Document:

EMPLOYEE RETENTION AGREEMENT BETWEEN ANNETTE N. ARRIBAS AND MAINE & MARITIMES

 Exhibit 10(z) 
  
 Maine & Maritimes Corporation 
 EMPLOYEE RETENTION AGREEMENT 
  
 THIS EMPLOYEE RETENTION AGREEMENT dated as of December 15, 2004 (this “Agreement”) is entered into between Maine & Maritimes Corporation, a Maine corporation (the “Company”), and Annette N. Arribas (the
“Executive”) (the Company and Executive are sometimes referred to as “Party” or collectively “Parties”). 
  
 RECITALS 
  
 WHEREAS, the Executive, has been employed by the Company in a management capacity for approximately seven years and is now its Vice President of Corporate
Compliance & Investor Relations; and 
  
 WHEREAS, the Board of
Directors of the Company has determined this Agreement to be in the best interests of the stockholders of the Company, in order to encourage the attention and dedication of the Executive to his assigned duties with the Company without distraction in
connection with potentially disruptive circumstances arising from the possibility of a Change in Control (as defined herein) or certain other events specified in this Agreement; 
  
 NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged by the Parties, the Company and the Executive agree as follows: 
  
 Section 1. Certain Definitions 
  
 As used herein, the following terms have the indicated meanings: 
  

(1) “Cause” for termination by the Company of the Executive’s employment shall mean (i) the willful and continued failure by the
Executive to substantially perform his duties with the Company after a written notice is delivered to the Executive by the Company, which notice specifically identifies the manner in which the Company believes that the Executive has not
substantially performed the Executive’s duties; or (ii) the willful engaging by the Executive in gross misconduct that is injurious to the Company, monetarily or otherwise (including, without limitation, the Executive’s conviction, by a
court of competent jurisdiction, of a crime adversely reflecting on the Executive’s honesty, trustworthiness or fitness to carry out the responsibilities of his position with the Company). An act, or failure to act, on the Executive’s part
shall be deemed “willful” where such act is done, or not done, by the Executive: (i) in the absence of good faith; or (ii) without a reasonable belief that the Executive’s act, or failure to act, was in the best interest of the
Company. 
  
 (2) For the purpose of this definition
(“Change in Control “) only, the term “Company,” first defined above, shall also be defined to include Maine Public Service Company in addition to its parent, Maine & Maritimes Corporation. A “Change in
Control” shall be deemed to have occurred if the conditions set forth in any one of the following paragraphs shall have been satisfied: 
  
 (a) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) (other
than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any corporation owned directly or 

 
indirectly by the stockholders of the Company in substantially the same proportion as their ownership of stock of the Company) is or becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of the Company representing fifty percent or more of the combined voting power of the Company’s
then-outstanding voting securities; 
  
 (b) a
change in the composition of the Board of Directors of the Company, as a result of which fewer than a majority of the directors are persons who either (A) are directors of the Company as of the date hereof or (B) were elected after nomination by a
majority of the directors of the Company on the date hereof and directors so elected previously; 
  
 (c) any merger or consolidation of the Company, approved by the stockholders of the Company, with any other corporation; other
than: 
  
 (A) any such merger or
consolidation that would result in the voting securities of the Company outstanding immediately prior to the merger or consolidation, continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving or parent entity) more than fifty percent of the combined voting power of the voting securities (entitled to vote generally for the election of directors) of the Company or such surviving or parent entity outstanding immediately after such
merger or consolidation, or subsequently at any time as contemplated by or as a result of, such merger or consolidation; or 
  
 (B) any such merger or consolidation where such merger or consolidation is effected to implement a recapitalization or reincorporation of
the Company (or similar transaction) in which no “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) acquires fifty percent or more of the combined voting power of the
Company’s then-outstanding voting securities; 
  
 (d) any merger or consolidation of the Company in which the Company is not the continuing or surviving corporation or pursuant to which shares of the Company’s stock, would be converted into cash, securities or other property; other
than a merger or consolidation of the Company in which the stockholders of the Company immediately prior to the merger or consolidation have substantially the same proportionate ownership and voting control of the surviving corporation or parent
entity immediately after the merger or consolidation; 
  
 (e) except as described below, the Company ceases to be a reporting company pursuant to Section 13 (a) of the Securities Exchange Act of 1934 as amended, or any similar successor provision; 
  
 (f) the number of the Company’s Outside Directors, as
defined below, is decreased by more than fifty percent in any twenty-five month period or the number of the Company’s directors increased in such a manner that the Outside Directors constitute less than a majority of the Board; 
  
 (g) the stockholders of the Company approve a plan of
complete liquidation of the Company or an agreement for the sale, lease, exchange, liquidation, disposition or other transfer (in one transaction or a series of transactions) by the Company of all or substantially all of the Company’s assets
(or any transaction having a similar effect). 
  

