Document:

ex10_29-1.htm

Exhibit 10.29.1

PULSE ELECTRONICS CORPORATION

12220 World Trade Drive

San Diego, California 92128

July 30, 2012

Mr. Alan H. Benjamin

1486 Paint Mountain Road

Elfin Forest, CA  92029

Dear Alan,

This letter confirms the terms of your continued employment with Pulse Electronics Corporation (“Pulse” or the “Company”).  Your employment from and after July 30, 2012 will continue on an at will basis.  Your title will remain as Chief Operating Officer, and you shall report to the Chief Executive Officer and to the Board of Directors of the Company.  Your annual salary will remain at $324,450.17 until such time as the Board determines otherwise.  Paychecks are distributed bi-weekly.  You will earn four weeks of vacation days on a pro rated basis throughout the year, subject to all the terms of Company policy.

You shall be entitled to other benefits, bonuses and perquisites as determined by the Board of Directors of the Company in its sole discretion or in accordance with any duly adopted plan, policy or program established by the Company, subject to the terms of those plans, policies or programs.  Currently, your own benefits entitlements include the Pulse Electronics Corporation Executive Severance Policy as well as group health, dental, life and long term disability insurance, 401(k) and a Flexible Spending Account (FSA).

The Company shall reimburse you for all reasonable business expenses incurred in carrying out your duties upon appropriate substantiation and documentation of such expenses and in accordance with the policies, practices and procedures of the Company as in effect from time to time.

As a condition of your continued employment, you acknowledge that you have signed and returned to the Company a copy of its standard Confidential Information and Invention Assignment Agreement.

 

You shall perform and discharge faithfully, diligently and to the best of your ability your duties and responsibilities to the Company, devote your full-time efforts to the business and affairs of the Company, and not devote time to activities or interests that would impair your ability to perform your obligations to the Company.

 

You shall at all times comply with and abide by the provisions of this at will letter, all applicable work policies, the Company's Statement of Principles Policy and Code of Business Conduct as in effect from time to time, and any and all procedures and rules as may be issued by Company from time to time, and you shall strive to comply with any and all federal, state and local statutes, regulations and public ordinances applicable to the performance of your duties.

 

Any legal action or proceeding with respect to your employment, except for those arising out of or relating to the standard Confidential Information and Invention Assignment Agreement, will be brought and, except as set forth below, any and all disputes, controversies, or claims (hereinafter "disputes") arising out of or related to the employment relationship between you and the Company, shall be submitted for adjudication exclusively to arbitration before the American Arbitration Association ("AAA"), located in the city in which the Company is headquartered.  In agreeing to arbitration of any and all disputes, both you and the Company knowingly and voluntarily waive and relinquish their rights to have such disputes decided through law suits, in a court of law with a judge and jury and, instead, shall have them decided by an arbitrator under the rules and regulations of AAA.  In such arbitration the Company shall pay the costs of the arbitrator. Any decision of the arbitrator resolving such dispute shall be final and binding upon the parties. This arbitration provision shall not be deemed to prohibit or restrict either party from initiating legal action in a court of competent jurisdiction to seek injunctive or other equitable relief, and excludes disputes arising out of or relating to the standard Confidential Information and Invention Assignment Agreement. 

  

  

  

As with all Company employees, employment is “at will” and can be terminated by you or by the Company at any time with or without advance notice or “cause.”  If you are terminated other than for cause, your termination benefits will be as provided in the Pulse Electronics Corporation Executive Severance Policy, as it may be in effect from time to time.  This “at will” employment relationship can only be modified in a written agreement executed and delivered by you and an executive officer of the Company that has been duly authorized by the Board of Directors of the Company.  This paragraph contains the entire agreement between you and the Company regarding the right or ability of either you or the Company to terminate your employment with the Company.

We look forward to your continuing employment with the Company.  Please sign and return this letter to us by the close of business on the date hereof. This offer letter supersedes any previous discussion, agreement, or understanding between you and the Company regarding the subject matter of this letter.

