Document:

Letter Agreement between Scott Hix and Planar Systems, Inc.

 Exhibit 10.38 
 April 19, 2006 
 Scott P. Hix 
 Dear Scott,

 Further to our discussions, I am pleased to be in a position to ask you to join the Planar Executive Council in the role of VP, Business Development,
reporting to me. Upon your acceptance and commencement of employment with Planar, a recommendation will be made to the Board of Directors that you be appointed an Officer of the Company. 
 We hope you will confirm your favorable consideration of this offer that includes the following core components: 
  

	 	•	 	Starting annual salary at $240,000, paid bi-weekly. 

  

	 	•	 	Bonus Plan eligibility at 60% of annual base pay at target for the year. Bonus awards are paid after the end of each quarter, subject to performance metrics being met. Any payment
made for Q3 will be pro-rated according to your start date. 

 Upon your acceptance, I will be making the following recommendations for
approval by the Board Compensation Committee on May 2nd, 2006: 
  

	 	•	 	New Hire signing bonus of $60,000, less tax withholdings, to be paid in three installments of $20,000 each payable on June 1st, August 1st and October 1st, 2006.

  

	 	•	 	New Hire restricted stock grant of twenty-five thousand (25,000) shares that will vest on a four year schedule, 25% on the anniversary date and 25% each year thereafter.

 In addition, I will be requesting Board Compensation Committee approval for an extraordinary performance-based restricted stock grant of
sixty two thousand, five hundred (62,500) shares, based on the unique opportunity for immediate new business that you bring to the company at time of hire. 
 This proposal is outlined as follows: 
  

	 	•	 	Thirty one thousand, two hundred and fifty (31,250) shares will vest upon achievement of a set of performance metrics for the High End Consumer business initiative. These
metrics will be based on a three year plan for profitable growth and will be finalized shortly. 

  

	 	•	 	Given that the goal of the High End Consumer business initiative is to create a new profitable revenue stream that will enhance shareholder value and recognizing the high
probability you will be asked over time to contribute in other areas of the company, thirty one thousand, two hundred and fifty (31,250) shares will vest upon achievement of corporate performance metrics, as follows: 

 

	 	–	 	Fifteen thousand, six hundred and twenty five (15,625) shares will vest upon achievement of the $20 Stock Price Target (as defined below). 

  

	 	–	 	Fifteen thousand six hundred and twenty-five (15,625) shares will vest upon achievement of the $25 Stock Price Target (as defined below). 

  

 The “$20 Stock Price Target” means the average daily closing price of the Company’s common stock on the
NASDAQ Stock Market over any forty (40) consecutive trading day period exceeds $20. The “$25 Stock Price Target “ means the average daily closing price of the Company’s common stock on the NASDAQ Stock Market over any forty
(40) consecutive trading day period exceeds $25. 
 If, however, either or both Stock Price Targets are met within 12 months of hire, 25% of the
eligible grant will vest at that point and an additional 25% will vest at the end of each 90-day period following the achievement of the Stock Price Target. If the Stock Price Targets are not achieved within three years of your hire date, any
unvested shares will be forfeited. 
 I will be recommending to the Board of Directors that the company enter into a change of control agreement,
commensurate with a similar agreement in place with other executives, soon after the beginning of your employment. I anticipate approval of the same by our Board and am enclosing a sample copy for your review. 
 Planar offers an Employee Share Purchase Plan whereby employees can purchase company stock at a 15% discount through direct payroll deductions. Your first opportunity to
join the plan will be in mid-September, 2006 for the October, 2006 through March, 2007 period. 
 Other competitive benefits offered include: 
  

	 	•	 	401(k) retirement savings plan with company match and immediate vesting. 

  

	 	•	 	Medical insurance coverage through CIGNA, and Flexible Health Spending Account option. 

  

	 	•	 	PTO (paid time off) of 20 days in first year. This includes a bank of 40 available hours on hire and accrual at 4.62 hours per pay period through the rest of the year. After five
years of service the PTO accrual rate is increased to 7.7 hrs per pay period amounting to five weeks per year. Planar has ten paid holidays per year, three of which are floating days determined by the company. 

