Document:

Exhibit 10.1

 

 

March 20, 2017

 

Gary Bischoping

11525 Shadestone Terrace

Austin, TX 78732

 

Dear Gary,

 

I am pleased to confirm our offer to you for the position of
Senior Vice President, Finance and Chief Financial Officer, Varian Medical Systems, Inc. (VMS), reporting to Dow Wilson, Chief
Executive Officer. This offer is contingent upon a start date no later than May 15, 2017.

 

The specific components which make up this offer are as follows:

 

Salary

Your starting weekly base salary will be $10,576.92 ($550,000
annualized). VMS is on a bi-weekly payroll cycle.

 

Management Incentive Plan

You will be eligible to participate in the VMS Management Incentive
Plan (MIP) on a pro-rata basis beginning on your start date. Your target award percentage is 75% of base salary (at 100% achievement
of funding target levels).  Under the terms of the MIP, awards are based on achievement of specific VMS financial objectives
and individual goals. To be eligible for the award, you must be actively employed and in good standing at the end of the specified
performance period.  The award is typically payable in late-November for the prior fiscal year's performance.  Detailed
information regarding the MIP will be provided to you shortly after your start date.

 

Stock Options and Restricted Stock Units

In addition to the benefits outlined above, we shall recommend
to the Compensation and Management Development Committee (the “Committee”) of the Board of Directors that you be granted
equity awards under the Varian Medical Systems, Inc. Fourth Amended and Restated 2005 Omnibus Stock Plan totaling value of $2,000,000,
denominated in approximately sixty percent (60%) stock options and forty percent (40%) Restricted Stock Units (RSU) as follows:
 (A copy of the current form(s) of each equity grant agreement are attached for your reference.  Shortly after the Grant
Date, as defined below, you will be notified via email to accept your equity grant online.)

 

		·	$1,200,000 (USD) in VMS non-qualified stock option for shares of Varian
Medical Systems common stock.  Actual number of stock options will be determined based on the Black-Scholes value of the corporation’s
closing stock price on the Grant Date (as defined here). The exercise price of the stock options will be equal to the Fair Market
Value (as defined in the Fourth Amended 2005 Omnibus Plan) of the corporation’s Common Stock on the Grant Date (as defined
below). The exercise price will be the closing price on the New York Stock Exchange on the Grant Date.  The terms and conditions
of the options are set by the Committee and will be described in your grant agreement.  These non-qualified stock options
have a seven-year term and will vest over a three-year period, with the first one-third of the options vesting and exercisable
after the end of the first year following the Grant Date and the remainder of the options vesting and exercisable on a monthly
basis thereafter.  

 

    
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		·	$800,000 (USD) in RSUs.  Actual number of RSUs will be determined
based on the closing stock price on the Grant Date (as defined below). The RSU award will vest over a 3-year period according to
the following schedule:  the first one-third (1/3) approximately after one year of the Grant Date, the second one-third (1/3)
approximately after two years of the Grant Date and the remainder at the end of approximately three years from the Grant Date. 

 

*Grant Date is defined as the later of: (i) the
date of the next regularly scheduled quarterly meeting of the Board of Directors (“Board”) after your start date, or
such other date for which it may be rescheduled, following your start date; or (ii) if the Board deems the corporation to be in
possession of material, non-public information on that date, the date that is the second business day following the public release
of the material, non-public information. 

 

Sign-On Bonus

You will receive a one-time sign-on bonus of $300,000 (gross),
payable within the first 90 days of your employment. This bonus has a payback provision in the event you voluntarily resign or
are terminated for cause within your first two years of employment at Varian whereby the amount to be paid back will be calculated
on a prorata basis based on your length of service over that period.

 

Benefit Programs

While employed by VMS, you will be eligible to participate in
health, life, benefit and retirement plans offered by VMS in accordance with plan enrollment requirements. While some plans are
provided at no cost, others do require an employee contribution.

 

Additionally, you will be entitled to the following executive
benefits:

		·	Reimbursement for up to $4,000 per calendar year for required, qualified
annual medical examinations. 

		·	Reimbursement for up to $6,500 per calendar year for financial planning
advice, estate planning advice, tax planning advice and/or tax return preparation. 

		·	Participation in the VMS Deferred Compensation Plan (DCP). This non-qualified
DCP is designed to allow its participants to defer current compensation on a pre-tax basis.

 

Relocation Program

As part of a relocation package, VMS offers flexible options
with a maximum value of $225,000. A detailed description of these options will be sent to you and includes:

 

		·	Home Purchase Closing Cost Reimbursement. You will be reimbursed for
actual one-time, non-recurring closing costs and lawyer fees.  Reimbursement is capped at 2% of the mortgage loan amount or
$50,000, whichever is less. 

		·	One or two house hunting trips (not to exceed a total of six nights)
for you and your wife, including airfare, lodging, rental car and a $150 per diem.