 

Sincerely,

PULSE ELECTRONICS CORPORATION

By:

	  	
/s/ Ralph E. Fasion

	  
	
Ralph E. Faison

	
Chairman and Chief Executive Officer

I hereby accept the above offer:

	  	
/s/ Alan H. Benjamin

	 	
July 30, 2012

	  
	
Alan H. Benjamin

	 	
Dateex10_32-1.htm

Exhibit 10.32.1

EXHIBIT A1

 

ELIGIBILITY TO PARTICIPATE

 

IN THE

 

SEVERANCE POLICY

 

 

From and as of April 6, 2012:

 

John R. D. Dickson

 

John Houston

 

From and as of July 30, 2012:

 

Alan H. Benjamin

 

Drew A. Moyer

 

 

 

 

1 As adopted by the Compensation Committee on April 6, 2012, and as amended as of July 30, 2012.EXHIBIT 10.2

 

Amendment to 1992 Stock Option
Plan of German American Bancorp, Inc. Adopted March 2012 Effective April 1, 2012

 

The third narrative paragraph
of Section 7 of the above-described Plan is hereby amended and restated in its entirety to read as follows:

 

 

A person exercising an option
shall give written notice to the Corporation of such exercise and the number of shares he has elected to purchase and shall at
the time of purchase tender an amount in cash, in Common Shares of the Corporation owned by such person, or in the form of a duly
executed document surrendering for cancellation such persons’ then-exercisable rights to purchase any unexercised portion
of such option, or in any combination of cash, such Common Shares, and/or such surrender, equal in value to the purchase price
of the shares he has elected to purchase. Until the purchaser has made such payment and has had issued to him a certificate or
certificates for the shares so purchased, he shall possess no shareholder rights with respect to any such share or shares. For
purposes of determining the value of any unexercised rights to purchase shares of the Corporation that may be surrendered for cancellation
in payment of the purchase price of shares to be purchased upon exercise of an option, such rights shall be valued for purposes
of such surrender (as to each share covered by such surrender) at the positive difference (if any) between (a) the fair market
value per share of the shares of the Corporation's common stock (determined by reference to the NASDAQ Official Closing Price for
the stock on the last trading day immediately prior to the date of the surrender, as reported by NASDAQ) and (b) the exercise price
specified by the stock option.10.70

 

FIRST AMENDMENT TO EXECUTIVE BENEFIT
AGREEMENT

 

This First Amendment
to Executive Benefit Agreement (the "Amendment”) is made and entered into as of August 3, 2012 ("Effective Date")
by and between Symmetry Medical, Inc., a Delaware corporation, and Thomas J. Sullivan ("Mr. Sullivan").

 

WITNESSETH

 

WHEREAS, The Company
and Mr. Sullivan have entered into an Employment Agreement consisting of an Offer Letter and Executive Benefit Agreement, both
of which were dated as of January 3, 2011 (collectively they constitute the "Agreement"), and

 

WHEREAS, Company wishes
to reward Mr. Sullivan for his outstanding performance and provide him and his family with security and comfort that Company will
provide him with certain benefits in the event his employment is ever terminated;

 

WHEREAS, the Company
and Mr. Sullivan desire to amend the Executive Benefit Agreement portion of the Agreement in certain respects to reflect the provision
of enhanced severance and other benefits;

 

NOW THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties, and in consideration
of the following mutual undertakings, the Employment Agreement is amended as follows:

 

1.         Maintenance
of Terms. Except to the extent specifically altered or amended by the terms of this Amendment, all terms of the Agreement
shall remain in full force and effect.

 

2.         Severance
Benefits. Paragraph 4 of the Executive Benefit Agreement addendum to the Agreement is deleted in its entirety and replaced
with the following:

 

Severance Benefits.
Following a termination of employment for any reason, Mr. Sullivan shall be paid, on the next regular payday, his earned but
unpaid salary, at his then effective rate, for services performed through the date of termination and, within thirty (30) days
following the termination, any earned but unpaid incentive bonus for any previous completed year. In addition, upon a Qualifying
Termination, Mr. Sullivan shall receive the following benefits ("Severance Benefits"), less any amounts required to
be withheld under applicable law, for twelve months following the Qualifying Termination (the "Severance Period"), subject
to the conditions set forth in this Amendment or the Agreement, Mr. Sullivan's execution of a Release Agreement, and the expiration
of any revocation period therein related to a Qualifying Termination.