 Scott, I welcome this opportunity to make you a full member of the team and look forward to receipt of a signed acceptance, marked for my attention. I am also enclosing:
a) a Proprietary and Intellectual Property Agreement that requires your perusal and signature for delivery with your job offer acceptance. 
 I look forward
to closing on a mutually convenient start date. During the first three days of employment, you will be asked for your current driver’s license and original social security card, or a current passport and visa to satisfy the INS I-9 work
authorization process. 
 Sincerely, 
 Gerry Perkel 

Planar Systems, Inc. 
 President & CEO 
 While it is our belief that our relationship will be a positive one, it is appropriate to advise you that Planar Systems, Inc. is an “at-will” employer and
does not offer employment on a fixed term basis. Either you or the company can terminate the working relationship at any time and for any reason. The representations in this letter and from our meeting with you should not be construed in any manner
as a proposed contract for any fixed term or for any specific terms and conditions of employment contrary to an “at-will” relationship. 
 I
ACCEPT THIS OFFER 
  

			
	 /s/ Scott P. Hix
	 	May 2, 2006
	Scott P. Hix	 	 Date

 Encs: Benefits summary brochure; Sample Change in Control; Intellectual Property/Confidentiality AgreementRestricted Stock Agreement between Planar Systems, Inc and Scott Hix

 Exhibit 10.39 
 PLANAR SYSTEMS, INC. 
 RESTRICTED STOCK AWARD AGREEMENT 
  

							
	TO:	  	Scott Hix	  	Date of Grant:	  	May 2, 2006

 We are pleased to inform you that the Compensation Committee (the “Committee”) of the
Board of Directors (the “Board”) of Planar Systems, Inc. (the “Company”) has approved management’s recommendation for an award of thirty-one thousand two hundred fifty (31,250) shares (the “Shares”) of the
Company’s common stock. This award (the “Award”) is subject to the following terms and conditions. 
 VESTING. Except as
otherwise provided by your Letter Agreement with the Company dated April 19, 2006 (the “Letter Agreement”), the Shares will vest and become deliverable to you as follows: fifteen thousand six hundred twenty-five (15,625) of the
Shares shall vest upon achievement of the “$20 Stock Price Target” (as defined below); and the remaining fifteen thousand six hundred twenty-five (15,625) of the Shares shall vest upon achievement of the “$25 Stock Price
Target” (as defined below). Notwithstanding the foregoing, in the event that either or both the $20 Stock Price Target or the $25 Stock Price Target are achieved before
                , 2007, 25% of the Shares that would otherwise vest upon achievement of such Stock Price Target shall vest upon such achievement, and the remaining
Shares that would have otherwise have vested upon achievement of such Stock Price Target shall vest in three tranches on the 90th, 180th and 270th days after the date the Stock Price Target is achieved. The “$20 Stock Price Target” means the average daily closing price of the Company’s
common stock on the NASDAQ Stock Market over any forty (40) consecutive trading day period exceeds $20. The “$25 Stock Price Target” means the average daily closing price of the Company’s common stock on the NASDAQ Stock Market
over any forty (40) consecutive trading day period exceeds $25. 
 The Shares subject to this Agreement may not be sold, assigned,
transferred, pledged or otherwise encumbered until the Shares are vested and delivered to you. After the Shares are vested and delivered to you, you shall become the owner of the Shares free of all restrictions otherwise imposed by this Agreement.

 Notwithstanding any other provision of this Agreement, the Committee may at any time, in its sole discretion, accelerate the date of
vesting and delivery of all or a portion of the Shares subject to this Award. 
 DIVIDENDS AND VOTING RIGHTS. You will be entitled to receive
any dividends paid with respect to the Shares that become payable before the Shares have vested and been delivered to you; provided, however, that no dividends shall be payable to you with respect to record dates occurring prior to the Date of
Grant, or with respect to record dates occurring on or after your Date of Termination (as defined below). You will be entitled to vote the Shares before the Shares have vested and been delivered to you to the same extent as would have been 

  

