Document:

Unassociated Document

    
      Exhibit
10(iii)(A)

       

      
        SEVERANCE
AGREEMENT

         

        AGREEMENT
made this _____ day of ______ 2009, effective as of January 1, 2009, by and
between Drew Industries Incorporated, a Delaware corporation (“Drew”), and
Joseph S. Giordano III (the “Executive”).

        

        WITNESSETH:

         

        WHEREAS,
the Executive has been an executive officer of Drew since 2003 and has made
substantial contributions to the development and success of Drew;
and

        

        WHEREAS,
Drew and the Executive have agreed on certain salary and benefits to be provided
to the Executive if his employment with Drew is terminated without Cause (as
herein defined),

        

        NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein
contained, it is agreed as follows:

        

        1.           Payment on
Termination.

        

        1.1           In
the event Drew terminates the Executive’s employment by Drew or any of its
subsidiaries or affiliates without Cause at any time after the effective date of
this Agreement and prior to December 31, 2011, Drew shall pay and provide to the
Executive the following salary and benefits:

        

        1.1.1                      An
amount equal to the greater of the annual salary paid to the Executive as of (i)
the effective date of this Agreement or (ii) the effective date of the
termination of employment (the “Termination Date”); and

        

        1.1.2                      All
benefits and perquisites provided to the Executive as of the first day of the
year in which the Termination Date occurs, excluding stock options.

        

        1.2           Payment
of salary and provision of benefits shall be made for a period of twelve (12)
months commencing with the first day of the month following the month in which
the Termination Date occurs in accordance with the customary payroll and
benefits practices of Drew.

        

        1.3           For
purposes of this Agreement, the term “Cause” shall have the meaning ascribed to
it in Drew’s Agreement Pursuant to Drew Industries Incorporated 2002 Equity
Award and Incentive Plan (the “Stock Option Agreement”).

        

        1.4           In
the event that applicable laws or regulations prohibit Drew from providing any
of the foregoing benefits, or result in penalties or excess tax imposed on Drew,
Drew may withhold same and will pay the Executive an amount equal to the cost
incurred by the Executive to replace the benefits withheld.

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        1.5           Drew’s
obligation to provide, and the Executive’s right to receive, any of the salary
and benefits described in this Section are conditioned on, and are in partial
consideration for, (i) the Executive’s release of any claims he may have against
Drew and its affiliated companies in connection with his employment or
otherwise; and (ii) the Executive’s continued compliance with any obligations he
may have to Drew.

        

        1.6           All
payments made by Drew to the Executive under this Agreement shall be net of any
applicable taxes (local, state, federal or otherwise) or other required or
voluntary withholding or deductions.

        

        1.7           The
Executive shall not be required to mitigate the amount of any payment or benefit
provided under this Agreement by seeking other employment or otherwise, nor
shall the amount of any payment or benefit provided for under this Agreement be
reduced by any compensation earned by the Executive as a result of employment by
another employer or by any other benefits received by the
Executive.

        

        1.8           In
the event of the death of the Executive prior to December 31, 2011, Drew shall
continue to pay and provide to the beneficiary or heir of the Executive the
salary and benefits which the Executive would have been entitled to receive
hereunder, for a period of six (6) months from the date of death.

        

        1.9           The
Executive shall not be required to change the locale of his current residence
without his consent, or change his place of employment to a location outside of
a radius of 25 miles from Drew’s current office in White Plains, New
York.

        

        1.10           The
Executive’s salary as of the effective date of this Agreement shall not be
reduced other than in accordance with a salary reduction made applicable to all
other “named executive officers” disclosed in Drew’s Proxy Statement, or
adversely modified in any material respect as a result of an involuntary
diminution of his title, status or responsibilities.

        

        2.           Compliance.

        

        2.1           Drew
and the Executive intend that the provisions of this Agreement shall comply in
all respects with the requirements of section 409A of the Internal Revenue Code
of 1986, as amended (the “Code).  Accordingly, notwithstanding
anything in this Agreement to the contrary, all elections to defer,
distributions, and all other aspects of this Agreement, shall be made in
compliance with Section 409A of the Code and any regulations or other guidance
thereunder.  To the extent required, this Agreement will be revised
and amended in order to comply with the provisions of Section 409A of the Code,
as amended from time to time, and any regulations or guidance thereunder as
described in Notice 2008-13 or other guidance thereunder.

        

        2.2           In
no event shall the Executive receive any awards which are deemed to be deferred
compensation under the provisions of Section 409A of the Code, unless all
aspects of such awards meet the requirements of Section 409A of the
Code.

