Document:

IntraLase Executive Incentive Compensation Plan

 Exhibit 10.1 
  
 

 
  
 INTRALASE EXECUTIVE
INCENTIVE COMPENSATION PLAN 
  
 ARTICLE I 
 GENERAL PROVISIONS 
  
 1.1 Purpose. The purpose of the Executive Incentive Compensation Plan (the “Plan) is to assist IntraLase Corp. (the
“Company”) in promoting and rewarding covered executives for achieving the goals and objectives that promote the interests of the Company and its stockholders. 
  
 1.2 Administration of the Plan. The Plan shall be administered by the Compensation Committee of the Board of
Directors of the Company (the “Committee”). The Committee shall have the authority to interpret and construe the Plan and to adopt all necessary rules and regulations for administering the Plan. All decisions and determinations of
the Committee with respect to the Plan shall be final and binding on all parties. 
  
 ARTICLE II 
 PARTICIPATION 
  
 2.1 Eligibility and Participation. The executive officers of the Company shall be eligible to participate in
the Plan. The Committee shall have the sole and absolute authority to designate actual participants in the Plan (“Participant”) from among those eligible persons set forth in the first sentence of this Section 2.1. 
  
 ARTICLE III 
 PLAN AWARDS 
  
 3.1 Establishment of Performance Goals, Amount of Bonus Pool and Target Bonus. Following the beginning of each fiscal year of the Company (“Plan Year”), the Committee shall, in its sole and absolute
discretion, determine the amount of the annual bonus pool for such Plan Year (the “Bonus Pool”) and the individual and corporate performance goals (the “Performance Goals”) for each Participant for such Plan Year.
The Performance Goals may relate to the Company, to individual Participants or such other criteria as the Committee shall, in its sole and absolute discretion, deem appropriate, including without limitation the criteria attached hereto as Exhibit
A. The Performance Goals shall be identified for each Plan Year and shall be attached hereto as Exhibit B. The Committee shall establish the amount of the Bonus Pool to which each Participant may be eligible (the “Target
Bonus”) by multiplying each Participant’s base rate of salary by a percentage value assigned by the Committee to each Participant. 
  
 3.2 Evaluation of Performance Goals for Prior Plan Year. Within ninety (90) days following the end of each Plan Year, the Committee
shall, in its sole and absolute discretion, determine the extent to which the Performance Goals for the previous Plan Year have been attained. If the Committee determines that less than 80% achievement of the goals for Company performance for
the previous Plan Year have been attained (the “Corporate Goals”) then each Participant shall not receive any portion of his or her Target Bonus. If the Committee determines that some or all of the individual Performance Goals for
the previous Plan Year have been attained by a Participant, subject to attainment of at least 80% of the Corporate Goals, the Committee shall assign a percentage of the Target Bonus payable to such Participant by determining the value of each
individual 

 Performance Goal to the Company and the extent to which the individual Performance Goals have been attained by such
Participant (“Allocation”). The Committee, in its sole and absolute discretion, may determine that a Participant’s Allocation for the Plan Year shall be less than or more than the amount earned by such Participant under the
Plan. Only Participants who are performing services for the Company as of the last day of any Plan Year shall be eligible to receive an Allocation for such Plan Year. Whether an individual is performing services for the Company shall be determined
by the Committee. 
  
 3.3 Payment of
Benefits. The Company shall pay the Allocation due to a Participant in cash compensation, less applicable payroll and other withholdings, within thirty (30) days following the Committee’s determination as set forth in Section 3.2. All
payments made by check under the Plan shall be delivered in person or mailed to the last address of a Participant or deposited to the Participant’s direct deposit account on file with the payroll department of the Company. Each Participant
shall be responsible for furnishing the Company with the Participant’s correct current address. 
  
 ARTICLE IV 
 MISCELLANEOUS MATTERS 
  
 4.1 No Enlargement of Employee Rights. Nothing in the
Plan shall be construed to create or imply any contract of employment between any Participant and the Company, to confer upon any Participant any right to continue in the employ of the Company or to confer upon the Company any right to require any
Participant’s continued employment. 
  
 4.2
Rights Not Alienable. Any rights provided to a Participant under the Plan may not be assigned, transferred or alienated, except by will or pursuant to the laws of descent and distribution, and shall be earned only by the Participant.

  
 4.3 Other Compensation Plans. The
adoption of the Plan shall not affect any other compensation plans in effect for the Company, nor shall the Plan preclude the Company from establishing any other forms of compensation for employees, officers or directors of the Company. 

 
 4.4 Amendment and Termination of Plan. The Company
may amend, modify or terminate the Plan at any time, but any such amendment, modification or termination shall not adversely affect any rights of the Participants with respect to the Plan, which had been awarded prior to such amendment, modification
or termination. 
  