 

		a.	Company
                                                                                                  shall pay to Mr. Sullivan an
                                                                                                  amount equal to the higher of
                                                                                                  2.99 times: i) his average annual
                                                                                                  cash compensation over the current
                                                                                                  and prior four years (or such
                                                                                                  shorter period should Mr. Sullivan
                                                                                                  not have been employed by Company
                                                                                                  for five years at the time of
                                                                                                  a Qualifying Termination) and
                                                                                                  his target cash compensation
                                                                                                  for the then-current year, inclusive
                                                                                                  of his salary and bonus, or
                                                                                                  ii) his then current annual
                                                                                                  target cash compensation (calculated
                                                                                                  using a target bonus level at
                                                                                                  100% of salary or such higher
                                                                                                  percentage as is subsequently
                                                                                                  implemented). In no event
                                                                                                  shall Mr.
                                                                                                  Sullivan's target base salary
                                                                                                  or target annual bonus prior
                                                                                                  to the Qualifying Termination
                                                                                                  be less than Mr. Sullivan's
                                                                                                  base salary and target annual
                                                                                                  bonus on the date of the Agreement
                                                                                                  or any higher amount established
                                                                                                  after the date of this Agreement.
                                                                                                  The
                                                                                                  payments due hereunder shall
                                                                                                  be made on the Company's normal
                                                                                                  and customary pay days during
                                                                                                  the Severance Period.

 

    	 

    	 

    

 

		b.	If
                                                                                                  the Qualifying Termination occurs
                                                                                                  within six (6) months preceding
                                                                                                  or twenty-four (24) months following
                                                                                                  a Change in Control, as defined
                                                                                                  in Section 2.f, then
                                                                                                  in lieu of the payments described
                                                                                                  in Section 2.a above, the Company
                                                                                                  shall pay Mr. Sullivan an amount
                                                                                                  equal to 2.99 times the
                                                                                                  average of his prior five years
                                                                                                  W-2 compensation and target
                                                                                                  total compensation for the then-current
                                                                                                  year (with target bonus calculated
                                                                                                  at 100% of salary or such higher
                                                                                                  figure as is subsequently
                                                                                                  agreed to by the parties)
                                                                                                  or such shorter period should
                                                                                                  Mr. Sullivan not have been employed
                                                                                                  for such period. In no event
                                                                                                  shall Mr.
                                                                                                  Sullivan's target base salary
                                                                                                  or target annual bonus prior
                                                                                                  to the Qualifying Termination
                                                                                                  be less than Mr. Sullivan's
                                                                                                  base salary and target annual
                                                                                                  bonus on the date of the Agreement
                                                                                                  or any higher amount established
                                                                                                  after the date of this Agreement.
                                                                                                  Such amount shall be paid to
                                                                                                  Mr. Sullivan in a single lump
                                                                                                  sum within sixty (60) days of
                                                                                                  the date of the Qualifying Termination.
                                                                                                  If the Qualifying Termination
                                                                                                  occurs within six (6) months
                                                                                                  preceding or twenty-four (24)
                                                                                                  months following a Change in
                                                                                                  Control, as defined in Section
                                                                                                  2.f, then the number of months
                                                                                                  in the Severance Period shall
                                                                                                  be twenty-four (24).

