Document:

Managment Agreement Among J.A.Bomardier

 EXHIBIT 10.17 
  
 Execution Copy 
  
 MANAGEMENT AGREEMENT 
  
 This Management Agreement (this “Agreement”) is entered into as of December 18, 2003 by and among J.A. Bombardier (J.A.B.) Inc., a
corporation incorporated under the laws of Canada (“Holdings”), Bombardier Recreational Products Inc., a corporation incorporated under the laws of Canada (the “Company”), Beaudier Inc., a corporation incorporated
under the laws of Canada (“Beaudier”), Bain Capital Partners, LLC, a Delaware limited liability company (“Bain Capital”) and Caisse de dépôt et placement du Québec (“CDP,” and
together with Beaudier and Bain Capital the “Managers”). 
  
 RECITALS 
  
 WHEREAS,
Holdings and the Company have been formed for the purpose of completing the acquisition of the recreational products business of Bombardier Inc. (the “Seller”) (the “Acquisition”), all on the terms and subject to
the conditions of that certain Purchase Agreement dated as of December 2, 2003 by and between the Company and Seller (as the same may be amended from time to time, the “Acquisition Agreement”); 
  
 WHEREAS, the Managers are advising Holdings and the Company in connection
with the structuring and negotiation of senior secured debt financing (the “Senior Financing”) being provided for the Acquisition pursuant to Credit Agreement dated as of December 18, 2003, among the Company, as a borrower, certain
other subsidiaries of the Company or Holdings, as guarantors, and Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets, UBS Securities LLC, Harris Nesbitt Corp., Bank of Montreal, and the other lenders
party there to from time to time; and 
  
 WHEREAS, the Company and
Holdings want to retain the Managers to provide certain management and advisory services to the Company and Holdings, and the Managers are willing to provide such services on the terms set forth below. 
  
 AGREEMENT 
  
 NOW THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto, intending to be legally bound,
hereby agree as follows: 
  
 1. Services. Each of the
Managers hereby agrees that, during the term of this Agreement (the “Term”), it will provide the following consulting and management advisory services to the Company and Holdings as requested from time to time by the Boards of
Directors of the Company and Holdings: 
  
 (a)
financial, managerial and operational advice in connection with the day-to-day operations of the Company and its subsidiaries, including, without limitation, 

  

 
advice with respect to the development and implementation of strategies for improving the operating, marketing and financial performance of the Company and
its subsidiaries; 
  
 (b) advice in connection
with the negotiation and consummation of agreements, contracts, documents and instruments necessary to provide the Company or Holdings or both with senior secured bank debt financing on terms and conditions satisfactory to the Company and Holdings;
and 
  
 (c) such other services (which may
include financial and strategic planning and analysis, consulting services, human resources and executive recruitment services and other services) as such Manager, the Company and Holdings may from time to time agree in writing. 
  
 Each of the Managers shall devote such time and efforts to the performance of services
contemplated hereby as such Manager deems reasonably necessary or appropriate; provided, however, that no minimum number of hours is required to be devoted by Beaudier, Bain Capital or CDP on a weekly, monthly, annual or other basis. The
Company and Holdings acknowledge that each of the Manager’s services are not exclusive to the Company and to Holdings and that each Manager will render similar services to other persons and entities. In providing services to the Company and
Holdings, each Manager will act as an independent contractor and it is expressly understood and agreed that this Agreement is not intended to create, and does not create, any partnership, agency, joint venture or similar relationship and that no
party has the right or ability to contract for or on behalf of any other party or to effect any transaction for the account of any other party. The parties hereto further recognize and agree that CDP will render services and provide advice hereunder
in Canada only and, without limitation, shall have no activity hereunder in the United States of America. 
  
 2. Fees. 
  
 2.1. Upon the consummation of the closing under the Acquisition Agreement (the “Closing”), the Company will pay to the
Managers in connection with the structuring of the Senior Financing for the Acquisition the following fees: (a) to Bain Capital or its designee Cdn. $11.1 million; (b) to Beaudier Cdn. $5.55 million; and (c) to CDP or its designee Cdn. $5.55
million. 
  
 2.2. The Company will also pay to
the Managers hereunder periodic management fees in the aggregate amount of up to U.S. $2.25 million per year, as follows: 
  
 (a) The Company will pay a management fee of US $1.5 million per year to Bain Capital or its designee; provided, however, that such
annual management fee will be reduced to US $1.0 million per year at such time as the Bain Investors (as defined in the Unanimous Shareholders Agreement among the Company, Holdings and Holdings’ shareholders dated as of December 18, 2003 (the
“Unanimous Shareholders Agreement”)) hold Common Shares (as defined in the Unanimous 

  

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Shareholders Agreement) in an amount less than fifty percent (50%) of amount of Common Shares held by the Bain Investors as of the Closing and shall be
reduced to zero at such time as the Bain Investors hold Common Shares in an amount less than ten percent (10%) of the Common Shares held by the Bain Investors as of the Closing. 
  
 (b) The Company will pay a management fee of US $375,000 per year to Beaudier, provided,
however, that such annual management fee will be reduced to US $250,000 per year at such time as the Beaudier Investors (as defined in the Unanimous Shareholders Agreement) hold Common Shares in an amount less than fifty percent (50%) of
the Common Shares held by the Beaudier Investors as of the Closing and shall be reduced to zero at such time as the Beaudier Investors hold Common Shares in an amount less than ten percent (10%) of the Common Shares held by the Beaudier Investors as
of the Closing. 
  
 (c) The Company will pay a
management fee of US $375,000 per year to CDP or Beaudier as described in clauses (i) through (iii) of this Section 2.2(c); provided, however, that such annual management fee will be (x) reduced to US $250,000 per year at such time as the
Caisse Investors (as defined in the Unanimous Shareholders Agreement) hold Common Shares in an amount less than fifty percent (50%) of the Common Shares held by the Caisse Investors as of the Closing (unless the Caisse Shares transferred by the
Caisse Investor to bring their holdings below such 50% level (the ‘Tranche A Portion Shares”) have all been transferred to Beaudier Group Investors (as defined in the Unanimous Shareholders Agreement), in which event the amount of
this management fee payable to CDP will be reduced to $250,000 and the remaining $125,000 of such fee will be payable to Beaudier as and to the extent provided in clause 2.2(c)(i) through (iii) below) and (y) reduced to zero at such time as the
Caisse Investors hold Common Shares in an amount less than ten percent (10%) of the Common Shares held by the Caisse Investors as of the Closing (unless the Caisse Shares transferred by the Caisse Investor to bring their holdings below such 10%
level (the “Tranche B Portion Shares”) have all been transferred to Beaudier Group Investors, in which event the amount of this management fee payable to CDP will be reduced to zero and the fee payable under this Section 2.2(c) will
be payable to Beaudier as and to the extent provided in clause 2.2(c)(i) through (iii) below). 
  
 (i) As described above, the management fees payable under Section 2.2(c) shall be divided into two tranches. The first $125,000 of such
fee shall be the first tranche (the “Tranche A Portion”) and such Tranche A Portion will be eliminated as described above in clause (x) of Section 2.2(c). The other $250,000 of such fee shall be the second tranche (the “Tranche B
Portion”), and such Tranche B Portion will be eliminated as described above in clause (y) of Section 2.2(c). 
  
