Document:

Exhibit 10.01

 

 

May 06, 2005

 

 

Subramanian Sundaresh

 

Dear Sundi:

 

On behalf of Adaptec, Inc.,
I am pleased to offer you the position of Executive Vice President, reporting
to me.  I am confident that you will
provide the senior leadership that will continue to enhance our customer and
stockholder value.

 

Your initial base salary
will be $325,000 per year. You will also be eligible to participate in the
Quarterly Variable Incentive Plan (VIP) and the Annual Incentive Plan (AIP),
which targets a percentage of your base salary to be paid.  The VIP
is based on achievement of quarterly objectives and is targeted at 4% of your
base pay.  The AIP is based on Company
achievement of revenue and operating profit before taxes and is targeted at 60%
of your base salary.  Actual bonus payout
will vary based on Company and individual performance.

 

In
accordance with the Company’s Stock Option Plan, the Compensation Committee of
our Board of Director’s approved that you be granted an option to purchase 300,000
shares of Adaptec stock.  The Option
shall be an “Incentive Stock Option” to the maximum limit allowable under the
2004 Plan and IRS regulations. Any portion of this Option in excess of the 2004
Plan and IRS limitations shall be deemed to be a Non-Qualified Stock Option.  The exercise price of the Option shall be the
fair market value of Adaptec’s common stock on the date of grant.  The price is set at the closing market price
the day prior to your first date of employment with Adaptec. These options will
vest 20% on the one-year anniversary of your hire date and quarterly
thereafter, at 5.00% and will be fully vested at the end of five years.

 

Adaptec provides a full
range of company paid benefits including a flexible program that provides
employees with “credits” to purchase coverage tailored to individual needs. Since
you are a re-hire to Adaptec you will receive service credit for both vacation
and years of employment.  Therefore, you
will begin accruing vacation as a 63 month employee at a rate of 16 days per
year.  You will not receive service
credit for the sabbatical benefit.  We
also agreed that you will be eligible for three additional weeks of paid time
off during August, 2005.

 

As a Vice President, you
may elect to defer up to 100% of your salary and/or bonus income under the
Deferred Compensation Plan.  In addition,
you will receive a $650 per month car allowance, a free annual physical, a
health club subsidy, and financial planning assistance up to $2,500 net per
year.

 

 

This offer is contingent
upon your ability to comply with the employment authorization provisions of the
Immigration & Naturalization Act. Specifically, you will need to be
able to demonstrate through documentation, and to sign a Declaration under
penalty of perjury that you are authorized to work in the United States.  If your ability to execute INS form I-9
depends upon Adaptec filing and receiving approval of a nonimmigrant visa
(other than an H-1B change-of-employer) petition for you, Adaptec
reserves the right to unilaterally revoke this offer of employment by notice to
you. Adaptec will not normally exercise this right unless, at the end of a 120-day
period from the date a NIV or IV petition is filed for you, you are unable to
appear for work due to lack of employment authorization.  In addition, this offer is contingent upon
the successful completion of your background investigation.

 

This offer will remain
valid for seven days from the date of this letter unless we notify you
otherwise.  You should understand that
this offer does not constitute a contract of employment for any specified
period of time but will create an “employment at will” relationship.  Please sign this letter, indicating
acceptance of this offer and your anticipated start date.  Return the signed copy to Shirley Olerich,
Vice President – Human Resources (M/S 15A) and retain one copy for your
records.

 

Please review and
complete the enclosed forms.  During
orientation, you will be asked to show the appropriate documents.  Please contact Lundyn LaFleur in Human
Resources lundyn_lafleur@adaptec.com or 957-6610 to arrange for your
orientation.

 

We are confident you will
make a major contribution to our success and are looking forward to having you
join us.

 

	
  Sincerely,

  
	
   

  
	
  /s/ Shirley B.
  Olerich

  	
   

  
	
   

  
	
  Shirley B.
  Olerich

  
	
  Vice President,
  Human Resources

  
	
   

  
	
  C: Robert N.
  Stephens

  
	
   

  
	
  Attachments

  

 

 

	
  /s/ Subramanian Sundaresh

  	
   Accepted

  
	
   

  
	
  5/23/05

  	
   Anticipated
  Start Date (preferably a Monday)

  
	
   

  
	
   

  
	
  Please indicate
  below how you would like your name to appear on your business cards and
  nameplate:

  
	
   

  
	
   

  	
   (name on
  business cards)

  
	
   

  
	
   

  
	
   

  	
   (title on
  business cards)

  
	
   

  
	
   

  
	
   

  	
   (nameplate)EXHIBIT 10.5

 

DESCRIPTION OF JANUARY
2005 OPTION AGREEMENT WITH MAX L. LUKENS

 

