Document:

Exhibit 10.1

FIFTH AMENDMENT
TO LOAN AND SECURITY AGREEMENT
This Fifth Amendment to Loan and Security Agreement (“Amendment”) is entered into as of April 23, 2012 by and between Comerica Bank (“Bank”) and Nanometrics Incorporated, a Delaware corporation, successor by merger to Accent Optical Technologies Nanometrics, Inc., successor by merger to Nanometrics IVS Division, Inc. (“Borrower”).
RECITALS
Borrower and Bank are parties to that Loan and Security Agreement dated as of February 14, 2007, as amended from time to time, including, without limitation by that First Amendment to Loan and Security Agreement dated September 14, 2007, that Second Amendment to Loan and Security Agreement dated as of April 29, 2009, that Third Amendment to Loan and Security Agreement dated as of June 15, 2009 and that Fourth Amendment to Loan and Security Agreement dated April 13, 2010  (collectively, “Agreement”).  
The parties desire to amend the Agreement further in accordance with the terms of this Amendment.
NOW, THEREFORE, the parties agree as follows:
1.Exhibit A to the Agreement is amended by adding (in the appropriate alphabetical order) or amending and restating the following terms to read in their entirety as follows:
“ 'Fifth Amendment Date' means April 23, 2012.”
“ 'Revolving Maturity Date' means April 30, 2014.”
2.The reference to “0.1875%” in Section 2.5(b) of the Agreement is deleted and replaced with “0.10%”. 
3.Section 2.3(a) of the Agreement is amended and restated to read in its entirety as follows:
“(a)    Interest Rates.
(i)    Advances.   Except as set forth in Section 2.3(b), the Advances shall bear interest, on the outstanding daily balance thereof, as set forth in the Prime Referenced Rate Addendum to Loan and Security Agreement attached hereto as Exhibit F.”
4.Section 6.2 of the Agreement is amended in its entirety to read as follows:
“6.2    Financial Statements, Reports, Certificates.  Borrower shall deliver to Bank:  (i) as soon as available, but in any event within forty five (45) days after the end of each calendar quarter, a company prepared consolidated and consolidating balance sheet and income statement covering Borrower's operations during such period, together with Forms 10-Q filed with the Securities and Exchange Commission, each in a form reasonably acceptable to Bank and certified by a Responsible Officer; (ii) as soon as available, but in any event within ninety (90) days after the end of Borrower's fiscal year, audited consolidated and consolidating financial statements of Borrower prepared in accordance with GAAP, consistently applied, together with an opinion which is unqualified (including no going concern comment or qualification) or otherwise consented to in writing by Bank on such financial statements of an independent certified public accounting firm reasonably acceptable to Bank, together with copies of all statements, reports and notices sent or made available generally by Borrower to its security holders or to any holders of Subordinated Debt and all reports on Forms 10-K filed with the Securities and Exchange Commission; (iii) promptly upon receipt of notice thereof, a report of any legal actions pending or threatened against Borrower or any Subsidiary that could result in damages or costs to Borrower or any Subsidiary of One Million Dollars ($1,000,000) or more; (iv) promptly upon receipt, each management letter prepared by Borrower's independent certified public accounting firm regarding Borrower's management control systems; and (v) as soon as possible, and in any event not later than 30 days after the end of each fiscal year of Borrower, Borrower's annual budget, sales projections, and operating plans for the current fiscal year, which budget, projections and plans shall be in a form reasonably acceptable to Bank and any other budgets, sales projections, operating plans or other financial information generally prepared by Borrower in the ordinary course of business as Bank may reasonably request from time to time.

(a)    So long as there are any outstandings under the Revolving Line, within 25 days after the last day of each calendar quarter, Borrower shall deliver to Bank a Borrowing Base Certificate signed by a Responsible Officer in substantially the form of Exhibit D hereto, together with aged listings by invoice date of domestic accounts receivable and accounts payable, listings of all Bank approved domestic standby letters of credit and the Borrower's domestic cash position as of such month's end and (ii) within 25 days after the last day of each calendar quarter thereafter, Borrower shall deliver to Bank a Compliance Certificate (including the Borrower's domestic cash position and consolidated cash position as of such month's end) in substantially the form of Exhibit E hereto.
(b)    As soon as possible and in any event within 3 calendar days after becoming aware of the occurrence or existence of an Event of Default hereunder, a written statement of a Responsible Officer setting forth details of the Event of Default, and the action which Borrower has taken or proposes to take with respect thereto.
(c)    At any time that the aggregate amount of Advances (including both U.S. Dollar Advances and Alternative Currency Advances) outstanding under the Revolving Line exceeds $7,500,00, Bank shall have a right from time to time hereafter to audit Borrower's Accounts and appraise Collateral at Borrower's expense, provided that such audits will be conducted no more often than every 6 months, unless an Event of Default has occurred and is continuing.
Borrower may deliver to Bank on an electronic basis any certificates, reports or information required pursuant to this Section 6.2, and Bank shall be entitled to rely on the information contained in the electronic files, provided that Bank in good faith believes that the files were delivered by a Responsible Officer.  If Borrower delivers this information electronically, it shall also deliver to Bank by U.S. Mail, reputable overnight courier service, hand delivery, facsimile or .pdf file within five (5) Business Days of submission of the unsigned electronic copy the certification of monthly financial statements, the intellectual property report, the Borrowing Base Certificate and the Compliance Certificate, each bearing the physical signature of the Responsible Officer.”
5.The last sentence of Section 6.3 is amended and restated to read in its entirety as follows:
“Borrower shall promptly notify Bank of all returns and recoveries and of all disputes and claims involving more than $2,500,000.”
6.Section 6.6 of the Agreement is amended and restated to read in its entirety as follows:
“6.6    Primary Depository.  Borrower shall maintain all its domestic depository and operating accounts with Bank at all times.  Borrower shall maintain not less than fifty percent (50%) of the aggregate balance of all of its operating and investment accounts in operating and investment accounts maintained with Bank.  Borrower acknowledges and agrees that any account not maintained at Bank shall be governed by a fully executed control agreement in form and substance reasonably acceptable to Bank.”
7.Section 6.7(a) of the Agreement is amended in its entirety to read as follows:
“(a)    Minimum Liquidity Ratio.  Reported quarterly, at all times when there are any outstandings under the Revolving Line, Borrower shall maintain a ratio of (i) Cash plus Eligible Accounts to (ii) all Indebtedness to Bank, of at least 1.50 to 1.00.”
8.New clause (d) is added to Section 6.7 of the Agreement to read in its entirety as follows:
“(d)    Minimum Cash re Outstanding Utilizations.  Borrower shall, at all times, maintain Cash in an account with Bank in an amount not less than the amount by which Outstanding Utilizations exceed the Borrowing Base, reported quarterly.”
9.Section 8.9 of the Agreement is amended and restated to read in its entirety as follows:
“8.9    Judgments.    If a judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least $5,000,000 shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of 10 days (provided that no Credit Extensions will be made prior to the satisfaction or stay of the judgment); or”

