Document:

First Supplement Indenture

 Exhibit 10.3 
 EXECUTION VERSION 
 FIRST SUPPLEMENTAL INDENTURE (this
“Supplemental Indenture”), dated as of December 20, 2012, among TPC GROUP LLC, a Texas limited liability company (the “Company”), the guarantors party hereto (the “Guarantors”), WILMINGTON
TRUST COMPANY, as trustee under the indenture referred to below (the “Trustee”) and DEUTSCHE BANK TRUST COMPANY AMERICAS, as collateral agent (in such capacity, the “Collateral Agent”), paying agent, registrar and
authentication agent. 
 W I T N E S S E T H: 
 WHEREAS, the Company and the guarantors party thereto have heretofore executed and delivered to the Trustee and the Collateral Agent an Indenture dated as of October 5, 2010 (as amended, supplemented
or otherwise modified to the date hereof, the “Indenture”), providing for the issuance of the Company’s 8 1/4% Senior Secured Notes due 2017 (the “Securities”), initially in the aggregate principal amount of
$350,000,000; 
 WHEREAS, pursuant to Section 9.02 of the Indenture, the Company and the Trustee, the Collateral Agent,
Paying Agent, Registrar and Authentication Agent may, among other things, amend certain terms of the Indenture with the written consent of the holders of the Securities of at least a majority or 66 2/3%, as applicable, in aggregate principal amount
of the Securities then outstanding; 
 WHEREAS, the Company has offered to purchase for cash all of the Securities and has
solicited consents to certain amendments of the Indenture and the Securities (the “Proposed Amendments”) pursuant to the Company’s Offer to Purchase and Consent Solicitation Statement dated November 15, 2012 (the
“Offer to Purchase”) and the related Letter of Transmittal and Consent (together with the Offer to Purchase, the “Consent Solicitation”); 
 WHEREAS, the Company has obtained the written consent to the Proposed Amendments to the Indenture from the holders of the Securities of more than 66 2/3% in aggregate principal amount of the Securities
outstanding; 
 WHEREAS, the Company has delivered to the Trustee and the Registrar and Paying Agent the Officers’
Certificate as well as the Opinion of Counsel provided for in the Indenture relating to the execution and delivery of this Supplemental Indenture; and 
 WHEREAS, the execution and delivery of this Supplemental Indenture has been duly authorized by the parties thereto, and all conditions and requirements necessary to make this instrument a valid and
binding agreement have been duly performed and complied with. 
 NOW THEREFORE, in consideration of the foregoing and for other
good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the holders of the Securities as follows: 

1. Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are
used herein as therein defined. The words “herein”, “hereof” and “hereby” and other words of similar import used in this Supplemental 

 
Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 
 2. Amendments to the Indenture. The Indenture is hereby amended as follows: 

(a) Sections 4.02 through 4.08 are amended and restated in their entirety to read as follows: 

“SECTION 4.02. [INTENTIONALLY OMITTED]. 
 SECTION 4.03. [INTENTIONALLY OMITTED]. 
 SECTION 4.04. [INTENTIONALLY OMITTED].

 SECTION 4.05. [INTENTIONALLY OMITTED]. 
 SECTION 4.06. [INTENTIONALLY OMITTED]. 
 SECTION 4.07. [INTENTIONALLY OMITTED].

 SECTION 4.08. [INTENTIONALLY OMITTED].” 
 (b) Sections 4.11 through 4.12 are amended and restated in their entirety to read as follows: 
 “SECTION 4.11. [INTENTIONALLY OMITTED]. 
 SECTION 4.12. [INTENTIONALLY
OMITTED].” 
 (c) Sections 4.14 through 4.19 are amended and restated in their entirety to read as follows: 

“SECTION 4.14. [INTENTIONALLY OMITTED]. 
 SECTION 4.15. [INTENTIONALLY OMITTED]. 
 SECTION 4.16. [INTENTIONALLY OMITTED].

 SECTION 4.17. [INTENTIONALLY OMITTED]. 
 SECTION 4.18. [INTENTIONALLY OMITTED]. 
 SECTION 4.19. [INTENTIONALLY
OMITTED].” 
 (d) Section 5.01 of the Indenture is amended and restated in its entirety to read as follows: 

  
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 “SECTION 5.01. When Company May Merge or Transfer Assets. 

