Document:

exv10w17

 Exhibit 10.17

FORM OF EXECUTIVE CHANGE IN CONTROL SEVERANCE AGREEMENT

          This Executive Change in Control Severance Agreement (this “Agreement”), is made as of the
22nd day of March, 2010 (the “Effective Date”), by and between TTM Technologies, Inc., a
Delaware corporation (the “Company”), and                      (the “Executive”).

Recitals

          A. The Executive currently serves as                      of the Company.

          B. The Board of Directors of the Company (the “Board”) acknowledges that the potential for a
change in control of the Company, whether friendly or hostile, currently exists and from time to
time in the future will exist, which potential can give rise to uncertainty among the senior
executives of the Company. The Board considers it essential to the best interests of the Company
to reduce the risk of the Executive’s departure and the inevitable distraction of the Executive’s
attention from his or her duties to the Company, which are normally attendant to such
uncertainties.

          C. The Executive confirms that the terms of this Agreement reduce the risks of his or her
departure and distraction of his or her attention from his or her duties to the Company and,
accordingly, desires to enter into this Agreement.

Agreement

          In consideration of the foregoing and the mutual covenants contained herein, the Company and
the Executive agree as follows:

          1. Definitions. Capitalized terms used herein shall have the meanings given to them
in Appendix I attached hereto, except where the context requires otherwise.

          2. Term of Agreement. This Agreement shall be effective as of the Effective Date and
shall continue in effect until the second anniversary of the Effective Date, provided, however,
that the term of this Agreement automatically shall be extended for one additional year effective
as of each anniversary of the Effective Date beginning with the second anniversary, unless either
the Company or the Executive provides written notice to the other that the term of this Agreement
shall terminate on the upcoming anniversary of the Effective Date, provided such notice is received
by the receiving party not less than ninety (90) days prior to the intended date of termination and
provided further that the Company shall not be entitled to deliver to the Executive such notice in
the event of a Change in Control or a Pending Change in Control. Notwithstanding the foregoing,
this Agreement shall terminate immediately upon the later to occur of (a) the termination of the
Executive’s employment other than in the event of a Change in Control or a Pending Change in
Control or (b) 12 months following a Change in Control.

          3. At Will Employment; Reasons for Termination. The Executive’s employment shall
continue to be at-will, as defined under applicable law. If the Executive’s employment terminates
for any reason or no reason, the Executive shall not be entitled to any compensation, benefits,
damages, awards or other payments in respect of such termination, except as provided in this
Agreement or pursuant to the terms of any Applicable Benefit Plan. The Executive’s employment
shall be deemed to be terminated upon the first to occur of the following: (a) the Executive’s
voluntary resignation; (b) termination by the Company for any reason; (c) the Executive’s death or
Long-Term Disability; and (d) termination by the Executive for Good Reason following a Change in
Control.

          4. Severance Benefits.

               (a) Compensation and Benefits Required by Law or Applicable Benefit Plan.
Notwithstanding anything to the contrary herein, the Executive or his or her estate shall be
entitled to any and all compensation, benefits, awards and other payments required by any
Applicable Benefit Plan, the COBRA Act or other applicable law, after taking into account the
agreements set forth herein.

 

 

               (b) No Payments Without Release. Notwithstanding anything to the contrary contained
herein, the Executive shall not be entitled to any of the compensation, benefits or other payments
provided herein in respect of the termination of his or her employment, unless and until he or she
has provided to the Company a full release of claims, substantially in the form of Appendix
II attached hereto, which release (i) shall be dated not earlier than the date of the
termination of his or her employment, (ii) shall not have been revoked by the Executive, and (iii)
shall release the Company of any claims that the Executive may have in respect of his or her
employment with the Company or the termination thereof.

          (c) Involuntary Termination. In the event the Executive’s employment is
terminated under circumstances constituting an Involuntary Termination, the Executive shall
be entitled to receive:

               (i) within 15 calendar days after the Date of Termination, the Executive’s Accrued
Compensation through the Date of Termination; and

               (ii) within 15 calendar days after the period for revocation of the release referenced
in paragraph (b) above has lapsed, the amount in cash equal to two times the sum of
(A) the Executive’s annual Base Salary, plus (B) the Executive’s Target Bonus.

          5. Effect on Option, Restricted Stock and Restricted Stock Unit Agreements.

          (a) In the event options held by the Executive are assumed by the surviving entity in
connection with a Change in Control, if an Involuntary Termination of the Executive’s
employment occurs, vesting of any and all assumed options held by the Executive shall be
accelerated so that all unexpired options then held by the Executive shall be fully vested
and exercisable immediately upon the Involuntary Termination.

          (b) In the event Restricted Stock or RSUs held by the Executive are assumed by the
surviving entity in connection with a Change in Control, if an Involuntary Termination of
the Executive’s employment occurs, vesting of any and all assumed Restricted Stock and RSUs
held by the Executive shall be accelerated so that all Restricted Stock and RSUs then held
by the Executive shall be fully vested and exercisable immediately upon the Involuntary
Termination.

          (c) The termination of the Executive’s employment by the Company without Cause during a
Pending Change in Control shall have no effect on the vesting of the options, Restricted
Stock or RSUs then held by the Executive. If the Change in Control is effected, then the
options, Restricted Stock and RSUs held by the Executive as of the Date of Termination shall
be treated as if the Executive’s employment had not been terminated and the Executive shall
have rights as set forth under Section 5(a) or 5(b) above. If the Change in Control is not effected
within three months following the Date of Termination, then the options and Restricted Stock
held by the Executive as of the Date of Termination shall be treated as if the Executive’s
employment had been terminated as of such three-month anniversary of the Date of
Termination.

          (d) In the event the Executive’s employment is terminated by the Company under any
circumstances other than those described in paragraphs (a) through (c) of this Section
5, the effect of such termination of employment on the options, Restricted Stock or RSUs
then held by the Executive shall be as set forth in the agreements representing such
options, Restricted Stock or RSUs.

          6. Mitigation. In no event shall the Executive be obligated to seek other employment
or take any other action by way of mitigation of the amounts payable to the Executive under any of
the provisions of this Agreement, and except as set forth in Section 4, such amounts shall not be
reduced whether or not the Executive obtains other employment.

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          7. Successors.

          (a) This Agreement is personal to the Executive, and, without the prior written consent
of the Company, shall not be assignable by the Executive other than by will or the laws of
descent and distribution. This Agreement shall inure to the benefit of and be enforceable
by the Executive’s legal representatives.

          (b) This Agreement shall inure to the benefit of and be binding upon the Company and
its successors and assigns.

          (c) The Company shall use reasonable efforts to require any successor (whether direct
or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of
the business or assets of the Company to assume expressly and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to
perform it if no such succession had taken place.

