Document:

Offer Letter Amendment between the registrant and Jonathan Rubinstein

 Exhibit 10.35 
 PALM, INC. 
 Offer Letter Amendment 
 WHEREAS, Palm, Inc. (“Palm” or the “Company”) made an offer of employment, dated June 1, 2007, to Jonathan Rubinstein (“Mr.
Rubinstein” or “you”), which Mr. Rubinstein accepted on June 1, 2007 (the “Offer Letter”); 
 WHEREAS, the Offer
Letter indicated that Mr. Rubinstein would, as of the Effective Date, become a member of Palm’s Board of Directors in Class 3, with a term lasting until the Company’s 2008 annual meeting (the “Director Classification”);

 WHEREAS, the Offer Letter contained a description of equity awards to be granted to Mr. Rubinstein under the headings “Stock
Options” and “Performance Shares” (together, the “Equity Awards”); and 
 WHEREAS, the Company and Mr. Rubinstein desire
to revise the terms of the Offer Letter with respect to the Director Classification and the vesting of the equity awards; 
 NOW, THEREFORE, the
Company and Mr. Rubinstein agree as follows: 
  

	1.	Director Classification. Mr. Rubinstein will be appointed to Palm’s Board of Directors in Class 1, with a term lasting until the Company’s 2009 annual meeting.

  

	2.	Equity Award Vesting. With the intention of modifying the time-based vesting of all of the Equity Awards and the final date of forfeiture of the performance-based Equity
Awards but leaving all of the other terms and conditions of the Equity Awards as set forth in the Offer Letter, the sections of the Offer Letter entitled “Stock Options” and “Performance Shares” are amended and restated in their
entirety as follows: 

 Stock Options: 
 Following the Effective Date, Palm’s Board of Directors or its designee will grant you an option to purchase a total of 2,000,000 shares of Palm’s common stock subject to the terms and conditions set forth in Palm’s standard
stock option agreement, except as set forth below. The per share exercise price for the option will be set at the closing price of Palm’s common stock on the sixth day of the month (the “Grant Date”) following the month (extending
from the 2nd day of a calendar month through the 1st day of the next calendar month) that includes the Effective Date or, if the stock market is closed on that date, the closing price of Palm’s common stock on the last trading day prior to that
date. 
  

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 For example, if the Effective Date is between August 2nd and September 1st, your grant date will be
September 6 and the option will be priced as of the close of trading on September 6; if the stock market is closed on September 6, then the option shares will be priced as of the close of trading on the last trading day prior to
September 6, but the Grant Date will remain September 6. 
 Contingent on you being an employee or other service provider of Palm on each vesting
date, the option will vest over 45 months as follows: 
 The option will vest as to 1,000,000 shares subject only to time-based vesting: the option will vest
as to 25% of such 1,000,000 shares on the 9-month anniversary of the Grant Date, and will vest with respect to the remainder of such 1,000,000 shares in equal monthly installments through and including the 45-month anniversary of the Grant Date.

 The option will vest as to 1,000,000 shares on a combination of performance-based vesting and time-based vesting. Provided that the Cumulative Total
Shareholder Return (or “CTSR”) targeted for each tranche is achieved, the option will vest in tranches over time, as specified below. For all purposes in this letter, CTSR shall be measured as the cumulative increase in the price per share
of Palm’s common stock (measured as the price reported by the Nasdaq Global Market or such other exchange which is at the time the principal market for Palm’s common stock) reported as the closing price. The starting point for the
measurement of CTSR shall be the lower of (i) $8.50 per share or (ii) the per share exercise price of the option granted to you pursuant to this letter. In the event that any dividends are paid on Palm’s common stock (other than
dividends paid in common stock), the CTSR will be calculated as though such dividends were used to purchase additional shares of Palm’s common stock, in the same manner as required by the Securities Exchange Commission for proxy statement
purposes. 
  