10.Notwithstanding anything to the contrary set forth in the Agreement, Borrower acknowledges and agrees that prior to each Advance, Borrower shall submit to Bank a Borrowing Base Certificate, together with aged listings by invoice date of domestic accounts receivable and accounts payable, listings of all Bank approved domestic standby letters of credit and the Borrower's domestic cash position as of such month's end and a Compliance Certificate.
11.Exhibits E (Compliance Certificate) and  F (Interest Rate Addendum) to the Agreement are deleted and replaced with Exhibits E and F attached hereto.
12.No course of dealing on the part of Bank or its officers, nor any failure or delay in the exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right.  Bank's failure at any time to require strict performance by Borrower of any provision shall not affect any right of Bank thereafter to demand strict compliance and performance.  Any suspension or waiver of a right must be in writing signed by an officer of Bank.
13.Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement.  The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects.  Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof.
14.Borrower represents and warrants that the Representations and Warranties contained in the Agreement are true and correct as of the date of this Amendment, and that no Event of Default has occurred and is continuing.  
15.As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following:
(a)this Amendment, duly executed by Borrower;
(b)a Prime Referenced Rate Addendum to Loan and Security Agreement, duly executed by Borrower;
(c)a Certificate of the Secretary of Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this Amendment;
(d)a non-refundable commitment fee in the amount of $15,000, which fee may be debited from any of Borrower's accounts;
(e)all reasonable Bank Expenses incurred through the date of this Amendment, which may be debited from any of Borrower's accounts; and
(f)such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.
16.This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the undersigned have executed this Fifth Amendment to Loan and Security Agreement as of the first date above written.
    
	
		
	 
	NANOMETRICS, INC.

By: /s/ Ronald W Kisling

Title: Chief Financial Officer

	 
	

COMERICA BANK

By: /s/ Robert R Shutt

Title:  SVP

EXHIBIT E
Form of Compliance Certificate
Please send all Required Reporting to:                         Comerica Bank
Technology & Life Sciences Division
Loan Analysis Department
250 Lytton Avenue
3rd Floor, MC 4240
Phone: (650) 462-6060
Fax: (650) 462-6061
FROM:        NANOMETICS INCORPORATED

The undersigned authorized Officer of Nanometrics Incorporated (“Borrower”), hereby certifies that in accordance with the terms and conditions of the Loan and Security Agreement between Borrower and Bank (as amended from time to time, the “Agreement”), (i) Borrower is in complete compliance for the period ending __________________________ with all required covenants, including without limitation the ongoing registration of intellectual property rights in accordance with Section 6.8, except as noted below and (ii) all representations and warranties of Borrower stated in the Agreement are true and correct in all material respects as of the date hereof.  Attached herewith are the required documents supporting the above certification.  The Officer further certifies that these are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes.
Please indicate compliance status by circling Yes/No under “Complies” column.

	
				
	REPORTING COVENANTS
	REQUIRED
	COMPLIES

	Consolidated F/S, Customer Detail Report
	Quarterly, within 45 days of calendar quarter
	YES
	NO

	Compliance Certificate
	Quarterly, within 25 days of calendar quarter
	YES
	NO

	CPA Audits, Unqualified F/S
	Annually, within 90 days of FYE
	YES
	NO

	A/R Aging
	So long as there are Advances outstanding, quarterly, within 25 days of calendar quarter
	YES
	NO

	A/P Aging
	So long as there are Advances outstanding, quarterly, within 25 days of calendar quarter
	YES
	NO

	Borrowing Base Certificate
	So long as there are Advances outstanding, quarterly, within 25 days of calendar quarter
	YES
	NO

	Standby Letters of Credit
	So long as there are Advances outstanding, quarterly, within 25 days
	YES
	NO

	Budgets, sales projections and operating plans
	Annually, within 30 days of FYE
	YES
	NO

	If Public:
	 
	 
	 

	10-Q
	Quarterly, within 45 days of calendar quarter
	YES
	NO

	10-K
	Annually, within 90 days of FYE
	YES
	NO

	
					
	FINANCIAL COVENANTS
	REQUIRED
	ACTUAL
	COMPLIES

	TO BE REPORTED QUARTERLY, UNLESS OTHERWISE NOTED:

	Minimum Liquidity Ratio
	1.50:1.00
	__________:1.00
	YES
	NO

	Minimum TNW Plus Subordinated Debt (tested quarterly)
	See Section 6.7(b) of the Agreement
	$_______________________
	YES
	NO

	Cash Percentage
	Cash to be at least 35% of Consolidated Cash
	Cash:
$

Consolidated Cash:
$
	YES
	NO

	Minimum Cash re Outstanding Utilizations
	See Section 6.7(d) of the Agreement
	$
	YES
	NO

Please Enter Below Comments Regarding Covenant Violations:

The Officer further acknowledges that at any time Borrower is not in compliance with all the terms set forth in the Agreement, including, without limitation, the financial covenants, no credit extensions will be made.
	
				
	Very truly yours,
	 
	BANK USE ONLY

	 
	 
	 
	 

	 
	 
	Rec'd By:
	 

	Authorized Signer:
	 
	Date:
	 

	 
	 
	Reviewed By:
	 

	 
	 
	Date:
	 

	Name:
	 
	Financial Compliance Status:                                                               YES/NO

	 
	 
	 
	 

	 
	 
	 
	 

	Title:
	 
	 
	 

EXHIBIT F
(attached Prime Referenced Rate Addendum to Loan and Security Agreement)

    	
	
	Corporation Resolutions and Incumbency Certification 
Authority to Procure Loans

I certify that I am the duly elected and qualified Secretary of NANOMETRICS INCORPORATED, a Delaware corporation (the “Corporation”), that the following is a true and correct copy of resolutions duly adopted by the Board of Directors of the Corporation in accordance with its bylaws and applicable statutes.
Copy of Resolutions:
Be it Resolved, That:
		
	1.
	Any officer of the Corporation is authorized, for, on behalf of, and in the name of the Corporation to:

		
	(a)
	Negotiate and procure loans, letters of credit and other credit or financial accommodations from Comerica Bank (“Bank”), including, without limitation, that certain Loan and Security Agreement dated as of February 14, 2007, as amended from time to time, including but not limited to that certain First Amendment to Loan and Security Agreement dated as of September 14, 2007,  that certain Second Amendment to Loan and Security Agreement dated as of April 29, 2009,  that certain Third Amendment to Loan and Security Agreement dated as of June 15, 2009, that certain Fourth Amendment to Loan and Security Agreement dated as of April 13, 2010 and that certain Fifth Amendment to Loan and Security Agreement dated as of April 23, 2012 (collectively, the “Agreement”).

