Document:

EXHIBIT 10.23

MOSYS,
INC.

CHANGE-IN-CONTROL AGREEMENT

THIS
CHANGE-IN-CONTROL AGREEMENT (this “Agreement”), made and entered
into as of October 6, 2006, by and between Mosys, Inc., a Delaware corporation
(“MoSys”), and Raj Singh (the “Executive”).

WHEREAS,
MoSys considers it essential to its best interests to foster the continued
employment of key management personnel and recognizes the distraction and
disruption that the possibility of a Change-in-Control (as defined in Section
1(d) below) may raise to the detriment of MoSys and its stockholders; and

WHEREAS,
MoSys has determined to take appropriate steps to reinforce and encourage the
continued attention and dedication of key management personnel to their
assigned duties in the face of a possible Change-in-Control;

NOW,
THEREFORE, in consideration of the premises and the mutual
covenants contained herein, MoSys and the Executive hereby agree as follows:

1.             DEFINITIONS

(a)           “Base Salary” shall mean the annual salary of the Executive
at the time of termination of his employment within the application of this
Agreement.

(b)           “Beneficiary” shall mean (i) the person or persons
named by the Executive, by notice to MoSys, to receive any compensation or
benefit payable under this Agreement or (ii) in the event of his death, if
no such person is named and survives the Executive, his estate.

(c)           “Board” shall mean the Board of Directors of MoSys.

(d)           “Change-in-Control”
means the occurrence of any of the following:

(i)  an acquisition after the Effective Date by an
individual, an entity or a group in one or more related transactions (excluding
MoSys or an employee benefit plan of MoSys or a corporation controlled by MoSys’s
stockholders) of 45 percent or more of MoSys’s common stock or voting
securities; or

(ii)  consummation of a complete liquidation or
dissolution of MoSys or a merger, consolidation, reorganization or sale of all
or substantially all of MoSys’s assets (collectively, a “Business Combination”)
other than a Business Combination in which (A) the stockholders of MoSys
receive 50 percent or more of the stock of the corporation resulting from the
Business Combination and (B) at least a majority of the board of directors of
such resulting corporation were incumbent directors of MoSys immediately prior
to the consummation of the Business Combination, and (C) after which no
individual, entity or group (excluding any corporation or 

other entity resulting from the Business Combination
or any employee benefit plan of such corporation or of MoSys) who did not own
45 percent or more of the stock of the resulting corporation or other entity
immediately before the Business Combination owns 45 percent or more of the
stock of such resulting corporation or other entity.

(e)           “Good Reason” means, without the Executive’s prior written
consent or acquiescence:

(i)  assignment to the Executive of duties
incompatible with the Executive’s position, failure to maintain the Executive in
this position and its reporting relationship or a substantial diminution in the
nature of the Executive’s authority or responsibilities;

(ii)  reduction in the Executive’s then current
Base Salary or in the bonus or incentive compensation opportunities or benefits
coverage available during the term of this Agreement, except pursuant to an
across-the-board reduction similarly affecting all senior executives of MoSys;

(iii)  termination of the Executive’s employment,
for any reason other than death, disability, voluntary termination or
Misconduct (as defined below);

(iv)  relocation of the Executive’s principal place
of business to a location more than 30 miles from the location of such office
on the date of this Agreement;

(v)  MoSys’s failure to pay the Executive any
material amounts otherwise vested and due the Executive hereunder or under any
plan, program or policy of MoSys; or

(vi)  failure of a successor to MoSys following a
Change-in-Control to expressly assume or affirm MoSys’s obligations under this
Agreement as specified in Section 6.

(f)            “Misconduct” means the commission of any act of fraud,
embezzlement or dishonesty or other violation of MoSys’s Code of Business
Conduct and Ethics for Employees, Executive Officers and Directors by the Executive,
any unauthorized use or disclosure by the Executive of confidential information
or trade secrets of MoSys or other breach by the Executive of a material
agreement between the Company and the Executive, or any other intentional
misconduct by the Executive adversely affecting the business affairs of MoSys
in a material manner.

(g)           “MoSys” when used herein shall be deemed to refer to
MoSys and any entity or entities that succeed to the assets and properties of
MoSys following a Change-in-Control, or any other corporation or other entity
which is a subsidiary or parent of such successor entity or entities for whom
the Executive is employed at any time within two years following the
Change-in-Control.

2.             TERM OF AGREEMENT

This Agreement shall be effective immediately upon its
execution by MoSys and the Executive (the “Effective Date”) and shall remain in
effect until the earliest to occur of: 
(a) termination of the Executive’s employment with MoSys following a
Change-in-Control (i) by reason 

of death or disability, (ii) by the Executive other than for Good
Reason, or (iii) by MoSys for Misconduct, or (b) two years after the date of a
Change-in-Control.

3.             CHANGE
IN CONTROL BENEFITS

In the event of termination of the Executive’s employment
by the Executive for Good Reason within two years following a
Change-in-Control, the Executive will be entitled to the following:

(a)           Salary and Benefits:

(i)  his Base Salary through the date of
termination;

(ii)  payment in lieu of any unused vacation, in
accordance with MoSys’s vacation policy and applicable laws;

(iii)  any annual or discretionary bonus earned but
not yet paid to the Executive for any calendar year prior to the year in which
his termination occurs;

(iv)  any compensation under any deferred
compensation plan of MoSys or deferred compensation agreement with MoSys then
in effect;

(v)  any other compensation or benefits, including
without limitation any benefits under long-term incentive compensation plans,
any benefits under equity grants and awards and employee benefits under plans
that have vested through the date of termination or to which the Executive may
then be entitled in accordance with the applicable terms of each grant, award
or plan; and

(vi)  reimbursement of any business expenses
incurred by the Executive through the date of termination but not yet paid to
the Executive.

(b)           Stock Option Acceleration:  Immediate
and unconditional vesting of 50 percent of the then unvested stock options and
stock awards previously granted to the Executive and, for the one-year period
following termination, the right to exercise any stock options or other awards
held by him.