 Exhibit 10(z) - Page 2 

 (h) further, a “Change in Control” shall not be deemed to occur
if the conditions set forth in any one of the following sub-paragraphs shall have been satisfied: 
  
 (A) a merger, consolidation or reorganization of the Company if, upon consummation of such transaction all of the outstanding voting
stock of the Company is owned, directly or indirectly, by a holding company, and the holders of the Company’s common stock immediately prior to the transaction have substantially the same proportionate ownership and voting control of the
holding company. 
  
 (3) “Good Reason” for
termination by the Executive of the Executive’s employment shall mean the occurrence of any one of the following acts unless such act is corrected prior to the Termination Date specified in the Termination Notice given in respect thereof or, in
the case of paragraph (d) below, such act is not objected to in writing by the Executive within four months after notification by the Company to the Executive of the Company’s intention to take the action contemplated by such paragraph (d):

  
 (a) the assignment of duties to the Executive
which: 
  

	 	(i)	are materially different from his duties immediately prior to the Change in Control, or 

  

	 	(ii)	result in his having significantly less authority or responsibility than he had prior to the Change in Control; 

  
 (b) the Executive’s removal from, or any failure to
re-elect him to, any position he held immediately prior to the Change in Control; 
  
 (c) a reduction of the Executive’s annual base salary in effect on the date of the Change in Control or as the same may be increased
from time to time thereafter; 
  
 (d) the
Company’s transferring or assigning the Executive to a place of employment more than one hundred miles from Presque Isle, Maine, except where: (1) such transfer or assignment is to a subsidiary or affiliate entity location, consistent with the
Executive’s duties; and (2) in connection with required business travel to an extent substantially consistent with the Executive’s business travel obligations immediately prior to the Change in Control; 
  
 (e) the Company’s failure to provide the Executive with
substantially the same health, life and other employee benefit plans, programs and arrangements (specifically including the Company’s compensation and incentive plans, as the same maybe amended in the future), and substantially the same
perquisites of employment, as provided to him immediately prior to the Change in Control or as the same may be increased thereafter; 
  
 (f) the Company’s failure to provide the Executive with substantially the same support staff as provided to him immediately prior to
the Change in Control; or 
  
 (g) the
Company’s failure to increase the Executive’s salary, employee benefits or perquisites of employment in a manner or amount commensurate with increases provided to the Company’s other executive officers. 
  
 (4) “Outside Directors” an “Outside Director”
as of a given date, shall mean a member of the Company’s board of directors who has been a director of the Company throughout the six month period prior to such date and who has not been an employee of the Company at any time during such
six month period. 
  

 Exhibit 10(z) - Page 3 

 (5) “Termination Date” shall have the meaning stated in Section 2(2).

  
 (6) “Termination Notice”
shall have the meaning stated in Section 2(1). 
  
 Section 2. Termination
Procedures 
  
 (1) Termination Notice. Any purported
termination of the Executive’s employment (other than by reason of death or at will termination) shall be communicated by a written notice of the terminating party (a “Termination Notice”) in accordance with Section 6(2). 

 
 (2) Termination Date. “Termination Date” shall mean the
date as of which the Executive’s employment is to terminate as specified in the Termination Notice, which, in the case of a termination by the Company otherwise than for Cause, may be the same date of the Termination Notice and, in the case of
a termination by the Executive, shall not be less than fourteen days nor more than sixty days, respectively, from the date the Termination Notice is given, unless otherwise agreed to by the parties. 
  
