Document:

exv10w38

 

Exhibit 10.38

February 25, 2005

Jim Davis

[address]

[address]

Dear Jim:

Vitria Technology, Inc. is pleased to offer you a position as Executive Vice President, Operations.
You will report to me and have responsibilities for Professional Services, Marketing, Human
Resources, Legal, and Sales Operations. Your annual base salary will be $300,000.00 with an MBO
target bonus of $150,000.00. Your annual 2005 MBO target bonus amount will be a prorated amount
and is guaranteed at 50%. You will be reimbursed for actual relocation expenses not to exceed
$30,000.00. You agree that your relocation package will be repaid to Vitria in full, if you resign
without good reason or are terminated for cause within the first 12 months of your employment with
Vitria. This offer is subject to a satisfactory result, determined in the Company’s sole
discretion, from the Company’s background investigation to which you have consented.

Vitria Technology, Inc. will grant to you under its Equity Incentive Plan an option to purchase
250,000 shares of Common Stock. Upon approval of the Board or the appropriate sub-committee of the
Board, you will be notified in writing regarding the terms and conditions of the grant.

As a Vitria employee, you will be expected to abide by Vitria’s policies and procedures, and sign
and comply with the Proprietary Information and Inventions Agreement. Your employment at Vitria
Technology is at will. This means that either you or Vitria Technology, Inc may terminate your
employment at any time for any reason, with or without cause or advance notice.

All new employees must pass an employment verification procedure before they are permitted to work.
This procedure has been established by Vitria Technology and requires every individual to provide
satisfactory evidence of his/her identity and legal authority to work in the United States within
twenty-four (24) hours of his/her start date.

This letter and the Proprietary Information and Inventions Agreement constitute the entire and
final agreement between you and Vitria regarding your employment and supersede any other
agreements, representations or promises. You understand that this agreement cannot be changed or
amended except in writing signed by you and by an authorized company representative.

Your expected start date will be March 7, 2005. We are looking forward to having you come join the
team. Please sign below to indicate your acceptance of this offer and return a signed copy to
Allen Chin, VP of Human Resources, by fax at 408-212-2729 as soon as possible, but no later than 7
days from the date of this offer.

Sincerely yours,

/s/ Dale Skeen

Dale Skeen

Chief Executive Officer

Acceptance /s/ Jim Davis

Date February 25, 2005<PAGE>

                                                                   Exhibit 10.33

                             AMENDMENT NO. 5 TO THE
                          2002 STOCK INCENTIVE PLAN OF
                                  AMETEK, INC.

            WHEREAS, AMETEK, Inc (the "Company") has adopted the 2002 Stock
Incentive Plan of AMETEK, Inc. (the "Plan"); and

            WHEREAS, Section 18 of the Plan permits the Board of Directors of
the Company or the Committee (as defined in the Plan) to amend the Plan; and

            WHEREAS, the Board of Directors of the Company now desires to amend
the Plan in certain respects;

            NOW, THEREFORE, the Plan is hereby amended as follows:

            1. Section 3 of the Plan is hereby amended to read in its entirety
            as follows:

            "3. Shares Subject to the Plan. Subject to the provisions of Section
            16 hereof, the aggregate number of Shares that may be subject to
            Options, Phantom Stock Awards (other than any Phantom Stock Awards
            which are payable only in cash), Restricted Stock Awards and Rights
            shall not exceed 4,000,000, which Shares may be either Treasury
            Shares or authorized but unissued Shares. A maximum of 1,200,000
            Shares may be awarded to any single individual during the duration
            of the Plan. A maximum of 25% of the aggregate number of Shares, or
            1,000,000 Shares, may be awarded as Restricted Shares, Rights,
            Phantom Stock Awards and Phantom Stock Units. A maximum of 10% of
            the aggregate number of Shares, or 400,000 Shares, may be awarded to
            Non-Employee Directors during the duration of the Plan. In the event
            the Corporation adopts a stock purchase plan for the benefit of its
            employees, the shares of common stock awarded under that plan shall
            further reduce the aggregate number of Shares available under this
            Plan. If the Shares that would be issued or transferred pursuant to
            any such Incentive Award are not issued or transferred and cease to
            be issuable or transferable for any reason (including the extent to
            which payment pursuant to a Phantom Stock Award is made in cash), or
            if Restricted Shares issued pursuant to a Restricted Stock Award are
            forfeited, the number of Shares subject to such Incentive Award will
            no longer be charged against the limitation provided for herein
            (even if the holders had voting or dividend rights with regard to
            the Shares) and may again be made subject to Incentive Awards;
            provided, however, that Shares as to which an Option has been
            surrendered in connection with the exercise of a related Right shall
            not again be available for the grant of any further Incentive
            Awards. Notwithstanding the preceding, with respect to any Option or
            Right granted to any person who is a

