Document:

Letter Agreement

 Exhibit 10.46 

 
 

 
 December 22, 2010 
 Mr. Raj Agrawal 
 6929 South Odessa Street 

Aurora, CO 80016 
 Dear Raj: 

In the event of your termination of employment for an eligible reason under the terms of The Western Union Company Severance Policy
(Banded Executive Level) (the “Policy”), you will be eligible to receive severance pay equal to the sum of your current annual base salary and your current annual target bonus (the “Severance Pay”). The Severance Pay will be
payable in 24 semi-monthly installments consistent with the Company’s payroll practices during the twelve month period beginning on your termination date. In addition, you will be eligible to receive termination pay equal to 50 percent of the
total gross amount of your Severance Pay (the “Termination Pay”). The Termination Pay will be payable in 12 semi-monthly installment payments consistent with the Company’s payroll practices beginning on the first payroll date
following your final installment of Severance Pay. In order to receive the Severance Pay and the Termination Pay, you will be required to sign an Agreement and Release (in a form satisfactory to the Company and standard for a U.S. executive at your
level) which will include restrictive covenants and a comprehensive release of all claims. In the event you become eligible to receive the Severance Pay and Termination Pay, you also will be eligible to receive a prorated payment of your total
target bonus under the Company’s Performance Incentive Plan (“Bonus Plan”) for the year of your termination (prorated through the number of days you are employed in such year), less lawful withholding and subject to the terms of the
Bonus Plan. 
 The terms of this letter will be construed, administered or deemed amended as necessary to comply with the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) to avoid taxation under Code Section 409A(a)(l) to the extent subject to Code Section 409A. However, under no circumstances will The
Western Union Company or its subsidiaries or affiliates or any of their employees, officers, directors, service providers or agents have any liability to you for any taxes, penalties or interest due on amounts paid or payable under this letter,
including any taxes, penalties or interest imposed under Code Section 409A. The Severance Pay and the Termination Pay are intended to be exempt from Code Section 409A to the maximum extent possible, first, to the extent such payments are
scheduled to be paid and are in fact paid during the short-term deferral period, as short-term deferrals pursuant to Treasury regulation §1.409A-1(b)(4), and then under the separation pay exemption pursuant to Treasury regulation
§1.409A-1(b)(9)(iii), and for this purpose each payment shall be considered a separate payment such that the determination of whether a payment qualifies as a short-term deferral shall 

  

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be made without regard to whether other payments so qualify and the determination of whether a payment qualifies under the separation pay exemption shall be made without regard to any payments
which qualify as short-term deferrals. To the extent any amounts under this letter are payable by reference to your “termination of employment,” such term shall be deemed to refer to your “separation from service,” within the
meaning of Code Section 409A. Notwithstanding the foregoing, if you are a “specified employee,” as defined in Section 409A of the Code, as of the date of your separation from service, then to the extent any amount payable under
this letter (i) constitutes the payment of nonqualified deferred compensation within the meaning of Code Section 409A, (ii) is payable upon your separation from service and (iii) under the terms of this letter would be payable
prior to the six-month anniversary of your separation from service, such payment shall be delayed until the six-month anniversary of your separation from service. 
 Sincerely, 
  

			
		
	

	 	12/22/10
	Grover N. Wray 	 	Date
	EVP Human Resources	 	

 I hereby agree to and accept the terms of this letter agreement. 

 

			
		
	

	 	12/23/2010
	Raj Agrawal. SWP GM WUBS	 	 Date

  

	cc:	 Sally Sommers 

	    	 Steve Christofferson 

	    	 Dennis Leonard 

  
 

 
 January 9, 2012 
 Rajesh K. Agrawal 
 6929 South Odessa Street 

Aurora, CO 80016 
 Dear Raj: 

This shall serve to confirm that, effective as of the date of this letter, your agreement with The Western Union Company dated
December 22, 2010 (and signed by you on December 23, 2010) (the “Agreement”) addressing certain severance and termination pay matters is terminated and shall have no further force or effect. 

Please acknowledge your acceptance of the termination of the Agreement in accordance with the terms of this letter by signing where
indicated below. 
 Sincerely, 
  

	
	
	

	Paula Larson
	Executive Vice President, Human Resources
	The Western Union Company

 I hereby acknowledge and agree that, effective as of the date of this letter, the Agreement is terminated
and shall have no further force or effect. 
  

