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Exhibit 10.6  

 
 

SECOND AMENDMENT
  TO EMPLOYMENT AGREEMENT    
  

        THIS SECOND AMENDMENT is made on February 11, 2002, by and between NETBANK, a federal savings bank (the
"Employer"), and MICHAEL R. FITZGERALD (the "Executive"). 

W I T N E S S E T H:  

        WHEREAS, the Employer and the Executive entered into that certain employment agreement dated as of March 20, 2001 (the "Employment Agreement"), which was
first amended on December 17, 2001; and 

        WHEREAS,
the parties wish to further amend the Employment Agreement to include certain provisions required by 12 CFR § 563.39(b)(4) and (5); 

        NOW,
THEREFORE, in consideration of good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as of the Effective Date,
except as otherwise provided herein, to amend the Employment Agreement as follows: 

        1.    By
adding the following new Section 3.5: 

        "3.5 Termination
in the event of regulatory default. 

        (a)  If
the Employer is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), all obligations under the Employment Agreement shall terminate
as of the time of default, but this paragraph 3.5(a) shall not affect any vested rights of the Executive. 

        (b)  All
obligations under the Employment Agreement shall be terminated, except to the extent determined that continuation of the Employment Agreement is necessary for the
continued operation of the Employer: 

          (i)  by
the Director of the Office of Thrift Supervision (the "Director") or his or her designee, at the time the Federal Deposit Insurance Corporation enters into an
agreement to provide assistance to or on behalf of the association under the authority contained in Section 1.3(c) of the Federal Deposit Insurance Act; or 

        (ii)  by
the Director or his or her designee, at the time the Director or his or her designee approves a supervisory merger to resolve problems related to operation of the
association or when the association is determined by the Director to be in an unsafe or unsound condition. 

Any
rights of the parties that have already vested, however, shall not be affected by such action." 

        In
all remaining respects, the terms of the Employment Agreement shall remain in full force and effect. 

1

 

        IN
WITNESS WHEREOF, the parties have caused this Second Amendment to be executed as of the day and year first above written. 

	

 	
 	
NETBANK:
	

 	
 	

By:	

/s/  D.R. GRIMES      

	

 	
 	

Print Name:	

D.R. Grimes

	

 	
 	

Title:	

Vice Chairman & CEO

	

 	
 	

EXECUTIVE:
	

 	
 	

/s/  MICHAEL R. FITZGERALD      
 MICHAEL R. FITZGERALD

2

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SECOND AMENDMENT TO EMPLOYMENT AGREEMENT<Page>

                                                                    EXHIBIT 10.1

                                   CAMTEK LTD.

           AMENDED AND RESTATED EMPLOYEE SHARE OPTION PLAN - ISRAEL

1.   DEFINITIONS

     As used herein the following terms shall have the meanings hereinafter set
     forth, unless the context clearly indicates to the contrary.

     (A) the "COMPANY" - Camtek Ltd.

     (B) "BOARD" - the Board of Directors of the Company.

     (C)  "SHARE(S)" - Ordinary Shares of the Company, each with a par value of
          NIS 0.01.

     (D)  "OPTION(S)" - an Option or Options granted within the framework of
          this Plan each of which imparts the right to purchase one Share per
          Option.

     (E)  "GRANTEE" - an employee of the Company to whom Options are granted or
          to whom the Company decides to grant Options.

     (F)  "PLAN" - the Company's Employee Share Option Plan as provided
          hereunder, and as may be amended from time to time by the Board, as
          set forth hereinbelow.

     (G)  "OPTION AGREEMENT" - the Agreement to be executed between the Company
          and the Grantee under which Option(s) are to be granted.

     (H)  "VESTED OPTION(S)" - that portion of the Options which the Grantee is
          entitled to exercise in accordance with the provisions of Section 7.2
          of the Plan or the provisions of the Option Agreement executed with
          such Grantee.

     (I)  the "EXERCISE PERIOD" - the period during which the Vested Options may
          be exercised, as provided in Section 7.3 of the Plan.

     (J)  "EXERCISE PRICE" - the price which the Grantee must pay to exercise
          each Option.

     (K)  "EXERCISED SHARES" - the Shares issued upon the exercise of the
          Options.

     (L)  the "TRUSTEE" - the custodian appointed by the Company for the
          purposes of this Plan and approved of by the Israeli Income Tax
          Commissioner, or any other custodian that the Company may appoint, in
          its sole discretion, in place of the approved custodian, provided that
          such custodian shall be approved by the Israeli Income Tax
          Commissioner.

