Document:

Letter Agreement for Payments between Manoocher Mansouri and OSI Systems, Inc.

 EXHIBIT 10.26 
  
 February 28, 2007 
  
 VIA ELECTRONIC MAIL OR HAND DELIVERY 
  
 Re: Letter Agreement for Payments upon a Change in Control 
  
 Dear Manoocher: 
  
 This Letter Agreement provides for the payment to you of certain sums if (A) your employment by OSI Optoelectronics, Inc. or one of its subsidiaries
(collectively, the “Company”, and such employment shall be referred to as the “Employment”) is terminated by the Company without cause within 12 months after a Change in Control, or (B) you terminate the Employment for Good
Reason within 12 months after a Change in Control. 
  
 If the
circumstances described in (A) or (B) above occur while this letter agreement is in effect, you shall be entitled to the following: (i) an amount equal to 12 months’ base salary at your then-current rate; (ii) an amount
equal to 50% of your bonus for the prior year; and (iii) any unvested stock options and other equity awards subject to a vesting schedule and previously granted to you shall become fully vested and (where applicable) exercisable. Payment of
(i) and (ii) shall be made in a single lump-sum cash payment, less appropriate deductions and withholding, on the last day of the Employment. 
  
 Notwithstanding the foregoing, if you are a “specified employee” (as defined under Section 409A of the Internal Revenue Code) and to the
extent the “short-term deferral” exception under Section 409A does not apply, then any payments to which you are entitled under this Letter Agreement shall be paid to you by the Company in cash and in full, as soon as practicable
following six months after your “separation from service” with the Company (as such phrase is defined in Section 409A). If you die before all severance payments have been paid, such unpaid amounts shall be paid as soon as practicable
following your death to the personal representative of your estate. Within five days of your request, the Company shall provide you with a written detailed explanation of the Company’s analysis supporting its determination that you constitute a
“specified employee” (as defined under Section 409A) and that any payment is covered by Section 409A. 
  
 For the purposes of this letter, the following definitions shall apply: 
  

 “Change in Control” means the acquisition, by a single party or a “group” (as defined in Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended), other than OSI Systems, Inc. or its subsidiaries, of equity in OSI Optoelectronics, Inc. representing a majority of the voting power in OSI Optoelectronics, Inc. 
  
 “Good Reason,” shall mean the occurrence of any of the following
events unless the Employee specifically agrees in writing that such event is not Good Reason: 
  
 1. Any substantial reduction in duties; 
  
 2. Following a Change in Control, the relocation of your principal office location more than 75 miles from its location as of the date of this letter; 
  
 3. Your base salary is reduced from any prior year, except for a reduction: (a) of 10% or less, (b) for a period
of one year or less, and (c) which is compensated with substantially equivalent value through a grant of stock options, restricted stock or some other form of compensation; or 
  
 4. Any material breach of any written Employment Agreement by the Company that is not cured within 10 business days after
written notice from you. 
  
 From time to time the Company is
expected to change lines of reporting. It is agreed that changes in lines of reporting, of itself, will not constitute “Good Reason”. 

 Unless the Company provides a notice of renewal of this Letter Agreement prior to its expiration, this
Letter Agreement shall expire on (i) the first anniversary of the date first written above, if no Change in Control occurs earlier; or (ii) if any Change in Control should occur during the term of this Letter Agreement, the day after the
first anniversary of the first such Change in Control. Nothing in this Letter Agreement shall interfere with or limit in any way the right of the Company or of any of its affiliates to terminate the Employment at any time, nor confer upon Employee
any right to continue in the employ of the Company or any of its affiliates. 
  
 This Letter Agreement constitutes the entire agreement between us pertaining to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or between the parties,
written or oral, which may have related in any manner to the subject matters addressed in this Letter Agreement. No supplement, modification or amendment of this Letter Agreement shall be binding unless it is written and signed by all the parties.
The rule that a contract is construed against the party drafting the contract is waived, and shall have no applicability in construing this Letter Agreement or its terms. To the extent that you have a pre-existing written employment agreement with
the Company, such employment agreement continues in full force and effect except as amended by this Letter Agreement. 
  
 This Letter Agreement shall be construed in accordance with and governed by the laws of the State of California. Any disagreement relating to or arising
out of this Letter Agreement shall be resolved solely through arbitration by the American Arbitration Association under its then-applicable rules. The parties agree that all actions or proceedings arising directly or indirectly from this Letter
Agreement shall be arbitrated or litigated by arbitrators or in courts located within the County of Los Angeles, California and hereby consent to the jurisdiction of any such local, state or federal court, and agree not to disturb such choice of
forum. 
  
 Please acknowledge your agreement to the terms stated
in this Letter Agreement by counter-signing where indicated below, and returning a counter-signed copy of this Letter Agreement to me. 
  