 4.5 Governing Law. To the
extent not preempted by federal law, the Plan shall be determined in accordance with the laws of the State of California. 

 Exhibit A 
  
 General Performance Goals 
  
 Performance Goals may include financial and other criteria including, but not limited to, the following: Company revenue, profitability, market share,
EBITDA, net loss or profit, debt and equity financings, product development and launches, product extensions, product cost improvements, strategic alliances, regulatory and other approvals, customer satisfaction, employee satisfaction and product
performance. 

 Exhibit B 
  
 2004 Executive Incentive Plan Performance Goals 
  

			
	 Officer Classification

	  	Target Bonus as a Percent of Base Salary (at 100%
Achievement of Performance Goals)

	Chief Executive Officer	  	65%
	Executive Vice Presidents	  	40%
	Senior Vice Presidents	  	35%
	Vice Presidents	  	     20-30%

  
 The Chief Executive Officer’s
goals are (i) 2004 revenue goal; (ii) 2004 net loss goal, (iii); 2004 market share target goal and (iv) an initial public offering goal (the “Corporate Goals”), equally weighted. 
  
 Executive Vice Presidents, Senior Vice Presidents and Vice Presidents are paid on the
Corporate Goals and individual performance goals, unique to each individual vice president which support attainment of the Corporate Goals, weighted 50% as to the Corporate Goals, equally weighted among the Corporate Goals and 50% as to individual
goals.First Amendment to Credit Agreement

 Exhibit 10.1 
  
 FIRST AMENDMENT TO 
 CREDIT AGREEMENT 
  
 This FIRST AMENDMENT TO
CREDIT AGREEMENT (“Amendment”) is entered into as of December 21, 2004, among Planar Systems, Inc., an Oregon corporation (the “Borrower”), each lender from time to time party hereto (collectively, the
“Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as Agent. 
  
 RECITALS 
  
 A. Borrower, Agent and Lenders are parties to that certain Credit Agreement entered into as of December 16, 2003 (the “Credit Agreement”).

  
 B. Borrower, Agent and Lenders desire to amend the Credit
Agreement as set forth herein. 
  
 NOW THEREFORE, the parties
agree as follows: 
  
 AGREEMENT 
  
 1. Recitals. The Recitals are true. 
  
 2. Definitions. Capitalized terms used herein and not otherwise
defined shall have the meaning given in the Credit Agreement. 
  
 3. Amendment to the definition of “Applicable Rate”. The definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is amended by changing the references to “Section 6.02(b)” in such
definition to “Section 6.02(a)” and by adding the following provision to such definition: 
  
 “At any time when the EBITDA for the period of four prior fiscal quarters most recently ended for which Borrower has delivered financial statements
pursuant to Section 6.01(a) or (c) is less than $20,000,000 but greater than $15,000,000, the commitment fee provided above shall be increased by five basis points. At any time when EBITDA for the period of four prior fiscal quarters
most recently ended for which Borrower has delivered financial statements pursuant to Section 6.01(a) or (c) is less than $15,000,000 but greater than $12,500,000, the commitment fee provided above shall increased by ten basis
points.” 
  
 4. Amendment to the definition of
“Permitted Acquisitions”. The definition of “Permitted Acquisitions” in Section 1.01 of the Credit Agreement is amended by adding the following language to the end of such definition: 
  
 “Provided further, however, that at any time when EBITDA
for the period of four fiscal quarters most recently ended for which 
  
 Page 1
– FIRST AMENDMENT TO CREDIT AGREEMENT 

 Borrower has delivered financial statements pursuant to Section 6.01(a) or (c) is less than
$20,000,000, the sum of (x) Borrower’s cash and cash equivalents on deposit with Bank of America in the U.S. and (y) the excess of the Aggregate Commitments over the outstanding amount of the Committed Loans plus the outstanding amount of L/C
Obligation must exceed $20,000,000.” 
  
 5. Amendment to
Section 4.02(a) of the Credit Agreement. Section 4.02(a) of the Credit Agreement is amended by changing the reference to “clauses (a) and (b), respectively, of Section 6.01” to “clauses (a) and (c), respectively, of
Section 6.01.” 
  
 6. Amendment to Section 6.12(d)
of the Credit Agreement. Section 6.12(d) of the Credit Agreement is amended in its entirety to read: 
  
 “(d) EBITDA. Maintain on a consolidated basis EBITDA, after any adjustment for certain sales and Permitted Acquisitions, all as provided for
in the definition of EBITDA, of not less than $12,500,000 for each period of four fiscal quarters. This covenant will be calculated at the end of each fiscal quarter.” 
  
 7. Amendment to Certain Definitions in the Credit Agreement. The reference to “Sections 6.01(a) or
(b)” appearing in the following sections shall be changed to refer to “Sections 6.01(a) or (c)”: 
  
 Section 1.01 – Definition of “Fixed Charge Coverage Ratio”; and 
  
 Section 1.01 – Definition of “Funded Debt to EBITDA Ratio”. 
  