<PAGE>

                                                                   Exhibit 10.33

            "covered employee" as defined in Section 162(m) of the Code that is
            canceled (other than with respect to the exercise of a related Right
            or Option) or as to which the exercise price or base value is
            reduced, the number of shares subject to such Option or Right shall
            continue to be counted, in accordance with said Section 162(m) and
            regulations promulgated thereunder, against the maximum number of
            Shares which may be the subject of Incentive Awards granted to such
            person."

            2. The provisions of this Amendment shall be effective as of January
               27, 2005.

            3. Except to the extent hereinabove set forth, the Plan shall remain
               in full force and effect.

            IN WITNESS WHEREOF, this Amendment has been executed by a duly
authorized officer of the Company as of the 27th day of January, 2005.

                                           AMETEK, INC.

                                           By: /s/ Frank S. Hermance
                                               --------------------------------
                                                 Name: Frank S. Hermance
                                                 Title: Chairman &
                                                        Chief Executive Officer

Attest:

/s/ Kathryn E. Londra
-------------------------
Kathryn E. Londra
Corporate Secretary<PAGE>

                                                                   EXHIBIT 10.60

                              FOURTEENTH AMENDMENT
                         DATED AS OF DECEMBER 21, 2004
                                       TO
                           RECEIVABLES SALE AGREEMENT
                          DATED AS OF OCTOBER 1, 1999

      THIS FOURTEENTH AMENDMENT (the "Amendment"), dated as of December 21,
2004, is entered into among Ametek Receivables Corp. (the "Seller"), Ametek,
Inc. (the "Initial Collection Agent"), Amsterdam Funding Corporation, a Delaware
corporation ("Amsterdam"), ABN AMRO Bank N.V., as Amsterdam's program letter of
credit provider (the "Enhancer"), the Liquidity Provider listed on the signature
page hereof (the "Liquidity Provider") and ABN AMRO Bank N.V., as agent for
Amsterdam, the Enhancer and the Liquidity Provider (the "Agent").

                                   WITNESSETH:

      WHEREAS, the Seller, Initial Collection Agent, Amsterdam, Enhancer,
Liquidity Provider and Agent have heretofore executed and delivered a
Receivables Sale Agreement, dated as of October 1, 1999 (as amended,
supplemented or otherwise modified through the date hereof, the "Sale
Agreement"),

      WHEREAS, the parties hereto desire to amend the Sale Agreement as provided
herein;

      NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto hereby agree that
the Sale Agreement shall be and is hereby amended as follows:

      Section 1. Upon execution by the parties hereto in the space provided for
that purpose below, the Sale Agreement shall be, and it hereby is, amended as
follows:

            (a)   The date "December 21, 2004" appearing in clause (d) of the
      defined term "Liquidity Termination Date" appearing in Schedule I of the
      Sale Agreement is deleted and replaced with the date "December 20, 2005."

            (b)   The date "December 21, 2004" appearing in clause (c)(ii) of
      the defined term "Termination Date" appearing in Schedule I of the Sale
      Agreement is deleted and replaced with the date "December 20, 2005."

            (c)   Clause (k) of the defined term "Termination Event" appearing
      in Schedule I to the Receivables sale Agreement is hereby amended in its
      entirety and as so amended shall read as follows:

                  (k)   the "Leverage Ratio" under and as defined in the Ametek
            Credit Agreement is greater than 0.70:1.0; or

<PAGE>

            (d)   Section 5.1(i) of the Sale Agreement is hereby amended in its
      entirety and as shall read as follows:

