Document:

Exhibit
10.44

 

AMENDMENT
NO. 1 TO RESTRICTED STOCK AGREEMENT

 

Dated as of February 3,
2006

 

Reference is
made to that certain Restricted Stock Agreement dated as of September 7,
2005 (the “Agreement”) by and between Enterprise Bancorp, Inc. (the “Company”)
and John P. Clancy, Jr. (the “Executive”).

 

WHEREAS, Section 3
of the Agreement refers to a certain salary continuation agreement between the
Company’s wholly owned subsidiary, Enterprise Bank and Trust Company (the “Bank”),
and the Executive, which the parties anticipated would be entered into between
the Bank and the Executive shortly after the date of the Agreement;

 

AND WHEREAS,
the Bank and the Executive have not entered into any such salary continuation
agreement as of the date hereof;

 

NOW, THEREFORE,
in consideration of the premises and mutual covenants herein contained and for
other good and valuable consideration, the receipt and adequacy of which is
hereby acknowledged, the Company and the Executive hereby agree as follows:

 

As of the date
set forth above, the Agreement shall be and hereby is amended, such that Section 3
of the Agreement shall be amended and restated in its entirety to read as
follows:

 

3.             Restrictions on Stock.  Until the termination of restrictions and the
vesting of the shares of Restricted Stock as provided in Section 2 above,
none of the Restricted Stock may be sold, assigned, transferred, pledged, or
otherwise encumbered except as provided in this Agreement.

 

Except as
otherwise expressly provided for in this paragraph, if the Grantee’s employment
with the Company is terminated for any reason, then all shares of Restricted
Stock that have not yet vested as of the time of the Grantee’s termination of
employment, if any, shall be forfeited and returned to the Company, unless the
Compensation Committee of the Board of Directors, or the full Board of
Directors, as the case may be, of the Company, in its sole discretion shall
otherwise determine.  Notwithstanding the
foregoing, if the Grantee’s employment with the Company terminates by reason of
the Grantee’s death or there occurs, with respect to the Grantee’s employment,
a Suspension for Disability  or the
Grantee’s employment is terminated by the Company without Cause (as such
capitalized terms are defined in that certain Employment Agreement by and among
the Company, the Bank and the Grantee dated as of April 1, 2004, as
amended by Amendment No. 1 thereto as of December 31, 2004), then all
shares of Restricted Stock that have not yet vested as of the time of such
death, Suspension for Disability or termination without Cause shall become
fully vested at such time with respect to the Grantee’s, or his estate’s as the
case may be, ownership of such shares.

 

The Agreement,
as amended by this Amendment No. 1, is and shall continue to be in full
force and effect and shall not be affected by this Amendment No. 1, except
and only to the extent specified above.

 

 

IN WITNESS
WHEREOF, the undersigned Executive has hereunto set his hand and the Company
has caused this Amendment No. 1 to be executed in its name and on its
behalf by a duly authorized officer, in each case as an instrument under seal
and as of the date set forth above.

 

	
   

  	
  ENTERPRISE BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ George L. Duncan

  	
   

  
	
   

  	
   

  	
  George L.
  Duncan

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
  /s/ John P.
  Clancy, Jr

  	
   

  
	
   

  	
  John P.
  Clancy, Jr.

  
					

 

2Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment
Agreement (this “Agreement”) is entered into on January
30, 2006, by and between Rick Friedman (the “Executive”)
and Ultratech, Inc., a Delaware corporation (the “Company”),
and shall become effective on February 1, 2006.

 

W I T N E S S E T
H:

 

WHEREAS,
the Company desires that the Executive continue to be employed by the Company
and the Executive is willing to continue to be employed by the Company; and

 

WHEREAS,
the Company and the Executive desire to set forth the terms and conditions of
such continued employment in this Agreement;

 

NOW,
THEREFORE, in consideration of the mutual promises and
covenants contained herein, the Company and the Executive agree as follows:

 

1.                                      Duties.

 

1.1                               Retention.  The
Company does hereby hire, engage, and employ the Executive as its Senior Vice
President, World-wide Sales and Customer Services, reporting to the Chief Operating
Officer of the Company (the “Chief Operating
Officer”), and the Executive does hereby accept and agree to such
hiring, engagement, and employment.  The
Executive shall serve the Company in such positions and shall have the duties,
responsibilities and authorities consistent with such positions as well as any
other reasonable duties determined by the Chief Operating Officer.

 

1.2                               No Other Employment. 
During the Executive’s employment by the Company, the Executive shall
devote substantially all of his business time, energy, and skill to the
performance of his duties for the Company.

 

1.3                               No Breach of Contract. 
The Executive hereby represents to the Company that the execution and
delivery of this Agreement by the Executive and the Company and the performance
by the Executive of the Executive’s duties hereunder shall not constitute a
breach of, or otherwise contravene, the terms of any employment or other
agreement or policy to which the Executive is a party or otherwise bound.  The Company hereby represents to the
Executive that it is authorized to enter into this Agreement and that the
execution and delivery of this Agreement to the Executive and the employment of
the Executive hereunder shall not constitute a breach of, or otherwise
contravene, the terms of any law, agreement or policy by which it is bound.

