Document:

EXHIBIT 10.4

 

[Insert Company letterhead.]

 

October 14, 2011

 

Subject:                                                     Side Letter Agreement to the Compensation Agreement between Precision Optics Corporation, Inc. (the “Company”) and Richard E. Forkey (the “Employee”), dated December 3, 2010

 

Dear Mr. Forkey,

 

This Side Letter Agreement entered into on October 14, 2011 between the Company and the Employee will serve to modify the Compensation Agreement entered into on December 3, 2010 (the “Compensation Agreement”). Capitalized terms used herein which are not otherwise defined shall have the same meaning as those given to them in the Compensation Agreement.

 

WHEREAS, the Company agreed to issue the Shares within six months of the date of the Compensation Agreement and the deadline has subsequently passed;

 

WHEREAS, the Company plans to register a Registration Statement on Form S-8 prior to November 12, 2011;

 

NOW, THEREFORE, in consideration of the premises and undertakings set forth herein, and intending to be fully bound hereby, the parties agree to modify the Compensation Agreement in the following respects:

 

1.               Section 2 shall be replaced with the following language:

 

The Shares will be issued as registered common stock from the “2011 Deferred Compensation Plan” within 5 business days following the filing of a Registration Statement on Form S-8 with the Securities and Exchange Commission.

 

2.               The vesting schedule of the Shares as described in Section 3 shall remain unmodified.

 

Except as specifically set forth in this Side Letter Agreement, all other terms, rights or provisions of the Compensation Agreement shall remain unmodified and in full force and effect.

 

 

	
AGREED AND ACCEPTED BY:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
EMPLOYEE
    	
 
    	
PRECISION OPTICS CORPORATION, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Richard E.   Forkey
    	
 
    	
By:
    	
/s/ Jack Dreimiller
    
	
Name:
    	
Richard E. Forkey
    	
 
    	
Name:
    	
Jack Dreimiller
    
	
 
    	
Title:
    	
Chief Financial OfficerEXHIBIT 10.5

 

[Insert Company letterhead.]

 

October 14, 2011

 

Subject:                                                     Side Letter Agreement to the Compensation Agreement between Precision Optics Corporation, Inc. (the “Company”) and Joseph N. Forkey (the “Employee”), dated December 3, 2010

 

Dear Mr. Forkey,

 

This Side Letter Agreement entered into on October 14, 2011 between the Company and the Employee will serve to modify the Compensation Agreement entered into on December 3, 2010 (the “Compensation Agreement”). Capitalized terms used herein which are not otherwise defined shall have the same meaning as those given to them in the Compensation Agreement.

 

WHEREAS, the Company agreed to issue the Shares within six months of the date of the Compensation Agreement and the deadline has subsequently passed;

 

WHEREAS, the Company plans to register a Registration Statement on Form S-8 prior to November 12, 2011;

 

NOW, THEREFORE, in consideration of the premises and undertakings set forth herein, and intending to be fully bound hereby, the parties agree to modify the Compensation Agreement in the following respects:

 

1.               Section 2 shall be replaced with the following language:

 

The Shares will be issued as registered common stock from the “2011 Deferred Compensation Plan” within 5 business days following the filing of a Registration Statement on Form S-8 with the Securities and Exchange Commission.

 

2.               The vesting schedule of the Shares as described in Section 3 shall remain unmodified.

 

Except as specifically set forth in this Side Letter Agreement, all other terms, rights or provisions of the Compensation Agreement shall remain unmodified and in full force and effect.

 

 

	
AGREED AND ACCEPTED BY:
    	
 
    
	
 
    	
 
    
	
EMPLOYEE
    	
PRECISION OPTICS CORPORATION, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Joseph N. Forkey
    	
 
    	
By:
    	
/s/ Jack Dreimiller
    
	
Name:
    	
Joseph N. Forkey
    	
Name:
    	
Jack Dreimiller
    
	
 
    	
 
    	
Title:
    	
Chief Financial OfficerEXHIBIT 10.6

 

[Insert Company letterhead.]

 

October 14, 2011

 

Subject:                                                     Side Letter Agreement to the Compensation Agreement between Precision Optics Corporation, Inc. (the “Company”) and Joel R. Pitlor (the “Consultant”), dated December 3, 2010

 

Dear Mr. Pitlor,

 

This Side Letter Agreement entered into on October 14, 2011 between the Company and the Consultant will serve to modify the Compensation Agreement entered into on December 3, 2010 (the “Compensation Agreement”). Capitalized terms used herein which are not otherwise defined shall have the same meaning as those given to them in the Compensation Agreement.

 

WHEREAS, the Company agreed to issue the Shares within six months of the date of the Compensation Agreement and the deadline has subsequently passed;

 

WHEREAS, the Company plans to register a Registration Statement on Form S-8 prior to November 12, 2011;

 

NOW, THEREFORE, in consideration of the premises and undertakings set forth herein, and intending to be fully bound hereby, the parties agree to modify the Compensation Agreement in the following respects:

 

1.               Section 2 shall be replaced with the following language:

 

The Shares will be issued as registered common stock from the “2011 Deferred Compensation Plan” within 5 business days following the filing of a Registration Statement on Form S-8 with the Securities and Exchange Commission.

