Document:

EX-4.34

 Exhibit 4.34 

English translation 
 AMENDMENT
AGREEMENT No. 6 
 dated 14 May 2014 

to 
 FACILITY AGREEMENT
No. 2640 
 dated 27 December 2010 

by and between 
 VTB
Bank 
 (open joint stock company) 

and 
 Mechel OAO

 City of Moscow 

2014 

  
 1 

 VTB Bank (open joint stock company), general license issued by the Central Bank of the Russian Federation
No. 1000, hereinafter referred to as the “Lender” or the “Bank”, represented by the First Deputy President-Chairman of the Management Board Yuriy Alexeyevich Soloviyov, acting pursuant to the power of attorney
dated 3 June 2013 No. 350000/1010 - D, on the one hand; 
 and; 

Open Joint Stock Company Mechel, hereinafter referred to as the “Borrower”, represented by General Director Oleg Viktorovich Korzhov,
acting pursuant to the Charter, on the other hand, collectively referred to as the “Parties”, 
 have entered into this Amendment Agreement
No. 6 (hereinafter referred to as the “Amendment Agreement”) to Facility Agreement No. 2640 dated 27 December 2010, as subsequently amended and supplemented, and with all the appendices that were subsequently added
thereto (hereinafter referred to as the “Facility Agreement”), being its integral part, as follows: 
  

	1.	The following defined terms shall be added to Clause 1.1. of Article 1. «DEFINITIONS AND INTERPRETATION» of the Facility Agreement: 

««Bonds Holder» - the Lender and/or ZAO VTB Capital and/or OAO Bank of Moscow and/or VTB Bank (Austria) AG and/or the Russian
Commercial Bank (Cyprus)) and/or other subsidiary and affiliated companies of the Lender.» 
 ««Accumulated Coupon Yield on the
Bonds» - means an accumulated coupon yield on the Bonds payable by the Purchaser in addition to the Bonds Purchase Price to be computed in accordance with the Bonds Issue Documents as on the date of the acquisition by the Purchaser of the
Bonds from the Bonds Holder.» 
 ««Bonds» – means the following securities of the Borrower: 

 

	 	•	 	up to 316,127 (three hundred and sixteen thousand one hundred and twenty-seven) (inclusive) interest-bearing non-convertible certificated bearer bonds, which are required to be kept in a centralized manner, serial
No. 13, of the total issue of 5,000,000 (five million) of such bonds with a nominal value of 1,000 (one thousand) rubles each, maturing on the 3,640th (three thousand six hundred and
fortieth) day from the date of the commencement of their placement, providing an option of their early redemption at the request of their holders and at the discretion of the Borrower, placed through open subscription (state registration number of
the bond issue: 4-13-55005-E dated 10 August 2010); 

  

	 	•	 	up to 288,629 (two hundred and eighty-eight thousand six hundred and twenty-nine) (inclusive) interest-bearing non-convertible certificated bearer bonds, which are required to be kept in a centralized manner, serial
No. 14, of the total issue of 5,000,000 (five million) of such bonds with a nominal value of 1,000 (one thousand) rubles each, maturing on the 3,640th (three thousand six hundred and
fortieth) day from the date of the commencement of their placement, providing an option of their early redemption at the request of their holders and at the discretion of the Borrower, placed through open subscription (state registration number of
the bond issue: 4-14-55005-E dated 10 August 2010); 

  

	 	•	 	up to 836,683 (eight hundred and thirty-six thousand six hundred and eighty-three) (inclusive) interest-bearing non-convertible certificated bearer bonds, which are required to be kept in a centralized manner, serial
No. 15, of the total issue of 5,000,000 (five million) of such bonds with a nominal value of 1,000 (one thousand) rubles each, maturing on the 3,640th (three thousand six hundred and
fortieth) day from the date of the commencement of their placement, providing an option of their early redemption at the request of their holders and at the discretion of the Borrower, placed through open subscription (state registration number of
the bond issue: 4-15-55005-E dated 10 August 2010); 

  
 2 

	 	•	 	up to 344,791 (three hundred and forty-four thousand seven hundred and ninety-one) (inclusive) interest-bearing non-convertible certificated bearer bonds, which are required to be kept in a centralized manner, serial
No. 16, of the total issue of 5,000,000 (five million) of such bonds with a nominal value of 1,000 (one thousand) rubles each, maturing on the 3,640th (three thousand six hundred and
fortieth) day from the date of the commencement of their placement, providing an option of their early redemption at the request of their holders and at the discretion of the Borrower, placed through open subscription (state registration number of
the bond issue: 4-16-55005-E dated 10 August 2010); 

  

	 	•	 	up to 330,040 (three hundred and thirty thousand and forty) (inclusive) interest-bearing non-convertible certificated bearer bonds, which are required to be kept in a centralized manner, serial No. 17, of the total
issue of 5,000,000 (five million) of such bonds with a nominal value of 1,000 (one thousand) rubles each, maturing on the 3,640th (three thousand six hundred and fortieth) day from the date of the
commencement of their placement, providing an option of their early redemption at the request of their holders and at the discretion of the Borrower, placed through open subscription (state registration number of the bond issue: 4-17-55005-E dated
10 August 2010); 

  

	 	•	 	up to 185,243 (one hundred and eighty-five thousand two hundred and forty-three) (inclusive) interest-bearing non-convertible certificated bearer bonds, which are required to be kept in a centralized manner, serial
No. 18, of the total issue of 5,000,000 (five million) of such bonds with a nominal value of 1,000 (one thousand) rubles each, maturing on the 3,640th (three thousand six hundred and
fortieth) day from the date of the commencement of their placement, providing an option of their early redemption at the request of their holders and at the discretion of the Borrower, placed through open subscription (state registration number of
the bond issue: 4-18-55005-E dated 10 August 2010); and 

  

	 	•	 	up to 1,488,296 (one million four hundred and eighty-eight thousand two hundred and ninety-six) (inclusive) interest-bearing non-convertible certificated bearer exchange bonds, which are required to be kept in a
centralized manner, serial No.

O-04, of the total issue of 5,000,000 (five million) of such bonds with a nominal value of 1,000 (one thousand) rubles each, maturing on the 1,092nd (one thousand and
ninety-second) day from the date of the commencement of their placement, providing an option of their early redemption at the request of their holders and at the discretion of the Borrower, placed through open subscription (identification number of
the bond issue: 4B02-04-55005-E dated 5 February 2009).» 

 ««Purchaser» - means a company / companies of
the Borrower Group which acquire(s) the Bonds from the Bonds Holder.» 
 ««Bonds Purchase Price» - means the price at which
the Purchaser acquires the Bonds from the Bonds Holder (expressed as a percentage of the nominal value of the Bonds): 
  

	a.	in relation to 864,310 (eight hundred and sixty-four thousand three hundred and ten) exchange bonds, serial number

O-04 (the other details of which are specified in the defined term “Bonds” in Clause 1.1 of the Facility Agreement) – 99.50 (ninety-nine point fifty) per cent.; 

 

	b.	in relation to all the other Bonds, with the exception of those referred to in paragraph a. above – 100.00 (one hundred point zero). 

The Bonds Purchase Price is specified exclusive of the Accumulated Coupon Yield on the Bonds.» 

