Document:

Exhibit 10.1

 

CONSULTING AGREEMENT

 

This Consulting Agreement (“AGREEMENT”) is made and entered
into this 3rd day of January, 2015, by and between MTS Systems Corporation (“MTS”), with its principal place
of business at 14000 Technology Drive, Eden Prairie, Minnesota 55344 and Susan Knight (“Consultant”) with her principal
place of business in Eden Prairie, Minnesota.

 

In consideration of the mutual promises and covenants contained herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree
as follows:

 

1.  Scope of Work 

 

The scope of work will be divided into two categories: “base
line tasks” and “special projects.”

 

Base line tasks include, but are not limited to: CFO coaching as
requested; serving as an advisor for, and review of, investor relations related matters including news releases, investor scripts,
investor presentation materials; consulting on business development tasks including strategic discussions regarding bolt-on and
‘game-changing’ M&A transactions; internal and non-financial external communications; capital structure and treasury
advice; and, other CEO advisory topics as requested.

 

Special projects are projects that require dedicated and sustained
involvement for a specified period of time and must be pre-approved on a case-by-case basis by the CEO or CFO. Examples of special
projects include specific M&A transaction related support and strategic scenario analysis and assessment.

 

2.  Term

 

This AGREEMENT will begin on January 3, 2015 and end on January 2,
2016. The Agreement may be terminated or amended at any time and upon such terms as are agreed to, in writing, by the Parties.

 

3.  Fees

 

The monthly retainer for base line tasks will be $10,000 and is guaranteed
for the term of this AGREEMENT. It is anticipated that the base line retainer will cover approximately five days of consulting
services per month, on average, over the twelve month period of the AGREEMENT. The fee for special projects will be $2,000 per
day.

 

Expenses incurred for either base line tasks or special projects
must be approved in advance by the CEO or CFO. CONSULTANT will issue an invoice to MTS monthly, listing the base line task retainer
and itemizing any special project fees and/or expenses. The retainer and any fees and expenses will be paid monthly, within fifteen
days of receipt of CONSULTANTS’S invoice.

 

 

    	 

    	 

    

4.  Treatment of Equity Awards

 

Pursuant to a September 29, 2014 Resolution of the MTS Systems Corporation
Compensation Committee, CONSULTANT’S departure from employment at MTS on January 2, 2015 is a “retirement” for
purposes of the MTS 2011 Stock Plan (the “PLAN”) and the Committee authorized her retention as a consultant effective
January 3, 2015. CONSULTANT is entitled to remain a participant in the PLAN until her AGREEMENT ends; stock options and restricted
stock units will continue to vest while she is a consultant; and, she will have 180 days from the time the AGREEMENT ends to exercise
any vested but unexercised options.

 

5.  Confidentiality

 

Consultant will not disclose to other parties, without MTS’s
prior written consent, any information acquired from or about MTS relating to the subject matter or scope of work covered by this
AGREEMENT unless such information becomes publicly known through no fault or act of CONSULTANT or is received by CONSULTANT from
third parties (other than employees or representatives of MTS) without breach of any agreement by CONSULTANT or the third party.
The obligation of confidentiality shall not apply to information required to be publicly disclosed by judicial order or government
requirements, provided that CONSULTANT gives MTS sufficient notice of any subpoena or request from a government agency, prior to
disclosing the requested information, to seek an appropriate protective order.

 

5.  Governing Law

 

This AGREEMENT shall be governed by and construed in accordance with
the laws of the State of Minnesota, excluding its conflict of law rules.

 

IN WITNESS WHEREOF, the Parties have executed this AGREEMENT as of
the date first referenced above.

 

 

	MTS	 	CONSULTANT
	 	 	 
	/s/ Jeffrey A. Graves	 	/s/ Susan Knight
	MTS Systems Corporation

By: Jeffrey A. Graves

President & CEO	 	Susan Knightexhibit10-1.htm

Exhibit 10.1

FORM OF AGREEMENT FOR PURCHASE AND SALE OF MONITORING ACCOUNTS

 

 

THIS AGREEMENT is made on the ___ day of ____________, ____ by and between [INSERT BUYER NAME AND ADDRESS], hereinafter referred to as “BUYER” and [INSERT SELLER NAME AND ADDRESS] collectively referred to as the “SELLER”.

 

WITNESSETH:

 

The BUYER and the SELLER, by affixing to this Agreement their signature agree as follows:

 

Section 1. Property. The BUYER shall pay to SELLER the Purchase Price of approximately [AMOUNT] subject to due diligence, holdback, prepaid deductions and to the terms of this agreement and as provided in Schedule A (List of Accounts) and the SELLER shall convey interest whatsoever in these accounts. They shall become the sole property of the BUYER as of the date of closing.

 

Section 2. Conveyance. Upon tender by BUYER of payments and execution of documents required at the closing, the SELLER shall convey the Property to BUYER as outlined in Schedule A by Connecticut Bill of Sale.

 

Section 3. Closing.

 

	
A.  

	
The Bill of Sale shall be delivered and the Purchase Price paid at the office of the Buyer, on the [INSERT DATE] or at such earlier time at the BUYER’S sole discretion upon and subject to the satisfaction and/or waiver of all conditions contained in the Agreement. If the closing is to occur under (1) above, then it shall occur on the seventh business after all the conditions in this Agreement are satisfied and/or waived and BUYER so notifies SELLER.