		
	(b)
	Discount with the Bank, commercial or other business paper belonging to the Corporation made or drawn by or upon third parties, without limit as to amount;

		
	(c)
	Purchase, sell, exchange, assign, endorse for transfer and/or deliver certificates and/or instruments representing stocks, bonds, evidences of Indebtedness or other securities owned by the Corporation, whether or not registered in the name of the Corporation;

		
	(d)
	Give security for any liabilities of the Corporation to the Bank by grant, security interest, assignment, lien, deed of trust or mortgage upon any real or personal property, tangible or intangible of the Corporation;

		
	(e)
	Issue warrants to purchase the Corporation's capital stock; and

		
	(f)
	Execute and deliver in form and content as may be required by the Bank any and all notes, evidences of Indebtedness, applications for letters of credit, guaranties, subordination agreements, loan and security agreements, financing statements, assignments, liens, deeds of trust, mortgages, trust receipts and other agreements, instruments or documents to carry out the purposes of these Resolutions, any or all of which may relate to all or to substantially all of the Corporation's property and assets.

		
	2.
	Said Bank be and it is authorized and directed to pay the proceeds of any such loans or discounts as directed by the persons so authorized to sign, in accordance with the Agreement;

		
	3.
	Any and all agreements, instruments and documents previously executed and acts and things previously done to carry out the purposes of these Resolutions are ratified, confirmed and approved as the act or acts of the Corporation.

		
	4.
	These Resolutions shall continue in force, and the Bank may consider the holders of said offices and their signatures to be and continue to be as set forth in a certified copy of these Resolutions delivered to the Bank, until notice to the contrary in writing is duly served on the Bank (such notice to have no effect on any action previously taken by the Bank in reliance on these Resolutions).

		
	5.
	Any person, corporation or other legal entity dealing with the Bank may rely upon a certificate signed by an officer of the Bank to the effect that these Resolutions and any agreement, instrument or document executed pursuant to them are still in full force and effect and binding upon the Corporation.

		
	6.
	The Bank may consider the holders of the offices of the Corporation and their signatures, respectively, to be and continue to be as set forth in the Certificate of the Secretary of the Corporation until notice to the contrary in writing is duly served on the Bank.

I further certify that the above Resolutions are in full force and effect as of the date of this Certificate; that these Resolutions and any borrowings or financial accommodations under these Resolutions have been properly noted in the corporate books and records, and have not been rescinded, annulled, revoked or modified; that neither the foregoing Resolutions nor any actions to be taken pursuant to them are or will be in contravention of any provision of the certificate of incorporation or bylaws of the Corporation or of any agreement, indenture or other instrument to which the Corporation is a party or by which it is bound; and that neither the certificate of incorporation nor bylaws of the Corporation nor any agreement, indenture or other instrument to which the Corporation is a party or by which it is bound require the vote or consent of shareholders of the Corporation to authorize any act, matter or thing described in the foregoing Resolutions. 
I further certify that the following named persons have been duly elected to the offices set opposite their respective names, that they continue to hold these offices at the present time, and that the signatures which appear below are the genuine, original signatures of each respectively:
(PLEASE SUPPLY GENUINE SIGNATURES OF AUTHORIZED SIGNERS BELOW)
	
			
	NAME (Type or Print)
	TITLE
	SIGNATURE

	Timothy J. Stultz
	Chief Executive Officer
	/s/ Timothy J. Stultz

	Bruce A. Crawford
	Chief Operating Officer
	/s/ Bruce A. Crawford

	Ronald W. Kisling
	Chief Financial Officer
	/s/ Ronald W. Kisling

	Nancy E. Egan
	General Counsel & Secretary
	/s/ Nancy E. Egan

	 
	 
	 

In Witness Whereof, I have affixed my name as Secretary and have caused the corporate seal (where available) of said Corporation to be affixed on April 23, 2012.
            	
	
	/s/ Nancy E. Egan

	Secretary

	
		
	The Above Statements are Correct.
	/s/ Ronald W Kisling

	 
	SIGNATURE OF OFFICER OR DIRECTOR OR, IF NONE,  A SHAREHOLDER OTHER THAN SECRETARY WHEN SECRETARY IS AUTHORIZED TO SIGN ALONE.

Failure to complete the above when the Secretary is authorized to sign alone shall constitute a certification by the Secretary that the Secretary is the sole Shareholder, Director and Officer of the Corporation. 