 Section 3. Benefits Upon Certain Terminations 
  
 (1) General. If a Change of Control occurs and, within one year
following the occurrence of such Change of Control (i) the Company terminates the Executive’s employment for any reason other than for Cause, or (ii) the Executive terminates his employment for Good Reason, then in lieu of any further salary
payments to the Executive for periods subsequent to the Termination Date, the Company shall provide the Executive with the following: 
  
 (a) Within thirty business days after the Termination Date, a lump sum cash payment equal to the sum of: (i) two hundred percent (200%) of
the Executive’s annual base salary in effect upon the Change in Control or the date of the Termination Notice, whichever is higher, and (ii) two hundred percent (200%) of the bonus award the Executive would have received for the year in which
such termination occurs pursuant to the Company’s Incentive Compensation Plan, assuming that his employment had not terminated and that for such year all applicable performance goals will be met. In the event any portion of this award depends
on goals that cannot be determined until the close of the plan year, then payment of that amount shall be made within thirty days after the goal has been determined. 
  
 (b) The continuation of the Executive’s participation and the participation of his dependants (to the
extent they were participating on the date of the Termination Notice) in the Company’s health, life, disability and other employee benefit plans, programs and arrangements (excluding the Pension Plan and the Non-Union Retirement Savings Plan)
for a period of twenty-four (24) months after such termination as if he were still employed during such period; provided, however, if such participation in any such plan, program or arrangement is specifically prohibited by the terms thereof, the
Company shall provide the Executive (and his dependants) with benefits substantially similar to those which he was entitled to receive under such plan, program or arrangement immediately prior to his termination of employment. Additionally, at the
end of any period of such coverage, the Executive shall have the right to have assigned to him, for the cash surrender value thereof, any assignable insurance owned by the Company on the life of the Executive. For purposes of this paragraph 3(b),
any employee benefit determined with reference to the Executive’s compensation or earnings shall be based on his annual base salary unless otherwise provided under the terms of the applicable employee benefit plan, program or arrangement.

  
 (2) Death, at will termination. Notwithstanding any
provision of this Agreement to the contrary, no benefits are payable hereunder upon the Executive’s death prior to: (1) the involuntary 

  

 Exhibit 10(z) - Page 4 

 
termination of his employment with the Company for Cause or otherwise, or (2) the voluntary termination by the Executive of the Executive’s employment
with the Company for Good Reason. No benefits are payable hereunder upon the Company’s at will termination of employment for reasons other than those set forth in this Agreement. 
  
 Section 4. Term of Agreement 
  
 This Agreement initially shall continue in effect until the third anniversary of the date hereof. 
  
 Section 5. Successors 
  
 In addition to any obligations imposed by law upon any successor to the Company, the Company will require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such assumption and agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall
entitle the Executive to compensation from the Company in the same amount and on the same terms as the Executive would be entitled to hereunder if the Executive were to terminate the Executive’s employment for Good Reason, except that, for
purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Termination Date. 
  
 Section 6. Miscellaneous 
  
 (1) Amendments. This Agreement may not be amended, modified or supplemented by the parties hereto in any manner, except by an instrument in writing
signed on behalf of each of the parties hereto. 
  
 (2)
Notices. Any notice, request, instruction or other document to be given hereunder by any party to the other shall be in writing and delivered personally or sent by certified mail, postage prepaid, by facsimile (with receipt confirmed), or by
courier service and shall be effective upon receipt if addressed or sent as follows: 
  

			
	To the Company:	  	Maine & Maritimes Corporation
	 	  	Fax: (207) 760-2461
	 	  	Attention: Mark M. Hovey
		
	To the Executive:	  	Annette N. Arribas
	 	  	Fax: (207) 760-2403

  
 or to such other address or person as
may be designated in writing by a party, by a notice given to the others as aforesaid. 
  
 (3) No Additional Effect. Except as expressly provided herein, nothing contained herein shall be construed to provide the Executive with any specific period of employment, right to be retained in the service of
the Company or other rights, nor shall this Agreement be construed to otherwise limit the rights of the Company to discharge or take other action with respect to the Executive. The Executive hereby acknowledges that he or she remains an employee at
will of the Company and that any rights of the Executive arising under this Agreement arise only upon the circumstances specifically set forth in this Agreement. 
  

 Exhibit 10(z) - Page 5 

 (4) Construction. The headings in this Agreement are included only for convenience and shall not
affect the meaning or interpretation of this Agreement. The words “herein” and “hereof’ and other words of similar import refer to this Agreement as a whole and not to any particular part of this Agreement. The word
“including” as used herein shall not be construed so as to exclude any other thing not referred to or described. The Outside Directors shall have the authority to construe and interpret this Agreement on behalf of the Company, and any such
determination by the Outside Directors shall be the conclusive construction on behalf of the Company. 
  
