Document:

EX-10.4

 Exhibit 10.4 

AGREEMENT REGARDING TERMINATION BENEFITS 

This Agreement Regarding Termination Benefits (“Agreement”) is entered into as of April 25, 2019 (the “Effective Date”) by and
between Teradyne, Inc., a Massachusetts corporation with a principal office at 600 Riverpark Drive, North Reading, MA 01864 (the “Company”) and Sanjay Mehta, Vice President and Chief Financial Officer of the Company
(“Executive”). 
 WHEREAS, the Company and Executive have agreed on certain Termination Benefits in the event the Executive’s employment with
the Company terminates under the conditions described herein. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
contained herein, the Company and the Executive agree as follows: 
 1. Effective Date and Term: This Agreement shall become effective as of the date
set forth in the opening paragraph. Subject to the provisions of Sections 4 and 9 below and unless earlier terminated as permitted herein, this Agreement shall continue in effect for a period of three (3) years from the Effective Date
(“Term”) and thereafter, the Term shall be extended for additional one-year periods unless, not later than sixty (60) days prior to the end of the then current Term, the Company shall have given
notice to the Executive not to extend the then current Term. 
 2. Definitions: For purposes of this Agreement, capitalized terms shall be defined as
follows: 
 “Model Compensation” shall mean the Executive’s annual “model compensation” as determined by the
Company’s Compensation Committee or Board of Directors, which consists of (a) a fixed annual salary and (b) a target annual variable amount. 

“Cause” shall mean conduct involving one or more of the following: (i) the substantial and continuing failure of the
Executive, after notice thereof, to render services to Company in accordance with the terms or requirements of his employment, as established by the Company Board of Directors from time to time and communicated to the Executive; (ii) the
Executive’s disloyalty, gross negligence, willful misconduct, dishonesty, fraud or breach of fiduciary duty to the Company each in connection with the Executive’s employment by the Company; (iii) the Executive’s deliberate
disregard of the rules or policies of, or breach of an agreement with, Company which results in direct or indirect material loss, damage or injury to the Company; (iv) the intentional, unauthorized disclosure by the Executive of any trade
secret or confidential information of the Company; (v) the commission by the Executive of an act which constitutes unfair competition with the Company or (vi) the conviction of, or the entry of a plea of guilty or nolo contendere by the
Executive, to any crime involving moral turpitude or any felony. In the event that the Company determines that Cause may exist pursuant to clauses (i), (iii) and (v) above, the Company shall give the Executive written notice of the facts
constituting such Cause and the Executive shall have thirty (30) days following receipt of such notice to remedy such Cause. 

  
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 “Change in Control” shall be deemed to have occurred upon the occurrence of
any of the following events: (i) any consolidation, cash tender offer, reorganization, re-capitalization, merger or plan of share exchange following which the capital stock of the Company immediately
prior to such transaction constitutes less than a majority of the combined voting power of the then-outstanding securities of the combined corporation or person immediately after such transaction; (ii) any sale, lease, exchange or other
transfer of all or substantially all of the Company’s assets; (iii) the adoption by the Board of Directors of Company of any plan or proposal for the liquidation or dissolution of the Company; (iv) a change in the majority of the
Board of Directors of the Company through one or more contested elections occurring within a three year period; or (v) any person (as that term is used in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act of 1934, as
amended) becomes beneficial owner of 30% or more of the combined voting power of the Company’s outstanding voting securities other than (A) as a result of a consolidation, reorganization, recapitalization, merger or plan of share exchange
following which the capital stock of the Company outstanding immediately prior to such transaction constitutes at least a majority of the combined voting power of the then-outstanding securities of the combined corporation or person immediately
after such transaction, (B) by any trustee or other fiduciary holding securities under an employee benefit plan of the Company, or (C) by a person temporarily acquiring beneficial ownership in its capacity as an underwriter (as defined
pursuant to Section 2(a)(11) of the Securities Act of 1933, as amended) in connection with a public offering of the Company’s securities. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Company” shall mean “Teradyne, Inc. and shall include its successors and assigns, and any corporation or other entity
which is the surviving or continuing entity following a merger, consolidation, or sale of all or substantially all of the Company’s assets or stock. 

“Competitor” includes, but is not limited to, any business or enterprise that develops, designs, produces, markets, sells, or
renders any product or service developed, produced, marketed, sold or rendered by the Company, including actual or demonstrably anticipated research or development. 

“Date of Termination” shall mean the last day of Executive’s employment with the Company. 

“Disability” shall mean an illness, injury or other incapacitating condition as a result of which the Executive is absent
from full time performance of his duties with the Company or is unable to perform his duties and responsibilities for a period of sixty (60) consecutive days during the Term or a period or periods aggregating to more than ninety (90) days
in any consecutive six (6) month period but shall not include death. 

  
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 “Equity Awards” shall mean the equity ownership, participation or
appreciation opportunities provided by the Company to the Executive pursuant to incentive plans that the Company maintains, including but not limited to its 2006 Equity and Cash Compensation Incentive Plan, and any stock options, restricted stock
units, restricted stock, stock appreciation rights, phantom stock and other stock-based awards granted thereunder. 
 “Restricted
Activities” shall include the following: 
  

	 	a)	 Recruiting, soliciting, hiring or engaging, as an employee or independent contractor, any employees or former
employees (excluding any former employee whose employment with the Company or its subsidiaries has been terminated for a period of six months or longer) of the Company or its subsidiaries; 

 

	 	b)	 Soliciting, enticing, or encouraging employees of the Company or its subsidiaries to leave employment with the
Company or its subsidiaries; 

  

	 	c)	 Soliciting (for the purpose of providing a product or service that is competitive with the Company) any
customer or prospective customer of the Company or its subsidiaries; 