Prime Referenced Rate Addendum 
To Loan and Security Agreement
This Prime Referenced Rate Addendum to Loan and Security Agreement (this “Addendum”) is entered into as of April 23, 2012, by and between Comerica Bank (“Bank”) and Nanometrics Incorporated, a Delaware corporation (“Borrower”).  This Addendum supplements the terms of the Loan and Security Agreement dated February 14, 2007 (as the same may be amended, modified, supplemented, extended or restated from time to time, the “Agreement”).
1.Definitions.  As used in this Addendum, the following terms shall have the following meanings.  Initially capitalized terms used and not defined in this Addendum shall have the meanings ascribed thereto in the Agreement.
a.“Applicable Margin” means one half of one percent (0.50%) per annum.
b.“Business Day” means any day, other than a Saturday, Sunday or any other day designated as a holiday under Federal or applicable State statute or regulation, on which Bank is open for all or substantially all of its domestic and international business (including dealings in foreign exchange) in San Jose, California, and, in respect of notices and determinations relating the Daily Adjusting LIBOR Rate, also a day on which dealings in dollar deposits are also carried on in the London interbank market and on which banks are open for business in London, England.
c.“Change in Law” means the occurrence, after the date hereof, of any of the following: (i) the adoption or introduction of, or any change in any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in effect and whether or not applicable to Bank on such date, or (ii) any change in interpretation, administration or implementation thereof of any such law, treaty, rule or regulation by any Governmental Authority, or (iii) the issuance, making or implementation by any Governmental Authority of any interpretation, administration, request, regulation, guideline, or directive (whether or not having the force of law), including any risk-based capital guidelines.  For purposes of this definition, (x) a change in law, treaty, rule, regulation, interpretation, administration or implementation shall include, without limitation, any change made or which becomes effective on the basis of a law, treaty, rule, regulation, interpretation administration or implementation then in force, the effective date of which change is delayed by the terms of such law, treaty, rule, regulation, interpretation, administration or implementation, and (y) the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203, H.R. 4173) and all requests, rules, regulations, guidelines, interpretations or directives promulgated thereunder or issued in connection therewith shall be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or promulgated, whether before or after the date hereof, and (z) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall each be deemed to be a "Change in Law", regardless of the date enacted, adopted, issued or implemented. 
d.“Daily Adjusting LIBOR Rate” means, for any day, a per annum interest rate which is equal to the quotient of the following:
(1)    for any day, the per annum rate of interest determined on the basis of the rate for deposits in United States Dollars for a period equal to one (1) month appearing on Page BBAM of the Bloomberg Financial Markets Information Service as of 8:00 a.m. (California time) (or as soon thereafter as practical) on such day, or if such day is not a Business Day, on the immediately preceding Business Day.  In the event that such rate does not appear on Page BBAM of the Bloomberg Financial Markets Information Service (or otherwise on such Service) on any day, the “Daily Adjusting LIBOR Rate” for such day shall be determined by reference to such other publicly available service for displaying eurodollar rates as may be reasonably selected by Bank, or in the absence of such other service, the “Daily Adjusting LIBOR Rate” for such day shall, instead, be determined based upon the average of the rates at which Bank is offered dollar deposits at or about 8:00 a.m. (California time) (or as soon thereafter as practical), on such day, or if such day is not a Business Day, on the immediately preceding Business Day, in the interbank eurodollar market in an amount comparable to the outstanding principal amount of the Obligations and for a period equal to one (1) month;
divided by
(2)    1.00 minus the maximum rate (expressed as a decimal) on such day at which Bank is required to maintain reserves on "Euro-currency Liabilities" as defined in and pursuant to Regulation D of the Board of Governors of the Federal Reserve System or, if such regulation or definition is modified, and as long as Bank is required to maintain reserves against a category of liabilities which includes eurodollar deposits or includes a category of assets which includes eurodollar loans, the rate at which such reserves are required to be maintained on such category.
e.“Governmental Authority” means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including, without limitation, any supranational bodies such as the European Union or the European Central Bank).
f.“LIBOR Lending Office” means Bank's office located in the Cayman Islands, British West Indies, or such other branch 

of Bank, domestic or foreign, as it may hereafter designate as its LIBOR Lending Office by notice to Borrower.
g."Prime Rate" means the per annum interest rate established by Bank as its prime rate for its borrowers, as such rate may vary from time to time, which rate is not necessarily the lowest rate on loans made by Bank at any such time.
h."Prime Referenced Rate" means, for any day, a per annum interest rate which is equal to the Prime Rate in effect on such day, but in no event and at no time shall the Prime Referenced Rate be less than the sum of the Daily Adjusting LIBOR Rate for such day plus two and one-half percent (2.50%) per annum.  If, at any time, Bank determines that it is unable to determine or ascertain the Daily Adjusting LIBOR Rate for any day, the Prime Referenced Rate for each such day shall be the Prime Rate in effect at such time, but not less than two and one-half percent (2.50%) per annum.  
2.Interest Rate Options.  Subject to the terms and conditions of this Addendum, the Obligations under the Agreement shall bear interest at the Prime Referenced Rate plus the Applicable Margin. 
3.Payment of Interest.  Accrued and unpaid interest on the unpaid balance of the Obligations outstanding under the Agreement shall be payable monthly, in arrears, on the first Business Day of each month, until maturity (whether as stated herein, by acceleration, or otherwise).  In the event that any payment under this Addendum becomes due and payable on any day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day, and, to the extent applicable, interest shall continue to accrue and be payable thereon during such extension at the rates set forth in this Addendum.  Interest accruing hereunder shall be computed on the basis of a year of 360 days, and shall be assessed for the actual number of days elapsed, and in such computation, effect shall be given to any change in the applicable interest rate as a result of any change in the Prime Referenced Rate on the date of each such change.
4.Bank's Records.  The amount and date of each advance under the Agreement, its applicable interest rate, and the amount and date of any repayment shall be noted on Bank's records, which records shall be conclusive evidence thereof, absent manifest error; provided, however, any failure by Bank to make any such notation, or any error in any such notation, shall not relieve Borrower of its obligations to repay Bank all amounts payable by Borrower to Bank under or pursuant to this Addendum and the Agreement, when due in accordance with the terms hereof.   
5.Default Interest Rate.  From and after the occurrence of any Event of Default, and so long as any such Event of Default remains unremedied or uncured thereafter, the Obligations outstanding under the Agreement shall bear interest at a per annum rate of five percent (5%) above the otherwise applicable interest rate hereunder, which interest shall be payable upon demand.  In addition to the foregoing, a late payment charge equal to five percent (5%) of each late payment hereunder may be charged on any payment not received by Bank within ten (10) calendar days after the payment due date therefor, but acceptance of payment of any such charge shall not constitute a waiver of any Event of Default under the Agreement.  In no event shall the interest payable under this Addendum and the Agreement at any time exceed the maximum rate permitted by law.
6.Prepayment.   Borrower may prepay all or part of the outstanding balance of any Obligations at any time without premium or penalty.  Any prepayment hereunder shall also be accompanied by the payment of all accrued and unpaid interest on the amount so prepaid.  Borrower hereby acknowledges and agrees that the foregoing shall not, in any way whatsoever, limit, restrict, or otherwise affect Bank's right to make demand for payment of all or any part of the Obligations under the Agreement due on a demand basis in Bank's sole and absolute discretion.
7.Regulatory Developments or Other Circumstances Relating to the Daily Adjusting LIBOR Rate.
a.If any Change in Law shall: (a) subject Bank to any tax, duty or other charge with respect to this Addendum or any Obligations under the Agreement, or shall change the basis of taxation of payments to Bank of the principal of or interest under this Addendum or any other amounts due under this Addendum in respect thereof (except for changes in the rate of tax on the overall net income of Bank or its LIBOR Lending Office imposed by the jurisdiction in which Bank's principal executive office or LIBOR Lending Office is located); or (b) impose, modify or deem applicable any reserve (including, without limitation, any imposed by the Board of Governors of the Federal Reserve System), special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by Bank, or shall impose on Bank or the foreign exchange and interbank markets any other condition affecting this Addendum or the Obligations; and the result of any of the foregoing is to increase the cost to Bank of maintaining any part of the Obligations or to reduce the amount of any sum received or receivable by Bank under this Addendum by an amount deemed by Bank to be material, then Borrower shall pay to Bank, within fifteen (15) days of Borrower's receipt of written notice from Bank demanding such compensation, such additional amount or amounts as will compensate Bank for such increased cost or reduction.  A certificate of Bank, prepared in good faith and in reasonable detail by Bank and submitted by Bank to Borrower, setting forth the basis for determining such additional amount or amounts necessary to compensate Bank shall be conclusive and binding for all purposes, absent manifest error.
b.In the event that any Change in Law affects or would affect the amount of capital required or expected to be maintained by Bank (or any corporation controlling Bank), and Bank determines that the amount of such capital is increased by or based upon the existence of any obligations of Bank hereunder or the maintaining of any Obligations, and such increase has the effect of reducing the rate of return on Bank's (or such controlling corporation's) capital as a consequence of such obligations or the maintaining of such Obligations to a level below that which Bank (or such controlling corporation) could have achieved but for such circumstances (taking into consideration its policies with respect to capital adequacy), then Borrower shall pay to Bank, within fifteen (15) days of Borrower's receipt of written notice from Bank demanding such compensation, additional amounts as are sufficient to compensate Bank (or such controlling corporation) for any increase in the amount of capital and reduced rate of return which Bank reasonably determines to be allocable to the existence of any obligations of Bank hereunder or to maintaining 