 (5) Entire Agreement, Assignability, etc. This Agreement (i) constitutes the entire agreement, and supersedes all other prior agreements, including
without limitation prior employee continuity agreements, and understandings, both written and oral, between the parties with respect to the subject matter hereof, (ii) is not intended to confer upon any person other than the parties hereto any
rights or remedies hereunder, except as otherwise expressly provided herein, and (iii) shall not be assignable by operation of law or otherwise. No provisions of this Agreement are intended, nor will be interpreted, to provide or create any third
party beneficiary rights or any other rights of any kind in any person unless specifically provided otherwise herein, and, except as so provided, all provisions hereof will be personal solely among the parties to this Agreement. 
  
 (6) Validity. The invalidity or unenforceability of any provisions of
this Agreement shall not affect the validity or enforceability of any other provisions of this Agreement, each of which shall remain in full force and effect. 
  

(7) Governing Law. This Agreement shall be governed by the laws of the State of Maine, regardless of the laws that otherwise might govern under
applicable principles of conflicts of laws thereof. 
  
 (8)
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original but both of which together shall constitute one and the same instrument. 
  
 (9) Funding. This Agreement shall not be construed to create or
require the Company to create a trust or to otherwise act to fund the amounts payable hereunder. 
  
 (10) Limitation on Amount to be Paid. If payment of any amount under this Agreement would cause the Executive to be subject to an excise tax
pursuant to Section 4999 of the Internal Revenue Code (as amended from time to time) or the regulations thereunder, then such amount shall not be paid to the extent necessary to avoid the imposition of such tax. The preceding sentence shall apply
only if the aggregate amount payable to the Executive or for his or her benefit under this Agreement, after payment of such excise tax, would be less than the aggregate amount payable in accordance with the preceding sentence. 
  
 (11) Arbitration. The Parties agree to resolve all disputes arising
under this Agreement in arbitration as follows: 
  
 (a) Any
arbitration under this Agreement, and any related judicial proceeding, shall be initiated and shall proceed pursuant to the provisions of the Maine Uniform Arbitration Act (the “Act”) and, to the extent consistent with the Act, the then
prevailing rules of the American Arbitration Association (the “Association”) for labor and employment contracts. To initiate arbitration hereunder, demand shall be given in writing to the Association and the other Party no later than one
year after the claim arises. Any claim for which such demand is not made within one year after the claim arises shall be barred and discharged. 
  

 Exhibit 10(z) - Page 6 

 (b) Any arbitration under this Agreement shall be before a single arbitrator mutually acceptable to the
Parties, and an award in such arbitration may include only damages which the arbitrator determines to be due under express provisions of this Agreement. The arbitrator shall have no authority to award any other damages including without limitation,
consequential and exemplary damages. Any award in arbitration shall be subject to enforcement and appeal pursuant to the Act. 
  
 (c) The Parties shall share equally all costs and fees charged by the Association or the arbitrator. 
  
 (12) Execution of Further Documents. In the event the Executive
receives payments or benefits pursuant to this Agreement and the Company’s legal counsel deems it necessary for the Company to receive a release or other acknowledgement the Executive agrees to execute any such document as may be reasonably
required as a condition of his/her receipt of such payment or benefits. 
  
 IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first above written. 
  

			
	MAINE & MARITIMES CORPORATION
	
	 /s/ James Nicholas Bayne

	By:	 	James Nicholas Bayne
	Title:	 	President & CEO
	
	EXECUTIVE
	
	 /s/ Annette N. Arribas

	By:	 	Annette N. Arribas

  

 Exhibit 10(z) - Page 7Employment Agreement

 EXHIBIT 10.1 
  
 EMPLOYMENT AGREEMENT 
  
 between 
  
 PEAK INTERNATIONAL LIMITED 
  
 and 
  
 WILLIAM D. SNYDER

  
 Term: January 1, 2005 to December 31, 2005 

 Employment Agreement – William D. Snyder 
 January 1, 2005 
 Page 2 
  
 THIS AGREEMENT is made this 29th day of December, 2004 between PEAK INTERNATIONAL LIMITED, a company incorporated in Bermuda, with its principal office at 38507 Cherry
Street, Unit G, Newark, CA 94560 (the “Company”); and William D. Snyder, residing at 17321 Parkside Court, Monte Sereno, CA 95030 (the “Employee”). 
  