(a) The Company shall not consolidate or merge with or into or wind up into (whether or not the Company is the surviving Person), or sell,
assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any Person unless: 

(i) the Company is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other
than the Company) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership or limited liability company organized or existing under the laws of the United States, any
state thereof, the District of Columbia, or any territory thereof (the Company or such Person, as the case may be, being herein called the “Successor Company”); 

(ii) the Successor Company (if other than the Company) expressly assumes all the obligations of the Company under this
Indenture and the Securities pursuant to a supplemental indenture or other documents or instruments in form reasonably satisfactory to the Trustee; 
 (iii) if the Successor Company is other than the Company, each Guarantor, unless it is the other party to the transactions described above, shall have by supplemental indenture confirmed that its
Guarantee shall apply to such Person’s obligations under this Indenture and the Securities; and 
 (iv) the
Successor Company (if other than the Company) shall have delivered or caused to be delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease,
conveyance or disposition and such supplemental indenture (if any) comply with this Indenture; 
 The Successor Company (if
other than the Company) shall succeed to, and be substituted for, the Company under this Indenture and the Securities, and the Company shall automatically be released and discharged from its obligations under this Indenture and the Securities.
Notwithstanding Section 5.01(a), (i) the Company or any Restricted Subsidiary may consolidate with, merge into or sell, assign, transfer, lease, convey or otherwise dispose of all or part of its properties and assets, to the Company or to
another Restricted Subsidiary, (ii) the Company may merge or consolidate with an Affiliate incorporated or organized solely for the purpose of reincorporating or reorganizing the Company in another state of the United States, the District of
Columbia or any territory of the United States so long as the amount of Indebtedness of the Company and its Restricted Subsidiaries is not increased thereby, and (iii) the Company may convert into a corporation, partnership, limited
partnership, limited liability company or trust organized or existing under the laws of the jurisdiction of organization of such company. 
 (b) Subject to the provisions of Section 10.02(b) (which govern the release of a Guarantee upon the sale or disposition of a Restricted Subsidiary of the Company that is a

  
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Guarantor), each Guarantor shall not, and the Company shall not permit any Guarantor to, consolidate or merge with or into or wind up into (whether or not such Guarantor is the surviving Person),
or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any Person unless: 

(i) such Guarantor is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other
than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership or limited liability company organized or existing under the laws of the United States, any
state thereof, the District of Columbia, or any territory thereof (such Guarantor or such Person, as the case may be, being herein called the “Successor Guarantor”) and the Successor Guarantor (if other than such Guarantor)
expressly assumes all the obligations of such Guarantor under this Indenture and such Guarantor’s Guarantee pursuant to a supplemental indenture or other documents or instruments in form reasonably satisfactory to the Trustee; and 

(ii) the Successor Guarantor (if other than such Guarantor) shall have delivered or caused to be delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or disposition and such supplemental indenture (if any) comply with this Indenture. 

The Successor Guarantor (if other than such Guarantor) shall succeed to, and be substituted for, such Guarantor under this Indenture and
such Guarantor’s Guarantee, and such Guarantor will automatically be released and discharged from its obligations under this Indenture and such Guarantor’s Guarantee. Notwithstanding the foregoing, (1) a Guarantor may merge or
consolidate with an Affiliate incorporated or organized solely for the purpose of reincorporating or reorganizing such Guarantor in another state of the United States, the District of Columbia or any territory of the United States, so long as the
amount of Indebtedness of the Guarantor is not increased thereby, (2) a Guarantor may merge or consolidate with, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all or part of its properties or assets to,
another Guarantor or the Company, and (3) a Guarantor may convert into a corporation, partnership, limited partnership, limited liability company or trust organized or existing under the laws of the jurisdiction of organization of such
Guarantor.” 
 (e) Section 6.01 of the Indenture is amended and restated in its entirety to read as follows:

 “SECTION 6.01. Events of Default. An “Event of Default” occurs if: 

(a) the Company defaults in any payment of interest on any Security when the same becomes due and payable, and such
default continues for a period of 30 days, 
 (b) the Company defaults in the payment of principal or premium, if
any, of any Security when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise, 

  
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 (c) the Company fails to comply with its obligations under
Section 5.01, 
 (d) [INTENTIONALLY OMITTED], 