On January 3, 2005, in connection with his employment agreement, Max L.
Lukens, President and Chief Executive Officer of Stewart & Stevenson
Services, Inc. (the “Company”), was granted an option to purchase 100,000
shares of the Company’s common stock, no par value per share (the “Common Stock”),
under the Company’s 1988 Nonstatutory Stock Option Plan (the “1988 Plan”).  The 2005 Option has the same general terms
specified in the option granted to Mr. Lukens in 2004 pursuant to his employment
agreement, except that the per share exercise price of the 2005 Option is
$19.05, the fair market value of a share of Common Stock on the grant date, and
the option will be fully exercisable on January 3, 2006.  Other material terms of the 2005 Option are
set forth below:

 

                Grant:     On January 3, 2005, Mr. Lukens was granted the 2005
Option under the 1988 Plan to purchase 100,000 shares of Common Stock at the
purchase price of $19.05.

 

                Expiration of
Option:      The 2005 Option terminates upon the
earliest to occur of (i) January 3, 2015, (ii) the 30th
day after Mr. Lukens’ employment is terminated for any reason other than
death, Disability, Retirement, or for Cause (as such terms are defined in the
1988 Plan), (iii) the first anniversary of the termination of
Mr. Lukens’ employment due to death, Disability or Retirement, or
(iv) the date of termination of Mr. Lukens’ employment for Cause. If
Mr. Lukens’ employment is terminated for any reason other than death,
Disability, Retirement or Cause, the 2005 Option will not continue to vest
after such termination of employment.

 

                Vesting of Option:     The
2005 Option is exercisable in full on January 3, 2006.  Notwithstanding the foregoing vesting
schedule, upon Mr. Lukens’ death, Disability or Retirement prior to the
expiration of the 2005 Option, the 2005 Option will be exercisable in full.
Further, notwithstanding the foregoing vesting schedule or any provision of the
1988 Plan:

 

•                                          upon the occurrence of a “change in
control” (as defined in the Mr. Lukens’ severance agreement with the Company)
prior to the expiration of the 2005 Option, the 2005 Option will be exercisable
in full; and

 

•                                          upon the termination of Mr. Lukens’
employment other than for “cause” or by Mr. Lukens for “good reason” (as
such terms are defined in his employment agreement) prior to the expiration of
the 2005 Option, the 2005 Option will be exercisable in full.

 

                Certain
Terminations Agreed to Constitute Retirement:      Any
termination of Mr. Lukens’ employment by the Company without “cause” or by
Mr. Lukens for “good reason” (as such terms are defined in his employment
agreement) prior to the expiration of the 2005 Option will be treated as a
Retirement.Exhibit 10.6

 

Confidential Pricing Information Omitted: Certain pricing information
has been omitted from this agreement pursuant to a request for confidential
treatment filed with the Securities and Exchange Commission. Such omissions in
this agreement are marked with the symbol $***. The confidential information
has been filed separately with the Securities and Exchange Commission.

 

	
  AMENDMENT OF
  SOLICITATION/MODIFICATION OF CONTRACT

  	
  1.         Contract ID Code

  Firm-Fixed-Price

  	
  Page  1 of 74

  
	
  2. Amendment/Modification No.

  

  P00048

  	
  3. Effective Date

  

  2005 Mar 23

  	
  4. Requisition/Purchase Req.
  No.

  SEE
  SCHEDULE

  	
  5. Project NO. (If Applicable)

  
	
  6.         Issued By

  	
  Code

  	
  W56H2V

  	
   

  	
  7.         Administered By (If other than
  Item 6)

  DCMA STEWART &
  STEVENSON

  SEALY

  P.O. BOX 457

  SEALY, TX 77474-0457  

  	
   

  	
  Code

  	
  S4807A

  
	
   TACOM WARREN

  	
   

  	
   

  	
   

  	
   

  
	
   AMSTA-AQ-ATBB

  	
   

  	
   

  	
   

  	
   

  
	
   AMES VICTOR (586) 574-7924

  	
   

  	
   

  	
   

  	
   

  
	
   WARREN, MICHIGAN
  48397-5000

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HTTP://CONTRACTIN.TACOM.ARMY.MIL

  	
   

  	
   

  	
   

  
	
  EMAIL:
  VICTORJ@TACOM.ARMY.MIL

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SCD

  	
  A

  	
  PAS

  	
  NONE

  	
  ADP PT

  	
   

  	
  NQ339

  	
   

  	
   

  
	
  8.         Name and Address of Contractor
  (No., Street, City, County, State

  and Zip Code)

  

  STEWART & STEVENON
  TACTICAL VEHICLE SYSTEMS, LP

  5000 I-10 WEST

  SEALY, TX 77474-9506

  

  	
  o

  	
  9A. Amendment of Solicitation No.

