Document:

exv10w23

 

Exhibit 10.23

[Micrus Logo]

Offer of Employment

This letter dated February 16, 2005, represents a formal
offer of at-will employment at Micrus Corporation. Micrus wishes to
extend this offer to Robert Colloton for the position of Vice
President of Sales & Global Marketing with a proposed start date of
February 28, 2005. Employment will not begin until the terms of
this offer are agreed to and acknowledged by signature of this
letter. This offer is valid through February 21, 2005.

Eligibility

On your first day of work, please bring with you evidence of your
U.S. citizenship or proof of your legal right to live and work in
this country. We are required by federal law to examine documentation
of your employment eligibility within three business days after you
begin work.

In addition, your employment at Micrus is contingent upon your
execution and compliance with several Company Agreements as follows:
Proprietary Information Agreement and an Arbitration Agreement. As well, the
Invention Assignment (Exhibit A of Proprietary Information
Agreement) must be signed thus requiring, among other provisions, the
assignment of patent rights to any invention made during your
employment at the Company to Micrus Corporation.

Compensation

Upon commencement of employment, Robert Colloton will be paid
$7884.62 bi-weekly in accordance with the Company’s
normal payroll procedures. We have recommended Robert Colloton
receive stock options in the amount of 250,000 options. These
options are subject to the Board of Directors’ approval.
One-fourth of the options vest at the end of the first year of
employment, and one-forty-eighth vest each full month thereafter.
These options would not preclude the award of additional options that
may carry a different exercise price and/or vesting period. The
option grant shall be subject to the terms, definitions and provisions
of the Company’s 1998 Stock Plan and Stock Option Agreement by
and between you and the Company, both of which documents are
incorporated herein by reference. In the event that employment is
terminated for any reason, all rights to exercise unvested stock
options will be cancelled as per the applicable ISO Stock Options
Plan.

For the remainder of the fiscal year 2005 you will be eligible for
an incentive bonus of up to 20% of your annual base salary on a
prorated basis. This is in no way a guarantee of payment and this
bonus will be based upon performance and achievement of mutually
agreed upon goals to be determined by the President/CEO in accordance
with the Corporate goals established by the President/CEO and Board
of Directors. The decision whether to award a bonus in any future
year and the amount of said bonus will be at the sole discretion of
Micrus Corporation Management.

Benefits

The following benefits will be made available to Robert
Colloton upon commencement of employment under the same terms as
other Micrus employees and in accordance with the Company’s
Benefits Program.

•   Health, Dental, Vision, and Disability/Life Insurance

•   I125 plan

•   401(k)

•   Holiday pay

 

[Micrus Logo]

•   PTO pay (Paid Time Off – to be
accrued and used in accordance with Company policy)

By accepting the Micrus Corporation Offer of Employment, you will
be acknowledging and expressly agreeing that at all times you will be
an at-will employee. Thus, you and Micrus Corporation will retain the
right to terminate the employment relationship for any reason. Upon
any termination of the employment relationship, Micrus
Corporation’s only liability to you will be for payment of
salary and vacation time earned prior to the termination date. In
the event the termination of employment is without cause, you will
receive salary continuation for a period of six months. The at-will
nature of this employment relationship can be modified or nullified
only in a formal written employment contract signed by you and the
President of Micrus Corporation. This letter, along with any
agreements relating to proprietary rights between you and the
Company, set forth the terms of your employment with the Company and
supersede any prior representations or agreements.

Agreed to and accepted by:

	 	 	 	 	 
	/s/ John Kilcoyne	2/22/05	 	/s/ Robert Colloton	2/22/05
	
	 	

	John Kilcoyne

President and CEO	Date	 	Robert Colloton	Dateexv10w1

 

Exhibit 10.1

FIRST AMENDMENT TO PURCHASE AGREEMENT

     This FIRST AMENDMENT TO PURCHASE AGREEMENT (the “Amendment”) is made this 6th day of May, 2005
by and among Opinion Research Corporation, a Delaware corporation (the “Company”), LLR Equity
Partners, L.P., a Delaware limited partnership (“LLR Partners”) and LLR Equity Partners Parallel,
L.P., a Delaware limited partnership (“LLR Parallel” and, together with LLR Partners, the
“Sellers”).

