Document:

EX-10(CC)

 

Exhibit 10(cc)

KEITHLEY INSTRUMENTS, INC.

2002 STOCK INCENTIVE PLAN

RESTRICTED UNIT AWARD AGREEMENT

     This restricted unit award agreement (the “Agreement”) is made as of this                     day of                     , 2007 (the
“Award Date”), between Keithley Instruments, Inc., an Ohio corporation (the “Company”), and that
key employee of the Company named at the bottom of this Agreement (“Key Employee”). Subject to
the terms, conditions and limitations set forth in this Agreement (including, without limitation,
the vesting provisions of paragraph 5 hereof), Key Employee hereby is granted and awarded
restricted units the number of which are indicated on the Notice of Grant of Restricted Units
attached hereto and incorporated herein by reference (the “Grant Notice”), with each such unit
representing the economic value of a common share of the Company (the “Award”). When and whether
Company common shares are issued to or in respect of Key Employee (if any) as a result of this
Award shall be determined strictly in accordance with this Agreement, subject to the general
provisions of the Plan.

     This Agreement (including the Grant Notice and any and all incorporated Exhibits hereto) is
subject to the terms and conditions of the Keithley Instruments, Inc. 2002 Stock Incentive Plan,
as amended and then in effect (the “Plan”). The Plan’s terms and conditions are incorporated
herein by this reference. Additional terms and conditions of this Agreement are as follows:

	 	1.	 	Issuance & Transfer of Common Shares and Other Amounts and Rights. In the event the restricted
units evidenced by this Award vest as provided in paragraph 5 hereof, then as soon as practicable
thereafter the Company shall transfer and issue to Key Employee (or such other person as may then
be entitled hereunder) those Company common shares that such units represent.
	 
	 	2.	 	Tax, Withholding Matters. Any Key Employee or other person receiving Company common shares in
connection with the vesting of restricted units in accordance with Paragraph 5 hereof shall
provide for the satisfaction of all applicable federal, state and local withholding taxes and
assessments arising in respect of such issuance and transfer of shares; the amount of such
withholding taxes and assessments shall be determined by the Company, acting in its sole
discretion (the “Total Withholding”). Upon request, the Company shall provide Key Employee with
the information needed to determine the Total Withholding. At the Company’s discretion, the Total
Withholding shall be paid with cash or check, or with a surrender of Company common shares having
a fair market value on the date of transfer equal to that portion of the Total Withholding for
which payment in cash or check is not made. The Committee may, in its sole discretion, specify
other methods for transferring Company common shares in satisfaction of Final Awards, but any such
specification shall only be made in writing.

Restricted Share Award Agreement

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	 	3.	 	Interests Not Transferable. Any and all Awards made hereunder shall not be transferable or
assignable, or capable of alienation or anticipation, by Key Employee except as otherwise
expressly permitted by the Plan. Likewise, except as specifically provided in the Plan, Company
common shares issued hereunder shall only be issued to Key Employee or his personal representative
(except in the event of Key Employee’s death or disability, in which event otherwise-issuable
Company common shares owed to Key Employee at death or disability shall be issued only to or for
Key Employee’s estate (in the case of death) or to Key Employee’s legal representative (in the
case of disability)).
	 
	 	4.	 	Units Carry No Dividend or Voting Rights. Awards made hereunder are at all times subject to
all restrictions contained in this Agreement and in the Plan. Key Employee shall not have, or
accrue, any shareholder rights as a result of being credited with units hereunder in respect of an
Award. The right to receive dividends, and to vote or otherwise assert shareholders’ rights,
shall only arise and accrue as and when Company common shares are issued and transferred to Key
Employee in accordance with, and in satisfaction of, the Company’s obligations under the terms of
the Plan and this Agreement. Key Employee understands and acknowledges that the Committee, acting
in its sole discretion, may require Key Employee, or his successor, to represent and warrant that
he will comply with all applicable laws and regulations or confirm certain factual matters, if
requested by the Company’s legal counsel.
	 