any Obligations.  A certificate of Bank as to the amount of such compensation, prepared in good faith and in reasonable detail by Bank and submitted by Bank to Borrower, shall be conclusive and binding for all purposes absent manifest error.
8.Legal Effect.  Except as specifically modified hereby, all of the terms and conditions of the Agreement remain in full force and effect.
9.Conflicts.  As to the matters specifically the subject of this Addendum, in the event of any conflict between this Addendum and the Agreement, the terms of this Addendum shall control.

IN WITNESS WHEREOF, the parties have agreed to the foregoing as of the date first set forth above.
	
					
	 
	 
	 
	 
	 

	COMERICA BANK

	 
	 
	NANOMETRICS INCORPORATED

	 
	 
	 
	 

	By:
	/S/ Robert S. Shutt
	 
	By:
	/S/ Ronald W. Kisling

	Name:
	Robert R. Shutt
	 
	Name:
	Ronald W. Kisling

	Title:
	SVP
	 
	Title:
	Chief Financial Officerex10_20.htm

Exhibit 10.20

 

EMPLOYMENT SEPARATION AGREEMENT, WAIVER AND RELEASE

THIS EMPLOYMENT SEPARATION AGREEMENT, WAIVER AND RELEASE (hereinafter “this Agreement”) dated as of January 20, 2012 is made and entered into between Raymond James Financial, Inc. (“RJF”), it’s subsidiaries, it’s affiliates and each of their respective successors (collectively referred to herein as “Raymond James”) and Richard K. Riess, the Executive Vice President - Asset Management Group of RJF and Chief Executive Officer of Eagle Asset Management, Inc. (the “Associate”).

WHEREAS, the Associate has completed more than thirty years of employment service with Raymond James;

WHEREAS, Raymond James and Associate desire to amicably end their employment relationship and fully and finally settle all existing or potential claims and disputes between them, whether known or unknown as of this date;

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.           Obligations of Raymond James.  In consideration of Associate’s agreement to the terms herein, Raymond James shall provide to Associate the following:

	
(a)  

	
Employment in Associate’s current capacity until January 31, 2012 and placement of the Associate on paid administrative leave on February 1, 2012. Associate shall remain on paid administrative leave until November 30, 2012 (such date, the “Retirement Date”).

	
(b)  

	
A guaranteed annual salary in the amount of $286,000.00 (TWO HUNDRED EIGHTY-SIX THOUSAND DOLLARS), less appropriate payroll taxes (the “Salary”).  The Salary will be paid semi-monthly beginning on January 1, 2012 and ending on the Retirement Date (it being understood that as of the first payment date following January 31, 2012, Raymond James will pro rate the salary set forth herein such that the full amount of the salary will be paid by the Retirement Date).

	
(c)  

	
A guaranteed one-time payment in the amount of $1,800,000.00 (ONE MILLION EIGHT HUNDRED THOUSAND DOLLARS), less appropriate payroll taxes, which is not subject to restricted stock plan deferrals (the “One-Time Payment”). The One-Time Payment shall be paid on the Retirement Date.  In the event that Raymond James for accounting, tax or other purposes elects to refer to the One-Time Payment as a “discretionary bonus,” Raymond James acknowledges and agrees that the One-Time Payment shall nonetheless be made on the Retirement Date and the non-payment of such amount shall be subject only to the terms of this Agreement.

 

  

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(d)  

	
On the Retirement Date or within 90 days following the Retirement Date, Raymond James agrees that Associate may elect to convert all outstanding options (the “Options”) of the Associate into shares using the cashless method.

	
(e)  

	
Raymond James acknowledges and agrees that (i) the contributions to the Associate’s account under the Amended and Restated Raymond James Financial Long-Term Incentive Plan (as amended, restated or otherwise modified from time to time and including any prior plan document to the extent applicable, the “LTIP”) are subject to Article V, paragraph (b)(1) of the LTIP and will vest and be paid as set forth in Article V, paragraph (b)(1) and Article V, paragraph (c), respectively, of the LTIP and (ii) the restricted stock awarded to Associate under the Amended and Restated 2007 Raymond James Financial, Inc. Stock Bonus Plan (the “Original Plan”) and the restricted stock units awarded to Associate under the Amended and Restated 2007 Raymond James Financial, Inc. Stock Bonus Plan (as amended and restated effective November 23, 2010) including the Stock Bonus Agreements (as further amended, restated, or otherwise modified from time to time and including any prior plan document to the extent applicable, the “Stock Bonus Plan”), in each case, awarded on or before December 31, 2011 are not subject to forfeiture for any reason (other than in the case of the LTIP, Associate engaging in competition with Raymond James as more specifically set forth in the LTIP), including, but not limited to, the separation of the Associate from Raymond James under the terms of this Agreement or otherwise and any restrictions on such restricted stock and/or restricted stock units shall expire and lapse as of the date of this Agreement.

