Employment Letter



 Exhibit 10.1 
 



 
 May 11, 2011 
 Mr. Robert Young 
 [address redacted] 

Dear Bob: 
 I am pleased to
confirm your position with Tessera, Inc., as President and Chief Executive Officer, reporting to the Board of Directors. You will receive monthly salary of $57,000, which will be paid in accordance with the Company’s normal
payroll procedures. You will also be eligible to receive an MBO bonus, payment of this bonus is at the full discretion of the Board of Directors. This bonus will be based on objectives set forth and mutually agreed upon by you and the Board of
Directors and is contingent upon your employment with Tessera. 
 As an employee, you are also eligible to receive certain
employee benefits including Group medical and dental benefits, 401(k) plan as well as other Tessera sponsored benefits. You should note that the Company reserves the right to modify salaries and benefits from time to time as it deems
necessary. 
 In addition, the Company’s Board of Directors met on may 11, 2011 and approved to have the Company grant you
an option to purchase 80,000 shares of the Company’s Common Stock at a price per share equal to the fair market value per share of the Common Stock on the date of grant, as determined by the Company’s Board of Directors. This option grant
is subject to the terms and conditions of the Company’s Stock Option Plan and Stock Option Agreement, including vesting requirements, which will occur monthly over 12 months. 

Additionally, the company will provide temporary housing for 12 months and pay for the cost of weekly travel home. 

The Company is excited about your joining and looks forward to a beneficial and fruitful relationship. Nevertheless, you should be aware that your
employment with the Company is for no specified period and constitutes at-will employment. As a result, you are free to resign at any time, for any reason or for no reason. Similarly, the Company is free to conclude its employment relationship with
you at any time, with or without cause, and with or without notice. We request that, in the event of resignation, you give the Company at least two weeks notice. 
 The Company reserves the right to request an investigative consumer report, which may include background investigations and/or reference checks, on all of its potential employees. 







 For purposes of federal immigration law, you will be required to provide to the Company
documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be terminated.

 We also ask that, if you have not already done so, you disclose to the Company any and all agreements relating to your prior
employment that may affect your eligibility to be employed by the Company or limit the manner in which you may be employed. It is the Company’s understanding that any such agreements will not prevent you from performing the duties of your
position and you represent that such is the case. Moreover, you agree that, during the term of your employment with the Company, you will not engage in any other employment, occupation, consulting or other business activity directly related to the
business in which the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to the Company. Similarly, you agree not to bring any third party
confidential information to the Company, including that of your former employer, and that in performing your duties for the Company you will not in any way utilize any such information. 

As a Company employee, you will be expected to abide by company rules and standards. You will be specifically required to sign an
acknowledgment that you have read and that you understand the Company’s rules of conduct which are included in the Company Handbook. As a condition of your employment, you will also be required to sign and comply with an Employment,
Confidential Information, Invention Assignment and Arbitration Agreement which requires, among other provisions, the assignment of patent rights to any invention made during your employment at the Company, and non-disclosure of proprietary
information. The Agreement also provides that in the event of any dispute or claim relating to or arising out of our employment relationship, you and the Company agree that all such disputes shall be fully and finally resolved by binding
arbitration. 
 This letter, along with any agreements relating to proprietary rights between you and the Company, set forth the
terms of your employment with the Company and supersede any prior representations or agreements, whether written or oral. This letter, including, but not limited to, its at-will employment provision, may not be modified or amended except by a
written agreement signed by the Board of Directors and you. 
 Bob, we look forward to working with you at Tessera.

 Sincerely, 
 H. Thomas Blanco

 Senior Vice President & 

Chief Administration Officer 
 Agreed to and
accepted: 








			
	Signature:
	
	 /s/ Robert A. Young

	Printed Name: Robert A. Young
	Date: May 11, 2011

 Enclosures: 

Duplicate Original Letter; Employment, Confidential Information, Invention Assignment and Arbitration Agreement; Change in Control Severance Agreement and
Post Offer Enrollment Form