Document:

a6643530ex10-6.htm

Exhibit 10.6

 

	 	 
	 
 

	 
Amendment No. 5

	 
 
Employee Stock Ownership Plan

	 	 
	
of

	 
  Document:

	 
DC #3181992

	 
Westfield Financial, Inc.

	 
  Draft Date:

	 
12/14/10

	 	 	 
	 
Effective as of January 1, 2002

	 
  Board of Directors

	 
	 
Incorporating Amendment Nos. 1, 2, 3 and 4

	 
  Approval Date:

	 
    12/21/2010

	 	 	 

 

AMENDMENT

 

	
I.

	
Article VIII – Section 8.2(c)(viii) of the Plan shall be amended, effective as of January 1, 2009, by adding the following sentence to the end thereof:

 

Effective for Plan Years beginning on or after January 1, 2009, in accordance with Section 105(b) of the Heroes Earnings Assistance and Relief Tax Act of 2008 and the guidance promulgated thereunder, “Section 415 Compensation” also includes any differential wage payments, which (1) are made by the Company to an individual with respect to any period during which the individual is performing services in the uniformed services (as defined in chapter 43 of title 38 of the United States Code) while on active duty for a period of more than 30 days, and (2) represent all or a portion of the wages the individual would have received from the Company if the individual were performing service for the Company; provided that all employees of the Company performing services in the uniformed services (as defined in chapter 43 of title 38 of the United States Code) are entitled to receive differential wage payments on reasonably equivalent terms.

 

	
II.

	
Article X – Section 10.3 of the Plan shall be amended, effective as of March 1, 2006, in its entirety to read as follows:

 

Section 10.3          Distributions for Diversification of Investments.

 

  (a)           Notwithstanding section 10.2, each Qualified Participant may:

 

(i)           during the first 90 days of each of the first five Plan Years to begin after the Plan Year in which he first becomes a Qualified Participant, elect that such percentage of the balance credited to his Account as he may specify, but in no event more than 25% of the balance credited to his Account, be either distributed to him pursuant to this section 10.3(a)(i) or transferred to the 401(k) Plan as Adopted by Westfield Bank to the extent permitted by such plan, no later than 90 days after the last day that such election may be made; and

 

  

1

  

 

(ii)          during the first 90 days of the sixth Plan Year to begin after the Plan Year in which he first becomes a Qualified Participant or of any Plan Year thereafter, elect that such percentage of the balance credited to his Account as he may specify, but in no event more than 50% of the balance credited to his Account, be either distributed to him pursuant to this section 10.3(a)(ii) or transferred to the 401(k) Plan as Adopted by Westfield Bank to the extent permitted by such plan, no later than 90 days after the last day that such election may be made.

 

For purposes of an election under this section 10.3, the balance credited to a Participant’s Account shall be the balance credited to his Account determined as of the last Valuation Date to occur in the Plan Year immediately preceding the Plan Year in which such election is made and the 25% and 50% limitations shall apply to such balance after the balance has been reduced by the amount of all amounts distributed or transferred to the 401(k) Plan as Adopted by Westfield Bank under this section 10.3.

 

(b)           An election made under section 10.3(a) shall be made in writing, in the form and manner prescribed by the Plan Administrator, and shall be filed with the Plan Administrator during the election period specified in section 10.3(a).  As soon as is practicable, and in no case later than 90 days following the end of the election period during which such election is made, the Plan Administrator shall take such actions as are necessary to cause the specified percentage of the balance credited to the Account of the Qualified Participant making the election to be distributed to such Qualified Participant.

 

(c)           An election made under section 10.3(a) may be changed or revoked at any time during the election period described in section 10.3(a) during which it is initially made.  In no event, however, shall any election under this section 10.3 result in more than 25% of the balance credited to the Participant’s Account being distributed to the Participant or transferred to the 401(k) Plan as Adopted by Westfield Bank, if such election is made during a Plan Year to which section 10.3(a)(i) applies, or result in more than 50% of the balance distributed to the Participant or transferred to the 401(k) Plan as Adopted by Westfield Bank, if such election is made during the Plan Year to which section 10.3(a)(ii) applies or thereafter.

 

  IN WITNESS WHEREOF, this Amendment has been executed by the undersigned officer of Westfield Financial, Inc. pursuant to authority given by resolution of the Board of Directors.

 

 

	  	
WESTFIELD FINANCIAL, INC.

