Document:

Amendment to Restated Employment Agreement

 

Exhibit 10.2

AMENDMENT TO THE

THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT

WITH JOSEPH M. O’DONNELL

DATED OCTOBER 21, 2005

     The parties to this Amendment, dated as of March 10, 2006 (the “Amendment Date”), are Artesyn
Technologies, Inc., a Florida corporation (the “Company”), and Joseph M. O’Donnell (the
“Executive”). The Company and the Executive are parties to a Third Amended and Restated Employment
Agreement, dated as of October 21, 2005 (the “Existing Agreement”). The Company and the Executive
desire to remove restrictions under the terms of the Existing Agreement on the Executive seeking
potential employment with another entity. Unless otherwise defined herein, defined terms used in
this Amendment have the same meaning as such terms in the Existing Agreement.

     Accordingly, the parties, for good and valuable consideration and intending to be legally
bound, agree that the Existing Agreement is amended as follows:

     1. Effective as of the Amendment Date, the second sentence of Section 1.3 of the Existing
Agreement is deleted in its entirety and that Section, as amended, shall read as follows:

     1.3 Full-Time Position. The Executive hereby agrees that, during the
Employment Term he shall devote all of his business time, attention and skills to the
business and affairs of the Company and its subsidiaries, except during vacation time as
provided by Section 3.3 hereof and any periods of illness. Subject to the foregoing,
nothing in this Agreement shall restrict the Executive from (i) managing his personal
investments, personal business affairs and other personal matters, (ii) serving on the
boards of directors of companies that do not compete directly or indirectly with the
Company, (iii) serving on civic or charitable boards or committees or (iv) delivering
lectures, fulfilling speaking engagements or teaching at educational institutions;
provided, that none of such activities, either singly or in the aggregate,
interfere with the performance of his duties under this Agreement. The Executive must
receive approval of the Board prior to assuming any other directorships. It is hereby
acknowledged that the Executive has received the necessary approvals to serve as a member
of the Board of Directors of Parametric Technology Corporation.

     2. Except as specifically amended in this Amendment, the terms of the Existing Agreement shall
remain in full force and effect.

 

 

     3. This Amendment and the Existing Agreement constitute the entire agreement of the parties
hereto with respect to the subject matter thereof, and supersede all prior agreements and
understandings of the parties hereto, oral and written, including all prior employment agreements.
Each party hereby acknowledges and agrees that, other than as contained herein, no other
representations or warranties, oral or written, have been made, expressly or impliedly, by the
other party hereto.

     4. This Agreement may be executed in one or more counterparts, and by each of the parties
hereto in separate counterparts, each of which shall be deemed to be an original but all of which
taken together shall constitute one and the same agreement, and this Amendment shall become
effective when one or more counterparts has been signed by each of the parties hereto and delivered
to the other party hereto.

     5. This Amendment will be governed by the laws of the State of Florida applicable to contracts
made and to be wholly performed therein.

     IN WITNESS WHEREOF, the parties have duly executed this Amendment to the Existing Agreement on
the Amendment Date.

	 	 	 	 	 
	 	ARTESYN TECHNOLOGIES, INC.

 	 
	 	By:  	/s/ Gary R. Larsen
 	 
	 	 	Name:  	Gary R. Larsen 	 
	 	 	Title:  	Vice President — Finance, Chief

Executive Officer and Secretary 	 
	 
	 	EXECUTIVE

 	 
	 	/s/ Joseph M. O'Donnell
 	 
	 	Joseph M. O’Donnell 	 
	 	 	 
	 

	 	 	 	 	 
	 	AGREED AND ACCEPTED:

 	 
	 	/s/ Phillip A. O'Reilly
 	 
	 	Phillip A. O'Reilly 	 
	 	Chairman — Compensation Committee 	 
	 

-2-Grant Agreement

 

Exhibit 10.19

AGREEMENT made the 5th day of December 1997 BETWEEN the INDUSTRIAL DEVELOPMENT
AGENCY (IRELAND) having its principal office at Wilton Park House, Wilton Place, Dublin 2 (“IDA”)
of the first part, POWER PRODUCTS, LTD. having its principal place of business in Ireland at
Youghal, Co Cork (“the Company”) of the second part and COMPUTER PRODUCTS, INC. having its
principal office at 7900 Glades Road, Suite 500, Boca Raton, Florida 33434, U.S.A. (“the
Promoters”) of the third part.