 (ii) From and after the date upon which the Caisse Investors hold less than 50% of the Common Shares held by Caisse Investors as of the
Closing, the 

  

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Tranche A Portion shall be paid to Beaudier; provided that if Beaudier Group Investors shall then have acquired and thereafter, from time to time, hold less
than all the Tranche A Portion Shares, the amount payable to Beaudier shall be that proportion of the Tranche A Portion that (a) the Tranche A Portion Shares acquired and then held by Beaudier Group Investors is of (b) the total number of Tranche A
Portion Shares. 
  
 (iii) From and after the
date upon which the Caisse Investors hold less than 10% of the Common Shares held by Caisse Investors as of Closing, the Tranche B Portion shall be paid to Beaudier; provided that if Beaudier Group Investors shall then have acquired and thereafter,
from time to time, hold less than all the Trance B Portion Shares, the amount payable to Beaudier shall be that proportion of the Tranche B Portion that (a) the Tranche B Portion Shares acquired and then held by Beaudier Group Investors is of (b)
the total number of Tranche B Portion Shares. 
  
 (d) All management fees described in clauses (a), (b) and (c) of this Section 2.2 will be payable in quarterly installments and prorated for any partial periods of less than three months. Any reduction in fees that arises out of a
disposition of Common Shares will take effect only as of the end of the quarter in which such disposition occurs. The first quarterly fee will be payable on the Closing Date, payable for the period ending on January 31, 2004. Thereafter, such
quarterly fees will be payable in advance on the first business day in February, May, August and October, in each case for so long as such fees are payable under the terms of this Agreement. 
  
 (e) For purposes of this Section 2 (and the calculations or
reductions or reallocations of fees as provided above), the total number Common Shares held by any Investor or Investor Group (as such terms are defined in the Shareholder Agreement) will be deemed to include any Common Shares acquired within three
months of Closing pursuant to the Subscription Agreement dated on or about the date hereof (the “Subscription Agreement”) among the Corporation and the Managers or their affiliated investment funds (or, in the case of the Beaudier
Group Investors, include shares acquired under the Subscription Agreement within such 3-month period by Beaudier or the Family Holding Companies (as defined in the Unanimous Shareholders Agreement)). 
  
 2.3. In each case for so long as it is receiving ongoing
management fees pursuant to Section 2.2, each Manager will also advise Holdings and the Company in connection with financing, acquisition and disposition transactions (however structured) involving Holdings or any of its direct or indirect
subsidiaries, and the Company will pay to the Managers (or their respective designees, as the case may be) a fee, subject to the approval of the Company’s Board of Directors, for services rendered in connection with each such transaction (other
than an Initial Public Offering (as defined in the Unanimous Shareholders Agreement)) equal to up to one percent (1%) of the gross transaction value of such transaction, such fee to be due and payable at the closing of such transaction; and such fee
to 

  

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be allocated among the Beaudier, Bain Capital or its designee and CDP, respectively, in the same proportions as the respective holdings of Common Shares, as
of the date of such subsequent transaction, of the Beaudier Group Investors, the Bain Investors and the Caisse Investors (as such terms are defined in the Unanimous Shareholders Agreement). 
  
 2.4. Each payment made pursuant to this Section 2 shall be
paid by wire transfer of immediately available federal funds to the accounts specified on Schedule 1 hereto, or to such other account(s) as the relevant Manager may specify to the Company in writing prior to such payment. 
  
 2.5. The Company and Holdings shall be liable for and shall
pay any goods and services tax levied under the Excise Tax Act (Canada), Quebec sales tax levied under the Act respecting Quebec Sales Tax or any similar value added or sales taxes which are collectible by any of the Managers or
required to be self-assessed by the Company or Holdings in connection with the supply of services made under this Agreement and the amount of payments made to the Managers pursuant to this Section 2 will not be reduced by any such taxes. 

 
 3. Term. This Agreement shall continue in full force and effect
until January 31, 2014. The obligations of the Company under Section 2 above and Section 4(a) below with respect to fees earned or expenses incurred prior to such termination, and the provisions of Sections 4(b), 5, 6, 7 and 8 below shall all
survive any termination of this Agreement to the maximum extent permitted under applicable law. 
  
 4. Expenses; Indemnification. 
  
 (a) Expenses. Each of the Company and Holdings will pay all expenses incurred prior to the Closing by the Managers as and to the
extent provided in Section 7 of the Letter Agreement between the Managers dated July 21, 2003 and the letter agreement between the Managers dated November 17, 2003, each of which is hereby incorporated by reference in this Agreement. Each of the
Company and Holdings will pay on demand all Reimbursable Expenses. As used herein, “Reimbursable Expenses” means (i) reasonable out-of-pocket travel expenses incurred from and after the Closing to attend meetings of the Board of
Directors of Holdings or the Company (or any committee thereof) or for other travel specifically authorized and requested by the Board of Directors of Holdings or the Company or related directly to the performance of advisory duties under this
Agreement and (ii) reasonable out-of-pocket legal expenses incurred by any Manager or its affiliates from and after the Closing in connection with the enforcement of rights or taking of actions under this Agreement, the Unanimous Shareholders
Agreement or the Registration Rights Agreement; provided that the reimbursement of expenses incurred by the Managers or their affiliates in connection any registration of securities under the Registration Rights Agreement will be governed by (and
subject to any limitations contained in) the applicable provisions of the Registration Rights Agreement and the reimbursement of expenses with respect to transactions pursuant 

  

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to Section 4.4.5 of the Unanimous Shareholders Agreement (Drag-Along Expenses) and Section 5.1.6 of the Unanimous Shareholders Agreement (Preemptive Right
Expenses) will be governed by, and subject to any limitations contained in, the applicable provisions of the Unanimous Shareholders Agreement. 
  
 (b) Indemnity and Liability Each of the Company and Holdings hereby indemnifies and agrees to exonerate and hold each of the
Managers, and each of their respective Affiliates (collectively, the “Indemnitees”) free and harmless from and against any and all actions, causes of action, suits, claims and liabilities and out-of-pocket expenses in connection
therewith, including without limitation reasonable attorneys’ fees and charges (collectively, the “Indemnified Liabilities”), incurred by the Indemnitees or any of them as a result of, arising out of, or in any way relating to
(i) this Agreement, the Acquisition or any related transactions (other than any such indemnified liabilities that arise out any breach of the Unanimous Shareholders Agreement, the Registration Rights Agreement, the Family Holding Companies’
Agreement (as defined in the Unanimous Shareholders Agreement) or Subscription Agreement by such Indemnitees or its Affiliates), (ii) the services provided by any of the Managers under this Agreement to the Company, Holdings or any of their
subsidiaries from time to time or (iii) the investment in Holdings (including but not limited to any indemnification obligations assumed or incurred by any Indemnitee to or on behalf of the Seller, or any of its accountants or other representatives,
agents or affiliates in connection with the Acquisition pursuant to any and all letter agreements between Ernst & Young LLP (“E&Y”), BRP, Caisse and Bain Capital pursuant to which E&Y grants PricewaterhouseCoopers LLP the right
to access certain of its working papers, or the letter agreement dated November 11, 2003 between Merrill Lynch Capital Corporation, UBS Loan Finance LLC and other financial institutions and the Managers relating to the financing of the acquisition
under the Acquisition Agreement), except for any such Indemnified Liabilities arising on account of (A) such Indemnitee’s gross negligence or willful misconduct, (B) any breach by such Indemnitee of its obligations under the Unanimous
Shareholders Agreement, the Registration Rights Agreement, the Family Holding Companies’ Agreement (as defined in the Unanimous Shareholders Agreement) or Subscription Agreement or (C) any duties owed by such Indemnitee to its own Affiliates
(other than Holdings and its subsidiaries). In addition, Beaudier and its Affiliates will not be entitled to indemnification hereunder with respect to any action, suits, claims and liabilities and out-of-pocket expenses to the extent arising out of
or relating to the relationship of Beaudier or any of its Affiliates with (x) the Seller or any of its affiliates or (y) any duties owed by Beaudier or any or its Affiliates to the Family Holding Companies (as defined in the Unanimous Shareholders
Agreement) or any of their respective affiliates. If and to the extent that the foregoing undertaking to indemnify may be unenforceable for any reason, the Company and Holdings hereby agree to make the maximum contribution to the payment and
satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. 
  