			
		
	

	 	1/15/2012
	Rajesh K. Agrawal	 	DateManagement Incentive Bonus Plans for Named Executive Officers

 Exhibit 10.16 

 

					
	

	 	 [FORM OF 2011 MANAGEMENT INCENTIVE BONUS FOR NAMED EXECUTIVE OFFICERS]

PERSONAL & CONFIDENTIAL

      MKS MEMORANDUM

  
  

 

			
	TO:	 	
	DATE:	 	APRIL 20, 2011
	SUBJECT:	 	2011 MKS MANAGEMENT/KEY EMPLOYEE BONUS PLAN

  

Attached is a copy of your 2011 MKS Bonus Plan (The Plan). This plan exists to provide key managers and employees the opportunity to
benefit financially while improving MKS’ overall business performance. You have been included in the plan because you are working in a position that allows you to exert influence over how well MKS performs. 

The 2011 Bonus Plan is intended to encourage us to make prudent choices about how operations are conducted. The growth of MKS is
dependent upon our making decisions that constantly focus on achieving customer satisfaction while maintaining sound fiscal control. While one person alone cannot change the direction of any company, the combined decisions made by the participants
in this plan play an important part in influencing MKS’ overall business performance. The measure of our business performance for The Plan will be MKS’ financial results. This year the financial metric used to calculate performance for
bonus achievement will be corporate Adjusted Operating Income. Adjusted Operating Income for The Plan is defined as Operating Income excluding cost of amortization and any unanticipated charges or income not related to the operating performance of
MKS. 
 The attached chart shows the payout of your target bonus as a function of Adjusted Operating Income. Based on our
business model and current expectations, we have set a payout goal equal to 100% of your target bonus when our Adjusted Operating Income reaches $200 million. As you can see from the attached chart, you will start earning a payout under this bonus
plan when Adjusted Operating Income reaches $150 million. Your bonus payout will be 60% of target at Adjusted Operating Income of $150 million, and you will receive the maximum bonus payout of 200% of target at Adjusted Operating Income of $237.5
million. 
 As you well know it is difficult for us to look long-term into our industry so your efforts to carefully weigh any
expenses are very much appreciated. 
 NOTE: Your target bonus amount is XX1% of your 2011 eligible earnings. 
 This plan is confidential. Only a select group of individuals are eligible. Neither this plan, nor the financial performance targets associated with it, should be shared with anyone
inside or outside the company.  
  

	1 	Target bonus amounts in 2011 for Named Executive Officers were as follows: Leo Berlinghieri – 100%; Gerald Colella – 70%; Seth Bagshaw and John Smith –
50%; John Lee – 55% 

  
 

 
 PERSONAL & CONFIDENTIAL 

MKS MEMORANDUM 
 2011 Annual Management/Key Employee Bonus Plan 
 Based on Adjusted
Operating Income 
 (January 1 – December 31) 

The payout of your bonus will be achieved according to the schedule shown in the chart below. For example, you will receive 80% of your
target bonus if our Adjusted Operating Income reaches $175 million and 100% of your target bonus if Adjusted Operating Income reaches $200 million. At an Adjusted Operating Income of $237.5 million or more, you will receive 200% of your target
corporate bonus. 
  

					
	ANNUAL BONUS	 
	Adjusted Operating Income	  	Bonus Payout
(percentage of
target)	 
	 <$150,000,000
	  	 	0	% 
	 $150,000,000
	  	 	60	% 
	 $175,000,000
	  	 	80	% 
	 $200,000,000
	  	 	100	% 
	 $207,500,000
	  	 	125	% 
	 $215,000,000
	  	 	150	% 
	 $222,500,000
	  	 	175	% 
	 >=$237,500,000
	  	 	200	% 

 This information is extremely confidential and should be treated as such. Please do not share
this information with anyone inside or outside of 
 MKS Instruments, Inc. 

  
 

 
 2011 MKS Management/Key Employee Bonus Plans 

The MKS Annual Bonus Plan (The Plan) is based on fiscal year performance (January through December). Performance measurements are set at the beginning of
the fiscal year. 
 Plan participants have 100% of their bonus tied to achievement of corporate goals. 

Participation/Approval: 
 Participation
in the Plan requires the approval of the most senior individual in each organization as well as Human Resources and the Chief Executive Officer and President. Participation in the plan is reviewed on an annual basis. 

Target: 
 Bonus target guidelines are
established for positions as a percentage of pay. 
 Payout: 
 The bonus payout amount is a percentage of eligible W-2 earnings received during the plan period, i.e. “base salary” including regular, holiday, vacation, sick, and retro pay. Bonus
payments attributable to the prior year are excluded from this calculation. 
 Administration: 

Bonus payout is made as soon as possible after the end of the fiscal year and the performance assessment has been completed, but in no event later than
March 15 of the subsequent year. 
 Note: In order to receive the bonus payment the plan participant must be actively employed as of the
payout date of The Plan. 
 MKS reserves the right to change the plan at any time, subject to senior management discretion. In no way does
this plan create a contract of employment.

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