WHEREAS:

	A.	 	The Company which is controlled by the Promoters has been incorporated with the principal
object of establishing and carrying on by way of a branch operation at Youghal, Co Cork an
industrial undertaking for the production of power supplies and in accordance with proposals
furnished to IDA by the Promoters has applied to IDA for financial assistance towards the cost
of expanding its facilities which is intended to increase employment from 302 to 553 persons;

	B.	 	The Company and the Promoters having made the necessary enquiries are satisfied and represent
to IDA that to the best of their belief there will be available to the Undertaking the
relevant resources required for its proper commercial establishment and efficient operation;

	C.	 	The Promoters have represented to IDA that in their opinion the Undertaking will contribute
to the development of the Irish economy.

NOW IT IS HEREBY WITNESSED that in consideration of the Company implementing the said
proposals and carrying on the Undertaking in accordance with this Agreement, IDA agrees to grant to
the Company the sum of 1,882,500 Irish Pounds or the aggregate of 7,500 Irish Pounds for each job
created over a base level of 302 in the Undertaking in accordance with Paragraph 7 of the Second
Schedule hereto whichever is the lesser (“the grant”) subject to the following terms and conditions
including those contained in the Schedules hereto:

1. DEVELOPMENT OF THE UNDERTAKING:

The development of the Undertaking and in particular the provision of employment shall be
substantially in accordance with the particulars given in the said proposals.

 

 

2. CONTROL OF THE COMPANY:

The controlling interest in the Company shall be held directly or indirectly by the Promoters
unless otherwise agreed to in writing by IDA.

3. PROVISION OF FIXED ASSETS:

The provision of the fixed assets shall be as set forth in the First Schedule.

4. PROMOTERS INVESTMENT:

The Company shall procure or provide for the purposes of the Undertaking:

	 	4.1	 	Additional Equity Equivalent of IR£1, $2,500
	 
	 	 	 	For the purposes of this Agreement “Equity Equivalent” shall mean the total monies obtained
by the Company as follows:

	 	4.1.1	 	cash received by the Company from the Promoters in consideration for the
issue at par of fully paid-up Ordinary Shares in the Company; and/or
	 
	 	4.1.2	 	retained earnings of the Company capitalised at par as fully paid-up
Ordinary Shares in the Company; and/or
	 
	 	4.1.3	 	retained earnings of the Company transferred to a special non-distributable
reserve account which shall be maintained at the appropriate level for the duration of
this Agreement; and/or
	 
	 	4.1.4	 	loans from the Promoters on the following terms and conditions
(“Subordinated Loans”):-

	 	4.1.4.1	 	that no interest on such loans shall be payable by the Company except out
of profits which would otherwise be available for dividend;
	 
	 	4.1.4.2	 	that no such loans shall be repaid except out of profits of the Company
which would otherwise be available for dividend or out of a new loan
obtained on the same terms for this purpose, or out of the proceeds of a new
issue at par of fully paid-up Ordinary Shares of the Company made for this
purpose;
	 
	 	4.1.4.3	 	that where any such loans are repaid out of profits, there shall be
transferred out of profits which would otherwise have been available for
dividend to a special nondistributable reserve account a sum equal to the
amount of the loan repaid, and that there shall be no reduction in the
amount of such special non-distributable reserve account during the term of
this Agreement;
	 
