Document:

Exhibit 10.41

 

Executive Officer Reimbursement Program – Reimbursement of Certain
Legal Expenses

 

On
September 2, 2005, the company’s Board of Directors passed a resolution
authorizing the company to reimburse its executive officers for legal fees
reasonably incurred in connection with the proposed merger with Wachovia.  The fees to be reimbursed may be incurred
through the earlier of (i) the termination of the merger agreement prior
to completion of the merger, and (iii) the effective time of the
merger.  In each case the fees must
relate to (i) legal advice provided by one counsel to the executive
officers, sought by the executive officers at the request of the Board in
connection with the negotiation of the executive officers’ respective
employment arrangements with Wachovia and (ii) matters directly related to
thereto including their description in the company’s Securities and Exchange
Commission filings and other state public statements.Exhibit 10.1

 

WATERS
INSTRUMENTS, INC.®

 

	
   

  	
   

  	
  Corporate Headquarters

  
	
   

  	
   

  	
  12705 26th Avenue N

  
	
   

  	
   

  	
  Suite 102

  
	
   

  	
   

  	
  Minneapolis, MN 55441

  
	
   

  	
   

  	
  763 551 1125

  
	
   

  	
   

  	
  763 509 7450 fax

  
	
   

  	
   

  	
   

  
	
  August 29, 2005

  	
   

  	
  Rochester Facility

  
	
   

  	
   

  	
  2112 15th St NW

  
	
   

  	
   

  	
  Rochester, MN 55901

  
	
   

  	
   

  	
  507 288 7777

  
	
   

  	
   

  	
  507 252 3700 fax

  
	
   

  	
   

  	
   

  
	
  John Frederick

  	
   

  	
  Ellendale Facility

  
	
  5805 Garden Ave

  	
   

  	
  906 Fifth Avenue E

  
	
  Edina, MN 55436

  	
   

  	
  Ellendale, MN 56026

  
	
   

  	
   

  	
  507 684 3721

  
	
   

  	
   

  	
  507 684 3722 fax

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  corpinfo@wtrs.com

  
	
   

  	
   

  	
  www.wtrs.com

  

 

 

John:

 

I would like to offer you the position of
Executive Vice President of Sales and Business Development with Waters
Instruments, Inc.  The details of the
position are confirmed below:

 

	
  Title:

  	
   

  	
  Executive
  Vice President of Sales and Business Development

  
	
  First Day of Employment:

  	
   

  	
  August
  31, 2005

  
	
  Location:

  	
   

  	
  Based
  in Plymouth, travel to Ellendale as needed

  
	
  Report to:

  	
   

  	
  Jerry
  Grabowski, President and CEO

  
	
  Salary:

  	
   

  	
  $165,000
  with bonus potential of 40% first year of employment

  
	
  Stock Options:

  	
   

  	
  35,000
  shares

  
	
  Vacation:

  	
   

  	
  208
  hours accrued first year of employment

  
	
  Benefits:

  	
   

  	
  Insurance
  eligibility begins September 1, 2005. Health, Dental, Life Insurance, and
  Disability premiums will be reimbursed as taxable income

  
	
   

  	
   

  	
  401(k)
  eligibility begins after 6 months of employment

  

 

 

I hope to welcome you to Waters Instruments,
Inc.  If you have any questions, please
let me know.

 

Sincerely,

 

 

 

	
  /s/ Jerry GrabowskiExhibit 10.3

 

MAC-GRAY
CORPORATION

2005 DIRECTOR COMPENSATION ARRANGEMENTS

 

The
following summarizes the compensation arrangements established between Mac-Gray
Corporation (the “Company”) and its directors through verbal agreements, to be
effective retroactively as of July 1, 2005:

 

Directors who are also
employees of the Company do not receive compensation for their services on the
Board or any committee thereof. Each director who is not an employee of the
Company receives:

 

•                  an annual fee
of $20,000, paid in quarterly installments, 50% of which is paid in shares of
common stock and the balance of which, at the discretion of the director, is
paid in cash, shares of common stock or any combination thereof; and

•                  an additional
fee of $1,500 for each Board meeting attended in person and $500 per meeting
attended by teleconference.

 

Committee members receive
$1,000 per meeting of the Compensation Committee or the Governance and
Nominating Committee, and $1,250 per meeting of the Audit Committee. 
Committee members receive $250 per meeting attended by teleconference. In
addition, the Chairman of each of the Compensation Committee and the Governance
and Nominating Committee is paid $2,000 per year, and the Chairman of the Audit
Committee receives $2,500 per year.

 

Each newly elected
non-employee director receives an option to purchase 5,000 shares of common
stock on the fifth business day after his or her election to the Board, and
each non-employee director who is serving as a director on the fifth business
day after each annual meeting of stockholders automatically receives an option
to purchase 7,500 shares of common stock. All of such options granted to
non-employee directors are fully exercisable upon grant at an exercise price
equal to the fair market value of the common stock on the date of the grant and
terminate upon the tenth anniversary of the date of grant. All directors are
reimbursed for significant travel expenses, if any, incurred in attending
meetings of the Board and its committees.Exhibit 10.1

 

Cascade Microtech, Inc.

2005 Executive Compensation Plan

for the Six-Month Period Ending
December 31, 2005

Participants

 

	
  Eric
  Strid

  	
   

  	
  Chief
  Executive Officer and President

  
	
  Steven
  Sipowicz

  	
   

  	
  Chief
  Financial Officer, Vice President of Finance, Treasurer and Corporate
  Secretary

  
	
  John
  Pence

  	
   

  	
  Vice
  President and General Manager, Engineering Products Division

  
	
  Bruce
  McFadden

  	
   

  	
  Vice
  President and General Manager, Production Probe Division

  

 

Performance Criteria

 

Bonuses for these
participants are calculated on a percentage of their base salary based on
attainment of planned levels of net income, operating income and divisional
revenue.  Determinations as to whether the performance targets have been
met are made quarterly with respect to 20% of the bonus, and semi-annually with
respect 80% of the bonus.