««Bonds Issue Documents» - means a decision on the issuance of the Bonds and the Bonds issuance prospectus.» 

 

	2.	Clause 3.1. of Article 3. «AMOUNT AND PURPOSE OF THE FACILITY» of the Facility Agreement shall be restated as follows: 

«3.1. The Available Commitment under the Facility shall be equal to: 

Forty-Three Billion Eight Hundred Million 00/100 (43 800 000 000,00) rubles. 

  
 3 

 The Loans under the Facility shall be made available in Tranches: 

 
  
 

 
  

	3.	Clause 3.2. of Article 3. «AMOUNT AND PURPOSE OF THE FACILITY» of the Facility Agreement shall be supplemented with subclause 3.2.4 which reads as follows: 

«3.2.4. For Tranche D: 
  

	 	•	 	to provide a loan / loans to the Borrower Group companies and/or to repay a loan / loans provided to the Borrower by the Borrower Group companies. 

The loan proceeds shall be allowed to be placed by the Borrower into the bank accounts held by the Borrower with the Lender to be subsequently used for the
purposes specified in the first paragraph of this clause 3.2.4.». 
  

	4.	Clause 4.1.3 of Article 4. «CONDITIONS PRECEDENT» of the Facility Agreement shall be restated as follows: 

«4.1.3. When utilizing the Loans under Tranches A, B and C, the Borrower shall provide the Lender with payment instructions stating the purpose of the
payment, in the form and substance acceptable to the Lender, and confirming the use by the Borrower of the Loan for the purposes defined hereby. It shall not be required to provide any other documents evidencing that the Borrower utilizes the Loan
for the purposes defined hereby under Tranches A, B and C. 
 When utilizing the Loan under Tranche D, the Borrower shall provide the Lender with payment
instructions stating the purpose of the payment, in the form and substance acceptable to the Lender, and confirming the use by the Borrower of the Loan for the purposes defined hereby. Provided that, within the term set out in subclause 28) of
Clause 9.1 hereof, the Borrower shall provide the Lender with other documents acceptable to the Lender to confirm the use by the Borrower of the Loan for the purpose defined in clause 3.2.4 hereof. 

If the loan funds are allocated to replenish the bank accounts held with the Lender and to place the funds on deposits with the Bank for further use for the
purposes specified in clauses 3.2.2, 3.2.3, 3.2.4 hereof, as a condition precedent, the Borrower shall provide the Lender with payment instructions to allocate the funds for replenishment of the bank accounts and/or to place the funds on deposits
with the Bank.» 
  

	5.	Article 4. «CONDITIONS PRECEDENT» of the Facility Agreement shall be supplemented with clause 4.1.5. which reads as follows: 

«4.1.5. When utilizing the Loan under Tranche D, the Borrower shall provide a letter confirming the amount of the taxes, duties and other obligatory sums
paid by it in accordance with the laws of the Russian Federation during the twelve (12) calendar months preceding the date of the disbursement of the Loan under Tranche D. The letter must contain data on the total amount of such payments made
in each calendar month. 
 If the total amount of such taxes, duties and other obligatory sums paid by the Borrower in accordance with the laws of the
Russian Federation during the twelve (12) calendar months preceding the date of the disbursement of the Loan under Tranche D is equal to or exceeds One Hundred Million 00/100 (100,000,000.00) rubles, then the said letter must be
accompanied with documents evidencing such payments in an amount not less than One Hundred Million 00/100 (100,000,000.00) rubles. 

  
 4 

 Documents evidencing the payment of taxes, duties and other obligatory sums in accordance with the laws of the
Russian Federation include copies of payment instructions (bearing the bank’s execution stamp) to transfer such sums and/or tax returns (accounting statements) bearing the stamp of the tax authority confirming their acceptance. In case tax
returns (accounting statements) are sent by mail, a copy of the receipt confirming the dispatch of the registered letter containing a list of enclosures shall be additionally provided; if such documents are sent by electronic telecommunication
means, a receipt of the acceptance of the tax return (accounting statement), a copy of the protocol of the in-coming control of the tax return (accounting statement) and a copy of a document confirming its dispatch (a confirmation from the
specialized telecom operator) on paper shall be additionally provided. In case such confirmatory documents are provided, the tax return (accounting statement) may be provided without the stamp of the tax authority. 

If the Borrower has provided the Bank with the aforementioned documents confirming the payment of taxes, duties and other obligatory sums in accordance with
the laws of the Russian Federation, then such documents are not required to be provided repeatedly in the following cases: 
  

	 	•	 	during a calendar month following the end of the twelve-month period in respect of which the Borrower has provided data on the amount of taxes, duties and other obligatory sums paid by it; 

 

	 	•	 	if, according to the most recent letter provided by the Borrower, the amount of the taxes, duties and other obligatory sums paid by the Borrower in accordance with the laws of the Russian Federation during the twelve
(12) calendar months (or during a shorter period) preceding the date of the disbursement of the Loan is equal to or exceeds One Hundred Million 00/100 (100,000,000.00) rubles and the Bank has already been provided with documents confirming
the payment of such an amount. 

 The documents referred to in this Clause are not required to be provided, if at the time of the disbursement
of a Loan, the Borrower has been awarded a long-term credit rating for obligations in foreign currency or in rubles which is not less than “B”, if awarded by Standard&Poor’s or by Fitch Rating’s, or is not less than
“B2”, if awarded by Moody’s Investors Service, as well as from a national rating agency. The choice of a rating agency shall be determined by decisions of the Board of Directors of the Bank of Russia. Information on national rating
agencies and the minimum credit ratings required by the Bank of Russia from such national rating agencies is available at the website of the Bank of Russia and is published in the Bulletin of the Bank of Russia («

»). 
  

	6.	Article 4. «CONDITIONS PRECEDENT» of the Facility Agreement shall be supplemented with clause 4.1.6. which reads as follows: 

«4.1.6. In case the Loan under Tranche D is utilized, there shall be entered into an amendment agreement to agreement No. 2640-DZ on the pledge of
shares of “Mechel-Mining” OAO, dated 11 April 2013, entered into by and between the Lender and the Borrower, to increase the earlier pledged quantity of shares of OJSC “Mechel-Mining” by twelve point five (12.5) per
cent of its registered capital of “Mechel-Mining” OAO.”. 
  

	7.	The wording of Clause 5.1. “PROCEDURE FOR PROVISION OF LOANS” of the Facility Agreement shall be amended to read as follows: 

“5.1. The Availability Period shall run: from the effective date hereof through May 19, 2014 (inclusively). 

In addition the Loans shall be made available in Tranches in accordance with the schedule below: 

 
  
 

 

  
 5 

 Upon expiration of the Availability Period, the right of the Borrower to obtain a Loan and the commitment of the
Lender to provide the same in accordance with the Facility Agreement shall terminate.” 
  

	 	8.	In Clause 6. “INTEREST, FEES” of the Facility Agreement, the first paragraph of Clause 6.1. shall be amended to read as follows: 

“6.1. The interest on the Loans provided under Tranches A, B, and C shall accrue from the Extension Date at the Base Rate increased by four point ninety
five (4.95) per cent per annum.” 
  