	 	4.1.4.4	 	that where any such loans are repaid out of a new loan obtained for this
purpose, the new loan shall be subject to these conditions as if it were the
original loan;

2

 

	 	4.1.4.5	 	that in the event of the winding up of the Company the amount of any such
loans still outstanding shall be subordinated to the claims of the unsecured
creditors of the Company;

	 	 	 	PROVIDED ALWAYS that not less than 25% of the Equity Equivalent shall be Ordinary
Shares in the Company as specified at Clauses 4.1.1 and/or 4.1.2 above and PROVIDED
FURTHER that retained earnings utilised as Equity Equivalent as aforesaid shall not
include any sum received in respect of the grant or derived from a revaluation of the fixed
assets of the Company.
	 
	 	4.2	 	Such further sums, including working capital, as may be required for the Undertaking.
	 
	 	4.3	 	The total amount paid from the grant shall at no time exceed the total amount of Equity
Equivalent of which at all times not less than 25% shall comprise an amount for issued
Ordinary Shares in the Company as aforesaid.

5. PLANNING PERMISSION AND PREVENTION OF POLLUTION:

The Company shall:

	 	5.1	 	obtain all relevant permissions prescribed by Local and/or National Authorities and shall
comply with all requirements of such permissions and with all Building Regulations and
Statutory requirements (if any) required for the Undertaking;
	 
	 	5.2	 	comply with all statutory requirements and other requirements which IDA reasonably considers
to be necessary in relation to environmental controls and the prevention of pollution.

6. GUARANTEES:

The Company shall not give a guarantee in respect of any borrowings other than borrowings for the
purposes of the Undertaking without the prior written consent of IDA.

7. INSURANCE:

The Company shall:

	 	7.1	 	keep all the fixed assets insured in accordance with good commercial practice;
	 
	 	7.2	 	obtain on commencement of production and in accordance with good commercial practice
Consequential Loss Insurance to adequately indemnify the Company against losses and costs
resulting from fire and explosion, and
	 
	 	7.3	 	make arrangements to ensure that IDA will be notified of any failure to renew the insurance
specified at Clauses 7.1 and 7.2 hereof and also of any change in such insurance.

3

 

8. RESTORATION OF FIXED ASSETS:

If there should be damage to or loss of fixed assets including buildings under construction through
fire or explosion or any other cause the insurance or other compensation received by the Company
shall be used in accordance with good commercial practice to restore to the reasonable satisfaction
of IDA the property so damaged or lost.

9. NON-DISTRIBUTION OF THE GRANT:

The Company shall not distribute by way of dividend on the share capital of the Company or
otherwise any sum received in respect of the grant.

10. ROYALTIES OR SIMILAR PAYMENTS:

The Company may only make royalty or similar payments on the following terms and conditions:

	 	10.1	 	that to the extent that the said royalty and/or similar payments exceed 5% -of the Company’s
net annual sales, such excess shall not be payable except out of profits (including
accumulated profits) of the Company which would otherwise be available for dividend; and
	 
	 	10.2	 	that in the event of the winding up of the Company the amount of any such excess accrued or
accruing for payment but unpaid shall be subordinated to the claims of the unsecured
creditors, including IDA, of the Company;

PROVIDED ALWAYS that the provisions of this Clause shall not apply to bona fide third party
arms length transactions.

11. PAYMENT OF THE GRANT:

	 	11.1	 	The grant shall be paid subject to the following terms and conditions and the Company shall
provide evidence satisfactory to IDA:

	 	11.1.1	 	that the Company is acting within its powers in establishing and carrying on the
Undertaking by furnishing a Certificate from a Lawyer practising within the
jurisdiction within which the Company is incorporated;
	 
	 	11.1.2	 	that the documents required to be filed with the Registrar of Companies pursuant to
the European Communities (Branch Disclosures) Regulations 1993 have been duly filed by
furnishing a Certificate from an Irish solicitor;
	 