 8. Amendment to Section 6.02(a) of the Credit Agreement. The reference
to “Sections 6.01(a) and (b)” in Section 6.02(a) of the Credit Agreement shall be changed to refer to “Sections 6.01(a) and (c).” 
  
 9. Amendment to Section 1 of Exhibit C of the Credit Agreement. The reference to “Section 6.01(b)”
in Section 1 of Exhibit C shall be changed to refer to “Section 6.01(c).” 
  
 10. Amendment to Section 4 of Exhibit C of the Credit Agreement. The reference to “clauses (a) and (b), respectively, of Section 6.01” in Section 4 of Exhibit C of the Credit Agreement shall be
changed to refer to “clauses (a) and (c), respectively, of Section 6.01.” 
  
 11. Amendment to Section IV of Schedule 2 to Exhibit C of the Credit Agreement. Section IV of Schedule 2 to Exhibit C of the Credit is amended by changing the Minimum Required from $20,000,000 to $12,500,000.

  
 12. Fees. Borrower shall pay Bank of America, N.A., as
Lender, a fee in the amount of $50,000 for this Amendment, payable upon execution of this Amendment. 
  
 Page 2 – FIRST AMENDMENT TO CREDIT AGREEMENT 

 13. Release. Borrower hereby releases Agent, Lenders and their officers, agents, successors and
assigns from all claims of every nature known or unknown arising out of or related to the Loans which exist, or but for the passage of time, could be asserted, on the date Borrower signs this Amendment. 
  
 14. No Further Amendment, Expenses. Except as expressly modified by
this Amendment, the Credit Agreement and the other Loan Documents shall remain unmodified in full force and effect and the parties hereby ratify their respective obligations thereunder, but no legal fees shall be charged to Borrower for this
Amendment. 
  
 15. Effective Date. The foregoing provisions
are effective upon execution hereof. 
  
 16. Miscellaneous.

  
 (a) Counterparts. This Amendment may be executed in
any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original, and all of which taken together shall constitute one and the same Amendment, it being understood
that the Agent may rely on a facsimile counterpart signature page hereof for purpose of determining whether a party hereto has executed a counterpart hereof. 
  
 (b) Governing Law. This Amendment and the other agreements provided for herein and the rights and obligations of the parties hereto and thereto
shall be construed and interpreted in accordance with the laws of the State of Oregon. 
  
 (c) Certain Agreements Not Enforceable. UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY THE LENDERS AFTER OCTOBER 3, 1989, CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR
PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION, AND BE SIGNED BY THE LENDERS TO BE ENFORCEABLE. 
  
 EXECUTED AND DELIVERED by the duly authorized officers of the parties as of the date first above written. 
  

					
	BORROWER:    	 	PLANAR SYSTEMS, INC.
			
	 	 	By:	 	 /s/ Steven J. Buhaly

	 	 	Name:	 	Steven J. Buhaly
	 	 	Title:	 	Chief Financial Officer

  
 Page 3 – FIRST AMENDMENT TO
CREDIT AGREEMENT 

					
	LENDERS:    	 	BANK OF AMERICA, N.A., as a Lender
			
	 	 	By:	 	 /s/ Eric Eidler

	 	 	Name:	 	Eric Eidler
	 	 	Title:	 	Senior Vice President
		
	AGENT:    	 	BANK OF AMERICA, N.A., as Agent
			
	 	 	By:	 	 /s/ Eric Eidler

	 	 	Name:	 	Eric Eidler
	 	 	Title:	 	Senior Vice President

  
 Page 4 – FIRST AMENDMENT TO
CREDIT AGREEMENT 

 The following Guarantors which have guaranteed the obligations of Borrower to Lenders hereby consent to
the foregoing Amendment, and reaffirm the Guaranties. 
  

					
	GUARANTORS:    	 	 DOME IMAGING SYSTEMS, INC., a Delaware
 corporation

			
	 	 	By:	 	 /s/ Steven J. Buhaly

	 	 	 	 	Steven J. Buhaly
	 	 	 	 	Vice President and Secretary
		
	 	 	PLANAR CHINA, LLC, an Oregon limited liability company
			
	 	 	By:	 	 /s/ Steven J. Buhaly

	 	 	 	 	Steven J. Buhaly
	 	 	 	 	Vice President and Secretary
		
	 	 	PLANAR TAIWAN, LLC, an Oregon limited liability company
			
	 	 	By:	 	 /s/ Steven J. Buhaly

	 	 	 	 	Steven J. Buhaly
	 	 	 	 	Vice President and Secretary

  
 Page 5 – FIRST AMENDMENT TO
CREDIT AGREEMENT

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