SEC Contract Filing

Filing Date: 2023-02-22

Document Content:
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<TYPE>EX-10.18
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<FILENAME>d414778dex1018.htm
<DESCRIPTION>EX-10.18
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<TITLE>EX-10.18</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.18 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>AGREEMENT REGARDING TERMINATION BENEFITS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Agreement Regarding Termination Benefits (&#147;Agreement&#148;) is entered into this 31<SUP STYLE="font-size:75%; vertical-align:top">st</SUP> day of
January, 2023 (the &#147;Effective Date&#148;) by and between Teradyne, Inc., a Massachusetts corporation with a principal office at 600 Riverpark Drive, North Reading, MA 01864 (the &#147;Company&#148;) and Gregory S. Smith, the Chief Executive
Officer and President of the Company (&#147;Executive&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and Executive have agreed on certain termination benefits in the event
the Executive&#146;s employment with the Company terminates under the conditions described herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises and
the mutual covenants and agreements contained herein, the Company and the Executive agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp; <U>Effective Date and
Term:</U> This Agreement shall become effective as of February&nbsp;1, 2023. Subject to the provisions of Sections 4 and 9 below and unless earlier terminated as permitted herein, this Agreement shall continue in effect for a period of three
(3)&nbsp;years from the Effective Date (&#147;Term&#148;) and thereafter, the Term shall be extended for additional <FONT STYLE="white-space:nowrap">one-year</FONT> periods unless, not later than sixty (60)&nbsp;days prior to the end of the then
current Term, the Company shall have given notice to the Executive not to extend the then current Term. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp; <U>Definitions:</U>
For purposes of this Agreement, capitalized terms shall be defined as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Board</U>&#148; means the Board of Directors of
Teradyne, Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cause</U>&#148; shall mean conduct involving one or more of the following: (i)&nbsp;the substantial and
continuing failure of the Executive, after notice thereof, to render services to Company in accordance with the terms or requirements of his employment, as established by the Board from time to time and communicated to the Executive; (ii)&nbsp;the
Executive&#146;s disloyalty, gross negligence, willful misconduct, dishonesty, fraud or breach of fiduciary duty to the Company each in connection with the Executive&#146;s employment by the Company; (iii)&nbsp;the Executive&#146;s deliberate
disregard of the rules or policies of, or breach of an agreement with, Company which results in direct or indirect material loss, damage or injury to the Company; (iv)&nbsp;the intentional, unauthorized disclosure by the Executive of any trade
secret or confidential information of the Company; (v)&nbsp;the commission by the Executive of an act which constitutes unfair competition with the Company; or (vi)&nbsp;the conviction of, or the entry of a plea of guilty or nolo contendere by the
Executive, to any crime involving moral turpitude or any felony. In addition, Cause will include, for purposes of this Agreement (y)&nbsp;the Board&#146;s good faith determination that it has a reasonable basis for dissatisfaction with the
Executive&#146;s employment for reasons such as lack of capacity or diligence, failure to conform to usual standards of conduct, or other culpable or inappropriate behavior or (z)&nbsp;other grounds for discharge that are reasonably related, in the
Board&#146;s honest judgment, to the needs of the business </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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of the Company. In the event that the Company determines that Cause may exist pursuant to clauses (i), (iii) and (v)&nbsp;above or pursuant to the preceding sentence, the Company shall give the
Executive written notice of the facts constituting such Cause and the Executive shall have thirty (30)&nbsp;days following receipt of such notice to remedy such Cause. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change in Control</U>&#148; shall be deemed to have occurred upon the occurrence of any of the following events: (i)&nbsp;any
consolidation, cash tender offer, reorganization, <FONT STYLE="white-space:nowrap">re-capitalization,</FONT> merger or plan of share exchange following which the capital stock of the Company immediately prior to such transaction constitutes less
than a majority of the combined voting power of the then-outstanding securities of the combined corporation or person immediately after such transaction; (ii)&n