Document:

Severance Agreement - Holmberg

 Exhibit 10.3 
 HVHC Inc. 
 September 17, 2008 
 Mr. David Holmberg 
 HVHC Inc. 
 1800 Center Street 
 Camp Hill, PA 17089 
  

	 	Re:	Severance 

 Dear Mr. Holmberg: 
 This letter agreement (the “Agreement”) sets forth certain conditions with regard to your employment and post-employment activities as well as
the conditions under which you will be entitled to receive severance benefits. For definitions of capitalized terms used in this Agreement, see Appendix A. The term of this Agreement is from September 17, 2008 to December 31, 2011. This
Agreement applies to terminations of employment during this term. This Agreement replaces the letter agreement dated November 1, 2007 between you and Eye Care Centers of America, Inc. 
 In consideration of your assuming the position of President and Chief Executive Officer of HVHC and with both parties intending to be legally
bound, the Company and you agree as follows:  
 Amount of Severance. If you qualify for severance, HVHC Inc.
(“HVHC”) will pay you an amount equal to two hundred percent (200%) of your base annual salary at the time of termination, in equal monthly installments over twenty-four (24) months. 
 Incentive Plan Payments. If you qualify for severance, you will also receive (i) any Annual Executive Incentive Plan (“AEIP”)
payment for the calendar year preceding your termination, if it was not previously paid to you, and (ii) a portion of the AEIP payment you have earned during the year of termination, prorated based upon the number of your complete months of
employment during the year. These AEIP payments will be made at the same time such payments are normally made for the applicable year to executives who continue in employment, but in any event by March 15 of the calendar year following your
termination of employment. Amounts are payable based on actual performance. 
 In addition, if you qualify for severance and you have five or
more years of service or you have attained age 55, you will be eligible for payment of an award under the Long-Term Incentive Plan (LTIP), regardless of your age at termination, as follows. For termination before a Change in Control, your award will
be determined and paid in the same manner as awards to employees who retire at or after age 55 under the LTIP. For termination after a Change in Control, awards will be paid in accordance with the terms of the LTIP. 
 Benefits. HVHC will also provide payment for continued medical, dental and vision coverage you elect under COBRA for up to eighteen
(18) months’ following your termination. 
  

 Tier I - HVHC 

 In addition, if you become a participant in an Executive Retirement Plan (ERP) adopted by HVHC, or in
which HVHC becomes a participating employer, and: (i) you qualify for severance and (ii) you have five or more years of service, you will be eligible for participation in the ERP regardless of your age at termination. However, benefits
under the ERP may not commence prior to age fifty-five (55). If, after a Change in Control and after you have attained age fifty-five (55), your employment is terminated by HVHC other than for Cause, or as a result of a Material Change, you will be
eligible for participation in such ERP, even if you have not earned five or more years of service. 
 Except as provided above or as provided
to terminated employees under the specific terms of a qualified or non-qualified employee benefit plan, fringe benefit or compensation program in which you are eligible to participate, you will not be entitled to any other benefits or compensation
from HVHC after (or as a result of) your termination of employment. You also will not be eligible to receive severance under any other agreement, plan or arrangement with HVHC. 
 Qualifying for Severance. You will qualify for severance under this Agreement if, during the term of this Agreement, (i) we terminate your
employment for reasons other than Cause, or (ii) you elect to resign within sixty (60) days after you have knowledge of a Material Change before or after a Change in Control. As noted above, these capitalized terms are defined in Appendix
A. In any case, you must timely sign and return a General Release and Waiver Agreement (and not revoke it) provided by the Company in order to receive severance or benefits under this Agreement. A copy of the Release that HVHC currently uses is
available for review upon request. 
 However, you will NOT qualify for severance if any of the following apply: (i) you are terminated
for Cause, (ii) you choose to remain employed by HVHC (or a successor entity) more than sixty (60) days after the occurrence of a Material Change, (iii) you voluntarily resign or retire (other than due to a Material Change),
(iv) your termination is due to long-term disability entitling you to disability benefits from the Company or due to death, or (v) you decline to sign and return the General Release and Waiver Agreement within the time specified by the
Company, or you attempt to revoke it. 
 A payment scheduled to be made under this
Agreement as a result of your termination of employment will be paid or commence as soon as practicable after you timely sign and return the General Release and Waiver Agreement. Unless forfeited by you, such payment will be made or commence during
the same calendar year as your termination, or (if later) by the 15th day of the third calendar month following your termination of employment. In
no event, however, will you be permitted to designate the calendar year of the payment. 
 Your Covenants. Regardless of whether you
qualify for severance, you agree to the following: 
  

	(1)	 During your employment and after your separation (for whatever reason), you will not disclose HVHC’s Confidential Information to others (except as required in
the normal performance of your duties for the Company) or use such information for your own advantage or for the advantage of others. All records, files, materials and Confidential 

  

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Information obtained by you in the course of your employment with the Company are confidential and proprietary and shall remain the exclusive property of the
Company. This provision does not preclude you from providing truthful information to the extent required by subpoena, court order, search warrant or other legal process, but you must immediately notify the Company’s counsel of such request in
order to provide us with the opportunity to object in the appropriate forum and obtain a ruling on our objection. 

