Document:

EXHIBIT 10.32

STOCK PURCHASE AGREEMENT

The undersigned purchaser (the “Purchaser” or “subscriber”) has been advised that Optex Systems Holdings, Inc. (the “Company”), is offering to sell up to 25,000,000 shares to a limited number of U.S. persons at an offering price of $.01 per share on a best efforts-no minimum basis and agrees to by the number of shares at the price set forth in his signature block below. The Company agrees to sell to Purchaser the number of shares of its common stock at the price set forth in the Purchaser’s signature block below.

1. Purchaser’s Representations. In connection with his subscription, the Purchaser represents and warrants to the Company and each of its officers, directors and affiliates that he:

(a) has been given the opportunity to ask questions and received answers from the officers and directors of the Company with respect to the Common Stock, the business of the Company and any other matters which he considered to be material to his investment decision (only to the extent that the matters discussed are publicly available and were publicly available prior to asking such questions), all such questions have been answered to his full satisfaction;

(b) has reviewed the disclosures of the Company as were publicly available at the time of review;

(c) is purchasing the Common Stock without being furnished any offering literature or prospectus other than the Company’s registration statement on Form S-1 to which this agreement is attached as an exhibit as available on the SEC website; and

(d) has sufficient financial and other resources to provide for his anticipated financial needs and has no need for liquidity with respect to his investment in the Common Stock; and understands and acknowledges that this investment is, by nature, highly speculative.

2. The Company’s Representations. In connection with the Purchaser’s subscription the Company represents to the Purchaser and each of his affiliates:

(a) The Company is a corporation duly organized, validly existing, and in good standing under the, laws of Delaware with full corporate power and authority to own its properties and conduct its business, and is duly qualified to conduct the business in which it is engaged in all jurisdictions where the conduct of its business requires qualification, except those jurisdictions where the failure to be qualified would not have a material adverse effect on the business or financial condition of the Company;

(b) The issuance and sale of the Common Stock has been duly and validly authorized by all required corporate action of the Company and will not result in a breach or violation of any of the terms or provisions of, or constitute a default under, (i) any indenture, mortgage, deed of trust, loan agreement, bond, debenture, note agreement, or other evidence of indebtedness, lease, contract, or other agreement or instrument to which the Company is a party or by which the property of the Company is bound, (ii) the Company’s certificate of incorporation or bylaws, or (iii) any statute or any order, rule, or regulation of any court or governmental agency or body having jurisdiction over the Company or its properties;

(c) Upon delivery to the Purchaser, the Common Stock will be validly issued, fully paid, nonassessable, and free of preemptive rights; and

(d) There are no material legal or governmental proceedings pending or threatened to which the Company is a party or of which the business or property of the Company is the subject that are not disclosed in materials previously provided to the undersigned subscriber.

  

 

  

3. Notices. All notices or other communications shall be sent to the Company at the address shown on the S-1 registration statement and to the subscriber at the address listed on the signature page hereto.

4. Disputes. In the event a dispute between the parties hereto arises out of, in connection with, or with respect to this Stock Purchase Agreement, or any breach thereof, such dispute shall, are, or may be, required or permitted to be given or made hereunder shall be in writing and shall be delivered or mailed by registered or certified mail, return receipt requested, postage prepaid, to the parties at their respective addresses set forth below. The parties agree to submit to the jurisdiction of any court in the County of New Castle, State of Delaware with regard to any dispute arising hereunder.

5. Governing Law. The Purchaser’s rights as a stockholder of the Company shall be construed in accordance with the laws of the State of Delaware and the Company’s Articles of Incorporation and by-laws. The legality of the offer and sale of the Company’s Common Stock evidenced by this Stock Purchase Agreement shall be construed in accordance with and governed by the laws of the State of Delaware.

6.  Acceptance or Rejection of Subscription.  The Company will review the materials and, if the subscription is accepted, the Company will execute this Stock Purchase Agreement and return a copy of the materials to the subscriber. The Company shall have the right to accept or reject any subscription, in whole or in part. An acknowledgment of the acceptance of a subscription will be returned to the Purchaser promptly after acceptance.  If not accepted, then the subscription proceeds shall be returned to the Purchaser within 10 business days of rejection.

Please mail this document with a check for the full subscription amount payable to Optex Systems Holdings, Inc. to: Optex Systems Holdings, Inc., 1420 Presidential Drive, Richardson, TX 75081, attn: Karen Hawkins, Vice President of Finance.

IN WITNESS WHEREOF, the Purchaser and the Company have executed this Stock Purchase Agreement on this ______ day of _________________, 2011.

(Signature of Purchaser) (Name Printed)

______________________________________________________________________________________________________________________________

______________________________

 

_____________________________________________________________________

_____________________________________________________________________

( Address in full )

$ amount subscribed for:_________________________

Number of shares subscribed for:

______________________________________________________________________________________________________________________________

______________________________

_____________________________________________________________________

	
OPTEX SYSTEMS HOLDINGS, INC.

	  	  
	
By:

	  
	  	
Name:

	  	
Title:Unassociated Document

TRANSITION ACKNOWLEDGEMENT

THIS TRANSITION ACKNOWLEDGEMENT (this “Acknowledgement”) is dated as of this 28th day of July 2011 by and between Hologic, Inc., a Delaware corporation with its principal place of business at 35 Crosby Drive, Bedford, Massachusetts 01730 (the “Company”), and John W. Cumming, an individual having his principal residence in Sudbury, Massachusetts (the “Employee”).  Reference is made to the Transition Agreement dated November 5, 2009 between the Company and the Employee (the “Transition Agreement”).  Capitalized terms used herein and not otherwise defined, shall have the meanings ascribed to them in the Transition Agreement.