(c)           Release.  MoSys
will require, as a condition of receiving the Change-in-Control payments under
subsection (b) above, that the Executive execute a general release
substantially in the form attached as Exhibit A, which upon execution
shall be deemed incorporated herein by reference as a material part of this
Agreement.

4.             NO
MITIGATION

MoSys agrees that
if the Executive’s employment with MoSys terminates, the Executive will not be
obligated to seek other employment or to attempt to reduce any amount payable
to the Executive under this Agreement. Further, no amount of any payment under
this Agreement shall 

be reduced by any
compensation earned by the Executive as the result of employment by a
subsequent employer or otherwise.

5.             NOTICES

Any notice or
other communication required or permitted under this Agreement shall be in
writing and shall be deemed to have been duly given when delivered by hand,
electronic transmission (with a copy following by hand, mail or overnight
courier), by registered or certified mail, postage prepaid, return receipt
requested or by overnight courier addressed to the other party. All notices
shall be addressed as follows, or to such other address or addresses as may be
substituted by notice in writing: 

	
  To Mosys, Inc.:

  	
   

  	
  To the Executive:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  755 N Matilda
  Drive

  	
   

  	
  Raj Singh

  
	
  Suite 100

  	
   

  	
   

  
	
  Sunnyvale, CA
  94085

  	
   

  	
   

  
	
  Attention:
  Chairman, Compensation 

  Committee of the Board of Directors

  	
   

  	
  Fax:

  
	
  Fax: (408)
  731-1893

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

6.             SUCCESSORS

(a)           MoSys’s Successors. 
Any successor to MoSys (whether direct or indirect and whether by
purchase, lease, merger, consolidation, liquidation or otherwise) or to all or
substantially all of MoSys’s business and/or assets shall assume MoSys’s
obligations under this Agreement in the same manner and to the same extent as
MoSys would be required to perform such obligations in the absence of a
succession.

(b)           Executive’s Successors.  Without the written consent of MoSys, the Executive
can not assign or transfer this Agreement or any right or obligation under this
Agreement to any other person or entity. 
Notwithstanding the foregoing, the terms of this Agreement and all
rights of the Executive under this Agreement shall inure to the benefit of, and
be enforceable by, the Executive’s personal or legal representatives,
executors, administrators, successors, heirs, distributes, devisees and
legatees.

7.             GENERAL PROVISIONS

(a)           Amendments.  No
provision of this Agreement may be amended, modified or waived unless such
amendment, modification or waiver shall be agreed to in writing and signed by
the Executive and by a member of the Compensation Committee of the Board.

(b)           Severability.  If
any provision of this Agreement shall be determined to be invalid or
unenforceable by a court of competent jurisdiction, the remaining provisions of
this Agreement shall be unaffected thereby and shall remain in full force and
effect to the fullest extent permitted by law. 
If any provision of this Agreement is held by a court of competent 

jurisdiction to be invalid, void or unenforceable, the
remaining provisions shall nevertheless continue in full force without being
impaired or invalidated in any way.

(c)           Governing Law. 
This Agreement shall be construed, interpreted and governed in
accordance with the laws of the state of California without regard to its
conflicts of laws rules.

(d)           Inconsistencies. 
The terms of this Agreement supersede any inconsistent prior promises,
policies, representations, understandings, arrangements or agreements between
the parties, whether by employment contract or otherwise.

(e)           Survival. 
Notwithstanding the termination of the term of this Agreement, the
duties and obligations of MoSys, if any, following the termination of the Executive’s
employment following a Change-in-Control shall survive indefinitely.

(f)            Withholding. 
MoSys may deduct and withhold from any payments hereunder the amount
that MoSys, in its reasonable judgment, is required to deduct and withhold for
any federal, state or local income or employment taxes.

(g)           No Other Compensation; Employee at Will.  Except as provided in Section 3 above, no
amount or benefit shall be payable to the Executive under this Agreement in
respect of termination of the Executive’s employment within two years following
a Change-in-Control.  This Agreement
shall not be construed as creating an express or implied contract of employment
and, except as otherwise agreed in writing between the Executive and MoSys, the
Executive is and shall remain an “employee at will” and shall not have any
right to be retained in the employ of MoSys.

(h)           Counterparts.  This Agreement may be executed in
counterparts.

IN WITNESS
WHEREOF, the parties have executed this Agreement as of the day and year first
above written.

	
  

  	
  MOSYS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Chet Silvestri

  
	
   

  	
   

  	
  Chet Silvestri

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  CEO

  
	
   

  	
   

  	
   

  
	
   

  	
  Raj Singh

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Raj Singh

  
	
   

  	
  (Signature)

  

 

EXHIBIT
A

RELEASE AGREEMENT

In consideration
of the benefits I will receive under Monolithic System Technology, Inc.’s
Change-in-Control Agreement, I hereby release, acquit and forever discharge
Monolithic System Technology, Inc. (the “Company”), its parents, subsidiaries,
predecessors, successors and affiliates, and each of their respective officers,
directors, agents, servants, employees, attorneys shareholders, and assigns
(the “Released Parties”), of and from any and all claims, liabilities, demands,
causes of action, costs, expenses, attorneys’ fees, damages, indemnities and
obligations of every kind and nature, in law, equity, or otherwise, known and
unknown, suspected and unsuspected, disclosed and undisclosed, arising out of
or in any way related to agreements, events, acts or conduct at any time prior
to and including the date I sign this Release Agreement. This release of claims
includes, but is not limited to:

	any and all claims and demands directly or
     indirectly arising out of or in any way connected with my employment with
     the Company or the termination of that employment, including, but not
     limited to, claims, demands or agreements related to salary, bonuses,
     commissions, vacation pay, personal time off, fringe benefits, expense
     reimbursements, sabbatical benefits, severance benefits, stock, stock
     options, any other ownership or equity interest in the Company, or any
     other form of compensation or benefit; 
	claims pursuant to any federal, state or local
     law, statute, common law or cause of action including, but not limited to,
     Title VII of the federal Civil Rights Act of 1964, as amended, or any
     other statute, agreement or source of law, the federal Age Discrimination
     in Employment Act of 1967, as amended (“ADEA”), the federal Americans with
     Disabilities Act of 1990, the Family and Medical Leave Act, the Employee
     Retirement Income Security Act, the Equal Pay Act, the Worker Adjustment
     and Retraining Notification Act, the California Fair Employment and
     Housing Act, as amended, and the California Labor Code; 
	all tort law claims, including claims for fraud,
     misrepresentation, defamation, libel, emotional distress and breach of the
     implied covenant of good faith and fair dealing; and 
	all claims
     arising under contract law, or the law of wrongful discharge,
     discrimination or harassment. 