	 	•	 	 As to 333,334 shares, the option will vest as to 25% of such shares on the later of the date that Palm achieves a CTSR of 50% or the 9-month anniversary of the
Grant Date. The option shall vest as to the remaining 75% of such shares in equal monthly installments commencing on the 10-month anniversary of the Grant Date, through and including the 45-month anniversary of the Grant Date, provided that a CTSR
of 50% has been achieved (and in the event that a CTSR of 50% is achieved after some of such monthly installments have passed, then such past monthly vesting shall occur immediately). Should the CTSR performance threshold not be achieved as of the
45-month anniversary of the Grant Date, the option will be forfeited with respect to the unvested portion on such date. 

  

	 	•	 	 As to 333,333 shares, the option will vest as to 25% of such shares on the later of the date that Palm achieves a CTSR of 100% or the 9-month anniversary of the
Grant Date. The option shall vest as to the remaining 75% of such shares in equal monthly installments commencing on the 10-month anniversary of the Grant Date, through and including the 45-month anniversary of the Grant Date, provided that a CTSR
of 100% has been achieved (and in the event that a CTSR of 100% is achieved after some of such monthly installments have passed, then such past monthly vesting shall occur immediately). Should the CTSR 

  

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performance threshold not be achieved as of the 45-month anniversary of the Grant Date, the option will be forfeited with respect to the unvested portion on
such date. 
  

	 	•	 	 As to 333,333 shares, the option will vest as to 25% of such shares on the later of the date that Palm achieves a CTSR of 200% or the 9-month anniversary of the
Grant Date. The option shall vest as to the remaining 75% of such shares in equal monthly installments commencing on the 10-month anniversary of the Grant Date, through and including the 45-month anniversary of the Grant Date, provided that a CTSR
of 200% has been achieved (and in the event that a CTSR of 200% is achieved after some of such monthly installments have passed, then such past monthly vesting shall occur immediately). Should the CTSR performance threshold not be achieved as of the
45-month anniversary of the Grant Date, the option will be forfeited with respect to the unvested portion on such date. 

 Your Option
Agreement will provide that if the exercise of your option following your termination of service with the company would be prohibited any time solely because the issuance of shares of company common stock would violate the registration requirements
under the Securities Act of 1933, then your option shall terminate on the earlier of the expiration of the term of the option or the expiration of a period of three months after the termination of your service during which the exercise of the option
would not be in violation of such registration requirements. 
 Performance Shares: 
 On the Grant Date, Palm’s Board of Directors or its designee will grant you 1,000,000 Palm performance shares (also known as restricted stock units or RSUs), subject
to the terms and conditions set forth in Palm’s standard performance share agreement, except as set forth below. Contingent on you being an employee or other service provider of Palm on each vesting date, the performance shares will vest over
45 months as follows: 
 500,000 restricted stock units will be subject only to time-based vesting, and will vest in 25% increments on each of the 9-month,
21-month, 33-month and 45-month anniversaries of the Grant Date. 
 500,000 restricted stock units will vest based on a combination of performance-based
vesting and time-based vesting as described below. Provided that the CTSR targeted for each tranche is achieved (either before or after the time-based vesting), the restricted stock units will vest as to the unvested shares remaining in that tranche
over time. 
  

	 	•	 	 As to 250,000 of these restricted stock units, 25% will vest on the later of the date that Palm achieves a CTSR of 50% or the 9-month anniversary of the Grant Date;
25% will vest on the later of the date that Palm achieves a CTSR of 50% or the 21-month anniversary of the Grant Date; 25% will vest on the later of the date that Palm achieves a CTSR of 50% or the 33-month anniversary of the Grant Date; and 25%
will vest on the later of the date that Palm achieves a CTSR of 50% or the 45-month anniversary of the Grant Date. Should the CTSR performance threshold not be achieved within 45 months from the Grant Date, the restricted stock units will be
forfeited on such date. 

  

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	 	•	 	 As to 250,000 of these restricted stock units, 25% will vest on the later of the date that Palm achieves a CTSR of 100% or the 9-month anniversary of the Grant
Date; 25% will vest on the later of the date that Palm achieves a CTSR of 100% or the 21-month anniversary of the Grant Date; 25% will vest on the later of the date that Palm achieves a CTSR of 100% or the 33-month anniversary of the Grant Date; and
25% will vest on the later of the date that Palm achieves a CTSR of 100% or the 45-month anniversary of the Grant Date. Should the CTSR performance threshold not be achieved within 45 months from the Grant Date, the restricted stock units will be
forfeited on such date. 