 

		c.	The following benefits and payments
                                                                shall be provided during the Severance Period. The Company shall
                                                                reimburse Mr. Sullivan for any amounts paid by Mr. Sullivan for
                                                                COBRA continuation coverage for himself and his eligible dependents,
                                                                reduced by an amount equal to the payments Mr. Sullivan made for
                                                                such coverage immediately prior to the Qualifying Termination.
                                                                If Mr. Sullivan's right to COBRA continuation coverage ends because
                                                                Mr. Sullivan has enrolled in a group medical plan offered by a
                                                                subsequent employer, Mr. Sullivan's reimbursement under this subsection
                                                                shall end at the same time. If Mr. Sullivan's COBRA continuation
                                                                coverage expires because Mr. Sullivan has received the maximum
                                                                of 18 months of continuation coverage, the Company will continue
                                                                to pay Mr. Sullivan the same monthly reimbursement amount for
                                                                the remaining months in the Severance Period. Following the exhaustion
                                                                of COBRA benefits, the Company will provide to Mr. Sullivan and
                                                                his eligible dependents a supplemental medical benefit plan that
                                                                approximates the benefits provided to its employees under its
                                                                group medical plan(s) as they exist from time to time (the “Extended
                                                                Health Benefits”). The Extended Health Benefits will be
                                                                provided through the date that Mr. Sullivan or his spouse is eligible
                                                                for other health care benefits, including but not limited to those
                                                                offered by another employer or the state or federal governments.

 

		d.	Notwithstanding anything to the
                                                                contrary herein, if, as of the date Mr. Sullivan's employment
                                                                terminates, Mr. Sullivan is a "key employee" within
                                                                the meaning of Section 416(i) of the Internal Revenue Code (the
                                                                "Code") and the Company has stock that is publicly traded
                                                                on an established securities market or otherwise, any payment
                                                                that constitutes deferred compensation because of employment termination
                                                                will be suspended until the first day of the seventh month following
                                                                the month in which Mr. Sullivan's last day of employment occurs.
                                                                "Deferred compensation" means compensation provided
                                                                under a nonqualified deferred compensation plan as defined in,
                                                                and subject to, Section 409A of the Code.

 

		e.	In
                                                                                                  the event that any benefits
                                                                                                  payable to Mr. Sullivan as a
                                                                                                  result of a Change in Control
                                                                                                  (i) constitute “parachute
                                                                                                  payments” within the meaning
                                                                                                  of Section 280G of the Code,
                                                                                                  and (ii) but for this Section
                                                                                                  4.e, would be subject to the
                                                                                                  excise tax imposed by Section
                                                                                                  4999 of the Code, then any Change
                                                                                                  in Control benefits hereunder
                                                                                                  shall be delivered to such lesser
                                                                                                  extent which would result in
                                                                                                  no portion of such benefits
                                                                                                  being subject to excise tax
                                                                                                  under Section 4999 of the Code.
                                                                                                  Unless the Company and Mr. Sullivan
                                                                                                  otherwise agree in writing,
                                                                                                  any determination required under
                                                                                                  this Section 4.f will be made
                                                                                                  in writing by independent public
                                                                                                  accountants as the Company and
                                                                                                  Mr. Sullivan agree (the “Accountants”),
                                                                                                  whose determination will be
                                                                                                  conclusive and binding upon
                                                                                                  Mr. Sullivan and the Company
                                                                                                  for all purposes. For purposes
                                                                                                  of making the calculations required
                                                                                                  by this Section 4.e, the Accountants
                                                                                                  may make reasonable assumptions
                                                                                                  and approximations concerning
                                                                                                  applicable taxes and may rely
                                                                                                  on reasonable, good faith interpretations
                                                                                                  concerning the application of
                                                                                                  Sections 280G and 4999 of the
                                                                                                  Code. The Company and Mr. Sullivan
                                                                                                  agree to furnish to the Accountants
                                                                                                  such information and documents
                                                                                                  as the Accountants may reasonably
                                                                                                  request in order to make a determination
                                                                                                  under this provision. The Company
                                                                                                  will bear all costs the Accountants
                                                                                                  may reasonably incur in connection
                                                                                                  with any calculations contemplated
                                                                                                  by this provision. Any reduction
                                                                                                  in payments and/or benefits
                                                                                                  required by this provision shall
                                                                                                  occur in the following order:
                                                                                                  (1) reduction of cash payments;
                                                                                                  (2) reduction of vesting acceleration
                                                                                                  of equity awards; and (3) reduction
                                                                                                  of other benefits paid or provided
                                                                                                  to Mr. Sullivan. In the event
                                                                                                  that acceleration of vesting
                                                                                                  of equity awards is to be reduced,
                                                                                                  such acceleration of vesting
                                                                                                  shall be cancelled in the reverse
                                                                                                  order of the date of grant for
                                                                                                  Mr. Sullivan’s equity
                                                                                                  awards. If two or more equity
                                                                                                  awards are granted on the same
                                                                                                  date, each award will be reduced
                                                                                                  on a pro-rata basis.