  

	 	d)	 Soliciting, enticing, advising, encouraging, or inducing (i) customers of the Company or its subsidiaries
to discontinue or alter their business relationship or (ii) customers or prospective customers to refrain from entering into a business relationship with the Company or its subsidiaries; 

 

	 	e)	 Entering the employment, rendering any professional services or taking a position as an officer, director,
partner, owner, consultant, independent contractor, advisory board or committee member, principal, agent, employee or 10% or more shareholder with or to any individual, partnership, association or corporation which is a Competitor of the Company or
its subsidiaries; but this clause (e) shall not preclude the Executive from rendering services to an entity that competes with an entity that has acquired Teradyne, Inc. (an “Acquirer”) so long as (i) the Executive’s
services do not involve products or services that are competitive to those that were produced, marketed, sold or rendered by Teradyne, Inc. or any of its subsidiaries (including actual or demonstratively anticipated research or development) before
the acquisition (“Teradyne Product/Services”) and (ii) the Executive is not retained as an Officer of the Acquirer following the consummation of the acquisition to render services involving the Acquirer’s products and services
which are not Teradyne Products/Services. 

  
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	 	f)	 Establishing, funding, purchasing or managing a business which is competitive with the business of the Company
or its subsidiaries. 

 3. Employment & Agreement Consideration: In consideration of (a) the sign-on cash bonus and sign-on equity grant of Restricted Stock Units provided by the Company to the Executive in connection with his hiring as Vice President and Chief
Financial Officer; and (b) the Company’s willingness to enter into this agreement regarding termination benefits, the Executive covenants and agrees that during his employment and for one year after the Executive’s Date of Termination
resulting from the Executive’s resignation, retirement or a termination by the Company for Cause, the Executive will not directly or indirectly engage in any of the Restricted Activities. 

4. Termination Benefits and Covenants: 

4.1 For the Executive: In consideration of, and as condition to, the performance by the Executive of the covenants, undertakings and
other agreements set forth in Section 4.3 below, and for so long as the Executive performs such obligations, the Company shall provide the Termination Benefits described in subsections (a)-(f) below to the Executive if his employment with the
Company is terminated by the Company for any reason other than for death, Disability, or Cause, provided that such termination by the Company does not trigger or entitle the Executive to any payments or benefits under the Executive Officer Change in
Control Agreement (the “Executive Officer Change in Control Agreement”). If the Executive’s employment with the Company is terminated within twenty-four (24) months following a Change in Control or within three (3) months
prior to an actual Change in Control, then the terms and conditions of the Executive Officer Change in Control Agreement shall govern such employment termination and the Executive shall not be entitled to the payments and benefits described below.
Subject to Section 4.1(b)(i) of this Agreement but notwithstanding any other provision of this Agreement to the contrary, payment or provision of the Executive’s Termination Benefits that are subject to Section 409A of the Code shall
commence on the 60th day following the Date of Termination provided the Executive has complied with the requirements of Section 4.3 of this Agreement and the release of claims has become
irrevocable under applicable law no later than on the 60th day following his Date of Termination. All Termination Benefits shall be forfeited as of the 60th day following the Executive’s Date of Termination if the Executive has not provided the Company with a valid, irrevocable release of claims as of such 60th day. 
 (a) Continued Payments: Unless otherwise required under
Section 4.1(b) below, the Company shall pay monthly to the Executive an amount equal to 1/12th of his current annual Model Compensation as of the Date of Termination for a period of twelve
(12) months from the Date of Termination (the “Severance Period”). Except as otherwise expressly provided herein, under no circumstances shall the Executive receive more than a total of twelve (12) months of payments under this
Agreement. All such continued payments shall be in accord with the Company’s customary pay practices. Executive shall not be eligible to receive a cash profit sharing payment for the year in which the Executive’s employment is terminated.

  
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 (b) Deferred Compensation/Section 409A. 

(i) Notwithstanding any other provision of this Agreement, if the Executive is a “specified employee” at the
time of Executive’s “separation from service,” as defined in Section 409A of the Code, all payments, benefits, or removal of restrictions on the transfer of equity under this Agreement with respect to Executive’s separation
from service that constitute compensation deferred under a nonqualified deferred compensation plan as defined in Section 409A of the Code to which such specified employee would otherwise be entitled during the first six months following the
date of separation from service shall be made on the first day of the seventh month after the date of separation from service (or, if earlier, the date of death of the Executive). 

(ii) For purposes of this Agreement, each amount to be paid or benefit to be provided shall be construed as a separate
identified payment for purposes of Section 409A, and any payments that are due within the “short term deferral period” as defined in Section 409A or payments that are made under separation pay plans as described in Treasury
Regulation Section 1.409A-1(b)(ii), (iii) or (iv), shall not be treated as deferred compensation unless applicable law requires otherwise. Neither the Company nor the Executive shall have the right to
accelerate or defer the delivery of any payments or benefits under this Agreement except to the extent specifically permitted or required by Section 409A. 