	
(f)  

	
Raymond James acknowledges and agrees that the amounts set forth in Paragraph 1(b) and Paragraph 1(c) above shall be immediately due and payable to the Associate (or his heirs, assigns, executors and administrators, as applicable) upon any of the following circumstances: (i) the death or disability of Associate or (ii) any change of control with respect to Raymond James.

2.           Obligations of Associate.  To the extent Raymond James complies with the terms of this Agreement and in consideration of the foregoing arrangements provided by Raymond James, Associate agrees as follows:

	
(a)  

	
Associate, in consideration of the benefits and payments described in this Agreement, releases and discharges (i) Raymond James, its current and former parents, subsidiaries, and affiliates, (ii) its respective current and former directors, officers, employees, agents, successors, or assigns, and (iii) all employee benefit plans of Raymond James or any of its current and former parents, subsidiaries, and affiliates, any trusts and other funding vehicles established in connection with any such plans, and any members of committees established under the terms of any such plans (collectively, the “Released Parties”), from any and all actions, causes of action, claims, allegations, demands, rights, obligations, liabilities, grievances, or charges, whether known or unknown, including but not limited to,

  

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(i) those arising out of, or relating to, Associate’s employment or separation from Raymond James, or concerning events that occurred during his employment with Raymond James;  (ii) for compensation or bonuses, including any claim for an award under any compensation plan or arrangement maintained by Raymond James; (iii) for wrongful, constructive, or unlawful discharge, any form of unlawful harassment, discrimination, retaliation, breach of express or implied contract, fraud, fraudulent inducement, including inducement to enter into this Agreement, intentional or negligent misrepresentation, whistle-blowing, defamation, conversion, invasion of privacy, negligence, violation of public policy, interference with contractual, business or prospective relations, assault, battery, intentional or negligent infliction of emotional distress, negligent supervision, negligent hiring, unjust enrichment, and any other common law cause of action, whether arising in contract or tort; (iv) for back pay, front pay, benefits, attorneys’ fees, emotional distress, pain and suffering, other compensatory damages of any type, or punitive or exemplary damages; (v) for violations of the Equal Pay Act, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Older Workers’ Benefit Protection Act, the Americans with Disabilities Act of 1991, 42 U.S.C. § 1981, the Worker Adjustment Retraining and Notification Act, the Family Medical Leave Act, the Labor Management Relations Act, the Florida Civil Rights Act, the Sarbanes-Oxley Act of 2002, the Florida Whistleblower Protection Act, or any claims under state or local laws including any and all human rights laws and laws against discrimination; any other federal, state or local fair employment statute, code or ordinance; common law, contract law, or any tort cause of action, including, but not limited to, negligence; and any and all claims, including for attorneys’ fees and costs, and including all amendments to any of the aforementioned acts; and (vi) for violations of any other federal, state, or local laws, including but not limited to violations of any fair employment statutes or other law, rule, regulation, or ordinance pertaining to employment, wages, compensation, hours worked, or any other aspect of Associate’s relationship with Raymond James.  In addition, in consideration of the provisions of this Agreement, Associate further agrees to waive any and all rights under the laws of any jurisdiction in the United States, or any other country, that limit a general release to those claims that are known or suspected to exist in Associate’s favor as of the date of this Agreement.  Associate intends that this Agreement operates as a waiver of all unknown claims.  Associate warrants that he currently is unaware of any claim, demand, action, or cause of action against Raymond James or any other person or entity released herein which Associate has not released pursuant to this Paragraph.  Notwithstanding the foregoing, nothing in this Agreement shall be construed as a waiver by Associate of any claims that may arise after the date Associate signs this Agreement or any claims against any Released Party as a result of a breach of this Agreement.

  

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(b)  

	
Associate acknowledges that Raymond James has provided Associate with all leave time requested, if any, and/or required, including under the Family and Medical Leave Act ("FMLA"), has explained the FMLA policies and/or leave documentation provided to Associate, and has taken no adverse action whatsoever based on Associate taking or requesting leave, including under the FMLA.

	
(c)  

	
Associate acknowledges that with the payment in full in cash of the Salary and the One-Time Payment and the other consideration set forth herein, Raymond James will have satisfied all obligations and made all payments to Associate arising out of, or related in any way to, Associate’s employment relationship with Raymond James as of the date Associate signs this Agreement.

	
  

	
(d)

	
Associate agrees not to institute administrative proceedings or a lawsuit against Raymond James based on any claims released herein, and represents and warrants that to the best of Associate’s knowledge, no other person or entity has initiated or will initiate such administrative proceedings or lawsuit on Associate’s behalf; provided that such waiver shall not extend to any claim by Associate of any breach by any Released Party in connection with this Agreement.  Additionally, Associate specifically agrees not to institute or participate in any collective action against Raymond James, and agrees to opt-out of any class action against Raymond James except as specified in Paragraph 2(e) below.

	
  

	
(e)

	
Associate agrees at reasonable times and with reasonable notice to cooperate fully with Raymond James in the investigation of any claims, suits, investigations or enforcement proceedings brought against Raymond James arising from, involving or concerning any portion of Associate’s prior employment with Raymond James in order to permit Raymond James to be able to fully and fairly investigate and defend such claims. Associate affirms that any testimony or information provided pursuant to the terms of this paragraph will be accurate and truthful.  Raymond James agrees to compensate Associate for any out-of-pocket expenses incurred by Associate as a part of Associate’s compliance with this clause (e).

 

	 	
(f)  

	
Associate’s last day of employment at Raymond James will be on the Retirement Date.

	
  

	
(g)

	
Associate shall refrain from making any disparaging or negative written statements concerning Raymond James.  Associate shall refrain from making any oral statement or taking any action, directly or indirectly, which Associate knows or reasonably should know to be disparaging or negative in any material respect concerning Raymond James.  Associate’s promises in this subsection, however, shall not apply to any judicial or administrative proceeding in which Associate is a party or has been subpoenaed to testify under oath by a government agency or by any third party.

  

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(h)

	
Associate shall return to Raymond James, by January 31, 2012, all company property and “Company Information” in Associate’s possession or control, including but not limited to, business reports and records, client reports and records, customer information, contracts and proposals, files, any rolodex or telephone listings of customers, any other customer lists, internal memoranda concerning any of the above, and all credit cards, cardkey passes, door and file keys, computer access codes, software, and other electronic, physical or personal property which Associate received, prepared or helped prepare in connection with his employment with Raymond James, and Associate shall not make or retain any copies, duplicates, reproductions, or excerpts thereof.  The term “Company Information” as used in this Agreement means (i) trade secrets, as defined in § 688.002(4), Fla. Stat.; and (ii) valuable confidential business or professional information that otherwise does not qualify as trade secrets; provided, however, that Company Information shall not include information that is commonly known in the industry or readily accessible to third parties, or that is made public by Raymond James, or that otherwise is not unique to Raymond James.