 [End of Amended and Restated “Stock Options and Performance Shares Sections] 
  

	3.	Effective Date; Miscellaneous. This Offer Letter Amendment is intended to be and shall be effective as of the Effective Date. Except as expressly set forth in this Offer
Letter Amendment, the Offer Letter shall remain in full force and effect and shall not be amended hereby. Capitalized terms used in this Offer Letter Amendment and not otherwise defined in this Offer Letter Amendment shall have the meanings given to
such terms in the Offer Letter. 

  

									
	PALM, INC.	 		 	JONATHAN RUBINSTEIN
				
	By:	 	/s/ Edward T. Colligan	 		 	/s/ Jonathan Rubinstein
		 	Edward T. Colligan	 		 	Jonathan Rubinstein
		 	President and CEO	 		 		 	
					
	Date:	 	10/26/07	 		 	Date:	 	10/29/07

  

 - 4 -Employment Agreement between the registrant and Jonathan Rubinstein

 Exhibit 10.36 
 

 
 EMPLOYEE AGREEMENT 
 This Agreement (“Agreement”) is made by and between Palm, Inc. and the undersigned Employee (“I” or “me”) and shall be effective as of the first day of my employment (“Effective
Date”) with Palm, Inc. or any of its subsidiaries, branch offices, affiliates and successors (together, “Palm” or “Company”). 
 I recognize that Palm is engaged in a continuous program of research, development, sales and production relating to its business, present and future. As part of my employment with Palm and considering that I will or
may have access to information that Palm considers confidential, I understand and agree that I have certain obligations relating to conflicts of interest, confidential information and inventions that I develop during that employment. 
 In consideration for my at-will employment by Palm or my continued employment at-will by Palm and the compensation received therefore, I agree as
follows: 
 1. Definition of Palm. For purposes of this Agreement, the term “Palm” shall include Palm and its present
and future subsidiaries, branch offices, affiliates and successors. I agree that if I accept a transfer to another division or any parent, subsidiary, branch office or affiliated corporation of Palm, this Agreement will remain in full force and
effect and will continue to define my obligations to Palm and any such related corporation regarding conflicts of interest, Confidential Information and inventions, except to the extent prohibited by the applicable law. 
 2. Confidentiality. 
 2.1 I
will maintain in strictest confidence and will not directly or indirectly disclose or use, either during or after the term of my employment, any proprietary, trade secret or confidential information or know-how belonging to Palm (“Confidential
Information”), whether or not in written form and whether or not marked as confidential, except to the extent required to perform duties on behalf of Palm and authorized by Palm. Confidential Information refers to any information not generally
known which is obtained from Palm, or which is learned, discovered, developed, conceived, originated or prepared by me, whether in whole or part, during my employment with Palm. Such Confidential Information includes, but is not limited to,
information relating to the following (whether or not reduced to writing): Palm’s inventions, hardware, software, source code, object code or other products or technologies, research and development, production processes, manufacturing and
engineering processes, machines and equipment, finances, product pricing, market and sales information, customer names and other customer information, marketing and development plans, production and future business plans, employee records and
personnel information (including compensation), and any other information which is identified or treated as confidential or proprietary by Palm. Confidential Information also includes any information belonging to third parties, including, but not
limited to, customers and suppliers of Palm, who may have disclosed such information directly or indirectly to me as the result of my status as an employee of Palm under an obligation of confidentiality. 
 2.2 I also agree to comply with all United States (and applicable local country) laws, regulations and orders and all Palm policies and practices
concerning export and/or re-export of technology, software, source code, object code or other products or technologies acquired by me through any means while employed by or associated with Palm. 
 3. Return of Confidential Information and Other Materials. At any time at the request of Palm, but in no event later than termination of my
employment with Palm, I will deliver to Palm all written and tangible material and information recorded or stored on any electronic, optical or other recording/storage medium, including all copies thereof, in my possession or control that
incorporates or reflects the Confidential Information, and permanently destroy all copies that cannot be delivered. If original Confidential Information cannot be delivered, I will contact Palm to enable transfer of such Confidential Information to
Palm before I permanently destroy it. 
  