(iii) This Agreement is intended to comply with the provisions of Section 409A and the Agreement shall, to the extent
practicable, be construed in accordance therewith. Terms defined in the Agreement shall have the meanings given such terms under Section 409A if and to the extent required to comply with Section 409A. In any event, the Company makes no
representations or warranty and shall have no liability to Executive or any other person if any provisions of or payments under this Agreement are determined to constitute deferred compensation subject to Code Section 409A but not to satisfy
the conditions of that section. 
 (c) Benefits: During the Severance Period, the Company shall arrange or provide for
continued health, dental and vision insurance plan coverage for the Executive at the same levels of coverage in existence prior to the Date of Termination subject to the Company and Executive each contributing to the applicable insurance premium
payments on the same basis and in the same proportions as in existence at the Date of Termination. If the Executive is not eligible for continued health, dental and vision insurance plan coverage for any portion of the Severance Period, the Company
shall provide or reimburse the Executive for comparable individual insurance and, if such provision or reimbursement constitutes taxable income to the Executive, such additional 

  
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amount as is necessary to place the Executive in substantially the same after tax position as he was while an employee of the Company with respect to such insurance plan coverages. All other
benefits, including but not limited to flex/vacation time accrual, short and long term disability insurance, life insurance, contributions (including company matches) into savings plan and savings plan plus, profit sharing payments and participation
in the employee stock purchase plan shall cease as of the Date of Termination. 
 To the extent that amounts paid by the
Company to provide benefits under this paragraph (c), are deemed to be deferred compensation subject to Section 409A, then such payments shall be made monthly and to the extent any such benefits are reimbursements of expenses incurred by the
Executive then the expenses eligible for reimbursement in one taxable year may not effect the expenses eligible for reimbursement in another taxable year; such reimbursement must be made on or before the last day of the year following the year in
which the expenses are incurred; and the right to reimbursement is not subject to liquidation or exchange for another benefit. 

(d) Equity Awards: All unvested Equity Awards held by the Executive as of the date of the Executive’s termination
by the Company shall cease to vest pursuant to the terms of the the applicable equity Plan(s) and Equity Award Agreements (including any successor plans and agreements) under which the Equity Awards were granted to the Executive. 

(e) Taxes and Withholdings: All payments made by the Company to the Executive under this Agreement shall be net of any
applicable taxes (whether local, state, federal, provincial or otherwise) or other required or voluntary withholdings or deductions. 

(f) Notwithstanding anything to the contrary herein, in the event the Executive dies after (i) his employment with the
Company has been terminated for any reason other than Death, Disability and Cause and (ii) his right to the Termination Benefits stated in Section 4.1 has attached, the Company agrees that the Executive’s estate, conservator or
designated beneficiary(ies), as the case may be, shall be entitled to the remainder of the Executive’s Termination Benefits described in Section 4.1. 

4.2 Notwithstanding the preceding Section 4.1 and in consideration of, and as condition to, the Executive providing to the Company the
covenants and agreements set forth in Section 4.3 below, the Company agrees that if the Executive’s employment with the Company is terminated by the Company for Disability, the Company shall, unless otherwise required under
Section 4.1(b) above: 
 (a) provide the monthly payments described in Section 4.1(a) above, as reduced pursuant to
4.2(b) below, to the Executive for each month during the twelve (12) month period following his termination during which the Executive does not receive or is no longer eligible to receive any Company disability insurance benefits under the
applicable insurance policy or program(s), other than as a result of Executive’s intentional malfeasance or death; and 

  
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 (b) under this Section 4.2, reduce each monthly payment described in
Section 4.1(a) above to the Executive by any compensation received by the Executive from other employment, consulting or the rendition of services outside the Restricted Activities. 

The Executive agrees to use his best efforts to obtain and maintain any benefits from any disability policy or program under which he is an insured party or
participant. 
 4.3 Executive’s Covenants: In consideration of, and as a condition to, the Company providing to the Executive the
Termination Benefits set forth in Sections 4.1 and 4.2, the Executive covenants and agrees: 
 (a) that during the Term of
this Agreement and for one year after the Executive’s Date of Termination resulting from a termination by the Company for any reason other than for Death or Disability and so long as such termination does not trigger or entitle the Executive to
any payments or benefits under the Executive Officer Change in Control Agreement, the Executive will not directly or indirectly engage in any of the Restricted Activities. 

(b) to sign a valid, binding, irrevocable general release of any claims he has or may have against the Company, including its
subsidiaries, in connection with or relating to his employment by and/or termination from employment with the Company in the form attached hereto as Attachment A, within twenty-one (21) days of his
Date of Termination resulting from a termination by the Company. Notwithstanding the foregoing, the Company agrees and hereby acknowledges that the Release contained in Attachment A is not intended to and does not (i) apply to any claims
the Executive may bring to enforce the terms of this Agreement, the Executive Officer Change in Control Agreement, or any outstanding Equity Award Agreement and applicable equity Plan; (ii) release the Company of any obligation it may have
pursuant to a written agreement, the Company’s articles or organization or bylaws or as mandated by statute to indemnify the Executive as an officer or director of the Company; and (iii) release the Company of any obligation to provide
and/or pay benefits to the Executive or the Executive’s estate, conservator or designated beneficiary (ies) under and in accordance with the terms of any applicable Company benefit plan and/or program. 

  
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 (c) to continue to comply with any post-termination obligations he may have
to the Company arising from this Agreement or any other agreement the Executive has with the Company, its subsidiaries, affiliates or divisions, including but not limited to the following: 

 

	 	•	 	 All Outstanding Equity Award Agreements 

 

	 	•	 	 Employment Agreement 

  

	 	•	 	 Executive Officer Change in Control Agreement 

(d) to cooperate with and provide all reasonable assistance to the Company, with respect to any civil, criminal or
administrative investigations, actions and/or proceedings involving the Company and relating in any way to Executive’s positions, duties and responsibilities while at the Company or to any matters which the Executive handled, participated in or
had knowledge of while employed by the Company. 
 (e) not to make any false or disparaging or derogatory statements or
remarks to any person or entity about the Company’s (including its subsidiaries’) business affairs, financial condition, or about any Company or subsidiary directors, officers, employees, stockholders and agents. 