	 	11.1.3	 	that the Company has obtained suitable premises for the Undertaking and has title
acceptable to IDA to all land and buildings required for the Undertaking;
	 
	 	11.1.4	 	that the Company is in compliance with all the terms and conditions of its property
agreements, if any, with IDA;

4

 

	 	11.1.5	 	that the necessary arrangements have been made for the provision of all capital
required for the Undertaking as specified at Clause 4 hereof;
	 
	 	11.1.6	 	that all Planning Permissions as aforesaid have been obtained and complied with;
	 
	 	11.1.7	 	that all requirements for the control of the environment and prevention of pollution
as aforesaid have been complied with;
	 
	 	11.1.8	 	that insurance arrangements as aforesaid have been made;
	 
	 	11.1.9	 	that the Company has obtained a tax number in the relevant tax district; that it is
up to date in its tax affairs with the Revenue Commissioners and prior to payment from
the grant it shall submit an up-to-date tax clearance certificate from the Revenue
Commissioners;
	 
	 	11.1.10	 	the fixed assets have been provided in accordance with the proposals;

	 
	 	11.1.11	 	that the Company has complied up-to-date with all the provisions of this Agreement;

	 	11.2	 	Subject to compliance with all the relevant terms of this Agreement the grant shall be paid
to the Company in accordance with the arrangements set forth in the Schedule applicable to the
particular grant from which payment is sought.

12. FURNISHING OF INFORMATION:

	 	12.1	 	The Company shall permit the officers and agents of IDA to inspect the fixed assets at all
reasonable times during the term of this Agreement and shall furnish to IDA promptly whenever
required to do so by IDA all such information and documentary evidence as IDA may from time to
time reasonably require to vouch compliance by the Company with any of the terms and
conditions of this Agreement.
	 
	 	12.2	 	The Company acknowledges the right of IDA to consult with relevant third parties to obtain
any information it may reasonably require relating to the affairs of the Company and/or the
Promoters prior to any payment from the grants and to withhold grant payments in the event of
such information being unsatisfactory to IDA. The Company and/or the Promoters hereby
undertake to instruct such third parties to furnish any such information to IDA on request.
	 
	 	12.3	 	The Company and/or the Promoters shall submit Annual Audited Accounts satisfactory to IDA for
the duration of this Agreement within, six months from the end of the relevant financial year.

5

 

13. NOTICES:

	 	13.1	 	The Certificate of an Officer of IDA certifying any decision of IDA taken or made hereunder
shall save in the case of manifest error be conclusive evidence of any such decision.
	 
	 	13.2	 	Any notice under this Agreement may be sent by IDA to the Company by registered post to the
address for services registered by the Company under the provisions of The European
Communities (Branch Disclosures) Regulations 1993.
	 
	 	13.3	 	IDA shall use its best endeavours to send copies of all notices issued by it on foot of this
Agreement to the Company contemporaneously to the Promoters at their address herein specified,
but failure to do so shall not constitute a breach of this Agreement on its part.

14. CONSENTS:

	 	14.1	 	Circumstances requiring the consent, approval or permission of any party hereto shall be
interpreted to mean that such consents, approvals or permissions shall not be unreasonably
withheld. This provision shall not apply to the provisions of Clause 2 hereto.
	 
	 	14.2	 	Any variation or modification of any of the terms or conditions herein made at the request of
or with the agreement of the Company and with the consent of IDA shall not in any way
determine or prejudice the Promoters’ liability hereunder PROVIDED that the financial amount
of the Promoters’ said liability shall not be increased without its express agreement in
writing.

15. BRANCH OPERATION:

The Company shall not without obtaining the prior written consent of IDA establish or carry on an
Undertaking in any part of the world other than the twenty-six counties of the Republic of Ireland
PROVIDED ALWAYS that this Clause shall not prohibit the Company from incorporating a
subsidiary or subsidiaries with limited liability to carry on business in any part of the world or
from investing in or lending money to any other company or firm or person whatsoever subject always
to the requirements of Clause 4 hereof.