 The parties agree as follows: 
  
 1. EMPLOYMENT 
  

	 	1.1.	Employee shall be employed as Vice President and Chief Financial Officer. 

  
 2. PAYMENT UPON TERMINATION OF EMPLOYMENT 
  

	 	2.1.	The term (“Term”) of this Agreement shall commence on January 1, 2005 and shall remain in effect until the earlier of (a) December 31, 2005 or (b) until terminated as
hereinafter provided. 

  

	 	2.2.	Employee shall be paid a monthly salary of $20,833.33 and shall be entitled to participate in all Company benefit plans in effect from time to time. 

  

	 	2.3.	Subject to clauses 2.5 and 3, the Employee shall be entitled to a lump-sum payment in an amount equal to the greater of (a) $250,000 or (b) 12 months base salary at the rate in
effect at the time of termination, and any accrued but unused vacation pay (the “Termination Payment”) within 15 days of the termination of employment during the term hereof, and all of Employee’s stock options which would have vested
within 18 months of the date of termination of employment shall immediately vest in full and, notwithstanding anything to the contrary contained in any other document, be fully exercisable for a period of one year. 

  

	 	2.4.	The Termination Payment shall be in full and final settlement of any rights, payments or benefits to which the Employee is entitled under any other agreement or arrangement pursuant
to which he is employed by the Company or any of its subsidiaries or affiliates other than: 

  

	 	2.4.1.	benefits pursuant to any life, disability, health, or other insurance policy or benefit plan provided by the Company; 

  

	 	2.4.2.	stock options issued to Employee pursuant to any stock option plan of the Company. 

  

	 	2.5.	The Employee shall not be entitled to the Termination Payment when employment is terminated in any of the following circumstances (the Employee being entitled, in such
circumstances, only to payment for accrued and unused vacation, any payments to which 

  

 2 

 Employment Agreement – William D. Snyder 
 January 1, 2005 
 Page 3 
  
 he is otherwise entitled pursuant to life,
disability, health or other insurance plan, and to exercise any stock option to the extent otherwise vested and exercisable under the terms of such plan and stock option agreements): 
  

	 	2.5.1.	the conviction of the Employee of a felony involving dishonesty; 

  

	 	2.5.2.	the termination of the Employee for Good Cause. “Good Cause” shall mean (i) Employee’s conviction of or guilty plea to the commission of an act or acts constituting a
felony under the laws of the United States or any state thereof, (ii) action by the Employee involving personal dishonesty, theft or fraud in connection with the Employee’s duties as an officer of the Company, or (iii) a breach of any one or
more material terms of this Agreement (including but not limited to the confidentiality and non-solicitation provisions contained herein.) 

  

	 	2.5.3.	any material breach by the Employee of the terms of this Agreement that the Employee has failed to cure within 10 days of receipt of written notice of such breach from the Company;

  

	 	2.5.4.	the death of the Employee; 

  

	 	2.5.5.	the inability of the Employee due to ill health or physical or mental condition to perform the duties and responsibilities in the ordinary and usual manner required of a person in
the Employee’s position for 180 consecutive days; 

  

	 	2.5.6.	the resignation by the Employee, except if such resignation is the result of any of the following actions by the company (which actions are hereinafter referred to as “Good
Reason”): (1) the assignment to the Employee of any duties materially inconsistent with the Employee’s position with the Company on the date of this Agreement or a substantial adverse alteration in the nature of the Employee’s
responsibilities from those in effect on the date of this Agreement; or (2) a reduction by the Company of the Employee’s base salary to less than $250,000 per year. 

  

	 	2.5.7.	Termination of the employment of the Employee in the event of the appointment of a new CFO, provided, however, that in such event, the company shall continue to pay the Employee
through June 30, 2005; or 

  

	 	2.5.8.	The agreement of the parties on the continued employment of the Employee in such capacity and at such compensation as shall be agreed upon by the parties. 