		·	Shipment of household goods; Covered costs include packing and moving
household goods through a Varian-contracted van line, and up to 2 automobiles/motorcycles (or mileage reimbursement for driving
to the Bay Area), storage up to 60 days. 

		·	Temporary housing for you between your start date and August 2017
or until you close on a home in the Bay Area, whichever comes first; 30 days usage of a rental car.

		·	Final move of you and your household members, including transportation
and meals and a $150 per diem.

 

    
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		·	Destination Services up to 4 days to assist with settling in to the
Bay Area.

		·	Should you relocate to the Bay Area in advance of your family, VMS
will pay your airfare for home visits every two weeks through August, 2017.

		·	Relocation allowance in the amount of a one-time $20,000 cash payment
net of taxes to assist with miscellaneous relocation expenses, commuting expenses and household goods purchase.

 

Please be aware that if you voluntarily terminate
your employment with VMS following your relocation to the Bay Area or you are terminated by the corporation for cause, you will
be expected to repay all relocation expenses in accordance with the following schedule:

 

	Resignation Following Relocation	Repayment Obligation
	0-6 Months	100%
	7-12 Months	75%
	13-18 Months	50%
	19-24 Months	25%
	25+ Months	0%

 

With respect to your relocation package, except for
amounts grossed up for applicable taxes as provided in VMS’ policies, any amounts referenced in and paid pursuant to this
letter and referenced policies are subject to all applicable state, local and federal tax withholdings.

 

Please note that these proposed terms of employment supersede
any prior agreement, representations or promises of any kinds, whether written, verbal, expressed or implied between the parties
hereto with respect to the subject matters herein.

 

This offer is contingent upon your ability to perform the essential
functions of the position with or without reasonable accommodation, and successful completion of a background verification and
drug screening. This offer is contingent upon your ability to provide proof of employment eligibility under applicable regulations.
VMS’ offer of employment is based on your individual skills and talent. Please do not bring with you to VMS any materials
that contain the trade secret or proprietary information of third parties. VMS respects the trade secret rights of other companies
and expects all employees to do the same.

 

Your employment at VMS is an at-will employment relationship,
meaning that either VMS, or you, have the right to terminate the employment relationship at any time with or without cause or notice.
Your signature below acknowledges your agreement to VMS’ at-will employment relationship and supersedes all other agreements
on this subject. The at-will nature of the employment relationship can only be modified by a written agreement between you and
VMS’ Chief Executive Officer.

 

We are including new hire materials for you to review and complete
and return to VMS as of your employment date. Should you have any questions in the meantime, please feel free to contact me at
650- 424-6180.

 

    
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Gary, we are very enthusiastic about the prospect of your joining
Varian Medical Systems, Inc. and hope you will have a stimulating and satisfying career here.

 

Sincerely,

 

/s/Wendy Scott

Wendy Scott

Senior Vice President, Human Resources

 

Attachments: 

		·	Varian Medical Systems, Inc. Fourth Amended and Restated 2005 Omnibus
Stock Plan Nonqualified Stock Option Agreement 

		·	Varian Medical Systems, Inc. Fourth Amended and Restated 2005 Omnibus
Stock Plan Restricted Stock Unit Agreement

  

Your signature below will indicate your understanding and intention
to accept the offer of employment set forth in this letter and enter into an employment arrangement with Varian. In addition to
the contingencies set forth above and not withstanding your signature below, it is understood and agreed that the terms of this
letter shall become effective only upon your employment date following the termination of your current employment. Please sign
both copies and return one in the envelope provided.

 

 

	/s/ Gary Bischoping	 	04/03/2017
	Gary Bischoping (signature)	 	Date

 

    
Page 4 of 4Exhibit

Exhibit 10.01

2017 Executive Officer Incentive Bonus Plan
	
		
	Date:
	March 30, 2017

	To:
	Executive Officers

	From:

	Compensation Committee, Board of Directors

	Regarding:
	Incentive Bonus Pay for 2017

	 
	 

This document outlines the incentive bonus plan for executive officers of Green Dot Corporation (“Green Dot”) for 2017 (the “Plan”).  For purposes of the Plan, “executive officer” means an executive officer of Green Dot who has been designated by the Committee (as defined below) as a participant in the Plan (“Participant”).
  
The Compensation Committee (the “Committee”) of Green Dot’s Board of Directors (the “Board”) will administer the Plan. Subject to the general purposes, terms and conditions of the Plan, the Committee shall have authority to implement and carry out the Plan, including authority to construe and interpret the Plan. All questions of interpretation or construction of the Plan shall be determined by the Committee. The Committee reserves the right at any time during the year to modify the Plan in total or in part. This Plan may be amended, suspended or terminated at any time at the sole and absolute discretion of the Committee.

In order to be eligible to participate in the Plan, a Participant must be (i) an employee 90 days before the close of the Bonus Period (as defined below) and (ii) employed at the time of payment. 