4.4 Return of Property: Within sixty (60) days of the Executive’s termination of employment, for any reason, or his
resignation or retirement, the Executive shall (a) return to the Company all Company property in his possession or control, including all electronic documents; and (b) submit all documentation for any reimbursements owed to the Executive
for business expenses incurred prior to the Date of Termination. 
 4.5 No Termination Benefits: Except as expressly stated otherwise
in Section 4.2, the Executive shall not be eligible for or receive any of the Termination Benefits described in Section 4.1 above upon the occurrence of any one of the following: (a) the Executive’s resignation of or retirement
from employment with the Company, or (b) the termination of Executive’s employment with the Company resulting from Death or Disability, or (c) the termination of Executive’s employment by the Company for Cause; or (d) the
Executive’s failure to perform or breach of any of the covenants, undertakings or other agreements set forth in Section 4.3; or (e) the Executive’s entitlement to receive payments or benefits under the Executive Officer Change in
Control Agreement. 
 5. Termination Notice: Any termination of the Executive’s employment by the Company (other than by reason
of Death) shall (a) be in writing; (b) indicate the basis for termination (such as with or without Cause, Disability, etc...) and with respect to a termination for Cause indicate the basis for termination in reasonable detail and
(c) be delivered to the Executive in accordance with Section 17 below. 
 6. Resignation or Retirement Notice: Any
resignation or retirement by Executive shall be (a) in writing, (b) explain the resignation or retirement and (c) be delivered to the Company at least ninety (90) days in advance of the resignation or retirement date and
otherwise in accordance with Section 17 below. 
 7. Resignation as a Director: Upon termination of Executive’s employment
by the Company for any reason or the resignation of or retirement from employment by the Executive, if the Executive is then serving on the Company’s Board of Directors, the Executive shall provide the Chairman of the Board with his written
resignation from the Company’s Board and all subsidiary Boards, and the Board may choose to accept or reject the Executive’s resignation as a Company Board member. 

  
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 8. No Third Party Beneficiaries: Except as otherwise provided in Section 4.1(f)
above and in the Executive Officer Change in Control Agreement, nothing in this Agreement shall confer upon any person or entity not a party to this Agreement, or the legal representative, executor, administrator or heir of such person or entity,
any rights or remedies of any nature or kind whatsoever under or by reason of this Agreement. 
 9. No Obligation of Employment.
Nothing in this Agreement shall be construed as an express or implied contract of employment between the Executive and the Company (or its subsidiaries, affiliate or divisions) or as a commitment on the part of the Company to retain Executive in any
capacity for any period of time. Executive understands that the employment relationship between the Executive and the Company will be “at will” and the Executive understands that the Company may terminate Executive with or without
“Cause” at any time (including prior to a Change in Control) or for any or no reason. Following any Change in Control, the Company may also terminate Executive with or without “Cause” at any time subject to the terms of this
Agreement and the Executive’s rights and the Company’s obligations specified in the Executive Officer Change in Control Agreement. 

10. Specific Performance: Executive acknowledges that (a) the services to be rendered under this Agreement and the obligations of
the Executive assumed herein are of a special, unique and extraordinary character, (b) it would be difficult or impossible to replace such services and obligations, (c) the Company, its subsidiaries and affiliates will be irreparably
harmed, and (d) the award of monetary damages will not adequately protect the Company, its subsidiaries and affiliates in the event of a breach hereof by the Executive. As a result, the Executive agrees and consents that if he violates any of
the provisions of this Agreement, the Company shall, without any bond or other security, being required and without the necessity of proving monetary damages, be entitled to temporary and/or permanent injunctive relief to be issued by a court of
competent jurisdiction restraining the Executive from committing or continuing any violation of this Agreement or any other appropriate decree of specific performance. Such remedies shall not be exclusive and shall be in addition to any other remedy
the Company may have whether at law or in equity. 
 11. Dispute Resolution: Except for the equitable relief provisions set forth in
Section 10, the Executive and the Company agree that any dispute, controversy or claim arising between the parties relating to this Agreement, otherwise relating in any way to Executive’s employment with and/or termination from the
Company, or relating to Executive’s relationship as a director or in any other capacity for the Company (whether such dispute arises under any federal, state or local statute or regulation, or at common law), shall be resolved by final and
binding arbitration before a single arbitrator. The arbitrator shall be selected in accordance with the Employment Dispute Resolution Rules of the American Arbitration Association (“AAA”) pertaining at the time the dispute

  
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arises. The parties agree that such arbitration shall take place at the offices of the AAA in Boston, Massachusetts. In such arbitration proceedings, the arbitrator shall have the discretion, to
be exercised in accordance with applicable law, to allocate among the parties the arbitrator’s fees, tribunal and other administrative and litigation costs and, to the prevailing party, reasonable attorneys’ fees. The award of the
arbitrator may be confirmed before and entered as a judgment of any court having jurisdiction of the parties. 
 12. Governing Law.
This Agreement shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts and this Agreement shall be deemed to be performable in Massachusetts. 

13. Severability. In case any one or more of the provisions contained in this Agreement for any reason shall be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement and this Agreement shall be construed to the maximum extent permitted by law. 

14. Waivers and Modifications. This Agreement may be modified, and the rights, remedies and obligations contained in any provision
hereof may be waived, only in accordance with this Section 14. No waiver by either party of any breach by the other or any provision hereof shall be deemed to be a waiver of any later or other breach thereof or as a waiver of any other
provision of this Agreement. This Agreement may not be waived, changed, discharged or terminated orally or by any course of dealing between the parties, but only by an instrument in writing signed by the party against whom any waiver, change,
discharge or termination is sought. 
 15. Assignment. Executive may not assign any of his rights or delegate any of his duties or
obligations under this Agreement. The rights and obligations of the Company under this Agreement shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company. 