 

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 Employment Agreement – William D. Snyder 
 January 1, 2005 
 Page 4 
  
 3. CHANGE IN CONTROL

  

	 	3.1.	“Change in Control” of the Company means any transaction or series of transactions in which any of the following occurs: 

  

	 	3.1.1.	the acquisition by any “person” (as such term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or by
the Company or a person that directly or indirectly controls, is controlled by, or is under common control with, the Company) of the “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities, 

  

	 	3.1.2.	the consummation of a merger or consolidation of the Company with or into any other corporation, other than a merger or consolidation that would result in the voting securities of
the Company outstanding prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the total voting power represented by the voting
securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or 

  

	 	3.1.3.	the consummation of a plan of complete liquidation of the Company or of the sale or disposition by the Company of all or substantially all of the Company’s assets.

  

	 	3.2.	In the event Employee’s employment with the Company is terminated in anticipation of or within two years following a Change of Control (i) by the Company without Good Cause or
(ii) by Employee with Good Reason (as defined above), then, in addition to the payments Employee shall be entitled to pursuant to paragraph 1, above, all of Employee’s stock options shall immediately vest in full and, notwithstanding anything
to the contrary contained in any other document, be fully exercisable for a period of one year. 

  
 4. LIMITATION ON PAYMENTS 
  

	 	4.1.	In the event that the payments to Employee under this Agreement (i) constitute “parachute payments” within the meaning of Section 280G of the Code, and (ii) but for this
Section 3, would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code or any similar or successor provision, then the payments shall be reduced to such lesser amount that would result in no portion of the payments being
subject to excise tax under Section 4999 of the Internal Revenue Code. Any determination required under this Section 3 shall be made by the Company’s independent accountants (the “Accountants”), whose determination shall be conclusive
and binding upon Employee and the Company for all purposes. For purposes of making the calculations required by this Section 3, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on
reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The 

  

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 Employment Agreement – William D. Snyder 
 January 1, 2005 
 Page 5 
  
 Company and Employee shall furnish to the
Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section 3. 
  
 5. CONFIDENTIALITY 
  

	 	5.1.	The Employee understands that by virtue of the Employment, the Employee has been and will be exposed to confidential information, including all ideas, information and materials,
tangible or intangible, relating to the business of the Company and its subsidiaries, their personnel (including their officers, directors, shareholders, trustees, agents, employees and contractors), their customers, clients, vendors, suppliers,
distributors, consultants, and others with whom the Company and its subsidiaries do business (“Confidential Information”). 

  

	 	5.2.	The Employee agrees not to disclose any Confidential Information obtained during the Employment for a period of 12 months after the termination of the Employment and thereafter not
to disclose the same unless the proposed recipient of the Confidential Information has entered into an undertaking with the Company to keep the same confidential on terms no less exacting than those set out herein; and provided always that the
Employee shall not be obliged to keep confidential any Confidential Information required to be disclosed as a matter of law or to the extent that it becomes generally known to the public other than as a result of any breach by the Employee of the
terms herein. 

  

	 	5.3.	The Employee covenants and undertakes that after the termination of the Employment, the Employee 

  

	 	5.3.1.	shall not for a period of 12 months after the termination of the Employment use any Confidential Information for any purpose; 

  

	 	5.3.2.	shall not retain or take with the Employee any Confidential Information in a tangible form, which includes ideas, information or materials in written or graphic form, on a computer
disc or other medium, or otherwise stored in or available through electronic or other form (“Tangible Form”); and 

  

	 	5.3.3.	shall immediately deliver to the Company any Confidential Information in a Tangible Form that the Employee may then or thereafter hold or control, as well as all other property,
equipment, documents or things that the Employee was issued or otherwise received or obtained during the Employment. 

  
 6. RESTRICTIVE COVENANTS 
  

	 	6.1.	The Employee covenants and undertakes that for a period of 12 months following the termination of the Employment for any reason, the Employee shall not: 

  

 5 

 Employment Agreement – William D. Snyder 
 January 1, 2005 
 Page 6 
  

	 	6.2.	directly or indirectly induce any person who is an employee of the Company (or any of its subsidiaries) to terminate his or her employment with the Company (or any of its
subsidiaries), whether or not such termination constitutes a breach of that person’s employment contract; 

  

	 	6.3.	directly or indirectly solicit the customer or business of any person who, as at the date of termination of the Employment, is (or, within the preceding period of 12 months, was) a
client or customer of the Company or its subsidiaries, with the intention or for the purpose of supplying (or procuring the supply of) precision engineered semiconductor packing material (including, without limitation, the collecting and recycling
of semiconductor packing material); or 

  

	 	6.4.	directly or indirectly and whether on his own account or on account of any future employer, partner or associate, compete with the Company or otherwise engage in or provide services
related to the precision engineered semiconductor packing business (including, without limitation, the business of collecting and recycling semiconductor packing material) in Hong Kong, Singapore, Malaysia or the United States of America.