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 (c) For purposes of this Section 4 the term “Affiliate” means with respect to
any Manager, (i) any other person or entity which directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such Manager and (ii) each partner, member, shareholder, officer, director,
fiduciary or employee of such Manager or such person or entity; provided, however, that Affiliates of Beaudier shall not include the Seller or any affiliate of the Seller who would not, absent a direct or indirect investment by Beaudier or any of
its affiliates in the Seller or such affiliate of the Seller, be an Affiliate of Beaudier. 
  
 5. Disclaimer and Limitation of Liability; Opportunities. 
  
 (a) Disclaimer; Standard of Care. None of the Managers makes any representations or warranties, express or implied, in respect of
the services to be provided by them hereunder. None of the Indemnitees shall in any event be liable to the Company, Holdings or any of their Affiliates for any act taken or omission suffered by such Indemnitee that does not either (i) constitute
gross negligence or willful misconduct as determined by a final, non-appealable determination of a court of competent jurisdiction or (ii) arise out of or relate to any breach by such Indemnitee of its obligations under the Unanimous Shareholders
Agreement, the Registration Rights Agreement, the Family Holding Companies’ Agreement (as defined in the Unanimous Shareholders Agreement) or Subscription Agreement or out of any duties owed by such Indemnitee to its own Affiliates (other than
Holdings and its subsidiaries) 
  
 (b) Freedom
to Pursue Opportunities. In recognition that the Managers and their respective affiliates currently have, and will in the future have or will consider acquiring, investments in numerous companies with respect to which they or their respective
affiliates may serve as an advisor, a director or in some other capacity, and recognition that the Managers and their respective affiliates have myriad duties to various investors and partners, and in anticipation that the Company and Holdings, on
the one hand and any Manager (or one or more affiliates, associated investment funds or portfolio companies), on the other hand, may engage in the same or similar activities or lines of business and have an interest in the same areas of corporate
opportunities, and in recognition of the benefits to be derived by the Company and Holdings hereunder and in recognition of the difficulties which may confront any advisor who desires and endeavors fully to satisfy such advisor’s duties in
determining the full scope of such duties in any particular situation, the provisions of this Section 5(b) are set forth to regulate, define and guide the conduct of certain affairs of the Company and Holdings as they may involve such Manager.
Except as each Manager may otherwise agree in writing after the date hereof: 
  
 (i) Each Manager and its respective affiliates shall have the right: (A) to directly or indirectly engage in any business (including, without limitation, any business activities or lines of business that are the same
as or similar to those pursued by, or competitive with, the Holdings or Company), (B) to directly or 

  

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indirectly do business with any client or customer of Holdings or the Company, (C) to take any other action that such Manager believes in good faith is
necessary to or appropriate to fulfill its obligations as described in the first sentence of this Section 5(b), and (D) not to present potential transactions, matters or business opportunities to Holdings, the Company, or any of their subsidiaries,
and to pursue, directly or indirectly, any such opportunity for itself, and to direct any such opportunity to another person 
  
 (ii) Each Manager and its respective officers, employees, partners, members, other clients, affiliates and other associated entities
shall have no duty (contractual or otherwise) to communicate or present any corporate opportunities to the Company or Holdings or any of their affiliates or to refrain from any actions specified in Section 5(b)(i), and the Company and Holdings, on
their own behalf and on behalf of their affiliates, hereby renounce and waive any right to require such Manager or any of its affiliates to act in a manner inconsistent with the provisions of this Section 5(b). 
  
 (iii) Neither the Managers, nor any Affiliate of such
Managers shall be liable to the Company, Holdings or any of their affiliates for breach of any duty (contractual or otherwise) by reason of any activities or omissions of the types referred to in this Section 5(b) or of any such person’s
participation therein. 
  
 (iv) Bain Capital
will ensure that none of the directors designated by affiliates of Bain Capital pursuant to Section 2.1.1 of the Shareholders Agreement will be individuals who serve as directors of any entity that has, on a consolidated basis together with its
controlled subsidiaries, revenues for the most recent fiscal year ending prior to the time of such designation attributable to Competing Activities (as defined in the Shareholders Agreement) in excess of three hundred seventy-five million dollars
($375,000,000). 
  
 6. Assignment, etc. Except as provided
below, none of the parties hereto shall have the right to assign this Agreement without the prior written consent of each of the other parties. Notwithstanding the foregoing, any Manager may assign all or part of its rights and obligations hereunder
to any of their respective affiliates which provides services similar to those called for by this Agreement, in which event such Manager shall not be released of all of its rights and obligations hereunder. 
  
 7. Amendments and Waivers. No amendment or waiver of any term,
provision or condition of this Agreement shall be effective, unless in writing and executed by each of the Managers, Holdings and the Company. No waiver on any one occasion shall extend to or effect or be construed as a waiver of any right or remedy
on any future occasion. No course of dealing of any person nor any delay or omission in exercising any right or remedy shall constitute an amendment of this Agreement or a waiver of any right or remedy of any party hereto. 
  

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 8. Miscellaneous. 
  
 (a) Choice of Law. This Agreement and all claims arising out of or based upon this Agreement or
relating to the subject matter hereof shall be governed and interpreted by and construed in accordance with the substantive laws of the Province of Quebec and the federal laws of Canada applicable in the Province of Quebec, including the CBCA,
without reference to or giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. This Agreement will be treated in all respects as a Quebec
contract. 
  
 (b) Consent to Jurisdiction.
Each party to this Agreement, by its execution hereof, (a) hereby irrevocably submits to the exclusive jurisdiction of the Superior Court of Quebec sitting in the District of Montreal for the purpose of any action, claim, cause of action or suit (in
contract, delict or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by applicable law, and agrees not to assert,
and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named court, that its property is exempt or
immune from attachment or execution, that any such proceeding brought in the above-named court is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (c) hereby agrees not to commence
or maintain any action, claim, cause of action or suit (in contract, delict or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before the
above-named court nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, delict or otherwise), inquiry, proceeding or investigation to
any court other than the above-named court whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert
indemnification rights set forth in this agreement, the court in which such litigation is being heard shall be deemed to be included in clause (a) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action
to enforce a judgment of the above-named court in any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by the laws of Quebec, and agrees that service of process
by registered or certified mail, return receipt requested, at its address specified pursuant to Section 10 hereof is reasonably calculated to give actual notice. 
  