(e) [INTENTIONALLY OMITTED], 
 (f) [INTENTIONALLY OMITTED], 
 (g) the Company pursuant to or
within the meaning of any Bankruptcy Law: 
  

	 	(i)	commences a voluntary case; 

  

	 	(ii)	consents to the entry of an order for relief against it in an involuntary case; 

 

	 	(iii)	consents to the appoints of a Custodian of it or for any substantial part of its property; or 

 

	 	(iv)	makes a general assignment for the benefit of its creditors or takes any equivalent action under any foreign laws relating to insolvency; 

 

	 	(h)	a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

 

	 	(i)	is for relief against the Company in an involuntary case; 

  

	 	(ii)	appoints a Custodian of the Company for all or substantially all of its property; or 

 

	 	(iii)	orders the winding up or liquidation of the Company; 

 or any similar relief is granted under any foreign laws and any such order or decree described in this clause (h) remains unstayed and in effect for 90 days, or 

 

	 	(i)	[INTENTIONALLY OMITTED] 

 (j) the Guarantee of a Significant Subsidiary ceases to be in full force and effect (except as contemplated by the terms thereof) or any Guarantor that is a Significant Subsidiary denies or disaffirms its
obligations under this Indenture or any Guarantee and such Default continues for 10 days after receipt of a related Notice of Default as specified below. 
 The foregoing shall constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or

  
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pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state law for the relief of
debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 A Default under clause (c) above shall not constitute an Event of Default until the Trustee notifies the Company in writing or the Holders of at least 25% in principal amount of the outstanding
Securities notify the Company and the Trustee in writing of the Default and the Company does not cure such Default within the time specified in clause (c) above after receipt of such notice. Such notice must specify the Default, demand that it
be remedied and state that such notice is a “Notice of Default.” The Company shall deliver to the Trustee, within thirty (30) days after the occurrence thereof, written notice of any event which is, or with the giving of notice
or the lapse of time or both would become, an Event of Default, its status and what action the Company is taking or proposes to take with respect thereto. 
 (f) Article 11 of the Indenture is amended and restated in its entirety to read as follows: 
 “ARTICLE 11 
 [INTENTIONALLY OMITTED]” 

3. Amendments to the Securities. The Securities are hereby amended as follows: 

(a) Paragraph 4 on the reverse of the Securities is amended and restated in its entirety to read as follows: 

“4. Indenture 
 The
Company issued the Securities under an Indenture dated as of October 5, 2010 (as amended, supplemented or otherwise modified to the date hereof, the “Indenture”), among the Company, the Guarantors, the Paying Agent and
Wilmington Trust Company as the trustee (the “Trustee”). The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C.
§§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all
terms and provisions of the Indenture, and the Holders are referred to the Indenture and the TIA for a statement of such terms and provisions. To the extent any provision of this Security conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling. 
 The Securities are senior secured obligations of the Company.
This Security is one of the Initial Securities referred to in the Indenture. The Securities include the Initial Securities and any Exchange Securities issued in exchange for Initial Securities pursuant to the Indenture. The Initial Securities and
any Exchange Securities are treated as a single class of securities under the Indenture. The Indenture imposes limitations on the ability of the Company 

  
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and each Guarantor to consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its property. 

To guarantee the due and punctual payment of the principal and interest, on the Securities and all other amounts payable by the Company
under the Indenture and the Securities when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Securities and the Indenture, the Guarantors have, jointly and severally,
unconditionally guaranteed the Guaranteed Obligations on a senior secured basis pursuant to the terms of the Indenture.” 

(b) Paragraph 8 on the reverse of the Securities is amended and restated in its entirety to read as follows: 

 

	“8.	[INTENTIONALLY OMITTED]” 

(c) Paragraph 15 on the reverse of the Securities is amended and restated in its entirety to read as follows: 

 

	“15.	[INTENTIONALLY OMITTED]” 

4. Ratification of Indenture and Securities; Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the
Indenture and the Securities are in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and
every holder of Securities heretofore or hereafter authenticated and delivered shall be bound hereby. 
 5.
Effectiveness. This Supplemental Indenture shall be effective upon its execution and delivery by the parties hereto. The amendments set forth in Section 2 and Section 3 hereof will become operative concurrently with the
Company’s acceptance for purchase the Securities validly tendered and not validly withdrawn at or prior to the Consent Payment Deadline (as defined in the Offer to Purchase). 