 

2.                                      At-Will
Employment.

 

The Executive and
the Company agree that Executive’s employment with the Company is and shall at
all times during the Executive’s employment hereunder be “at-will”
employment.  The Company may terminate
the Executive’s employment at any time for any reason, with or without Cause,
by providing thirty (30) days’ written notice to the 

 

1

 

Executive.  The Executive may terminate his employment
with the Company by providing thirty (30) days’ written notice to the
Company.  Notwithstanding the foregoing,
the Company may relieve the Executive of his duties immediately or at any time
during the thirty-day period following the written termination notice provided
by the Company or the Executive hereunder. 
No provision of this Agreement shall be construed as conferring upon the
Executive a right to continue as an employee of the Company, and the “at-will”
relationship between the Executive and the Company may not be altered except as
agreed by the Executive and the Company in writing.

 

3.                                      Compensation.

 

3.1                               Base Salary.  The
Executive’s initial Base Salary shall be at a rate of $250,000 per year, paid
in accordance with the Company’s regular payroll practices in effect from time
to time, but not less frequently than monthly. 
The Executive’s Base Salary shall be reviewed annually and may be
adjusted by the Board of Directors of the Company (the “Board”) or the Compensation Committee of
the Board (the “Compensation Committee”).  (As used in this Agreement, “Base Salary” shall mean Base Salary as
adjusted from time to time.)

 

3.2                               Annual Bonus. 
While employed hereunder, the Executive shall be considered for an
annual incentive bonus (“Annual Bonus”)
of up to 40% of his annual Base Salary, based upon the achievement of
performance objectives established by the Compensation Committee.  Payment of up to 50% of the Executive’s
Annual Bonus may be deferred and paid out in equal annual installments over a
period of no more than three years with interest at prime as set forth in The
Wall Street Journal from time to time (the “Deferral
Period”), during which Deferral Period the unpaid portion of the
deferred Annual Bonus may be subject to forfeiture if the Executive terminates
employment without Good Reason (as defined in Section 7.2.1) or is terminated
by the Company for Cause (as defined in Section 6.1.1).  The Executive’s performance objectives and
maximum level of Annual Bonus as a percentage of Base Salary, as well as the
payment terms for the Annual Bonus, shall be reviewed annually and may be
adjusted by the Compensation Committee, including, without limitation, an
adjustment to increase the maximum level of Annual Bonus as a percentage of
Base Salary.

 

3.3                               Equity Compensation.

 

3.3.1                     Future Grants.  In
addition to the stock options previously granted to the Executive, the
Executive shall be eligible for periodic
grants of stock options or other equity awards under the Company’s equity award
program, subject to the Executive’s continued employment hereunder.  The terms, exercise price (if applicable), vesting
period, any post-termination of employment provisions, and other provisions of
each stock option or other equity award granted pursuant to this Section 3.3
shall, subject to the express provisions of this Agreement, be determined by
the Compensation Committee at the time of grant of the option or other equity
award.

 

3.3.2                     Acceleration and Extension.  Notwithstanding
Section 3.3.1, if the Executive’s employment is terminated (i) by the
Company for any reason other than for Cause 

 

2

 

(as defined in
Section 6.1.1) prior to a Change of Control (as defined in Section 8.1.1)
or a Corporate Transaction (as defined in Section 8.1.2) or (ii) by the
Executive with Good Reason (as defined in Section 7.2.1) prior to a Change
of Control or a Corporate Transaction or (iii) on account of death or
Disability, then each stock option or other equity award granted to Executive
shall thereupon become vested as to an additional 25% of the shares of stock
subject thereto (or such lesser percentage as to make the award 100%
vested).  Further, in the event of a
Change of Control or a Corporate Transaction, and within one (1) year following
such Change of Control or Corporate Transaction, either the Executive
terminates his employment with the Company with Good Reason or the Company
terminates his employment for any reason other than for Cause, all of the
options or other equity awards described in the preceding sentence shall
immediately be fully vested.  To the
extent that the equity awards described in this Section 3.3.2 are stock options
and have become vested by their terms or become vested as described herein,
such stock options shall remain vested and exercisable at least until the date
that is one year and ninety (90) days after the termination of the Executive’s
employment as described in clauses (i), (ii), or (iii) of this Section 3.3.2 or
the termination of the Executive’s employment following a Change of Control or
a Corporate Transaction (or such later date as may be specified in the award
agreement) as described in the preceding sentence, but in no event will such
options be exercisable after the expiration of their original terms.  Each of the Executive’s stock options granted
prior to the date hereof shall be amended, if necessary, to add the foregoing
acceleration of vesting and extension of exercise period provisions at such
time, if any, that the Company’s Board of Directors determines, in its sole
discretion, that such amendments and the related accounting charges would not
adversely affect, when relevant, in any way, the Company’s condition (financial
or otherwise), financial statements, earnings, earnings per share or other
relevant Company information.