2.   THE PLAN

     2.1  PURPOSE - The purpose and intent of the Plan is to grant to selected
          employees of the Company an opportunity to purchase Shares of the
          Company by way of granted Options and to provide an additional
          incentive to such employees to remain in the employ of the Company, to
          encourage the sense of proprietorship of such employees, and to
          stimulate the active interest of such employees in the success of the
          Company.

<Page>

     2.2  FRAMEWORK - The Plan shall be implemented in accordance with Section
          102 of the Israeli Income Tax Ordinance (New Version), 1961, and the
          rules and regulations promulgated thereunder, as are in effect from
          time to time (hereinafter: the "Ordinance").

     2.3  EFFECTIVE DATE - The Board has resolved to adopt and authorize the
          Plan and has resolved that it shall enter into effect commencing
          1.9.97.

3.   ADMINISTRATION

     3.1  The Plan shall be administered by the Board or by a committee
          appointed by the Board.

     3.2  The Board shall have sole and full discretion and sole authority to
          administer the Plan and all actions related thereto, including to
          perform any and all of the following from time to time and at any
          time:

          3.2.1  to determine the Company's employees in favor of whom the
                 Options shall be granted, the number of Options to be granted
                 in favor of each employee, the Exercise Price thereof, and the
                 conditions under which such Options may be exercised;

          3.2.2  to interpret the Plan;

          3.2.3  to determine the terms of the Option Agreements;

          3.2.4  to perform any action required or advisable for the
                 administration of the Plan;

          3.2.5  to prescribe, amend, modify (including by adding new terms and
                 rules), and to rescind and terminate the Plan or any of its
                 terms.

     3.3  Any amendment or modification of the Plan, if any, shall be applicable
          to the relationship between the Grantee and the Company, including
          under the Option Agreements and the amendment or modification shall be
          deemed to have been included in the Plan and the Option Agreements, ab
          initio, unless the amendment or modification adversely affects the
          rights of a Grantee under the Vested Options.

4.   ELIGIBILITY

          In determining the employees in favor of whom Options are to be
          granted, the number of Options to be granted and the terms of the
          Options, the Board may take into account the nature of the services
          rendered by the respective employee, his present and future potential
          and contribution to the Company's success, and any other data the
          Board may deem relevant.

5.   RESERVED SHARES

     The total number of Options to be granted to the Grantees pursuant to the
     Plan shall be determined from time to time by the Board.

     The Company shall at all times reserve such number of authorized but
     unissued Shares which equals the number of Shares to which all of the then
     outstanding Options may be converted upon exercise.

6.   GRANT OF OPTIONS AND ISSUANCE OF SHARES IN TRUST

     6.1  The Options shall be granted in favor of the Grantee for no
          consideration.

     6.2  The Options and the Grantee's rights thereunder shall be subject to
          the execution of an Option Agreement between the Company and the
          Grantee, which Option Agreement shall set forth the terms and
          conditions of the Options, as determined by the Company, including
          without limitation, the

<Page>

          number of Options granted thereunder, the terms of exercise thereof
          (including the Exercise Price) and any other term the Board may deem
          necessary.

     6.3  In addition, the Options shall be subject to the execution of all the
          documents necessary in order to comply with the Ordinance, and all
          other documents required by the Company, (the Option Agreement and
          said documents shall be hereinafter referred to as: the "DOCUMENTS").

     6.4  The Company shall provide the Grantee with the Documents for signature
          after the Board adopts a resolution to grant Options in favor of such
          Grantee, and the Company shall sign such Documents after they have
          been duly signed and returned by such Grantee.

          It is hereby clarified that the execution of the said Documents by the
          Grantee does not exempt the Grantee from signing any other document as
          may be required by the Company at a later stage.

     6.5  In order to fulfil the provisions of Section 102 of the Ordinance, the
          Options granted hereunder shall be held by the Trustee and the
          Exercised Shares shall be issued to the Trustee, and both shall be
          registered in the name of the Trustee, who shall hold the Options
          and/or the Exercised Shares in trust for an aggregate period of AT
          LEAST TWO (2) YEARS commencing from the date an Option letter is
          deposited with the Trustee which deposit shall not precede the lapse
          of 30 days after the date on which the notice regarding the grant was
          delivered to the tax authorities (hereinafter: the "RESTRICTED
          PERIOD"), and then continuing until such time as they are released, as
          hereinafter provided.