	9.	Clause 6. “INTEREST, FEES” of the Facility Agreement shall be amended by adding clauses 6.1.5. and 6.1.6. as follows: 

“6.1.5. The interest on the Loan within Tranche D shall accrue: 

a) at the Base Rate increased by five point seven (5.7) per cent per annum to be applied as follows: 

1) prior to testing of the Net Debt/EBITDA ratio of the Borrower Group (for the last twelve (12) months) pursuant to the terms hereof; 

2) if the Net Debt/EBITDA ratio of the Borrower’s Group (for the last twelve (12) months) as at the testing date pursuant to the terms of the
Facility Agreement is more than 7.5x, 
 b) at the Base Rate increased by five (5.0) per cent per annum if the Net Debt/EBITDA ratio of the Borrower
Group (for the last twelve (12) months) as at the testing date pursuant to the terms hereof is more than 3.5x, but less than 7.5x (inclusively), 
 c)
at the Base Rate increased by four point thirty five (4.35) per cent per annum if the Net Debt/EBITDA ratio of the Borrower Group (for the last twelve (12) months) as at the testing date pursuant to the terms hereof is equal or less than
3.5x”. 
 The Base Rate under the Loan within Tranche D shall be determined by the Bank on the date on which such Loan is made available on the basis
of the MosPrime Rate for three (3) months as published by the Reuters service one (1) Business Day prior to a date of providing of the Loan and subsequently shall be revised and fixed by the Bank unilaterally for the next period, every
three (3) months starting from the Loan issuance date within Tranche D. In order to determine the Base Rate for the next period, the MosPrime Rate for three (3) months shall apply as published by the Reuters service one (1) Business
Day prior to the date on which the rate is revised. No revision of the Base Rate shall be effected following the Lender’s exercise of the right to fix the Base Rate pursuant to clause 6.1.3 hereof. 

If the date of the first revision of the Base Rate does not fall on the date of the first repayment of Loan interest under Tranche D, the first revision of
the Base Rate shall be effected on the date of the first repayment of interest. 
 “6.1.6. The Borrower shall pay interest on the Loan under Tranche D
specified in clause 6.1.5. hereof as follows: 
 6.1.6.1. on the dates set forth in clause 6.4. hereof: 

 

	 	•	 	interest at the rate provided for in clause 6.1.5. a) hereof, reduced by 2.5 (two point five) per cent per annum; 

  

	 	•	 	interest at the rate provided for in clause 6.1.5. b) hereof, reduced by 1.25 (two point twenty five) per cent per annum; 

  

	 	•	 	interest at the rate provided for in clause 6.1.5. c) hereof; 

  
 6 

	6.1.6.2.	the remaining amount of accrued interest provided for in paragraphs a) and b) of Clauses 6.1.5. hereof, shall be capitalized (shall be added) to the Principal Debt on the twentieth (20-th) day of each third month
starting from the Extension Date, and shall be paid on the date on which the Facility is finally repaid as specified in Clause 7.1. hereof and falling on April 10, 2018”. 

 

	10.	Clause 7.1. “7. LOAN REPAYMENT/RETURN” of the Facility Agreement shall be amended to read as follows: 

“7.1. The Borrower shall repay/return the Loan(s): 

7.1.1. provided under Tranches A, B and C, in installments to be calculated on the basis of the outstanding amount in respect of the Principal
Debt arisen on the date preceding such repayment date (taking into account the capitalized interest) on the twentieth (20th) day of each third month starting from April 20, 2015 in accordance with the following schedule: 

 
 

 
 and shall repay the outstanding amount of the Principal Debt on the final repayment date in respect of the
indebtedness hereunder falling on April 10, 2018. 
 7.1.2. provided under Tranche D, in thirteen (13) equal installments to be calculated on the
basis of the outstanding amount in respect of the Principal Debt arisen on the last date on which the Loan is made available within Tranches D, specified in clause 5.1. hereof, on the twentieth (20) day of each third month, starting from
April 20, 2015, and on April 10, 2018. 
 On the date of final repayment of the Loan provided under Tranche D falling on April 10, 2018, the
Borrower shall pay the interest capitalized in accordance with Item 6.1.6.2. of clause 6.1 hereof.”. 
  

	11.	Clause 9.1. “OBLIGATIONS OF THE BORROWER” of the Facility Agreement shall be amended by adding paragraphs 27), 28), 29) as follows: 

“27) ensure acquisition of the Bonds by the Purchaser on the date the Loan is made available within Tranche D (but in any case no later than May 19,
2014) at the Bonds Purchase Price and with payment of Accumulated Coupon Yield on the Bonds; 
 28) in the event of use of the Loan within Tranche D,
provide documents acceptable to the Lender evidencing use of the Loan in accordance with the purpose set forth in clause 3.2.4. hereof no later than fourteen (14) calendar days from the date of the use of the Loan; 

29) within forty five (45) Business Days from the effective date of Addendum No. 6 dated May “    ”, 2014 to this
Agreement, ensure conclusion of an addendum to the suretyship agreement made between the Bank and the Surety 5, reflecting changes in the terms of this Agreement, set forth in the Addendum No. 6 dated May “    ”,
2014 to this Agreement.”. 

  
 7 

	12.	Subclause 8) of Clause 9.1. of Article 9. “OBLIGATIONS OF THE BORROWER” of the Facility Agreement shall be restated as follows: 

“8) comply/ensure that any company of the Borrower’s Group comply with the following financial ratios pursuant to the consolidated audited annual
financial statements of the Borrower according to US GAAP or IFRS and the reviewed by auditors semi-annual consolidated financial statements of the Borrower according to US GAAP or IFRS for the first half-year period 

 
 

 

  
 8 

 In addition, the revenue and EBITDA ratio shall be calculated on the basis of the preceding
twelve (12) months.”. 
  

	13.	Clause 9.3. of Article 9. “OBLIGATIONS OF THE BORROWER” of the Facility Agreement shall be supplemented with paragraph 3) reading as follows: 

“3) a letter from the Borrower confirming the existence/absence of any overdue indebtedness having been incurred under the principal, interest, fees for
the reporting quarter.”. 
  

	14.	Clause 9.4.1. of Article 9. “OBLIGATIONS OF THE BORROWER” of the Facility Agreement shall be supplemented with paragraph 4) reading as follows: 

“4) a letter from the Borrower confirming the existence/absence of any overdue indebtedness having been incurred under the principal, interest, fees for
the last quarter of the reporting year.”. 
  

	15.	First paragraph in subclause a) of Clause 10.1. of Article 10. “SECURITY FOR THE BORROWER’S OBLIGATIONS” of the Facility Agreement shall be restated as follows: 

“a) a pledge over thirty seven point five (37.5) percent in the charter capital of Mechel-Mining OAO plus one (1) share of Mechel-Mining OAO
pursuant to the pledge agreement to be entered into by and between the Lender and the pledgor in the form proposed by the Lender.”. 
 The remaining
part of paragraph a) in Clause 10.1 of the Facility Agreement shall remain unchanged. 
  

	16.	Clause 12.4. of Article 12. “LENDER’S RIGHTS AND AUTHORITY” of this Agreement shall be supplemented with subclause 24) reading as follows: 

“(24) in case of a breach of the obligations set out in subclauses 27) and/or 28) and/or 29) of Clause 9.1. of this Agreement.”. 