	 	5.	 	Vesting, Expiration and Termination Rules. The units awarded hereunder will fully vest on the
fourth (4th) anniversary of the Award Date, subject to the provisions of Paragraph 7 hereof (the
“Vesting Date”). Notwithstanding the preceding sentence, in the event Key Employee’s employment
by the Company terminates (including any employment with Company subsidiaries and affiliates whose
financial results are reported on a consolidated basis with the Company) prior to the Vesting
Date, regardless of the reason(s) therefor, all Key Employee’s rights hereunder shall terminate
immediately and be extinguished, and thereafter shall have no value.
	 
	 	6.	 	Coordination With Other Rules. None of the terms, conditions or provisions in this Agreement
shall be interpreted or applied to cause any common share of the Company, issued in connection
with this Agreement, not to be a fully paid and non-assessable common share of the Company.
	 
	 	7.	 	Forfeiture; Set Off & Recoupment. Notwithstanding any other provision of this Agreement or the
Plan, Key Employee’s rights hereunder with respect to the Award evidenced hereby (whether or not
then vested) shall immediately terminate, and otherwise be subject to forfeiture, set off and
reduction for and against any claims the Company may have or asserts against Key Employee for any
of the following actions by Key Employee, taken while employed by the Company and, with respect
to subparagraph (a ), within a three (3)-year period commencing with the cessation of Key
Employee’s Company employment:

Restricted Share Award Agreement

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	 	a)	 	Any direct or indirect disclosure or publication (or, during the three (3)- year period
commencing with the cessation of Key Employee’s Company employment, an use) by Key Employee of any
Company trade secret or confidential information;
	 
	 	b)	 	Any act of embezzlement, fraud or breach of fiduciary duty during Key Employee’s employment
with the Company that contributed to a restatement of the Company’s financial statements;
	 
	 	c)	 	Any material violation (as determined by the Board of Directors) by Key Employee of the terms
of any written agreement between Key Employee of the Company;
	 
	 	d)	 	Any act of embezzlement, fraud, dishonesty, nonpayment of any obligation to the Company, breach
of fiduciary duty or deliberate disregard of Company rules resulting in a loss, damage or injury
to the Company.
	 
	 	
In the event of any violation by Key Employee of any subparagraph above, the Award evidenced
hereby then held by Key Employee hereunder (whether or not then vested) shall immediately
terminate, be extinguished or forfeited, and have no further effect. In addition if there is a
violation of subparagraphs (a) and/or (b) above, with respect to all units awarded hereunder, and
with respect to any Company common shares issued or expected to be issued in connection with the
Final Award, Key Employee shall promptly forfeit, relinquish and surrender to the Company all
gains, profits, and income Key Employee has realized from such Award if the profit or income was
realized within thirty-six (36) months of the violations in question. Any failure by the Company
to assert its set off, forfeiture and recoupment rights under this paragraph with respect to
specific claims against Key Employee shall not waive, or operate to waive, the Company’s right to
later assert its rights hereunder with respect to other or subsequent claims against Key Employee.

	 	8.	 	Choice of Law; Consent to Jurisdiction. Key Employee hereby consents and agrees that Ohio law
controls the parties’ procedural and substantive rights and obligations under this Agreement, and
also consents and agrees to the jurisdiction of the state court of general jurisdiction sitting in
Cuyahoga County, Ohio, as the exclusive forum for resolving all claims and issues arising under,
out of, or in respect of, this Agreement.
	 
	 	9.	 	Severability; Survival of Certain Provisions. The unenforceability of one (1) or more of the
provisions in this Agreement shall not vitiate or render void or unenforceable the remaining
provisions of this Agreement; rather, such remaining provisions will remain fully enforceable to
the extent permitted by law. Notwithstanding any contrary provision contained in the Plan or this
Agreement, the provisions of paragraph 8 hereof shall specifically survive the termination, lapse
or expiration of the Plan and/or this Agreement.

Restricted Share Award Agreement

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	 	10.	 	Definitions. Unless otherwise defined in this Agreement, capitalized terms will have the same
meanings given them in the Plan.

	 	 	 	 	 
	 	KEITHLEY INSTRUMENTS, INC.

