Document:

exv10w4

Exhibit 10.4

FIRST AMENDMENT TO

EMPLOYMENT AGREEMENT

     This First Amendment to Employment Agreement (this “Amendment”) is made and entered into as of
July 28, 2008 by and between National Dentex Corporation, a Massachusetts corporation (the
“Company”), and Richard F. Becker, Jr. (the “Executive”).

     WHEREAS, the Company and the Executive entered into an Employment Agreement dated as of April
1, 1995 (the “Agreement”); and

     WHEREAS, the Company and the Executive desire to modify the terms and conditions of the
Agreement as set forth below.

     NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties agree to amend the
Agreement as follows:

     1. Amendment to §3(b) of the Agreement. Section 3(b) of the Agreement is hereby
amended by deleting Section 3(b) in its entirety and replacing it with the following:

“(b) the “Disability” of the Executive, as defined below, which termination shall be
effective on the date of determination of Disability. “Disability” or “Disabled” shall
mean (i) the inability of the Executive to engage in any substantial gainful employment
activity on behalf of the Company, with or without reasonable accommodation as that term is
defined under applicable state or federal law, by reason of any medically determinable
physical or mental impairment that can be expected to result in death or to last for a
continuous period of not less than 12 months; or (ii) the Executive, by reason of any
medically determinable physical or mental impairment that can be expected to result in
death or to last for a continuous period of not less than 12 months, is receiving income
replacement benefits for a period of not less than three (3) months under an accident and
health plan covering the Company’s employees. A determination of Disability shall be made
by an independent physician selected by the Board of Directors and whose determination as
to disability shall be binding on the Company and the Executive;”

     2. Amendment to §3(d) of the Agreement. Section 3(d) of the Agreement is hereby
amended by deleting Section 3(d) in its entirety and replacing it with the following:

“(d) by the Executive for “Good Reason,” meaning, a voluntary termination by the Executive
of his employment with the Company after the occurrence of one or more of the following
without the consent of the Executive (each a “Good Reason

 

 

Event”): (1) a material diminution in the Base Salary; (2) a material diminution in the
Executive’s authority, duties or responsibilities; (3) the relocation of the Executive’s
principal place of business to more than fifty (50) miles from the place where the
Executive was employed immediately prior to the relocation; or (4) any other action or
inaction that constitutes a material breach by the Company of this Agreement, provided, (A)
such Good Reason Event is not remedied or cured by the Company within 30 days after the
Company receives notice from the Executive of the occurrence of a Good Reason Event; (B)
such notice of the occurrence of a Good Reason Event is sent by the Executive no later than
30 days after the occurrence of such Good Reason Event; and (C) in all events, the
Executive terminates his employment with the Company within 120 days of the occurrence of
such Good Reason Event;”

     3. Amendment to §4 of the Agreement. Section 4 of the Agreement is hereby amended by
adding a new clause (g) to Section 4 as follows:

“(g) (1) Distributions to a Specified Employee may not be made before the date that is six
months after the date of separation from service, or, if earlier, the date of death.

     (2) For purposes of this section a “Specified Employee” shall mean the Executive if
the Company’s stock is publicly traded on an established securities market and the
Executive:

          (i) owns more than 5 percent (5%) of the stock of the Company or any member of its
“controlled group” as that term is defined under §1563 of the Internal Revenue Code of
1986, as amended;

          (ii) owns more than 1 percent (1%) of the stock of the Company and has compensation
from the Company in excess of $150,000 per year; or

          (iii) is an officer of the Company with compensation in excess of $145,000 per year.

          (3) Any distributions that are delayed due to this Section 4(g) will be paid in a lump sum to
the Specified Employee within five business days following the end of the six month period.”

     4. Amendment to §9(f) of the Agreement. Section 9(f) of the Agreement is hereby
amended by deleting Section 9(f) in its entirety and replacing it with the following:

“(f) Any notices or other communications required or permitted hereunder shall be
sufficiently given if in writing and delivered by hand or sent by registered mail, return
receipt requested, or by recognized overnight express courier, postage

 

 

prepaid, and if to the Executive, addressed to him at the address set forth below, and if
to the Company, addressed to it at 2 Vision Drive, Natick, Massachusetts 01760, Attention:
Board of Directors, with a copy to Posternak Blankstein & Lund LLP, Prudential Tower, 800
Boylston Street, Boston, Massachusetts 02199, Attention: Donald H. Siegel, P.C., or such
other address as shall have been specified in writing by either party to the other, and any
such notice or communication shall be deemed to have been given as of the date so mailed.”

