Amendment to Letter Agreement Regarding 2019 Annual Equity Award between Veeco Instruments Inc. and Shubham Maheshwari
Veeco Instruments Inc. and Shubham Maheshwari have agreed to amend their previous letter agreement dated August 29, 2018. The amendment changes the terms of the 2019 Annual Equity Award, specifying a grant of $850,000 in company stock, with 60% as performance-based restricted stock units and 40% as time-based restricted stock vesting over four years. All other terms of the original agreement remain unchanged, and the modification does not constitute Good Reason for resignation.
Exhibit 10.5
Veeco Instruments Inc.
1 Terminal Drive
Plainview, New York 11803 U.S.A.
Phone ###-###-####
Fax ###-###-####
www.veeco.com
March 22, 2019
Shubham (Sam) Maheshwari
Dear Sam:
Reference is made to the letter agreement between Veeco and you dated August 29, 2018 (the “Letter Agreement”). This letter will confirm the parties’ agreement to amend the Letter Agreement, effective as of the date hereof, as follows:
The row entitled “2019 Annual Equity Award” in Exhibit A to the Letter Agreement shall be deleted in its entirety and the following shall be substituted therefor:
| 2019 Annual Equity Award | $850 to be granted in conjunction with 2019 annual award program (determined based upon an assumed value of the common stock of the Company of $15.00 per share), or 56,666 shares: 60% to be performance-based restricted stock units 40% to be time-based restricted stock subject to 4-year vesting |
Except as set forth above, the Letter Agreement shall continue in accordance with its terms. Executive agrees that the modification of the terms of his employment as set forth above shall not constitute Good Reason.
Please sign and return a copy of this letter to signify your agreement.
Sincerely,
| /s/ Robert W. Bradshaw |
|
|
|
|
| Robert W. Bradshaw |
|
| Sr. Vice President, Human Resources |
|
|
|
|
|
| ACCEPTED AND AGREED: |
|
|
|
|
| /s/ Shubham Maheshwari |
|
|
|
|
| Shubham Maheshwari |