  
 9 

	17.	Article 17. “ADDRESSES AND DETAILS OF THE PARTIES” of the Facility Agreement shall read as follows: 

“17. ADDRESSES AND DETAILS OF THE PARTIES 
  

			
	The Lender:	  	The Borrower:
		
	 VTB Bank
 (open joint stock
company)
	  	Mechel OAO
	 Location:
 29 Bolshaya Morskaya street, Saint
Petersburg, 190000
	  	 Location:
 1 Krasnoarmeiskaya street, Moscow,
125993

	 Postal address:
 37 Pluschikha street, Moscow,
119121
	  	 Postal address:
 1 Krasnoarmeiskaya street,
Moscow, 125993

	Telex: 412362 BFTR SU	  	
	Phone: (495) 785-50-19	  	Phone: (495) 221-88-88
	Fax: (495) 737-65-42	  	
	 Corresponding account No. 30101810700000000187 with the Operations Department, Main Department for the Central Federal District, Central
Bank of the Russian Federation, Moscow,
 Correspondent account in US Dollars

No. 36208997 with Citibank NA, New York
 (CITI US 33)

or No. 890-0055-006
 with Bank of New York Mellon,

New York (IRVT US 3N)
 Correspondent account in Euros
No. 0102758018 with VTB Bank (Deutschland) AG,
 Frankfurt am Main (OWHB DE FF)
	  	 Settlement account No. 40702810900160001038 with OJSC VTB Bank

Foreign exchange settlement account No. 40702840200160001038 with OJSC VTB Bank

	BIC 044525187	  	TIN 7703370008
	TIN 7702070139	  	OGRN 1037703012896”.
	OGRN 1027739609391	  	

  

	18.	This Amendment Agreement shall make an integral part of the Facility Agreement and shall enter into force upon occurrence of the last of the following events: 

 

	 	•	 	coming into force of the amendment agreement to pledge agreement No. 2640-DZ dated 11.04.2013 in respect of the pledge of shares in Mechel-Mining OAO entered into by and between the Lender and the Borrower,
providing for an increase by twelve point five (12.5) percent of the interest in the charter capital of Mechel-Mining OAO pledged with the Bank, and reflecting the amended terms and conditions of the Facility Agreement pursuant to this
Amendment Agreement; 

  

	 	•	 	coming into force of supplement agreement No. 5 to surety agreement No. 2640/P-2 entered into with the Mechel-Service OOO, reflecting the amended terms and conditions of the Facility Agreement pursuant to this
Amendment Agreement; 

  

	 	•	 	coming into force of supplement agreement No. 3 to surety agreement No. 2640/P-2 entered into with the Mechel-Trans OOO, reflecting the amended terms and conditions of the Facility Agreement pursuant to this
Amendment Agreement; 

  

	 	•	 	coming into force of supplement agreement No. 2 to surety agreement No. 2640/P-5 entered into with the Bratsk Ferroalloy Plant OOO, reflecting the amended terms and conditions of the Facility Agreement
pursuant to this Amendment Agreement; 

  

	 	•	 	coming into force of supplement agreement No. 2 to surety agreement No. 2640/P-6 entered into with the Chelyabinsk Metallurgical Plant OAO, reflecting the amended terms and conditions of the Facility Agreement
pursuant to this Amendment Agreement; 

  

	 	•	 	encumbrance, by way of pledge in favor of the Bank, of twelve point five (12.5) percent in the charter capital of Mechel-Mining OAO, with a respective record made by the Bank’s Depositary on the custody
account in respect of the said quantity of shares being pledged in favor of the Bank (in addition to the earlier pledged in the Bank’s favor twenty-five (25) percent plus one (1) share in the charter capital of Mechel-Mining OAO).

  

	19.	All other matters not covered by this Amendment Agreement shall be regulated by the Parties in accordance with the provisions of the Facility Agreement and the applicable laws of the Russian Federation.

  

	20.	This Amendment Agreement shall make an integral part of the Facility Agreement. Each page hereof shall bear an imprint of the Bank’s stamp as per the following specimen: 

[Stamp:         JSC VTB Bank 

ORIGINAL] 
  

	21.	This Amendment Agreement is executed in the city of Moscow on 14 May, 2014 in two (2) counterparts having equal legal force: one counterpart for the Borrower, and one counterpart for the Lender.

  
 10 

 SIGNATURES BY THE PARTIES: 

 

							
	For the Lender	 		 	For the Borrower	 	
				
	 /S/ Y.A.Soloviev
	 		 	 /S/ O.V.Korzhov
	 	
	seal	 		 	seal	 	
	            /seal/	 		 	            /seal/	 	

  
 11EX-10.1

 Exhibit 10.1 

AGREEMENT 
 This
Agreement, dated as of May 11, 2014 (this “Agreement”), is by and among Intevac, Inc., a Delaware corporation (the “Company”), J. Daniel Plants, an individual resident of California (“Plants”),
Marc T. Giles, an individual resident of Maine (“Giles”), Voce Catalyst Partners LP, a Delaware limited partnership, and Voce Capital Management LLC, a California limited liability company (collectively with Plants and Giles, the
“Shareholder Group”). 
 WHEREAS, the Company and the Shareholder Group have agreed to each take and refrain from taking
certain actions on the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing premises and
the respective representations, warranties, covenants, agreements and conditions hereinafter set forth, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 

 

	 	1.	Definitions. For purposes of this Agreement: 

 (a)    The terms
“Affiliate” and “Associate” have the respective meanings set forth in Rule 12b-2 promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), and shall include persons who become Affiliates or Associates of any person subsequent to the date of this Agreement, provided that neither “Affiliate” nor “Associate” shall
include (i) any person that is a publicly held concern and is otherwise an Affiliate or Associate solely by reason of the fact that a principal of any member of the Shareholder Group serves as a member of the board of directors or similar
governing body of such concern, provided that the Shareholder Group does not control such concern, (ii) such principal in its capacity as a member of the board of directors or other similar governing body of such concern or
(iii) any entity which is an Associate solely by reason of clause (a) of the definition of Associate in Rule 12b-2 and is not an Affiliate. 

(b)    “Annual Meeting” means any annual meeting of stockholders of the Company (including any postponement or
adjournment thereof). 
 (c)    The terms “beneficial owner” and “beneficial ownership”
shall have the respective meanings as set forth in Rule 13d-3 promulgated by the SEC under the Exchange Act. 
 (d)   
“Board” means the Board of Directors of the Company. 
 (e)    “Common Stock” means the
common stock of the Company, par value $0.001 per share. 
 (f)    The terms “person” or
“persons” shall mean any individual, corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization or other entity of any kind or nature,
including any governmental authority. 
 (g)    “Standstill Period” means the period from the date hereof
until the earlier of: 
 (i)    thirty (30) days prior to the Timely Deadline for the Annual Meeting to be held
in 2016; and 
 (ii)   such date, if any, of a breach by the Company in any material respect of any of its representations,
warranties, commitments or obligations set forth in Section 2, 4, 9, 10, 11 or 13 of this Agreement if such breach has not been cured within thirty (30) days following written notice of such breach
(provided that a failure to take the actions required under Section 4(a) or Section 4(c)(i) cannot be cured). 