6. Severability. In case any provision in this Supplemental Indenture or the Securities shall be invalid, illegal, or
unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 7. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

8. Trustee and Collateral Agent Make No Representation. The Trustee and the Collateral Agent shall not be responsible in any
manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company. The Trustee and the Collateral Agent make
no representation as to the validity or sufficiency of this Supplemental Indenture. 
 9. Counterparts. The parties may
sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

  
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 10. Effect of Headings. The Section headings herein are for convenience only and
shall not affect the construction hereof. 
 [Signature Pages Follow] 

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

			
	TPC GROUP LLC, as Company
		
	By:	 	 /s/ Rishi A. Varma

		 	Name: Rishi A. Varma
		 	Title: Vice President, General Counsel and Secretary
	
	TP CAPITAL CORP, as Guarantor
		
	By:	 	 /s/ Rishi A. Varma

		 	Name: Rishi A. Varma
		 	Title: Vice President, General Counsel and Secretary
	
	PORT NECHES FUELS, LLC, as Guarantor
		
	By:	 	 /s/ Rishi A. Varma

		 	Name: Rishi A. Varma
		 	Title: Vice President, General Counsel and Secretary
	
	TEXAS BUTYLENE CHEMICAL CORPORATION, as Guarantor
		
	By:	 	 /s/ Rishi A. Varma

		 	Name: Rishi A. Varma
		 	Title: Vice President, General Counsel and Secretary
	
	TEXAS OLEFINS DOMESTIC-INTERNATIONAL SALES CORPORATION, as Guarantor
		
	By:	 	 /s/ Rishi A. Varma

		 	Name: Rishi A. Varma
		 	Title: Vice President, General Counsel and Secretary

  
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		 		 	 WILMINGTON TRUST COMPANY,
 as Trustee

				
		 		 	By:	 	/s/ Geoffrey J. Lewis
		 		 		 	Name: Geoffrey J. Lewis
		 		 		 	Title: Assistant Vice President

  
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	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	 as Paying Agent, Registrar and Authentication Agent

	 By: Deutsche Bank National Trust Company

		
	 By:
	 	 /s/ Irina Golovashchuk

		 	Name: Irina Golovashchuk
		 	Title: Vice President
		
	 By:
	 	 /s/ Kelvin Vargas

		 	Name: Kelvin Vargas
		 	Title: Associate

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent
	By: Deutsche Bank National Trust Company
		
	 By:
	 	 /s/ Irina Golovashchuk

		 	Name: Irina Golovashchuk
		 	Title: Vice President
		
	 By:
	 	 /s/ Kelvin Vargas

		 	Name: Kelvin Vargas
		 	Title: AssociateForm of Severance Agreement (CFO)

 Exhibit 10.1 
 CFO Agreement 
 INTEVAC, INC. 

SEVERANCE AGREEMENT 
 This Severance Agreement (the “Agreement”) is entered into as of [DATE], (the “Effective Date”) by and between Intevac, Inc. (the “Company”), and [NAME]
(“Executive”). 
 RECITALS 
 1. The Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company and its stockholders to assure that the Company will have the
continued dedication and objectivity of Executive. 
 2. The Board believes that it is in the best interests of the Company and
its stockholders to provide Executive with an incentive to continue his employment and to motivate Executive to maximize the value of the Company for the benefit of its stockholders. 

3. The Board believes that it is imperative to provide Executive with certain severance benefits upon Executive’s termination of
employment under certain circumstances. These benefits will provide Executive with enhanced financial security, incentive and encouragement to remain with the Company. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the mutual covenants
contained herein, the parties hereto agree as follows: 
 1. Term of Agreement. This Agreement will have a term of two
(2) years, commencing on the Effective Date (the “Term”), subject to earlier termination as provided in this Agreement. Following the expiration of the Term, Executive’s employment with the Company will continue to remain
“at-will” and may be terminated by the Company at any time with or without cause or with or without notice. For purposes of clarification, the expiration of the Term will not in and of itself entitle Executive to receive any severance and
if Executive’s employment with the Company terminates for any reason following the completion of the Term, Executive will not be entitled to receive any severance benefits pursuant to Section 3(a) of this Agreement. Notwithstanding the
foregoing, if prior to the expiration of the two (2)-year Term, an initial occurrence of an act or omission by the Company constituting the grounds for “Good Reason” in accordance with Section 6(b) hereof has occurred (the
“Initial Grounds”), and the expiration date of the Company cure period (as such term is used in Section 6(b)) with respect to such Initial Grounds could occur following the expiration of the two (2)-year Term, the Term
automatically will extend through the date that is thirty (30) days following the expiration of such cure period, but such extension of the Term shall only apply with respect to the Initial Grounds. If Executive becomes entitled to benefits
under Section 3(a) during the Term, this Agreement will not terminate until all of the obligations under the Agreement have been satisfied. 
 2. At-Will Employment. Subject to the terms hereof, Executive’s employment with the Company remains “at-will” employment and may be terminated by the Company at any time with or