 

		f.	As
                                                                used in this Agreement, a "Change in Control" of the
                                                                Company means:

 

		i.	The acquisition by any individual,
                                                               entity or group (a "Person") of beneficial ownership
                                                               of fifty percent (50%) or more of the combined voting power of
                                                               the then outstanding voting securities of the Company.

 

    	 

    	 

    

 

		ii.	The replacement of a majority
                                                                of members of the Board of Directors during any 12-month period
                                                                by members whose appointment or election is not endorsed by a
                                                                majority of the members of the Board of Directors prior to the
                                                                date of the appointment or election;

 

		iii.	A reorganization, merger or consolidation
                                                                 (a "Combination"), in each case, unless, following
                                                                 such Combination:

 

		a.	more than fifty percent (50%)
                                                                of the then combined voting power of the securities of the corporation
                                                                resulting from such Combination is beneficially owned by all or
                                                                substantially all of the individuals and/or entities who were
                                                                the beneficial owners of the outstanding Company common stock
                                                                immediately prior to such Combination in substantially the same
                                                                proportions as their ownership of voting power immediately prior
                                                                to such Combination, and

 

		b.	at least a majority of the members
                                                                of the board of directors of the corporation resulting from such
                                                                Combination were members of the Company's Board at the time of
                                                                the execution of the initial agreement providing for such Combination;

 

		iv.	A complete liquidation or dissolution
                                                                of the Company; or

 

		v.	The sale or other disposition of
                                                               all or substantially all of the assets of the Company.

 

Despite any other provision
of this Section 4.e to the contrary, an event shall not constitute a Change in Control if it does not constitute a change in the
ownership or effective control, or in the ownership of a substantial portion of the assets of, the Company within the meaning
of Section 409A(a)(2)(A)(v) of the Code and its interpretive regulations.

 

		g.	As
                                                                used herein, any voluntary resignation by Mr. Sullivan shall be
                                                                for "Good Reason" if the resignation follows any of
                                                                these events: a material reduction in Mr. Sullivan's base salary
                                                                or target bonus from its level as of the date of this Agreement
                                                                or any higher level established hereafter (in a single or multiple
                                                                reductions); a material reduction in Mr. Sullivan's duties or
                                                                responsibilities from those that exist on the date of this Agreement
                                                                or as established hereafter; or a material breach or repudiation
                                                                by the Company of its obligations under this Agreement or any
                                                                other agreement prescribing the terms and conditions of his employment.

 

3.         Complete
Agreement. This Amendment shall not affect Mr. Sullivan's rights or duties under the 2004 Equity Incentive Plan, any
successor equity incentive plan, the provisions of the 2012 Bonus Plan (with regard to terms, not target percentage), or any related
equity, award or restriction agreements between Mr. Sullivan and the Company. With those exceptions, this Amendment,
together with the Agreement, completely supersedes and replaces any other employment agreement
or other agreement covering the same or similar terms and conditions of this Amendment and the Agreement, whether written or oral,
between Company and Mr. Sullivan which was entered into prior to the date of this Agreement.

 

IN WITNESS WHEREOF,
the parties have caused this Amendment to be executed and delivered as of the date set forth above.

 

	 	SYMMETRY MEDICAL, INC.
	 	 
	 	By: _______________________________
	 	 
	 	Printed Name:  _____________________
	 	 
	 	Title: _____________________________
	 	 
	 	MR. SULLIVAN:
	 	 
	 	__________________________________

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