 (c) Entire Agreement. This Agreement contains the entire understanding of the parties with respect to
the subject matter hereof and supersedes any prior communication or agreement with respect thereto. 
  

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 (d) Notice. All notices, demands, and communications required or permitted under
this Agreement shall be in writing and shall effective if be served upon such other party and such other party’s copied persons as specified below to the address set forth for it below (or to such other address as such party shall have
specified by notice to each other party) if (i) delivered personally, (ii) sent and received by facsimile or email or (iii) sent by certified or registered mail or by Federal Express, DHL, UPS or any other comparably reputable overnight courier
service, postage prepaid, to the appropriate address as follows: 
  
 If to the Company or Holdings, to them at: 
  
 c/o
Beaudier Inc. 
 1000 de La Gauchetière West 
 Suite 4310 
 Montréal, Québec H3B 4W5 
 Facsimile: (514) 861-0032 
 E-mail:
jacques.levesque@beaudier.com 
 Attention: Jacques Levesque 
  
 and to: 
  
 c/o Bain Capital Partners, LLC 
 111
Huntington Avenue 
 Boston, MA 02199 
 Facsimile: (617) 516-2010 
 E-mail: mlevin@baincapital.com 
 Attention: Matthew S. Levin 
  
 and to : 
  
 c/o CDP Capital Amérique 
 Centre CDP
Capital 
 1000, Place Jean-Paul Riopelle 
 Montréal, Qc, H2Z 2B3 
 Tel: (514) 847-2447 
 Facsimile: (514) 847-2493 
 Attention: Luc
Houle & Robert Côté 
 E-mail: lhoule@cdpcapital.com& rcote@cdpcapital.com 
  
 with a copy to: 
  
 Ropes & Gray LLP 
 One International Place 
 Boston,
Massachusetts 02110 
 Tel: 617-951-7000 
  

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 Fax: 617-951-7050 
 Attn: R. Newcomb Stillwell 
 Email: nstillwell@ropesgray.com 
  
 and to: 
  
 Osler, Hoskin & Harcourt LLP 
 1000 de La Gauchetière Street West 
 Suite 2100 
 Montréal, Québec H3B 4W5 
 Tel: (514) 904-8100 
 Fax: (514) 904-8101 
 Attn: Brian Levitt 
 Email: blevitt@osler.com 
  
 and to: 
  
 Fasken Martineau DuMoulin LLP 
 Stock
Exchange Tower 
 Suite 3400, P.O. Box 242 
 800 Place Victoria 
 Montréal, Québec 
 H4Z 1E9 
 Facsimile: (514) 397-7600

 E-mail: rpare@mtl.fasken.com& dpicotte@mtl.fasken.com 
 Attention: Robert Paré & Daniel Picotte 
  
 If to Beaudier, to it at: 
  
 Beaudier Inc. 
 1000 de La Gauchetière Street West 
 Suite 4310 
 Montreal, QC H3B 4W5

 Tel: (514) 861-3456 
 Fax:
(514) 861-0032 
 Attn: Jacques Levesque 
 Email: jacques.levesque@beaudier.com 
  
 If to Bain Capital, to it at: 
  
 c/o Bain Capital LLC

 111 Huntington Avenue 
 Boston, Massachusetts 02199 
 Tel: 617-516-2000 
  

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 Fax: 617-516-2010 
 Attn: Joshua Bekenstein 
 Email: jbekenstein@baincapital.com 
  
 If to CDP, to it at: 
  
 c/o CDP Capital Amérique 
 Centre CDP Capital 
 1000, Place Jean-Paul
Riopelle 
 Montréal, Qc, H2Z 2B3 
 Tel: (514) 847-2447 
 Facsimile: (514) 847-2493 
 Attention: Luc Houle & Robert Côté 
 E-mail: lhoule@cdpcapital.com& rcote@cdpcapital.com 
  
 A copy of any notices to Beaudier, Bain Capital or CDP shall be directed to: 
  
 Ropes & Gray LLP 
 One International Place 
 Boston, Massachusetts 02110 
 Tel:
 617-951-7000 
 Fax: 617-951-7050 
 Attn: R. Newcomb Stillwell 
 Email: nstillwell@ropesgray.com 
  
 and to: 
  
 Osler, Hoskin & Harcourt LLP 
 1000 de
La Gauchetière Street West 
 Suite 2100 
 Montréal, Québec H3B 4W5 
 Tel:  (514) 904-8100 
 Fax: (514) 904-8101 
 Attn: Brian Levitt

 Email: blevitt@osler.com 
  
 and to: 
  
 Fasken Martineau DuMoulin LLP 
 Stock
Exchange Tower 
 Suite 3400, P.O. Box 242 
 800 Place Victoria 
 Montréal, Québec 
 H4Z 1E9 
 Facsimile: (514) 397-7600

  

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 E-mail: rpare@mtl.fasken.com & dpicotte@mtl.fasken.com 
 Attention: Robert Paré & Daniel Picotte 
  
 Unless otherwise specified herein, such notices or other communications shall be deemed effective, (a) on the date received, if personally
delivered or sent by facsimile during normal business hours, (b) on the business day after being received if sent by facsimile other than during normal business hours, (c) one business day after being sent by Federal Express, DHL or UPS or other
comparably reputable delivery service and (c) five business days after being sent by registered or certified mail. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties
hereto. 
  
 (e) Severability. If in any
proceedings a court shall refuse to enforce any provision of this Agreement, then such unenforceable provision shall be deemed eliminated from this Agreement for the purpose of such proceedings to the extent necessary to permit the remaining
provisions to be enforced. To the full extent, however, that the provisions of any applicable law may be waived, they are hereby waived to the end that this Agreement be deemed to be valid and binding agreement enforceable in accordance with its
terms, and in the event that any provision hereof shall be found to be invalid or unenforceable, such provision shall be construed by limiting it so as to be valid and enforceable to the maximum extent consistent with and possible under applicable
law. 
  
 (f) Counterparts. This Agreement
may be executed in any number of counterparts and by each of the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement.

  
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 -13- 

 Management Agreement 
  
 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its behalf as an instrument under
seal as of the date first above written by its officer or representative thereunto duly authorized. 
  

									
	 HOLDINGS:
	 	 	 	J.A. BOMARDIER (J.A.B.) INC.
					
	 	 	 	 	 	 	By:	 	 Illegible

	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

			
	 THE COMPANY:
	 	 	 	BOMBARDIER RECREATIONAL PRODUCTS INC.
					
	 	 	 	 	 	 	By:	 	 Illegible

	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

  

 Management Agreement 
  

									
	 BEAUDIER:
	 	 	 	BEAUDIER INC.
					