  

	(2)	Upon the Company’s request at any time, or upon separation from employment (for whatever reason), you will deliver to HVHC (a) all documents and materials containing HVHC
trade secrets and other Confidential Information, and (b) all other documents, materials and other property belonging to HVHC that are in your possession or under your control, including, but not limited to, Company-provided automobiles,
computers, cellular telephones, pagers, rolodexes or address/telephone books. 

  

	(3)	During the term of this Agreement and for twenty-four (24) months after your separation (for whatever reason), you will not directly or indirectly, in any capacity whatsoever,
entice, induce or solicit, or attempt to entice, induce or solicit, any individual or entity having a business relationship with HVHC, whether as an employee, consultant, customer or otherwise, to terminate or cease such relationship or to divert
any business from HVHC. 

  

	(4)	During the term of this Agreement and for twenty-four (24) months after your separation (for whatever reason), you will not own (other than as a shareholder of less than 1% of
a publicly traded entity), accept employment in any capacity with, serve as a consultant for, or otherwise provide services or support of any nature to, any entity, company, corporation or person engaged in a business that competes with HVHC or any
of its subsidiaries and affiliates engaged in the eye care industry. This includes any business, entity or person engaged in the sale (whether wholesale or retail), delivery, distribution, manufacture, design or licensing of lenses, frames and
eyewear and/or the administration or underwriting of vision and vision-related programs, benefits and services. After separation, you may ask the Chairman of HVHC, by written request, to reduce or modify the scope of this non-competition clause. The
decision to grant or deny such a request shall be within the sole discretion of HVHC’s Chairman and shall be effective only if it is in writing. 

 By signing this Agreement, you agree that these covenants are reasonable as to time, geographical area and scope of activity and do not impose a restriction greater than is necessary to protect the Company’s
goodwill, proprietary information and business interests. You also agree that this Agreement provides enhanced protections and benefits you would otherwise not be entitled to, and that these protections and benefits constitute valuable consideration
sufficient to support the obligations described above. You also agree that any breach of these covenants is likely to cause irreparable injury to the Company and that damages for any breach are difficult to calculate. Therefore, the Company shall,
at its election, be entitled to injunctive and other equitable relief from a court in addition to whatever other relief or remedies, including damages, may be available. 
  

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 Arbitration. Any dispute between us under this Agreement shall be resolved by final and
binding arbitration; provided, however, that the Company, in its sole discretion, may enforce the covenants set out above under “Your Covenants” by bringing a proceeding in any court of competent jurisdiction. The arbitration shall be held
in the City of Pittsburgh, Pennsylvania and shall be conducted in accordance with the then-prevailing Commercial Arbitration Rules of the American Arbitration Association. The arbitrator shall be acceptable to both the Company and to you. If we
cannot agree on an acceptable arbitrator, the dispute shall be heard by a panel of three arbitrators, one appointed by each of us, and the third selected by the other two arbitrators. Under no circumstances may the arbitrator(s) have the authority
to require your reinstatement to employment or continued employment, or award any lost wages or benefits (other than severance benefits as described above) as a result of your termination of employment for any reason. The arbitrator(s) shall also
have no authority to award punitive, liquidated or consequential damages or the payment of a prevailing party’s costs and/or attorneys’ fees. Each of us shall bear our own costs and expenses and an equal share of the arbitrators’ and
administrative fees of arbitration. You, the Company and the arbitrator(s) shall treat all aspects of the arbitration proceedings, including without limitation, discovery, testimony and other evidence, briefs and the award, as strictly confidential;
provided, however, that any award or order rendered by the arbitrator(s) under this Agreement may be entered as a judgment or order in a court of competent jurisdiction and may be disclosed by the Company as necessary to enforce the terms of your
covenants described above.  
 Miscellaneous. This Agreement: (i) may be amended only by a written instrument which is
executed by both parties, (ii) shall be governed by the laws of Pennsylvania, without regard to its conflict of law provisions, (iii) is intended to be legally valid and binding, (iv) contains our entire agreement relative to its
subject matter and supersedes all severance agreements or understandings in effect prior to its execution, and (v) does not establish a durational term of employment or alter the nature of the at-will relationship between the two parties.
Payments hereunder are deemed to be separate payments for purposes of applying the short-term deferral rule in Treas. Reg. § 1.409A-1(b)(4) and in determining separation pay due to involuntary separation from service under Treas. Reg. §
1.409A-1(b)(9)(iii). No reimbursements required to be made within a limited period of time under Treas. Reg. § 1.409 A-1(b)(9)(iii) shall relate to claims incurred after the period specified above or be paid later than the last day of the third
calendar year following the calendar year in which occurs the covered termination of employment. The parties intend that any payments contemplated by this Agreement constituting “deferred compensation” under Internal Revenue Code
Section 409A will comply with the requirements of that section. Thus, no such deferred compensation will be subject to acceleration or to any other change in the specified time or method of payment, except as consistent with Code
Section 409A. In no event will HVHC have any liability with respect to taxes for which you may become liable as a result of the application of Code Section 409A. 
 You also agree that: (i) if a tribunal determines a portion of this Agreement to be invalid or unenforceable, the remainder of this Agreement shall
not be affected and shall be enforceable to the fullest extent permitted by law, (ii) HVHC may withhold taxes from payments made under the Agreement, and (iii) you may not assign any rights or obligations you have under the Agreement.
HVHC’s rights and duties under this Agreement shall be transferred to, and shall be binding upon, any corporation or other entity which succeeds to the rights and obligations of HVHC by operation of law or otherwise. Any litigation brought
to challenge the enforceability of any of the provisions of this Agreement may be brought only in a tribunal of competent jurisdiction in the Commonwealth of Pennsylvania. 
  