        

        
          
            
            

          

          
            -1-

            
              

            

          

          
            
            

          

        

        2.3           All
salary and benefits, in whatever form, payable pursuant to this Agreement shall
be subject in all respects to the terms, provisions and conditions of the Drew
Industries Incorporated 2002 Equity Award and Incentive Plan, as amended from
time to time.

        

        3.           Notices.

        

        3.1           All
notices and other communications hereunder shall be in writing and shall be
given (and shall be deemed to have been duly given upon receipt) by delivery in
person, telegram, facsimile or other standard form of telecommunication, or by
registered or certified post-paid mail, return receipt requested, and addressed
as follows, or to such other address as any party may notify the other in
accordance with the provisions hereof:

         

        
          	
                   
      

                	
                  To
      Drew:

                	
                  Drew
      Industries Incorporated

                

        

        
          	
                   
      

                	
                  200
      Mamaroneck Avenue

                

        

        
          	
                   
      

                	
                  White
      Plains, New York 10601

                

        

        
          	
                   
      

                	
                  Attention:
      President and CEO

                

        

        Telephone:  (914)
428-9098

        Telecopy:  (914)
428-4581

         

        
          
            	
                     
      

                  	
                    

                      To
      the Executive:

                    

                  	
                    
                      Joseph
      S. Giordano III

                    

                  

          

          
          

          
          

          
          

        

         

        4.           Additional
Provisions.

        

        4.1           This
Agreement does not constitute a contract of employment or impose on Drew or the
Executive any obligation to continue the Executive’s employment.

        

        4.2           This
Agreement shall inure to the benefit of and be binding upon Drew, its successors
and assigns, and the Executive, his heirs, executors, administrators and legal
representatives.

        

        4.3           This
Agreement shall not be terminated, voluntarily or involuntarily, by the
liquidation or dissolution of Drew or by the merger or consolidation of Drew
with or into another corporation.

        

        4.4           Whenever
possible, each provision of this Agreement will be interpreted in such manner as
to be effective and valid under applicable law.  If any provision of
this Agreement is held to be invalid, illegal or unenforceable in any respect
under any applicable law or rule in any jurisdiction, such invalidity,
illegality or unenforceability will not affect any other provision, or any other
jurisdiction, but this Agreement will be reformed, construed and enforced in
such jurisdiction as if such invalid, illegal or unenforceable provisions had
never been contained herein.

        

        
          
            
            

          

          
            -2-

            
              

            

          

          
            
            

          

        

         4.5           This
Agreement shall be governed by the internal laws of the State of New York
without giving effect to principles of conflicts of law.  Each party
hereto hereby irrevocably submits to the exclusive jurisdiction of the United
States District Court located in White Plains, New York over any suit, action or
proceeding arising out of or relating to this Agreement.  Each party
hereby irrevocably waives to the fullest extent permitted by law, (i) the right
to a trial by jury; (ii) any objection that they may now or hereafter have to
the venue of any such suit, action or proceeding brought in any such court; or
(iii) any claim that any such suit, action or proceeding has been brought in an
inconvenient forum. Final judgment in any suit, action or proceeding brought in
any such court shall be conclusive and binding upon each party duly served with
process therein and may be enforced in the courts of the jurisdiction of which
either party or any of their property is subject, by a suit upon such
judgment.

        

        4.6           This
Agreement may be executed in one or more counterparts, each of which shall be an
original, but all of which shall be deemed to be one and the same
instrument.

        

        4.7           In
the event of any proceeding involving a claim or dispute arising under this
Agreement, the prevailing party (by motion, on the merits, or otherwise) shall
be entitled to recover, in addition to any remedy awarded in such proceeding,
all costs and expenses, including actual attorneys fees, incurred by the
prevailing party in such proceeding.

        

        4.8           The
headings of this Agreement are for the convenience of reference only and shall
not affect in any manner any of the terms and conditions hereof.

        

        (Signature
Page Follows)

         

        
          
            
            

          

          
            -3-

            
              

            

          

          
            
            

          

        

        IN
WITNESS. WHEREOF,
Drew has caused these presents to be signed by its duly authorized officer, and
the Executive has hereunto set his hand the day and year first above
written.

         

        
          
            	 	DREW
      INDUSTRIES INCORPORATED	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/ 	 
	 	 	 	 
	 	 	 	 
	 	 	Joseph
      S. Giordano III	 

          

        

        
        

        

        
          
            
            

          

          
            -4-Exhibit 10.01

                           KEITHLEY INSTRUMENTS, INC.