 

4.                                      Benefits.

 

4.1                               Pension and Welfare Plans.  While the Executive is employed hereunder, he
shall be entitled to participate in all employee pension and welfare benefit
plans and programs made available to the Company’s senior level executives or
to its employees generally, as such plans or programs may be in effect from
time to time.

 

4.2                               Reimbursement of Business and Other Expenses

 

4.2.1                     Expense Reimbursement.  The Executive is authorized to
incur reasonable expenses in carrying out his duties and responsibilities under
this Agreement and the Company shall promptly reimburse him for all business
expenses incurred in connection with carrying out the business of the Company,
subject to documentation in accordance with the Company’s expense reporting
policy.

 

4.2.2                     Legal Expenses.  The
Company shall promptly reimburse the Executive for his legal expenses, up to a
maximum of $3,000, incurred in negotiating and documenting this Agreement with
the Company.

 

3

 

4.3                               Vacation.  During
the Executive’s employment hereunder, the Executive shall be entitled to
vacation in accordance with the Company’s vacation policy for its executive
officers.

 

5.                                      Death
or Disability.

 

5.1                               Definition of Disabled and Disability.  For purposes of this Agreement, the terms “Disabled” and “Disability”
shall mean the Executive’s inability, because of physical or mental illness or
injury, to perform his customary duties pursuant to this Agreement, with or
without reasonable accommodation, and the continuation of such disabled
condition for a period of one hundred eighty (180) continuous days as
determined by an approved medical doctor. 
For purposes hereof, an approved medical doctor shall mean a doctor
selected by the Company and the Executive. 
If the Company and the Executive cannot agree on a medical doctor, each
shall select a medical doctor and the two doctors shall select a third who
shall be the approved medical doctor for this purpose.

 

5.2                               Termination Due to Death or Disability.  If the Executive dies or becomes Disabled
while employed hereunder, this Agreement and the Executive’s employment shall
automatically cease and terminate as of the date of the Executive’s death or
the date of Disability (which date shall be determined under Section 5.1 above,
and referred to as the “Disability Date”),
as the case may be.  In the event of the
termination of the Executive’s employment due to his death or Disability, the
Executive (or, in the event of his death, his estate) shall be entitled to
receive:

 

(i)                                     a
lump sum cash payment, payable within ten (10) business days after the date of
death or the Disability Date equal to the sum of (A) any accrued but
unpaid Base Salary as of the date of death or the Disability Date, (B) any
earned but unpaid portions of Annual Bonuses in respect of fiscal years
completed prior to the date of death or the Disability Date, (C) any
compensation deferred under the provisions of any deferred compensation plan
and (D) any unreimbursed business expenses due under Section 4.2.1 of
this Agreement;

 

(ii)                                  a
monthly payment payable in each of the twelve (12) months following the
date of the Executive’s death or Disability Date in an amount equal to
one-twelfth (1/12th) of the Executive’s annual Base Salary in effect
immediately prior to his death or Disability Date;

 

(iii)                               solely
in the event of the termination of the Executive’s employment due to his
Disability, if the Executive elects to continue his medical coverage under
COBRA, reimbursement by the Company of such COBRA costs for a period of up to
eighteen (18) months following the termination of his employment; provided,
however, that the Company’s obligation under this Section 5.2(iii) shall
be reduced to the extent that comparable medical coverage is provided by a
subsequent employer;

 

(iv)                              partial
acceleration of the vesting of a portion of the Executive’s stock options and
other equity awards, and extension of time to exercise any vested stock
options, as provided in Section 3.3.2; 
and

 

4

 

(v)                                 such
employee benefits described in Section 4.1 as the Executive or his estate may
be entitled to hereunder or under the employee benefit plans, programs and
arrangements of the Company.

 

6.                                      Termination
by the Company.

 

6.1                               Termination
For Cause.

 

6.1.1                     Definition of Termination with Cause.  A termination of the Executive’s employment
by the Company for cause (“Cause”)
shall mean the termination of the Executive’s employment by the Board for any
of the reasons listed below, except in the case of the reason set forth in (i)
below, only after written notice by the Board stating the reason for the
proposed termination for Cause and the Executive’s failure to cure within
ninety (90) days of receipt of such notice:

 

(i)                                     the
Executive’s repeated failure to perform any essential duty of his position other
than due to Disability or such illness or injury as described in and determined
under Section 5.1 that would result in Disability if it continued for the
period of time prescribed in Section 5.1;

 

(ii)                                  the
Executive’s commitment of an act that constitutes gross misconduct and is
injurious to the Company, any subsidiary of the Company or any successor to the
Company;

 

(iii)                               the
Executive’s conviction of or pleading guilty or nolo contendere to any felony involving theft, embezzlement,
dishonesty or moral turpitude;

 

(iv)                              the
Executive’s commission of an act of fraud against, or the misappropriation of
property belonging to, the Company, any subsidiary of the Company or any
successor to the Company;

 

(v)                                 the
Executive’s commitment of an act of dishonesty in connection with his
responsibilities as an employee that is intended to result in his personal
enrichment or the personal enrichment of his family or others; or

 

(vi)                              the
Executive’s material breach of this Agreement or other agreement between the
Executive and the Company or any subsidiary of or successor to the Company.