 	 
	DATE OF GRANT:                                          	By:  	
 	 
	 	  	Joseph P. Keithley 	 
	 	 	Title: 	 Chairman of the Board, President
and Chief Executive Officer 	 
	 

ACCEPTANCE BY KEY EMPLOYEE

     The undersigned has read and understood, and hereby accepts, the terms, conditions, and
obligations and restrictions imposed hereunder, as well as the terms, conditions and limitations
of the Plan to which this Agreement is subject and subordinate.

	 	 	 	 	 
	 	 	 
	DATE:                                          	  	 	 
	 	 	Name	 

Restricted Share Award Agreement

ST:rs 11/12/07

Page 4EX-10(DD)

 

Exhibit 10(dd)

KEITHLEY INSTRUMENTS. INC.

DEFERRED COMPENSATION PLAN

          This Deferred Compensation Plan is established this 11th day of February, 1984 by Keithley
Instruments, Inc. (the “Company”) in accordance with the terms and provisions as set forth below:

	1.	 	Definitions
	 
	 	 	Whenever used in the Deferred Compensation Plan and the applicable forms under the Plan,
namely, the Irrevocable Election to Participate and the Beneficiary Designation, the
following terms shall have the respective meanings set forth below unless otherwise
expressly provided, and when the defined meaning is intended, the term is capitalized:

	 	a.	 	Account — means the bookkeeping liability established to reflect each
Participant’s deferred compensation together with interest thereon.
	 
	 	b.	 	Board — means the Board of Directors of Keithley Instruments, Inc.
	 
	 	c.	 	Bonus — means any cash bonus which may be payable to an Employee.
	 
	 	d.	 	Committee — means the Compensation Committee of the Board or such other
Committee composed of no fewer than three (3) members as may be designated by the Board
to administer this Plan.
	 
	 	e.	 	Company — means Keithley Instruments, Inc., or any successor thereto.
	 
	 	f.	 	Employee — means an individual who is employed by the Company or a Subsidiary
on a full-time basis in a managerial or executive capacity.
	 
	 	g.	 	Irrevocable Election to Participate or Irrevocable Election Agreement — means
the irrevocable election agreement which must be executed by a Participant in order for
the Employee to participate in any Year.

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	 	h.	 	Participant — means an Employee who may receive a Performance Award or other
Supplemental Compensation in any Year and who has been designated by the Committee or
its designate(s) as eligible for participation in the Plan for that Year.
	 
	 	i.	 	Performance Award — means any cash bonus or Performance Award which may be
payable to an Employee.
	 
	 	j.	 	Plan — means this Deferred Compensation Plan as it may be amended from time to
time.
	 
	 	k.	 	Retirement — means the date of retirement according to the terms of the
Company’s Employees’ Pension Plan or the terms of any Subsidiary’s pension plan.
	 
	 	l.	 	Subsidiary — means any corporation at least fifty
percent (50%) of the voting shares of which is owned by the Company either directly or indirectly and which has
been authorized by the Board to participate in the Plan.
	 
	 	m.	 	Supplemental Compensation — means compensation payable to an Employee which is
in addition to an Employee’s salary and which the Committee, in its sole discretion,
may deem to be deferrable, either in whole or in part, under the terms and conditions
of the Plan.
	 
	 	n.	 	Termination — means termination of employment for any reason other than
Retirement including death, disability, resignation or release from employment with the
Company or a Subsidiary.
	 
	 	o.	 	Year or Plan Year — means the Company’s fiscal year which ends on each
September 30 during which the Plan is in effect.

	2.	 	Purpose of the Plan
	 
	 	 	The purpose of the Plan is to furnish a benefit to those Employees who contribute to the
success of the Company and to assist the Company in attracting and retaining such Employees.
	 
	3.	 	Establishment of the Plan
	 
	 	 	The Plan is established effective as of October 1, 1983.

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	4.	 	Administration of the Plan
	 
	 	 	The Committee shall manage and implement the provisions of the Plan. The Committee shall
have the authority to interpret the Plan, adopt and revise rules and regulations relating to
the Plan and make any other determinations which it believes necessary or advisable for the
administration of the Plan. Decisions and determinations by the Committee shall be final
and binding on Participants and other Employees except as otherwise provided in Paragraph
18.

	 
	 	 	The Committee may delegate to such persons as they select any powers and duties with respect
to the Plan as the Committee shall deem appropriate.
	 