     5. Ratification. Except as expressly amended hereby, the Agreement is hereby ratified
and confirmed in all respects and shall continue in full force and effect. This Amendment and the
Agreement shall hereafter be read and construed together as a single document, and all references
in the Agreement shall hereafter refer to the Agreement as amended by this Amendment.

     6. Amendments; Governing Law. This Amendment may not be changed orally but only by a
written instrument signed by the parties hereto. This Amendment shall be governed by and
construed in accordance with the laws of the Commonwealth of Massachusetts (excluding the laws
applicable to conflicts or choice of law).

     7. Counterparts. This Amendment may be executed in any number of counterparts and by
different parties hereto on separate counterparts, each of which when so executed and delivered
shall be an original, but all of which counterparts taken together shall be deemed to constitute
one and the same instrument.

[Remainder of page intentionally left blank]

 

 

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above
written.

	 	 	 	 	 
	 	NATIONAL DENTEX CORPORATION

 	 
	 	By:  	/s/ David L. Brown
 	 
	 	Name:  	David L. Brown 	 
	 	Title:  	President 	 
	 
	 	EXECUTIVE:

 	 
	 	/s/ Richard F. Becker, Jr.
 	 
	 	Richard F. Becker, Jr. 	 
	 	Address:exv10w3

Exhibit 10.3

Including Forced Sale Provision

DEFERRED STOCK AWARD AGREEMENT

UNDER THE iROBOT CORPORATION

2005 STOCK OPTION AND INCENTIVE PLAN

Name of Grantee:

No. of Restricted Stock Units Granted:

Grant Date:

     Pursuant to the iRobot Corporation 2005 Stock Option and Incentive Plan (the “Plan”) as
amended through the date hereof, iRobot Corporation (the “Company”) hereby grants a Deferred Stock
Award consisting of the number of Restricted Stock Units listed above (an “Award”) to the Grantee
named above. Each “Restricted Stock Unit” shall relate to one share of Common Stock, par value
$.01 per share (the “Stock”) of the Company specified above, subject to the restrictions and
conditions set forth herein and in the Plan.

     1. Restrictions on Transfer of Award. The Award shall not be sold, transferred,
pledged, assigned or otherwise encumbered or disposed of by the Grantee, until (i) the Restricted
Stock Units have vested as provided in Section 2 of this Award Agreement, and (ii) shares have been
issued pursuant to Section 4 of this Award Agreement.

     2. Vesting of Restricted Stock Units. The Restricted Stock Units shall vest in
accordance with the schedule set forth below, provided in each case that the Grantee is then, and
since the Grant Date has continuously remained, in a service relationship (in the capacity of an
employee, officer, director or consultant) with the Company or its Subsidiaries.

	 	 	 
	Incremental (Aggregate)	 	 
	Number of	 	 
	Restricted Stock Units Vested	 	Vesting Date
	(25%)	 	 
	(50%)	 	 
	(75%)	 	 
	(100%)	 	 

     In the event of an Acquisition (as defined in the Plan) or a Change in Control (as defined in
an Executive Agreement or Employment Agreement or similar agreement between the Company and the
Grantee (the “Executive Agreement”)), the treatment of the unvested Restricted Stock Units in
connection with such Acquisition or Change in Control shall be governed by the Executive Agreement.
To the extent that the Grantee is not a party to an Executive Agreement, in the event of an
Acquisition the acquirer shall assume the Award and the terms of this Award Agreement taking into
account any adjustment or substitution as provided in Section 3(d) of the Plan; provided, however,
that if the Award and the terms of this Award Agreement are not so assumed, any Restricted Stock
Units that remain unvested at the time of such Acquisition shall become fully vested at such time.
The Administrator may at any time accelerate the vesting schedule specified in this Section 2.

 

 

     3. Forfeiture. In the event the Grantee’s service relationship with the Company and
its Subsidiaries ceases prior to the applicable vesting dates, all Restricted Stock Units that have
not previously been vested on such date shall be immediately forfeited to the Company.

     4. Issuance of Shares of Stock; Rights as Stockholder.

          (a) As soon as practicable following each vesting date, but in no event later than 30 days
after each such vesting date, the Company shall direct its transfer agent to issue to the Grantee
in book entry form the number of shares of Stock equal to the number of Restricted Stock Units
credited to the Grantee that have vested pursuant to Section 2 of this Award Agreement on such date
in satisfaction of such Restricted Stock Units. Such issuance may be effected by the Company
directing its transfer agent to deposit such shares of Stock into the Grantee’s brokerage account.
The Grantee’s cost basis in any shares of Stock issued hereunder shall be $0.00.