	 	 	 	 	 	 	By:	 	 Illegible

	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

					
	 	 	 	 	 	 	By:	 	 Illegible

	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

			
	 BAIN CAPITAL:
	 	 	 	BAIN CAPITAL PARTNERS, LLC
					
	 	 	 	 	 	 	By:	 	 Bain Capital LLC, its sole member

					
	 	 	 	 	 	 	By:	 	 Illegible

	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

			
	 CDP:
	 	 	 	CAISSE DE DÉPÔT ET PLACEMENT DU
QUÉBEC
					
	 	 	 	 	 	 	By:	 	 Illegible

	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

					
	 	 	 	 	 	 	By:	 	 Illegible

	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

  

 Management Agreement 
  

									
	 BEAUDIER:
	 	 	 	BEAUDIER INC.
					
	 	 	 	 	 	 	 By:
	 	 
	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

					
	 	 	 	 	 	 	 By:
	 	 
	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

			
	 BAIN CAPITAL:
	 	 	 	BAIN CAPITAL PARTNERS, LLC
				
	 	 	 	 	 By:
	 	 Bain Capital LLC, its sole member

					
	 	 	 	 	 	 	 By:
	 	 /s/ Illegible

	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

			
	 CDP:
	 	 	 	 CAISSE DE DÉPÔT ET PLACEMENT
DU QUÉBEC

					
	 	 	 	 	 	 	 By:
	 	 /s/ Illegible

	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

					
	 	 	 	 	 	 	 By:
	 	 /s/ Illegible

	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

  

 Schedule 1 to 
 Management Agreement 
  
 Wire
Transfer Instructions for 
 [Beaudier] 
  

			
	 	  	Banque Nationale du Canada
	 	  	Gestion Privée
	 	  	600, rue de La Gauchetiére Ouest
	Bank:    	  	Montréal (Québec) H3B 4W5
	ABA #:    	  	 ABA026009797

	Acct #:    	  	 00-054-62

	Transit    	  	 0008-1

	Beneficiary	  	 Beaudier inc.

  
 Wire Transfer Instructions for

 [Bain Capital] 
  

			
	Bank:	  	Citibank, NA-New York
	ABA #:	  	021-000-089
	 	  	Brown Brothers Harriman-
	For:	  	Boston
	Acct #:	  	09250276
	To Further Credit:	  	 
	Name:	  	Bain Capital Partners, LLC
	Acct #:	  	612541-3

  
 Wire Transfer Instructions for

 [CDP] 
  

			
	 Bank:
	  	Bank of New York. New York, USA
	 Swift
	  	IRVTUS3N
	 ABA #:
	  	ABA 021-000-018
	 Acct #:
	  	890-0470-690
	 Account
 Name:
	  	 Account Caisse Centrale Desjardins du Québec,
 Montréal

	 Reference:
	  	CDPQ
	    Swift Beneficiary	  	CCDQCAMMIMMAGREEMENT REGARDING TERMINATION OF BENEFITS

 Exhibit 10.45 
  
 AGREEMENT REGARDING TERMINATION BENEFITS 
  
 This “Agreement Regarding Termination Benefits” (“Agreement”) is entered into as of September 3, 2004 (the “Effective Date”) between
Teradyne, Inc., a Massachusetts Corporation with a principal office at 321 Harrison Avenue, Boston, Mass. 02118 (the “Company”) and Michael A. Bradley with a residential address of 8 Barnstable Road, West Newton, Mass. 02465
(“Executive”). 
  
 WHEREAS, Executive was recently elected by the
Company’s Board of Directors as its Chief Executive Officer and is now employed by the Company as its President and Chief Executive Officer; and 
  
 WHEREAS, the Company and Executive have now agreed on certain Termination Benefits in the event the Executive’s employment with the Company terminates under the
conditions described herein. 
  
 NOW, THEREFORE, in consideration of the mutual
covenants contained herein, the Company and the Executive agree as follows: 
  
 1.
Effective Date and Term: This Agreement shall become effective as of the date set forth in the opening paragraph. Subject to the provisions of Sections 4 and 9 below and unless earlier terminated as permitted herein, this Agreement shall
continue in effect for a period of three (3) years from the Effective Date (“Term”) and thereafter, the Term shall automatically be extended for additional one year periods unless, not later than sixty (60) days prior to the end of the
then current Term, the Company shall have given notice to the Executive not to extend the then current Term. 
  
 2. Definitions: For purposes of this Agreement, capitalized terms shall be defined as follows: 
  
 “Model Compensation” shall mean the Executive’s annual “model compensation” as determined by the Company’s
Compensation Committee or Board of Directors, which consists of (a) a fixed monthly salary and (b) an annual variable amount based upon overall corporate and group performance. 
  
 “Cause” shall mean conduct involving one or more of the following: (i) the substantial and continuing
failure of the Executive, after notice thereof, to render services to Company in accordance with the terms or requirements of his employment, as established by the Company Board of Directors from time to time and communicated to the Executive; (ii)
the Executive’s disloyalty, gross negligence, willful misconduct, dishonesty, fraud or breach of fiduciary duty to the Company; (iii) the Executive’s deliberate disregard of the rules or policies of, or breach of an agreement with, Company
which results in direct or indirect material loss, damage or injury to the Company; (iv) the intentional, unauthorized disclosure by the Executive of any trade secret or confidential 
  

 1 

 information of the Company; (v) the commission by the Executive of an act which constitutes unfair competition with the
Company or (vi) the conviction of, or the entry of a plea of guilty or nolo contendere by the Executive, to any crime involving moral turpitude or any felony. 
  

“Change in Control” shall be deemed to have occurred upon the occurrence of any of the following events: (i) any consolidation, cash
tender offer, reorganization, re-capitalization, merger or plan of share exchange following which the shareholders of the Company immediately prior to such transaction own less than a majority of the combined voting power of the then-outstanding
securities of the combined corporation or person immediately after such transaction; (ii) any sale, lease, exchange or other transfer of all or substantially all of the Company’s assets; (iii) the adoption by the Board of Directors of Company
of any plan or proposal for the liquidation or dissolution of the Company; (iv) a change in the majority of the Board of Directors of the Company through one or more contested elections; or (v) any person (as that term is used in Section
13(d)(3) or Section 14(d)(2) of the Exchange Act of 1934, as amended) becomes beneficial owner of 30% or more of the combined voting power of the Company’s outstanding voting securities. 
  
 “Company” shall mean “Teradyne, Inc. and shall include
its successors and assigns, and any corporation or other entity which is the surviving or continuing entity following a merger, consolidation, or sale of all or substantially all of the Company’s assets or stock. 
  
 “Competitor” includes, but is not limited to, any business
or enterprise that develops, designs, produces, markets, sells, or renders any product or service developed, produced, marketed, sold or rendered by the Company, including actual or demonstrably anticipated research or development. 
  
 “Date of Termination” shall mean the last day of
Executive’s employment with the Company. 
  
 “Disability” shall mean an illness, injury or other incapacitating condition as a result of which the Executive is absent from full time performance of his duties with the Company or is unable to perform his duties and
responsibilities for a period of sixty (60) consecutive days during the Term or a period or periods aggregating to more than ninety (90) days in any consecutive six (6) month period but shall not include death. 
  