 1 – RESTRICTED STOCK AWARD AGREEMENT 

 
applicable to you if you were then vested in the Shares; provided, however, that you will not be entitled to vote the Shares with respect to record dates for
such voting rights arising prior to the Date of Grant, or with respect to record dates occurring on or after your Date of Termination (as defined below). 
 DEPOSIT OF SHARES. Each certificate issued in respect to the Shares granted under this Agreement shall be registered in your name and shall be held by the Treasurer of the Company until vested and delivered to you
pursuant to the terms of this Agreement. This Award is conditioned upon your execution of a blank stock power for the Shares. Upon vesting of all or a portion of the Shares, the Company shall deliver the vested Shares to you as promptly as
practical. 
 WITHHOLDING TAXES. As a condition to the delivery of the Shares, you must make such arrangements as the Company may require for
the satisfaction of any federal, state or local withholding tax obligations that may arise in connection with the vesting and delivery of the Shares. At your request, the Company shall withhold such number of Shares as instructed by you to satisfy
up to all of your minimum anticipated tax liability arising in connection with the vesting of the Shares. The calculation of your anticipated tax liability shall be made by the Company, and the withheld Shares shall be valued at the most recent
closing price of the Common Stock. 
 TERMINATION. If your employment with the Company terminates for any reason, including death or
disability (the “Date of Termination”), then, notwithstanding the vesting schedule set forth above, this Award shall immediately expire and no additional Shares shall be vested or delivered to you pursuant to this Award and you shall
forfeit all Shares that are not vested before the Date of Termination. Your Date of Termination for purposes of this Agreement shall be determined by the Committee, which determination shall be final. 
 TRANSFERABILITY OF AWARD. This Award and the rights and privileges conferred hereby may not be sold, transferred, assigned, pledged, encumbered or
hypothecated in any manner (whether by operation of law or otherwise) and any such attempted action shall be null and void. The terms of this Agreement shall be binding upon your executors, administrators, heirs, successors and assigns.
Notwithstanding the foregoing, to the extent permitted by applicable law and regulation, the Company, in its sole discretion, may permit you to transfer this Award and the rights and privileges conferred hereby. 
 CONTINUATION OF RELATIONSHIP. Nothing in this Award will confer upon you any right to continue in the employ or other relationship of the Company, or to
interfere in any way with the right of the Company to terminate your employment or other relationship with the Company at any time. 
 DETERMINATION OF COMMITTEE TO BE FINAL. The administration of this Award and all determinations referred to herein or otherwise will be made by the Committee, and such determinations will be final, binding and conclusive. 
  

 2 – RESTRICTED STOCK AWARD AGREEMENT 

 INVESTMENT INTENT. You represent and warrant to the Company that you are acquiring the Shares for your
own account and investment and not with a view to, or for sale in connection with, any distribution. 
 RESTRICTED SECURITIES; LEGEND. You
understand that the Shares have not been registered under the Securities Act of 1933 in reliance upon an exemption from registration. Such exemption depends upon, among other things, the bona fide nature of your investment intent stated in this
Agreement. You understand that the Shares must be held indefinitely, unless the Shares subsequently are registered under the Securities Act of 1933 or unless an exemption from registration is otherwise available. You agree that the Shares may not be
offered, sold, transferred, pledged, or otherwise disposed of in the absence of an effective registration statement under the Securities Act of 1933 and applicable state securities laws or an opinion of counsel acceptable to the Company that such
registration is not required. You understand that the certificate(s) representing the Shares will be imprinted with substantially the following legend: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR APPLICABLE STATE SECURITIES LAWS. THE SHARES HAVE BEEN ACQUIRED WITHOUT A
VIEW TO DISTRIBUTION AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SHARES UNDER THE ACT AND UNDER ANY APPLICABLE SECURITIES LAWS, OR AN OPINION OF COUNSEL FOR THE
HOLDER (CONCURRED IN BY LEGAL COUNSEL FOR THE CORPORATION) THAT SUCH REGISTRATION IS NOT REQUIRED AS TO SUCH SALE OR OFFER. THE STOCK TRANSFER AGENT HAS BEEN ORDERED TO EFFECTUATE TRANSFERS OF THIS CERTIFICATE ONLY IN ACCORDANCE WITH THE ABOVE
INSTRUCTION. 
 Notwithstanding the foregoing, if any of the Shares vested pursuant to the terms of this Agreement or the Letter Agreement less than one
year before the effective date of the termination of your employment, the Company shall use its best efforts to promptly register for resale such Shares under the Securities Act of 1933. Please execute the Agreement in the space below and return it
to the undersigned. 
  

			
	Very truly yours,
	
	PLANAR SYSTEMS, INC.
		
	By:	 	 /s/ Gerald Perkel

		 	 Gerald Perkel
 President and Chief Executive
Officer

  

	
	AGREED AND ACCEPTED:
	
	 /s/ Scott Hix

	Scott Hix
	
	Date: May 2, 2006

  

 3 – RESTRICTED STOCK AWARD AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]