          8. Miscellaneous.

          (a) The captions of this Agreement are not part of the provisions hereof and shall have
no force or effect. This Agreement constitutes the entire agreement and understanding of
the parties in respect of the subject matter hereof and supersedes all prior understanding,
agreements, or representations by or among the parties, written or oral, to the extent they
relate in any away to the subject matter hereof (including but not limited to any provisions
with respect to severance payments related to any “change in control” that may be included
in any prior offer letter, employment agreement or earlier executive change in control
severance agreement); provided, however, this Agreement shall have no effect on any
confidentiality agreements or assignment of inventions agreements between the parties. This
Agreement may not be amended or modified other than by a written agreement executed by the
parties hereto or their respective successors and legal representatives.

          (b) All notices and other communications hereunder shall be in writing and shall be
given by hand delivery to the other party or by registered or certified mail, return receipt
requested, postage prepaid, addressed as follows:

if to the Executive:

                                        

                                        

                                        

if to the Company:

TTM Technologies, Inc.

2630 S. Harbor Boulevard

Santa Ana, CA 92704

Attn: Chief Executive Officer

With a copy to:

Greenberg Traurig, LLP

2375 E. Camelback Road, Suite 700

Phoenix, Arizona 85016

Attention: Bruce E. Macdonough

or to such other address as either party shall have furnished to the other in writing in accordance
herewith. Notice and communications shall be effective when actually received by the addressee.

3

 

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

          (d) The Company may withhold from any amounts payable under this Agreement such
federal, state or local or foreign taxes as shall be required to be withheld pursuant to any
applicable law or regulation.

          (e) The Executive’s or the Company’s failure to insist upon strict compliance with any
provision of this Agreement or the failure to assert any right the Executive or the Company
may have hereunder shall not be deemed to be a waiver of such provision or right or any
other provision or right of this Agreement.

          (f) All claims by the Executive for payments or benefits under this Agreement shall be
promptly forwarded to and addressed by the Compensation Committee and shall be in writing.
Any denial by the Compensation Committee of a claim for benefits under this Agreement shall
be delivered to the Executive in writing and shall set forth the specific reasons for the
denial and the specific provisions of this Agreement relied upon. The Compensation
Committee shall afford the Executive a reasonable opportunity for a review of the decision
denying a claim and shall further allow the Executive make a written demand upon the Company
to submit the disputed matter to arbitration in accordance with the provisions of
paragraph (g) below. The Company shall pay all expenses of the Executive, including
reasonable attorneys and expert fees, in connection with any such arbitration. If for any
reason the arbitrator has not made his or her award within one hundred eighty (180) days
from the date of Executive’s demand for arbitration, such arbitration proceedings shall be
immediately suspended and the Company shall be deemed to have agreed to Executive’s
position. Thereafter, the Company shall, as soon as practicable and in any event within 10
business days after the expiration of such 180-day period, pay Executive his or her
reasonable expenses and all amounts reasonably claimed by him or her that were the subject
of such dispute and arbitration proceedings.

          (g) Subject to the terms of paragraph (f) above, any dispute arising from, or
relating to, this Agreement shall be resolved at the request of either party through binding
arbitration in accordance with this paragraph (g). Within 10 business days after
demand for arbitration has been made by either party, the parties, and/or their counsel,
shall meet to discuss the issues involved, to discuss a suitable arbitrator and arbitration
procedure, and to agree on arbitration rules particularly tailored to the matter in dispute,
with a view to the dispute’s prompt, efficient, and just resolution. Upon the failure of
the parties to agree upon arbitration rules and procedures within a reasonable time (not
longer than 15 business days from the demand), the Commercial Arbitration Rules of the
American Arbitration Association shall be applicable. Likewise, upon the failure of the
parties to agree upon an arbitrator within a reasonable time (not longer than 15 business
days from demand), there shall be a panel comprised of three arbitrators, one to be
appointed by each party and the third one to be selected by the two arbitrators jointly, or
by the American Arbitration Association, if the two arbitrators cannot decide on a third
arbitrator. At least 30 days before the arbitration hearing (which shall be set for a date
no later than 60 days from the demand), the parties shall allow each other reasonable
written discovery including the inspection and copying of documents and other tangible items
relevant to the issues that are to be presented at the arbitration hearing. The
arbitrator(s) shall be empowered to decide any disputes regarding the scope of discovery.
The award rendered by the arbitrator(s) shall be final and binding upon both parties. The
arbitration shall be conducted in Orange County in the State of California. The California
District Court located in Orange County shall have exclusive jurisdiction over disputes
between the parties in connection with such arbitration and the enforcement thereof, and the
parties consent to the jurisdiction and venue of such court for such purpose.

          (h) This Agreement shall be governed by the laws of the State of California, without
giving effect to any choice of law provision or rule (whether of the State of California or
any other jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of California.

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          9. Other Terms Relating to Section 409A

          (a) Except as provided in Section 9(b), amounts payable under this Agreement
following Executive’s termination of employment, other than those expressly payable on a
deferred or installment basis or as reimbursement of expenses, will be paid as promptly as
practicable after such a termination of employment and, in any event, within 2 1/2 months
after the end of the year in which employment terminates and amounts payable as
reimbursements of expenses to the Executive must be made on or before the last day of the
calendar year following the calendar year in which such expense was incurred.

          (b) Anything in this Agreement to the contrary notwithstanding, if (i) on the date of
termination of Executive’s employment with the Company or a subsidiary, any of the Company’s
stock is publicly traded on an established securities market or otherwise (within the
meaning of Section 409A(a)(2)(B)(i) of the Internal Revenue Code, as amended (the “Code”)),
(ii) if Executive is determined to be a “specified employee” within the meaning of Section
409A(a)(2)(B) of the Code, (iii) the payments exceed the amounts permitted to be paid
pursuant to Treasury Regulations section 1.409A-1(b)(9)(iii) and (iv) such delay is required
to avoid the imposition of the tax set forth in Section 409A(a)(1) of the Code, as a result
of such termination, the Executive would receive any payment that, absent the application of
this Section 9(b), would be subject to interest and additional tax imposed pursuant to
Section 409A(a) of the Code as a result of the application of Section 409A(2)(B)(i) of the
Code, then no such payment shall be payable prior to the date that is the earliest of (A)
six months after the Executive’s termination date, (B) the Executive’s death or (C) such
other date as will cause such payment not to be subject to such interest and additional tax
(with a catch-up payment equal to the sum of all amounts that have been delayed to be made
as of the date of the initial payment).

          (c) It is the intention of the parties that payments or benefits payable under this
Agreement not be subject to the additional tax imposed pursuant to Section 409A of the Code.
To the extent such potential payments or benefits could become subject to such Section, the
parties shall cooperate to amend this Agreement with the goal of giving the Executive the
economic benefits described herein in a manner that does not result in such tax being
imposed.

          (d) A termination of employment under this Agreement shall be deemed to occur only in
circumstances that would constitute a separation from service for purposes of Treasury
Regulations section 1.409A-1(h)(1)(ii).

          (e) Wherever payments under this Agreement are to be made in installments, each such
installment shall be deemed to be a separate payment for purposes of Section 409A.

               IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth in the
Preamble hereto.

	 	 	 	 	 	 	 
	 	 	TTM TECHNOLOGIES, INC.
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 
	 

	 	 	 	 	 
	 
	 

	 	Name: 	 	 	 
	 

	 	 	 	 	 	 
	 
	 

	 	Title:	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 
	 	 	[Name of Executive]	 	 

5

 

APPENDIX I

DEFINITIONS

               (a) “Accrued Compensation” means an amount including all amounts earned or accrued through the
Date of Termination but not paid as of the Date of Termination including (i) Base Salary, (ii)
reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the
Company during the period ending on the Date of Termination, (iii) vacation and sick leave pay (to
the extent provided by Company policy or applicable law), and (iv) incentive compensation (if any)
earned in respect of any period ended prior to the Date of Termination. It is expressly
understood that incentive compensation shall have been “earned” as of the time that the conditions
to such incentive compensation have been met, even if not calculated or payable at such time.

               (b) “Affiliate” shall have the meaning set forth in Rule 12b-2 of the regulations promulgated
under the Securities Exchange Act of 1934, as amended.

               (c) “Agreement” means this Executive Change in Control Severance Agreement, as set forth in
the Preamble hereto.

               (d) “Applicable Benefit Plan” means any written employee benefit plan in effect and in which
the Executive participates as of the time of the termination of his or her employment.

               (e) “Base Salary” means the Executive’s annual base salary at the rate in effect during the
last regularly scheduled payroll period immediately preceding the occurrence of the Change in
Control or termination of employment and does not include, for example, bonuses, overtime
compensation, incentive pay, fringe benefits, sales commissions or expense allowances.

               (f) “Benefits” means the benefits for the Executive and/or the Executive’s family that are
being provided to the Executive and/or the Executive’s family immediately prior to the Date of
Termination, including the welfare benefit plans, practices, policies and programs provided by the
Company (including, without limitation, medical, prescription, dental, disability, employee life,
group life, accidental death and travel accident insurance plans and programs) and, if applicable,
car allowance, as set forth in Section 4 hereof.

               (g) “Board” means the Board of Directors of the Company, as set forth in the Recitals hereto.

               (h) “Cause” means any of the following:

                    (i) the charging or indictment of the Executive or the Executive’s conviction of, or entry of
a plea of no contest with respect to, any felony or any crime involving moral turpitude;

                    (ii) the commission by the Executive of any other material act of fraud or intentional
dishonesty with respect to the Company or any of its Subsidiaries or Affiliates;

                    (iii) a material breach by the Executive of his or her fiduciary duties to the Company or any
of its Subsidiaries. including the commission by the Executive of an act of fraud or embezzlement
against the Company or any of its Subsidiaries or Affiliates;

                    (iv) failure by the Executive to perform in a material manner his or her properly assigned
duties after at least one written warning specifically advising him or her of such failure and
providing him or her with l0 days to resume performance in accordance with his or her assigned
duties;

 

 

                    (v) any breach by the Executive of any of the material terms of (A) this Agreement, or (B) any
other agreement between the Company and the Executive;

                    (vi) the association, directly or indirectly, of the Executive, for his or her profit or
financial benefit, with any person, firm, partnership, association, entity or corporation that
competes, in any material way, with the Company;

                    (vii) the disclosing or using of any material Company Information at any time by the
Executive; or

                    (viii) any material breach of a Company policy.

               (i) “Change in Control” shall be deemed to occur upon the consummation of any of the following
transactions:

                    (i) a merger or consolidation in which the Company is not the surviving entity, except for a
transaction the principal purpose of which is to change the state of the Company’s incorporation or
a transaction in which 50% or more of the surviving entity’s outstanding voting stock following the
transaction is held by holders who held 50% or more of the Company’s outstanding voting stock prior
to such transaction; or

                    (ii) the sale, transfer or other disposition of all or substantially all of the assets of the
Company; or

                    (iii) any reverse merger in which the Company is the surviving entity, but in which 50% or
more of the Company’s outstanding voting stock is transferred to holders different from those who
held the stock immediately prior to such merger; or

                    (iv) the acquisition by any person (or entity), directly or indirectly, of 50% or more of the
combined voting power of the outstanding shares of Common Stock.

               (j) “Code” means the Internal Revenue Code of 1986, as amended.

               (k) “Common Stock” means common stock, par value $0.001, of the Company.

               (l) “Company” means TTM Technologies, Inc., a Delaware corporation, as set forth in the
Preamble hereto.

               (m) “Date of Termination” means (i) if the Executive’s employment is terminated for Cause, the
date of receipt by the Executive of written notice from the Board or the Chief Executive Officer
that the Executive has been terminated, or any later date specified therein, as the case may be,
(ii) if the Executive’s employment is terminated by the Company other than for Cause, death or
Long-Term Disability, the date specified in the Company’s written notice to the Executive of such
termination, (iii) if the Executive’s employment is terminated by reason of the Executive’s death
or Long-Term Disability, the date of such death or the effective date of such Long-Term Disability,
(iv) if the Executive’s employment is terminated by Executive’s resignation that constitutes
Involuntary Termination under this Agreement, the date of the Company’s receipt of the Executive’s
notice of termination or any later date specified therein.

               (n) “Effective Date” means the date set forth in the Preamble hereto.

               (o) “Executive” means the individual identified in the Preamble hereto.

               (p) “Good Reason” means any of the following:

Appendix I-ii 

 

                    (i) a material reduction in the Executive’s duties, level of responsibility or authority,
other than (A) reductions solely attributable to the Company ceasing to be a publicly held company
or becoming a subsidiary or division of another company, or (B) isolated incidents that are
promptly remedied by the Company; or

                    (ii) a reduction in the Executive’s Base Salary (other than in connection with a salary
reduction plan that applies proportionately to all officers of the Company, including the Chief
Executive Officer), without (A) the Executive’s express written consent or (B) an increase in the
Executive’s benefits, perquisites and/or guaranteed bonus, which increase(s) have a value
reasonably equivalent to the reduction in Base Salary; or

                    (iii) a reduction in the Executive’s Target Bonus, without (A) the Executive’s express written
consent or (B) an corresponding increase in the Executive’s Base Salary; or

                    (iv) a material reduction in the Benefits, taken as a whole, without the Executive’s express
written consent, that does not apply proportionately to all officers of the Company, including the
Chief Executive Officer; or

                    (v) the relocation of the Executive’s principal place of business to a location more than
thirty-five (35) miles from the Executive’s principal place of business immediately prior to the
Change in Control, without the Executive’s express written consent; or

                    (vi) the Company’s (or its successor’s) material breach of this Agreement.

               (q) “Involuntary Termination” means the termination of Executive’s employment with the
Company:

                    (i) by the Company without Cause during a Pending Change in Control or within 12 months
following a Change in Control, or

                    (ii) by the Executive for Good Reason within  12 months following a Change in Control.