16. Entire Agreement. This Agreement constitutes the entire understanding of the parties relating to the subject matter hereof and
supersedes and cancels all agreements, written or oral, made prior to the date hereof between Executive and the Company relating to the subject matter hereof ; provided, however, that the following Executive Agreements, as may be modified herein,
shall remain in effect in accordance with their terms. 
  

	 	a)	 All Outstanding Equity Award Agreements 

 

	 	b)	 Employment Agreement between the Company and the Executive 

 

	 	c)	 Executive Officer Change in Control Agreement 

 

	 	d)	 Any written indemnification agreements signed by the Company 

 

	 	e)	 The Release, Attachment A hereto, once executed between the Company and the Executive. 

  
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 17. Notices. All notices hereunder shall be in writing and shall be delivered
(a) in person, (b) mailed by U.S. certified or registered mail, return receipt requested, postage prepaid, (c) sent via facsimile with a confirmed facsimile transmission receipt, or (d) sent via overnight delivery with a
confirmed receipt of delivery; in each instance addressed, if to the Executive or the Company, as the case may be at the address noted below or to such other address as either party may furnish to the other in writing in accordance herewith, except
that notice of a change of address shall be effective only upon actual receipt. 
 To the Company: 

Teradyne, Inc. 

600 Riverpark Drive 

North Reading, MA 01864 

Attention: General Counsel 

To the Executive: 

Executive’s address in his employment file on record with the Human Resources Department 

18. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all
of which together shall constitute one and the same instrument. 
 19. Section Headings. The descriptive section headings herein have
been inserted for convenience only and shall not be deemed to define, limit, or otherwise affect the construction of any provision hereof. 
 IN WITNESS
WHEREOF, this Agreement has been executed as a sealed instrument by the Company, by a duly authorized director, and by the Executive. 
  

					
	TERADYNE, INC.	  	            	  	EXECUTIVE
			
	 /s/ Charles J. Gray
	  		  	 /s/ Sanjay Mehta

	Name: Charles J. Gray	  		  	Sanjay Mehta
	Title: Vice President & General Counsel	  		  	Vice President & Chief Financial Officer

  
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 ATTACHMENT A 

Release 
 In consideration of the
payment and receipt of the Termination Benefits described in the “Agreement Regarding Termination Benefits” dated April 25, 2019 between me and Teradyne, Inc. of 600 Riverpark Drive, North Reading, MA 01864 (the “Company”),
all of which I acknowledge I would not otherwise be entitled to receive, I hereby fully, forever, irrevocably and unconditionally release, remise and discharge the Company, its successors and assigns and their respective officers, directors,
stockholders, corporate affiliates, subsidiaries, parent companies, agents and Executives (each in their individual and corporate capacities) (hereinafter, the “Released Parties”) from any and all claims, charges, complaints, demands,
actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees
and costs), of every kind and nature which I ever had or now have against the Released Parties arising out of my employment with and/or termination or separation from the Company or relating to my relationship as an officer or in any other capacity
for the Company, including, but not limited to, all employment discrimination claims under Title VII of the Civil Rights Act of 1964, as amended; the Age Discrimination in Employment Act of 1967, as amended; the Family and Medical Leave Act; the
Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001, et seq.; the Americans With Disabilities Act of 1990, as amended; the Worker Adjustment and Retraining Notification Act; the Civil Rights Act of 1991; the National Labor
Relations Act, as amended; Sections 1981 through 1988 of Title 42 of the United States Code, as amended; the Older Workers Benefit Protection Act; the Occupational Safety and Health Act, as amended; the Civil Rights Act of 1866, 29 U.S.C.
§ 1981, et seq; the Rehabilitation Act of 1973, 29 U.S.C. § 701, et seq.; the Immigration Reform and Control Act; the Fair Credit Reporting Act; the Equal Pay Act; the Massachusetts Law Against Discrimination, G.L. c.
151B; the Massachusetts Privacy Statute, G.L. c. 214, § 1B; the Massachusetts Civil Rights Act, G.L. c. 12, § 11H and 11I; the Massachusetts Equal Rights Act, G.L. c. 93, § 102; the Massachusetts Labor and Industries
Act, G.L. c. 149, § 1 et seq.; the Massachusetts Parental Leave Act, G.L. c. 149, § 105D; the Massachusetts Sexual Harassment Statute, G.L. c. 214 § 1C; the Massachusetts Wage Payment Statute, G.L. c. 149, §§ 148,
148A, 148B, 148C, 149, 150, 150A-150C, 151, 152, 152A, et seq.; the Massachusetts Wage and Hour laws, G.L. c. 151§1A et seq.; The Massachusetts Leave Law for Victims and Family Members of Abusive Behavior, G.L. c.149, § 52E; et seq.; The
Massachusetts Earned Sick Time Law, G.L. c.149, § 148C), all as amended; all common law claims including, but not limited to, actions in tort, defamation and breach of contract; all claims to any
non-vested ownership interest in the Company, contractual or otherwise, including but not limited to claims to stock or stock options; and any claim or damage arising out of my employment with, termination or
separation from the Company (including a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly referenced above; provided, however, that notwithstanding the foregoing, the Company agrees
and hereby acknowledges that this Release Agreement is not intended to and does not (i) apply to any claims I may bring to enforce the terms of the Executive Officer Agreement, (ii) release the Company of any obligation it may have
pursuant to a written agreement, the Company’s articles of organization or bylaws, or as mandated by statute to indemnify me as an officer of the Company; and (iii) release the Company of any obligation to provide and/or pay benefits to me
or my estate, conservator or designated beneficiary(ies) under and in accordance with the terms of any applicable Company benefit plan and/or program; provided further, that nothing in this Release Agreement prevents me from filing, cooperating
with, or participating in any proceeding before the EEOC or a state Fair Employment Practices Agency (except that I acknowledge that I may not be able to recover any monetary benefits in connection with any such claim, charge or proceeding). 