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 4. Inventions. 
 4.1 Definition of Inventions. I understand that the term “Inventions”, as used in this Agreement, means any new or useful idea, art,
discovery, design, contribution, finding or improvement, whether or not patentable, and all related know-how and Confidential Information, and that inventions include, but are not limited to, all designs, discoveries, formulae, processes,
manufacturing techniques, mask works, semiconductor designs, computer software, inventions, marks, logos, improvements, works of authorship and ideas. 
 4.2 Disclosure and Assignment of Inventions. Except for Prior Inventions (described in Section 4.3 below), I will promptly disclose and describe to Palm all Inventions which I may solely or jointly
conceive, create, develop, or reduce to practice during the period of my employment with Palm (i) which relate to Palm’s business or anticipated business or research or development, (ii) which are developed in whole or in part on
Palm’s time or with the use of any of Palm’s equipment, supplies, facilities or trade secret information, or (iii) which are suggested by or result from any task assigned to me or work I perform for Palm. I agree to disclose to Palm
all Inventions developed by me to permit a determination as to whether or not the Inventions should be the property of Palm. If Palm and I disagree as to whether or not the Inventions should be the property of Palm, it will be my responsibility to
prove that it should not be Palm’s property. I agree to assign and do hereby assign to Palm my entire right, title and interest worldwide in such Inventions, except those which I prove to Palm’s reasonable satisfaction are not Palm’s
property, and in all intellectual property rights based upon such Inventions. I will, on Palm’s request, promptly execute a specific assignment of title to Palm, as more fully set forth in Subsection 4.5 below. 
 4.3 Prior Inventions. Set forth on Exhibit A are all Inventions (“Prior Inventions”) made by me prior to my employment with Palm which
relate to Palm’s business or Palm’s demonstrably anticipated research and development (issued patents and patent applications filed prior to the commencement of my employment with Palm (including its predecessor organizations) need not be
listed). Exhibit A contains no confidential information. If no Prior Inventions are listed in Exhibit A, I represent that I have no Prior Inventions and all Inventions are assigned to Palm pursuant to Section 4.2 above except for patent
applications and issued patents that have been filed prior to the commencement of my employment with Palm. 
 4.4 Nonassignable
Inventions. I understand that, pursuant to Sections 2870 and 2872 of the California Labor Code, I am not required to assign to Palm any Invention for which no equipment, supplies, facility or trade secret/confidential information of Palm was
used and which was developed entirely on my own time, and (i) which does not relate at the time of conception or reduction to practice to the business of Palm or Palm’s actual or demonstrably anticipated research or development or
(ii) which does not result from any work performed by me for Palm. This limited exclusion does not apply to any patent or invention covered by a contract between Palm and the United States or any of its agencies requiring full title to such
patent or invention to be in the United States. 
 [Notification to California employees only: The obligation to assign under Section 4.2 of this
Agreement does not apply to an invention that qualifies fully under the provisions of Section 2870 of the California Labor Code. I understand that a copy of that code section will be made available to me upon request.] 
 4.5 Execution of Documents. I agree to perform, during and after my employment with Palm, all acts deemed necessary or desirable by Palm to permit
and assist it, at its expense, in perfecting and enforcing the full benefits, enjoyment, rights and title throughout the world in the Inventions assigned to Palm hereunder. Such acts may include, but are not limited to, execution of documents and
assistance or cooperation in the registration and enforcement of applicable patents, copyrights or other forms of protection, or other legal proceedings. 
 5. Conflict of Interest/Competitive Employment.  
 5.1 I will perform for Palm such duties as
may be designated by Palm from time to time and as are consistent with my Offer Letter of even date herewith. I will devote my best efforts on behalf of Palm throughout my employment. 
 5.2 I have received and read the Palm Code of Conduct and agree to conform my behavior to it. I will do no work (whether or not for pay) for myself or
any other person or concern that is along the lines of Palm’s business or anticipated business or research and development, is along the lines competitive therewith, or in any other way 

  