 
without cause or with or without notice. However, as described in this Agreement, Executive may be entitled to severance benefits depending upon the circumstances of Executive’s termination
of employment. 
 3. Severance Benefits. 
 (a) Termination without Cause or Other than Death or Disability or Resignation for Good Reason. If (x) the Company terminates Executive’s employment with the Company for a reason other
than Cause or Executive’s death or disability or (y) if Executive resigns from such employment for Good Reason, and in each case, such termination occurs during the Term, then subject to Section 4 of this Agreement (including, but not
limited to, the release requirements of Section 4(a)), Executive will receive as severance from the Company: (i) continuing payments of Executive’s base salary as in effect on the date of Executive’s termination, payable in
accordance with the Company’s standard payroll procedures for twelve (12) months from the date of such termination, plus (ii) continuing payments of $2,000 per month, payable in accordance with the Company’s standard payroll
procedures for twelve (12) months from the date of such termination. The payments of clause (ii) of the prior sentence are intended to defray costs to Executive associated with continued health care coverage for Executive and
Executive’s eligible dependents; however, Executive may use such funds in any manner Executive sees fit. 
 (b)
Voluntary Resignation; Termination for Cause. If Executive’s employment with the Company terminates (i) voluntarily by Executive (other than for Good Reason during the Term), (ii) for Cause by the Company, or (iii) for any
reason following the expiration of the Term, then Executive will not be entitled to receive severance or other benefits except for those (if any) as may then be established under the Company’s then-existing severance and benefits plans and
practices or pursuant to other written agreements with the Company. 
 (c) Disability; Death. If the Company terminates
Executive’s employment as a result of Executive’s disability, or Executive’s employment terminates due to his death, then Executive will not be entitled to receive any other severance or other benefits except for those (if any) as may
then be established under the Company’s then-existing written severance and benefits plans and practices or pursuant to other written agreements with the Company. 
 (d) Exclusive Remedy. In the event of a termination of Executive’s employment as set forth in Section 3 of this Agreement, the provisions of Section 3 are intended to be and are
exclusive and in lieu of and supersede any other rights or remedies to which Executive or the Company otherwise may be entitled, whether at law, tort or contract or in equity, or under this Agreement (other than the payment of accrued but unpaid
wages, as required by law, and any unreimbursed reimbursable expenses). Executive will be entitled to no benefits, compensation or other payments or rights upon a termination of employment other than those benefits expressly set forth in
Section 3 of this Agreement. 
 4. Conditions to Receipt of Severance; No Duty to Mitigate. 

(a) Separation Agreement and Release of Claims. The payment of any severance set forth in Section 3(a) above is contingent
upon Executive signing and not revoking a release of claims agreement with the Company (which may include an agreement not to disparage the Company, non-solicit 