 

6.1.2                     Entitlements Upon a Termination for Cause.  If the Executive’s employment is terminated
for Cause, the termination shall be effective on the date the Company gives the
Executive written notice of termination, except in the case of a termination
for the reason described in Section 6.1.1(i), in which case the termination
shall be effective on the last day of the ninety-day cure period.  In the event of the termination of the Executive’s
employment hereunder due to a termination by the Company for Cause, then the
Executive shall be entitled to receive:

 

5

 

(i)                                     a
lump sum cash payment, payable within ten (10) business days after the date of
termination of the Executive’s employment, equal to the sum of (A) any
accrued but unpaid Base Salary as of the date of such termination, (B) any
earned and vested but unpaid portions of Annual Bonuses in respect of fiscal
years completed prior to the date of such termination, (C) any
compensation deferred under the provisions of any deferred compensation plan,
(D) any unreimbursed business expenses that are due under
Section 4.2.1 of this Agreement and (E) any unpaid vacation.

 

(ii)                                  such
employee benefits described in Section 4.1 as the Executive or his estate may
be entitled to hereunder or under the employee benefit plans, programs and
arrangements of the Company.

 

6.2                               Termination Without Cause.  If the Executive’s employment is terminated
by the Company without Cause, the termination shall be effective on the
thirtieth (30th) day following written notice of such termination to
the Executive.  In the event of such
termination without Cause prior to a Change of Control (as defined in
Section 8.1.1) or a Corporate Transaction (as defined in
Section 8.1.2), then, subject to the Executive’s execution of a release
and non-disparagement agreement in a form acceptable to the Company, the
Executive shall be entitled to:

 

(i)                                     a
lump sum cash payment, payable within ten (10) business days after the date of
termination of the Executive’s employment, equal to the sum of (A) any
accrued but unpaid Base Salary as of the date of such termination, (B) any
earned and vested but unpaid portions of Annual Bonuses in respect of fiscal
years completed prior to the date of such termination, (C) any
compensation deferred under the provisions of any deferred compensation plan
and (D) any unreimbursed business expenses that are due under
Section 4.2.1 of this Agreement.

 

(ii)                                  a
monthly severance payment payable in each of the twelve (12) months
following the date of termination of the Executive’s employment in an amount
equal to one-twelfth (1/12th) of the Executive’s annual Base Salary
in effect immediately prior to such termination;

 

(iii)                               if
the Executive elects to continue his medical coverage under COBRA,
reimbursement by the Company of such COBRA costs for a period of up to eighteen
(18) months following the termination of his employment; provided, however,
that the Company’s obligation under this Section 6.2(iii) shall be reduced
to the extent that comparable medical coverage is provided by a subsequent
employer;

 

(iv)                              partial
acceleration of the vesting of a portion of the Executive’s outstanding stock
options and other equity awards, and extension of time to exercise any vested
stock options, as provided in Section 3.3.2;  and

 

6

 

(v)                                 such
employee benefits described in Section 4.1 as the Executive or his estate may
be entitled to hereunder or under the employee benefit plans, programs and
arrangements of the Company.

 

7.                                      Termination
by the Executive.

 

7.1                               Termination Without Good Reason.  If the Executive voluntarily terminates his
employment with the Company without Good Reason, the termination shall be
effective at the end of the thirty-day notice period.  Upon such termination of employment without
Good Reason, the Executive shall have the same entitlements as provided in
Section 6.1.2 in the case of a termination by the Company for Cause.

 

7.2                               Termination With Good Reason.

 

7.2.1                     Definition of Good Reason.  For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the
following events without the Executive’s written consent:

 

(i)                                     any
reduction in the aggregate level of the Executive’s Base Salary except a
reduction that is part of a program applicable to all of the Company’s officers
to reduce expenses;

 

(ii)                                  the
failure by the Company or any subsidiary of or successor to the Company to
comply with any material terms of this Agreement or any other material
agreement between the Executive and the Company or any subsidiary of or
successor to the Company;

 

(iii)                               any
material reduction in the nature or scope of the Executive’s duties, title,
function, authority or responsibilities, which reduction shall not be deemed to
have occurred if the Executive has a title of “Vice President” or a more senior
title with the Company or any surviving or successor entity of the Company; or

 

(iv)                              a
requirement that the Executive relocate his principal office to a location that
is more than sixty (60) miles from the location of his principal office on
August 1, 2005;

 

provided,
however, that none of the events specified above shall constitute Good
Reason unless the Executive shall have notified the Company in writing
describing the events which constitute Good Reason and the Company shall have
failed to cure such event within thirty (30) days after the Company’s receipt
of such written notice.

