Document:

EMPLOYMENT AGREEMENT BETWEEN REGISTRANT AND ROBERT L. BOWEN

 Exhibit 10.20 
 [GSI Logo Appears Here] 
  
 November 10, 2005 
 Robert Bowen 
 11 Graystone Lane 
 Weston, MA 02493 
 Bob, 
 It is with pleasure I confirm our offer for you to join the executive management team at GSI Group Inc., in the capacity of Vice President and Chief Financial Officer. In
this role you will work to promote and protect the long-term financial and operational interests of the Company and report directly to me. 
 Your
compensation package will consist of an annualized base salary of $290,000.00 ($11,153.85 per pay period) plus an at target bonus opportunity of 50% of your base salary. Since you will be a key contributor to the growth in shareholder equity, I
will recommend to the Board of Directors you be awarded a grant of 50,000 options subject to the terms of the Plan document. 
 In accordance with the
policies of the Company, you will be eligible to participate in the Company’s benefit programs which currently include health, dental, vision, life, accidental death and dismemberment and disability insurance and a company matched 401k plan.

 As an executive officer, you will also be entitled to four weeks annual vacation, supplemental disability coverage and a monthly automobile allowance.
Should you have any questions regarding these benefit programs, please contact Linda Palmer. 
 This offer is contingent upon the following: 
 Your ability to pass a standard background check, which is limited to a review of credit, and any civil, criminal records and verification of education
credentials; 
 Your ability to satisfy the requirements of the Immigration Reform and Control Act of 1986; 
 The absence of a non-compete or other agreement, which would limit your ability to perform this assignment; 
 Completion of the HayGroup Executive Assessment process to the Company’s satisfaction. 
 All employees are required to sign a confidentiality agreement and the Company’s Code of Ethics as a condition of employment. You may find a copy of the Code on GSIG’s website or you may request a written
copy. 
  
 GSI Group, Corporate Offices 
 39 Manning Road 
 Billerica, MA 01821 

Tel: 978-439-5511 
 Fax: 978-663-9466

 www.gsigrp.com 

 [GSI Logo Appears Here] 
  
 Accepting this position during a CEO transition represents potential risk. With that in mind, should your employment be terminated without cause within eighteen months
of your start date, the Company will continue to pay your salary and benefits for a period of nine months. 
 Bob, on behalf of the executive team and the
Board, we look forward to working with you and welcome your acceptance of our offer. Please sign below, indicating your start date and return as soon as possible. This offer letter replaces any and all outstanding offers pending at this time.

 Sincerely, 
  

	
	
	 /S/    CHARLES D.
WINSTON        

	 Charles D. Winston
 President, CEO

  

					
			
	 /S/    ROBERT
BOWEN        
	 		 	 11-28-05

	Robert Bowen    11/17/05	 		 	Start Date

 [GSI Logo Appears Here] 
  
 November 15, 2005 
 Robert Bowen 
 11 Graystone Lane 
 Weston, MA 02493 
 Dear Bob, 
 This serves as an addendum to our offer letter dated
November 10, 2005. 
 Should your employment terminate without cause within 18 months of your start date, the Company will continue to
pay your salary and benefits for a period 12 months. 
 You are eligible to be reimbursed for up to $4000.00 annually for personal tax and
financial services. 
 Upon shareholder approval of a new Equity Incentive Plan, you will be eligible for long term performance based
incentive opportunities. 
 As the Chief Financial Officer, you will have the same level of indemnification as any officer or Board member of
the company supported by a significant level of D&O Insurance. You should know that our company’s history is void of any shareholder-based litigation. 
 I hope the above information helps to convey our confidence in your abilities and our enthusiasm for you to join our Company. 
 We look forward to
receiving your signed offer with the attached addendum indicating your start date. 
 Sincerely, 
  

					
			
	/S/    LINDA
PALMER        	 		 	/S/    ROBERT
BOWEN        
	 Linda Palmer
 VP, Corporate Resources
	 		 	Robert Bowen    11/17/05

  
 GSI Group, Corporate Offices

 39 Manning Road 
 Billerica, MA
01821 
 Tel: 978-439-5511 
 Fax:
978-663-9466 
 www.gsigrp.comFourth Amendment to Stockholders Agreement