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 If you agree to the terms and conditions of this Agreement, please countersign below, retain a copy for
your files, and return this original to me. 
  

	
	Sincerely,
	
	/s/ Nanette P. Deturk
	 Chairman of the Board
 HVHC Inc.

  

	
	
	/s/ David L. Holmberg
	Executive

  

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 APPENDIX A 
 DEFINITIONS 
 “Cause” means: (i) the willful or gross neglect of your duties,
including your refusal to follow written directives of the Chairperson of the Board of Directors of HVHC or his designee; (ii) your conviction of a felony; (iii) willful or gross misconduct by you which materially injures HVHC, monetarily
or otherwise; or (iv) your material breach of any obligation under this letter agreement. 
 “Change in Control” means:

  

	(A)	any Person or Group acquires stock of HVHC that, together with stock held by such Person or Group, constitutes more than 50% of the total fair market value or total voting power of
the stock of HVHC. However, if any Person or Group is considered to own more than 50% of the total fair market value or total voting power of the stock of HVHC, the acquisition of additional stock by the same Person or Group is not considered to
cause a Change in Control of HVHC. An increase in the percentage of stock owned by any Person or Group as a result of a transaction in which HVHC acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of
this subsection. This subsection applies only when there is a transfer of stock of HVHC; or 

  

	(B)	any Person or Group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Group) assets from HVHC that have a
total gross fair market value exceeding 50% of the total gross fair market value of all of the assets of HVHC immediately prior to such acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of HVHC, or
the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. However, no Change in Control shall be deemed to occur under subsection (B) as a result of a transfer to:

  

	 	(1)	A shareholder of HVHC (immediately before the asset transfer) in exchange for or with respect to its stock; 

  

	 	(2)	An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by HVHC; 

  

	 	(3)	A Person or Group that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of HVHC; or 

  

	 	(4)	An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in clause (3) above. 

 For this purpose, the term “Person” means an individual, corporation, association, joint stock company, business trust or other similar organization,
partnership, limited liability company, joint venture, trust, unincorporated organization or government or agency, instrumentality or political subdivision thereof (for clarification, other than the Company or Highmark Inc. or any successor or
subsidiary thereof). The term “Group” will have the meaning set forth in Rule 13d- 

  

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5 of the Securities Exchange Commission (“SEC”), modified to the extent necessary to comply with Treasury Regulation
Section 1.409A-3(i)(5)(v)(B) and (D), as applicable, or any successor thereto. For the avoidance of doubt, the consummation of the proposed consolidation of Highmark Inc. and Independence Blue Cross will not constitute a Change in Control
hereunder. 
 “Company” or “HVHC” refers to HVHC Inc. However, for purposes of the covenants in the letter agreement,
affiliates of HVHC including subsidiaries and joint venture partners, are included in the definition. 
 “Material Change” before
or after a Change in Control means the occurrence of any of the following events, without your written consent, which event remains uncorrected for ten (10) days after you have made written demand to the Chairperson of the Board of Directors
for correction: (i) any reduction in or failure to pay base salary; (ii) any reduction in your target percentages under the Long-Term Incentive Plan (if applicable) or the Annual Executive Incentive Plan; (iii) any reduction of more
than 10% in your aggregate performance-based compensation opportunity (i.e., annual incentive payment, long-term incentive payment, and split dollar life insurance premium, if any), reasonably determined by the Company at the time performance
criteria are established; or (iv) any material reduction in the aggregate employee benefits available to you, other than an amendment, modification or termination of an employee benefit that applies on a non-discriminatory basis to similarly
situated employees. The demand for correction described above must be provided within sixty (60) days after you have knowledge of a Material Change. If demand for correction is timely provided, the sixty (60) day period for resignation
described in “Qualifying for Severance” above will not end prior to the end of the ten (10) day correction period. 
 In
addition, after the occurrence of either (A) a Change in Control or (B) a spin-off, distribution or other disposition of a subsidiary of HVHC resulting in a reduction of the consolidated revenue of HVHC by 25% or more, the term
“Material Change” shall also include the occurrence of one of the following events, without your written consent, which event remains uncorrected for ten (10) days after you have made written demand to the Chairperson of the Board of
Directors for correction: (i) substantial reduction of your position responsibilities or authorities from your position immediately prior to the Change in Control, or assignment of duties or responsibilities materially inconsistent with such
position; or (ii) relocation of your primary office more than fifty (50) miles from your then current office location, but not closer to your principal residence. As described in the preceding paragraph, the demand for correction described
above must be provided within sixty (60) days after you have knowledge of a Material Change, and if demand for correction is timely provided, the sixty (60) day period for resignation described in “Qualifying for Severance” above
will not end prior to the end of the ten (10) day correction period. 
  