BACKGROUND

     WHEREAS, the Company and the Sellers have entered into a Purchase Agreement dated March 25,
2005 (the “Purchase Agreement”);

     WHEREAS, Section 1.2(d) of the Purchase Agreement provides that the Purchase Agreement shall
terminate if closing thereunder does not occur on or prior to May 13, 2005; and

     WHEREAS, the Company and the Sellers desire to extend the date by which closing must occur
under the Purchase Agreement to May 19, 2005 and to amend the Purchase Agreement as otherwise set
forth herein;

     NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
contained in this Amendment and in the Purchase Agreement, and intending to be legally bound
hereby, the parties agree as follows:

     1. Definitions. Capitalized terms used in this Amendment but not defined herein shall
have the meanings ascribed to such terms in the Purchase Agreement.

     2. Amendment of Section 1.2(d) of the Purchase Agreement. Section 1.2(d) of the
Purchase Agreement is hereby amended and restated as follows:

(d) If the Closing does not occur on or prior to May 19, 2005, this Agreement shall
terminate and the parties hereto shall have no obligations with respect to this Agreement;
provided, however, that the provisions of Sections 6.1 and 7.2 shall survive such
termination and shall continue thereafter in full force and effect.

     3. Amendment of Section 6.6 of the Purchase Agreement. Section 6.6 of the Purchase
Agreement is hereby amended and restated as follows:

The Company hereby acknowledges and agrees that it shall not consummate a Public Offering or
an Offering on or prior to May 20, 2005 without consummating the transactions contemplated
hereby within the time periods set forth in Article I of this Agreement.

     4. Governing Law. This Amendment shall be exclusively governed by, construed in
accordance with, and interpreted according to the substantive law of the State of Delaware without
giving effect to the principles of conflict of laws.

 

 

     5. Counterparts. This Amendment may be executed in one 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. A facsimile transmission of an original signature shall be deemed to be an
original signature.

     6. Effect of Amendment. Except as may be affected by this Amendment, all of the
provisions of the Purchase Agreement shall continue in full force and effect.

     IN WITNESS WHEREOF, each of the parties hereto has duly executed this Amendment on the date
first set forth above.

	 	 	 	 	 	 	 
	 	 	OPINION RESEARCH CORPORATION
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Kevin P. Croke
	 	 	 	 	 
	

	 	 	 	Name:
	 	Kevin P. Croke
	

	 	 	 	Title:
	 	Executive Vice President and Director of Finance

      

	 	 	 	 	 	 	 	 	 
	 	 	LLR EQUITY PARTNERS, L.P.
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	LLR CAPITAL, L.P.
	 	 	 	 	Its General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	LLR CAPITAL, L.L.C.
	 	 	 	 	Its General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Howard Ross
	 	 	 	 	 	 	 
	

	 	 	 	 	 	Name:
	 	Howard Ross
	

	 	 	 	 	 	Title:
	 	Partner

      

	 	 	 	 	 	 	 	 	 
	 	 	LLR EQUITY PARTNERS PARALLEL, L.P.
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	LLR CAPITAL, L.P.
	 	 	 	 	Its General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	LLR CAPITAL, L.L.C.
	 	 	 	 	Its General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Howard Ross
	 	 	 	 	 	 	 
	

	 	 	 	 	 	Name:
	 	 Howard Ross
	

	 	 	 	 	 	Title
	 	: Partner

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EXHIBIT 10.1

Amendment

to

TERMINATION AND CHANGE OF CONTROL AGREEMENT DATED 

AS OF MAY 18, 2004 BETWEEN AMETEK, INC. AND FRANK S. HERMANCE

(Amendment No. 1)

          WHEREAS, Ametek, Inc. (the “Company”) has previously entered into a Termination and
Change of Control Agreement, dated as of May 18, 2004 (the “Agreement”), with Frank S.
Hermance (the “Executive”); and

     WHEREAS, Section 11 of the Agreement provides that no amendment or modification of the
Agreement shall be valid unless in writing and duly executed by the Company and the Executive;

     WHEREAS, the Company and the Executive desire to amend the Agreement in certain respects;

     NOW, THEREFORE, the Agreement is hereby amended as follows:

     FIRST: Section 10 of the Agreement is hereby amended and restated to read in its
entirety as follows:

“10. Gross-Up Payment.