               (r) “Long-Term Disability” is defined according to the Company’s insurance policy regarding
long-term disability for its employees.

               (s) “Pending Change in Control” means that one or more of the following events has occurred
and a Change in Control pursuant thereto is reasonably expected to be effected within 90 days of
the date as of the determination as to whether there is a Pending Change in Control: (i) the
Company executes a letter of intent, term sheet or similar instrument with respect to a transaction
or series of transactions, the consummation of which transaction(s) would result in a Change in
Control; (ii) the Board approves a transaction or series of transactions, the consummation of which
transaction(s) would result in a Change in Control; or (iii) a person makes a public announcement
of tender offer for the Common Stock, the completion of which would result in a Change in Control.
A Pending Change in Control shall cease to exist upon a Change in Control.

               (t) “Restricted Stock” means Common Stock issued by the Company with vesting restrictions and
subject to an award agreement pursuant to a stock plan of the Company.

               (u) “RSUs” mean restricted stock units granted by the Company pursuant to which the Company
has agreed to issue Common Stock upon the satisfaction of vesting and/or other conditions, which
RSUs are subject to an award agreement pursuant to a stock plan of the Company.

               (v) “Subsidiary” when used with respect to any Person means any other Person, whether
incorporated or unincorporated, of which (i) more than 50% of the securities or other ownership
interests or (ii) securities or other interests having by their terms ordinary voting power to
elect

Appendix I-iii 

 

more than 50% of the board of directors or others performing similar functions with respect to
such corporation or other organization, is directly owned or controlled by such Person or by any
one or more of its Subsidiaries.

               (w) “Target Bonus” means an amount equal to the annual bonus that the Executive would have
been eligible to receive for the Company’s fiscal year in which the Executive’s employment
terminates, assuming the achievement of 100% of the performance target level(s) associated with
such bonus.

Appendix I-iv 

 

APPENDIX II

FORM OF RELEASE

[DATE]

[INSERT NAME]

[ADDRESS]

[CITY], [STATE] [ZIP]

Dear ______:

     Reference is made to the Executive Change in Control Severance Agreement between the Company
and you dated _________ ___,  2010. This letter serves to document our mutual understanding
regarding the terms of your severance payment, and a full release of any and all actual or
potential claims relating to periods prior to the date that this letter becomes effective.

     Provided that you execute this letter (including attachments A&B) prior to the expiration of
twenty-two (22) days after the date hereof and you do not subsequently revoke this letter in
accordance with the provisions on revocation set forth on Attachment B hereto, we shall, as
severance pay, pay you a lump sum amount of $___, subject to applicable withholdings, with no
further benefit accrual.

     We look forward to working with you on a smooth transition of your responsibilities to others.
We all appreciate your past efforts on behalf of the Company and will be happy to help you
implement your future plans.

     Please understand that execution of the letter and its attachments and compliance with the
letter and its attachments shall not be considered as an admission by you or the Company of any
liability whatsoever; or as an admission by the Company of any violation of your rights or of any
other person or of any order, law, statute, or duty; or as an admission by you of any violation of
rights of the Company or of any other person or of any order, law, statute or duty.

     As a condition precedent to the receipt of consideration under the letter and its attachments,
you are required to return all items of Company property that you have in my possession or over
which you have control, including, but not limited to, any equipment belonging to the Company, all
code and computer programs, and information of whatever nature, as well as any other materials,
keys, pass codes, access cards, credit cards, computers, cellular telephones, facsimile machines,
copiers, phones, documents or information, including, but not limited to, trade secrets or
confidential information of the Company in your possession or control. Further, you shall not
retain copies thereof, including electronic copies and represent that you have not destroyed
information or documents belonging to the Company, except for documents routinely deleted, copies
of which have already been provided to the Company.

     You are to maintain the terms of the letter and its attachments as confidential and neither
you, nor any person or entity acting on your behalf, shall disclose any such terms of the letter
and its attachments to any third party, without the written consent of the Company, unless and only
to the extent that (a) such disclosure is required by law, or (b) such terms become generally
available to the public without any breach of the letter and its attachments by you: provided,
however, that you may disclose the terms of the letter and its attachments to your legal, business
and financial advisors, but not only to the extent such disclosure is necessary for such persons to
render professional services in connection therewith, and provided that prior to disclosure to any
such persons, such persons shall be furnished a copy of this Section of this Attachment A and shall
agree to be bound hereby for the benefit of the Company.

 

 

Very Truly Yours,

Agreed and accepted:

	 	 	 	 	 
	[INSERT NAME] 	TTM TECHNOLOGIES, INC.

 	 
	Date: _______________________________	By:  	 	 
	 
	 	Title: 	 	 
	 
	 	Date: 	 	 

Appendix II-ii 

 

	 	 	 	 	 

ATTACHMENT A TO APPENDIX II:

RELEASE AND COVENANT NOT TO SUE

1. Release. I, [INSERT NAME], do hereby release and discharge TTM Technologies, Inc., its
affiliates and subsidiaries, and each of their stockholders, officers, directors, members,
managers, partners, employees, representatives, agents and affiliates (collectively, the “Employer
Affiliates”, and each an “Employer Affiliate”) from any and all claims, demands or liabilities
whatsoever, whether known or unknown or suspected to exist by me, which I ever had or may now have
against any Employer Affiliate, from the beginning of time to the Effective Date of the letter
(including its attachments), including, without limitation, any claims, demands or liabilities in
connection with my employment, including wrongful termination, constructive discharge, breach of
express or implied contract, unpaid wages, benefits, attorneys fees or pursuant to any federal,
state, or local employment laws, regulations, or executive orders prohibiting inter alia, age,
race, color, sex, national origin, religion, handicap, veteran status, and disability
discrimination, including, without limitation, the Age Discrimination in Employment Act, Title VII
of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, the Civil Rights Act
of 1866, the Employee Retirement Income Security Act of 1974, the California Fair Employment and
Housing Act, the Prudence Kay Poppink Act, the California Family Rights Act, the Fair Labor
Standards Act, any state statute relating to employee benefits or pensions, and the Americans with
Disabilities Act of 1990. This Release does not waive rights or claims that may arise after the
Effective Date. I fully understand that if any fact with respect to which this Release is executed
is found hereafter to be other than or different from the facts in that connection believed by me
to be true, I expressly accept and assume the risk of such possible difference in fact and agree
that the release set forth herein shall be and remain effective notwithstanding such difference in
fact. I acknowledge and agree that no consideration other than as provided for by the letter to
which this release is an attachment has been or will be paid or furnished by any Employer
Affiliate.