	5.	 	Designation of Participants
	 
	 	 	The Committee or its delegate(s) shall designate Participants in the Plan in any Year from
among those Employees who may be eligible to receive a Bonus, Performance Award or
Supplemental Compensation during that Year on the following terms:

	 	a.	 	The Committee or its delegate(s) shall notify those Employees whom it has
selected as Participants in the Plan no later than the end of the Year in which the
Bonus or Supplemental Compensation is earned or the end of the Performance Period with
respect to any Performance Award.
	 
	 	b.	 	The Committee may from Year to Year, at its discretion, change the eligibility
requirements for participation in the Plan.

	6.	 	Requirements for Participation

	 	a.	 	In order to participate in any Year, the Participant must complete and return
the Irrevocable Election Agreement no later than the dates set forth in Section 6(b)
and agree to defer a minimum of twenty-five percent (25%) of any Bonus, Performance
Award or Supplemental Compensation which the Company or Subsidiary would otherwise pay
to the Participant during such Year.

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	 	b.	 	If a Participant desires to defer any Bonus, Performance Award or Supplemental
Compensation, or the required portion thereof, the Irrevocable Election Agreement must
be completed and returned (i) before the end of the Year in which the Bonus or
Supplemental Compensation is earned, or (ii) before the end of the Performance
Period with respect to any Performance Award.
	 
	 	c.	 	At the time the Irrevocable Election Agreement is completed, the Participant
shall be required to specify the term of deferral and manner of payment in accordance
with the options provided in Section 8.
	 
	 	d.	 	Completion of the Irrevocable Election Agreement as to any Bonus, Performance
Award or Supplemental Compensation shall subject the amount deferred to all the terms
and conditions of the Plan.

	7.	 	Deferred Compensation Account
	 
	 	 	The Company shall establish a bookkeeping liability, an Account, for each Participant in the
Plan on the following terms:

	 	a.	 	The Account shall serve solely as a device for determining the amount to be
paid to the Participant at the time specified for payment. The Account will not be
funded by the Company or the Subsidiary and it will not constitute or be treated as
funds set aside in trust or escrow and the Participant shall have no proprietary right
of any nature with respect to such Account.
	 
	 	b.	 	At such time as a Bonus, Performance Award or Supplemental Compensation would
otherwise be paid to a Participant, his Account shall be credited with an amount equal
to that portion of the Bonus, Performance Award or Supplemental Compensation which the
Participant had designated to be deferred and be subject to this Plan reduced by the
Employee’s portion of any Social Security taxes which are payable with respect to the
deferred amounts.

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	 	c.	 	As of September 30 in each Year, a Participant’s Account shall be credited with
interest at the prime rate of interest in effect on such September 30 at AmeriTrust
Company or its successor. Such interest shall be credited on the average daily balance
credited to the account during the twelve (12) month period ending on such September
30th.
	 
	 	d.	 	Amounts payable to a Participant or beneficiary pursuant to this Plan shall be
debited to his Account as of the date of payment. In the event a Participant or
beneficiary shall be entitled to receive the full amounts then credited to his Account,
he shall also be paid interest for the period from the preceding October 1 until the
date of payment. Such interest shall be computed at the prime rate of interest in
effect on the last day of the month next preceding the date of payment at AmeriTrust
Company or its successor. Payment of such interest shall be in lieu of interest for
such Year under paragraph c above.

	8.	 	Payments of Deferred Compensation

	 	a.	 	The Participant shall specify the end of the deferral term in his Irrevocable
Election Agreement which ending date may be:

	 	1.	 	a specified date;
	 
	 	2.	 	the Participant’s Retirement;
	 
	 	3.	 	the attainment of a specified age by the Participant; or
	 
	 	4.	 	any combination of the foregoing.

	 	b.	 	The Participant shall specify in the Irrevocable Election Agreement to have any
Year’s deferral, together with interest accrued thereon, paid in a lump sum or in a
specified number of approximately equal annual installments. Payment of the first
installment or the lump sum shall be made on or before the January 31st coinciding with
or next following the end of the deferral term.