  
	
   

  
	
   

  
	
   

  	
  9B. Dated (See Item 11)

  
	
  ý

  	
  10A. Modification of Contract/Order No.

  

  DAAE07-03-C-S023

  
	
   

  
	
   

  
	
  TYPE OF BUSINESS: Large Business Performing in U.S.

  	
   

  	
  10B. Dated (See Item 13)

  	
   

  	
   

  
	
  Code: OFW39

  	
  Facility Code

  	
   

  	
  2003APR17

  	
   

  	
   

  	
   

  	
   

  
	
  11. THIS ITEM ONLY APPLIES TO
  AMENDMENTS OF SOLICITATIONS

  
	
  o The above numbered
  solicitation is amended as set forth in item 14. The hour and date specified
  for receipt of Offers

  o Is extended, ois not extended.

  Offers must acknowledge receipt
  of this amendment prior to the hour and date specified in the solicitation or
  as amended by one of the following methods: (a) By completing items 8
  and 15, and returning ____________ copies of the amendments; (b) By
  acknowledging receipt of this amendment on each copy of the offer submitted;
  or (c) By separate letter or telegram which includes a reference to the
  solicitation and amendment numbers. FAILURE OF YOUR ACKNOWLEDGMENT TO BE
  RECEIVED AT THE PLACE DESIGNATED FOR THE RECEIPT OF OFFERS PRIOR TO THE HOUR
  AND DATE SPECIFIED MAY RESULT IN REGECTION OF YOUR OFFER. If by virtue
  of this amendment you desire to change an offer already submitted, such
  change may be made by telegram or letter, provided each telegram or letter
  makes reference to the solicitation and this amendment, and is received prior
  to the opening hour and date specified.

  
	
  12. Accounting And Appropriation Data (If required)

  
	
   

  
	
  13. THIS ITEM ONLY APPLIES TO
  MODIFICATIONS OF CONTRACTS/ORDERS

  It Modifies the Contract/Order No. As Described in Item 14

  
	
  o

  	
   

  	
  A.

  	
  This Change Order is Issued Pursuant To:  The Changes Set Forth In Item 14 Are Made
  In  The
  Contract/Order

  
	
   

  	
  No. In Item 10A.

  
	
  o

  	
   

  	
  B.

  	
  The Above Numbered Contract/Order Is Modified to Reflect The
  Administrative Changes (such as changes in paying office, appropriation data,
  etc.) Set forth In Item 14, Pursuant To The Authority of FAR43.103(b).

  
	
  ý

  	
   

  	
  C.

  	
  This Supplemental Agreement Is Entered Into Pursuant To Authority Of:
  Mutual Agreement

  
	
  o

  	
   

  	
  D.

  	
  Other (Specify type of modification and authority)

  
	
   

  	
   

  	
   

  
	
  E. IMPORTANT:  Contractor o is not, ý is required to sign this
  document and return __________ copies to the Issuing Office.

  
	
   

  
	
  14. Description of Amendment/Modification (Organized by UCF section headings,
  including solicitation/contract subject matter where feasible.)

  SEE SECOND PAGE FOR DESCRIPTION

   

  Contract Expiration Date:  2008NOV15 

   

  Except as provided herein, all terms and conditions of the document
  referenced in item 9A or 10A, as heretofore changed, remains unchanged and in
  full force and effect.

  
	
  15A. Name And Title of Signer
  (Type or print)

  Chet Loomis

  Vice President of Contracts

  	
   

  	
  16A. Name and Title of
  Contracting Officer (Type or print)

  DENISE MIKA

  MIKAD@TACOM.ARMY.MIL  (586) 574-6506

  
	
  15B. Contractor/Offeror

  	
   

  	
  15C. Date Signed

  	
   

  	
  16B. United State of America

  	
   

  	
  16C. Date Signed

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SS//

  	
   

  	
   

  	
  23 MAR 2005

  	
   

  	
  SS//

  	
   

  	
  2005 MAR 23

  
	
  (Signature of person authorized
  to sign)

  	
   

  	
   

  	
   

  	
   

  	
  (Signature of Contracting
  Officer)

  	
   

  	
   

  
	
  NSN 7540-01-152-8070

  	
   

  	
  30-105-02

  	
   

  	
  STANDARD FORM 30 (REV.10-83)

  
	
  PREVIOUS EDITIONS UNUSABLE

  	
   

  	
   

  	
   

  	
  Prescribed by GSA FAR (48 CFR) 53.243

  
																														

 

 

	
  CONTINUATION
  SHEET

  	
   

  	
  Reference No. of
  Document Being Continued

  

  PIN/SIN  DAAE07-03-C-S023                                   MOD/AMD  P00048

  	
   