I represent that I have no lawsuits, claims or actions
pending in my name, or on behalf of any other person or entity, against any of
the Released Parties. I agree that in the event I bring a claim covered by this
release in which I seek damages against the Company or in the event I seek to
recover against the Company in any claims brought by a governmental agency on
my behalf, this Agreement shall serve as a complete defense to such claims.

ADEA Waiver and
Release:  I acknowledge
that I am knowingly and voluntarily waiving and releasing any rights I may have
under ADEA. I also acknowledge that the consideration given for the waiver and
release herein is in addition to anything of value to which I was already
entitled. I further acknowledge that I have been advised by this writing, as
required by the ADEA, that: (a) my waiver and release do not apply to any rights
or claims that may arise after 

the execution date of
this Agreement; (b) I have been advised hereby that I have the right to
consult with an attorney prior to executing this Agreement; (c) I have 21
days from the date I receive this Agreement to consider this Agreement
(although I voluntarily may choose to execute this Agreement earlier);
(d) I have seven days following the execution of this Agreement to revoke
the Agreement; and (e) this Agreement shall not be effective until the
later of (i) the date upon which the revocation period has expired, which
shall be the eighth day after I execute this Agreement, or (ii) the date I
return this Agreement, fully executed, to the Company.

I acknowledge that
for this Release Agreement to be effective, I must sign and return it to the
Company within 21 days after the date I receive it and I must not revoke it at
any time during the above-referenced seven-day revocation period.

I acknowledge that I have
read and understand Section 1542 of the California Civil Code which reads
as follows: “A general release does not extend to claims which the creditor
does not know or suspect to exist in his favor at the time of executing the
release, which if known by him must have materially affected his settlement
with the debtor.” I hereby expressly waive and relinquish all rights and
benefits under that section and any law of any jurisdiction of similar effect
with respect to my release of any unknown or unsuspected claims I may have
against any of the Released Parties.

I understand that
this Release Agreement, together with the Change-in-Control Agreement,
constitutes the complete, final and exclusive embodiment of the entire
agreement between the Company and me with regard to the subject matter hereof.
I am not relying on any promise or representation by the Company that is not
expressly stated in this Release Agreement.

	
  

  	
  Raj Singh

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Its:

  	
   

  
	
   

  	
  Date:

  	
   

  
	
  ACCEPTED AND AGREED:

  	
   

  	
   

  
	
  MOSYS, INC.

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Its: 

  	
  CEO

  	
   

  	
   

  
	
  Date:Exhibit
10.28

EMPLOYMENT
AGREEMENT

THIS EMPLOYMENT AGREEMENT (the “Agreement”), made this
13th day of April, 2005 (the “Effective Date”) is entered into Medical Device
Manufacturing, Inc. (dba) Accellent, Inc., a Colorado corporation with its
principle place of business at 200 West Seventh Avenue, Collegeville, PA 19426
(the “Company”), and Daniel DeSantis (the “Employee”).

WHEREAS, the Company desires to employ the Employee on the terms and
conditions contained herein; and

WHEREAS, the Employee desires to be employed with the Company on the
terms and conditions contained herein;

NOW, THEREFORE, in consideration of the mutual
covenants and promises contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by
the parties hereto, the parties agree as follows:

1.                                      Term
of Employment. The Company hereby agrees to employ the Employee, and the Employee
hereby accepts employment with the Company, upon the terms set forth in this
Agreement, for the period commencing on the Effective Date and ending on the
third anniversary of the Effective Date (such period, as it may be extended,
the “Employment Period”), unless sooner terminated in accordance with the
provisions of Section 4. The Employment Period shall be automatically extended
at the conclusion of the initial three-year term and each term thereafter for a
subsequent three-year term. If the Company provides notice to Employee that the
Agreement shall not be so renewed, such event shall be treated as a termination
pursuant to Section 4.4 hereof.

2.                                      Title;
Capacity. The Employee shall serve as Executive Vice President, Human Resources
and in such other position(s) as the President and Chief Executive Officer may
determine from time to time. The Employee shall report to the President and
Chief Executive officer or his/her designee responsible for the day-to-day
operation of the Company. The Employee will have responsibility over the
Company’s Human

 

Resources functions. The Employee hereby accepts such employment and
agrees to undertake the duties and responsibilities inherent in such position
and such other duties and responsibilities as the President, the Company’s
Board of Directors (the “Board”) or its designee shall from time to time
reasonably assign to him. The Employee agrees to devote his entire business
time, attention and energies to the business and interests of the Company
during the Employment Period. The Employee agrees to abide by the rules, regulations,
instructions, personnel practices and policies of the Company and any changes
therein that may be adopted from time to time by the Company. Nothing in this
Section 2, however, will prevent the Employee from engaging in additional
activities in connection with personal investment and community affairs that
are not inconsistent with the Company’s policies or the Employee’s duties under
this Agreement. Notwithstanding the foregoing, upon approval by the CEO and the
Board, which approval shall not be unreasonably withheld, and subject to any
conflict of interest policies of the Company and so long as the following does
not materially interfere with the performance of the Employee’s duties and
obligations hereunder, the Employee may serve on the board of directors (or its
equivalent) of up to one (1) for-profit business enterprise.

3.                                      Compensation
and Benefits.

3.1          Base Salary. The
Company shall pay the Employee, pursuant to the Company’s normal payroll
procedures for its employees, an initial annual base salary of $200,000. Such
salary, as may be altered from time to time, shall be subject to such increases
as may be determined by the Company, in its sole discretion. The salary shall
not be subject to decrease except in conjunction with similar salary decreases
for all executive officers of the Company.