 

This table lists the portion
of the total bonus payout that is based on the different performance measures,
for each executive:

 

	
   

  	
   

  	
  Semi-annual 80%

  	
   

  	
  Quarterly

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Engineering

  	
   

  	
  Production

  	
   

  	
  20%

  	
   

  
	
   

  	
   

  	
  Net

  income

  	
   

  	
  Operating

  income

  	
   

  	
  products

  revenue

  	
   

  	
  probes

  revenue

  	
   

  	
  Quarterly

  Objectives

  	
   

  
	
  Chief
  Executive Officer

  	
   

  	
  20

  	
  %

  	
  40

  	
  %

  	
  10

  	
  %

  	
  10

  	
  %

  	
  20

  	
  %

  
	
  Chief
  Financial Officer

  	
   

  	
  30

  	
  %

  	
  30

  	
  %

  	
  10

  	
  %

  	
  10

  	
  %

  	
  20

  	
  %

  
	
  VP
  Engineering Products

  	
   

  	
  —

  	
   

  	
  60

  	
  %

  	
  20

  	
  %

  	
  —

  	
   

  	
  20

  	
  %

  
	
  VP
  Production Probe

  	
   

  	
  —

  	
   

  	
  60

  	
  %

  	
  —

  	
   

  	
  20

  	
  %

  	
  20

  	
  %

  

 

In the cases of net income,
operating income, and product line revenues, the period of the performance
measures will be for the second half of 2005 (third and fourth quarters).

 

The payout for the net
income portion will be:

•                  100%
payout for achievement of 100% of the planned net income (“target”)

•                  Linear
from 0% to 100% for net income between 75% and 100% of target

•                  Zero
for net income below 75% of target

•                  Linearly
proportional to net income at or above 100% of target

 

The payout for the operating
income portion will be:

•                  100%
payout for achievement of 100% of the planned consolidated operating income (“target”)

•                  Linear
from 50% payout for operating income at 75% of target to 100% payout at 100% of
target and higher

•                  Zero
for operating income below 75% of target

 

The payout for the product
line revenue portion will be:

•                  100%
payout for achievement of 100% of the planned respective consolidated product
line revenue (“target”)

•                  Linear
from 0% payout for product line revenues at 75% of target to 200% payout at
125% of target

•                  200%
payout for product line revenues above 125% of target

•                  Zero
for product line revenues below 75% of target

 

The payout for quarterly
objectives will be proportional to the fraction of quarterly objectives
completed. The CEO is the final arbiter of such completion status. A set of
quarterly objectives is formulated by a consensus of the management team for
each executive at the beginning of each quarter.EXHIBIT 10.2

 

First Amendment to Executive Employment Agreement

of Steven Sipowicz

 

	
  Parties:

  	
   

  	
  Cascade Microtech, Inc.

  	
   

  	
  (“CMI”)

  
	
   

  	
   

  	
  2430 NW 206th Ave

  	
   

  	
   

  
	
   

  	
   

  	
  Beaverton, Or 97006

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  and

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Steven Sipowicz

  	
   

  	
  (“Mr. Sipowicz”)

  
	
   

  	
   

  	
  2415 NW Jonathon
  Place

  	
   

  	
   

  
	
   

  	
   

  	
  Portland, OR 97229

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
  October 27, 2005

  	
   

  	
  (“Effective Date”)

  

 

RECITALS

 

A.            Mr.
Sipowicz and CMI have entered into an Executive Employment Agreement dated July
12, 2004 in which CMI agrees to employ Mr. Sipowicz, and Mr. Sipowicz agrees to
serve, as Vice President of Finance, Chief Financial Officer, and Treasurer of
CMI (the “Employment Agreement”); and

 

B.            Mr.
Sipowicz is a valued contributor to CMI, and the Board believes his continued
employment will be crucial to CMI’s continued success; and

 

C.            In
order to provide an incentive for Mr. Sipowicz to continue his contribution to
CMI, the parties desire to amend the Employment Agreement with regard to the
accelerated vesting of stock options in the event Mr. Sipowicz’s employment is
terminated under certain circumstances following a Change in Control, as that
term is defined in the Employment Agreement.

 

AGREEMENT

 

NOW, THEREFORE, for valuable consideration the receipt
and sufficiency of which is hereby acknowledged, the parties agree that the
Employment Agreement shall be amended as follows:

 

Section 3.6A (iii) of the Employment Agreement shall
be deleted and replaced with the following:

 

iii)            Stock
Options:  All unvested stock options
held by Mr. Sipowicz as of the date of his termination from employment shall
accelerate and become immediately exercisable. 
Mr. Sipowicz’s vested stock options shall remain exercisable for a
one-year period after the termination date.

 

Except as set forth and amended hereby, the Employment
Agreement shall remain unchanged and in full force and effect according to its
terms.

 

IN WITNESS WHEREOF, the parties hereto have caused
this First Amendment to Executive Employment Agreement of Steven Sipowicz to be
duly executed and delivered as of the day and year first above written.

 

	
  Steven Sipowicz

  	
   

  	
   

  	
  Cascade Microtech, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Steven Sipowicz

  	
   

  	
  /s/

  	
  Eric W. Strid

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By: Eric Strid

  	
   

  
	
  Date: 

  	
  October 27, 2005

  	
   

  	
   

  	
  Its: Chairman
  and Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Date:

  	
  November 1, 2005

  	
   

  	
   

  
									

 

1

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