 (h)    “Timely Deadline” means, with respect to any Annual
Meeting, the last date upon which a notice to the Secretary of the Company of nominations of persons for election to the Board at such Annual Meeting or the proposal of business at such Annual Meeting would be considered “timely” under the
Company’s Certificate of Incorporation and Amended and Restated Bylaws. 
 2.      Representations and
Warranties of the Company. The Company represents and warrants as follows as of the date hereof: 
 (a)    The Company has
the corporate power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby. 

(b)    This Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and
binding obligation and agreement of the Company and is enforceable against the Company in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
or similar laws affecting the rights of creditors and subject to general equity principles. 
 (c)    The execution, delivery
and performance of this Agreement by the Company does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment or decree, in each case that is applicable to the Company, or (ii) result in any material breach
or material violation of, or constitute a material default (or an event which with notice or lapse of time or both could become a material default) under or pursuant to, or result in the loss of a material benefit under, or give any right of
termination, amendment, acceleration or cancellation of (A) any organizational document of the Company or (B) any agreement, contract, commitment, understanding or arrangement, in each case to which the Company is a party or by which it is
bound and which is material to the Company’s business or operations. 
 3.    Representations and Warranties of the
Shareholder Group, Etc. Each member of the Shareholder Group severally, and not jointly, represents and warrants with respect to himself or itself as follows as of the date hereof: 

(a)    Such member has the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and
to consummate the transactions contemplated hereby. Such member, if an entity, has the corporate, limited partnership or limited liability company power and authority, as applicable, to execute, deliver and carry out the terms and provisions of this
Agreement and to consummate the transactions contemplated hereby. 
 (b)    This Agreement has been duly and validly
authorized, executed, and delivered by such member, constitutes a valid and binding obligation and agreement of such member and is enforceable against such member in accordance with its terms, except as enforcement thereof may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws affecting the rights of creditors and subject to general equity principles. 

(c)    The execution, delivery and performance of this Agreement by such member does not and will not (i) violate or
conflict with any law, rule, regulation, order, judgment or decree applicable to such member, or (ii) result in any material breach or material violation of, or constitute a material default (or an event which with notice or lapse of time or
both could become a material default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, 

  
 2 

 
acceleration or cancellation of, (A) any organizational document, if an entity, or (B) any agreement, contract, commitment, understanding or arrangement, in each case to which such
member is a party or by which such member is bound. 
 (d)    As of the date hereof, the members of the Shareholder Group and
their Affiliates and Associates beneficially own in the aggregate 122,638 shares of Common Stock. 
 4.     Directors;
Related Matters. 
 (a)    The Company and the Shareholder Group agree that the Company shall take all action
necessary (including increasing the size of the Board) to appoint Giles to the Board promptly following the execution of this Agreement, but in no event later than 4 p.m. Pacific Daylight time on May 12, 2014. 

(b)    The Shareholder Group, on behalf of itself and its Affiliates and Associates, upon the issuance of the press release set
forth in Exhibit A, (i) irrevocably withdraws its nominees submitted to the Company in December 2013 and any related materials or notices submitted to the Company in connection therewith (the “Shareholder Nomination”); and
(ii) agrees not to take any further action with respect to any solicitation materials related to the Shareholder Nomination or otherwise related to the 2014 Annual Meeting and filed by it or on its behalf with the SEC or take any action
prohibited by Section 6 in connection with the 2014 Annual Meeting. 
 (c)    In connection with the Annual
Meeting to be held in 2014 (the “2014 Annual Meeting”) and the Annual Meeting to be held in 2015 (the “2015 Annual Meeting”), the Company will take all action necessary to effect the following: 

(i)     the Board and the Nominating and Governance Committee shall nominate Giles for election to the Board as a director
at the 2014 Annual Meeting and the 2015 Annual Meeting, as applicable; and 
 (ii)    the Company shall recommend that the
Company’s stockholders vote, and shall solicit proxies, in favor of the election of Giles at the 2014 Annual Meeting and the 2015 Annual Meeting and otherwise support Giles for election in a manner no less rigorous and favorable than the manner
in which the Company supports its other nominees. 
 (d)    Upon his appointment to the Board, Giles will be offered
membership on the Audit Committee of the Board. 
 5.     Voting. During the Standstill Period, each member of the
Shareholder Group shall cause all shares of Common Stock owned of record or beneficially owned by it or its respective Affiliates or Associates to be present for quorum purposes and to be voted in favor of all directors nominated by the Board for
election at any stockholder meeting where such matters will be voted on; provided, that such nominees were not nominated in contravention of this Agreement. 

6.     Standstill. Each member of the Shareholder Group agrees that, during the Standstill Period, he or it will
not, and he or it will cause each of such person’s respective Affiliates, Associates and agents and any other persons acting on his or its behalf not to, directly or indirectly: 

(a)    acquire beneficial ownership in excess of 4.9% of the outstanding shares of Common Stock (based on the latest annual or
quarterly report of the Company filed with the SEC pursuant to Section 13 or 15(d) of the Exchange Act), other than the acquisition of equity-based compensation pursuant to Section 9 hereof and the exercise of any options or
conversion of any convertible securities comprising such equity-based compensation; 

  
 3 

 (b)    submit any shareholder proposal (pursuant to Rule 14a-8 promulgated by the
SEC under the Exchange Act or otherwise) or any notice of nomination or other business for consideration, or nominate any candidate for election to the Board or oppose the directors nominated by the Board, other than as expressly permitted by this
Agreement; 
 (c)    form, join in or in any other way participate in a “partnership, limited partnership, syndicate or
other group” within the meaning of Section 13(d)(3) of the Exchange Act with respect to the Common Stock or deposit any shares of Common Stock in a voting trust or similar arrangement or subject any shares of Common Stock to any voting
agreement or pooling arrangement, other than with other members of the Shareholder Group or one or more of their Affiliates (provided that any such Affiliate signs a joinder to this Agreement) or to the extent such a group may be deemed to
result with the Company or any of their respective Affiliates as a result of this Agreement; 
 (d)    engage in discussions
with other stockholders of the Company, solicit proxies or written consents of stockholders or otherwise conduct any nonbinding referendum with respect to the Common Stock, or make, or in any way encourage, influence or participate in, any
“solicitation” of any “proxy” within the meaning of Rule 14a-1 promulgated by the SEC under the Exchange Act to vote, or advise, encourage or influence any person with respect to voting or tendering, any shares of Common Stock
with respect to any matter, including, without limitation, any Sale Transaction (as defined below) that is not approved by a majority of the Board, or become a “participant” in any contested “solicitation” for the election of
directors with respect to the Company (as such terms are defined or used under the Exchange Act and the rules promulgated by the SEC thereunder), other than a “solicitation” or acting as a “participant” in support of all of the
nominees of the Board at any stockholder meeting; 
 (e)    call, seek to call, or to request the calling of, a special
meeting of the stockholders of the Company, or seek to make, or make, a shareholder proposal at any meeting of the stockholders of the Company or make a request for a list of the Company’s stockholders (or otherwise induce, encourage or assist
any other person to initiate or pursue such a proposal or request) or otherwise acting alone, or in concert with others, seek to control or influence the governance or policies of the Company; 