 Exhibit 10.26d 
 FOURTH AMENDMENT 
 TO THE 
 STOCKHOLDERS AGREEMENT 
 DATED AS OF OCTOBER 25, 2005 
 BETWEEN

 FGIC CORPORATION 
 THE PMI GROUP, INC., 
 BLACKSTONE
CAPITAL PARTNERS IV L.P., 
 BLACKSTONE CAPITAL PARTNERS
IV-A L.P., 
 BLACKSTONE FAMILY INVESTMENT PARTNERSHIP IV-A L.P.,

 CYPRESS MERCHANT BANKING PARTNERS II L.P., 
 CYPRESS MERCHANT BANKING II C.V., 
 CYPRESS SIDE-BY-SIDE, LLC, 
 55TH STREET PARTNERS II L.P., 
 CYPRESS FGIC
INVESTORS LLC, 
 CIVC/FGIC INVESTMENT COMPANY LLC 
 CIVC PARTNERS FUND III, L.P. 
 CIVC PARTNERS FUND IIIA, L.P. 
 AND THE

 MANAGEMENT INVESTORS 

 FOURTH AMENDMENT TO THE STOCKHOLDERS AGREEMENT 
 This FOURTH AMENDMENT TO THE STOCKHOLDERS AGREEMENT (this “Amendment”) is made as of October 25, 2005, and is among
the parties signatory hereto. 
 BACKGROUND 
 1. FGIC Corporation (as successor by merger to Falcons Acquisition Corp.), a Delaware corporation (the “Company”), The PMI Group, Inc., a Delaware corporation (together with any Affiliated
transferee within the contemplation of Section 2.5 of the Agreement (as defined below), “PMI”), Blackstone Capital Partners IV L.P., a Delaware limited partnership (“BCP IV”), Blackstone Capital
Partners IV-A L.P., a Delaware limited partnership (“BCP IV-A”) and Blackstone Family Investment Partnership IV-A L.P., a Delaware limited partnership (“BFIP IV-A,” and together with BCP IV, BCP IV-A
and any other Affiliated transferee within the contemplation of Section 2.5, “Blackstone”), Cypress Merchant Banking Partners II L.P., a Delaware limited partnership (“Cypress Onshore”), Cypress
Merchant Banking II C.V., a Netherlands limited partnership (“Cypress Offshore”), Cypress Side-by-Side LLC, a Delaware limited liability company (“Cypress Side-by-Side”), 55th Street Partners II L.P, a
Delaware limited partnership (“Cypress 55th Street”), Cypress FGIC Investors LLC, a Delaware limited liability company, as a “Cypress Vehicle” (as described below) (“Cypress/FGIC,” and
together with Cypress Onshore, Cypress Offshore, Cypress Side-by-Side, Cypress 55th Street, any other “Cypress Vehicle,” any “Cypress Coinvestor” (as described below) and any other Affiliated transferee within the contemplation
of Section 2.5 of the Agreement, “Cypress”), CIVC/FGIC Investment Company LLC, a Delaware limited liability company, as a “CIVC Vehicle” (as described below) (“CIVC/FGIC”), CIVC Partners
Fund III, L.P., a Delaware limited partnership (“CIVC Fund III”), CIVC Partners Fund IIIA, L.P., a Delaware limited partnership (“CIVC Fund IIIA,” and together with CIVC/FGIC, CIVC Fund III, any other
“CIVC Vehicle” and any other Affiliated transferee within the contemplation of Section 2.5 of the Agreement, “CIVC”; and together with PMI, Blackstone and Cypress, the “Investors”) and
the management investors listed on Annex A to the Agreement and any other management investors who subsequently become a party to the Agreement (the “Management Investors”) pursuant to the Agreement have entered into a
Stockholders Agreement dated as of August 3, 2003, as amended by the First Amendment thereto dated as of December 18, 2003, the Second Amendment thereto dated as of February 25, 2004 and the Third Amendment thereto dated as of
July 14, 2004 (as so amended, the “Agreement”). Capitalized terms used and not otherwise defined herein have the meanings set forth in the Agreement. 
 2. The parties hereto desire to provide for the election of a Management Director (as defined below). 
 3. The parties hereto desire to amend the Agreement in order to provide for such election and to effect certain other changes to the Agreement.

