreement of CPI International Holding LLC.

In light of the foregoing, notwithstanding anything to the contrary in the Employment Agreement, you hereby agree to waive your right to terminate your employment for Good Reason under the Employment Agreement as a result of (i) any change or diminution in your position, authority, duties or responsibilities that may occur because neither the Company nor CPI International, nor any of their affiliates, will be publicly-traded companies following the Transaction or (ii) the failure to appoint you, following the Transaction, to any position other than the Post-Closing Positions. Furthermore, you agree that if, following the Transaction, your employment is terminated by CPI International or one of its affiliates without Cause or by you for Good Reason (as modified by this letter agreement), the accelerated vesting provisions of Section 9(b)(iv) of the Employment Agreement shall not apply to the Class B Interests.

  

  

  

           

       The waivers contemplated herein shall be applicable only to the Transaction and shall not apply to any subsequent transaction or event. This letter agreement shall become effective only as of the consummation of the Transaction and, if the Merger Agreement is terminated, this letter agreement shall be void and of no force and effect.

This letter agreement contains the entire agreement among the parties concerning the subject matter hereof and supersedes and nullifies all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the parties with respect to the subject matter hereof. Except as modified by this letter agreement, the Employment Agreement shall continue in full force and effect in accordance with its terms; provided, however, that nothing herein shall prohibit the parties from terminating the Employment Agreement in accordance with its terms or entering into a subsequent employment agreement that, with the consent of the parties, supersedes the Employment Agreement.

This letter agreement shall be construed and interpreted in accordance with and governed by the laws of the State of California, other than the conflict of laws provisions of such laws. This letter agreement may not be amended except by an instrument in writing among the parties. This letter agreement may be executed in separate counterparts, each of which shall be considered one and the same agreement and shall become effective when each of the parties has delivered a signed counterpart to the other party, it being understood that all parties need not sign the same counterpart.

(The remainder of this page is intentionally left blank.)

  

- 2 -

  

 

We appreciate your continued efforts on behalf of the Company.

 

 

 

Sincerely,

CPI International Acquisition, Inc.

 

 

 

  

	 By:	
/s/ ROBERT B. MCKEON

	 	
Name: Robert B. McKeon

	 	
Title: President and Director

Acknowledged and agreed

of the date first above written:

Joel A. Littman

/s/ JOEL A. LITTMAN

  

- 3 -axr10q2qexh10_2.htm

EXHIBIT 10.2

 

	

*** Indicates a portion of the exhibit has been omitted based on a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted portions have been filed separately with the Commission.

 

 

AMREP CORPORATION

Executive Incentive Compensation Program

For the Twelve Months ended April 30, 2012

	 

 

	 	Michael Duloc	Group:	MEDIA SERVICES
	 	 	Position:	President and Chief Executive Officer
	 	 	 	 
	 	 $382,500	 	 

	  	 	
Minimum

	 	 	
Goal

	 
	  	 	 	 	 	 	 
	
Operating Income..........................................................................

	 	 	***	 	 	 	***	 
	
Related Incentive Amount................................................................

	 	$	0	 	 	$	37,500	 
	  	 	 	 	 	 	 	 	 
	
Net Revenue...............................................................................

	 	 	***	 	 	 	***	 
	
Related Incentive Amount................................................................

	 	$	0	 	 	$	12,500	 

	
1.  

	
Incentive Calculation.  Incentives attributable to the Operating Income and Net Revenue Goals will be determined as follows:  If the Goal achievement is less than Minimum, the Incentive amount will be zero.  If the Goal achievement is between Minimum and Goal, the Incentive amount will be determined by interpolation.  If the Operating Income or Net Revenue achievement is over Goal, the Incentive amount for any Goal that is exceeded will be the Incentive amount at Goal, plus an amount equal to the Goal amount multiplied by three (3) times the percentage achievement over one-hundred percent (100%). If Minimum on either Goal is not attained then the over-Goal multiplier, if applicable, will be one (1) instead of three (3) for the other Goal.

	
2.  

	
Accounting.  Operating Income is the Group’s full-year "Earnings Before Interest and Taxes (EBIT)" determined by generally accepted accounting principles and the company's accounting policies, excluding pension expense, amortization of customer contracts, currency translation gains and losses (FX variance), and both capitalization and amortization of software development costs. Since generally accepted accounting principles require the accrual of all expenses applicable to the accounting period in question, all of the Executive's Incentives will be deductions from Operating Income.

	
3.  

	
Acquisitions.  Notwithstanding the "Accounting" paragraph, acquisitions closed during this fiscal year and any cost of funds used to make the acquisitions will each be disregarded for Incentive calculation purposes.

	
4.  

	
Effectiveness.  This Plan is not effective until signed by the Executive, the President of AMREP Corporation and the Chairman of AMREP Corporation.  This Plan is not a contract of employment and does not guarantee continued employment for any period.  None of the Incentive amounts specified in this Plan are earned until April 30 of the year to which the Plan applies.  There will be no Incentives paid for partial-year results upon the voluntary or involuntary termination of the Executive's employment before year-end for any reason.

	
5.  

	
Company Discretion.  AMREP Corporation reserves the right to revise this Plan at any time as a result of its determination, in its sole discretion, that a significant change in circumstances or an unusual event has occurred that was not anticipated when this Plan was signed.  Any Incentive amounts payable shall be the sole responsibility of the Group employing the Executive.  This Plan will be administered by AMREP Corporation, whose decisions with respect to any aspect hereof, and whose determinations hereunder, shall be conclusive.

	
/s/ Michael P. Duloc

	 	
11/21/11  

	  	
/s/ Theodore J Gaasche

	 	
12/1/11

	  	
/s/ Edward Cloues II

	 	
12/1/11

	
Michael Duloc

	 	
Date

	  	
Theodore J Gaasche

	 	
Date

	  	
Edward Cloues II

	 	
Date

	
President & CEO

	 	  	  	
President & CEO

	 	  	  	
Chairman

	 	  
	
Media Services

	 	  	  	
AMREP Corporation

	 	  	  	
AMREP Corporation

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