 

7.2.2                     Entitlements Upon a Termination with Good Reason.  If the Executive terminates his employment
with Good Reason, the termination shall be effective at the end of the
thirty-day cure period.  Upon such
termination of his employment with Good Reason in accordance with Section 7.2.1
hereof prior to Change of Control (as defined in Section 8.1.1) or a
Corporate Transaction (as 

 

7

 

defined in
Section 8.1.2), the Executive shall, subject to the Executive’s execution
of a release and non-disparagement agreement in a form acceptable to the
Company, have the same entitlements as provided under Section 6.2 for a
termination by the Company without Cause.

 

8.                                      Change
of Control Provisions.

 

8.1                               Definitions.

 

8.1.1                     Definition of Change of Control.  For purposes of this Agreement, “Change of Control” shall mean either of the following
events:

 

(i)                                     any
person or related group of persons (other than the Company or a person that
directly or indirectly controls, is controlled by, or is under common control
with, the Company) directly or indirectly acquires beneficial ownership (within
the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as
amended) of securities possessing more than fifty percent (50%) of the total
combined voting power of the Company’s outstanding securities pursuant to a
tender or exchange offer made directly to the Company’s stockholders; or

 

(ii)                                  there
is a change in the composition of the Board over a period of thirty-six (36)
consecutive months or less such that a majority of the Board members ceases, by
reason of one or more proxy contests for the election of Board members to be
comprised of individuals who either (A) have been Board members
continuously since the beginning of such period or (B) have been elected
or nominated for election as Board members during such period by at least a
majority of the Board members described in clause (A) who were still in office
at the time such election or nomination was approved by the Board.

 

8.1.2                     Definition of Corporate Transaction.  For purposes of this Agreement, “Corporate Transaction” shall mean any of the following stockholder
approved transactions to which the Company is a party:

 

(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
in which the Company is incorporated,

 

(ii)                                  the
sale, transfer or other disposition of all or substantially all of the assets
of the Company in complete liquidation or dissolution of the Company, or

 

(iii)                               any
reverse merger in which the Company is the surviving entity but in which
securities possessing more than fifty percent (50%) of the total combined
voting power of the Company’s outstanding securities are transferred to person
or persons different from the persons holding those securities immediately
prior to such merger.

 

8.2                               Effect of Change of Control
or Corporate Transaction. 
In the event of a Change of Control or a Corporate Transaction, and
within one (1) year following such Change of 

 

8

 

Control or
Corporate Transaction, either the Executive terminates his employment with the
Company with Good Reason or the Company terminates his employment for any
reason other than for Cause, then, subject to the Executive’s execution of a
release and non-disparagement agreement in a form acceptable to the Company,
the Executive shall be entitled to the following in lieu of, and not in
addition to, the entitlements described in Sections 6.2 and 7.2.2:

 

(i)                                     a
lump sum cash payment, payable within ten (10) days after the date of the
termination of the Executive’s employment equal to the sum of (A) any
accrued but unpaid Base Salary as of the date of such termination, (B) any
earned but unpaid portions of Annual Bonuses in respect of fiscal years
completed prior to the date of the termination of the Executive’s employment,
(C) any compensation deferred under any deferred compensation plan and
(D) any unreimbursed business expenses due under Section 4.2.1 of this
Agreement;

 

(ii)                                  a
monthly payment in each of the twenty four (24) months following the date of
the termination of the Executive’s employment in an amount equal to one-twelfth
(1/12th) of the Executive’s annual Base Salary in effect immediately
prior to such termination (or, if greater, his annual Base Salary in effect
immediately prior to the Change of Control or Corporate Transaction);

 

(iii)                               if
the Executive elects to continue his medical coverage under COBRA,
reimbursement by the Company of such COBRA costs for a period of up to eighteen
(18) months following the termination of his employment; provided, however,
that the Company’s obligation under this Section 8.2(iii) shall be reduced
to the extent that comparable medical coverage is provided by a subsequent
employer;

 

(iv)                              accelerating
of the vesting of the Executive’s stock options and other equity awards, and
extension of time to exercise any vested stock options, as provided in Section
3.3.2; and

 

(v)                                 such
employee benefits described in Section 4.1 as the Executive or his estate may
be entitled to hereunder or under the employee benefit plans, programs and
arrangements of the Company.

 

8.3                               Option to Refuse Payments.  The Executive shall be entitled to refuse all
or any portion of any payments or benefits under this Agreement if the
Executive determines that receipt of such payment or benefit may result in
adverse tax consequences to him under Section 4999 of the Code or
otherwise.  The Company shall be totally
and permanently relieved of any obligation to pay any amounts or to provide any
benefits that the Executive specifically so refuses in writing.