	
  

	
(i)

	
Associate acknowledges that in the course of his employment with Raymond James, Associate has acquired Company Information as defined above and that such Company Information has been disclosed to Associate in confidence and for Raymond James’s use only.  Associate shall:  (a) keep such Company Information confidential at all times after Associate’s employment with Raymond James; (b) not disclose or communicate Company Information to any third party without the prior consent of Raymond James.  In view of the nature of Associate’s employment and the nature of the Company Information which Associate has received during the course of employment, Associate agrees that any unauthorized disclosure to third parties of Company Information or other violations or threatened violation, of this Agreement would cause irreparable damage to the trade secret status of Company Information and to Raymond James, and that, therefore, Raymond James shall be entitled to an injunction prohibiting Associate from any such disclosure, attempted disclosure, violation, or threatened violation.  When the Company Information becomes generally available to the public other than by Associate’s acts or omissions, it is no longer subject to the restrictions in this Paragraph.  However, Company Information shall not be deemed to come under this exception because it is embraced by more general information that is or becomes generally available to the public.  Associate acknowledges that the confidentiality provisions of the Raymond James Financial Business Ethics Policy between Raymond James and Associate remain in full force and effect notwithstanding any other provisions of this Agreement and, along with the undertakings set forth in this Paragraph, shall survive the termination of both agreements.

  

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(j)

	
The period beginning on January 31, 2012 and ending on the Retirement Date shall be referred to as the “Transition Period.” During the Transition Period, Associate shall remain on paid leave and shall not physically report to work unless directed by Raymond James. Associate agrees to be reasonably available to assist with transition matters, and Associate will remain available to work on special projects upon written notice and at reasonable times as reasonably requested by Paul Reilly, in his capacity as Chief Executive Officer of RJF.  Notwithstanding the foregoing, Raymond James acknowledges that Associate may not be domiciled in Florida and shall have a reasonable amount of time to comply with any request for a special project.  Further, Raymond James agrees that to the extent Associate is required to work on any material special project, Raymond James shall provide office space and support staff reasonably necessary for Associate to complete such special project.

	
  

	
(k)

	
Associate shall resign from all positions Associate holds as an officer, director or trustee of Raymond James or any of their funds on January 31, 2012.

	
  

	
(l)

	
Associate shall not disclose, either directly or indirectly, any information whatsoever regarding any of the terms or the existence of this Agreement or of any other claim Associate may have against Raymond James, to any person or organization, including but not limited to members of the press and media, present and former employees of Raymond James, clients of Raymond James, companies who do business with Raymond James, or other members of the public.  The only exceptions to Associate’s promise of confidentiality herein is that Associate may reveal such terms of this Agreement as are necessary to comply with a request made by the Internal Revenue Service, as otherwise compelled by a court or agency of competent jurisdiction, or as necessary to comply with requests from Associate’s accountants or attorneys for legitimate business purposes.

	
  

	
3.

	
Limitations Under Code Section 409A.

	
(a)  

	
If at the time of Associate’s separation from service, (i) Associate is a specified employee (within the meaning of Section 409A of the Internal Revenue Code (“Section 409A”) and using the identification methodology selected by Raymond James from time to time), and (ii) Raymond James makes a good faith determination that an amount payable hereunder constitutes deferred compensation (within the meaning of Section 409A) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A in order to avoid taxes or penalties under Section 409A, then Raymond James will not pay such amount on the otherwise scheduled payment date but will instead pay it in a lump sum on the first business day after such six-month period, together with interest for the period of delay, compounded annually, equal to the prime rate (as published in the Wall Street Journal) in effect as of the dates the payments should otherwise have been provided.

  

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(b)  

	
It is the intention of the parties that payments or benefits payable under this Agreement not be subject to the additional tax imposed pursuant to Section 409A of the Code.  To the extent such potential payments or benefits could become subject to such Section, the parties shall cooperate to amend this Agreement with the goal of giving the Associate the economic benefits described herein in a manner that does not result in such tax being imposed.

	
(c)  

	
With respect to payments under this Agreement, for purposes of Section 409A of the Code of 1986, each severance payment will be considered one of a series of separate payments.

	
       (d)  

	
Associate will be deemed to have a termination of employment for purposes of determining the timing of any payments that are classified as deferred compensation only upon a “separation from service” within the meaning of Section 409A.

	
    (e)  

	
Any amount that Associate is entitled to be reimbursed under this Agreement will be reimbursed to Associate as promptly as practical and in any event not later than the last day of the calendar year after the calendar year in which the expenses were incurred, and the amount of the expenses eligible for reimbursement during any calendar year will not affect the amount of expenses eligible for reimbursement in any other calendar year.

	
               (f)

	
If on the due date for any payment pursuant to this Section which constituted deferred compensation within the meaning of Section 409A, all revocation periods with respect to the release have not yet expired, such payment will not be made until such revocation period has expired and if such revocation period has not expired by the end of the calendar year in which the payment would have otherwise been made, the payment shall be forfeited.

 

       4.           Health Plans.  Associate’s and Associate’s spouse’s participation in any applicable group health plan will remain in effect through the Retirement Date. Associate and Associate’s spouse shall be eligible for continuation of any and all benefit plans in accordance with the provisions of those plans or in accordance with applicable law (e.g., continuation of health insurance benefits through COBRA).  Associate will be covered until age 65 under the group health plan and applicable COBRA coverage (18 months of coverage).   In addition, Associate shall continue to participate in the dental plan of Raymond James through the Retirement Date.

 

  

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5.             Benefit Plans.  Associate will be entitled to receive his vested balances under the Raymond James Financial Employee Stock Ownership Plan, Raymond James Financial, Inc. 401(k) Plan, Deferred Management Bonus Plan and the Raymond James Financial Profit Sharing Plan in accordance with the terms and provisions of those plans. With respect to the LTIP, the Original Plan and the Stock Bonus Plan, Raymond James agrees that vesting shall be determined by the retirement provisions of each such plan.   Raymond James also hereby confirms that the contributions to the Associate’s account under the LTIP and the restricted stock and restricted stock units held in Associate’s account at Raymond James as of the date of this Agreement are not subject to forfeiture for any reason (other than Associate engaging in competition with Raymond James as more fully set forth in the LTIP) and shall be paid at the times specified in the applicable plan in accordance with the retirement or early retirement provisions, as applicable, set forth therein. While on administrative leave, Associate will not be entitled to contributions to these benefit plans.