 

WHEREAS, in connection with the ongoing transition of the Employee’s services with the Company, the Employee desires to resign as Chairman and a member of the Board of Directors of the Company (the “Board”) and continue as an employee of the Company; and the Company desires to accept such resignation and the Employee’s continued employment, all in accordance with the terms and conditions of the Transition Agreement, as modified hereby.

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the parties hereto, each intending to be legally bound, do hereby agree as follows:

 

1.           Resignation; New Position.  Effective upon execution of this Agreement, the Employee hereby resigns as Chairman and a member of the Board, and from his positions, if any, as an officer or director of any and all subsidiaries of the Company.  The Company hereby accepts all such resignations.  The parties further agree that the terms and conditions of the Employee’s continuing employment by the Company shall be subject to the terms and conditions of the Transition Agreement as modified by the Transition Acknowledgement Term Sheet (the “Term Sheet”), which is attached hereto and incorporated herein by reference as if fully set forth herein.

 

2.           Employee’s Acknowledgement.  Without limiting the foregoing, the Employee hereby acknowledges and agrees that (i) the Employee’s resignation as Chairman and resignation from the Board and (ii) the change in the Employee’s compensation as set forth in the Term Sheet does not constitute Good Reason for termination of Employee’s employment under the Transition Agreement or otherwise.  The Employee further agrees and acknowledges that any future reduction in the Employee’s hours (including reduction in associated authority, duties and responsibilities relating thereto) and any reduction in base salary, other compensation and benefits, including, without limitation a reduction in Base Salary, contributions to the Company’s Supplemental Executive Retirement Plan for the benefit of the Employee or reduction in the target bonus for the Employee under Short Term Incentive Plan reflecting such reduction in hours and/or reduction in Base Salary shall not constitute a Good Reason for the Employee’s termination of his employment with the Company under the Transition Agreement or otherwise.

 

  

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3.             Miscellaneous

 

3.1           Transition Agreement. Except as otherwise amended and modified hereby, the Transition Agreement shall remain in full force and effect.

 

3.2           Counterparts.  This Agreement may be executed in one or more counterparts.

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as a binding contract as of the day and year first above written.

 

 

	 	
HOLOGIC, INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Robert A. Cascella	 
	 	 	
Name:  Robert A. Cascella

	 
	 	 	
Title:    President and Chief Executive Officer

	 
	 	 	 	 
	 	 	 	 
	 	
EXECUTIVE

	 
	 	 	 
	 	/s/ John W. Cumming	 
	 	
John W. Cumming

	 

  

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TRANSITION AGREEMENT ACKNOWLEDGEMENT  TERM SHEET

July 28, 2011

	
Phase 1 of Transition

	 	
The initial transition on November 5, 2009 of Employee from CEO to Chairman pursuant to the Transition Agreement.

	 	 	 
	
Phase 2 of Transition

	 	
Resignation of the Employee from the Board of Directors. Employee to continue as a full-time employee with the title Global Strategic Advisor, reporting to the CEO.  Any further change in title shall be subject to the approval of the CEO.  Compensation (including bonus eligibility) to remain unchanged through current fiscal year.  Final Transition Payment of $1.725 million to be paid in November 2011 pursuant to the terms of the Transition Agreement.

	 	 	 
	
Phase 3 of Transition

	 	
Employee to continue employment with the foregoing title as an “at will” full-time employee following the termination of the Transition Agreement on November 30, 2011.  In Phase 3, the Employee’s hours may be subject to reduction, as may be agreed to by the CEO and the Employee.

	 	 	 
	
Fiscal 2012 Compensation

	 	
The Employee’s compensation (including Base Salary, STIP and SERP Participation) will be adjusted to reflect any reduction in Employee’s hours.

	
Base Salary

	 	
$725,000

	
STIP Percentage Target

	 	
50% of then base salary(Targets to be set at the discretion of the Compensation Committee)

	
SERP Participation

	 	
SVP level(Discretion of the Compensation Committee)

	
LTIP

	 	
None

	
Medical etc.

	 	
Same as SVPs

	 	 	 
	
Severance Benefits

	 	
As contemplated by the Transition Agreement for post November 30, 2011 employment.  Upon termination by the Company (other than for cause) or the Employee for Good Reason:

	 	 	●	Up to six months severance (the Employee’s then base salary and bonus opportunity).
	 	 	●	An additional six month family medical coverage.
	 	 	●	Continued monthly (rather than annual) vesting for pre-November 5, 2009 equity awards through date of termination (if not otherwise fully vested). This monthly vesting does not apply to any equity awards issued after November 5, 2009, which vest on same basis as all other executive equity awards.
	 	 	●	Existing options exercisable (but do not vest further after termination) for one year after termination.

 

 

  

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	 	 	●	Continued double trigger (i.e., termination w/out cause or for “good reason”) accelerated vesting of all outstanding equity awards following change of control (subject to 280G modified change of control cut-back).
	 	 	 
	
Other Agreements

	 	
Existing Transition Agreement (as modified hereby), Noncompetition Agreement, Proprietary Information Agreement and Indemnification Agreement to remain in place.

 

  

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