(f)    effect or seek to effect (including, without limitation, by entering into any discussions, negotiations, agreements or
understandings with any third person), offer or propose (whether publicly or otherwise) to effect, or cause or participate in, or in any way assist, solicit, encourage or facilitate any other person to effect or seek, offer or propose (whether
publicly or otherwise) to effect or cause or participate in (including by tendering or selling into) (i) any acquisition of any material assets or businesses of the Company or any of its subsidiaries, (ii) any transfer or acquisition of
shares of Common Stock or other securities of the Company or any securities of any Affiliate of the Company if, after completion of such transfer or acquisition or proposed transfer or acquisition, a person or group (other than the Shareholder Group
and their Affiliates) would beneficially own, or have the right to acquire beneficial ownership of, more than 5% of the outstanding shares of Common Stock (based on the latest annual or quarterly report of the Company filed with the SEC pursuant to
Section 13 or 15(d) of the Exchange Act), provided that open market sales of securities through a broker by the Shareholder Group which are not actually known by the Shareholder Group to result in any transferee acquiring beneficial
ownership of more than 5% of the outstanding shares of Common Stock shall not be included in this clause (ii) or constitute a breach of this Section 6, (iii) any tender offer or exchange offer, merger, change of control,
acquisition or other business combination involving the Company or any of its subsidiaries or (iv) any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to the Company or any of its
subsidiaries (any of the transactions or events described in (i) 

  
 4 

 
through (iv) above are referred to as a “Sale Transaction”), unless such Sale Transaction has been approved by a majority of the Board and has been announced by the Company;
provided, that this paragraph shall not require members of the Shareholder Group to vote in favor of a Sale Transaction that was approved by the Board; 

(g)    publicly disclose, or cause or facilitate the public disclosure (including, without limitation, the filing of any
document or report with the SEC or any other governmental agency or any disclosure to any journalist, member of the media or securities analyst) of, any intent, purpose, plan or proposal to obtain any waiver, or consent under, or any amendment of,
any of the provisions of Section 5 hereof or this Section 6, or otherwise seek (in any manner that would require public disclosure by any of the members of the Shareholder Group or their Affiliates or Associates) to obtain
any waiver, consent under, or amendment of any provision of this Agreement; 
 (h)    disparage the Company, any member of the
Board or any officer or key employee of the Company with respect to any matter relating to the Company or the events leading to the entering into of this Agreement, provided that this provision shall not apply to (i) compelled testimony,
either by legal process, subpoena or otherwise, or to communications that are required by an applicable legal obligation and are subject to contractual provisions providing for confidential disclosure; (ii) communications that are required by
an applicable legal obligation or are subject to contractual provisions providing for confidential disclosure; or (iii) communications relating to members of the Board other than in their capacity as directors of the Company; 

(i)    enter into any arrangements, understandings or agreements (whether written or oral) with, or advise, finance, assist or
encourage any other person that engages, or offers or proposes to engage, in any of the foregoing; or 
 (j)    take or cause
or induce or assist others to take any action inconsistent with any of the foregoing; 
 provided, that, notwithstanding the foregoing, it is
understood and agreed that this Agreement shall not be deemed to prohibit (x) Giles from engaging in any lawful act in his capacity as a director of the Company that is either expressly approved by the Board or required in order to comply with
his fiduciary duties as a director of the Company or (y) the Shareholder Group from making public statements, engaging in discussions with other shareholders, soliciting proxies or voting any shares or proxies with respect to any Sale
Transaction that has been approved by a majority of the Board and has been announced by the Company. 
 7.    
Support. During the Standstill Period, Giles, in his capacity as a director of the Company, will use reasonable efforts to support, at the Company’s sole cost and expense, the Company’s slate of directors in a manner generally
consistent with the support provided by the other directors of the Company, provided that such slate of directors is consistent with the terms and conditions of this Agreement. 

8.     Policies. By the time of his appointment to the Board, Giles will have reviewed the Company’s policies,
procedures, and guidelines applicable to members of the Board and agrees to abide by the provisions thereof during his service as a director of the Company, including, without limitation, the Company’s Corporate Governance Guidelines, Code of
Business Conduct and Ethics, Director Code of Ethics and Insider Trading Compliance Program. The members of the Shareholder Group acknowledge that they are aware that United States securities law prohibits any person who has material non-public
information about a company from purchasing or selling any securities of such company, or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or
sell such securities. 

  
 5 

 9.     Compensation. Giles shall be compensated for his service as a
director and shall be reimbursed for his expenses on the same basis as all other non-employee directors of the Company and shall be eligible to be granted equity-based compensation on the same basis as all other non-employee directors of the
Company. 
 10.    Indemnification and Insurance. Giles shall be entitled to the same rights of indemnification and
directors’ and officers’ liability insurance coverage as the other non-employee directors of the Company as such rights may exist from time to time. 

11.    Non-Disparagement. The Company agrees, prior to the conclusion of the Standstill Period, that neither it nor any
member of the Board nor any of its officers or key employees shall disparage any member of the Shareholder Group or any member of the management of the Shareholder Group, in each case with respect to any matter relating to the Company or the events
leading to the entering into of this Agreement, provided that this provision shall not apply to (i) compelled testimony, either by legal process, subpoena or otherwise; (ii) communications that are required by an applicable legal
obligation or are subject to contractual provisions providing for confidential disclosure; or (iii) communications by members of the Board not in their capacity as directors of the Company. 

12.    Press Release / Form 8-K. Prior to 6:30 a.m., Pacific Daylight time, on May 12, 2014, the Company shall issue
the press release in the form attached as [Exhibit A]. The Company shall also provide to the Shareholder Group a reasonable opportunity to review and comment on any Form 8-K with respect to the execution and delivery of this Agreement by the parties
hereto in advance of its filing, and shall consider in good faith the reasonable and timely comments of the Shareholder Group. No member of the Shareholder Group nor the Company shall make (and they will cause their Affiliates and Associates not to
make) any public statements with respect to the matters covered by this Agreement (including in any filing with the SEC, any other regulatory or governmental agency, or any stock exchange, or in any materials that would reasonably be expected to be
filed with the SEC, including pursuant to Exchange Act Rules 14a-6 or 14a-12) that are inconsistent with, or otherwise contrary to, this Agreement or the statements in any above described press release or Form 8-K filing. 

13.    Expenses. Within two business days of the date hereof, the Company shall reimburse the Shareholder Group for the
documented out-of-pocket expenses (up to a maximum of $105,000) incurred by the Shareholder Group in connection with the Shareholder Nomination, the 2014 Annual Meeting, the negotiation and execution of this Agreement and all related activities and
matters. Except as provided in the preceding sentence, each cost or expense incurred in connection with this Agreement shall be paid by the party incurring such cost or expense. 

14.    Specific Performance. Each party hereto acknowledges and agrees, on behalf of itself and its Affiliates, that
irreparable harm would occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties will be entitled to specific relief
hereunder, including, without limitation, an injunction or injunctions to prevent and enjoin breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof in any state or federal court located in the State
of Delaware, in addition to any other remedy to which they may be entitled at law or in equity. Any requirements for the securing or posting of any bond with such remedy are hereby waived. 