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	 	c.	 	In the event of the Participant’s Termination, other than Termination upon
Retirement, or upon the Participant’s death after Retirement, and prior to the end of
the deferral term or before all installments have been paid with respect to any Year’s
deferral, the remaining balance as reflected on the Participant’s Account shall be paid
as follows:

	 	1.	 	if, under the Participant’s Irrevocable Election Agreement, the
balance of the Account would have been payable within five (5) years of the
date of the
Participant’s Termination or death, then the Account shall be payable in
accordance with the Irrevocable Election Agreement; or
	 
	 	2.	 	if, under the Participant’s Irrevocable Election Agreement, the
balance of the Account would not have been payable within five (5) years of the
date of the Participant’s Termination or death, then the Account shall be
payable in five installments commencing on the January 31st next following the
Participant’s Termination or death and on the four (4) succeeding January
31st. Each installment shall equal the balance then credited to the Account
divided by the remaining number of unpaid installments.

	 	d.	 	Payments shall be made to the Participant, or in the event of the Participant’s
death, to the beneficiary provided according to Section 10. If no beneficiary has been
designated, payment shall be made to the Participant’s spouse, if he or she survives
the Participant, or, if the Participant does not have a surviving spouse, payment shall
be made to the Participant’s estate.
	 
	 	e.	 	The Committee may in its sole discretion, accelerate the time and manner of
making payments from the Participant’s Account in the event of the Participant’s
Termination for any cause other than Retirement or upon the death of the Participant
after Retirement or an emergency or necessity involving hardship affecting the personal
or family affairs of any Participant or beneficiary of a deceased Participant.

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	 	f.	 	All payments made to a Participant, beneficiary of a deceased Participant or
the estate of the Participant pursuant to Section 8 shall be debited to the
Participant’s Account as of the date of payment.
	 
	 	g.	 	The Company shall have the right to withhold and pay over any and all
withholding taxes which it may be required to collect under federal, state or local law
with respect to payments hereunder.

	9.	 	Additional Distribution
	 
	 	 	If Bonuses deferred under this Plan are not considered as pay in determining benefits under
the Keithley Instruments, Inc. Employees’ Pension Plan, as such Plan may be amended from
time to time hereafter, or the pension plan of a Subsidiary, then, if necessary, a
supplemental payment of equivalent actuarial value as determined by the Company’s consulting
actuaries for the pension plan shall be made by the Company, or, if applicable, a
Subsidiary, with each payment (which will be in addition to the amounts payable under
Paragraph 8) to compensate a Participant for any reduction in benefits suffered under the
pension plan due to the deferral of a Bonus under this Plan.
	 
	10.	 	Designation of Beneficiary
	 
	 	 	Each Participant shall have the right to designate a beneficiary or beneficiaries to receive
any amount credited to his Account remaining unpaid at the Participant’s death. Such
designation shall be effected by filing written notification with the Committee and may be
changed from time to time by similar action. If the Participant fails to make such
designation, any such unpaid amount credited to his Account shall be paid to the
Participant’s surviving spouse, if any, or, if there is no surviving spouse, to the
Participant’s estate in the manner provided in Paragraph 8(c).
	 
	11.	 	Non-Alienation of Payments
	 
	 	 	Any amount payable from a Participant’s Account shall not be subject in any manner to
alienation, sale, transfer, assignment, pledge, attachment, garnishment, or encumbrance of
any

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kind, by will, or by inter vivos instrument. Any attempt to alienate, sell, transfer,
assign, pledge or otherwise encumber any such payment, whether presently or thereafter
payable, shall not be recognized by the Committee or the Company. Payments under the Plan
shall not in any manner be subject to the debts or liabilities of any Participant except
that the Company shall have the right to charge the Participant’s Account for any amounts
due and owing to the Company by the Participant. If a Participant shall attempt to
alienate, sell, transfer, assign, pledge or otherwise encumber payments under the Plan or
any part thereof, or if by reason of the Participant’s bankruptcy or other event happening
at any time such payments would devolve upon anyone else
or would not be enjoyed by the Participant, then the Committee, in its discretion, may
terminate the Participant’s interest in any such benefit, and hold or apply it for the
benefit of such Participant, the Participant’s spouse, children, or any dependents, or any
of them, in such manner as the Committee may deem proper.