3.2          Annual Incentive
Bonus. The Employee will be eligible for an annual target bonus of 50% of
his base salary (the “Annual Target Bonus”), prorated from date

 2
 

 

of hire and based upon the Employee’s reaching individual and
Company-related performance milestones to be set forth by the Company in a
separate document. In addition, the Employee may be eligible for bonuses in
excess of the Annual Target Bonus for his substantially exceeding the
milestones set forth, as well as for other extraordinary performance. The
setting of the performance milestones, as well as the determination of the
amount of these bonuses, if any are earned, shall be determined by the
President & Chief Executive Officer and approved by the compensation
committee and the Board thereof in the exercise of its discretion.

3.3          Fringe Benefits.
The Employee shall be eligible to participate in all bonus and benefit programs
that the Company establishes and makes available to its employees, if any, to
the extent that the Employee’s position, tenure, salary, age, health and other qualifications
make him eligible to participate. You will receive a car allowance of $850.00
per month paid in a manner consistent with our standard payroll practices. The
Employee will be eligible for such other perquisites programs as such may be
provided for all other executive vice presidents of the Company.

3.4          Vacation Accrual.
The Employee will be eligible to accrue up to 3 weeks of vacation during each
full calendar year. Such vacation time shall be governed by the Company’s
procedures regarding paid time off.

3.5          Reimbursement of
Expenses. The Company shall reimburse the Employee for all reasonable and
necessary travel, entertainment and other expenses incurred or paid by the
Employee in connection with, or related to, the performance of his duties,
responsibilities or services under this Agreement. Upon presentation by the
Employee of documentation, expense statements, vouchers and/or such other

 3
 

supporting information as the Company may request, the employee will be
reimbursed by the company for all reasonable expense subject to approval by the
President and Chief Executive Officer.

3.6          Stock Options.
Subject to approval of the Board and the Employee’s execution of the applicable
Company option grant agreement, the Employee shall be granted the option to
purchase 75,000 shares of the Company’s Common Stock at a purchase price equal
to the fair market value as determined by the Board on the date of grant
(anticipated to be $8.18 per share). The stock options shall be governed by the
terms and conditions detailed in the Company’s Employee Stock Option Plan and
the separate stock option agreement. It is intended that the stock options will
vest 20% per year after the date the Employee starts employment. The Employee
may be eligible for future stock option grants, as determined by the Board in
its sole discretion.

3.7          Relocation. The
Company, on a tax neutral grossed up basis shall (a) pay or reimburse all
reasonable relocation expenses, including but not limited to, packing, moving,
and storage of household goods and up to two personal automobiles(s),
relocation related travel, six (6) months of temporary living expenses,
commissions paid on the sale of the Employee’s current primary residence,
closing costs and fees and (b) pay a relocation bonus of $30,000.00 upon
completion of Employee’s relocation, so long as the relocation is reasonably
completed no later than one (1) year following the Employee’s first day of
employment with the Company.

3.8          Indemnification.
During Employee’s employment and for three (3) years thereafter, Employee shall
be included in the Company’s directors and officers liability insurance. In
addition, Employee shall have all rights to indemnification 

 4
 

to which Employee is entitled under the Company’s certificate of
incorporation and bylaws.

3.9          Change In Control.
During Employee’s employment, the Employee shall receive change in control
protection and benefits, if any, as such may be provided to all other executive
vice presidents of the Company.

3.10    Sign On Bonus. The
Company shall pay to the Employee a gross aggregate sign on bonus of
$50,000.00, to be earned and payable as follows: (i) $25,000.00 to be earned on
the first day of employment and payable in the first regular payroll thereafter;
and (ii) $25,000.00 to be earned on the six month anniversary following the first
day of employment, if the Employee remains employed at that, and payable in the
first regularly scheduled payroll thereafter.

3.11    Individual Rights. The
Employee acknowledges that the Company needs flexibility within its
compensation and hiring processes. Accordingly, nothing herein shall be deemed
to limit the Company’s right and ability to provide individual compensation,
rights and benefits to other executive vice presidents or other employees of
the Company, which are different from or greater than the compensation, benefits
and perquisites provided for hereunder and no additional rights would arise to
the Employee in such circumstance.

4.                                      Employment
Termination. The employment of the Employee by the Company pursuant to this
Agreement shall terminate upon the occurrence of any of the following:

4.1          For Cause by the
Company. At the election of the Company, for Cause, immediately upon
written notice by the Company to the Employee. For the purposes of this Section
4.1, “Cause” for termination shall be deemed to exist upon a good faith finding
by the Company, after the “Cure Period”, if applicable, of (a) an intentional
act by the Employee which materially injures the Company; 

 5
 

 

(b) an intentional refusal or failure by the Employee to follow lawful
and reasonable directions of the President & Chief Executive Officer; (c) a
willful and habitual neglect of duties by the Employee; (d) a material breach
by the Employee of the Company’s policies and procedures or any material breach
of the Employee’s obligations hereunder; (e) a conviction of the Employee of a
felony involving moral turpitude which is reasonably likely to inflict or has
inflicted material injury on the Company; (f) a finding that the Employee has
not moved his primary residence to within commuting distance of the Company’s
offices in Massachusetts. The “Cure Period” shall be a period of thirty (30)
days within which the Employee may attempt to cure a “Cause” that has been identified
in writing to him by the Company. The Employee shall only be eligible for the
Cure Period in such instance where the Company’s reason for “Cause” is
reasonably susceptible to cure within thirty (30) days.

4.2          Death or Disability.
Upon the death or disability of the Employee. As used in this Agreement, the
term “disability” shall mean the inability of the Employee with reasonable
accommodation as may be required by State or Federal law, due to a physical or
mental disability, for a period equal to the eligibility waiting period under
the Company’s long term disability insurance policy. A determination of
disability shall be made by a physician satisfactory to both the Employee and
the Company, provided  that if the Employee and the Company do not
agree on a physician, the Employee and the Company shall each select a
physician and these two together shall select a third physician, whose
determination as to disability shall be binding on all parties;

4.3          Resignation by the
Employee. At the election of the Employee, upon not less than thirty (30)
days prior written notice of termination; and

 6
 

 

4.4          Without Cause by the
Company. At the election of the Company, without Cause, immediately upon
written notice by the Company to the Employee.