 

9.                                      Non-Competition.

 

The Executive
acknowledges and recognizes the highly competitive nature of the businesses of
the Company, the amount of
sensitive and confidential information involved in the discharge of the
Executive’s position with the Company, and the harm to 

 

9

 

the Company that
would result if such knowledge or expertise was disclosed or made available to
a competitor, and accordingly agrees that during the period that he is
receiving any payments under this Agreement, he shall not, directly or
indirectly in any manner or capacity (e.g., as an advisor, principal, agent,
partner, officer, director, shareholder, employee, member of any association or
otherwise) engage in, work for, consult, provide advice or assistance or
otherwise participate in any activity that is competitive with the business of
the Company.  The Executive further
agrees that during such period he will not assist or encourage any other person
in carrying out any activity that would be prohibited by the foregoing
provisions of this Section if such activity were carried out by the Executive
and, in particular, the Executive agrees that he will not induce any employee
of the Company to carry out any such activity; provided, however, that
the “beneficial ownership” by the Executive, either individually or as a member
of a “group,” as such terms are used in Rule 13d of the General Rules and
Regulations under the Exchange Act, of not more than one percent (1%) of the
voting stock of any publicly held corporation shall not be a violation of this
Agreement.  It is further expressly
agreed that the Company will or would suffer irreparable injury if the
Executive were to compete with the Company or any subsidiary or affiliate of
the Company in violation of this Agreement and that the Company would by reason
of such competition be entitled to injunctive relief in a court of appropriate
jurisdiction, and the Executive further consents and stipulates to the entry of
such injunctive relief in such a court prohibiting the Executive from competing
with the Company or any subsidiary or affiliate of the Company in violation of
this Agreement.  In the event that the
Executive breaches the provisions of this Section 9, the severance benefits
under Sections 6.2, 7.2.2 or 8.2, whichever is applicable, shall immediately
terminate, the Executive shall cease to be entitled to any additional payments
under this Agreement, and all stock options shall cease to be exercisable.

 

10.                               Confidentiality
and Treatment of Inventions.

 

10.1                        Confidentiality.  The Executive will not at any time (whether
during or after his employment with the Company), other than in the course of
his duties hereunder or unless compelled by lawful process, disclose or use for
his own benefit or purposes or the benefit or purposes of any other person,
firm, partnership, joint venture, association, corporation or other business
organization, entity or enterprise other than an entity within the Company or any
subsidiary or affiliate of the Company, any trade secrets, or other
confidential data or information relating to customers, development programs,
costs, marketing, trading, investment, sales activities, promotion, credit and
financial data, financing methods, or plans of any entity within the Company or
any subsidiary or affiliate of the Company; provided that the foregoing
shall not apply to information that is generally known to the industry or the
public other than as a result of the Executive’s breach of this covenant.  The Executive agrees that upon termination of
his employment with the Company for any reason, he will return to the Company
immediately all memoranda, books, papers, software, plans, information, letters
and other data, and all copies thereof or therefrom, in any way relating to the
business of any entity within the Company or any subsidiary or affiliate of the
Company, except that he may retain personal notes, notebooks and diaries that
do not contain confidential information of the type described in the preceding
sentence.  The Executive further agrees
that he will not 

 

10

 

retain or use for
his account at any time any trade names, trademark or other proprietary
business designation used or owned in connection with the business of any
entity within the Company or any subsidiary or affiliate of the Company.

 

10.2                        Treatment of Inventions.

 

10.2.1              Prior Inventions.  The Executive understands and acknowledges
that he does not have any right or claim to any invention, idea, process,
formula, discovery, technical information, trade secret, design, computer
program, proprietary information, copyright, patent or other such item or matter
(together, any “Invention”),
including without limitation any Invention made prior to his employment with
the Company.  The Executive further
understands and acknowledges that he has had the opportunity to disclose any
Invention to the Company, and has voluntarily and knowingly waived and declined
such opportunity because he has no Invention to disclose.

 

10.2.2              Subsequent Invention
Disclosure.  The Executive
hereby agrees to disclose to the Company in a prompt manner any Invention that
he develops at any time prior to the six-month anniversary of his termination
of employment with the Company.

 

10.2.3              Assignment of Inventions.  Except as otherwise provided by
Section 10.2.4, the Executive hereby assigns and agrees to assign to the
Company or its designee the Executive’s entire right, title, and interest in
and to any Invention that the Executive, whether solely or jointly, develops
prior to the six-month anniversary of his termination of employment with the
Company, with the use of time, material, equipment, supplies, facilities or
trade secret information of the Company or any subsidiary or affiliate of the
Company, whether or not during working hours. 
The Executive further agrees to cooperate with the Company and to
perform all acts deemed necessary or desirable by the Company to permit and to
assist the Company, at the Company’s expense, in obtaining and enforcing the
full benefits, enjoyment, rights and title (whether domestic or foreign) to any
Invention hereby assigned by the Executive to the Company.

 

10.2.4              Inventions not Assigned.  Section 10.2.3 shall not apply to an
Invention that the Executive developed entirely on his own time without using
the Company’s or any of its subsidiaries’ or affiliates’ time, material,
equipment, supplies, facilities or trade secret information, except for any
Invention that either (i) relates at the time of conception or reduction
to practice of the Invention to the Company’s or a subsidiary’s or affiliate’s
business, or actual or demonstrably anticipated research development of the
Company or a subsidiary or affiliate of the Company or (ii) results from
the Executive’s work with the Company or a subsidiary or affiliate of the
Company, whether or not during normal working hours.