  
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provisions and other standard terms and conditions) in a form reasonably acceptable to the Company (the “Release”) upon Executive’s termination of employment and such
Release becoming effective no later than sixty (60) days following Executive’s employment termination date (such deadline, the “Release Deadline”). In no event will severance payments be paid or provided until the Release
actually becomes effective. If the Release does not become effective by the Release Deadline, Executive will forfeit any rights to severance under this Agreement. Any severance payments under this Agreement will not commence until the 60th day following Executive’s separation from service, or, if
later, such time as required by Section 4(b)(ii) below. Except as required by Section 4(b)(ii) below, any installment payments that would have been made to Executive during the sixty (60) day period immediately following
Executive’s separation from service but for the preceding sentence will be paid to Executive on the 60th day following his separation from service and the remaining payments shall be made as provided in the Agreement. 
 (b) Section 409A. 
 (i) Notwithstanding anything to the contrary in
this Agreement, no severance pay or benefits payable to Executive, if any, pursuant to this Agreement, that when considered together with any other severance payments or separation benefits that are considered deferred compensation (together, the
“Deferred Payments”) under Section 409A of the Internal Revenue Code, as amended (the “Code”) and the final regulations and official guidance thereunder (“Section 409A”) will be payable until
Executive has a “separation from service” within the meaning of Section 409A. Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury
Regulation Section 1.409A-1(b)(9) will be payable until Executive has a “separation from service” within the meaning of Section 409A. 
 (ii) Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A at the time of Executive’s separation from
service (other than due to death), then the Deferred Payments, if any, that are payable within the first six (6) months following Executive’s separation from service, will become payable on the date six (6) months and one (1) day
following the date of Executive’s separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary,
if Executive dies following his separation from service, but prior to the six (6) month anniversary of the separation from service, then any payments delayed in accordance with this Section 4(b)(ii) will be payable in a lump sum as soon as
administratively practicable after the date of Executive’s death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment, installment and benefit payable under
this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 
 (iii) Any severance payment that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations shall not constitute Deferred
Payments for purposes herein. Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed
the Section 409A Limit (as defined below) will not constitute Deferred Payments for purposes herein. 

  
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 (iv) For purposes of this Agreement, “Section 409A Limit” means two
(2) times the lesser of: (x) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during Executive’s taxable year preceding Executive’s taxable year of Executive’s termination of
employment as determined under, and with such adjustments as are set forth in, Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto, or (y) the maximum amount that may be taken into
account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated. 
 (v) The foregoing provisions are intended to comply with or be exempt from the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be
subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to so comply or be exempt. Executive and the Company agree to work together in good faith to consider amendments to this
Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A. 

(c) Confidential Information Agreement. Executive’s receipt of any payments or benefits under Section 3 will be subject
to Executive continuing to comply with the terms of the Confidential Information Agreement (as defined in Section 7) and the provisions of this Agreement. 
 (d) No Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any earnings that Executive may receive from any other source
reduce any such payment. 
 5. Limitation on Payments. In the event that the severance benefits provided for in this
Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 5, would be subject to the excise tax imposed by
Section 4999 of the Code, then Executive’s severance benefits under Section 3 will be either: 
  

	 	(a)	delivered in full, or 

  

	 	(b)	delivered as to such lesser extent which would result in no portion of such severance benefits being subject to excise tax under Section 4999 of the Code,

 whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax
imposed by Section 4999, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding that all or some portion of such severance benefits may be taxable under Section 4999 of the
Code. If a reduction in severance and other benefits constituting “parachute payments” is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following order: (i) reduction of cash payments, which
shall occur in reverse chronological order such that the cash payment owed on the latest date following the occurrence of the event triggering such excise tax will be the first cash payment to be reduced; (ii) reduction of acceleration of
vesting of equity awards, which shall occur in the reverse order of the date of grant for such stock awards (i.e., the vesting of the most recently 

  
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granted stock awards will be reduced first); and (iii) reduction of other benefits paid or provided to the Executive, which shall occur in reverse chronological order such that the benefit
owed on the latest date following the occurrence of the event triggering such excise tax will be the first benefit to be reduced. If more than one equity award was made to the Executive on the same date of grant, all such awards shall have their
acceleration of vesting reduced pro rata. In no event shall the Executive have any discretion with respect to the ordering of payment reductions. 
 Unless the Company and Executive otherwise agree in writing, any determination required under this Section 5 will be made in writing by a nationally recognized firm of independent public accountants
selected by the Company (the “Accountants”), whose determination will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required by this Section 5, the
Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive will
furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section. The Company will bear all costs the Accountants may reasonably incur in connection with any
calculations contemplated by this Section 5. 
 6. Definitions. 

(a) Cause. For purposes of this Agreement, “Cause” means: (i) Executive’s act of personal dishonesty in
connection with his responsibilities as an employee that is intended to result in Executive’s substantial personal enrichment; (ii) Executive being convicted of, or pleading no contest or guilty to, (x) a misdemeanor that the Company
reasonably believes has had or will have a material detrimental effect on the Company, or (y) any felony; (iii) Executive’s gross misconduct; (iv) Executive’s willful and continued failure to perform the duties and
responsibilities of his position after there has been delivered to Executive a written demand for performance from the Company that describes the basis for the Company’s belief that Executive has not substantially performed his duties and
Executive has not corrected such failure within thirty (30) days of such written demand; or (v) Executive’s material violation of any written Company employment policy or standard of conduct. 