	  	  
	  	  
	  	  
	  	
By:  ________________________________

	  	  

 

 

2Offer Letter - Joseph LaValle

 Exhibit 10.31 
 July 16, 2009 
 Joseph M. LaValle 
 RE: Employment with Immersion Corporation 
 Dear Joseph: 

Immersion Corporation (the “Company” or “Immersion”) is pleased to present this offer for the position of VP, World
Wide Sales – Touch Line of Business, on the terms set forth in this agreement, effective upon your acceptance by execution of a counterpart copy of this letter where indicated below. 

Reporting Duties and Responsibilities. In this position, you will be reporting to Craig Vachon, SVP & GM –
Touch Line of Business. 
 Salary and Benefits. Your initial biweekly salary will be $7115.38, an annual base salary
of $185,000 payable in accordance with the Company’s customary payroll practice. This offer is for a full-time, salaried, exempt position. Our Company’s focal reviews are normally conducted in January at which time your performance will be
evaluated. You will also receive the Company’s standard employee benefits package. A copy of our current benefits package is enclosed. Please note that the Company’s benefit package is subject to change at any time. 

You will be eligible to participate in the Company’s 2009 Variable Compensation Plan. Based on this plan, your annual target
incentive is $111,000 for an annual total target compensation plan of $296,000 which will be paid according to the Company’s customary commission practice. 
 Stock Options. Effective upon board approval, the Company will grant you an option to purchase 49,500 shares of the Company’s Common Stock pursuant to the Company’s stock option plan and
standard stock option agreement. All options will have an exercise price that will be equal to the fair market value of the Company’s Common Stock at the date of grant. The options will become exercisable over a four-year exercise schedule with
25% of the shares vesting at the end of your first twelve months of service, and with an additional 2.083% vesting per month thereafter, at the close of each month during which you remain employed with the Company. 

Background Investigation. This offer is contingent upon a satisfactory background investigation. This agreement may be revoked in
the event the results of the investigation do not meet Immersion’s requirements. 
 Confidential Information. As an
employee of the Company, you will have access to certain Company confidential information and you may during the course of your employment, develop certain information or inventions that will be the property of the Company. To protect the interest
of the Company, you will need to sign the Company’s standard “Employee Inventions and Confidentiality Agreement” as a condition of your employment. A copy of the agreement is attached for your review. We wish to impress upon you that
we do not wish you to bring with you any confidential or proprietary material of any former employer or to violate any other obligation to your former employers. 

 At-Will Employment. While we look forward to a long and profitable relationship,
should you decide to accept our offer, you will be an at-will employee of the Company, which means the employment relationship can be terminated by either of us for any reason at any time. Any statements or representations to the contrary (and
indeed, any statements contradicting any provision in this letter) should be regarded by you as ineffective. Further, your participation in any stock option or benefit program is not to be regarded as assuring you of continuing employment for any
particular period of time. 
 Authorization to Work. The Immigration Reform and Control Act of 1986 requires you, within
three business days of hire, to present documentation demonstrating that you have authorization to work in the United States. Acceptable documentation is shown on the enclosed form titled Employment Eligibility Verification (Form I-9).
Please bring this form to work along with the appropriate documentation to the new employee orientation on your first day of employment. If you have questions about this requirement, which applies to U.S. citizens and non-U.S. citizens alike, please
contact our Human Resources department. 
 Term of Offer. This offer will expire at end of business
day on July 20th, 2009. If you decide to accept our
offer, and we hope that you will, please sign the enclosed copy of this letter in the space indicated and return it to me. Upon your signature below, this will become our binding agreement with respect to the subject matter of this letter,
superseding in their entirety all other or prior agreements by you with the Company as to the specific subjects of this letter, and will be binding upon and inure to the benefit of our respective successors and assigns, and heirs, administrators and
executors, will be governed by California law, and may only be amended in writing signed by you and the Company. 
 We are
excited and pleased to have you join the Immersion team in this exciting role and we look forward to a mutually beneficial working relationship. 
 Sincerely, 
  

			
	 /s/ Janice Passarello
	 	
	 Janice Passarello
	 	
	 Vice President, Human Resources
	 	

 Agreed and Accepted 
 I agree to and accept employment with Immersion Corporation on the terms and conditions set forth in this agreement. 
  

			
	 X /s/ Joseph M. La Valle
	 	7/20/09
	 Joseph M. LaValle
	 	July 20th, 2009

 Anticipated Start Date: 8/3/09

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