 

11.                               Antisolicitation.

 

The Executive promises
and agrees that, for a period of twelve (12) months following his termination
of employment, he will not influence or attempt to influence suppliers or 

 

11

 

customers of the
Company hereunder, either directly or indirectly, to divert their business away
from the Company to any individual, partnership, firm, corporation or other
entity then in competition with the Company or any subsidiary of successor to
the Company.

 

12.                               Soliciting
Employees.

 

The Executive
promises and agrees that, for a period of twelve (12) months following
termination of his employment hereunder, he will not directly or indirectly
solicit any person who is then, or at any time within six months prior thereto
was, an employee of the Company to leave the employ of the Company to work for
any business, individual, partnership, firm, corporation, or other entity then
in competition with the business of the Company or any subsidiary of or
successor to the Company.

 

13.                               Cooperation
in Litigation.

 

The Executive agrees
that he will reasonably cooperate with the Company in any litigation that
arises out of events occurring prior to the termination of his employment,
including but not limited to, serving as a witness or consultant and producing
documents and information relevant to the case or helpful to the Company.  The Company agrees to reimburse the Executive
for all reasonable costs and expenses he incurs in connection with his
obligations under this Section 13.

 

14.                               Indemnification.

 

Indemnification
shall be provided to the Executive as set forth in an indemnification agreement
in the Company’s standard form to be entered into between the Company and the
Executive promptly following execution of this Agreement and/or any subsequent
indemnification agreement between the Company and the Executive (the “Indemnification Agreement”).

 

15.                               Assignment.

 

This Agreement is personal in its nature and neither
of the parties hereto shall, without the consent of the other, assign or
transfer this Agreement or any rights or obligations hereunder; provided,
however, that, in the event of a merger, consolidation, or transfer or
sale of all or substantially all of the assets of the Company with or to any
other individual(s) or entity, this Agreement shall, subject to the provisions
hereof, be binding upon and inure to the benefit of such successor and such
successor shall discharge and perform all the promises, covenants, duties, and
obligations of the Company hereunder, and; provided, further,
that the Executive may assign his rights to compensation and benefits by will
or by operation of law or pursuant to Section 27.

 

16.                               Governing
Law.

 

This Agreement and the legal relations hereby created
between the parties hereto shall be governed by and construed under and in
accordance with the internal laws of the State of California, without regard to
conflicts of laws principles thereof, except as provided in Section 14.

 

12

 

17.                               Entire
Agreement.

 

This Agreement and the Indemnification Agreement
represent the entire agreement of the parties hereto respecting the matters
within the scope of this Agreement and the Indemnification Agreement and
supersede any and all prior agreements of the parties hereto on the subject matter
hereof.  Any prior negotiations,
correspondence, other agreements, proposals or understandings relating to the
subject matter hereof shall he deemed to be merged into this Agreement and to
the extent inconsistent herewith, such negotiations, correspondence,
agreements, proposals, or understandings shall be deemed to be of no force or
effect.  There are no representations,
warranties, or agreements, whether express or implied, or oral or written, with
respect to the subject matter hereof, except as set forth herein.

 

18.                               Modifications.

 

This Agreement
shall not be modified by any oral agreement, either express or implied, and all
modifications hereof shall be in writing and signed by the parties hereto.

 

19.                               Waiver.

 

Failure to insist
upon strict compliance with any of the terms, covenants, or conditions hereof
shall not be deemed a waiver of such term, covenant, or condition, nor shall
any waiver or relinquishment of, or failure to insist upon strict compliance
with, any right or power hereunder at any one or more times be deemed a waiver
or relinquishment of such right or power at any other time or times.

 

20.                               Number
and Gender.

 

Where the context
requires, the singular shall include the plural, the plural shall include the
singular, and any gender shall include all other genders.

 

21.                               Section
Headings.

 

The section
headings in this Agreement are for the purpose of convenience only and shall
not limit or otherwise affect any of the terms hereof.

 

22.                               Resolution
of Disputes.

 

Any controversy or
claim arising out of or relating to the Executive’s employment, this Agreement,
its enforcement, arbitrability, or interpretation, or because of an alleged
breach, default, or misrepresentation in connection with any of its provisions,
shall be submitted to arbitration in Santa Clara County, California, before a
single arbitrator, in accordance with the National Rules for the Resolution of
Employment Disputes then in effect of the American Arbitration Association (“AAA”) as modified by the terms and conditions of this
Section 22; provided, however, that provisional injunctive relief
may, but need not, be sought in a court of law while arbitration proceedings
are pending, and any provisional injunctive relief granted by such court shall
remain effective until the matter is finally determined by the arbitrator.  The arbitrator shall be selected by mutual 

 

13

 

agreement of the
parties or, if the parties cannot agree, by striking from a list of arbitrators
supplied by AAA.  The arbitrator shall
issue a written opinion revealing, however briefly, the essential findings and
conclusions upon which the award is based. 
Final resolution of any dispute through arbitration may include any
remedy or relief which the arbitrator deems just and equitable.  Any award or relief granted by the arbitrator
hereunder shall be final and binding on the parties hereto and may be enforced
by any court of competent jurisdiction.