2. Covenant Not to Sue. I covenant and agree never, individually or with any person or in
any way, to commence, aid in any way, prosecute or cause or permit to be commenced or prosecuted
against any Employer Affiliate any action or other proceeding, including, without limitation, an
arbitration or other alternative dispute resolution procedure, based upon any claim, demand, cause
of action, obligation, damage, or liability that is the subject of this letter (including its
attachments). I represent and agree that I have not and will not make or file or cause to be made
or filed any claim, charge, allegation, or complaint, whether formal, informal, or anonymous, with
any governmental agency, department or division, whether federal, state or local, relating to any
Employer Affiliate in any manner, including without limitation, any Employer Affiliate’s business
or employment practices. I waive any right to monetary recovery should any administrative or
governmental agency or entity pursue any claim on my behalf.

3. Waiver. I acknowledge that California Civil Code § 1542 states:

A general release does not extend to claims which the creditor does
not know or suspect to exist in his or her favor at the time of
executing the release, which if known by him or her must have
materially affected his or her settlement with the debtor.

Notwithstanding California Civil Code § 1542, I enter into this full waiver and release as set
forth above and waive all rights or defenses under § 1542 of the California Civil Code.

4. Indemnification. I agree to indemnify and hold each Employer Affiliate harmless from
and against any and all claims, including each Employer Affiliate’s court costs and attorneys’
fees, arising from or in connection with any claim, action, or other proceeding made, brought, or
prosecuted, or caused or permitted to be commenced or prosecuted, by me, my successor(s), or
assign(s) contrary to the provisions of the letter (including its attachments). It is further
agreed that the letter (including its attachments) shall be deemed breached and a cause of action
accrued thereon immediately upon the commencement of any action contrary to the letter (including
the attachments), and in any such action the letter (including its attachments) may be pleaded by
the Employer Affiliates, or any of them, both as a defense and as a counterclaim or cross-claim in
such action.

Appendix II-iii 

 

5. Important General Provisions. If any provisions of the letter (including its
attachments) is held to be invalid or unenforceable by a court of competent jurisdiction, such
invalidity or unenforceability shall not affect the validity and enforceability of the other
provisions thereof, and the provision held to be invalid or unenforceable shall be enforced as
nearly as possible according to its original terms and intent to eliminate such invalidity or
unenforceability. The provisions hereof shall be governed by, and construed and enforced in
accordance with, the laws of the State of California, both substantive and remedial. The
undersigned hereby waives trial by jury in any judicial proceeding involving, directly or
indirectly, any matter (whether in tort, contract or otherwise) in any way arising out of, related
to, or connected hereto or the relationship established under the letter (including its
attachments).

5. Right to Consult Attorney. I ACKNOWLEDGE THAT I HAVE BEEN ADVISED, IN WRITING, TO
CONSULT WITH AN ATTORNEY PRIOR TO EXECUTING THE LETTER (INCLUDING ITS ATTACHMENTS).

	 
	________________________________________

	[EXECUTIVE]

	 
	Date:
____________________________________

Appendix II-iv 

 

ATTACHMENT B TO APPENDIX II:

WAIVER OF CLAIMS UNDER OLDER WORKERS’ BENEFIT PROTECTION ACT

PURSUANT TO THE OLDER WORKERS BENEFIT PROTECTION ACT (OWBPA), WHICH APPLIES TO THE WAIVER OF RIGHTS
UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT, THE UNDERSIGNED STATES THAT HE OR SHE HAS HAD A
PERIOD OF 21 CALENDAR DAYS FROM THE DATE HE OR SHE WAS PRESENTED WITH THE LETTER (INCLUDING ITS
ATTACHMENTS) ([INSERT DATE]) WITHIN WHICH TO CONSIDER THE LETTER (INCLUDING ITS ATTACHMENTS) AND
HIS OR HER DECISION TO EXECUTE THE SAME, THAT HE OR SHE HAS CAREFULLY READ THE LETTER (INCLUDING
ITS ATTACHMENTS), THAT HE OR SHE HAS HAD THE OPPORTUNITY TO HAVE IT REVIEWED BY AN ATTORNEY, THAT
HE OR SHE FULLY UNDERSTANDS ITS FINAL AND BINDING EFFECT, THAT THE ONLY PROMISES MADE TO HIM OR HER
TO SIGN THE RELEASE SET FORTH ON ATTACHMENT A ARE THOSE STATED IN THE LETTER (INCLUDING ITS
ATTACHMENTS), AND THAT THE UNDERSIGNED IS SIGNING VOLUNTARILY WITH THE FULL INTENT OF RELEASING THE
EMPLOYER AFFILIATES OF ALL CLAIMS.

THE UNDERSIGNED SHALL HAVE A PERIOD OF SEVEN CALENDAR DAYS FOLLOWING HIS OR HER EXECUTION OF THE
LETTER (INCLUDING ITS ATTACHMENTS) TO REVOKE THE LETTER (AND ITS ATTACHMENTS). THE LETTER (AND ITS
ATTACHMENTS), INCLUDING THE OBLIGATION TO PAY SEVERANCE, SHALL NOT BECOME EFFECTIVE IF THE
UNDERSIGNED TIMELY EXERCISES THIS RIGHT OF REVOCATION. TO BE EFFECTIVE, ANY SUCH NOTICE OF
REVOCATION MUST BE IN WRITING, AND MUST BE RECEIVED WITHIN SAID SEVEN-DAY PERIOD. THE LETTER (AND
ITS ATTACHMENTS) SHALL BECOME EFFECTIVE UPON EXPIRATION OF THE REVOCATION PERIOD, IF THE
UNDERSIGNED HAS NOT PRIOR THERETO EXERCISED HIS OR HER RIGHT OF REVOCATION (THE “EFFECTIVE DATE”).

	 
	__________________________________________

	[EXECUTIVE]

	 
	Date: _____________________________________

Appendix II-v 

 

SCHEDULE TO

FORM OF EXECUTIVE CHANGE IN CONTROL SEVERANCE AGREEMENT

     The form of Executive Change in Control Severance Agreement was entered into with the
following persons:

	 	 	 	 	 
	Name	 	Title	 	Effective Date of Agreement
	Steven W. Richards

	 	Executive Vice President and 

Chief Financial Officer
	 	March 19, 2010
	 
	 	 	 	 
	Shane
S. Whiteside

	 	Executive Vice President and 

Chief Operating Officer
	 	March 19, 2010
	 
	 	 	 	 
	Douglas L. Soder

	 	Executive Vice President
	 	March 19, 2010exv10w1

Exhibit 10.1

SEPARATION AGREEMENT AND RELEASE

     This Separation Agreement and Release (“Agreement”) is made by and between Shad L. Burke
(“Employee”) and Outdoor Channel Holdings, Inc. (“Company”) (collectively referred to as the
“Parties” or individually referred to as a “Party”).