  

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 NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties,
intending legally to be bound, agree as follows: 
  

	 	1.	Amendments to Article I. 

 Section 1.2
of the Agreement is hereby amended by amending the definition of “Quorum” to read in its entirety as follows: 
 “Quorum” means a majority of the directors serving on the Company Board and shall include all of the director-designees of each of PMI, Blackstone and Cypress (or, with respect to any such Investor, a majority of
such Investor’s director-designees if a majority of such Investor’s director-designees so consents); provided, however, that any action of the Company Board specified in Article III that may be approved by the
director-designees of certain Investor(s) shall be approved by a vote of such director-designees of such Investor(s) without a Quorum; provided further, that for the purposes of determining whether a quorum is present under this
definition of “Quorum,” the Management Director will not be treated as a director present at any particular meeting, or a member of the Company Board. The bylaws of the Company will include a provision to prevent any person from denying a
Quorum. 
  

	 	2.	Amendments to Article III. 

 (a)
Section 3.1(a) of the Agreement is hereby amended by deleting the penultimate sentence thereof in its entirety and replacing it with the following: 
 Subject to the next two succeeding sentences, the Company Board shall be comprised of 14 members, which number shall decrease to the extent that any of PMI, Blackstone, Cypress or CIVC lose the right to designate a
director pursuant to this Section 3.1(a) or pursuant to Section 3.1(g). Notwithstanding the immediately preceding sentence, the Company Board, by resolution duly adopted (including the affirmative vote of a majority of the
director-designees of each of the Principal Investors), may increase the number of directors to one more than the number of directors determined in accordance with the preceding sentence; provided, however, that the directorship
created by such increase shall be filled only by a member of management of the Company, which individual shall be agreed upon and designated by the Principal Investors (the “Management Director”) and who shall have the voting
rights specified in Section 3.1(f); and provided further, that the Management Director shall not be considered a director-designee of any of the Investors or Principal Investors for purposes of this Agreement. In the event
that the directorship created by the increase described in the preceding sentence becomes vacant and the Principal Investors cannot agree upon, and designate, a new Management Director, the number of members comprising the Company Board shall
decrease by one. 
  

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 (b) Section 3.1(f) of the Agreement is hereby amended and restated to read in its entirety as
follows: 
 (f) Special Voting Provisions. (i) The director-designee of CIVC shall vote on any matter presented to
the Company Board, except as otherwise set forth in this Agreement. The Certificate of Incorporation will provide that CIVC’s director-designee will not be entitled to vote on a matter if (A) the number of votes to be cast with respect to
such matter (not including the vote of CIVC’s director-designee and, if the matter relates to the election of officers of the Company, other than the Chief Executive Officer and the President, not including the vote of the Management Director)
would be evenly divided, or (B) the number of votes to be cast in favor of such matter would be one or two votes more or less than the number of votes to be cast against the matter to be voted on (in each case not including the vote of
CIVC’s director-designee and not including the vote of the Management Director if the matter relates to the election of officers of the Company, other than the Chief Executive Officer and the President); provided, however, that
CIVC’s director-designee shall be entitled to vote on a matter where the number of votes to be cast in favor of such matter would be two votes more or less than the number of votes to be cast against the matter to be voted on if the matter does
not relate to the election of officers of the Company or relates to the election of the Chief Executive Officer or the President of the Company or if the Management Director is not present at the meeting at which such vote is held. In addition, CIVC
shall use its reasonable best efforts to cause its director-designee to abstain in accordance with the terms of this Agreement and the Certificate of Incorporation. CIVC agrees that reasonable best efforts shall include removing its
director-designee and designating a new director-designee if its director-designee does not abstain in accordance with the terms of this Agreement and the Certificate of Incorporation of the Company. 
 (ii) If elected pursuant to and in accordance with Section 3.1(a), the Management Director shall have the voting rights specified in
this subsection (ii). The Certificate of Incorporation will provide that the Management Director will be entitled to vote only on the election of officers of the Company, other than the Chief Executive Officer and the President; provided,
however, that the Management Director will not be entitled to vote on the election of an officer if (A) the number of votes to be cast with respect to such election (not including the vote of the Management Director and the CIVC
director-designee) would be evenly divided, or (B) the number of votes to be cast in favor of such election would be one or two votes more or less than the number of votes to be cast against such election (in each case not including the vote of
the Management Director and the CIVC director-designee); provided, however, that the Management Director shall be entitled to vote on a matter relating to the election of officers of the Company (other than the Chief Executive Officer
or the President) where the number of votes to be cast in favor of such election would be two votes more or less than the number of votes to be cast against such election if 