16. TERMINATION OF AGREEMENT:

This Agreement shall terminate five years from the date of the last payment from the grant.

6

 

17. CANCELLATION AND REVOCATION OF THE GRANT:
IDA may stop payment of the grant and/or revoke and cancel or reduce the grant or so much thereof
as shall not then have been actually paid to the Company if any one or more of the following events
occur:

	 	17.1	 	if there be any breach of the terms or conditions of Clause 2 hereof;
	 
	 	17.2	 	if the Company should to a material extent be in breach of any of the terms and conditions of
this Agreement other than those specified in Clause 17.1 and having failed to establish to the
reasonable satisfaction of IDA that such breach was due to force majeure shall not have
rectified such breach within 30 days after written notice thereof has been served on the
Company;
	 
	 	17.3	 	if an order is made or an effective resolution is passed for the winding up of the Company
other than a bona fide winding up for the purposes of amalgamation or reconstruction to which
IDA has given its prior approval in writing;
	 
	 	17.4	 	if a Receiver or an Examiner is appointed over any of the property of the Company or if a
distress or execution is levied or served upon any of the property of the Company and is not
paid off within 30 days;
	 
	 	17.5	 	if the Company should cease to carry on the Undertaking.

If the grant be revoked the Company and/or the Promoters shall repay to IDA on demand all sums
received in respect of the grant and if the grant be reduced the Company and/or the Promoters shall
repay to IDA on demand all sums received in excess of the amount of the reduced grant and in either
case in default of such repayment such sums shall be recoverable by IDA from the Company and/or the
Promoters as a joint and several simple contract debt.

18. GOVERNING LAW:

This Agreement shall be governed by and be construed in accordance with the Laws of Ireland and the
parties hereto expressly and irrevocably submit to the jurisdiction of the Irish Courts and the
Promoters hereby irrevocably appoint the Company to be its attorney for the purpose of accepting
service on its behalf of any notice, document or legal process with respect to the Promoters’
obligations pursuant to the provisions of Clause 17 hereof and service of any such document on such
attorney shall be deemed for all purposes to be good service.

7

 

FIRST SCHEDULE

PROVISION OF FIXED ASSETS FOR THE UNDERTAKING

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	1.	 	 	 	FIXED ASSETS
	 	 	ESTIMATED COSTS	 
	 	 	 	 	 	 	 
	 	 	IR£	 
	 	 	1.1	 	 	 	Factory Building Modifications
	 	 	 	2,906,000	 	 
	 	 	1.2	 	 	 	New Machine and Equipment
	 	 	 	9,439,000	 	 
	 	 	 	 	 	 	Total
	 	 	 	12,345,000	 	 
	 

2. The Company shall:-

	 	2.1	 	have the construction of the said proposed factory building modifications for the Undertaking
commenced to the satisfaction of IDA not later than 31 December 1997 and completed in a proper
and satisfactory manner not later than 31 December 2000;
	 
	 	2.2	 	Purchase and have installed in a proper and workmanlike manner ready for operation in the
said factory buildings all machinery and equipment suitable in all respects required for the
Undertaking by 31 December 2000;
	 
	 	2.3	 	have commenced production in the Undertaking by 30 June 1998.

8

 

SECOND SCHEDULE

ADDITIONAL TERMS AND CONDITIONS RELATING TO THE GRANT

	1.	 	The grant shall be payable in respect of the total number of such jobs as are created in the
Company (in accordance with Paragraph 7 of this Schedule) provided such jobs are occupied by
EU citizens who are subject to Irish taxation.

	2.	 	A job for the purposes of the grant shall be a permanent full time position in the
Undertaking and shall be deemed to be created when a contract of employment has been signed
and payment has been made to an employee in respect of work done in the job.