					
	 	 	 	 	 Very truly yours,
  

		 	 	 	 /s/     DEEPAK CHOPRA

		 		 	Deepak Chopra
		 		 	Chief Executive Officer
	 AGREED:
  
	 		 	
	 /s/     MANOOCHER MANSOURI

	 		 	Date: February 28, 2007
	 Manoocher Mansouri
	 		 	

  

 2Exhibit 10.3

 Exhibit 10.3 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT
(the “Agreement”), made this 16th day of July, 2007, by and among JEFFERSON FEDERAL BANK
(the “Bank”) and CHARLES G. ROBINETTE (“Employee”). 
 W I T N E S S E T H 
 WHEREAS, the Employee has expressed his desire and intent to terminate his employment with the Bank prior to the termination date of his current
Employment Agreement; 
 WHEREAS, the Bank is agreeable to permitting Employee to terminate his employment with the Bank; 
 WHEREAS, the parties desire to provide an orderly process and schedule for the Employee to terminate his employment with the Bank; 
 WHEREAS, the Employment Agreement dated January 1, 2005 no longer accurately reflect the rights and responsibilities of the parties to each other;

 WHEREAS, in order for the Employee and the Bank to know their respective rights and responsibilities during the time over which the
Employee will be terminating his employment with Bank, the parties desire to enter into an agreement modifying the terms and conditions of the original Employment Agreement dated January 1, 2005 and the related rights and obligations of each of
the parties; 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the other terms and conditions
hereinafter provided, the parties hereby agree as follows: 
 1. Employment. During the term of the Agreement, Employee will
continue as an employee of the Bank in the Knoxville Region subject to the terms of this Agreement. Employee’s duties shall include assisting in customer introduction and customer retention and such other tasks, ordinarily and reasonably
performed by a bank president or CEO, as may be assigned to Employee by the President and CEO and/or the Board of Directors of the Bank, all such duties to be performed as needed and as called upon by the President and CEO and/or the Board of
Directors of the Bank. 
 2. Location and Facilities. The Bank shall furnish Employee an office from which to work until
September 1, 2007, and Employee shall devote his full time and efforts to the Bank until September 1, 2007. Thereafter, Employee shall devote such time to the Bank as requested by the Bank acting through its President and CEO and/or its
Board of Directors. 
 3. Term. The term of this Agreement shall be for one(1) year from date of execution and shall terminate
on that date (“termination date”). 
 4. Compensation The Bank agrees to pay the Employee during the term of this
Agreement compensation in the amount of $180,000 payable bi-weekly. 

 5. Benefit Plans. The Employee shall be entitled to participate in such medical and dental
plans as may be in effect for the benefit of other employees of the Bank during the term of this agreement on the same basis of eligibility. Employee shall be entitled to the 2007 ESOP vesting and the January 2008 MRP vesting and shall not be
entitled to participate in any other bonus plans, pension plans, profit-sharing plans, retirement plans, or other employee benefit plans of the Bank. 
 6. Loyalty and Confidentiality; Noncompetition. 
 a. During the term of this Agreement,
Employee: (i) shall devote such time, attention, skill, and efforts to the faithful performance of his duties hereunder as previously set forth; provided, however, that from time to time, Employee may serve on the boards of directors of, and
hold any other offices or positions in, companies or organizations which will not present any conflict of interest with the Bank or any of their subsidiaries or affiliates, unfavorably affect the performance of Employee’s duties pursuant to
this Agreement, or violate any applicable statute or regulation and (ii) shall not engage in any business or activity contrary to the business affairs or interests of the Bank and/or Jefferson Bancshares, Inc (“ the Company”).

 b. Nothing contained in this Agreement shall prevent or limit Employee’s right to invest in the capital stock or other securities of
any business dissimilar from that of the Company, or, solely as a passive, minority investor, in any business. 
 c. Employee agrees to
maintain the confidentiality of any and all information concerning the operation or financial status of the Bank and/or the Company; the names or addresses of any of its borrowers, depositors and other customers; any information concerning or
obtained from such customers; and any other information concerning the Bank and/or the Company to which he may be exposed during the course of his employment. The Employee further agrees that, unless required by law or specifically permitted by the
Board in writing, he will not disclose to any person or entity, either during or subsequent to his employment, any of the above-mentioned information which is not generally known to the public, nor shall he employ such information in any way other
than for the benefit of the Bank and/or the Company. 
 d. Upon the termination of Employee’s employment hereunder for any reason,
Employee agrees not to compete with the Bank and/or any entity owned by the Company for a period of two (2) years following the termination date in any city, town or county in which the Employee’s normal business office is located and the
Bank and/or the Company affiliate has an office or has filed an application for regulatory approval to establish an office (or within a 60-mile radius of each of such offices), determined as of the effective date of such termination, except as
agreed to pursuant to a resolution duly adopted by the Board. Employee agrees that during such period and within said cities, towns and counties, Employee shall not work for or advise, consult or otherwise serve with, directly or indirectly, any
entity whose business materially competes with the depository, lending or other business activities of the Bank and/or the Company. The parties hereto, recognizing that irreparable injury will result to the Bank, its business and property in the
event of Employee’s breach of his obligations under this paragraph and agree that in the event of any such breach by Employee, the Bank and/or the Company, will be entitled, in addition to any other remedies and damages available, to an
injunction to restrain the violation hereof by Employee, Employee’s partners, agents, servants, employees and all persons acting for or under the direction of Employee. Nothing herein will be construed as prohibiting the Bank and/or the Company
from pursuing any other remedies available to the Bank and/or the Company for such breach or threatened breach, including the recovery of damages from Employee. 
  