                  (i)   Payments on Receivables, Accounts. The Seller will, and
            will cause each Originator to at all times instruct its Obligors to
            deliver payments on the Receivables to a Lock-Box Account. If any
            such payments or other Collections are received by the Seller or an
            Originator, it shall hold such payments in trust for the benefit of
            the Agent and the Purchasers and promptly (but in any event within
            two Business Days after receipt) remit such funds into a Lock-Box
            Account. The Seller will cause each Lock-Box Bank to comply with the
            terms of each applicable Lock-Box Letter. The Seller will not permit
            the funds of any Affiliate to be deposited into any Lock-Box
            Account. If such funds are nevertheless deposited into any Lock-Box
            Account, the Seller will promptly identify such funds for
            segregation. The Seller will not, and will not permit any Collection
            Agent or other Person to, commingle Collections or other funds to
            which the Agent or any Purchaser is entitled with any other funds.
            The Seller shall only add, and shall only permit an Originator to
            add, a Lock-Box Bank, Lock-Box, or Lock-Box Account to those listed
            on Exhibit F if the Agent has received notice of such addition, a
            copy of any new Lock-Box Agreement and an executed and acknowledged
            copy of a Lock-Box Letter substantially in the form of Exhibit F
            (with such changes as are acceptable to the Agent) from any new
            Lock-Box Bank. The Seller shall only terminate a Lock-Box Bank or
            Lock-Box, or close a Lock-Box Account, upon 30 days advance notice
            to the Agent.

      Section 2. To induce the Agent and the Purchasers to enter into this
Amendment, the Seller and Initial Collection Agent represent and warrant to the
Agent and the Purchasers that: (a) the representations and warranties contained
in the Transaction Documents, are true and correct in all material respects as
of the date hereof with the same effect as though made on the date hereof (it
being understood and agreed that any representation or warranty which by its
terms is made as of a specified date shall be required to be true and correct in
all material respects only as of such specified date); (b) no Potential
Termination Event exists; (c) this Amendment has been duly authorized by all
necessary corporate proceedings and duly executed and delivered by each of the
Seller and the Initial Collection Agent, and the Sale Agreement, as amended by
this Amendment, and each of the other Transaction Documents are the legal, valid
and binding obligations of the Seller and the Initial Collection Agent,
enforceable against the Seller and the Initial Collection Agent in accordance
with their respective terms, except as enforceability may be limited by
bankruptcy, insolvency or other similar laws of general application affecting
the enforcement of creditors' rights or by general principles of equity; and (d)
no consent, approval, authorization, order, registration or qualification with
any governmental authority is required for, and in the absence of which would
adversely effect, the legal and valid execution and delivery or performance by
the Seller or the Initial Collection

                                      -2-

<PAGE>

Agent of this Amendment or the performance by the Seller or the Initial
Collection Agent of the Sale Agreement, as amended by this Amendment, or any
other Transaction Document to which they are a party.

      Section 3. This Amendment may be executed in any number of counterparts
and by the different parties on separate counterparts and each such counterpart
shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same Amendment.

      Section 4. The Seller shall deliver to the Agent within 30 days of this
Amendment executed Lock-Box Letters such that all Collections on Receivables
will be delivered to Lock-Boxes and Lock-Box Accounts for which the relevant
Lock-Box Bank shall have executed and delivered a Lock-Box Letter. Failure to
comply with this covenant shall be a Termination Event.

      Section 5. Except as specifically provided above, the Sale Agreement and
the other Transaction Documents shall remain in full force and effect and are
hereby ratified and confirmed in all respects. The execution, delivery, and
effectiveness of this Amendment shall not operate as a waiver of any right,
power, or remedy of any Agent or any Purchaser under the Sale Agreement or any
of the other Transaction Documents, nor constitute a waiver or modification of
any provision of any of the other Transaction Documents. All defined terms used
herein and not defined herein shall have the same meaning herein as in the Sale
Agreement. The Seller agrees to pay on demand all costs and expenses (including
reasonable fees and expenses of counsel) of or incurred by the Agent and each
Purchaser Agent in connection with the negotiation, preparation, execution and
delivery of this Amendment.

      Section 6. This Amendment and the rights and obligations of the parties
hereunder shall be construed in accordance with and be governed by the law of
the State of New York.

      IN WITNESS WHEREOF, the parties have caused this Amendment to be executed
and delivered by their duly authorized officers as of the date first above
written.

                                    ABN AMRO BANK N.V., as the Agent, as the
                                      Liquidity Provider and as the Enhancer

                                    By: /s/ Bernard Koh
                                        -------------------------
                                     Name: BERNARD KOH
                                     Title: Senior Vice President

                                    By: /s/ Therese Gremley
                                        --------------------------
                                     Title: Vice President

                                    AMSTERDAM FUNDING CORPORATION

                                    By: /s/ Bernard J. Angelo
                                        --------------------------
                                     Title: Vice President

                                    AMETEK RECEIVABLES CORP.

                                    By: /s/ Deirdre Saunders
                                        -------------------------
                                     Title: Treasurer

                                    AMETEK, INC.

                                    By: /s/ Deirdre Saunders
                                        --------------------------
                                     Title: VP & Treasurer

                                      -3-

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