7.   TERMS OF OPTIONS

     7.1  The amount of Options and the Exercise Price for each Grantee shall be
          determined by the Board and shall be specified in the Option
          Agreement; if not determined otherwise by the Board, the Exercise
          Price shall be the fair market value of the Shares on the date of the
          grant of the Options. For as long as the Company's shares are traded
          on Nasdaq, said fair market value shall be as determined by the
          closing value of the Shares listed on Nasdaq at the closing of the
          last previous day of trading.

     7.2  Unless otherwise determined by the Board with respect to any specific
          Grantee, the right of a Grantee to exercise the Options granted in
          such Grantee's favor during the Exercise Period shall be vested with
          such Grantee as follows:

          (a)    If the Grantee remains in the employ of the Company or its
                 subsidiaries for a period of not less than 2 years from the
                 date of the resolution of the Board regarding the issuance of
                 the Options to the Grantee (hereinafter: the "Date of the
                 Grant") - the Grantee shall be entitled to exercise 50% of all
                 the Options granted in such Grantee's favor.

          (b)    If the Grantee remains in the employ of the Company or its
                 subsidiaries for a period of not less than 3 years from the
                 Date of Grant - the Grantee shall be entitled to exercise 75%
                 of all the Options granted in such Grantee's favor.

          (c)    If the Grantee remains in the employ of the Company or its
                 subsidiaries for a period of not less than 4 years from the
                 Date of Grant - the Grantee shall be entitled to exercise 100%
                 of all the Options granted in such Grantee's favor.

          In the event that the employment of the Grantee is terminated for any
          reason (including due to death or disability), all of the Options
          granted in his favor which are not yet Vested Options shall
          immediately expire and terminate, shall become null and void and shall
          not entitle the Grantee to any right in or to the Company.

     7.3  EXERCISE PERIOD

<Page>

          7.3.1  Each Vested Option shall remain exercisable until the lapse of
                 two years following the later of : (I) the vesting date of such
                 Options, or (II) the date of the initial public offering of the
                 Company's shares on Nasdaq.

          7.3.2  Notwithstanding the abovesaid, a Grantee shall also be entitled
                 to exercise the Vested Options immediately prior to the closing
                 of a transaction, the nature of which is the sale of all of the
                 shares of the Company by the shareholders, upon receipt of the
                 Company's notice specifying such date. It is hereby clarified
                 that in any event, upon the closing of such a transaction, the
                 non-Vested Options shall expire and terminate and become null
                 and void and shall not entitle the Grantee to any right in or
                 to the Company. In the event the Grantee does not exercise all
                 of the Vested Options on the date specified by the Company, the
                 remaining Vested Options shall expire and terminate and become
                 null and void on the closing date of the abovementioned
                 transaction and shall not entitle the Grantee to any right in
                 or toward the Company.

     7.4  Vested Options may be exercised at one time or from time to time
          during the Exercise Period, but only by the Trustee, after the Trustee
          shall have received written instructions from the Grantee, accompanied
          by the full payment of the Exercise Price for the Vested Options then
          being exercised, by personal check or cashier's check payable to the
          order of the Company (the written instructions accompanied by the full
          payment shall be referred to hereinafter as: the "Exercise Notice").
          The Trustee shall exercise such Vested Options with respect to which
          the Exercise Notice was given, by giving the Company, at its principal
          office, written notice of intent to exercise such Vested Options,
          accompanied by the Exercise Notice; provided however, that in case
          payment is made by personal check (and not by cashier's check), the
          Options shall not be considered as exercised, and the Company shall
          not issue the Exercised Shares in respect thereof, until the personal
          check shall have been fully honored by the bank on which it was drawn.

     7.5  The Exercised Shares shall be issued in the name of the Trustee who
          shall hold same until their release as hereinafter provided.

     7.6  A Grantee whose employment with the Company was terminated for any
          reason (including death or disability) shall be entitled only to the
          Shares which were previously exercised and the Vested Options, and the
          remaining Options (i.e. non-Vested) shall expire and terminate and
          become null and void and shall not entitle the Grantee to any right in
          or to the Company.

8.   TRANSFERABILITY

     8.1  The Options and all rights related thereto shall not be assignable,
          transferable, subjected to an attachment, lien or encumbrance of any
          kind.

     8.2  Notwithstanding the abovesaid, the Vested Options shall be
          transferable by will or intestacy, provided that the Company receives
          written notice thereof, accompanied by a certified copy of the Will or
          Intestacy Order and/or other evidence deemed acceptable by the Board,
          and accompanied by the transferee(s) written consent to the provisions
          and rules of the Ordinance, the Plan, and the Option Agreement.