          (b) In each instance above, the issuance of shares of Stock shall be subject to the payment by
the Grantee by cash or other means acceptable to the Company of any federal, state, local and other
applicable taxes required to be withheld in connection with such issuance in accordance with
Section 7 of this Award Agreement.

          (c) The Grantee understands that (i) the Grantee shall have no rights with respect to the
shares of Stock underlying the Restricted Stock Units, such as voting rights, dividend rights and
dividend equivalent rights, unless and until such shares of Stock have been issued to the Grantee
as specified in Section 4(a) hereof and (ii) once shares have been delivered by book entry to the
Grantee in respect of the Restricted Stock Units, the Grantee will be free to sell such shares of
Stock, subject to applicable requirements of federal and state securities laws and Company policy.

     5. Incorporation of Plan. Notwithstanding anything herein to the contrary, this Award
Agreement shall be subject to and governed by all the terms and conditions of the Plan, including
the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this
Award Agreement shall have the meaning specified in the Plan, unless a different meaning is
specified herein.

     6. Transferability of this Award Agreement. This Award Agreement is personal to the
Grantee, is non-assignable and is not transferable in any manner, by operation of law or otherwise,
other than by will or the laws of descent and distribution.

     7. Tax Withholding. In the event the Company is required to withhold taxes from the
Grantee for taxable compensation relating to the issuance of shares of Stock in connection with
this Award, the Company shall cause its transfer agent and any manager of the Company’s stock plan
benefits (e.g. E*Trade Financial) to sell from the number of shares of Stock to be issued
to the Grantee, the minimum number of shares of Stock necessary to satisfy the Federal, state and
local taxes required by law to be withheld from the Grantee on account of such transfer along with
any applicable third-party commission. The Company shall use the proceeds from such sale to
satisfy the Grantee’s tax withholding obligation hereunder. During any period of time during which
the Grantee is a director or an executive officer of the Company and/or

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becomes subject to the reporting requirements of Section 16 of the Securities Exchange Act of
1934, as amended, this provision shall no longer be effective and the Grantee will be required to
satisfy his or her tax withholding obligations with respect to the Restricted Stock Unit Award in
another manner permitted by the Plan.

     8. No Obligation to Continue Employment Service Relationship. Neither the Company nor
any Subsidiary is obligated by or as a result of the Plan or this Award Agreement to continue the
Grantee in a service relationship with the Company or any Subsidiary and neither the Plan nor this
Award Agreement shall interfere in any way with the right of the Company or any Subsidiary to
terminate its service relationship with the Grantee at any time.

     9. Arbitration. Any dispute, controversy, or claim arising out of, in connection
with, or relating to the performance of this Award Agreement or its termination shall be settled by
arbitration in the Commonwealth of Massachusetts, pursuant to the rules then obtaining of the
American Arbitration Association. Any award shall be final, binding and conclusive upon the parties
and a judgment rendered thereon may be entered in any court having jurisdiction thereof.

     10. Miscellaneous.

          (a) Notices. Notices hereunder shall be mailed or delivered to the Company at its
principal place of business and shall be mailed or delivered to the Grantee at the address on file
with the Company or, in either case, at such other address as one party may subsequently furnish to
the other party in writing.

          (b) Entire Award; Modification. This Award Agreement constitutes the entire agreement
between the parties relative to the subject matter hereof, and supersedes all proposals, written or
oral, and all other communications between the parties relating to the subject matter of this Award
Agreement. This Award Agreement may be modified, amended or rescinded only by a written agreement
executed by both parties.

          (c) Severability. The invalidity, illegality or unenforceability of any provision of
this Award Agreement shall in no way affect the validity, legality or enforceability of any other
provision.

          (d) Successors and Assigns. This Award Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns, subject to the
limitations set forth in Section 6 hereof.

          (e) Governing Law. This Award Agreement shall be governed by and interpreted in
accordance with the laws of the state of Delaware, without giving effect to the principles of the
conflicts of laws thereof.

          (f) Fractional Shares. All fractional shares resulting from the adjustment provisions
or from the withholding of shares to satisfy tax withholding obligations, contained in this Award
Agreement or in the Plan, shall be rounded down.

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	 	iROBOT CORPORATION	 
	 
	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

The foregoing Award Agreement is hereby accepted and the terms and conditions thereof hereby agreed
to by the undersigned.

	 	 	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 

	 	 
	 

	 	 	 	 	 	Grantee’s Signature	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Grantee’s name and address:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 

	 	 

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