                     2010 Annual Incentive Compensation Plan

                                  Introduction

          Keithley Instruments, Inc. (the "Company") has established an Annual
Incentive Compensation Plan (the "Plan") as part of a competitive compensation
program for the officers and key management employees of the Employers (as
defined below). This Plan is also referred to as the Short-Term Incentive
Compensation Plan.

Plan Objective

          The Company desires to attract, retain and incent talented employees
to enable the Company to meet its financial and business objectives. The
objective of the Plan is to provide an opportunity to those employees whose
performance has a significant impact on the Company's short-term and long-term
profitability to earn annual incentive compensation based on such profitability.

Administration

          The Plan is administered by the Compensation and Human Resources
Committee of the Board of Directors of the Company (the "Committee"). The
Committee:

     (a) May amend, modify, or discontinue the Plan.

     (b) Will designate Plan Participants at the officer level.

     (c) Will review and approve the annual performance criteria.

     (d) Will approve individual incentive compensation Awards to Participants
         who are officers.

     (e) Delegates to the Chief Executive Officer of the Company the power to
         designate Plan Participants and approve incentive compensation Awards
         to Participants who are not officers.

     (f) Except as determined by the Committee, a Participant must be employed
         on September 30 of the Award Term in order to be entitled to receive an
         Award hereunder. Notwithstanding the foregoing, the Committee may
         approve a pro rata incentive compensation Award for Participants who
         terminate employment prior to September 30 of the Award Term, provided
         those Participants were actively at work for the first one hundred and
         eighty days in the Award Term and (1) whose employment is terminated
         due to death, Disability, Retirement or (2) at the recommendation of
         the Chief Executive Officer.

          The Committee shall have complete authority to interpret all
provisions of this Plan consistent with law, to prescribe the form of any
instrument evidencing any Award granted or paid under this Plan, to adopt, amend
and rescind general and special rules and regulations for its administration,
and to make all other determinations necessary or advisable for the
administration of this Plan. A majority of the Committee shall constitute a
quorum, and the action of members of the Committee present at any meeting at
which a quorum is present or acts unanimously approved in writing by all
Committee members, shall be the act of the Committee. All acts and decisions of
the Committee with respect to any questions arising in connection with the
administration and interpretation of this Plan, including the severability of
any or all of the provisions hereof, shall be conclusive, final and binding upon
the Company and all present and former Participants and employees and their
respective descendants, successors and assigns. No member of the Committee shall
be liable for any such act or decision made in good faith.

<PAGE>

Determination of Individual Incentive Compensation Awards
---------------------------------------------------------

          Target incentive percentage for each Participant in the Plan will be
established at the beginning of each Award Term and approved by the Committee,
if required, or the Chief Executive Officer in cases where he has been delegated
power by the Committee and will be established with consideration of competitive
market data. Individual target incentive compensation will be calculated at the
end of the Award Term based on performance against the criteria. Individual
incentive compensation may then be further modified based on a Participant's
performance and contributions for the year by up to 25% either plus or minus of
target payout. If a Participant's performance during the Award Term is
determined to be unsatisfactory, the Committee, or the Chief Executive Officer
in the case of non-officers, reserves the right to reduce the Participant's
Award for the Award Term to zero. Individual incentive compensation Awards may
not exceed two (2) times the Target Incentive Award.

Payment Date/Taxes
------------------

          Promptly following the Committee's or the Chief Executive Officer's
approval, as appropriate, of the final Awards, the Participants' Employer shall
pay the amount of such Awards to the Participants in cash, subject to all
withholdings and deductions described in the following sentence; provided,
however, that (i) no Award shall be payable to a Participant except as
determined by the Committee or the Chief Executive Officer, as appropriate and
(ii) and Awards earned during the Award Term shall be paid during the period
from October 1st through December 31st of the fiscal year following the Award
Term provided that no valid deferral election has been previously made by the
Participant. Any Award paid to a Participant under this Plan shall be subject to
all applicable foreign, federal, state and local income tax, social security and
other standard withholdings and deductions.

Definitions
-----------

          (a) "Award" means cash paid to a Participant under the Plan for the
applicable Award Term in an amount determined in accordance with the Plan.

          (b) "Award Term" means the period corresponding with the Company's
fiscal year beginning October 1 through the following September 30.

          (c) "Disability" means an approved application for disability benefits
under an Employer's long term disability plan or under any applicable government
program.