  

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 the CIVC director-designee is not present at the meeting at which such vote is held. The Principal
Investors shall use their reasonable best efforts to cause the Management Director to abstain in accordance with the terms of this Agreement and the Certificate of Incorporation. The Principal Investors agree that reasonable best efforts shall
include removing the Management Director and designating a new Management Director if the Management Director does not abstain in accordance with the terms of this Agreement and the Certificate of Incorporation of the Company. 
 (c) Section 3.1(h) of the Agreement is hereby amended and restated to read in its entirety as follows: 
 (h) Removal and Replacement. Each of the Investors shall be entitled at any time (with or without cause) to cause any or all of its
director-designees nominated pursuant to Section 3.1(a) (including any Independent Director) to be removed from the Company Board, and in such event the Investors will take such action as is reasonably required to effectuate such removal;
provided, however, that the Management Director, if elected pursuant to and in accordance with Section 3.1(a), may be removed at any time (with or without cause) by the vote of a majority of the Principal Investors. In the event
that a vacancy is created at any time by the death, disability, retirement, resignation or removal (with or without cause) of any director specified in Section 3.1(a), (i) the Investors and the Company shall cause the vacancy created
thereby to be filled by an appropriate individual as specified in Section 3.1(a) as soon as reasonably practicable and (ii) the Company Board shall not take any material action over the objection of any of PMI, Blackstone, Cypress or CIVC
with a pending vacancy on the Company Board until a replacement director has been designated by the appropriate Investor pursuant to clause (i) and elected to the Company Board; provided that the foregoing restriction against taking
material action (x) will terminate 10 Business Days after the creation of such vacancy if no replacement director has been designated by such time and (y) will not apply in the case of a pending vacancy with respect to the position to be
held by the Management Director. 
 (d) The first sentence of Section 3.2 and Section 3.2(a) of the Agreement are hereby amended
and restated to read in their entirety as follows: 
 Approval Rights. Except as provided in this
Section 3.2 or as required by Law, all decisions of the Company Board will be made by a majority vote of the directors present at a meeting of the Company Board at which a Quorum is present; provided, however, that if pursuant to
Section 3.1(f), CIVC’s director-designee or the Management Director, or both, are not entitled to vote on a matter, CIVC’s director-designee or the Management Director, or both, as the case may be, shall be regarded as not present at
the meeting for purposes of determining whether a majority vote of the Company Board has been obtained. 
  

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 (a) Prior to the third anniversary of the Closing Date, the Company shall only consummate
an IPO or Qualified IPO (including taking all customary actions with respect to an IPO or Qualified IPO, as the case may be) upon the affirmative vote of all of the directors serving on the Company Board other than the director-designee of CIVC and
the Management Director, if any, and from and after the fifth anniversary of the Closing Date, the affirmative vote of a majority of the director-designees of two of the three Principal Investors, in each case involving such terms (including the
number of shares to be offered by the Company for its own account) as they determine in good faith, and if they so direct, the Company will use all or a portion of the net proceeds thereof to redeem Preferred Shares. 
 (e) The last sentence of Section 3.3 of the Agreement is hereby amended and restated to read in its entirety as follows: 
 Unless each Investor otherwise agrees, the board of directors of Financial Guaranty Insurance Company and each committee thereof, if any, shall be
composed of the same directors and with the same voting rights and restrictions as the Company Board and its corresponding committees; provided, however, that, except upon the direction of the Principal Investors, the board of directors of
Financial Guaranty Insurance Company shall not include the Management Director. 
  

	 	3.	Amendment to Article IX. 

 (a)
Section 9.3(a) of the Agreement is hereby amended by amending and restating the third sentence thereof as follows: 
 Furthermore,
Sections 3.2(a), 3.5(a) and 3.6(a) may not be amended or waived without the consent of the Company Board, which consent shall require the affirmative vote of all of the directors serving on the Company Board other than the director-designee of CIVC
and the Management Director. 
  

	 	4.	Miscellaneous. 

 Except as specifically
amended by this Amendment, the provisions of the Agreement shall remain in full force and effect. 
 [Remainder of Page Intentionally Left
Blank.] 
  

 - 6 - 

 IN WITNESS WHEREOF, this Amendment has been duly executed and delivered by the individuals whose names
appear below and by the duly authorized representatives of each party hereto as of the first date written above. 
  