4.5          Good Reason by the
Employee. At the election of the Employee, for “Good Reason”, thirty days
after written notice has been delivered to the Company by the Employee,
detailing the Good Reason, if such Good Reason remains uncured at that time. “Good
Reason” means any of the following:

a) The Company’s
failure to pay or provide material benefits expressly provided for pursuant to
Section 3 of this Agreement; 

b)  The Company
materially adversely altering the title or status of Employee’s position,
except that the Company may provide the Employee with reasonable additional
duties that are appropriate for an executive of the Company; or 

c) The Company
requiring the Employee to relocate his principle office (reasonable business
travel excluded), without his consent, more than sixty (60) miles from Newton,
Massachusetts.

5.                                      Effect
of Termination.

5.1          Termination for Cause
or at Election of the Employee. In the event the Employee’s employment is
terminated for Cause pursuant to Section 4.1, or upon the resignation of the
Employee pursuant to Section 4.3, the Company shall pay to the Employee his
Accrued Benefits. For purposes of this Agreement, “Accrued Benefits” means (a)
the earned but unpaid portion of the Employee’s salary accrued through the date
of such termination, (b) the unpaid Annual Incentive Bonus, if any, for prior fiscal
years, (c) the unreimbursed expenses incurred to such date pursuant to Section
3.7, (d) the earned but unpaid portion of the signing bonus, if any, pursuant
to Section 3.10, (e) any accrued but unused vacation, (f) 

 7
 

any unreimbursed expenses or unpaid and vested benefits or perquisites
through the date of termination, and (g) any benefit continuation and/or
conversion rights required by law or the Company’s benefits plans or policies.

5.2          Termination for Death
or Disability. If the Employee’s employment is terminated by death or
because of disability pursuant to Section 4.2, the Company shall pay to the
estate of the Employee or to the Employee, as the case may be, the compensation
that would otherwise be payable to the Employee up to the end of the month in
which the termination of his employment because of death or disability occurs,
along with the Employee’s Accrued Benefits, and a pro rata portion (based on
the number of days elapsed in the fiscal year in which such termination occurs,
as of the date the employee died or went out on disability) of the Annual
Incentive Bonus at target, payable in a lump sum within thirty (30) days
thereafter

5.3          Termination Without
Cause or for Good Reason. If the Employee’s employment is terminated
without Cause pursuant to Section 4.4 or by the Employee for Good Reason
pursuant to Section 4.5, the Company shall:

a)                 Pay the Employee
his Accrued Benefits;

b)                Pay the Employee a
one time payment equal to one-half his annual target bonus;

c)                 Pay the Employee
twelve (12) monthly payments equal, in the aggregate, to his annual salary, to
be paid in accordance with the Company’s regular payroll practices, less
applicable withholdings, over a period of twelve (12) months (the “Severance
Period”);

d)                During the
Severance Period, reimburse the Employee (or pay directly to the insurer, at
the Company’s option) for the costs associated with the

 8
 

 

Employee and his dependents continuing group medical benefits pursuant
to COBRA, as such law may be amended; and

e)                 Pay the costs, up
to a maximum of $7,500.00 associated with executive level outplacement
assistance by an outplacement firm selected by the Employee and reasonably
approved by the Company.

All payments and benefits provided pursuant to this Section 5.3 shall
be conditioned upon and subject to the Employee’s first executing a severance
agreement and general release of claims in favor of the Company, its officers,
directors, employees and affiliates, drafted by and satisfactory to the
Company.

5.4          Survival. The
provisions of Section 5 shall survive the termination of this Agreement.

6.                                      Proprietary
Information; Invention Assignment and Non-Competition. The Employee agrees
to be bound by all of the provisions of the Company’s standard Non-Disclosure,
Non-Solicitation, Non Competition and Invention Assignment Agreement, which is incorporated
herein by reference and made a part hereof (the “Non-Disclosure Agreement”). A
copy of the Non-Disclosure Agreement is attached hereto as Exhibit A.

7.                                      Other
Agreements. The Employee hereby represents that he is not bound by the
terms of any agreement with any previous employer or other party to refrain
from using or disclosing any trade secret or confidential or proprietary
information in the course of his employment with the Company or to refrain from
competing, directly or indirectly, with the business of such previous employer
or any other party. The Employee further represents that his performance of all
the terms of this Agreement and as an employee of the Company does not and will
not breach any agreement to keep in confidence proprietary information,
knowledge or data acquired by him in confidence or in trust prior to his
employment with the Company.

 9
 

 

8.                                      Notices.  All notices required or permitted under
this Agreement shall be in writing and shall be deemed effective upon personal
delivery or upon deposit in the United States Post Office, by registered or
certified mail, postage prepaid, addressed to the other party at the address
shown above, or at such other address or addresses as either party shall
designate to the other in accordance with this Section 8.

9.                                      Pronouns.
Whenever the context may require, any pronouns used in this Agreement shall
include the corresponding masculine, feminine or neuter forms, and the singular
forms of nouns and pronouns shall include the plural, and vice versa.

10.                                Entire
Agreement. This Agreement constitutes the entire agreement between the
parties and supersedes all prior agreements and understandings, whether written
or oral, relating to the subject matter of this Agreement.

11.                                Amendment.
This Agreement may be amended or modified only by a written instrument executed
by both the Company and the Employee.

12.                                Governing
Law; Jurisdiction and Arbitration.

	
  

  	
  12.1.

  	
  Governing Law and Jurisdiction.
  This Agreement shall be construed, interpreted and enforced in accordance
  with the laws of the Commonwealth of Massachusetts. The parties agree that
  any disputes arising under this Agreement or otherwise related to the
  Employee’s employment with the Company shall be brought exclusively in the
  state and federal courts located in the Commonwealth of Massachusetts and the
  parties hereby waive any defense of lack of personal jurisdiction in any such
  action.