     8.3  Following the exercise of the Vested Options, the Exercised Shares
          shall be transferable after the Restricted Period, subject to all
          applicable securities regulations and lock-up provisions. Further, to
          the extent that applicable law provides for concurrent payment of
          taxes by the transferor upon transfer, the Exercised Shares shall only
          be transferable once payment of all taxes required to be paid in
          connection with a sale or transfer of Exercised Shares shall have been
          made to the tax assessor, confirmation of same shall have been
          received by the Trustee or the Company, and the conditions set forth
          in Section 9 hereunder shall have been fulfilled.
<Page>

     8.4  Without derogating from the abovesaid, in the event the shareholders
          of the Company (not including shareholders who purchased shares under
          an employee share option plan) (hereinafter: the "SELLING
          SHAREHOLDERS") intend to sell all of their shares in the Company, and
          to the effect that the Grantee was asked to do so by the majority of
          the Selling Shareholders (which majority shall be determined according
          to the pro rata share of each Selling Shareholder of the issued share
          capital of the Company), the Grantee shall be obligated to join the
          sale and sell his Shares, under the same conditions as the Selling
          Shareholders are selling their shares, and if requested by the
          purchasers of such sale, at the purchaser's sole discretion, the
          Grantee shall sell to the purchasers the Vested Options, under the
          same terms, as if the Grantee had exercised same immediately prior to
          the sale.

9.   RELEASE

     Upon the lapse of the Restricted Period, the Trustee may, pursuant to the
     written request of the Grantee, release and transfer the Exercised Shares
     to the Grantee, or to any third party to whom the Grantee wishes to sell
     the Exercised Shares, as indicated in the Grantee's written notice,
     provided however that all the following conditions will have been fulfilled
     prior to such transfer: (I) payment to the tax assessor of all taxes
     required to be paid upon the release and transfer of the Exercised Shares
     and confirmation of same received by the Trustee; and (II) receipt by the
     Trustee of written confirmation issued by the Company to the Trustee
     stating that all requirements for said release and transfer have been
     fulfilled according to the terms of the Articles, the Ordinance, the Plan
     and the Option Agreement.

     The date on which the Exercised Shares shall be released and transferred to
     the Grantee shall hereinafter be referred to as the "DATE OF RELEASE".

10.  TERMINATION

     10.1 Notwithstanding anything to the contrary herein, any Option granted in
          favor of a Grantee not exercised by such Grantee within the Exercise
          Period and in strict accordance with the terms of the Plan and the
          Option Agreement, shall, upon the lapse of the Exercise Period,
          immediately expire and terminate, become null and void, and shall not
          entitle the Grantee to any right in, or toward the Company in
          connection with same, and all interests and rights of the Grantee, in
          and to same, shall expire.

     10.2 Notwithstanding anything to the contrary herein, upon the issuance of
          a court order declaring the bankruptcy of a Grantee, or the
          appointment of a receiver or a provisional receiver for a Grantee, or
          over his assets, or any part thereof, or upon making a general
          assignment for the benefit of his creditors, any Option issued and
          registered in favor of such Grantee which was not yet exercised by the
          Grantee shall immediately expire and terminate, become null and void
          and shall not entitle the Grantee, his receiver, successors, creditors
          or assignees, to any right in, or toward the Company in connection
          with same, and all interests and rights of the Grantee, his receiver,
          successors, creditors or assignees, in and to same, if any, shall
          expire.

11.  RIGHTS AS SHAREHOLDER

     11.1 It is hereby clarified that a Grantee shall not, by virtue of the
          Plan, the Option Agreement or any Option granted in favor of him
          thereunder, have any of the rights of a shareholder with respect to
          any Shares represented by the Options, until the Options have been
          exercised.

          Furthermore, except for the right to receive dividends as provided in
          Section 12.1 hereinafter, the Grantee shall not have any rights by
          virtue of the Exercised Shares until same shall have been transferred
          to the Grantee by registering same in the Grantee's name, and only
          then shall the Grantee have the rights of a shareholder with respect
          to the shares so registered.

     11.2 For so long as the Exercised Shares are held by the Trustee, the
          Company shall consider only the Trustee as the owner of such shares
          for all purposes whatsoever (including without limitation, for the
<Page>

          purpose of delivering notices); the Trustee, however, shall not
          exercise the voting rights conferred by such Exercised Shares in any
          way whatsoever, and shall not issue a proxy to any person or entity to
          vote such shares.

     11.3 The Grantee shall not have, and hereby waives the right to have, by
          virtue of the Exercised Shares, any pre-emptive rights to purchase,
          along with the other shareholders in the Company, a pro rata portion
          of any securities proposed to be offered by the Company prior to the
          offering thereof to any third party and any rights of first refusal to
          purchase any securities of the Company offered by the other
          shareholders of the Company.