(b) Good Reason. For purposes of this Agreement, “Good Reason” means Executive’s resignation within thirty
(30) days following the expiration of any Company cure period (discussed below) following the occurrence of one or more of the following, without Executive’s consent: (i) a material reduction of Executive’s authority, duties or
responsibilities, unless Executive is provided with a comparable position; for purposes of clarification, should the Company be acquired and made part of a larger entity, whether as a subsidiary, business unit or otherwise and Executive by virtue of
such event, experiences a material reduction of Executive’s authority, duties or responsibilities (for example, but not by way of limitation, if the Chief Financial Officer of the Company remains the Chief Financial Officer of the Company
following an acquisition where the Company becomes a wholly owned subsidiary of the acquirer, but is not made the Chief Financial Officer of the acquiring corporation), such material diminution will constitute “Good Reason” under this
subsection; provided, however, a reduction in authority, duties, or responsibilities solely by virtue of the Company becoming privately held pursuant to a transaction or Company action(s) endorsed by a majority of the members of the Board (as, for
example, when the Chief Financial 

  
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Officer of the Company remains as such following the Company becoming privately held, but is not the Chief Financial Officer of a publicly traded Company) will not constitute “Good
Reason”; (ii) a material reduction by the Company (or its successor) in Executive’s base compensation as in effect immediately prior to such reduction, unless the Company also similarly reduces the base compensation of all other
executives of the Company; or (iii) a material change in the geographic location of Executive’s primary work facility or location; provided, that a relocation of fifty (50) miles or less from Executive’s then present location or
to Executive’s home as his primary work location will not be considered a material change in geographic location. In order for an event to qualify as Good Reason, Executive must not terminate employment with the Company without first providing
the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” within ninety (90) days of the initial existence of the grounds for “Good Reason” and a reasonable cure period of not less
than thirty (30) days following the date of such notice, and such grounds must not have been cured during such time. 
 7.
Confidential Information. Executive confirms his continuing obligations under the Proprietary Information and Inventions Agreement dated as of [DATE] (the “Confidential Information Agreement”). 

8. Successors. 
 (a) The Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of
the Company’s business and/or assets will assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such
obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” will include any successor to the Company’s business and/or assets which executes and delivers the assumption agreement described in
this Section 8(a) or which becomes bound by the terms of this Agreement by operation of law. 
 (b) Executive’s
Successors. The terms of this Agreement and all rights of Executive hereunder will inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. 
 9. Notices. 
 (a) General. Notices and all other communications contemplated by this Agreement will be in writing and will be deemed to have been duly given when personally delivered or when mailed by U.S.
registered or certified mail, return receipt requested and postage prepaid or when delivered by a private courier service such as UPS, DHL or Federal Express that has tracking capability. In the case of Executive, mailed notices will be addressed to
him at the home address which he or she most recently communicated to the Company in writing. In the case of the Company, mailed notices will be addressed to its corporate headquarters, and all notices will be directed to the Chief Executive Officer
of the Company. 
 (b) Notice of Termination. Any termination by the Company for Cause or by Executive for Good Reason or
as a result of a voluntary resignation will be communicated by a 

  
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notice of termination to the other party hereto given in accordance with Section 9(a) of this Agreement. Such notice will indicate the specific termination provision in this Agreement relied
upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be not more than thirty (30) days after the
giving of such notice). The failure by Executive to include in the notice any fact or circumstance which contributes to a showing of Good Reason will not waive any right of Executive hereunder or preclude Executive from asserting such fact or
circumstance in enforcing Executive’s rights hereunder. 
 10. Severability. In the event that any provision hereof
becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision. 
 11. Integration. This Agreement represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether
written or oral. This Agreement may be modified only by agreement of the parties by a written instrument executed by the parties that is designated as an amendment to this Agreement. 

12. Waiver of Breach. The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not
operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement. 
 13. Headings.
All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement. 
 14. Tax Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable taxes. 
 15. Governing Law. This Agreement will be governed by the laws of the State of California (with the exception of its conflict of laws provisions). 