     WHEREAS, Employee is employed by the Company;

     WHEREAS, the Company and Employee have entered into Restricted Shares Award Agreements (or
similar agreements), dated November 6, 2007, October 23, 2008 and April 15, 2009, (collectively the
“Restricted Share Agreements”) granting Employee shares of common stock of the Company subject to
the terms and conditions thereof;

     WHEREAS, the Company and Employee have entered into an Employment Agreement dated on or about
April 14, 2009 (the “Employment Agreement”);

     WHEREAS, the Company and Employee have entered into an Indemnification Agreement dated on or
about October 24, 2007 (the “Indemnification Agreement”);

     WHEREAS, Employee will resign from employment with the Company effective at the close of
business on March 19, 2010 (the “Separation Date”); and

     WHEREAS, the Parties wish to resolve any and all disputes, claims, complaints, grievances,
charges, actions, petitions, and demands that the Employee may have against the Company and any of
the Releasees as defined below, including, but not limited to, any and all claims arising out of,
or in any way related to Employee’s employment with, or separation from, the Company;

     NOW, THEREFORE, in consideration of the mutual promises made herein, the Company and Employee
hereby agree as follows:

     1. Consideration.

          a. Accrued Payments. The Company agrees to pay Employee: (i) Employee’s accrued but
unpaid salary, (ii) accrued but unpaid bonus for the Company’s 2009 fiscal year, and (iii) pay for
accrued but unused vacation, which has accrued through the Separation Date. The Company also
agrees to pay Employee for any unreimbursed business expenses required to be reimbursed to Employee
pursuant to the Company’s normal and customary business expense reimbursement procedures.

          b. Severance Payment. The Company agrees to pay Employee, for a period of twelve (12)
months following the Separation Date, equal monthly installments of $25,000 (less applicable
withholding taxes), resulting in an aggregate severance payment of $300,000 (less applicable
withholding).

          c. Consulting Agreement. Commencing on and after the Separation Date, Employee shall
make himself available to serve as a consultant to the Company through March 18, 2011, pursuant to
the written consulting agreement (the “Consulting Agreement”) attached hereto as Exhibit A. The
Company and Employee agree and acknowledge that the consideration for such

Page 1 of 9

 

 

Consulting Agreement shall be the consideration provided by this Section 1 of this Agreement.

          d. COBRA. The Company shall reimburse Employee for the payments Employee makes for
COBRA coverage for a period of twelve (12) months, or until Employee has secured other employment
and becomes eligible for health insurance benefits, whichever occurs first provided Employee timely
elects and pays for COBRA coverage. COBRA reimbursements shall be made by the Company to Employee
consistent with the Company’s normal expense reimbursement policy, provided that Employee submits
documentation to the Company substantiating his payments for COBRA coverage, with such
reimbursement occurring within 30 days of Employee’s submission of said documentation.

          e. Restricted Share Agreements. The Company and the Employee agree that twenty
thousand (20,000) shares of Company common stock subject to the November 6, 2007 Restricted Share
Agreement shall become fully vested as of the Separation Date. The Company and the Employee also
agree that the vesting of all shares of Company common stock subject to the Restricted Share
Agreements shall cease as of the Separation Date and that, with the exception of the twenty
thousand (20,000) shares which shall be accelerated, no additional vesting of such shares shall
accrue as a result of Employee’s resignation from the Company. The parties agree and acknowledge
that the vesting of the shares of Company common stock subject to the Restricted Share Agreements
shall be governed by the terms of Exhibit A to this Agreement. Except as provided herein
and in Exhibit A, all shares of Company Common stock subject to the Restricted Share
Agreements shall continue to be subject to all other terms and conditions of the Restricted Share
Agreements.

          f. Company Laptop. The Company and the Employee agree that Employee shall be entitled
to retain the Lenovo laptop computer that Employee had been issued by the Company; provided,
however that (i) all Company confidential information and software owned or licensed by the Company
shall be removed from such equipment, and (ii) that such a transfer of property shall be treated as
income to Employee and that the Company shall withhold all applicable taxes associated with such
transfer.

          g. Letter of Recommendation. Upon request, the Company agrees to use its reasonable
efforts to provide Employee with a letter of recommendation signed by a senior executive of the
Company for use by Employee in seeking employment.

     2. Benefits. Employee acknowledges that he shall cease participation in all Company
provided employee benefits, including but not limited to, the accrual of bonuses, the continued
vesting of share of Company common stock subject to Restricted Share Agreements, vacation and paid
time off, as of the Separation Date, subject to Employee’s right to continue his health insurance
and any other insurance-related benefits under COBRA.

     3. Payment of Salary. Employee acknowledges and represents that, other than the
consideration set forth in Section 1 of this Agreement, the Company has paid all salary, wages,
bonuses, accrued vacation/paid time off, housing allowances, relocation costs, interest, severance,
outplacement costs, fees, commissions, and any and all other benefits and compensation due to
Employee.

Page 2 of 9

 

 

     4. Release of Claims. Employee agrees that the foregoing consideration represents
settlement in full of all outstanding obligations owed to Employee by the Company and its current
and former officers, directors, employees, agents, investors, attorneys, shareholders,
administrators, affiliates, divisions, and subsidiaries, and predecessor and successor corporations
and assigns (the “Releasees”). Employee, on his own behalf, and on behalf of his respective heirs,
family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and
agrees not to sue concerning, or in any manner to institute, prosecute or pursue, any claim,
complaint, charge, duty, obligation, or cause of action relating to any matters of any kind,
whether presently known or unknown, suspected or unsuspected, that Employee may possess against any
of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until
and including the Effective Date of this Agreement, including, without limitation:

          a. any and all claims relating to or arising from Employee’s employment relationship with the
Company and the termination of that relationship;

          b. any and all claims relating to, or arising from, Employee’s right to purchase, or actual
purchase of shares of stock of the Company, including, without limitation, any claims for fraud,
misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law,
and securities fraud under any state or federal law;

          c. any and all claims for wrongful discharge of employment; termination in violation of public
policy; discrimination; harassment; retaliation; breach of contract, both express and implied;
breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel;
negligent or intentional infliction of emotional distress; fraud; negligent or intentional
misrepresentation; negligent or intentional interference with contract or prospective economic
advantage; unfair business practices; defamation; libel; slander; negligence; personal injury;
assault; battery; invasion of privacy; false imprisonment; conversion; workers’ compensation and
disability benefits;

          d. any and all claims for violation of any federal, state, or municipal statute, including,
but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the
Americans with Disabilities Act of 1990; the Fair Labor Standards Act; the Fair Credit Reporting
Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act;
the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining
Notification Act; the Family and Medical Leave Act, except as prohibited by law; the Sarbanes-Oxley
Act of 2002; the California Family Rights Act; the California Labor Code, except as prohibited by
law; the California Workers’ Compensation Act, except as prohibited by law; and the California Fair
Employment and Housing Act;

          e. any and all claims for violation of the federal or any state constitution;

          f. any and all claims arising out of any other laws and regulations relating to employment or
employment discrimination;

          g. any claim for any loss, cost, damage, or expense arising out of any dispute over the
non-withholding or other tax treatment of any of the proceeds received by Employee as a result of
this Agreement; and

Page 3 of 9

 

 

          h. any and all claims for attorneys’ fees and costs.