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conflicts with my obligations set out in this Agreement, Palm’s conflict of interest policy, or the best interests of Palm, without the prior written
consent of an authorized officer of Palm. 
 5.3 I will promptly disclose to Palm all relevant information regarding any potential or actual
conflict. 
 5.4 I will use my skills and my abilities to develop useful concepts, products, processes, techniques, information, and similar
ideas to advance the business of Palm. I understand that the verb “develop” as used in this Agreement in various forms includes within its meaning to conceive, author, make, invent, devise, construct, and reduce to practice. 
 6. Non-Solicitation. During the term of my employment with Palm and for a period of one (1) year thereafter, I will not solicit or
encourage or cause others to solicit or encourage, any employees of Palm to terminate their employment with Palm. 
 7. No Conflicting
Obligations. 
 7.1 I represent that my execution and performance of this Agreement are not a violation or breach of any other
agreement between me and any other person or entity. I will not disclose to Palm, or use or induce Palm to use, any confidential or proprietary information or material belonging to any previous employer or other person or entity without the prior
written consent of such employer, person or entity, which consent will be presented to Palm prior to any such disclosure or use. I will not enter into any agreement, whether written or oral, in conflict with the provisions of this Agreement.

 7.2 I will comply and do all things necessary for Palm to comply with the laws and regulations of all governmental entities under which
Palm does business and with the provisions of contracts between such governmental entities or its contractors and Palm that relate to intellectual property or the safeguarding of information. 
 8. Survival. Notwithstanding the termination of my employment, Sections 2, 3, 4, 6 and 9 shall survive such termination. This Agreement
does not in any way restrict my right or the right of Palm to terminate my employment at any time, for any reason or for no reason. 
 9.
Employment Relationship. I acknowledge and agree that the employment relationship between Palm and me is voluntary and “at will,” without any fixed term and may, therefore, be terminated by either me or Palm at any time without
notice or cause. This Agreement does not alter this employment relationship or provide consideration for any contract of continued employment. 
 10. Specific Performance. A breach of any of the promises, representations, or conditions contained herein will result in irreparable and continuing damage to Palm for which there will be no adequate remedy at law, and Palm
shall be entitled to seek injunctive relief and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate). 
 11. Waiver. The waiver by Palm of a breach of any provision of this Agreement by me will not operate or be construed as a waiver of any other or subsequent breach by me. 
 12. Severability. If any part of this Agreement is determined to be invalid or unenforceable, that part will be amended to achieve as
nearly as possible the same effect as the original provision and the remainder of this Agreement will remain in full force and effect. 
 13. Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of California as applied to agreements entered into and performed entirely within California between California
residents except where applicable law requires the application of local or host country law. 
 14. Entire Agreement. This
Agreement, together with my Offer Letter, Management Retention Agreement and Severance Agreement, constitute the entire agreement between me and Palm relating to this subject matter and supersedes all prior or simultaneous representations,
discussions, negotiations and agreements, whether 

  

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written or oral. This Agreement may be amended or modified only with the written consent of both me and Palm’s Vice President of Human Resources.

 15. Assignment. This Agreement may be assigned by Palm. I may not assign or delegate my duties under this Agreement without
Palm’s prior written approval. This Agreement shall be binding upon my heirs, successors and permitted assignees. 
 I CERTIFY AND ACKNOWLEDGE THAT I
HAVE CAREFULLY READ ALL OF THE PROVISIONS OF THIS AGREEMENT AND THAT I UNDERSTAND AND WILL FULLY AND FAITHFULLY COMPLY WITH ITS PROVISIONS. 
  

									
	Palm, Inc.	 		 	Employee
					
	By:	  	/S/ RENA A. LANE	 		 	Signature:	  	/S/ JON RUBINSTEIN
					
	Print Name:	  	Rena A. Lane	 		 	Print Name:	  	Jon Rubinstein
					
	Title:	  	 Senior Vice President, Human Resources
	 		 	Date:	  	June 2, 2007
					
	Date:	  	June 1, 2007	 		 		  	

  

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 EXHIBIT A 
 EMPLOYEE’S PRIOR INVENTIONS 
 DESCRIPTION OF INVENTION(S) 
  

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