  
	
   

  	
  12.2.

  	
  Arbitration.

  

a)    Except for the “Excluded
Claims” identified in Section 12.2(b), any controversy or claim arising out of
or relating to: (i) this Agreement, or the breach thereof, (ii) any other
document or agreement referred to in this 

 10

Agreement; (iii) claims for wages or other
compensation due, (iv) tort claims, (v) claims for discrimination (including,
but not limited to, race, sex, sexual orientation, religion, national origin,
age, marital status, physical or mental disability or handicap, or medical
condition), (vi) claims for benefits (except claims under an employee benefit
or pension plan that either (1) specifies that its claims procedure shall
culminate in an arbitration procedure different from this one, or (2) is
underwritten by a commercial insurer which decides claims); (vii) claims for
violation of any federal, state or other governmental law, statute, regulation,
or ordinance; and (viii) other claims regarding your employment with or
separation from the Company, shall be settled by arbitration administered by
the American Arbitration Association under its National Rules for the
Resolution of Employment Disputes. The arbitration process shall be instigated
by either party giving written notice to the other of the desire for arbitration
and the factual allegations underlying the basis for the dispute. Only a person
who is a practicing lawyer admitted to a state bar may serve as the arbitrator.
The American Arbitration Association’s National Rules For The Resolution Of
Employment Disputes shall control any discovery conducted in connection with
the arbitration.

b)                                    The
“Excluded Claims” include: (i) claims for workers’ compensation or unemployment
compensation benefits, which shall be heard pursuant to the laws governing such
claims, and (ii) claims by the Company or by me for temporary restraining
orders or preliminary injunctions (“temporary equitable relief) in cases in
which such temporary equitable relief would be otherwise authorized by law,
including but not limited to claims

 11
 

 

pursuant to Section 6 of this Agreement, which
claims may be brought in a court of competent jurisdiction pursuant to Section
12.1. Such resort to temporary equitable relief shall be in aid of arbitration
only, and in such cases the trial on the merits of the action will occur in
front of, and will be decided by, the Arbitrator, who will have the same
ability to order legal or equitable remedies as could a court of general
jurisdiction.

c)                                     The Company will be responsible for paying
any filing fee and the fees and costs of the Arbitrator; provided, however,
that if the Employee is the party initiating the claim, he will contribute an
amount equal to the filing fee to initiate a claim in the court of general
jurisdiction in the Commonwealth of Massachusetts. Each party shall pay for its
own costs and attorneys’ fees, if any. However, if any party prevails on a
statutory claim which affords the prevailing party attorneys’ fees and costs,
the Arbitrator may award reasonable attorneys’ fees and/or costs to the
prevailing party, applying the same standards a court would apply under the law
applicable to the claim(s).

d)                                    Any result reached by the arbitrator shall be
binding on all parties to the arbitration, and no appeal may be taken. It is
agreed that any party to any award rendered in such arbitration proceeding may
seek a judgment upon the award and that judgment may be entered thereon by any
court having jurisdiction. The arbitration shall be conducted in the State of
Massachusetts.

e)                                     Waiver of Jury Trial. I UNDERSTAND THAT BY SIGNING THIS
ARBITRATION AGREEMENT, I AM WAIVING MY RIGHT TO A JURY TRIAL.

 12
 

 

13.                                Successors
and Assigns. This Agreement is intended to bind and inure to the benefit of
and be enforceable by the Employee and the Company, and their respective
successors and assigns, except that the Employee may not assign any of his
duties hereunder and he may not assign any of his rights hereunder without the
prior written consent of the Company. The
Company shall have the right at any time to assign this Agreement to its
successors and assigns; provided, however, that the assignee or transferee is
the successor to all or substantially all of the business and assets of the
Company and such assignee or transferee assumes all of the obligations, duties
and liabilities of the Company set forth in this Agreement.

14.                                Acknowledgment. The Employee states and
represents that he has had an opportunity to fully discuss and review the terms of this Agreement with an attorney.
The Employee further states and represents that he has carefully read this
Agreement, understands the contents herein, freely and voluntarily assents to
all of the terms and conditions hereof and signs his name of his own free act.

15.                                No Waiver. No delay or omission by
the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right. A
waiver or consent given by the Company on any one occasion shall be effective
only in that instance and shall not be construed as a bar or waiver of any
right on any other occasion. Any ambiguity in this Agreement will not be
construed against the party who drafted the provision or this Agreement.

16.                                Captions. The captions of the sections of this Agreement are for convenience of
reference only and in no way define, limit or affect the scope or substance of
any section of this Agreement.

 13
 

 

17.                                 Severability. In case any provision of this Agreement
shall be invalid, illegal or otherwise unenforceable, the validity, legality
and enforceability of the remaining provisions shall in no way be affected or
impaired thereby.

18.                                Counterparts. This Agreement may be
executed in one or more counterparts, each of which shall be deemed an original and all of which shall constitute one
and the same Agreement. The respective rights and obligations of the parties
hereunder shall survive any termination of
this Agreement to the extent necessary to the intended preservation of such
rights and obligations.

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day
and year set forth above.

	
  

  	
  MEDICAL DEVICE
  MANUFACTURING, INC.

  (dba) ACCELLENT, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RON SPARKS

  
	
   

  	
  Ron Sparks

  
	
   

  	
  President &
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
  /s/ DANIEL
  DESANTIS

  
	
   

  	
  Daniel DeSantis

  

 

 14

NON-DISCLOSURE, NON-SOLICITATION, NON-COMPETITION

AND INVENTION ASSIGNMENT AGREEMENT

This Non-Disclosure,
Non-Solicitation, Non-Competition and Invention Assignment Agreement is made by
and between Medical Device Manufacturing, Inc. (dba) Accellent, Inc., a CO
corporation (hereinafter referred to collectively with any of its subsidiaries
as the “Company”), and Daniel DeSantis (the “Employee”).