                                       2
<PAGE>

          (d) "Employer" means each of the Company and its wholly owned
subsidiaries, as applicable.

          (e) "Participant" means any person who is classified by an Employer as
a salaried employee who in the judgment of the Committee or the Chief Executive
Officer, as appropriate occupies a key position in which his efforts may
significantly contribute to the profits or growth of the Company; and provided
that following the end of the Award Term the Committee, or the Chief Executive
Officer, as appropriate, may make one or more discretionary Awards to employees
of an Employer who were not previously designated as Participants. Directors of
an Employer who also are employees of the Company are eligible to participate in
the Plan. The Committee, or the Chief Executive officer in the case of a
non-officer Participant, shall have the power to add Participants at any later
date in the Award Term if individuals subsequently become eligible to
participate in the Plan. Each Participant shall be notified that he is eligible
to receive an Award and the amount of his target Award. All target awards are
based the salary in effect on October 1 of the applicable Award Term, or in the
case of a Participant added to the Plan at a later date his starting salary or
then current salary.

          (f) "Retirement" means a termination of employment with the Company or
any Employer at or after age 55 and the completion of 10 or more years of
service with the Company or any Employer.

General Plan Provisions
-----------------------

          (a) No Right of Employment. Neither the adoption or operation of this
Plan, nor any document describing or referring to this Plan, or any part
thereof, shall confer upon any employee any right to continue in the employ of
the Employer, or shall in any way affect the right and power of an Employer to
terminate the employment of any employee at any time with or without assigning a
reason therefor to the same extent as the Company might have done if this Plan
had not been adopted.

          (b) Governing Law. The provisions of this Plan shall be governed by
and construed in accordance with the laws of the State of Ohio.

          (c) Miscellaneous. Headings are given to the sections of this Plan
solely as a convenience to facilitate reference. Such headings, numbering and
paragraphing shall not in any case be deemed in any way material or relevant to
the construction of this Plan or any provisions thereof. The use of the
masculine gender shall also include within its meaning the feminine. The use of
the singular shall also include within its meaning the plural, and vice versa.

          (d) American Jobs Creation Act. It is intended that this Plan be
exempt from the requirements of Section 409A of the Internal Revenue Code, as
enacted by the American Jobs Creation Act.

          (e) Limitation on Rights of Participants; No Trust. No trust has been
created by the Company or any Employer for the payment of Awards granted under
this Plan; nor have the Participants been granted any lien on any assets of the
Company or any Employer to secure payment of such benefits. This Plan represents
only an unfunded, unsecured promise to pay by the Company and a Participant
hereunder is a mere unsecured creditor of his Employer.

                                       3
<PAGE>

          (f) Payment to Guardian. If an Award is payable to a minor, to a
person declared incompetent or to a person incapable of handling the disposition
of his property, the Committee may direct payment of such Award to the guardian,
legal representative or person having the care and custody of such minor,
incompetent or person. The Committee may require such proof of incompetency,
minority, incapacity or guardianship as it may deem appropriate prior to the
distribution of such Award. Such distribution shall completely discharge the
Employers from all liability with respect to such Award.

          (g) Effective Date. This Plan shall become effective as of October 1,
2009.

Performance Targets
-------------------

          The performance targets for the Plan are attached as an Addendum to
this document.

                                       4
<PAGE>

                           FY2010 Performance Targets

For the fiscal year ending September 30, 2010 ("fiscal year 2010"), Awards may
be paid to Participants in the amounts specified in such Participant's Award
upon the following terms and conditions:

1.       For each fiscal quarter in fiscal year 2010, 25% of the amount by which
         the Company's Return on Sales (as defined below) exceeds 5% will be
         contributed to a bonus pool (the "Bonus Pool") to be divided among
         Participants in accordance with the percentage of the Bonus Pool
         specified in such Participant's Award.

         Return on Sales is defined as follows:*    Pre-tax Earnings / Net Sales

         * Excluding special items as approved by the Committee in its sole
           discretion

2.       No monies will be allocated to the Bonus Pool in each quarter of fiscal
         year 2010 unless the Company has restored its salaries and 401(k) plan
         match to at least the levels in place immediately prior to January 1,
         2009. The 5% threshold above assumes full restoration of compensation.

3.       As of the end of fiscal year 2010, the aggregate amount accumulated in
         the Bonus Pool will be payable to the Participants in accordance with
         such Participant's Award and the other terms and conditions of the
         Plan. Each quarter the percentage of total bonus will be calculated
         based on the current Participants at quarter end.

                                       5

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