 “Restricted Activities” shall include the following:

  

	 	a)	Recruiting, soliciting, hiring or engaging, as an employee or independent contractor, any employees or former employees (excluding any former employee whose employment with the
Companyor its subsidiaries has been terminated for a period of six months or longer) of the Company or its subsidiaries; 

  

 2 

	 	b)	Soliciting, enticing, or encouraging employees of the Company or its subsidiaries to leave employment with the Company or its subsidiaries; 

  

	 	c)	Soliciting (for the purpose of providing a product or service that is competitive with the Company) any customer or prospective customer of the Company or its subsidiaries;

  

	 	d)	Soliciting, enticing, advising, encouraging, or inducing (i) customers of the Company or its subsidiaries to discontinue or alter their business relationship or (ii) customers or
prospective customers to refrain from entering into a business relationship with the Company or its subsidiaries; 

  

	 	e)	Entering the employment, rendering any professional services or taking a position as an officer, director, partner, owner, consultant, independent contractor, advisory board or
committee member, principal, agent, employee or 10% or more shareholder with or to any individual, partnership, association or corporation which is a Competitor of the Company or its subsidiaries; but this clause (e) shall not preclude the Executive
from rendering services to an entity that competes with an entity that has acquired Teradyne, Inc. (an “Acquiror”) so long as (i) the Executive’s services do not involve products or services that are competitive to those that were
produced, marketed, sold or rendered by Teradyne, Inc. or any of its subsidiaries (including actual or demonstratively anticipated research or development) before the acquisition (“Teradyne Product/Services”) and (ii) the Executive is not
retained as an Officer of the Acquiror following the consummation of the acquisition to render services involving the Acquiror’s products and services which are not Teradyne Products/Services. 

  

	 	f)	Establishing, funding, purchasing or managing a business which is competitive with the business of the Company or its subsidiaries. 

  
 3. Employment & Agreement Consideration: In consideration of (a) the
Executive’s “at-will” employment with the Company following the Executive’s recent election to the position of Chief Executive Officer of the Company and the compensation payments made to the Executive as a consequence thereof
and (b) the Company’s willingness to enter into an agreement regarding termination benefits, specifically this Agreement, the Executive covenants and agrees that during the Term of this Agreement and for two (2) years after the Executive’s
Date of Termination resulting from the Executive’s Resignation, Retirement or a termination by the Company for Cause, the Executive will not directly or indirectly engage in any of the Restricted Activities. 
  
 4. Termination Benefits and Covenants: 
  
 4.1 For the Executive: In consideration of, and as condition to, the
Executive providing to the Company the covenants and agreements set forth in Section 
  

 3 

 4.3 below, the Company shall provide the following Termination Benefits to the Executive if his employment with the
Company is terminated by the Company for any reason other than for Death, Disability, or Cause, regardless of whether prior to, following or relating to a Change of Control. 
  
 (a) Continued Payments: The Company shall pay the Executive a monthly amount equal to
1/12th of his current annual Model Compensation as of the Date of Termination for a period of twenty-four (24)
months from the Date of Termination (the “Severance Period”). Except as otherwise expressly provided herein, under no circumstances shall the Executive receive more than a total of twenty-four (24) months of payments under this Agreement.
All such continued payments shall be in accord with the Company’s usual model compensation pay practices. 
  
 (b) Benefits: During the Severance Period, the Company shall arrange for continued health, dental and vision insurance plan
coverage for the Executive at the same levels of coverage in existence prior to the Date of Termination subject to the Company and Executive each contributing to the applicable insurance premium payments on the same basis and in the same proportions
as in existence at the Date of Termination. If the Executive is not eligible for continued health, dental and vision insurance plan coverage for any portion of the Severance Period, the Company shall provide or reimburse the Executive for comparable
individual insurance and, if such provision or reimbursement constitutes taxable income to the Executive, such additional amount as is necessary to place the Executive in substantially the same after tax position as he was while an employee of the
Company with respect to such insurance plan coverages. All other benefits, including but not limited to flex/vacation time accrual, short and long term disability insurance, and life insurance, contributions (including company matches) into savings
plan and savings plan plus, profit sharing payments and participation in the Executive stock purchase plan shall cease as of the Date of Termination. 
  
 (c) Stock Options: All stock options held by the Executive shall be governed exclusively by the terms of the applicable Stock
Option Plan(s) and Stock Option Agreements (including any successor plans and agreements) under which the stock options were granted to the Executive and the Executive Officer Change in Control Agreement between the Executive and the Company dated
October 19, 2001. Except as otherwise expressly stated herein, this Agreement shall not modify or alter any of the terms applicable to the Executive’s stock options, including but not limited to the vesting schedule. 
  
 (d) Taxes and Withholdings: All payments made by the
Company to the Executive under this Agreement shall be net of any applicable taxes (whether local, state, federal, provincial or otherwise) or other required or voluntary withholdings or deductions. 
  

 4 

 (e) Notwithstanding anything to the contrary herein, in the event the Executive dies
after (i) his employment with the Company has been terminated for any reason other than Death, Disability and Cause and (ii) his right to the Termination Benefits stated in Section 4.1 has attached, the Company agrees that the Executive’s
estate, conservator or designated beneficiary(ies), as the case may be, shall be entitled to the remainder of the Executive’s Termination Benefits described in Section 4.1. 
  
 4.2 Notwithstanding the preceding Section 4.1 and in consideration of, and as condition to, the Executive providing to the
Company the covenants and agreements set forth in Section 4.3 below, the Company agrees that if the Executive’s employment with the Company is terminated by the Company for Disability, the Company shall: 
  
 (a) provide the monthly payments described in Section 4.1(a)
above, as reduced pursuant to 4.2(b) below, to the Executive for each month during the two (2) year period following his termination during which the Executive does not receive or is no longer eligible to receive any Company Disability insurance
benefits under the applicable insurance policy or program(s), other than as a result of Executive’s intentional malfeasance or death; and 
  
 (b) under this Section 4.2, reduce each monthly payment described in Section 4.1(a) above to the Executive by any compensation received by
the Executive from other employment, consulting or the rendition of services outside the Restricted Activities. 
  
 The Executive agrees to use his best efforts to obtain and maintain any benefits from any disability policy or program under which he is an insured party or participant.

  
 4.3 Executive’s Covenants: In consideration of,
and as a condition to, the Company providing to the Executive the Termination Benefits set forth in Sections 4.1 and 4.2, the Executive covenants and agrees: 
  

(a) that during the Term of this Agreement and for two (2) years after the Executive’s Date of Termination resulting from a
termination by the Company for any reason other than for Death, Disability, or Cause, regardless of whether prior to, following or relating to a Change of Control, the Executive will not directly or indirectly engage in any of the Restricted
Activities. 
  
 (b) to sign a release of any
claims he has or may have against the Company, including its subsidiaries, in connection with or relating to his employment by and/or termination from employment with the Company in the form attached hereto as Attachment A, within twenty-one
(21) days of his Date of Termination resulting from a termination by the Company. Notwithstanding the foregoing, the Company agrees and hereby acknowledges that the Release contained in Attachment A is not intended to and does not (i) apply
to any claims the Executive may have pursuant to the terms of this Agreement, the Executive 
  

 5 

 Officer Change in Control Agreement, or any outstanding Stock Option Agreement and applicable Stock
Option Plan; (ii) release the Company of any obligation it may have pursuant to a written agreement, the Company’s articles or organization or bylaws or as mandated by statute to indemnify the Executive as an officer or director of the Company;
and (iii) release the Company of any obligation to provide and/or pay benefits to the Executive or the Executive’s estate, conservator or designated beneficiary (ies) under and in accordance with the terms of any applicable Company benefit plan
and/or program. 
  