	12.	 	Incompetency
	 
	 	 	Every person receiving or claiming payments under this Plan shall be conclusively presumed
to be mentally competent until the date on which the Committee receives a written notice, in
form and manner acceptable to the Committee, that such person is incompetent and that a
guardian, conservator, or other person legally vested with the care of the person’s estate
has been appointed. In the event a guardian or conservator of the estate of any person
receiving or claiming payments under this Plan shall be appointed by a court of competent
jurisdiction, payments may be made to such guardian or conservator provided that proper
proof of appointment and continuing qualification is furnished in form and manner acceptable
to the Committee. Any such payment so made shall be a complete discharge of any liability
therefor.
	 
	13.	 	Right to Other Benefits
	 
	 	 	Participation in this Plan shall not disqualify a Participant from the right to participate
in other benefits of the Company or a Subsidiary to which the Participant may be entitled.
However,

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deferral of amounts under this Plan may affect the extent of participation
depending on the terms of such other plan of the Company or a Subsidiary.

	14.	 	No Right to Continued Employment
	 
	 	 	In no event shall participation in this Plan give or be deemed to give a Participant any
right to be retained in the employ of the Company.
	 
	15.	 	Amendment or Termination of the Plan
	 
	 	 	The Committee reserves the right to amend, modify or discontinue future deferrals under the
Plan at any time; provided, however, no such action shall:

	 	a.	 	reduce the then amount credited to any Participant’s account;
	 
	 	b.	 	reduce the rate of interest to be credited until the date of payment to amounts
deferred prior to the date of such action;
	 
	 	c.	 	change the date of payment or the manner of payment of any amounts deferred
prior to the date of such action or the interest thereon; or
	 
	 	d.	 	provide for any forfeiture of any amounts deferred prior to the date of such
action or the interest thereon;

without the express written consent of the Participant or the beneficiary of a deceased
Participant. Notice of amendments to or discontinuance of future accruals under the Plan
shall be given in writing to each Participant or beneficiary of a deceased Participant.

This Plan shall terminate in the event that:

	 	a.	 	the Company shall sell substantially all its assets, the purchaser of such
assets shall fail or refuse to assume the obligations of the Company and the Company
shall make liquidating distributions to its shareholders; or
	 
	 	b.	 	the Company shall institute proceedings to be adjudicated bankrupt, or shall
consent to the filing of a bankruptcy proceeding against it, or shall file a petition
or answer or

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	 	 	 	consent seeking reorganization under the Bankruptcy Act or any similar
applicable federal or state law or shall make an assignment of its assets for the
benefit of creditors.

In the event of termination of this Plan, the Account balances of each Participant and
deceased Participant shall be payable immediately in a single lump sum payment.

	16.	 	Change of Control
	 
	 	 	In the event a Change of Control of the Company has occurred or is about to occur, the
Company shall notify each Participant and each beneficiary of a deceased Participant, in
writing, that a Change of Control has occurred or is about to occur. Each Participant and
each beneficiary of a deceased Participant shall have the right, prior to the later of
thirty (30) days after the date of the Change of Control and thirty (30) days after receipt
of such notice, to elect to change the deferral
term, or the manner of payment of any amounts previously deferred under this Plan and may,
for example, elect to receive their full Account balance in an immediate lump sum payment.

For purposes of this Plan, a Change of Control shall be deemed to have occurred if: (i) a
tender offer shall be made and consummated for the ownership of 25% or more of the
outstanding voting securities of the Company; (ii) the Company shall be merged or
consolidated with another corporation and as a result of such merger or consolidation less
than 75% of the outstanding voting securities of the surviving or resulting corporation
shall be owned in the aggregate by the former shareholders of the Company as the same shall
have existed immediately prior to such merger or consolidation; (iii) the Company shall sell
substantially all of its assets to another corporation which is not a wholly-owned
subsidiary; or (iv) a person within the meaning of Section 13(a)(9) or of Section 13(d)(3)
(as in effect on the date hereof) of the Securities Exchange Act of 1934, shall acquire,
other than by reason of inheritance, twenty-five percent (25%) or more of the outstanding
voting securities of the Company (whether directly, indirectly, beneficially or of record).
For purposes of this Plan, ownership of voting securities shall take into account and

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shall include ownership as determined by applying the provisions of Rule 13d-3(d)(l)(i) as in
effect on the date hereof pursuant to the Securities Exchange Act of 1934.