(a) Notwithstanding anything to the contrary in this Agreement, if it shall be
determined (as hereafter provided) that any payment, benefit or distribution (or
combination thereof) by the Company, any of its affiliates, one or more trusts
established by the Company for the benefit of its employees, or any other person or
entity, to or for the benefit of the Executive, whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or otherwise
pursuant to or by reason of any other agreement, policy, plan, program or
arrangement, including without limitation any stock option, restricted stock award,
stock appreciation right or similar right, or the lapse or termination of any
restriction on or the vesting or exercisability of any of the foregoing (a
“Payment”), would be subject to the excise tax imposed by Section 4999 of the Code
(or any successor provision thereto) by reason of being “contingent on a

 

 

change in ownership or control” of the Company or an affiliate, within the meaning
of Section 280G of the Code (or any successor provision thereto) or to any similar
tax imposed by state or local law, or any interest or penalties with respect to such
excise tax (such tax or taxes, together with any such interest and penalties, are
hereafter collectively referred to as the “Excise Tax”), then the Company shall make
an additional payment (the “Gross-Up Payment”) to the Executive such that, after
payment of all Excise Taxes and any other taxes payable in respect of such Gross-Up
Payment, Executive shall retain the same amount as if no Excise Tax had been
imposed.

(b) Subject to the provisions of Section 10(a) hereof, all determinations required
to be made under this Section 10, including whether an Excise Tax is payable by the
Executive and the amount of such Excise Tax, shall be made by the nationally
recognized firm of certified public accountants (the “Accounting Firm”) used by the
Company prior to the change in control (or, if such Accounting Firm declines to
serve, the Accounting Firm shall be a nationally recognized firm of certified public
accountants selected by the Executive). The Accounting Firm shall be directed by
the Company or the Executive to submit its preliminary determination and detailed
supporting calculations to both the Company and the Executive within 15 calendar
days after the receipt of notice from the Executive or the Company (which notice
shall include data sufficient to perform the determination and supporting
calculations) that there has been a Payment which is or might be subject to an
Excise Tax, or any other time or times as may be requested by the Company or the
Executive. If the Accounting Firm determines that any Excise Tax is payable by the
Executive, the Company shall make the Gross-Up Payment. If the Accounting Firm
determines that no Excise Tax is payable by the Executive, it shall, at the same
time as it makes such determination, furnish the Executive with an opinion from the
Accounting Firm or from reputable legal counsel which is familiar with the Excise
Tax provisions of the Code (which may but need not be regular or special counsel to
the Company) that the Executive has substantial authority not to report any Excise
Tax on his federal, state, local income or other tax return. Any determination by
the Accounting Firm shall be binding upon the Company and the Executive absent a
contrary determination by the Internal Revenue Service or a court of competent
jurisdiction; provided, however, that no such determination shall
eliminate or reduce the Company’s obligation to provide any Gross-Up Payment that
shall be due as a result of such contrary determination. As a result of the
uncertainty in the application of Section 4999 of the Code (or any successor
provision thereto) and the possibility of similar uncertainty regarding state or
local tax law at the time of any determination by the Accounting Firm hereunder, it
is possible that the amount of the Gross-Up Payment determined by the Accounting
Firm to be due to (or on behalf of) the Executive was lower than the amount actually
due (the “Underpayment”). In the event that the Company exhausts its remedies
pursuant to Section 10(d) below, and the Executive thereafter is required to make a
payment or an additional payment of any Excise Tax, the Accounting Firm shall

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determine the amount of the Underpayment that has occurred as promptly as possible
and notify the Company and the Executive of such calculations, and of the amount any
such Underpayment and the resulting additional Gross-Up Payment to the Executive
within 15 calendar days after the Accounting Firm received notice of the
Underpayment from the Company or the Executive. Any Gross-Up Payments due under
this Section 10 shall be promptly paid by the Company, at its expense, to or for the
benefit of the Executive (including any withholding payment made directly by the
Company to the Internal Revenue Service or U.S. Treasury with respect to the
Executive’s Excise Tax liability) within five (5) business days after receipt of the
determination and calculations from the Accounting Firm. All fees and expenses of
the Accounting Firm shall be paid by the Company in connection with the calculations
required by this Section 10.

(c) The federal, state and local income or other tax returns filed by the Executive
(or any filing made by a consolidated tax group which includes the Company) shall be
prepared and filed on a consistent basis with the determination of the Accounting
Firm with respect to the Excise Tax payable by the Executive. The Executive shall
make proper payment of the amount of any Excise Tax, and at the request of the
Company, provide to the Company true and correct copies (with any amendments) of his
federal income tax return as filed with the Internal Revenue Service and
corresponding state and local tax returns, if relevant, as filed with the applicable
taxing authority, and such other documents reasonably requested by the Company,
evidencing such payment.