 

Section 4. Representation by SELLER. The SELLER represents and warrants:

 

	
A.  

	
The only continuing contract to be assumed by the BUYER are:

 

	
1.  

	
PERS contracts.

 

The SELLER warrants that any and all other contracts regarding the Property of the BUYER are void or voidable at will by BUYER.

 

	
B.  

	
That the records and financial disclosures made to the BUYER represent the true and actual financial condition of said Property. However, this representation shall not be construed as a warranty for future financial conditions of said Property.

 

	
C.  

	
That the SELLER has complied with and is not in violation of any applicable Federal, State or local law, ordinance of regulation regarding the Property.

 

	
D.  

	
That he has good title to all Property to be conveyed to BUYER and will at closing issue to BUYER a Bill of Sale for same showing that said Property are free and clear of any lien or encumbrance.

 

  

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Section 5. Restrictive Covenant. Principals of SELLER warrants that they shall not buy, own, manage or participate in any Security Alarms Business or any other business that solicits any customer listed on Schedule A. conveyed to BUYER for a period of ten Years (10). In the event SELLER shall default hereunder BUYER shall be entitled to injunctive relief and damages in the amount of $1,500.00 per customer. In addition, SELLER shall pay all costs, including reasonable attorney’s fees in any action to enforce the provisions of the paragraph.

 

Sections 6. Adjustments. Deducted from the purchase shall be a ten percent hold back of purchase price and deduction for accounts that have paid beyond the closing date and a credit for account that have a balance due as of the closing date and are less than sixty days past due.

 

Section 7. Condition of the Business.

 

	
A.  

	
The property shall be accepted in and subject to B. below, and SELLER shall continue the customer accounts included in Property until closing hereof.

 

	
B.  

	
SELLER shall not enter into any agreement that affect the Property without first obtaining the written consent and approval of the entire lease from BUYER. SELLER shall present any such lease to BUYER as soon as practicable and BUYER shall act to approve or disapprove within seven (7) business days after the date of receipt. If BUYER fails to act within said period, then he shall be deemed to have approved of said lease.

 

Section 8. Brokerage. No brokerage fee applies.

 

Section 9. Merger. This Agreement, together with the Schedules attached hereto, constitute the complete agreement of the parties hereto for this transaction superseding all prior and contemporaneous oral or written discussions, understandings or agreements of any nature whatsoever.

 

Section 10. Notices. All notices to be given under the Section of this Agreement shall be given in writing, which shall be mailed Certified, Return Receipt Requested, postage prepaid or hand delivered to:

 

	
  

	
Buyer:

 

 

 

	
  

	
Seller:

 

 

 

Section 11. Default.

 

	
A.  

	
If the BUYER fails to perform the martial terms of this Agreement, the SELLER may, by notice to BUYER, retain all amounts received on account as partial liquidated damages and may (1) demand and receive from BUYER actual damages suffered as a result of BUYER’S failure and (2) sue for specific damages suffered as a result of BUYER’S failure for all costs and attorney’s fees incurred by SELLER in pursuance of any action to recover damages or performance.

 

  

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B.  

	
If SELLER fails to close as required under this Agreement, then BUYER may (1) demand and receive from SELLER actual damages suffered as a result of SELLER’S failure and (2) sue for specific damages suffered as a result of SELLER’S failure for all costs and attorney’s fees incurred by BUYER in pursuance of any action to recover damages or performance.

 

	
C.  

	
In the event there is a genuine dispute with regard to which party has failed to perform, Escrow Agent shall hold funds pending direction of a court of competent jurisdiction of agreement in writing between the parties.

 

Section 12. Assignment. Except as set forth below, neither party shall have the right to assign its rights and obligations hereunder without the written consent of the other, but it shall be binding upon the heirs, executors, administrator and successors of the parties. BUYER hereby reserves the right to assign all rights and liability herein contained to a corporation which is substantially owned and controlled by the principals of BUYER but same shall not relieved of liability herein.

 

Section 13. Survival. All representation and warranties herein set forth shall survive the closing thereof and the parties shall be bound hereby.

 

Section 14. The SELLER shall provide the buyer with all necessary download pass codes to reprogram the Accounts to the BUYER’S received at the Central Station. The seller shall also remove their “programming call back number” to allow the BUYER access to reprogram the Accounts to the BUYER’S Central Station. The SELLER shall also assist the BUYER if required in transferring the Central Station telephone receiver numbers to the BUYER.

 

Section 15. Good Faith Deposit. The good faith deposit of [INSERT AMOUNT] will be paid once we have secured the excel file of the customer information and the purchase agreement is executed.

 

Section 16. Purchase Price Computation.  The purchase price shall be determined by multiplying the eligible monitoring (less cell rate) and warranty RMR (recurring revenue) by a multiple of 10X, Less deduction for any (pre-paids) recurring revenue receipted by the BUYER that pays the customer beyond the closing date.

 

  

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IN WITNESS WHEREOF, THE BUYER AND SELLER have hereunto set their hands and seals as of date first above written.

 

BUYER:

 

By: _______________________________

 

Print Name: _______________________

 

Title: ______________ _______________

 

Date: _____________________________

 

 

SELLER:

 

By: _______________________________

 

Print Name: ________________________

 

Title: ______________________________

 

Date: _____________________________

 

 

Attachments:

 

Schedule A                     List of Accounts and Customers

Schedule B                      Purchase Calculations

 

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