	17.	 	Books and Records
	 
	 	 	The books and records to be maintained for the purpose of the Plan shall be maintained by
the Company at its own expense and subject to the supervision and control of the Committee.
All expenses of administering the Plan shall be paid by the Company from its own funds.
	 
	18.	 	Review of Claims or Determinations
	 
	 	 	Any Participant or beneficiary who desires to make a claim for a benefit under the Plan or
desires a determination with respect to any provision of the Plan, shall send such claim or
request in writing to the Compensation Committee, Keithley Instruments, Inc., 28775 Aurora
Rd., Cleveland, Ohio 44139.
	 
	 	 	Any Participant or beneficiary who claims a benefit under the Plan which is wholly or
partially denied, or requests a determination with respect to any provision of the Plan,
shall be advised in writing of the denial or determination of the Committee and its reason
therefor. Upon receipt of a written request which is filed with the Committee within sixty
(60) days after the claim is denied or the determination is made, such Participant or
beneficiary will be afforded a full and fair review by the Committee of the claim denied or
the determination made. The result of such review by the Committee shall be delivered in
writing within sixty (60) days after the request for review is received and shall include
specific reasons for the decision.
	 
	19.	 	Governing Law
	 
	 	 	The Plan shall be construed, administered and governed in all respects under and by the laws
of the State of Ohio.

Page 11

 

AMENDMENT NO. 1

TO

KEITHLEY INSTRUMENTS, INC.

DEFERRED COMPENSATION PLAN

          This Amendment No. 1 is adopted this 8th day of September, 1984 by Keithley
Instruments, Inc. (the “Company”);

WITNESSETH:

          WHEREAS, the Company previously established the Keithley Instruments, Inc. Deferred
Compensation Plan, (the “Plan”), effective October 1, 1983; and

          WHEREAS, the Company reserved the right to amend the Plan pursuant to Paragraph 15 thereof;
and

          WHEREAS, the Company desires to amend the Plan in order to change the method for calculating
interest payable on amounts deferred thereunder and to delete the Plan provisions regarding
additional distributions to be made to a Participant by the Company or a Subsidiary to compensate
the Participant for reductions in his benefits under the Keithley Instruments, Inc. Employees’
Pension Plan or a Subsidiary-sponsored pension plan due to his deferral of bonuses under this Plan;

          NOW, THEREFORE, pursuant to Paragraph 15 of the Plan, the Company hereby amends the Plan,
effective September 8, 1984, as follows:

          1. Subparagraphs (c) and (d) of Paragraph 7 of the Plan are hereby amended by the deletion of
said subparagraphs and the substitution in lieu thereof of new subparagraphs (c) and (d) to read as
follows:

	 	“c.	 	As of September 30 in each Year, a Participant’s Account shall
be credited with interest. The rate of such interest shall equal the average
of the prime rates of interest for large money center banks as reported in the
Wall Street Journal for the last day of such September for which such rates are
reported and the last day

Page 1

 

	 	 	 	of the December, March and June last preceding such
September and for which such rates are reported. Such interest shall be credited on the average
daily balance credited to the account during the twelve (12) month period
ending on such September 30th.
	 
	 	d.	 	Amounts payable to a Participant or beneficiary pursuant to
this Plan shall be debited to his Account as of the date of payment. In the
event a Participant or beneficiary shall be entitled to receive the full
amounts then credited to his Account, he shall also be paid interest for the
period from the preceding October 1 until the date of payment. The rate of
such interest shall equal the average of the prime rates of interest for large
money center banks as reported in the Wall Street Journal for the last day of
the December, March, June and September last preceding the date of payment and
for which such rates are reported. Payment of such interest shall be in lieu
of interest for such Year under paragraph c above.”

          2. Paragraph 9 of the Plan is hereby deleted in its entirety. Hereafter the Plan shall have
no Paragraph 9.

Page 2

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