  
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 Waiver of Rights and Claims Under the Age Discrimination in Employment Act of 1967: Since I am 40
years of age or older, I have been informed that I have or may have specific rights and/or claims under the Age Discrimination in Employment Act of 1967 (ADEA) and I agree that: 

(a) in consideration for the severance payments and benefits described in Section 4.1 of the Agreement Regarding Termination Benefits,
which I am not otherwise entitled to receive, I specifically and voluntarily waive such rights and/or claims under the ADEA I might have against the Released Parties to the extent such rights and/or claims arose prior to the date this Release
Agreement was executed; 
 (b) I understand that rights or claims under the ADEA which may arise after the date this Release Agreement is
executed are not waived by me; 
 (c) I was advised that I have at least 21 days within which to consider the terms of this Release Agreement
and to consult with or seek advice from an attorney of my choice or any other person of your choosing prior to executing this Release Agreement; 

(d) I have carefully read and fully understand all of the provisions of this Release Agreement, and I knowingly and voluntarily agree to all of
the terms set forth in this Release Agreement; and 
 (e) in entering into this Release Agreement I am not relying on any representation,
promise or inducement made by the Company or its attorneys with the exception of those promises described in this document. 
 Period for Review and
Consideration of Agreement: 
 I acknowledge that I was informed and understand that I have twenty-one
(21) days to review this Release Agreement and consider its terms before signing it. 
 The 21-day review
period will not be affected or extended by any revisions, whether material or immaterial, that might be made to this Agreement. 
 Accord and Satisfaction:
The amounts set forth in the Agreement Regarding Termination Benefits shall be complete and unconditional payment, settlement, accord and/or satisfaction with respect to all obligations and liabilities of the Released Parties to me, including,
without limitation, all claims for back wages, salary, vacation pay, draws, incentive pay, bonuses, cash awards, Equity Awards, commissions, severance pay, reimbursement of expenses, any and all other forms of compensation or benefits,
attorney’s fees, or other costs or sums. 

  
 13 

 Revocation Period: I may revoke this Release Agreement at any time during the
seven-day period immediately following my execution hereof. As a result, this Release Agreement shall not become effective or enforceable and the Company shall have no obligation to make any payments or
provide any benefits described herein until the seven-day revocation period has expired. 
  

					
	  
	  	            	  	  

	Sanjay Mehta	  		  	Date
			
	  
	  		  	  

	Witness	  		  	Date

  
 14 

 IF YOU DO NOT WISH TO USE THE 21-DAY PERIOD, 

PLEASE CAREFULLY REVIEW AND SIGN THIS DOCUMENT 

I, Sanjay Mehta, acknowledge that I was informed and understand that I have 21 days within which to consider the attached Release
Agreement, have been advised of my right to consult with an attorney regarding such Agreement and have considered carefully every provision of the Agreement, and that after having engaged in those actions, I prefer to and have requested that I enter
into the Agreement prior to the expiration of the 21 day period. 
  

							
	 Dated:
	 	
                   
                     
	 	             
	  	  

	 	 	 	 	 	  	Sanjay Mehta
				
	 Dated:
	 	
                   
                     
	 		  	  

	 	 	 	 	 	  	Witness

  
 15EX-10.5

 Exhibit 10.5 
  

 
  

TERADYNE, INC. 2006 EQUITY AND CASH COMPENSATION INCENTIVE PLAN 

NOTICE OF RESTRICTED STOCK UNIT GRANT AND TERMS FOR U.S. RECIPIENTS 
  

 
  

Name: Sanjay Mehta 
 Employee ID: 748893 

Supervisor: Mark Jagiela 
 In granting restricted stock units,
Teradyne, Inc. (“Teradyne”) seeks to provide employees of Teradyne and its subsidiaries with incentive to help drive Teradyne’s future success and to share in the economic benefits of that success. We all look forward to your
contributions to that effort. 
 You have been granted a restricted stock unit award consisting of the right to receive up to 22,569 shares of Teradyne
common stock. This grant was approved effective May 1, 2019 (the “Effective Date”). 
 This award is subject to the Restricted Stock
Unit Terms for U.S. Recipients attached hereto and the terms of the Teradyne, Inc. 2006 Equity and Cash Compensation Incentive Plan (the “Plan”). The shares covered by this award will be delivered over time as described in and
subject to the vesting conditions of the Restricted Stock Unit Terms for U.S. Recipients. 
 The Plan prospectus, consisting of a “Participant
Information” document that summarizes the Plan and the complete Plan, is available on “In-Site,” Teradyne’s internal Web site: 

http://cms.corp.teradyne.com/insite/FunctionsGroups/GeneralAdministrative/HumanResources/GLOBALPOLICY/EquityCompensationOptionsRSU%E2%80%99s/index.htm.

 Please note that printed versions of the Plan prospectus documents are available to you, at no charge, upon request to the HR Service Center,
Teradyne, Inc., 600 Riverpark Drive, North Reading, MA 01864, (978) 370-3041. 
  

	
	TERADYNE, INC
	

	 Charles J. Gray

	 V.P., General Counsel and Secretary

 (2019 RSU) 
 Grant # 

  
 1 

  

 
 RESTRICTED STOCK UNIT TERMS FOR U.S.
RECIPIENTS 
  

	 	1.	 Award Grant, Vesting and Transfer 

(a) Award Grant. Teradyne, Inc. hereby grants to the recipient an award (this “Award”) of restricted stock
units (the “RSUs”) under the Teradyne, Inc. 2006 Equity and Cash Compensation Incentive Plan (the “Plan”). The RSUs represent the right of the recipient to receive that number of shares of Teradyne common stock set
forth in the Notice of Restricted Stock Unit Grant and Terms for U.S. Recipients (the “Notice of Grant”) attached hereto upon satisfaction of the terms set forth in these Restricted Stock Unit Terms for U.S. Recipients (this
“Agreement”). This Award is governed by and subject to the terms of the Plan, the Notice of Grant and this Agreement. 