	3.	 	The grant in respect of each job created shall be paid in two moieties. The first moiety
shall be payable when the job has been created and the second moiety shall be payable when
permanent full-time employment in the job for a twelve month period has been completed.

	4.	 	Claims for payment of an installment from the grant may be submitted monthly and shall be
certified by the Company’s Auditors in an agreed format.

	5.	 	The Company shall also submit details of the Company’s employment history to date; this shall
give such particulars as IDA may require in a format satisfactory to IDA.

	6.	 	IDA may at any time within five years from the date of payment of the first moiety of the
grant in respect of any job revoke the grant paid in respect of that job if the job should
become vacant and remain vacant for a period in excess of six calendar months.

	7.	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Job Description	 	 	Base	 	 	 	1997	 	 	 	1998	 	 	 	1999	 	 	 	2000	 	 	 	Total	 	 
	 	Manufacture
	 	 	 	 	 	 	 	 	30	 	 	 	 	36	 	 	 	 	37	 	 	 	 	44	 	 	 	 	147	 	 
	 	Manufacturing/ Engineering
	 	 	 	 	 	 	 	 	4	 	 	 	 	4	 	 	 	 	4	 	 	 	 	4	 	 	 	 	16	 	 
	 	R&D
	 	 	 	 	 	 	 	 	7	 	 	 	 	9	 	 	 	 	10	 	 	 	 	12	 	 	 	 	38	 	 
	 	Administration
	 	 	 	 	 	 	 	 	3	 	 	 	 	3	 	 	 	 	3	 	 	 	 	2	 	 	 	 	11	 	 
	 	Marketing/Sales
	 	 	 	 	 	 	 	 	2	 	 	 	 	2	 	 	 	 	3	 	 	 	 	4	 	 	 	 	11	 	 
	 	Quality/Materials
	 	 	 	 	 	 	 	 	7	 	 	 	 	7	 	 	 	 	7	 	 	 	 	7	 	 	 	 	28	 	 
	 	Total
	 	 	 	302	 	 	 	 	53	 	 	 	 	61	 	 	 	 	64	 	 	 	 	73	 	 	 	 	251	 	 
	 

9

 

IN WITNESS WHEREOF the parties hereto have affixed their respective seals the day and year first
herein written.

	 	 	 	 	 
	 	PRESENT when the Seal of the

INDUSTRIAL DEVELOPMENT AGENCY (IRELAND)

was affixed hereto:-

 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	/s/
 	 
	 	MEMBER/AUTHORISED OFFICER 	 
	 	 	 
	 
	 	 	 
	 	/s/ Richard Ryan
 	 
	 	MEMBER/AUTHORISED OFFICER 	 
	 	 	 
	 

PRESENT when the Seal of the

POWER PRODUCTS, LTD.

was affixed hereto:-

	 	 	 	 	 
	 	 	 
	 	/s/ Gary Duffy
 	 
	 	Director 	 
	 	 	 
	 
	 	 	 
	 	/s/ Richard J. Thompson
 	 
	 	Director 	 
	 	 	 
	 

PRESENT when the Seal of the

COMPUTER PRODUCTS, INC.

was affixed hereto:-

	 	 	 	 	 
	 	 	 
	 	/s/ Joseph M. O’Donnell
 	 
	 	Chairman 	 
	 	 	 
	 
	 	 	 
	 	/s/ Richard J. Thompson
 	 
	 	Vice President / Finance & Secretary	 
	 	 	 

10

 

	 	 	 	 	 

Dated the 5th day of December 1997

INDUSTRIAL DEVELOPMENT AGENCY (IRELAND)

First Part

POWER PRODUCTS, LTD.

Second Part

- and -

COMPUTER PRODUCTS, INC.

Third Part

 

GRANT AGREEMENT

 

Industrial Development Agency (Ireland)
 Wilton Park House

Wilton Place

DUBLIN 2

11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}]]