 7Form of Indemnification Agreement

 Exhibit 10.1 
 LTX-CREDENCE CORPORATION 
 INDEMNIFICATION AGREEMENT 
 This Agreement is made as of the              day of
            , 2008, by and between LTX-Credence Corporation, a Massachusetts corporation (the “Corporation”), and
                                        
(“Indemnitee”), a director or officer of the Corporation. 
 WHEREAS, it is essential to the Corporation to retain and attract as
directors and officers the most capable persons available, and 
 WHEREAS, the prevailing, significant level of corporate litigation subjects
directors and officers to expensive litigation risks, and 
 WHEREAS, it is the policy of the Corporation to indemnify its directors and
officers so as to provide them with the maximum protection permitted by law, and 
 WHEREAS, Indemnitee does not regard the protection
available under the Corporation’s Articles of Organization and Bylaws and insurance as adequate in the present circumstances, and may not be willing to serve or continue to serve as a director or officer of the Corporation without adequate
protection, and 
 WHEREAS, the Corporation desires Indemnitee to serve, or continue to serve, as a director or officer of the Corporation.

 NOW THEREFORE, for valuable consideration, the receipt of which is hereby acknowledged, the Corporation and Indemnitee do hereby agree as
follows: 
 1. Definitions. As used in this Agreement: 
 (a) A “Change in Control” shall mean: 
 (i) The acquisition by any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of 20% or more of either (x) the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (y) the combined voting power of the then outstanding voting securities of the
Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change of
Control: (1) any acquisition directly from the Company, (2) any acquisition by the Company, (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by
the Company or (4) any acquisition by any corporation pursuant to a transaction which complies with clauses (x), (y) and (z) of subsection (iii) of this definition; or 

 (ii) Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved
by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption
of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

 (iii) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of
the Company (a “Business Combination”), in each case, unless, following such Business Combination, (x) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company
Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power
of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation a corporation which as a result of such
transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of
the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (y) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company
or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the
combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination and (z) at least a majority of the members of the board of directors of the
corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
 (iv) Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 
 (b) The term “Corporate Status” shall mean the status of a person who is or was, or has agreed to become, a director or officer of the
Corporation or who, while a director or officer of the Corporation, is or was serving at the Corporation’s request as a director, officer, fiduciary, partner, trustee, employee or agent of, or in a similar capacity with, another corporation,
partnership, joint venture, trust, employee benefit plan or other entity. A director or officer is considered to be serving an employee benefit plan at the Corporation’s request if his or her duties to the Corporation also impose duties on, or
otherwise involve services by, him or her to the plan or to participants in or beneficiaries of the plan. 
  

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 (c) The term “Disinterested Director” shall mean a director of the Corporation who, at the time
of a vote referred to in Paragraph 8, is not (i) a party to the Proceeding, or (ii) an individual having a familial, financial, professional or employment relationship with Indemnitee, which relationship would, in the circumstances,
reasonably be expected to exert an influence on the director’s judgment when voting on the decision being made. 
 (d) The term
“Expenses” shall include, without limitation, attorneys’ fees, retainers, court costs, transcript costs, fees and expenses of experts, travel expenses, duplicating costs, printing and binding costs, telephone and telecopy charges,
postage, delivery service fees and other disbursements or expenses of the type customarily incurred in connection with a Proceeding, but shall not include the amount of judgments, fines or penalties against Indemnitee or amounts paid in settlement
in connection with such matters. 
 (e) The term “Independent Counsel” shall mean a law firm, or a member of a law firm, that is
experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Corporation or Indemnitee in any matter material to either such party (other than with respect to matters
concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the
term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Corporation or Indemnitee in an action to
determine Indemnitee’s rights under this Agreement. The Corporation agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims,
liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 
 (f) The term “Liability”
shall mean the obligation to pay a judgment, settlement, penalty, fine (including an excise tax assessed with respect to an employee benefit plan) and all reasonable Expenses incurred in connection with a Proceeding. 
 (g) The term “Proceeding” shall mean any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative,
arbitrative or investigative and whether formal or informal. 
 2. Indemnification. 
 (a) Subject to Paragraph 3, the Corporation shall, to the fullest extent permitted by law (as such may be amended from time to time), indemnify Indemnitee
in connection with any Proceeding as to which Indemnitee is, was or is threatened to be made a party (or is otherwise involved) by reason of Indemnitee’s Corporate Status. In furtherance of the foregoing and without limiting the generality
thereof: 
 (i) the Corporation shall indemnify Indemnitee if Indemnitee was, is or is threatened to be made a defendant or respondent in a
Proceeding because of Indemnitee’s Corporate Status as a director against Liability incurred in the Proceeding if (A) (1) Indemnitee 

  