16. Arbitration. 
 (a) The Company and Executive each agree that any and all disputes arising out of the terms of this Agreement, Executive’s employment by the Company, Executive’s service as an officer or
director of the Company, or Executive’s compensation and benefits, their interpretation and any of the matters herein released, will be subject to binding arbitration under the arbitration rules set forth in California Code of Civil Procedure
Sections 1280 through 1294.2, including Section 1281.8 (the “Act”), and pursuant to California law. Disputes that the Company and Executive agree to arbitrate, and thereby agree to waive any right to a trial by jury, include
any statutory claims under local, state, or federal law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older
Workers Benefit Protection Act, the Sarbanes-Oxley Act, the Worker Adjustment and Retraining Notification Act, the California Fair Employment and Housing Act, the Family and Medical Leave Act, the California Family Rights Act, the California Labor
Code, claims of harassment, discrimination, and wrongful termination, and any statutory or common law claims. The Company and Executive further understand that this 

  
 -7-

 
agreement to arbitrate also applies to any disputes that the Company may have with Executive. However, claims for workers’ compensation benefits and unemployment insurance (or any other
claims where mandatory arbitration is prohibited by law) are not covered by this arbitration agreement, and such claims may be presented by the Executive to the appropriate court or government agency. 

(b) Procedure. The Company and Executive agree that any arbitration will be administered by Judicial Arbitration &
Mediation Services, Inc. (“JAMS”), pursuant to its Employment Arbitration Rules & Procedures (the “JAMS Rules”). The Arbitrator will have the power to decide any motions brought by any party to the
arbitration, including motions for summary judgment and/or adjudication, motions to dismiss and demurrers, and motions for class certification, prior to any arbitration hearing. The Arbitrator will have the power to award any remedies available
under applicable law, and the Arbitrator will award attorneys’ fees and costs to the prevailing party, except as prohibited by law. The Company will pay for any administrative or hearing fees charged by the Arbitrator or JAMS except that
Executive will pay any filing fees associated with any arbitration that Executive initiates, but only so much of the filing fees as Executive would have instead paid had he filed a complaint in a court of law. The Arbitrator will administer and
conduct any arbitration in accordance with California law, including the California Code of Civil Procedure, and the Arbitrator will apply substantive and procedural California law to any dispute or claim, without reference to rules of conflict of
law. To the extent that the JAMS Rules conflict with California law, California law will take precedence. The decision of the Arbitrator will be in writing. Any arbitration under this Agreement will be conducted in Santa Clara County, California.

 (c) Remedy. Except as provided by the Act and this Agreement, arbitration will be the sole, exclusive, and final
remedy for any dispute between Executive and the Company. Accordingly, except as provided for by the Act and this Agreement, neither Executive nor the Company will be permitted to pursue court action regarding claims that are subject to arbitration.

 (d) Administrative Relief. Executive understands that this Agreement does not prohibit him from pursuing any
administrative claim with a local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, including, but not limited to, the Department of Fair Employment and Housing, the
Equal Employment Opportunity Commission, the National Labor Relations Board, or the Workers’ Compensation Board. This Agreement does, however, preclude Executive from pursuing court action regarding any such claim, except as permitted by law.

 (e) Voluntary Nature of Agreement. Each of the Company and Executive acknowledges and agrees that such party is
executing this Agreement voluntarily and without any duress or undue influence by anyone. Executive further acknowledges and agrees that he has carefully read this Agreement and has asked any questions needed for him to understand the terms,
consequences, and binding effect of this Agreement and fully understands it, including that Executive is waiving his right to a jury trial. Finally, Executive agrees that he has been provided an opportunity to seek the advice of an
attorney of his choice before signing this Agreement. 
 17. Acknowledgment. Executive acknowledges that he has had the
opportunity to discuss this matter with and obtain advice from his private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this
Agreement. 

  
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 18. Counterparts. This Agreement may be executed in counterparts, and each
counterpart will have the same force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned. 
 [Remainder of Page Intentionally Left Blank] 

  
 -9-

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by their duly authorized officers, as of the day and year first above written. 
  

			
	COMPANY:
	
	INTEVAC, INC.
		
	By:	 	  

		
	Title:	 	  

	
	EXECUTIVE:
	
	  

	[Executive]

 [SIGNATURE PAGE TO [executive’s name] SEVERANCE AGREEMENT] 

  
 -10-

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