Capitalized terms used but not otherwise defined herein will have the meaning set forth in the Notice of Grant or the Plan. In the event of
any inconsistencies or differences between the Plan and this Agreement, the Plan shall prevail. The terms governing this Award are intended to comply with all applicable laws and regulations. 

(b) This Award vests yearly on the anniversary of the Effective Date. None of the RSUs subject to this Award will be vested
on the Effective Date. Except as provided in (c) below, 50% of the RSUs granted will vest on the first and second anniversaries of the Effective Date. The Committee shall have the right to accelerate the date that any installment of this Award
becomes vested, including, but not limited, to events such as disability, death or upon the acquisition of control of Teradyne by another entity. 

(c) This Award will not vest further after termination of employment or other business relationship except in limited certain
circumstances. This Award will not vest after the recipient’s employment or other business relationship ends, regardless of the reason, provided, however, that if the recipient’s employment or other business relationship
with Teradyne or, if different, the recipient’s employer (the “Employer”) or any of the other Subsidiaries of Teradyne ends on account of permanent disability or death, the unvested portion of this Award which would have vested
under the applicable rule stated in (b) above shall automatically become vested in full on the date of his or her termination of employment or business relationship on account of permanent disability or death. 

The recipient’s employment or other business relationship shall be considered as continuing uninterrupted during any bona fide leave of
absence (such as those attributable to illness or military obligations) provided that the period of such leave does not exceed 90 days or, in the case of an employee, if longer, any period during which the employee’s right to reemployment is
guaranteed by statute. A bona fide leave of absence with the written approval of the Committee shall not be considered an interruption of employment or other business relationship, provided that such written approval contractually obligates
Teradyne, the Employer or any other Subsidiary of Teradyne to continue the recipient’s employment or other business relationship after the approved period of absence. 

(d) No rights as stockholder; Issuance. The recipient shall not have any rights as a stockholder in, to or with respect to any
shares which may be covered by this Award (including but not limited to the right to vote or to receive dividends) until this Award is settled by issuance of shares to the recipient. All shares issued in respect of this Award will be transferred or
issued to the recipient (or his or her estate, in the event of his or her death) as soon as is practicable after the date the RSUs vest but, in any event, within
21⁄2 months following the calendar year in which the RSUs become vested (or any earlier date, after vesting, as required to avoid characterization as non-qualified deferred compensation under Section 409A of the Code). Teradyne will not be required to transfer or issue any shares upon vesting of the RSUs until arrangements satisfactory to it have been made
by the recipient to address any Tax-Related Items (as defined in Section 4 below) which might arise by reason of the vesting of the RSUs and/or transfer or issuance of shares. 

(e) This Award may not be assigned or transferred. Other than as provided in Section 11(a) of the Plan, this Award is
not assignable or transferable (except by will or the laws of descent and distribution). 
 2. Capital Changes and Business
Succession. Section 3(c) of the Plan contains provisions for adjusting (or substituting) the number and class of securities, vesting schedule and other terms of outstanding stock-based awards granted under the Plan if a recapitalization,
stock split, merger, or other specified event occurs and the Committee determines that an adjustment (or substitution) is appropriate. In that event, the recipient of this Award will be notified of the adjustment (or substitution), if any, to this
Award. 

  
 2 

 3. Employment or Business Relationship. This Award and the recipient’s
participation in the Plan shall not create any right of continued employment or business relationship or be interpreted as forming or amending an employment contract or business relationship with Teradyne or its Subsidiaries, and does not affect the
right of the recipient, Teradyne or the Employer to terminate the recipient’s employment or a business relationship at any time. 

4. Tax Obligations. 

(a) Responsibility for Taxes. The recipient acknowledges that, regardless of any action taken by Teradyne or the
Employer, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the recipient’s participation in the Plan
and legally applicable to the recipient (“Tax-Related Items”), is and remains the recipient’s responsibility and may exceed the amount actually withheld by Teradyne or the Employer. The
recipient further acknowledges that Teradyne and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this Award,
including, but not limited to, the grant, vesting or settlement of the RSUs, the subsequent sale of shares acquired pursuant to such settlement and the receipt of any dividends or other distributions, and (2) do not commit to and are under no
obligation to structure the terms of the grant or any aspect of this Award to reduce or eliminate the recipient’s liability for Tax-Related Items or achieve any particular tax result. Further, if the
recipient is subject to Tax-Related Items in more than one jurisdiction, the recipient acknowledges that Teradyne and/or the Employer (or former employer, as applicable) may be required to withhold or
account for Tax-Related Items in more than one jurisdiction. 
 (b) Tax Withholding.
Prior to any relevant taxable or tax withholding event, as applicable, the recipient agrees to make adequate arrangements satisfactory to Teradyne and/or the Employer to satisfy all Tax-Related Items. The
recipient authorizes Teradyne and/or the Employer, or their respective agents, to satisfy any applicable withholding obligations with regard to all Tax-Related Items by withholding in shares to be issued upon
settlement of the RSUs; provided, however, that the number of shares withheld will be determined using rates that do not exceed the maximum statutory tax rates for the jurisdiction(s) applicable to the recipient. For tax purposes, the recipient is
deemed to have been issued the full number of shares subject to the vested RSUs, notwithstanding that a number of the shares are held back solely for the purpose of paying the Tax-Related Items. Alternatively,
a recipient may elect to satisfy his or her obligations for Tax-Related Items by delivery of cash or check to Teradyne or the Employer. In the event that withholding in shares is problematic under applicable
tax or securities law or has materially adverse accounting consequences and the recipient does not satisfy his or her obligations for Tax-Related Items by delivery of cash or check, the recipient
(1) authorizes and directs Teradyne and any brokerage firm determined acceptable to Teradyne to sell on the recipient’s behalf a whole number of shares from those shares issuable to the recipient as Teradyne determines to be appropriate to
generate cash proceeds sufficient to satisfy any applicable withholding obligation for Tax-Related Items; (2) authorizes Teradyne or the Employer to withhold the
Tax-Related Items from the recipient’s wages or other compensation; and (3) agrees, upon request from Teradyne or the Employer, to make a cash payment in an amount equal to the withholding
obligations for any Tax-Related Items. Teradyne may refuse to issue or deliver the shares or the proceeds of the sale of shares if the recipient fails to comply with his or her obligations in connection with
the Tax-Related Items. 
 5. Compliance with Laws. Shares to be issued under this Award
are currently registered under the United States Securities Act of 1933, as amended. If such registration is not in effect at the time of vesting, the recipient will be required to represent to Teradyne that he or she is acquiring such shares as an
investment and not with a view to the sale of those shares. Notwithstanding any other provision of the Plan or the Agreement, unless there is an available exemption from any registration, qualification or other legal requirement applicable to the
shares of common stock, Teradyne shall not be required to deliver any shares of common stock issuable upon settlement of the RSUs prior to the completion of any registration or qualification of the shares under any local, state, federal or foreign
securities or exchange control law or under rulings or regulations of the United States Securities and Exchange Commission (“SEC”) or of any other governmental regulatory body, or prior to obtaining any approval or other clearance
from any local, state, federal or foreign governmental agency, which registration, qualification or approval Teradyne shall, in its absolute discretion, deem necessary or advisable. The recipient understands that Teradyne is under no obligation to
register or qualify the shares with the SEC or any state or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the shares. Further, the recipient agrees that Teradyne
shall have unilateral authority to amend the Plan and the Agreement without the recipient’s consent to the extent necessary to comply with securities or other laws applicable to issuance of shares. 