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conducted himself or herself in good faith, and (2) Indemnitee reasonably believed that his or her conduct was in the best interests of the Corporation
or that his or her conduct was at least not opposed to the best interests of the Corporation, and (3) in the case of any criminal proceeding, Indemnitee had no reasonable cause to believe his or her conduct was unlawful, or (B) Indemnitee
engaged in conduct for which Indemnitee shall not be liable under a provision of the Corporation’s Articles of Organization authorized by Section 2.02(b)(4) of Chapter 156D of the General Laws of the Commonwealth of Massachusetts
(“Chapter 156D”) or any successor provision to such Section; and 
 (ii) the Corporation shall indemnify Indemnitee if Indemnitee
was, is or is threatened to be made a defendant or respondent in a Proceeding because of Indemnitee’s Corporate Status as an officer against Liability incurred in the Proceeding, except for Liability arising out of acts or omissions not in good
faith or which involve intentional misconduct or a knowing violation of law. 
 (b) Indemnitee’s conduct with respect to an employee
benefit plan for a purpose Indemnitee reasonably believed to be in the interests of the participants in, and the beneficiaries of, the plan is conduct that satisfies the requirement that Indemnitee’s conduct was at least not opposed to the best
interests of the Corporation. 
 (c) The termination of a Proceeding by judgment, order, settlement or conviction, or upon a plea of
nolo contendere or its equivalent, is not, of itself, determinative that Indemnitee did not meet the relevant standard of conduct described in this Paragraph 2. 
 3. Exceptions to Right of Indemnification. Notwithstanding anything to the contrary in this Agreement, except as set forth in Paragraphs 9 and 10:

 (a) the Corporation shall not indemnify, or advance Expenses to, Indemnitee in connection with a Proceeding (or part thereof) initiated by
Indemnitee unless (i) the initiation thereof was approved by the Board of Directors of the Corporation (the “Board of Directors”) or (ii) the Proceeding is instituted after a Change in Control; and 
 (b) the Corporation shall not be required to make an indemnification payment to Indemnitee to the extent Indemnitee has otherwise actually received such
payment under any insurance policy, agreement or otherwise, and in the event the Corporation makes any indemnification payments to Indemnitee and Indemnitee is subsequently reimbursed from the proceeds of insurance, Indemnitee shall promptly refund
such indemnification payments to the Corporation to the extent of such insurance reimbursement. 
 4. Indemnification of Expenses of
Successful Party. Notwithstanding any other provision of this Agreement, in addition to and not in limitation of the rights set forth in Paragraph 2, to the extent that Indemnitee has been wholly successful, on the merits or otherwise, in
the defense of any Proceeding to which Indemnitee was a party because of Indemnitee’s Corporate Status, Indemnitee shall be indemnified, to the fullest extent permitted by law (as such may be amended from time to time), against all reasonable
Expenses incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. 
  

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 5. Indemnification for Expenses of a Witness. Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified against all reasonable Expenses incurred by or on behalf of
Indemnitee in connection therewith. 
 6. Notification and Defense of Claim. 
 (a) Indemnitee must notify the Corporation in writing as soon as practicable of any Proceeding for which indemnity will or could be sought by Indemnitee
and provide the Corporation with a copy of any summons, citation, subpoena, complaint, indictment, information or other document relating to such Proceeding with which Indemnitee is served. The Corporation will be entitled to participate in any such
Proceeding at its own expense. Indemnitee shall have the right to engage Indemnitee’s own counsel in connection with such Proceeding. Indemnitee’s counsel shall cooperate reasonably with the Corporation’s counsel to minimize the cost
of defending claims against the Corporation and Indemnitee. 
 (b) The Corporation shall not be required to indemnify Indemnitee under this
Agreement for any amounts paid in settlement of any Proceeding effected without the Corporation’s written consent. The Corporation shall not settle any Proceeding in any manner that would impose any penalty or limitation on Indemnitee without
Indemnitee’s written consent. Neither the Corporation nor Indemnitee will unreasonably withhold consent to any proposed settlement. 
 7. Advancement of Expenses. The Corporation shall advance any and all Expenses incurred by or on behalf of the Indemnitee in connection with a Proceeding within 30 days after receipt by the Corporation of a written request for
advancement of Expenses (including in such request such documentation and information as is reasonably available to Indemnitee with respect to such Proceeding); provided, however, that the payment of such Expenses incurred by
Indemnitee or on his or her behalf in advance of the final disposition of such Proceeding shall be made only upon receipt of (i) a written affirmation of Indemnitee’s good faith belief that Indemnitee has met the applicable standard of
conduct described in Paragraph 2 or, in the case of a Proceeding because of Indemnitee’s Corporate Status as a director, that the Proceeding involves conduct for which Liability has been eliminated under a provision of the
Corporation’s Articles of Organization as authorized by Section 2.02(b)(4) of Chapter 156D or any successor provision to such Section and (ii) an unlimited undertaking by or on behalf of Indemnitee to repay all amounts so advanced in
the event that it shall ultimately be determined (after all rights to appeal have been exhausted or lapsed or waived) that Indemnitee is not entitled to be indemnified by the Corporation as authorized in this Agreement (such affirmation and
undertaking to contain only such terms as are required by the applicable provisions of Chapter 156D). The Corporation may not withhold any advancement of Expenses based on any disagreement as to the substance of any written affirmation that
satisfies the condition set forth in clause (i) above. The undertaking referred to in clause (ii) above shall be an unlimited, unsecured general obligation of Indemnitee, and shall be accepted without reference to Indemnitee’s
financial ability to make repayment. Any advances and undertakings to repay shall 