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 7. Termination. Employee’s rights under this Agreement shall terminate upon his death
during the term of this Agreement. 
 8. Injunctive Relief. If there is a breach or threatened breach of Section 6 of this
Agreement, the parties agree that there is no adequate remedy at law for such breach and that the Bank shall be entitled to injunctive relief restraining the Employee from such breach or threatened breach, but such relief shall not be the exclusive
remedy hereunder for such breach. 
 9. Successors and Assigns. This Agreement shall inure to the benefit of and be binding
upon any corporate or other successor of the Company and the Bank which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company and the Bank. 

10. Notices. All notices, requests, demands and other communications in connection with this Agreement shall be made in writing and
shall be deemed to have been given when delivered by hand or 48 hours after mailing at any general or branch United States Post Office, by registered or certified mail, postage prepaid, addressed to the Bank at their principal business offices and
to Employee at his home address as maintained in the records of the Bank. 
 11. No Plan Created by this Agreement. Employee
and the Bank expressly declare and agree that this Agreement was negotiated among them and that no provision or provisions of this Agreement are intended to, or shall be deemed to, create any plan for purposes of the Employee Retirement Income
Security Act or any other law or regulation, and each party expressly waives any right to assert the contrary. Any assertion in any judicial or administrative filing, hearing, or process that such a plan was so created by this Agreement shall be
deemed a material breach of this Agreement by the party making such an assertion. 
 12. Amendments. No amendments or additions
to this Agreement shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically provided. 
 13. Applicable Law. Except to the extent preempted by Federal law, the laws of the State of Tennessee shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise.

 14. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any
provision shall not affect the validity or enforceability of the other provisions hereof. 
 15. Headings. Headings contained
herein are for convenience of reference only. 
  

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 16. Entire Agreement. This Agreement, together with any understanding or modifications
thereof as agreed to in writing by the parties, shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, other than written agreements with respect to specific plans, programs or arrangements
described in Section 5. 
 17. Required Provisions. In the event any of the provisions of this Section 17 are in
conflict with the terms of this Agreement, this Section 17 shall prevail. 
 a. If Employee is suspended from office and/or temporarily
prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1); the Bank’s obligations under this
contract shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion: (i) pay Employee all or part of the compensation withheld while their
contract obligations were suspended; and (ii) reinstate (in whole or in part) any of the obligations which were suspended. 
 b. If
Employee is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), all
obligations of the Bank under this contract shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. 
 c. If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1) all obligations of the Bank under this contract shall terminate as of the date of
default, but this paragraph shall not affect any vested rights of the contracting parties. 
 f. All obligations of the Bank under this
contract shall be terminated, except to the extent determined that continuation of the contract is necessary for the continued operation of the institution: (i) by the Director of the OTS (or his designee), the FDIC or the Resolution Trust
Corporation, at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c); or (ii) by the
Director of the OTS (or his designee) at the time the Director (or his designee) approves a supervisory merger to resolve problems related to the operations of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound
condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 
 g. Any payments made to
Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon compliance with 12 U.S.C. §1828(k) and 12 C.F.R. Section 545.121 and any rules and regulations promulgated thereunder. 
  

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 18. Previous Agreements/Release. By executing this Agreement, Employee acknowledges that
any and all provisions of the original agreement dated January 1, 2005 have been satisfied, and he is entitled to no further compensation and/or benefits except those provided herein. Employee does hereby release, acquit, discharge, indemnify,
and hold harmless the Bank and the Company from any and all claims, demands, and/or damages arising out of or related to Employee’s prior agreements with the Bank and/or the Company. Employee agrees that all claims which Employee has, or may
have, against the Bank and/or the Company, whether arising and sounding in contract, tort, or otherwise, are merged into this Agreement, and the liability of the Bank and the Company to Employee is limited to the liabilities imposed under this
Agreement. 
 19. No Mitigation. Employee shall not be required to mitigate the amount of any payment provided for in this
Agreement by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to Employee in any subsequent employment. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first set forth above. 
  

							
	Attest:	 		 	JEFFERSON FEDERAL BANK
				
	  
	 		 	By:	 	 /s/ Anderson L. Smith

		 		 		 	President and CEO
			
	Witness:	 		 	Employee
			
	  
	 		 	 /s/ Charles G. Robinette

		 		 	Charles G. Robinette

  

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