6. Code Section 409A. This Award is intended to be exempt from the application of Section 409A of the
Code, and any ambiguities herein will be interpreted to so comply. Teradyne reserves the right, to the extent Teradyne deems necessary or advisable in its sole discretion, to amend or modify the terms of this Award (or the Plan) or adopt other
policies and procedures (including amendments, policies and procedures with retroactive effect), or take other 

  
 3 

 
actions, including any amendments or actions that would result in a reduction to the benefit payable under this Award, in each case, without the consent of the recipient of the Award, as may be
necessary to ensure that all vesting or settlement provided under this Award are made in a manner that complies with Section 409A of the Code or to mitigate any additional tax, interest and/or penalties or other adverse tax consequences that
may apply under Section 409A of the Code if compliance is not practical; provided, however, that nothing in this Section 6 creates an obligation on the part of Teradyne to modify the terms of this Award or the Plan. In that light, Teradyne
makes no representation that the terms of this Award will comply with Section 409A of the Code or that the settlement of this Award will not be subject to taxes, interest and penalties or other adverse tax consequences under Section 409A
of the Code. In no event whatsoever shall Teradyne or any of its affiliates be liable to the recipient of this Award or any other party for any additional tax, interest, penalties or other liability that may be imposed on the recipient of this Award
by Section 409A of the Code or for any action taken by Teradyne with respect thereto. 
 7. Governing Law and Venue. The
Award and the provisions of this Agreement are governed by, and subject to, the laws of the Commonwealth of Massachusetts, without regard to the conflict of law provisions, as provided in the Plan. For purposes of litigating any dispute that
arises under this Award or this Agreement, the parties hereby submit to and consent to the jurisdiction of the Commonwealth of Massachusetts, agree that such litigation shall be conducted in the courts of Middlesex County, or
the federal courts for the United States for the District of Massachusetts, where this grant is made and/or to be performed. 
 8.
Electronic Delivery and Acceptance. Teradyne may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. The recipient hereby consents to receive such documents by
electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by Teradyne or a third party designated by Teradyne. 

9. Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or
otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 
 10.
Imposition of Other Requirements. Teradyne reserves the right to impose other requirements on the recipient’s participation in the Plan, on the RSUs and on any shares of common stock acquired under the Plan, to the extent Teradyne
determines it is necessary or advisable for legal or administrative reasons, and to require the recipient to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 

11. Waiver. The recipient acknowledges that a waiver by Teradyne of breach of any provision of this Agreement shall not operate
or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the recipient or any other recipient. 

12. No Advice Regarding Grant. Teradyne is not providing any tax, legal or financial advice, nor is Teradyne making any
recommendations regarding the recipient’s participation in the Plan, or the recipient’s acquisition or sale of the underlying shares of common stock. The recipient should consult with his or her own personal tax, legal and financial
advisors regarding his or her participation in the Plan before taking any action related to the Plan. 
 13. Insider Trading
Restrictions/Market Abuse Laws. The recipient acknowledges that, depending on the recipient’s or his or her broker’s country of residence or where the shares of common stock are listed, the recipient may be subject to insider
trading restrictions and/or market abuse laws which may affect the recipient’s ability to accept, acquire, sell or otherwise dispose of shares of common stock, rights to shares of common stock (e.g., RSUs) or rights linked to the value
of shares of common stock under the Plan during such times the recipient is considered to have “inside information” regarding Teradyne (as defined by the laws or regulations in the recipient’s country). The recipient is responsible
for ensuring compliance with any restrictions and should consult his or her personal legal advisor on this matter. 
 14.
Recoupment. The recipient agrees that the RSUs and any financial gain realized by the recipient through settlement of the RSUs or sale of any shares of common stock acquired shall be subject to forfeiture and/or repayment to the Company to
the extent required to comply with any applicable laws or the rules and regulations of the securities exchange or inter-dealer quotation system on which the shares of common stock are listed or quoted, including, without limitation, pursuant to
Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. 

  
 4

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