(d) The Executive shall notify the Company in writing of any claim by the Internal
Revenue Service that, if successful, would require the payment by the Company of any
Gross-Up Payment. Such notification shall be given as soon as practicable but no
later than ten (10) business days after the Executive is informed in writing of such
claim and shall apprise the Company of the nature of such claim and the date on
which such claim is requested to be paid. The Executive shall not pay such claim
prior to the expiration of the thirty (30) day period following the date on which he
gives such notice to the Company (or such shorter period ending on the date that any
payment of taxes with respect to such claim is due). If the Company notifies the
Executive in writing prior to the expiration of such period that it desires to
contest such claim, the Executive shall (i) provide to the Company any information
which is in the Executive’s possession reasonably requested by the Company relating
to such claim, (ii) take such action in connection with contesting such claim as the
Company shall reasonably request in writing from time to time, including, without
limitation, accepting legal representation with respect to such claim by an attorney
reasonably selected by the Company, (iii) cooperate with the Company in good faith
in order to effectively contest such claim, and (iv) permit the Company to
participate in any proceedings relating to such claim; provided,
however, that the Company shall bear and pay directly all costs and expenses
(including additional interest and

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penalties) incurred in connection with such contest and shall indemnify and hold the
Executive harmless, on an after-tax basis, from any Excise Tax or income tax
(including interest and penalties with respect thereto) imposed as a result of such
representation and payment of costs and expenses. Without limitation on the
foregoing provisions of this Section 10, the Company shall control all proceedings
taken in connection with such contest and, at its sole option, may pursue or forego
any and all administrative appeals, proceedings, hearings and conferences with the
taxing authority in respect of such claim and may, at its sole option, either direct
the Executive to pay the tax claimed and sue for a refund or contest the claim in
any permissible manner, and the Executive agrees to prosecute such contest to a
determination before any administrative tribunal, in a court of initial jurisdiction
and in one or more appellate courts, as the Company shall determine;
provided, further, that if the Company directs the Executive to pay
such claim and sue for a refund, the Company shall pay the amount of such payment to
the Executive, and the Executive shall use such amount received to pay such claim,
and the Company shall indemnify and hold the Executive harmless, on an after-tax
basis, from any Excise Tax or income tax (including interest or penalties with
respect thereto) imposed with respect to such payment or with respect to any imputed
income with respect to such payment (including the applicable Gross-Up Payment);
provided, further, that if the Executive is required to extend the statute of
limitations to enable the Company to contest such claim, the Executive may limit
this extension solely to such contested amount. The Company’s control of the
contest shall be limited to issues with respect to which a Gross-Up Payment would be
payable hereunder and the Executive shall be entitled to settle or contest, as the
case may be, any other issue raised by the Internal Revenue Service or any other
taxing authority.

(e) If, after the receipt by the Executive of an amount paid or advanced by the
Company pursuant to this Section 10, the Executive becomes entitled to receive any
refund with respect to a Gross-Up Payment, the Executive shall (subject to the
Company’s complying with the requirements of Section 10(d)) promptly pay to the
Company the amount of such refund received (together with any interest paid or
credited thereon after taxes applicable thereto) (or, to the extent such payment
would be deemed prohibited by applicable law, shall be treated as a prepayment by
the Company of any amounts owed to the Executive). If, after the receipt by the
Executive of an amount advanced by the Company pursuant to Section 10(d), a
determination is made that the Executive shall not be entitled to any refund with
respect to such claim and the Company does not notify the Executive in writing of
its intent to contest such denial of refund prior to the expiration of thirty (30)
days after such determination, then such advance shall be forgiven and shall not be
required to be repaid and the amount of such payment made to the Executive
thereunder shall offset, to the extent thereof, the amount of the Gross-Up Payment
required to be paid.”

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          SECOND: A new Section 24 is hereby added to the Agreement to read in its entirety as
follows:

“24. Survival of Agreement.

The terms of this Agreement and the obligations of the parties hereunder, including
but not limited to the obligations of the Company under Section 10 hereof, shall
survive the termination of the Executive’s employment with the Company for any
reason (other than a termination for Cause).”

          THIRD: The provisions of this Amendment shall be effective as of April 27, 2005.

          FOURTH: Except to the extent set forth above, the Agreement shall remain in full
force and effect, without change or modification.

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the 27th day of April,
2005.

	 	 	 	 	 
	 	AMETEK, INC.

 	 
	 	By:  	/s/ John J. Molinelli
 	 
	 	 	John J. Molinelli 	 
	 	 	Executive Vice President-Chief Financial Officer 	 
	 
	 	EXECUTIVE:

 	 
	 	/s/ Frank S. Hermance
 	 
	 	Frank S. Hermance 	 
	 	 	 
	 

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