15.    Jurisdiction. Each party hereto agrees, on behalf of itself and its Affiliates, that any actions, suits or
proceedings arising out of or relating to this Agreement or the transactions contemplated 

  
 6 

 
hereby will be brought solely and exclusively in the Court of Chancery of the State of Delaware and any state appellate court therefrom within the State of Delaware (or, if the Court of Chancery
of the State of Delaware declines to accept jurisdiction over a particular matter, any federal court within the State of Delaware) (and the parties agree on behalf of themselves and their respective Affiliates not to commence any action, suit or
proceeding relating thereto except in such courts), and further agrees that service of any process, summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 19 hereof will be effective service
of process for any such action, suit or proceeding brought against any party in any such court. Each party, on behalf of itself and its Affiliates, agrees and consents to the personal jurisdiction of the state and federal courts located in the State
of Delaware, and irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby, in the state or federal courts located in the State
of Delaware, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an improper or inconvenient forum. 

16.    Applicable Law. This Agreement shall be governed in all respects, including validity, interpretation and effect,
by the laws of the State of Delaware applicable to contracts executed and to be performed wholly within such state, without giving effect to the choice of law principles of such state. Each party hereto agrees to irrevocably waive any right to trial
by jury. 
 17.    Counterparts; Facsimile or Electronic Signatures. This Agreement may be executed in two or more
counterparts which together shall constitute a single agreement. Facsimile or electronic (i.e., PDF) signatures shall be as effective as original signatures. 

18.    Entire Agreement; Amendment and Waiver; Successors and Assigns. This Agreement contains the entire understanding
of the parties hereto with respect to, and supersedes all prior agreements relating to, its subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings between the parties other than those
expressly set forth herein. This Agreement may be amended only by a written instrument duly executed by the parties hereto or their respective successors or assigns. No failure on the part of any party to exercise, and no delay in exercising, any
right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or
remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. The terms and conditions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the parties hereto and their
respective successors, heirs, executors, legal representatives and assigns. No party hereto may assign or otherwise transfer either this Agreement or any of its rights, interests or obligations hereunder without the prior written consent of the
other parties hereto. Any purported transfer without such consent shall be void. 
 19.    Notices. All notices,
consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served (a) if given by facsimile, when such facsimile
is transmitted to the facsimile number set forth below, or to such other facsimile number as is provided by a party to this Agreement to the other parties pursuant to notice given in accordance with the provisions of this Section 19, and
the appropriate confirmation is received, or (b) if given by any other means, when actually received during normal business hours at the address specified in this Section 19, or at such other address as is provided by a party to
this Agreement to the other parties pursuant to notice given in accordance with the provisions of this Section 19: 
 if to the
Company: 

  
 7 

 Intevac, Inc. 

3560 Bassett Street 

Santa Clara, California 95054 

Facsimile: (408) 727-5739 

Attention: Chairman of the Board 

with a copy (which shall not constitute notice) to: 

Wilson Sonsini Goodrich & Rosati 

Professional Corporation 

650 Page Mill Road 

Palo Alto, California 94304 

Facsimile: (650) 493-6811 

Attention: Herbert P. Fockler, Esq. 

Attention: David J. Berger, Esq. 

if to the Shareholder Group or any member thereof: 

Voce Capital Management LLC 

600 Montgomery Street, Suite 210 

San Francisco, California 94111 

Facsimile: (415) 489-2610 

Attention: Derek O. Zaba 

with a copy (which shall not constitute notice) to: 

Crowell & Moring LLP 

275 Battery Street, 23rd Floor 

San Francisco, California 94111 

Facsimile: (415) 986-2827 

Attention: Murray A. Indick, Esq. 

20.    No Third-Party Beneficiaries. Nothing in this Agreement is intended to confer on any person other than the parties
hereto or their respective successors and assigns, and their respective Affiliates to the extent provided herein, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

21.    Unenforceability. If any provision of this Agreement is held invalid or unenforceable by any court of competent
jurisdiction, then the other provisions of this Agreement shall remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree shall remain in full force and effect to the extent not held
invalid or unenforceable. The parties hereto further agree to replace such invalid or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the purposes of such invalid or
unenforceable provision. 
 22.    Construction. Each of the parties hereto acknowledges that it has been represented
by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed this Agreement with the advice of such counsel. Each party hereto and its counsel cooperated and participated in the
drafting and preparation of this Agreement, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting or
preparation. Accordingly, any rule of 

  
 8 

 
law or any legal decision that would require interpretation of any ambiguities in this Agreement against any party hereto that drafted or prepared it is of no application and is hereby expressly
waived by each of the parties, and any controversy over interpretations of this Agreement shall be decided without regard to events of drafting or preparation. 

23.    Mutual Release. 

(a)     The Company, on the one hand, and the Shareholder Group, on the other hand, on behalf of themselves and for all of
their past and present affiliated, associated, related, parent and subsidiary entities, joint ventures and partnerships, successors, assigns, and the respective owners, officers, directors, partners, members, managers, principals, parents,
subsidiaries, predecessor entities, agents, representatives, employees, shareholders, advisors, consultants, attorneys, heirs, executors, administrators, successors and assigns of any such person or entity, security holders of any such person or
entity, and any other person claiming (now or in the future) through or on behalf of any of such persons or entities (collectively “Released Persons”), irrevocably and unconditionally release, settle, acquit and forever discharge
the other and all of their Released Persons, from any and all causes of action, claims, actions, rights, judgments, obligations, damages, amounts, demands, losses, controversies, contentions, complaints, promises, accountings, bonds, bills, debts,
dues, sums of money, expenses, specialties and fees and costs (whether direct, indirect or consequential, incidental or otherwise including, without limitation, attorney’s fees or court costs, of whatever nature) incurred in connection
therewith of any kind whatsoever, whether known or unknown, suspected or unsuspected, in their own right, representatively, derivatively or in any other capacity, in law or in equity or liabilities of whatever kind or character, arising under
federal, state, foreign, or common law or the laws of any other relevant jurisdiction (the “Claims”), that have arisen, could have arisen, arise now, or hereafter may arise out of or relate in any manner to the allegations, facts,
events, transactions, acts, occurrences, statements, representations, misrepresentations, omissions or any other matter, thing, or cause whatsoever, or any series thereof, embraced, involved, arising out of, in connection with, set forth in or
related in any way to the Shareholder Nomination, the Shareholder Group’s proxy contest at the 2014 Annual Meeting and the nomination of directors for election at the 2014 Annual Meeting (collectively, the “Released Claims”);
provided that this release and waiver of Claims shall not include claims to enforce the terms of this Agreement; and provided further that if a Person (the “Asserting Person”) takes legal action against a Released
Person (the “Defending Person”) relating to the Company, matters involving the Company, or the events leading up to the execution of this agreement, the Defending Person shall not be limited in asserting against that Asserting
Person any Claims that for other purposes are Released Claims pursuant to this Section in responding to or defending itself in such action. 