  

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be interest-free. A sample form of written request for advancement of Expenses is attached hereto as Attachment A. 
 8. Procedures. 
 (a) In order to
obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Corporation a written request, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to
determine whether and to what extent Indemnitee is entitled to indemnification. Any such indemnification shall be made promptly, and in any event within 60 days after receipt by the Corporation of the written request of Indemnitee, subject to the
provisions of Subparagraphs 8(b) and 8(e) below. 
 (b) With respect to requests for indemnification under Paragraph 2, except as set
forth in Paragraph 10, no indemnification shall be made under this Agreement unless it is determined that Indemnitee has met the applicable standard of conduct set forth in Paragraph 2. The determination of whether Indemnitee has met the
applicable standard of conduct set forth in Paragraph 2, and any determination that Expenses that have been advanced pursuant to Paragraph 7 must be subsequently repaid to the Corporation, shall be made in each instance (i) if there
are two or more Disinterested Directors, by the Board of Directors by a majority vote of all the Disinterested Directors, a majority of whom shall for such purpose constitute a quorum, or by a majority of the members of a committee of two or more
Disinterested Directors appointed by such vote; (ii) by special legal counsel (A) selected in the manner prescribed in clause (i), or (B) if there are fewer than two Disinterested Directors, selected by the Board of Directors, in
which selection directors who do not qualify as Disinterested Directors may participate, or (iii) by the shareholders of the Corporation (but shares owned by or voted under the control of a director who at the time does not qualify as a
Disinterested Director may not be voted on the determination). Such determination shall be made within the 60-day period referred to in Subparagraph 8(a) (unless extended by mutual agreement by the Corporation and Indemnitee). For the purpose
of the foregoing determination with respect to requests for indemnification under Paragraph 2 or repayment of advanced Expenses, Indemnitee shall be entitled to a presumption that he or she has met the applicable standard of conduct set forth
in Paragraph 2 and is entitled to indemnification. The Corporation acknowledges that Indemnitee may settle a Proceeding in order to avoid expense, delay, distraction, disruption and uncertainty and that, therefore, any such settlement (with or
without payment of money or other consideration) shall not in and of itself overcome the presumption set forth above. 
 (c) Indemnitee shall
be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Corporation or its affiliates, including financial statements, or on information supplied to Indemnitee by the officers of the
Corporation or its affiliates in the course of their duties, or on the advice of legal counsel for the Corporation or its affiliates or on information or records given or reports made to the Corporation or its affiliates by an independent certified
public accountant or by an appraiser or other expert selected with the reasonable care by the Corporation or its affiliates. The provisions of this Section 8(c) shall not be deemed to be exclusive or to limit in any way the other circumstances
in 

  

 6 

 
which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement. 
 (d) The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Corporation or its affiliates shall not be
imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 
 (e) Notwithstanding anything to the
contrary set forth in this Agreement, if a request for indemnification pursuant to Paragraph 2 is made after a Change in Control, at the election of Indemnitee made in writing to the Corporation, the determination required to be made pursuant
to Subparagraph 8(b) above as to whether Indemnitee has met the applicable standard of conduct or is required to repay advanced Expenses shall be made by Independent Counsel. The Independent Counsel shall be selected in the manner prescribed in
clause (ii) of Subparagraph 8(b). Indemnitee may, within 10 days after written notice of selection shall have been given, deliver to the Corporation, a written objection to such selection. Absent a timely objection, the person so
selected shall act as Independent Counsel. If a written objection is made, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn. If, within 20 days after submission by Indemnitee of
a written request for Independent Counsel, no Independent Counsel shall have been selected and not objected to, either the Corporation or Indemnitee may petition any court of competent jurisdiction for the appointment as Independent Counsel of a
person selected by the court or by such other person as the court shall designate, and the person so appointed shall act as Independent Counsel under this Subparagraph 8(e). The Corporation shall pay any and all reasonable fees and expenses of
Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to this Subparagraph 8(e), and the Corporation shall pay all reasonable fees and expenses incident to the procedures of this Subparagraph 8(e),
regardless of the manner in which such Independent Counsel was selected or appointed. 
 9. Right to Seek Court-Ordered Indemnification
and Advance of Expenses. Nothing contained in this Agreement shall abrogate or limit the right of Indemnitee to apply to a court of competent jurisdiction for indemnification or an advance of Expenses to the extent permitted by Section 8.54
of Chapter 156D or any successor Section thereto that increases the scope of permitted indemnification. 
 10. Remedies. 