 

2.               The vesting schedule of the Shares as described in Section 3 shall remain unmodified.

 

Except as specifically set forth in this Side Letter Agreement, all other terms, rights or provisions of the Compensation Agreement shall remain unmodified and in full force and effect.

 

 

	
AGREED AND ACCEPTED BY:
    	
 
    
	
 
    	
 
    
	
CONSULTANT
    	
PRECISION OPTICS CORPORATION, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Joel R. Pitlor
    	
 
    	
By:
    	
/s/ Jack Dreimiller
    
	
Name:
    	
Joel R. Pitlor
    	
Name:
    	
Jack Dreimiller
    
	
 
    	
Title:
    	
Chief Financial Officerex4_2.htm

Exhibit 4.2

 

AMENDMENT NO. 2 TO

 

SHAREHOLDER RIGHTS AGREEMENT

 

This AMENDMENT NO. 2 TO SHAREHOLDER RIGHTS AGREEMENT (this “Amendment”) is entered into as of October 18, 2011 and amends the shareholder rights agreement dated as of September 21, 2010 (as amended, restated or otherwise modified from time to time in accordance with its terms, the “Rights Agreement”), by and between National Technical Systems, Inc., a California corporation (together with its successors, the “Corporation”), and Computershare Trust Company, N.A., as Rights Agent (together with its permitted successors in such capacity, the “Rights Agent”).

 

R E C I T A L S

 

WHEREAS, the Board of Directors of the Company has determined that it is in the best interests of the Corporation to amend the definition of “Permitted Acquisition” such that it includes any acquisition of shares approved by the Board of Directors.;

 

WHEREAS, pursuant to Section 3.29(b) of the Purchase Agreement, the Corporation is obligated to amend the Rights Agreement in certain respects;

 

WHEREAS, in accordance with Section 27(a) of the Rights Agreement, the Corporation has the power to supplement or amend any provision of the Rights Agreement without the approval of any holders of certificates representing “Common Shares” prior to the “Distribution Date” (as such terms are defined in the Rights Agreement);

 

            WHEREAS, as of the date of this Amendment, the Distribution Date has not occurred;

 

WHEREAS, pursuant to Section 27(b) of the Rights Agreement, if the Corporation delivers a certificate from an appropriate officer of the Corporation stating that a proposed supplement or amendment is in compliance with Section 27(a) of the Rights Agreement, and such supplement or amendment does not adversely affect the rights or obligations of the Rights Agent under Section 18 or Section 20 of the Rights Agreement, the Rights Agent shall execute such supplement or amendment; and

 

WHEREAS, the Corporation has delivered a certificate from an appropriate officer of the Corporation stating this Amendment is in compliance with Section 27(a) of the Rights Agreement, and does not adversely affect the rights or obligations of the Rights Agent under Section 18 or Section 20 of the Rights Agreement.

 

NOW, THEREFORE, in consideration of the foregoing, the parties agree as follows:

 

1.   Amendment to Rights Agreement.  The Rights Agreement shall be amended as follows:

 

 (a) Section 1(gg) of the Rights Agreement is amended to replace the definition of “Permitted Acquisition” with the following definition:

 

 “Permitted Acquisition” shall mean the acquisition of Beneficial Ownership of Common Shares (i) directly from the Corporation, including by way of exercise of a stock option, a dividend or distribution paid or made by the Corporation on the Common Shares or pursuant to a split, subdivision or reclassification of the Common Shares (ii) vesting of a stock option, share of restricted stock or restricted stock unit, in each case, granted prior to or after the date of this Agreement under any employee benefit or compensation plan of the Corporation or any of its Subsidiaries, (iii) pursuant to a Permitted Offer, or (iv) pursuant to a transaction which is approved by the Board.

 

  

-1-

  

 

2.   Effectiveness of Amendments.  The amendment set forth in Section 1(a) of this Amendment is effective as of the date this Amendment is entered into.

 

3.   Governing Law.  This Amendment for all purposes shall be governed by and construed in accordance with the laws of the State of California applicable to contracts negotiated, made and to be performed entirely within such State, except that the rights, duties, and obligations of the Rights Agent shall be governed by and construed in accordance with the laws of the State of Delaware.

 

4.   Counterparts.  This Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.  A signature to this Amendment transmitted electronically shall have the same authority, effect, and enforceability as an original signature.

 

 [ THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK ]

 

  

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to Shareholder Rights Agreement to be duly executed, all as of the date and year first above written.

 

	ATTEST:	NATIONAL TECHNICAL SYSTEMS, INC.
	 	 	 
	
By:  /s/ Raffy Lorentzian

	
By: 

	/s/ William McGinnis
	            Name: Raffy Lorentzian	 	Name: William McGinnis 
	            Title: Chief Financial Officer	 	Title: Chief Executive Officer 

 

 

	ATTEST:	COMPUTERSHARE TRUST COMPANY, N.A., as 
	 	Rights Agent
	 	 
	
By:      /s/ Ian Yewer

	
By: 

	/s/ Rose Stroud  
	    Name: Ian Yewer	 	Name: Rose Stroud  
	    Title: Branch President	 	Title: Trust Officer 

 

 

 -3-

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