Employee agrees that the release set forth in this section shall be and remain in effect in all
respects as a complete general release as to the matters released. This release does not extend to
any obligations incurred under this Agreement. This release does not release claims that cannot be
released as a matter of law, including, but not limited to, claims under Division 3, Article 2 of
the California Labor Code (which includes California Labor Code section 2802 regarding indemnity
for necessary expenditures or losses by employee) and claims prohibited from release as set forth
in California Labor Code section 206.5 (specifically “any claim or right on account of wages due,
or to become due, or made as an advance on wages to be earned, unless payment of such wages has
been made”).

     5. California Civil Code Section 1542. Employee acknowledges that he has been advised
to consult with legal counsel and is familiar with the provisions of California Civil Code Section
1542, a statute that otherwise prohibits unknown claims, which provides as follows:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH
IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH
THE DEBTOR.

     Employee, being aware of said code section, agrees to expressly waive any rights he may have
thereunder, as well as under any other statute or common law principles of similar effect.

     6. No Pending or Future Lawsuits. Employee represents that he has no lawsuits,
claims, or actions pending in his name, or on behalf of any other person or entity, against the
Company or any of the other Releasees. Employee also represents that he does not intend to bring
any claims on his own behalf or on behalf of any other person or entity against the Company or any
of the other Releasees.

     7. Trade Secrets and Confidential Information/Company Property. Employee agrees that
he/she will not disclose the Company’s trade secrets and confidential and proprietary information.
Employee’s signature below constitutes his/her certification under penalty of perjury that he/she
has returned all documents and other items provided to Employee by the Company, developed or
obtained by Employee in connection with his/her employment with the Company, or otherwise belonging
to the Company (excluding for this purpose the Company laptop specified in Section 1(f) above).

     8. No Cooperation. Employee agrees not to act in any manner that might damage the
business of the Company. Employee further agrees that he will not knowingly encourage, counsel, or
assist any attorneys or their clients in the presentation or prosecution of any disputes,
differences, grievances, claims, charges, or complaints by any third party against any of the
Releasees, unless under a subpoena or other court order to do so. Employee agrees both to
immediately notify the Company upon receipt of any such subpoena or court order, and to furnish,
within three (3) business days of its receipt, a copy of such subpoena or other court order.
Employee further agrees that he will not knowingly counsel or assist any attorneys or their clients
in the presentation or prosecution

Page 4 of 9

 

 

of any disputes, differences, grievances, claims, charges, or complaints by any third party against
the Company or any of the Releasees.

     9. Conditions to Receipt of Severance. The receipt of any severance pursuant to
Section 1 of this Agreement will be subject to, during the one year period following the Separation
Date (the “Continuance Period”), Employee complying with the requirements of this Agreement,
including specifically:

          a. Non-solicitation and Non-competition. Employee agrees to refrain from (i)
soliciting any employee of the Company (other than Employee’s personal assistant) for employment
other than at the Company, or (ii) directly or indirectly engaging in, having any ownership
interest in or participate in any entity that has of the Separation Date, competes with the Company
with respect to Outdoor Programming. Employee’s passive ownership of not more than 1% of any
publicly traded company and/or 5% ownership of any privately held company will not constitute a
breach of this Agreement. For purposes of this Section 9, “Outdoor Programming” means any
television, internet or other media programming devoted primarily to traditional outdoor
activities, such as hunting, fishing, shooting sports, rodeo, gold prospecting and related
life-style programming.

          b. Mutual non-disparagment. Employee agrees to refrain from any disparagement,
defamation, libel, or slander of any of the Releasees, and agrees to refrain from any tortious
interference with the contracts and relationships of any of the Releasees. The Company also agrees
to refrain from any disparaging statements about Employee. Employee understands that the Company’s
obligations under this section extend only to the Company’s current executive officers and members
of its Board of Directors and only for so long as each officer or member is an employee or Director
of the Company. Employee shall direct any inquiries by potential future employers to the Company’s
human resources department, which shall use its best efforts to provide only the Employee’s last
position, dates of employment and abide by Section 1(e) above if so requested. The Parties further
agree that the Company will include in an upcoming Form 8-K a mutually acceptable provision
regarding Employee’s separation from the Company and his consulting agreement with the Company.

          c. Other Requirements. Employee’s receipt of severance benefits under this Agreement
shall also be subject to Employee’s compliance with Sections 7 and 8 of this Agreement.

          d. No Duty to Mitigate. Employee will not be required to mitigate the amount of any
payment contemplated by this Agreement, nor will any earnings that Employee may receive from any
other source reduce any such payment.

     10. Breach. Employee acknowledges and agrees that any material breach of this
Agreement shall entitle the Company immediately to cease providing the consideration provided to
Employee under this Agreement, except as provided by law. Except as provided by law, Employee
shall also be responsible to the Company for all costs, attorneys’ fees, and any and all damages
incurred by the Company in (a) enforcing Employee’s obligations under this Agreement, including the
bringing of any action to recover the consideration, and (b) defending against a claim or suit
brought or pursued by Employee in violation of the terms of this Agreement.

Page 5 of 9

 

 

     11. No Admission of Liability. Employee understands and acknowledges that this
Agreement constitutes a compromise and settlement of any and all actual or potential disputed
claims.
No action taken by the Company hereto, either previously or in connection with this Agreement,
shall be deemed or construed to be (a) an admission of the truth or falsity of any potential claims
or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to
Employee or to any third party.

     12. Costs. Except as provided in section 1 above, the Parties shall each bear their
own costs, attorneys’ fees, and other fees incurred in connection with the preparation of this
Agreement.

     13. ARBITRATION. THE PARTIES AGREE THAT ANY AND ALL DISPUTES ARISING OUT OF THE TERMS
OF THIS AGREEMENT, THEIR INTERPRETATION, AND ANY OF THE MATTERS HEREIN RELEASED, SHALL BE SUBJECT
TO ARBITRATION IN RIVERSIDE COUNTY, BEFORE JAMS, PURSUANT TO ITS EMPLOYMENT ARBITRATION RULES &
PROCEDURES (“JAMS RULES”). THE ARBITRATOR SHALL ADMINISTER AND CONDUCT ANY ARBITRATION IN
ACCORDANCE WITH CALIFORNIA LAW, INCLUDING THE CALIFORNIA CODE OF CIVIL PROCEDURE, AND THE
ARBITRATOR SHALL APPLY SUBSTANTIVE AND PROCEDURAL CALIFORNIA LAW TO ANY DISPUTE OR CLAIM, WITHOUT
REFERENCE TO ANY CONFLICT-OF-LAW PROVISIONS OF ANY JURISDICTION. TO THE EXTENT THAT THE JAMS RULES
CONFLICT WITH CALIFORNIA LAW, CALIFORNIA LAW SHALL TAKE PRECEDENCE. THE ARBITRATOR MAY GRANT
INJUNCTIONS AND OTHER RELIEF IN SUCH DISPUTES. THE DECISION OF THE ARBITRATOR SHALL BE FINAL,
CONCLUSIVE, AND BINDING ON THE PARTIES TO THE ARBITRATION. THE PARTIES AGREE THAT THE PREVAILING
PARTY IN ANY ARBITRATION SHALL BE ENTITLED TO INJUNCTIVE RELIEF IN ANY COURT OF COMPETENT
JURISDICTION TO ENFORCE THE ARBITRATION AWARD. THE ARBITRATOR SHALL AWARD ATTORNEYS’ FEES AND
COSTS TO THE PREVAILING PARTY, EXCEPT AS PROHIBITED BY LAW. THE PARTIES HEREBY AGREE TO WAIVE
THEIR RIGHT TO HAVE ANY DISPUTE BETWEEN THEM RESOLVED IN A COURT OF LAW BY A JUDGE OR JURY.
NOTWITHSTANDING THE FOREGOING, THIS SECTION WILL NOT PREVENT EITHER PARTY FROM SEEKING INJUNCTIVE
RELIEF (OR ANY OTHER PROVISIONAL REMEDY) FROM ANY COURT HAVING JURISDICTION OVER THE PARTIES AND
THE SUBJECT MATTER OF THEIR DISPUTE RELATING TO THIS AGREEMENT AND THE AGREEMENTS INCORPORATED
HEREIN BY REFERENCE.