  	
  Page  2 of 74

  
	
  Name of Offeror or Contractor:  STEWART &
  STEVENSON TACTICAL VEHICLE SYSTEMS, LP

  

 

SECTION A
– SUPPLEMENTAL INFORMATION

 

	
  CONTRACT AMOUNT:

  	
  $***

  	
   

  
	
   

  	
   

  	
   

  
	
  THIS MOD:

  	
  $***

  	
   

  
	
   

  	
   

  	
   

  
	
  CURRENT AMOUNT:

  	
  $***

  	
   

  

 

1.               The
purpose of modification P00048 is to make the following changes (all text
changes are followed by a single asterisk unless in a SLIN narrative):

 

a.               Call
up Program Year 3 SLINs.  The Product
Manager, Medium Tactical Vehicles provided a decision to call up the Third
Program Year supported by a positive recommendation from an In Process
Review.  The IPR reviewed the Contractors
production progress and PVT 1 performance as defined in C.2.5.3.

 

b.              Section B:  Fund all PY3 SLINs (PRON numbers, delivery
dates with quantity(s) and other data inserted).  Due to a change to the original model mix of
vehicles:

 

(1)          Section B:  Add SLIN 3001AB
for the equitable adjustment for the changes in the PY3 model mix.

 

(2)          Delete SLIN
3115AA.

 

(3)          Add the following
SLINs:  3101AB, 3102AB, 3105AB, 3106AB,
3107AA, 3107AB, 3108AA, 3108AB, 3109AA, 3109AB, 3111AB and 3113AB.

 

(4)          Adjust the quantities for SLINs 3101AA, 3102AA, 3103AA, 3104AA, 3104AB,
3105AA, 3106AA, 3111AA, 3113AA, 3114AA, 3114AB, 3116AA and 3116AB.

 

(5)          All of the SLINs referenced in paragraphs 1.b(3) above
shall include and the prices reglect the inclusion of the following ECPs:

 

-                    ECP SSS-U7297,                                  Modification of Power Distribution

-                    ECP SSS-U7670R1                       Aluminum Cab Roof Hatch

-                    ECP SSS-U7479,                                  Sliding Pintle

-                    ECP SSS-U7767,                                  Line Audit Findings

 

(6)          The Contractor is permitted, at no additional cost to the Government, to
expedite delivery under any PY3 SLIN for all deliveries due prior to 01 Mar
2006 without separate written PCO approval. 
Any additional Care & Storage costs resulting from an
accelerated delivery shall be the Contractor’s responsibility.  The Government will be responsible for Care &
Storage costs after 180 days have lapsed from the delivery dates contained in
Attachment 23 dated 07 Mar 05.

 

(7)          The correct delivery schedule is contained in Attachment 23 dated
07 Mar 05.  The SLIN deliveries may not
match those contain in the attachment and will be updated in a future
modification.  The Attachment 23 has
precedence over the SLIN delivery schedules until they are updated.

 

c.               Section B,
SLINs 3114AA and 3114AB:  the narratives
have been changed by adding the following

 

“NOTE:  The
Government is developing a new dump truck which is expected to replace the
M1090A1, MTV 5 Ton Dump Truck.  Design
completion is projected to occur during PY3. 
Accordingly, the delivery information below is shown as
undefinitized.  A delivery schedule will
be negotiated at a later date.

 

d.              Section H,
paragraph H.12.1:  Change the:

 

(1)          Third Program Year amount from $*** by $*** to
$***

 

(2)          Total amount from $*** by $*** to $***

 

3.               Section J,
Attachment 23, Delivery Schedule:

 

(1)          Adjust the Program Year 3 base quantities, delivery dates, add and
delete the SLINs identified in paragraphs 1.c.(1) through
1.c.(3) and 1.d. above.

 

 

	
  CONTINUATION
  SHEET

  	
   

  	
  Reference No. of
  Document Being Continued

  

  PIN/SIN  DAAE07-03-C-S023                                   MOD/AMD  P00048

  	
   

  	
  Page  3 of 74

  
	
  Name of Offeror or Contractor:  STEWART &
  STEVENSON TACTICAL VEHICLE SYSTEMS, LP

  

 

 

(2)          Change the date of Attachment 23 from “22 Mar 05” to “07 Mar 05”.

 

2.               The Contractor hereby remises,
releases and discharges the Government from all civil liabilities, obligations,
claims, appeals, and demands which are based on the incorporation of the above
referenced changes into the contract, whether administrative or judicial, legal
or equitable, or direct or indirect.

 

3.               As a result of Modification P00084, the total
contract funding is increased by $***

 

4.               All other terms and conditions of the
contract remain unchanged.

 

*** END OF NARRATIVE A 057 ***

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