(a) The right to indemnification and advancement of Expenses as provided by this Agreement shall be enforceable by Indemnitee in any court of competent
jurisdiction or, at Indemnitee’s option, by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. If Indemnitee elects arbitration, the arbitration shall take place in Boston, Massachusetts.
Any such judicial proceeding or arbitration shall be conducted in all respects as a de novo trial or arbitration on the merits. 
 (b) In connection with any determination as to whether the Indemnitee is entitled to be indemnified under this Agreement, the court or arbitrator shall presume that the Indemnitee has met the applicable standard of conduct and is entitled
to indemnification, and, 

  

 7 

 
unless otherwise required by law, the burden of proof shall be on the Corporation to establish by clear and convincing evidence that the Indemnitee is not so
entitled. Neither the failure of the Board of Directors (or other person or body appointed pursuant to Section 8(b)) to have made a determination that indemnification is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination pursuant to Paragraph 8 that Indemnitee has not met such applicable standard of conduct, shall be a defense to an action brought to enforce this Agreement or create a presumption that Indemnitee
has not met the applicable standard of conduct. 
 (c) The Corporation shall indemnify Indemnitee against any and all Expenses that are
incurred by Indemnitee in connection with any action brought by Indemnitee for (i) indemnification or advancement of Expenses by the Corporation under this Agreement or under applicable law or the Corporation’s Articles of Organization or
Bylaws now or hereafter in effect relating to indemnification, and/or (ii) recovery under directors’ and officers’ liability insurance policies maintained by the Corporation, but only in the event that Indemnitee ultimately is
determined to be entitled to such indemnification or insurance recovery, as the case may be. The Corporation shall, if so requested by Indemnitee, advance the foregoing Expenses to Indemnitee, subject to and in accordance with Paragraph 7.

 11. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Corporation
for some or a portion of the Expenses, judgments, fines, penalties or amounts paid in settlement actually and reasonably incurred by him or her or on his or her behalf in connection with any Proceeding but not, however, for the total amount thereof,
the Corporation shall nevertheless indemnify Indemnitee for the portion of such Expenses, judgments, fines, penalties or amounts paid in settlement to which Indemnitee is entitled. 
 12. Subrogation. In the event of any payment under this Agreement, the Corporation shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Corporation to bring suit to enforce such rights.

 13. Term of Agreement. This Agreement shall continue until and terminate upon the later of (a) six years after the date that
Indemnitee shall have ceased to serve as a director or officer of the Corporation or, at the request of the Corporation, as a director, officer, fiduciary, partner, trustee, employee or agent of another corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise or (b) the final termination of all Proceedings pending on the date set forth in clause (a) in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses
hereunder and of any Proceeding commenced by Indemnitee pursuant to Paragraph 9 relating thereto. 
 14. Indemnification Hereunder
Not Exclusive. The indemnification and advancement of Expenses provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may be entitled under the Corporation’s Articles of Organization or Bylaws, any
agreement, any vote of shareholders or directors of the Corporation, Chapter 156D, any 

  

 8 

 
other law (common or statutory) or otherwise, both as to action in Indemnitee’s official capacity and as to action in another capacity while holding
office for the Corporation, and nothing in this Agreement shall be deemed to waive any such other rights. 
 15. Insurance. Nothing in
this Agreement shall be deemed to prohibit the Corporation from purchasing and maintaining insurance, at its expense, to protect itself or Indemnitee against any expense, liability or loss incurred by it or him or her in any such capacity, or
arising out of Indemnitee’s status as such, whether or not Indemnitee would be indemnified against such expense, liability or loss under this Agreement. To the extent that the Corporation maintains an insurance policy or policies providing
liability insurance for directors, officers, employees, or agents of the Corporation or of any other corporation, partnership, joint venture, trust, employee benefit plan or other entity that such person serves at the request of the Corporation,
Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies. For the duration of
Indemnitee’s service as a director and/or officer of the Corporation, and thereafter for so long as Indemnitee shall be subject to any pending or possible claim indemnifiable pursuant to the terms of this Agreement, the Corporation shall use
commercially reasonable efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to cause to be maintained in effect a policy or policies of directors’ and officers’ liability insurance
providing coverage for directors and/or officers of the Corporation that is at least substantially comparable in scope and amount to that proved by the Corporation’s current policies of director’s and officers’ liability insurance. In
the event of a Change in Control, the Corporation shall maintain (or cause to be maintained) for the benefit of the Indemnitee, the same policy or policies of liability insurance for directors, officers, employees, or agents of the Company or of any
other corporation, partnership, joint venture, trust, employee benefit plan or other entity which such person serves at the request of the Company that existed for the benefit of Indemnitee prior to the Change of Control (or a policy or policies no
less favorable to the Indemnitee) for a period of six year thereafter. If, at the time of the receipt of a notice of a claim pursuant to the terms of this Agreement, the Corporation has director and officer liability insurance in effect, the
Corporation shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Corporation shall thereafter take all necessary or desirable action to cause such
insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. 
 16. Access to Information. Indemnitee shall be entitled access to such information in the possession of the Corporation as may be reasonably necessary to enforce Indemnitee’s rights under this Agreement. 
 17. No Special Rights. Nothing herein shall confer upon Indemnitee any right to continue to serve as an officer or director of the Corporation for
any period of time, or at any particular rate of compensation. 
 18. Savings Clause. If this Agreement or any portion of this
Agreement shall be invalidated on any ground by any court of competent jurisdiction, then the Corporation shall 

  

 9 

 
nevertheless indemnify Indemnitee against Liabilities with respect to any Proceeding to the fullest extent permitted by any applicable portion of this
Agreement that shall not have been invalidated, and this Agreement shall be interpreted to give effect, to the fullest extent permitted by applicable law, to the intention of the invalidated provision. 
 19. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall constitute the original. 
 20. Successors and Assigns. This Agreement shall be binding upon the Corporation and its successors and assigns and shall inure to the benefit of
the estate, heirs, executors, administrators and personal representatives of Indemnitee. The Corporation shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all
or a substantial part of the business or assets of the Corporation expressly to assume and agree to perform this Agreement in the manner and to the same extent that the Corporation would be required to perform if no such succession had taken place.