Executive Officer Incentive Bonus Plan

Bonuses will be paid on an annual basis based upon Green Dot’s achievement of Annual Revenue threshold, as set forth herein, which is measured as of the end of the Bonus Period. Bonuses will be paid soon after the Audit Committee of the Board has approved Green Dot’s final 2017 financial statements, which should be during the first quarter of 2018. The following formula will be used to determine each executive officer’s annual bonus payout. 

Actual bonus paid = Base Salary x Target Bonus x Actual Payout Multiplier 

Target Bonus
The target bonus is the target amount that a Participant is eligible to receive, stated as a percentage of base salary. For 2017, the Committee has established a target bonus amount for each Participant equal to a percentage of his or her 2017 base salary.  

        

Achievement of Annual Revenue Milestones
For 2017, the amount of the bonus, if any, is based on the Annual Revenue milestones set forth in the table below.  The Committee has established a target dollar amount of Annual Revenue for 2017 (“Target Revenue”) and communicated it to the Participant in connection herewith.  

No bonus shall be payable if Green Dot fails to achieve the threshold level of Annual Revenue set forth in the table below (i.e., Annual Revenue must equal 97.278% of Target Revenue). The table below summarizes the performance and payout curve.

	
		
	Annual Revenue Milestones as a % of Target Revenue
	

Payout Multiplier

	

<97.278% 
	

0%

	

97.278%
	

50%

	

98.817%
	

75%

	

100.00%
	

100%

	

101.183%
	

125%

	

102.367%
	

150%

As illustrated in the table above, Participants can achieve 100% of their target bonus amount under this Plan if Green Dot’s Annual Revenue is 100% of Target Revenue for 2017.  The minimum bonus payable is 50% of a Participant’s target bonus upon Green Dot achieving 97.278% of Target Revenue, and the maximum bonus payable is 150% of a Participant’s target bonus upon Green Dot achieving 102.367% of Target Revenue.  For example, a Participant with a $250,000 annual base salary and 65% target bonus for 2017 would receive a bonus of $162,500 if Green Dot achieved 100% of Target Revenue ($250,000 (base salary) x 65% target bonus (% of base salary) x 100% (Payout Multiplier). 

“Annual Revenue” means the amount of total operating revenue for the year ending December 31, 2017 reflected in Green Dot’s consolidated statements of operations less the impact of stock-based retailer incentive compensation expense and other non-recurring items.  The Committee shall establish the Annual Revenue target and communicate it to Participants.

“Base Salary” means the base pay earned during the performance cycle, January 1, 2017 through December 31, 2017.  It includes those items considered part of base salary, including retroactive pay, vacation pay, sick pay and holiday pay.  It does not include any stock-based compensation earnings.

“Bonus Period” means the period of time from January 1, 2017 to December 31, 2017.

“Payout Multiplier” means the percentage set forth in the table above based on Green Dot’s achievement of Annual Revenue.

        

Recoupment
In the event that (i) achievement of the Annual Revenue metric under the Plan is based on financial results that were subsequently the subject of a substantial restatement of Green Dot financial statements filed with the Securities and Exchange Commission and (ii) a Participant’s fraud or intentional illegal conduct materially contributed to such financial restatement, then, in addition to any other remedies available to Green Dot under applicable law, to the extent permitted by law and as the Board of Directors, in its sole discretion, determines appropriate, Green Dot may require recoupment of all or a portion of any after-tax portion of any bonus paid to such participant under the Plan, less compensation that would have been earned by the individual based upon the restated financial results. Notwithstanding the foregoing, Green Dot may, in its sole discretion, implement any recoupment or clawback policies or make any changes to any of its existing recoupment or clawback policies, as Green Dot deems necessary or advisable in order to comply with applicable law or regulatory guidance (including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act)

General
Nothing contained herein shall be construed as conferring upon any participant the right to continue in the employ of Green Dot as an employee and employment with Green Dot is employment at-will, terminable by either party at any time for any reason. 

The Plan shall be binding upon and inure to the benefit of Green Dot, its successors and assigns and, with respect to any earned but unpaid bonus, to the participant and his or her heirs, executors, administrators and legal representatives. The Plan shall be construed in accordance with and governed by the laws of the State of California. 

No amounts payable under the Plan shall be funded, set aside or otherwise segregated prior to payment.  The obligation to pay bonus amounts shall at all times be an unfunded and unsecured obligation of Green Dot, and Green Dot shall not be required to incur indebtedness to fund any bonus amounts under the Plan unless otherwise directed to do so by the Committee.  Participants shall have the status of general creditors.  The Plan is not qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended, and is not subject to any provisions of the Employee Retirement Income Security Act of 1974.

Any questions regarding this Plan should be directed to Green Dot’s Compensation Committee of the Board of Directors.

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