 (c) to continue to comply
with any post-termination obligations he may have to the Company arising from this Agreement or any other agreement the Executive has with the Company, its subsidiaries, affiliates or divisions, including but not limited to the following:

  

	 	·	All Outstanding Stock Option Agreements 

	 	·	Employment Agreement dated July 30, 2004 

	 	·	Executive Officer Change in Control Agreement dated October 19, 2001 

  
 (d) to cooperate with and provide all reasonable assistance to the Company, with respect to any civil, criminal or administrative
investigations, actions and/or proceedings involving the Company and relating in any way to Executive’s positions, duties and responsibilities while at the Company or to any matters which the Executive handled, participated in or had knowledge
of while employed by the Company, including but not limited to the Kathleen Guerra et al vs. Teradyne, Inc. et al case (Civ. A. No. 01CV11789NG) currently pending in the U.S. District Court (District of Massachusetts). 
  
 (e) not to make any false or disparaging or derogatory
statements or remarks to any person or entity about the Company’s (including its subsidiaries’) business affairs, financial condition, or about any Company or subsidiary directors, officers, employees, stockholders and agents. 

 
 4.4 Within sixty (60) days of the Executive’s termination of
employment, for any reason, or his resignation or retirement, the Executive shall (a) return to the Company all Company property in his possession or control, including all electronic documents; and (b) submit all documentation for any
reimbursements owed to the Executive for business expenses incurred prior to the Date of Termination. 
  
 4.5 No Termination Benefits: Except as expressly stated otherwise in Section 4.2, the Executive shall not be eligible for or receive any of the
Termination Benefits described in Section 4.1 above upon (a) the Executive’s resignation of or retirement from employment with the Company, (b) the termination of Executive’s employment with the Company resulting from Death or Disability,
or (c) the termination of Executive’s employment by the Company for Cause. 
  

 6 

 5. Termination Notice: Any termination of the Executive’s employment by the Company (other
than by reason of Death) shall (a) be in writing; (b) indicate the basis for termination (such as with or without Cause, Disability, etc...) and with respect to a termination for Cause indicate the basis for termination in reasonable detail and
(c) be delivered to the Executive in accordance with Section 17 below. 
  
 6. Resignation or Retirement Notice: Any resignation or retirement by Executive shall be (a) in writing, (b) explain the resignation or retirement and (c) be delivered to the Company at least ninety (90) days in advance of the
resignation or retirement date and otherwise in accordance with Section 17 below. 
  
 7. Resignation as a Director: Upon termination of Executive’s employment by the Company for any reason or the resignation of or retirement from employment by the Executive, the Executive shall provide the
Chairman of the Board with his written resignation from the Company’s Board and all subsidiary Boards, and the Board may choose to accept or reject the Executive’s resignation as a Company Board member. 
  
 8. No Third Party Beneficiaries: Nothing in this Agreement shall
confer upon any person or entity not a party to this Agreement, or the legal representative, executor, administrator or heir of such person or entity, any rights or remedies of any nature or kind whatsoever under or by reason of this Agreement.

  
 9. No Obligation of Employment. Nothing in this
Agreement shall be construed as an express or implied contract of employment between the Executive and the Company (or its subsidiaries, affiliate or divisions) or as a commitment on the part of the Company to retain Executive in any capacity for
any period of time. Executive understands that the employment relationship between the Executive and Teradyne will be “at will” and the Executive understands that the Company may terminate Executive with or without “Cause” at any
time or for any or no reason. Following any Change in Control, the Company may also terminate Employee with or without “Cause” at any time subject to the terms of this Agreement and the Executive’s rights and the Company’s
obligations specified in the Executive Officer Change in Control Agreement previously executed between the Company and the Executive dated October 19, 2001. 
  
 10. Specific Performance: Executive acknowledges that (a) the services to be rendered under this Agreement and the obligations of the Executive
assume herein are of a special, unique and extraordinary character, (b) it would be difficult or impossible to replace such services and obligations, (c) the Company, its subsidiaries and affiliates will be irreparably harmed, and (d) the award of
monetary damages will not adequately protect the Company, its subsidiaries and affiliates in the event of a breach hereof by the Executive. As a result, the Executive agrees and consents that if he violates any of the provisions of this Agreement,
the Company shall, without any bond or other security, being required and without the necessity of proving monetary damages, be entitled to temporary and/or permanent injunctive relief to be issued by a court of competent jurisdiction retraining the
Executive from committing or continuing any violation of this Agreement or any other appropriate decree of specific performance. Such remedies shall 
  

 7 

 not be exclusive and shall be in addition to any other remedy the Company may have whether at law or in equity.

  
 11. Dispute Resolution: Except for the equitable relief
provisions set forth in Section 10, the Executive and the Company agree that any dispute, controversy or claim arising between the parties relating to this Agreement, otherwise relating in any way to Executive’s employment with and/or
termination from the Company, or relating to Executive’s relationship as a director or in any other capacity for the Company (whether such dispute arises under any federal, state or local statute or regulation, or at common law), shall be
resolved by final and binding arbitration before a single arbitrator. The arbitrator shall be selected in accordance with the Employment Dispute Resolution Rules of the American Arbitration Association (“AAA”) pertaining at the time the
dispute arises. The parties agree that such arbitration shall take place at the offices of the AAA in Boston, Massachusetts. In such arbitration proceedings, the arbitrator shall have the discretion, to be exercised in accordance with applicable
law, to allocate among the parties the arbitrator’s fees, tribunal and other administrative and litigation costs and, to the prevailing party, reasonable attorneys’ fees. The award of the arbitrator may be confirmed before and entered as a
judgment of any court having jurisdiction of the parties. 
  
 12.
Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts without giving effect to the conflicts of law principles thereof, and this Agreement shall be deemed to
be performable in Massachusetts. 
  
 13. Severability. In
case any one or more of the provisions contained in this Agreement for any reason shall be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this
Agreement and this Agreement shall be construed to the maximum extent permitted by law. 
  
 14. Waivers and Modifications. This Agreement may be modified, and the rights, remedies and obligations contained in any provision hereof may be waived, only in accordance with this Section 14. No waiver by
either party of any breach by the other or any provision hereof shall be deemed to be a waiver of any later or other breach thereof or as a waiver of any other provision of this Agreement. This Agreement may not be waived, changed, discharged or
terminated orally or by any course of dealing between the parties, but only by an instrument in writing signed by the party against whom any waiver, change, discharge or termination is sought. 
  
 15. Assignment. Executive may not assign any of his rights or delegate
any of his duties or obligations under this Agreement. The rights and obligations of the Company under this Agreement shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company. 
  