     14. Tax Consequences. The Company makes no representations or warranties with respect
to the tax consequences of the payments provided to Employee or made on his behalf under the terms
of this Agreement. Employee agrees and understands that he is responsible for payment, if any, of
local, state, and/or federal taxes on the payments made hereunder by the Company and any penalties
or assessments thereon. Employee further agrees to indemnify and hold the Company harmless from
any claims, demands, deficiencies, penalties, interest, assessments, executions, judgments, or
recoveries by any government agency against the Company for any amounts claimed due on account of
(a) Employee’s failure to pay, or Employee’s delayed payment of, federal or state taxes, or (b)
damages sustained by the Company by reason of any such claims, including attorneys’ fees and costs.

Page 6 of 9

 

 

     15. Authority. The Company represents and warrants that the undersigned has the
authority to act on behalf of the Company and to bind the Company and all who may claim through it
to the terms and conditions of this Agreement. Employee represents and warrants that he has the
capacity to act on his own behalf and on behalf of all who might claim through him to bind them to
the terms and
conditions of this Agreement. Each Party warrants and represents that there are no liens or
claims of lien or assignments in law or equity or otherwise of or against any of the claims or
causes of action released herein.

     16. No Representations. Employee represents that he has had an opportunity to consult
with an attorney, and has carefully read and understands the scope and effect of the provisions of
this Agreement. Employee has not relied upon any representations or statements made by the Company
that are not specifically set forth in this Agreement.

     17. Severability. In the event that any provision or any portion of any provision
hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal,
unenforceable, or void, this Agreement shall continue in full force and effect without said
provision or portion of provision.

     18. Attorneys’ Fees. In the event that either Party brings an action to enforce or
effect its rights under this Agreement, the prevailing Party shall be entitled to recover its costs
and expenses, including the costs of mediation, arbitration, litigation, court fees, and reasonable
attorneys’ fees incurred in connection with such an action.

     19. Entire Agreement. This Agreement represents the entire agreement and
understanding between the Company and Employee concerning the subject matter of this Agreement and
Employee’s employment with and separation from the Company and the events leading thereto and
associated therewith, and supersedes and replaces any and all prior agreements and understandings
concerning the subject matter of this Agreement and Employee’s relationship with the Company
(including specifically the Employment Agreement), with the exception of the Consulting Agreement
and the Indemnification Agreement. The Parties agree that this Agreement shall survive a material
change in ownership or control of the Company.

     20. No Oral Modification. This Agreement may only be amended in a writing signed by
Employee and the Company’s President.

     21. Governing Law. This Agreement shall be governed by the laws of the State of
California, without regard for choice-of-law provisions.

     22. Effective Date. This Agreement will become effective after the Parties have
signed this Agreement (the “Effective Date”).

     23. Counterparts. This Agreement may be executed in counterparts and by facsimile,
and each counterpart and facsimile shall have the same force and effect as an original and shall
constitute an effective, binding agreement on the part of each of the undersigned.

     24. Section 409A of the Code. It is intended that this Agreement and the payment of
all severance benefits pursuant to Section 1 shall be exempt from Section 409A of the Code
(“Section 409A”) pursuant to the separation pay due to involuntary termination exception as set
forth in

Page 7 of 9

 

 

Section 1.409A-1(b)(9)(iii) of the final regulations issued under Section 409A or such other
exemption as may apply.

     25. Voluntary Execution of Agreement. Employee understands and agrees that he
executed this Agreement voluntarily, without any duress or undue influence on the part or behalf of
the Company or any third party. Employee acknowledges that:

	 	(a)	 	he has read this Agreement;
	 
	 	(b)	 	he has been represented in the preparation, negotiation, and
execution of this Agreement by legal counsel of his own choice or has elected
not to retain legal counsel;
	 
	 	(c)	 	he understands the terms and consequences of this Agreement and
of the releases it contains; and
	 
	 	(d)	 	he is fully aware of the legal and binding effect of this Agreement.

IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth
below.

	 	 	 	 	 
	 	SHAD L. BURKE, an individual

 	 
	Dated:  March 19, 2010 	/s/ Shad L. Burke
 	 
	 	Shad L. Burke 	 
	 	 	 
	 
	 	OUTDOOR CHANNEL HOLDINGS, INC.

 	 
	Dated:   March 19, 2010 	By  	/s/ Thomas E. Hornish
 	 
	 	 	Thomas E. Hornish 	 
	 	 	COO 	 
	 

Page 8 of 9

 

 

EXHIBIT A

(1) November 6, 2007 Restricted Share Grant:

     Pursuant to the terms and conditions of this award 50,000 shares of Company common stock were
granted to Employee. As of the Separation Date: (i) 20,000 shares have vested and been released to
Employee; (ii) 20,000 shares shall vest on the Separation Date and be released to the Employee
(after satisfying all applicable tax withholding) as soon as possible thereafter; and consequently;
(iii) 10,000 shares shall be forfeited upon Employee’s resignation from the Company.

(2) October 23, 2008 Restricted Share Grant:

     Pursuant to the terms and conditions of this award 50,000 shares of Company common stock were
granted to Employee. As of the Separation Date: (i) 10,000 shares have vested and been released to
Employee; and consequently; (ii) 40,000 shares shall be forfeited upon Employee’s resignation from
the Company.

(3) April 15, 2009 Restricted Share Grant:

     Pursuant to the terms and conditions of this award 70,000 shares of Company common stock were
granted to Employee. As of the Separation Date: (i) 13,125 shares have vested and been released to
Employee; and consequently; (ii) 56,875 shares shall be forfeited upon Employee’s resignation from
the Company.

Page 9 of 9

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