 

6.             Vacation and Sick Time.  Associate shall receive any accrued but unused vacation time as of January 31, 2012, not to exceed total vacation time accruals on an annual basis as set forth in the employee handbook payable with regular Raymond James payroll on January 31, 2012.  While on administrative leave, Associate will not accrue sick or vacation time.

7.             Termination and Recovery of Benefits.  Raymond James is entitled to rescind its obligations under Paragraph 1 of this Agreement if Associate breaches Associate’s obligations under Paragraph 2(g) and (i) of this Agreement in any material respect.

8.             Non-Admission.  Neither this Agreement, nor anything contained herein, is to be construed as an admission by Raymond James or Associate or as evidence of any liability, wrongdoing or unlawful conduct whatsoever.

9.             Non-Assignment.  Associate represents that he has not assigned or transferred, or purported to assign or transfer, any claim released herein or any portion thereof to any person or entity, and agrees to indemnify, defend and hold Raymond James harmless from and against any and all claims based upon or arising out of any such assignment or transfer, or purported assignment or transfer, of any claims or any portion thereof or interest therein.

10.   Severability.  If any provision of this Agreement is invalidated by a court of competent jurisdiction, then all of the remaining provisions of this Agreement shall continue unabated and in full force and effect. If, for any reason, the portion of this Agreement granting Raymond James a general release of all claims is found to be invalid, then Associate agrees to promptly sign and execute a general release consistent with the terms of this Agreement of all claims in favor of Raymond James that is not invalid.

11.           Entire Agreement.  This Agreement contains the entire understanding and agreement between the parties and shall not be modified or suspended except upon express written consent of the parties to this Agreement.  Associate represents and acknowledges that in executing this Agreement Associate does not rely and has not relied upon any representation or statement made by Raymond James or its agents, representatives or attorneys which is not set forth in this Agreement.

  

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12.           Supersedes Past Agreements.  Except as expressly provided herein, this Agreement supersedes and renders null and void any previous employment agreements or contracts, whether written or oral, between Associate and Raymond James.

13.           Governing Law.  This Agreement shall be governed by the laws of the State of Florida.

14.           Arbitration Agreement.   Arbitration shall be the sole and exclusive means of resolving any of the claims or controversies arising out of this Agreement, and shall be administered pursuant to the rules of the Financial Industry Regulatory Authority (FINRA) in effect at the time when a demand for arbitration under this Agreement is made in Hillsborough County, Florida.  Associate and Raymond James agree that the decision and award of the arbitrators under this Agreement shall be exclusive, final, and binding on all parties, their heirs, executors, administrators, successors, and assigns. 

15.           Attorney’s Fees.  If any action at law or in equity is necessary for either party to take any action with respect to this Agreement (including the enforcement or interpretation of the terms of this Agreement), each party hereto shall pay their own attorneys’ fees and other expenses incurred with respect to such action.

16.           Indemnification.  Associate is entitled to indemnification under the terms of Raymond James’ Bylaws for actions taken in his position as an Officer or Director as well as for actions he may take in accordance with section 2(j) of this Agreement.

17.           Opportunity to Consider and Confer.  In compliance with the Older Workers Benefit Protection Act and the Age Discrimination in Employment Act, Associate hereby acknowledges that:  (A) Associate fully understands this Agreement; (B) This Agreement specifically applies to a knowing and voluntary release of any rights or claims Associate may have against Raymond James under the Federal Age Discrimination in Employment Act of 1967; as amended; (C) This Agreement does not purport to waive rights or claims that may arise from acts or events occurring after the date that this Agreement is executed; (D) The consideration provided for in this Agreement and the provisions of this Paragraph are in addition to that to which Associate is already entitled; (E) Raymond James encouraged and told Associate to consult with an attorney prior to signing this Agreement, and Associate has consulted with his attorney prior to signing this Agreement; (F) Associate has a period of twenty-one (21) days with which to consider whether to sign this Agreement once this Agreement has been negotiated in a manner acceptable to each party hereto; (G) This Agreement shall be revocable for the seven (7) day period following execution of this Agreement by Associate, provided Associate delivers written notice of such revocation to Ann Hensler, Raymond James Financial, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, within the seven (7) day period.  Accordingly, this Agreement shall not become effective or enforceable until the expiration of this seven (7) day revocation period.  Should Associate choose to sign this Agreement prior to the expiration of the twenty-one (21) day period set forth herein, which is solely the Associate’s choice, Associate acknowledges and agrees that Associate knowingly and voluntarily has waived the full amount of time Raymond James provided within which to consider this Agreement.

  

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18.           Continuing Agreement.  The obligations of Raymond James under this Agreement shall extend to the Associate and all of his heirs, assigns, executors and administrators.

19.           Announcements.  The parties hereto shall work together on the wording of both a private and a public message related to the end of Associate’s employment to be reflected as retirement.  In the event any person or entity asks any party hereto about Associate’s employment with Raymond James and any disputes relating thereto, such party’s response should be consistent with the wording of the public message.

	
  

	
SIGNATURES APPEAR ON FOLLOWING PAGE

	
  

	 

  

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IN WITNESS WHEREOF, and intending to be legally bound, Raymond James by its authorized representative, and Associate, execute this Employment Separation Agreement, Waiver and Release, consisting of ten pages and including nineteen enumerated paragraphs, by signing below voluntarily and with full knowledge of the significance of all of its provisions.

PLEASE READ CAREFULLY.  THIS EMPLOYMENT SEPARATION AGREEMENT, WAIVER AND RELEASE INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

	
Executed at St. Petersburg, Florida, this 20th day of January, 2012.

	  	  	  
	  	  	  
	
/s/ Shirley W. Rodriguez

	  	
s/ Richard K. Riess

	  	  	  
	
Witness as to Associate

	  	
Associate

	  	  	  
	  	  	  
	
Executed at St. Petersburg, Florida, this 20th day of January, 2012.

	  	  	  
	  	  	
Raymond James Financial, Inc.

	
/s/ Shirley W. Rodriguez

	  	  
	  	  	
By:

	
/s/ Paul C. Reilly

	
Witness as to Raymond James

	  	  
	  	  	
Printed Name:  Paul C. Reilly

  

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