  
 7. RELEASE 
  

	 	7.1.	In consideration of, and as an express condition precedent to, the Company’s obligation to make the Termination Payment, the Employee shall sign and deliver to the Company a
General Release in the form attached hereto as Appendix 1. 

  

	 	7.2.	The Company shall not be obliged to make the Termination Payment in the event that the General Release is not signed and delivered to the Company within 15 days of receipt of notice
following termination of the Employment and the Company shall, thereafter, be released of its duties and obligations or further duties and obligations under this Agreement and the Employee shall waive or cause to be waived any claims that the
Employee may have under this Agreement. 

  
 8. ASSIGNMENT 
  

	 	8.1.	The rights and obligations under this Agreement shall inure to and be binding upon the parties hereto and their respective heirs, successors and assigns. 

 
 9. NOTICES 
  

	 	9.1.	All notices and other communications provided for hereunder must be in writing and must be sent by courier to the party’s address indicated above or to such other address as
may be designated by a party by notice. 

  

	 	9.2.	Notices hereunder shall be effective when delivered. 

  

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 Employment Agreement – William D. Snyder 
 January 1, 2005 
 Page 7 
  
 10. MISCELLANEOUS 

 

	 	10.1.	This Agreement shall supersede any and all prior written or oral agreements and discussions between the Employee and the Company regarding the subject matter hereof and this
Agreement contains the entire understanding of the parties in respect of the subject matter hereof. 

  

	 	10.2.	If any of the restrictions contained in this Agreement shall be void or unenforceable, then the remainder of this Agreement shall be enforced to the fullest extent permitted by law.

  

	 	10.3.	This Agreement is made in and shall be governed by and construed in accordance with the laws of the state of California. 

  
 11. DISPUTES 
  

	 	11.1.	Any dispute hereunder shall be settled by binding arbitration in Alameda County, CA in the English language before a single arbitrator pursuant to the rules of the American
Arbitration Association. Each party shall bear its own legal fees and costs. The cost of arbitration shall be paid by the Company. 

  
 12. Survival 
  

	 	12.1.	Sections 2.5, 3, 5, 6, 7, 10, and 11 shall survive the termination of this Agreement. 

  
 IN WITNESS WHEREOF the parties hereto have duly executed this Agreement the day and year first above written. 
  

	
	 /s/ William D. Snyder

	 William D. Snyder

	
	 /s/ Jack Menache

	 SIGNED by

	 duly authorized for and on behalf of

	 PEAK INTERNATIONAL LIMITED

  

 7 

 Employment Agreement – William D. Snyder 
 January 1, 2005 
 Page 8 
  
 APPENDIX I 
  
 GENERAL RELEASE 
  
 [Insert Date] 
  
 I, William D. Snyder, hereby release Peak International Limited (the “Company”) of certain duties and obligations and waive any rights or remedies that I may
have against the Company as provided in this letter. This letter is delivered pursuant to the Employment Agreement entered into between the Company and me effective January 1, 2005 (the “Employment Agreement”). 
  
 In consideration of the promises and mutual covenants contained in the Employment Agreement,
and for good and valuable consideration, the receipt and sufficiency of which is expressly acknowledged, I hereby: 
  

	 	1.	release and discharge the Company and its subsidiaries, and each of their respective past and present officers, directors, shareholders, managers, employees and agents, and their
respective successors and assigns (collectively the “Released Parties”), from any and all claims or demands, that I may have, whether past, present or future, against the Released Parties, statutory or otherwise, to the fullest extent
permissible by law; and 

  

	 	2.	waive the obligations, duties and liabilities that the Company may have, whether past, present or future, statutory or otherwise, to the fullest extent permissible by law; arising
out of or relating in any way to my employment with or termination of my employment with the Company. 

  
 This letter shall be governed by, subject to and construed and enforced pursuant to the terms and conditions of the Employment Agreement. 
  

	
	  

	 William D. Snyder

  

 8

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