 21. Headings; Interpretation. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be
deemed to constitute part of this Agreement or to affect the construction thereof. When reference is made in this Agreement to a Paragraph or Subparagraph, such reference shall be to a Paragraph or Subparagraph of this Agreement, unless otherwise
indicated. 
 22. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof nor shall any such waiver constitute a continuing waiver. 
 23. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been given
(a) when delivered by hand or (b) if mailed by certified or registered mail with postage prepaid, on the third day after the date on which it is so mailed: 
  

			
		
	(i)	  	if to Indemnitee, to:
		
		  	The address shown below his or her signature below.
		
	(ii)	  	if to the Corporation, to:
		
		  	 LTX-Credence Corporation
 [1421 California
Circle
 Milpitas, CA 95035]
 Attn: General
Counsel

 or to such other address as may have been furnished to Indemnitee by the Corporation or to the Corporation by
Indemnitee, as the case may be. 
  

 10 

 24. Applicable Law. This Agreement shall be governed by, and construed and enforced in accordance
with, the laws of the Commonwealth of Massachusetts. Indemnitee may elect to have the right to indemnification or reimbursement or advancement of Expenses interpreted on the basis of the applicable law in effect at the time of the occurrence of the
event or events giving rise to the applicable Proceeding, to the extent permitted by law, or on the basis of the applicable law in effect at the time such indemnification or reimbursement or advancement of Expenses is sought. Such election shall be
made, by a notice in writing to the Corporation, at the time indemnification or reimbursement or advancement of Expenses is sought; provided, however, that if no such notice is given, and if Chapter 156D is amended, or other
Massachusetts law is enacted, to permit further indemnification of directors and officers, then Indemnitee shall be indemnified to the fullest extent permitted under Chapter 156D, as so amended, or by such other Massachusetts law, as so enacted.

 25. Enforcement. The Corporation expressly confirms and agrees that it has entered into this Agreement in order to induce
Indemnitee to serve or to continue to serve as a director or officer of the Corporation, and acknowledges that Indemnitee is relying upon this Agreement in continuing in such capacity. 
 26. Entire Agreement. This Agreement sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and
supersedes all prior agreements, whether oral or written, by any officer, employee or representative of any party hereto in respect of the subject matter contained herein; and any prior agreement of the parties hereto in respect of the subject
matter contained herein is hereby terminated and cancelled. For avoidance of doubt, the parties confirm that the foregoing does not apply to or limit in any way Indemnitee’s rights under Massachusetts law or the Corporation’s Articles of
Organization or Bylaws. 
 [Remainder of the Page Intentionally Left Blank] 
  

 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date
first above written. 
  

					
	LTX-CREDENCE CORPORATION
		
	By:	 	  

					
		
	INDEMNITEE:	 	
	
	  

		
	Address:	 	  

		 	  

  

 12 

 ATTACHMENT A 
 FORM OF REQUEST FOR ADVANCEMENT OF EXPENSES 
 Reference is made to the Indemnification Agreement made as of the
     day of             ,            , by and between LTX-Credence Corporation, a
Massachusetts corporation (the “Corporation”), and the undersigned (“Indemnitee”), a director or officer of the Corporation (the “Indemnification Agreement”). Capitalized terms used herein and not otherwise defined have
the same meaning as in the Indemnification Agreement. 
 I hereby request that the Corporation advance the following expenses:
                                        .
These expenses related to the following matter:
                                        .
I have attached the following documentation and information, which is the documentation and information reasonably available to me, with respect to such matter:
                                        .

 Pursuant to the Indemnification Agreement and Section 8.53 of Chapter 156D, I hereby affirm my good faith belief that I have met the applicable
standard of conduct described in Paragraph 2 of the Indemnification Agreement or, in the case of a Proceeding because of my Corporate Status as a director, that the Proceeding involves conduct for which Liability has been eliminated under a
provision of the Corporation’s Articles of Organization as authorized by Section 2.02(b)(4) of Chapter 156D or any successor provision to such Section. 
 Pursuant to the Indemnification Agreement and Section 8.53 of Chapter 156D, I hereby agree to repay all amounts advanced in the event that it shall ultimately be determined (after all rights to appeal have been exhausted or lapsed or
waived) that I am not entitled to be indemnified by the Corporation as authorized in the Indemnification Agreement. I hereby confirm and acknowledge that the foregoing undertaking is my unlimited, unsecured general obligation. In accordance with the
Indemnification Agreement, I understand that this undertaking shall be accepted without reference to my financial ability to make repayment. In accordance with the Indemnification Agreement, any advances, and my undertaking to repay, shall be
interest-free. 
  

	
	[INSERT NAME OF INDEMNITEE]
	
	  

	Signed
	
	  

	Date

  

 13

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