			
	FGIC CORPORATION
		
	By:	 	 /s/ Frank J. Bivona

	Name:	 	Frank J. Bivona
	Title:	 	Chief Executive Officer
	
	THE PMI GROUP, INC.
		
	By:	 	 /s/ Bradley M. Shuster

	Name:	 	Bradley M. Shuster
	Title:	 	 President, International and
 Strategic
Investments

	
	BLACKSTONE CAPITAL PARTNERS IV L.P.
		
	By:	 	 Blackstone Management Associates IV L.L.C.,
 its
General Partner

		
	By:	 	 /s/ Chinh E. Chu

	Name:	 	Chinh E. Chu
	Title:	 	Senior Managing Director
	
	BLACKSTONE CAPITAL PARTNERS IV-A L.P.
		
	By:	 	 Blackstone Management Associates IV L.L.C.,
 its
General Partner

		
	By:	 	 /s/ Chinh E. Chu

	Name:	 	Chinh E. Chu
	Title:	 	Senior Managing Director

  

 - 7 - 

			
	 BLACKSTONE FAMILY INVESTMENT
 PARTNERSHIP IV-A, L.P.

		
	By:	 	 Blackstone Management Associates IV L.L.C.,
 its
General Partner

		
	By:	 	 /s/ Chinh E. Chu

	Name:	 	Chinh E. Chu
	Title:	 	Senior Managing Director
	
	CYPRESS MERCHANT BANKING PARTNERS II L.P.
		
	By:	 	 Cypress Associates II LLC,
 as general
partner

		
	By:	 	 /s/ William L. Spiegel

	Name:	 	William L. Spiegel
	Title:	 	Managing Director
	
	CYPRESS MERCHANT BANKING II, C.V.
		
	By:	 	 Cypress Associates II LLC,
 as managing general
partner

		
	By:	 	 /s/ William L. Spiegel

	Name:	 	William L. Spiegel
	Title:	 	Managing Director
	
	CYPRESS SIDE-BY-SIDE LLC
		
	By:	 	 /s/ William L. Spiegel

	Name:	 	William L. Spiegel
	Title:	 	Managing Director

  

 - 8 - 

					
	55TH STREET PARTNERS II L.P.
		
	By:	 	 Cypress Associates II LLC,
 as general
partner

		
	By:	 	 /s/ William L. Spiegel

	Name:	 	William L. Spiegel
	Title:	 	Managing Director
	
	CYPRESS FGIC INVESTORS LLC
		
	By:	 	 Cypress Merchant Banking Partner II L.P.,
 as Managing Member

		
	By:	 	 Cypress Associates II LLC,
 as general
partner

		
	By:	 	 /s/ William L. Spiegel

	Name:	 	William L. Spiegel
	Title:	 	Managing Director
		 	
	
	 CIVC/FGIC INVESTMENT COMPANY LLC
 as a
CIVC Vehicle (as defined herein)

		
	By:	 	 CIVC Partners, L.P.,
 its Managing
Member

		
	By:	 	 CIVC Management GP, LLC,
 its General
Partner

		
	By:	 	 /s/ Daniel G. Helle

	Name:	 	Daniel G. Helle
	Title:	 	Partner

  

 - 9 - 

			
	CIVC PARTNERS FUND III, L.P.
		
	By:	 	 CIVC GP III, L.P.,
 its General
Partner

		
	By:	 	 GP III, LLC
 its General Partner

		
	By:	 	 /s/ Daniel G. Helle

	Name:	 	Daniel G. Helle
	Title:	 	Partner
	
	CIVC PARTNERS FUND IIIA, L.P.
		
	By:	 	 CIVC GP IIA, L.P.,
 its General
Partner

		
	By:	 	 CIVC GP, LLC
 its General Partner

		
	By:	 	 /s/ Daniel G. Helle

	Name:	 	Daniel G. Helle
	Title:	 	Partner

  

 - 10 - 

	
	Thomas J. Adams
	
	 /s/ Thomas J. Adams

	
	Frank J. Bivona
	
	 /s/ Frank J. Bivona

	
	Jeffrey R. Fried
	
	 /s/ Jeffrey R. Fried

	
	Howard C. Pfeffer
	
	 /s/ Howard C. Pfeffer

	
	Timothy S. Travers
	
	 /s/ Timothy S. Travers

  

 - 11 -

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