 8 

 16. Entire Agreement. This Agreement constitutes the entire understanding of the parties relating
to the subject matter hereof and supersedes and cancels all agreements, written or oral, made prior to the date hereof between Executive and the Company relating to the subject matter hereof; provided, however, that the following Executive
Agreements, as may be modified herein, shall remain in effect in accordance with their terms. 

	 	a)	All Outstanding Stock Option Agreements 

	 	b)	Employment Agreement dated July 30, 2004 

	 	c)	Executive Officer Change in Control Agreement dated October 19, 2001 

	 	d)	Any written indemnification Agreements signed by the Company. 

	 	e)	The Release, Attachment A hereto, once executed between the Company and the Executive 

  
 17. Notices. All notices hereunder shall be in writing and shall be delivered (a) in person, (b) mailed by U.S.
certified or registered mail, return receipt requested, postage prepaid, (c) sent via facsimile with a confirmed facsimile transmission receipt, or (d) sent via overnight delivery with a confirmed receipt of delivery; in each instance addressed, if
to the Executive or the Company, as the case may be at the address noted below or to such other address as either party may furnish to the other in writing in accordance herewith, except that notice of a change of address shall be effective only
upon actual receipt. 
  
 To the Company:

 Teradyne, Inc. 
 321 Harrison Avenue 
 Boston, Mass. 02118 
 Attention: General Counsel 
  
 To the Executive: 
 Michael A. Bradley 
 8 Barnstable Road 
 West Newton, Mass. 02465 
  
 With a copy to the Executive’s Counsel: 
 Robert L. Birnbaum, Esq. 
 Foley Hoag, LLP 
 Seaport World Trade Center West 
 155 Seaport Boulevard 
 Boston, Mass. 02210-2600 
  
 18. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 
  

 9 

 19. Section Headings. The descriptive section headings herein have been inserted for convenience
only and shall not be deemed to define, limit, or otherwise affect the construction of any provision hereof. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 10 

 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Company, by a duly authorized
director, and by the Executive. 
  

			
	TERADYNE, INC.	 	EXECUTIVE
		
	/s/ Patricia S.
Wolpert                                	 	/s/ Michael A.
Bradley                            
	Patricia S. Wolpert	 	Michael A. Bradley
	Chair, Compensation Committee	 	President & Chief Executive Officer
	Member, Board of Directors	 	 

  

 11 

 ATTACHMENT A 
  
 Release 
  
 In consideration of the payment and receipt of the Termination Benefits described in the “Agreement Regarding Termination Benefits” dated September 3, 2004
between me and Teradyne, Inc. of 321 Harrison Avenue, Boston, Mass. 02118 (the “Company”), all of which I acknowledge I would not otherwise be entitled to receive and except as otherwise expressly excluded under Section 4.3(b) of said
Agreement, I hereby fully, forever, irrevocably and unconditionally release, remise and discharge the Company, its successors and assigns and their respective officers, directors, stockholders, corporate affiliates, subsidiaries, parent companies,
agents and employees (each in their individual and corporate capacities) (hereinafter, the “Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs,
accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature which I ever had or now have
against the Released Parties arising out of my employment with and/or termination or separation from the Company or relating to my relationship as a Director or in any other capacity for the Company, including, but not limited to, all employment
discrimination claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C. §2000e et seq., the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., the Americans With Disabilities Act of 1990, 42 U.S.C., §12101 et
seq., the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq., and the Massachusetts Fair Employment Practices Act., M.G.L. c.151B, §1 et seq., all as amended; all claims arising out of the Fair Credit Reporting Act, 15 U.S.C.
§1681 et seq., the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. §1001 et seq., the Massachusetts Civil Rights Act, M.G.L. c.12 §§11H and 11I, the Massachusetts Equal Rights Act, M.G.L. c.93,
§102 and M.G.L. c.214, §1C, the Massachusetts Labor and Industries Act, M.G.L. c.149, §1 et seq., the Massachusetts Privacy Act, M.G.L. c. 214, §1B, and the Massachusetts Maternity Leave Act, M.G.L. c. 149, §105(d), all as
amended; all common law claims including, but not limited to, actions in tort, defamation and breach of contract; all claims to any non-vested ownership interest in the Company, contractual or otherwise, including but not limited to claims to stock
or stock options; and any claim or damage arising out of my employment with, termination or separation from the Company (including a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly
referenced above; provided, however, that nothing in this Release Agreement prevents me from filing, cooperating with, or participating in any proceeding before the EEOC or a state Fair Employment Practices Agency (except that I acknowledge that I
may not be able to recover any monetary benefits in connection with any such claim, charge or proceeding). 
  
 Waiver of Rights and Claims Under the Age Discrimination in Employment Act of 1967: 
 Since I am 40 years of
age or older, I have been informed that I have or may have specific rights and/or claims under the Age Discrimination in Employment Act of 1967 (ADEA) and I agree that: 
  
 (a) in consideration for the severance payments and benefits described in Section 4.1 of the Agreement Regarding
Termination Benefits, which I am not otherwise entitled to receive, I specifically and voluntarily waive such rights and/or claims under the ADEA I might have against the Company Releasees to the extent such rights and/or claims arose prior to the
date this Release Agreement was executed; 
  

 12 

 (b) I understand that rights or claims under the ADEA which may arise after the date this Release
Agreement is executed are not waived by me; 
  
 (c) I was
advised that I have at least 21 days within which to consider the terms of Attachment A and to consult with or seek advice from an attorney of my choice or any other person of your choosing prior to executing this Release Agreement; 

 
 (d) I have carefully read and fully understand all of the provisions of
this Release Agreement, and I knowingly and voluntarily agree to all of the terms set forth in this Release Agreement; and 
  
 (e) in entering into this Release Agreement I am not relying on any representation, promise or inducement made by the Company or its attorneys with the
exception of those promises described in this document. 
  
 Period for
Review and Consideration of Agreement: 
  
 I acknowledge that I was
informed and understand that I have twenty-one (21) days to review this Release Agreement and consider its terms before signing it. 
  
 The 21-day review period will not be affected or extended by any revisions, whether material or immaterial, that might be made to this Agreement. 
  
 Accord and Satisfaction: The amounts set forth in the Agreement Regarding Termination
Benefits shall be complete and unconditional payment, settlement, accord and/or satisfaction with respect to all obligations and liabilities of the Released Parties to me, including, without limitation, all claims for back wages, salary, vacation
pay, draws, incentive pay, bonuses, stock and stock options, commissions, severance pay, reimbursement of expenses, any and all other forms of compensation or benefits, attorney’s fees, or other costs or sums. 
  
 Revocation Period: I may revoke this Release Agreement at any time during the seven-day
period immediately following my execution hereof. As a result, this Release Agreement shall not become effective or enforceable and the Company shall have no obligation to make any payments or provide any benefits described herein until the
seven-day revocation period has expired. 
  
  

			
	
	 	

	Michael A. Bradley	 	Date
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
	 	

	Witness	 	Date

  

 13 

 IF YOU DO NOT WISH TO USE THE 21-DAY PERIOD, 
 PLEASE CAREFULLY REVIEW AND SIGN THIS DOCUMENT 
  
 I, Michael A. Bradley, acknowledge that I was informed and understand that I have 21 days within which to consider the attached Severance Agreement and
Release, have been advised of my right to consult with an attorney regarding such Agreement and have considered carefully every provision of the Agreement, and that after having engaged in those actions, I prefer to and have requested that I enter
into the Agreement prior to the expiration of the 21 day period. 
  

			
	Dated:                                     
           	 	

	 	 	Michael A. Bradley
	 	 	 
	 	 	 
	Dated:                                     
           	 	

	 	 	Witness

  

 14

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