IN CONSIDERATION of the
employment and continued employment of the Employee by the Company, the
Employee and the Company agree as follows:

1.             Condition
of Employment.

The Employee acknowledges
that his employment with the Company is contingent upon his agreement to sign
and adhere to the provisions of this Non-Disclosure, Non-Solicitation,
Non-Competition and Invention Assignment Agreement (the “Agreement”).

2.             Proprietary
and Confidential Information.

(a)           The
Employee agrees that all information, whether or not in writing, of a private,
secret or confidential nature concerning the Company’s business, business
relationships, financial affairs or technical information (collectively, “Proprietary
Information”) is and shall be the exclusive property of the Company.  By way of illustration, but not limitation,
Proprietary Information may include any confidential information provided by
third parties, including confidential customer information, discoveries,
inventions, products, product improvements, product enhancements, processes,
methods, manufacturing and engineering techniques, formulas, compositions,
compounds, negotiation strategies and positions, projects, developments, plans
(including business and marketing plans), research data, clinical data,
financial data (including sales costs, profits, pricing methods), personnel
data, computer programs (including software used pursuant to a license
agreement), customer and supplier lists, and contacts at or knowledge of
customers or prospective customers of the Company.  The Employee will not disclose any
Proprietary Information to any person or entity other than employees of the
Company or use the same for any purposes (other than in the performance of his
duties as an employee of the Company) without written approval by an officer of
the Company, either during or after his employment with the Company, unless and
until such Proprietary Information has become public knowledge without fault by
the Employee.

(b)           The
Employee agrees that all files, documents, letters, memoranda, reports,
records, data, sketches, drawings, models, notebooks, program listings,
computer equipment or devices, computer programs or other written,
photographic, or other tangible material containing Proprietary Information,
whether created by the Employee or others, which shall come into his custody or
possession, shall be and are the exclusive property of the Company to be used
by the Employee only in the performance of his duties for the Company and shall
not be copied or removed from the Company premises except in the pursuit of the
business of the Company.  All such
materials or copies thereof and all tangible property of the Company in the
custody or possession of the Employee shall be delivered to the Company, upon
the earlier of (i) a request

 15
 

by the
Company or (ii) termination of his employment. 
After such delivery, the Employee shall not retain any such materials or
copies thereof or any such tangible property.

(c)           The
Employee agrees that his obligation not to disclose or to use information and
materials of the types set forth in paragraphs (a) and (b) above, and his
obligation to return materials and tangible property set forth in paragraph (b)
above also extends to such types of information, materials and tangible
property of customers of the Company or suppliers to the Company or other third
parties who may have disclosed or entrusted the same to the Company or to the
Employee.

3.             Invention Assignment.

(a)           The Employee agrees to fully and promptly
disclose to the Company any inventions, improvements, processes, procedures,
techniques, documentation, specifications, research, designs, files, methods,
ideas, whether patentable or not (collectively referred to as “Inventions”), which are created, made, conceived or
reduced to practice by the Employee or under the Employee’s direction, whether
or not during normal working hours or on the premises of the Company.  The Employee has attached hereto as Schedule
A, a list of Inventions as of the date of this Agreement which belong to
the Employee and which the Employee shall not assign to the Company (the “Prior
Inventions”), or, if no such list is attached, the Employee represents that
there are no such Prior Inventions.

(b)           Any and all Inventions which the Employee may make,
conceive, discover or develop during the term of his employment with the
Company shall be deemed works made for hire under the applicable copyright
laws, and it is intended that all such Inventions shall be the sole and exclusive property of
the Company.  The Employee agrees to
assign and hereby does assign to the Company all his rights and interests in
all Inventions, patents, copyrights, trademarks, and rights to royalties with
respect to such Inventions, patents, copyrights, and trademarks, including all
proprietary rights, publication rights, display rights, attribution rights,
integrity rights, approval rights, publicity rights, privacy rights, or moral
rights associated therewith.  The
Employee understands that this paragraph (b) shall not apply to Inventions
which are made and conceived by the Employee (i) not during normal working hours, (ii) not on the Company’s premises, (iii)
not using the Company’s tools, devices, equipment, or Proprietary Information
(as defined in Paragraph 1), and (iv) not otherwise related to the business of
the Company.  The Employee further
understands that this paragraph (b) shall not apply to Prior Inventions listed
on Schedule A.

(c)           The Employee agrees to cooperate fully with the Company,
both during and after his employment, to write and prepare all specifications
and procedures regarding such Inventions and otherwise aid and assist the
Company to procure, maintain, or enforce copyrights, patents or other
intellectual property rights relating to Inventions.  The Employee agrees to sign all papers,
including without limitation, copyright applications, patent applications,
declarations, oaths, formal assignments, assignment of priority rights, and
powers of attorney, which the Company deems necessary or desirable in order to
protect its rights and interests in Inventions. 
The Employee understands that he shall not receive any special or
additional compensation for performing his obligations under this paragraph
(c).  If the Employee is called upon to
render

 16
 

such assistance after he leaves the Company,
however, the Employee will be entitled to reimbursement of any reasonable
expenses incurred at the request of the Company.

4.             Other
Agreements.

The Employee hereby
represents that, except as the Employee has disclosed in writing to the
Company, the Employee is not bound by the terms of any agreement with any
previous employer or other party to refrain from using or disclosing any trade
secret or confidential or proprietary information in the course of his
employment with the Company, to refrain from competing, directly or indirectly,
with the business of such previous employer or any other party, or to refrain from
soliciting employees, customers or suppliers of such previous employer or other
party.  The Employee further represents
that his performance of all the terms of this Agreement and the performance of
his duties as an employee of the Company do not and will not breach any
agreement with any prior employer or other party to which the Employee is a
party (including without limitation any non-disclosure or non-competition
agreement), and that the Employee will not disclose to the Company or induce
the Company to use any confidential or proprietary information or material
belonging to any previous employer or others.