(b)    The parties hereto acknowledge and agree that they may be unaware of or may discover facts in addition to or different
from those which they now know, anticipate or believe to be true related to or concerning the Released Claims. The parties hereto know that such presently unknown or unappreciated facts could materially affect the claims or defenses of a party or
parties. It is nonetheless the intent of the parties hereto to give a full, complete and final release and discharge of the Released Claims. In furtherance of this intention, the releases herein given shall be and remain in effect as full and
complete releases with regard to the Released Claims notwithstanding the discovery or existence of any such additional or different claim or fact. To that end, with respect to the Released Claims only, the parties hereto expressly waive and
relinquish any and all provisions, rights and benefits conferred by any law of the United States or of any state or territory of the United States or of any other relevant jurisdiction, or principle of common law, under which a general release does
not extend to claims that the parties do not know or suspect to exist in their favor at the time of executing the release that if known by the parties might have affected the parties’ settlement. The Parties acknowledge and agree that the
inclusion of this Section 23 was separately bargained for and is a material term of this Agreement. 

  
 9 

 [Signature page follows] 

  
 10 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized
signatories of the parties as of the date first written above. 
  

					
		 		 	COMPANY:
		 		 	
		 		 	INTEVAC, INC.
		 		 	
		 		 	
		 		 	By: /s/ Norman H. Pond
		 		 	Name: Norman H. Pond
		 		 	Title: Chairman

					
		 		 	
	 /s/ J. Daniel Plants
	 		 	 /s/ Marc T. Giles

	J. DANIEL PLANTS	 		 	MARC T. GILES
		 		 	

  

									
	VOCE CATALYST PARTNERS LP	 		 	VOCE CAPITAL MANAGEMENT LLC
	  
 By:
	 	Voce Capital LLC, its General Partner	 		 		 	

  

									
		 		 	
		 	By:	 	 /s/ J. Daniel Plants
	 	By:	 	 /s/ J. Daniel Plants

		 		 	Name: J. Daniel Plants	 		 	Name: J. Daniel Plants
		 	Title: Managing Member	 		 	Title: Managing Member

 Exhibit A 
 

 
 INTEVAC REACHES SETTLEMENT AGREEMENT WITH VOCE CAPITAL AND 

APPOINTS MARC GILES TO BOARD OF DIRECTORS 

SANTA CLARA, Calif., May 12, 2014 – Intevac, Inc. (NASDAQ: IVAC) today announced it has reached a settlement agreement with Voce Capital
Management LLC and its affiliates (together with VCP, “Voce Capital”), a stockholder who had nominated three directors for election to Intevac’s Board of Directors. Under the agreement, Intevac has appointed Marc T. Giles to the Board
effective immediately, and Mr. Giles will be included in Intevac’s slate of director nominees for election at the 2014 Annual Meeting of Stockholders. With the addition of Mr. Giles, the Board has been expanded to nine directors,
seven of whom are independent. 
 “We welcome Marc to our Board of Directors, and we look forward to continuing to execute our strategy and build an
ever stronger future for Intevac,” said Norman Pond, Intevac Founder and Chairman of the Board. “We have spoken with many of our largest shareholders and have had the opportunity to interview Marc and learn more about his background and
experience. We expect to benefit from Marc’s business acumen and contributions to our Board as we accelerate growth in each of our businesses, improve our performance and further streamline our cost structure to drive shareholder value
creation. We look forward to focusing 100% on the business.” 
 J. Daniel Plants, Voce Capital’s Managing Partner said: “We believe
appointing a new independent Board member to Intevac will bring additional perspective and experience to the Company. We look forward to continuing to work constructively with the Company and the Board to help enhance value for all
stockholders.” 
 In connection with the agreement, Voce Capital has agreed, among other things, to vote all of its shares in favor of each of the
Board’s nominees at the 2014 Annual Meeting. In addition, Voce Capital has agreed to other customary standstill provisions and withdrawn its other nominations. The complete agreement between Intevac and Voce Capital will be included as an
exhibit to a Current Report on Form 8-K, which will be filed with the Securities and Exchange Commission in the ordinary course. 
 Intevac’s 2014
Annual Meeting of Stockholders is expected to be convened on May 14, 2014 and then adjourned to a later day to allow for updated proxy solicitation materials to be distributed to stockholders. Intevac will announce the adjourned meeting date in
due course. 
 Wilson Sonsini Goodrich & Rosati, Professional Corporation is acting as Intevac’s legal counsel. 

 

	
	 If you have any questions, require
assistance with voting your shares,
 or need additional copies of the proxy materials, please contact:

 
 

  
 105 Madison Avenue

New York, NY 10016
  

proxy@mackenziepartners.com
  

(212) 929-5500 (Call Collect)

Or
 TOLL-FREE (800) 322-2885

 

 ABOUT MARC T. GILES 

Marc T. Giles was the President and Chief Executive Officer of Gerber Scientific, Inc., a manufacturer that provides software, computerized manufacturing
systems, supplies and services to a wide variety of industries, from 2001 until February 2012, and provided transitional executive services to Gerber Scientific through his retirement on December 31, 2012. Mr. Giles previously served as
Senior Vice President and President of Gerber Technology, Inc., a subsidiary of Gerber Scientific. Prior to joining Gerber Technology, Mr. Giles served in several senior positions in business unit management, strategy development, mergers and
acquisitions and sales and marketing management with FMC Corp., a manufacturer of machinery and chemicals. Mr. Giles has served as a director of Checkpoint Systems, Inc., a global leader in merchandise availability solutions for the retail
industry, since March 2013, where he also serves as a member of the Audit Committee; Lydall, Inc., which produces specialty engineered products, since April 2008, where he also serves as a member of their Compensation Committee and Corporate
Governance Committee; and Gerber Scientific, Inc. since 2001. 
 ABOUT INTEVAC 

Intevac was founded in 1991 and has two businesses: Equipment and Photonics. 

In our Equipment business, we are a leader in the design and development of high-productivity, thin film processing systems. Our production-proven platforms
are designed for high-volume manufacturing of substrates with precise thin film properties. 
 Intevac is the market and technology leader in the hard drive
industry, with our systems processing approximately 60% of all magnetic disk media produced worldwide. Our high-performance, high-throughput technology solutions continue to expand into additional markets – including solar and adjacent thin
film deposition applications. 
 In our Photonics business, we are a recognized leading developer of advanced high-sensitivity digital sensors, cameras and
systems that primarily serve the defense industry. We are the sole-source provider of integrated digital imaging systems for most U.S. military night vision programs. 

For more information, call 408.986.9899, or visit www.intevac.com 

ABOUT VOCE CAPITAL MANAGEMENT 
 Voce Capital Management is
a governance-focused, value-driven investor. It is an employee-owned investment manager and the advisor to Voce Catalyst Partners LP, a private investment partnership. Voce Capital is headquartered in San Francisco, California. 

FORWARD-LOOKING STATEMENTS 
 Certain statements contained
in this letter may constitute “forward looking statements,” including statements regarding Intevac’s growth, performance and cost structure initiatives. Stockholders should be aware that these forward looking statements are subject to
a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such statements. Certain risks and uncertainties are disclosed from time to time in our filings with the Securities
and Exchange Commission. Except as required by law, we undertake no obligation to update or revise any forward looking statements. 
 Intevac, Inc.

 Jeff Andreson, 408-986-9888 
 Chief Financial Officer

 Claire McAdams, 530-265-9899 

Investor Relations 
 Jamie Moser / Tim Lynch / Alyssa Cass,
212-355-4449 
 Joele Frank, Wilkinson Brimmer Katcher 

Voce Capital Management 
 J. Daniel Plants, 415-489-2601

 Managing Partner

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