12.  DIVIDENDS AND BONUS SHARES

     12.1 Cash dividends paid or distributed, if any, with respect to the
          Exercised Shares held by the Trustee, shall be remitted directly to
          the Grantee who is entitled to the Exercised Shares for which the
          dividends are being paid or distributed.

     12.2 All bonus shares to be issued by the Company, if any, with regard to
          the Exercised Shares, shall, if the Exercised Shares are registered to
          the Trustee, be registered in the name of the Trustee and, if the
          Exercised Shares are registered to the Grantee, be registered in the
          name of the Grantee. All provisions applying to the Exercised Shares,
          shall apply to the bonus shares, mutatis mutandis.

     12.3 The Trustee shall transfer the said bonus shares upon the transfer of
          the Exercised Shares with respect to which the bonus shares were
          issued.

13.  ADJUSTMENTS

     The number of Shares to which each outstanding Option is exercisable, shall
     be proportionately adjusted in the event of a reorganization of the share
     capital of the Company by a stock split, reverse stock split, combination
     or reclassification of the shares, as well as for a distribution of bonus
     shares. Such adjustment shall be made by the Board, whose determination in
     this matter shall be final and binding.

14.  RIGHTS TO CHANGES

     The Plan or the Option Agreement shall not affect, in any way, the rights,
     powers or freedoms of the Company or its shareholders to make or authorize:
     any sale, transfer or any change whatsoever in all or any part of the
     Company's assets, obligations or business, or any other business,
     commercial or corporate act or proceeding, whether of a similar character
     or otherwise; any or all adjustments, recapitalizations, reorganizations or
     other changes in the Company's capital structure or business; any merger or
     consolidation of the Company; any issue of bonds, debentures, shares
     (including preferred or prior preference shares ahead of or affecting the
     existing shares of the Company including the shares into which the Options
     granted hereunder are exercisable or the Exercised Shares or the rights
     thereof, etc.); or the dissolution or liquidation of the Company; and none
     of the above acts or authorizations shall entitle the Grantee to any right
     or remedy, including, without limitation, a right of compensation for any
     dilution resulting from any issuance of any shares or of any other
     securities in the Company to any person or entity whatsoever.

15.  NO EMPLOYMENT OBLIGATIONS

     Nothing in the Plan, the Option Agreements or in any Option granted
     hereunder shall guarantee the Grantee's employment in the Company and no
     obligation of the Company as to the length of employment of the Grantee or
     as to any other term of employment shall be implied by same; the Company
     reserves the right to terminate the employment of any employee pursuant to
     such employee's terms of employment and any law.
<Page>

16.  NO REPRESENTATION

     The Company does not and shall not, through this Plan or through any Option
     Agreement, make or be deemed to make any representation toward any Grantee
     with regard to the Company, its business, its value or with regard to the
     Company's shares in general, and the Exercised Shares in particular, their
     value or rights.

     The Grantee, upon entering the Option Agreement, represents and warrants
     toward the Company, that his consent to the grant of the Options issued in
     favor of him and their exercise (if so exercised), is, in no respect, made
     on the basis of any representation or warranty made by the Company or by
     any of its directors, officers, shareholders or employees, and is made
     based only upon his examination and expectations of the Company, on an "as
     is" basis. The Grantee waives any claim whatsoever of "non conformity" of
     any kind or any other cause of action or claim of any kind with respect to
     the Options and/or the Shares exercised thereupon.

17.  TAX CONSEQUENCES

     All tax consequences arising from the grant or exercise of any Option, the
     payment for or the transfer of the Exercised Shares to the Grantee, or from
     any other event or act (of the Company or the Grantee) hereunder, shall be
     borne solely by the Grantee, and the Grantee shall indemnify the Company
     and hold it harmless from and against any and all liability for any such
     tax or interest or penalty.

     The Company and the Trustee may withhold from any payment to which the
     Grantee may be entitled to from the Company, the amount of the tax and/or
     other mandatory payment the withholding of which is required with respect
     to the Options and/or the Exercised Shares under any law.

18.  SUBORDINATION

     It is clarified that the Grant of the Options hereunder is subject to the
     approval by the Tax Authorities of the Plan and the Trustee, in accordance
     with the Ordinance. It is also clarified that the Plan and the Option
     Agreement are subject to the provisions of the Ordinance which accordingly
     shall be deemed an integral part of each, and which shall prevail over any
     term that is not consistent with the Ordinance.

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