5.             Non-Competition and
Non-Solicitation.

While employed by
the Company, the Employee shall devote all of his business time, attention,
skill and effort to the faithful performance of his duties for the
Company.  For a period of one (1) year
after the termination or cessation of Employee’s employment for any reason, the
Employee will not, in the geographical areas that the Company or any of its
subsidiaries does business or has done business at the time of Employee’s
departure, directly or indirectly:

(a)           Engage
or assist others in engaging in any business or enterprise (whether as owner,
partner, officer, director, employee, consultant, investor, lender or
otherwise, except as the holder of not more than 1% of the outstanding stock of
a publicly-held company) that is competitive with the Company’s business,
including but not limited to any business or enterprise that develops,
manufactures, markets, or sells any product or service that competes with any
product or service developed, manufactured, marketed or sold, or planned to be
developed, manufactured, marketed or sold, by the Company or any of its
subsidiaries while the Employee was employed by the Company; or

(b)           Either
alone or in association with others (i) induce or attempt to induce, any
employee or independent contractor of the Company to leave employment or other
engagement with the Company, or (ii) hire, solicit or recruit or attempt to hire,
solicit or recruit for employment engagement as an independent contractor, or
any person who was employed by the Company at any time during the term of the
Employee’s employment with the Company. 
This restriction shall not apply to hire of any individual who has not
been employed by the Company for a period of six (6) months or more; or

(c)           Either
alone or in association with others, solicit, divert or take away, or attempt
to solicit, divert or take away, the business or patronage of any of the
clients, customers, business partners, investors or accounts of the Company
which were contacted, solicited or served by the

 17
 

Company
at any time during the term of the Employee’s employment with the Company and
regarding which the Employee had either: 
(i) substantive contact; or (ii) access to confidential information.

6.             Not
An Employment Contract.

The Employee acknowledges
that this Agreement does not constitute a contract of employment, either
express or implied, and does not imply that the Company will continue the
Employee’s employment for any period of time. 
This Agreement shall in no way alter the Company’s policy of employment
at will, under which both the Employee and the Company remain free to terminate
the employment relationship, with or without cause, at any time, with or
without notice.  This at-will employment
relationship may only be altered in a writing signed by the President of the
Company.

7.             Return
of Company Property.

The Employee agrees to return immediately upon the
cessation of his employment with the Company or earlier if requested by the
Company, all Company property including, but not limited to, keys, files,
records (and copies thereof), computer hardware and software, cellular phones,
pagers, and Company vehicle, which is in his possession or control.  The Employee acknowledges he has no ownership
rights over such property.  The Employee
further agrees to leave intact all electronic Company documents, including
those, which he developed or help develop during his employment.

8.             General
Provisions.

(a)           Entire
Agreement.  This Agreement supersedes
all prior agreements, written or oral, between the Employee and the Company
relating to the subject matter of this Agreement.  This Agreement may not be modified, changed
or discharged in whole or in part, except by an agreement in writing signed by
the Employee and the Company.  The
Employee agrees that any change or changes in his duties, salary or
compensation after the signing of this Agreement shall not affect the validity
or scope of this Agreement.

(b)           Interpretation.  If the Employee violates the provisions of
Section 5 of this Agreement, the Employee shall continue to be bound by the
restrictions set forth in Section 5 until a period of one (1) year has expired
without any violation of such provisions. 
If any restriction set forth in Section 5 is found by any court of
competent jurisdiction to be unenforceable because it extends for too long a
period of time or over too great a range of activities or in too broad a
geographic area, it shall be interpreted to extend only over the maximum period
of time, range of activities or geographic area as to which it may be
enforceable.

(c)           Severability.  The invalidity or unenforceability of any
provision of this Agreement shall not affect or impair the validity or
enforceability of any other provision of this Agreement.

 18
 

(d)           Waiver.  No delay or omission by the Company in
exercising any right under this Agreement will operate as a waiver of that or
any other right.  A waiver or consent
given by the Company on any one occasion is effective only in that instance and
will not be construed as a bar to or waiver of any right on any other occasion.

(e)           Employee
Acknowledgment and Equitable Remedies. 
The Employee acknowledges that the restrictions contained in this
Agreement are necessary for the protection of the business and goodwill of the
Company and considers the restrictions to be reasonable for such purpose.  The Employee agrees that any breach of this
Agreement is likely to cause the Company substantial and irrevocable damage and
that therefore, in the event of any breach of this Agreement, the Employee
agrees that the Company, in addition to any and all such other remedies that
may be available, shall be entitled to specific performance and other injunctive
relief without posting a bond.

(f)            Successors
and Assigns.  This Agreement shall be
binding upon and inure to the benefit of both parties and their respective
successors and assigns, including any corporation or entity with which or into
which the Company may be merged or which may succeed to its assets or business,
provided however that the obligations of the Employee are personal and shall
not be assigned by the Employee.

(g)           Subsidiaries
and Affiliates.  The Employee
expressly consents to be bound by the provisions of this Agreement for the
benefit of the Company or any subsidiary or affiliate thereof to whose employ
the Employee may be transferred without the necessity that this Agreement be
re-signed at the time of such transfer.

(h)           Governing
Law, Forum and Jurisdiction.  This
Agreement shall be governed by and construed as a sealed instrument under and
in accordance with the laws of the Commonwealth of Pennsylvania (without
reference to the conflicts of law provisions thereof).  Any action, suit, or other legal proceeding
that is commenced to resolve any matter arising under or relating to any
provision of this Agreement shall be commenced only in a court of the
Commonwealth of Pennsylvania (or, if appropriate, a federal court located
within Pennsylvania), and the Company and the Employee each consents to the
jurisdiction of such a court.

(i)            Captions.  The captions of the sections of this
Agreement are for convenience of reference only and in no way define, limit or
affect the scope or substance of any section of this Agreement.

 19
 

THE EMPLOYEE ACKNOWLEDGES
THAT HE HAS CAREFULLY READ THIS AGREEMENT AND FULLY UNDERSTANDS AND AGREES TO
ALL OF THE PROVISIONS IN THIS AGREEMENT.

	
  

  	
  ACCELLENT, INC.:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ron Sparks

  
	
   

  	
   

  	
  President and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Daniel DeSantis

  
	
   

  	
   

  	
  (Signature)

  

 

 20

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