 

The parties
acknowledge that they are hereby waiving any rights to trial by jury in any
action, proceeding or counterclaim brought by either of the parties against the
other in connection with any matter whatsoever arising out of or in any way
connected with this Agreement or the Executive’s employment.

 

The Company shall
pay the arbitrator’s fees and arbitration expenses and any other costs
associated with the arbitration or arbitration hearing that are unique to
artibration.  The Company and the
Executive each shall separately pay its or his own deposition, witness, expert and
attorneys’ fees and other expenses as and to the same extent as if the matter
were being held in court unless otherwise provided by law; provided, however,
that if the Executive prevails, the arbitrator may award the Executive
reasonable attorneys’ fees.  The
arbitrator shall resolve any dispute as to reasonableness of any fee or
cost.  The arbitrator shall have the sole
and exclusive power and authority to decide any and all issues of or related to
arbitrability.

 

23.                               Severability.

 

In the event that
a court of competent jurisdiction determines that any portion of this Agreement
is in violation of any statute or public policy, then only the portions of this
Agreement which violate such statute or public policy shall be stricken, and
all portions of this Agreement which do not violate any statute or public
policy shall continue in full force and effect. 
Furthermore, any court order striking any portion of this Agreement
shall modify the stricken terms as narrowly as possible to give as much effect
as possible to the intentions of the parties under this Agreement.

 

24.                               Notices.

 

All notices under
this Agreement shall be in writing and shall be either personally delivered or
mailed postage prepaid, by certified mail, return receipt requested:

 

(i)                                     if
to the Company:

 

Ultratech, Inc.

3050 Zanker Road

San Jose, California  95134

Attention: Chair,
Compensation Committee of the Board of Directors

 

14

 

(ii)                                  if
to the Executive:

 

Rick Friedman

[ADDRESS]

[ADDRESS]

 

Either party may
change its address set forth above by written notice given to the other party
in accordance with the foregoing.  Any
notice shall be effective when personally delivered, or five (5) business days
after being mailed in accordance with the foregoing.

 

25.                               Counterparts.

 

This Agreement may
be executed in any number of counterparts, each of which shall be deemed an
original and all of which together shall constitute one and the same
instrument.

 

26.                               Withholding
Taxes.

 

The Company may
withhold from any amounts payable under this Agreement such federal, state and
local income, employment, or other taxes as may be required to be withheld
pursuant to any applicable law or regulation.

 

27.                               Beneficiaries.

 

The Executive
shall be entitled, to the extent permitted under any applicable law and to the
extent permitted under any benefit plan or program maintained by the Company,
to select and change a beneficiary or beneficiaries to receive any compensation
or benefit hereunder following the Executive’s death by giving the Company
written notice thereof in accordance with the terms of such plan or
program.  In the event of the Executive’s
death or a judicial determination of his incompetence, reference in this
Agreement to the Executive shall be deemed, where appropriate, to refer to his
beneficiary, estate or other legal representative.

 

28.                               Director’s
and Officer’s Insurance.

 

The Company shall
provide director’s and officer’s insurance coverage for the Executive to the
extent the Company provides such coverage for its other senior executive
officers.

 

29.                               No
Mitigation or Offset.

 

In the event of any
termination of employment under this Agreement, the Executive shall be under no
obligation to seek other employment and there shall be no offset against
amounts due the Executive under this Agreement on account of any remuneration
attributable to any subsequent employment that he may obtain except (i) as
specifically provided in Sections 5.2(iii), 6.2(iii) and 8.2(iii) of this
Agreement, or (ii) on account of any claims the Company may have against the
Executive.

 

15

 

30.                               Right
to Advice of Counsel

 

The Executive
acknowledges that he has had the right to consult with counsel and is fully
aware of his rights and obligations under this Agreement.  O’Melveny & Myers, LLP has served as the
Company’s counsel with respect to this Agreement.

 

31.                               Survival.

 

Upon the termination of
this Agreement, the provisions of Sections 5, 6, 7, 8, 9, 10, 11, 12, 13, 14,
16, 22, 23, 24, 26, 28 and 29 shall survive.

 

IN
WITNESS WHEREOF, the Company and the Executive have executed
this Employment Agreement as of the date first above written.

 

	
   

  	
  THE COMPANY

  
	
   

  	
   

  
	
   

  	
  Ultratech, Inc.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Nicholas Konidaris

  	
   

  
	
   

  	
   

  	
  Nicholas Konidaris

  
	
   

  	
   

  	
  Chairman, Compensation Committee of the 

  Board of Directors

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE EXECUTIVE

  
	
   

  	
   

  
	
   

  	
  /s/ Rick Friedman

  	
   

  
	
   

  	
  Rick Friedman

  
					

 

16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]