Document:

exv10w11

 

Exhibit 10.11

Mercator Partners Acquisition Corp.

One Fountain Square

11911 Freedom Drive, Suite 590

Reston, Virginia 20190

June ___, 2006

To: H. Brian Thompson

Dear Mr. Thompson:

          This Employment Agreement (“Agreement”) will serve to confirm the terms of your employment
with Mercator Partners Acquisition Corp. (“Mercator” or “Company”) as Executive Chairman. In
consideration of the mutual promises contained in this Agreement, you and Mercator agree to the
following terms of employment.

1. EMPLOYMENT:

          Mercator hereby offers you employment as Executive Chairman, commencing on the date that
Mercator acquires European Telecommunications & Technology, Inc. and Global Internetworking, Inc.
You hereby accept employment with Mercator on the terms and conditions set forth in this Agreement.
Your duties as Executive Chairman will include but not be limited to the following:

	 	•	 	serving as Chairman of the Board of Directors;
	 
	 	•	 	obtaining direct reports from, and providing guidance and direction to, all other
executive and senior officers of the Company;
	 
	 	•	 	assisting in the development of and overseeing the Company’s execution of the Company’s
strategic plan;
	 
	 	•	 	coordinating and overseeing the integration of the Company’s business
units/subsidiaries;
	 
	 	•	 	accessing industry contacts in order to promote the Company’s business;
	 
	 	•	 	overseeing the Company’s efforts in connection with the acquisition of target companies;
and

 

 

	 	•	 	performing such other and further duties that the Board of Directors reasonably assigns
to you from time to time.

You agree to devote your best efforts and as much time as is required to execute your
responsibilities and duties under this Agreement. You may accept other engagements with other
companies while this Agreement is in effect, provided that such engagements do not interfere with
your duties and responsibilities under this Agreement. Specifically, it is agreed that you can
continue to serve as a director for Sonus Networks, Inc., United Auto Group, Inc., Axcelis
Technologies, Inc. and Bell Canada International, Inc. and as chairman of Comsat International,
Inc. and iTown Communications, Inc. without breaching any obligations under this Agreement.

2. REMUNERATION:

          You will be paid at an annual salary of $150,000 per year. Salary payments will be made on a
semi-monthly basis. At the beginning of each calendar year, Mercator, in its sole discretion, will
determine whether to increase your salary.

3. EQUITY INCENTIVE:

          Upon
the commencement of your employment hereunder, you will receive 50,000 restricted shares
under Mercator’s stock plan which will vest, subject to your continuing employment, on the
anniversary dates of grant at 25% per year for four years.

4. EXPENSES:

          Upon your submission of appropriate documentation or receipts, Mercator shall reimburse you
for any ordinary and necessary business expenses you incur in accordance with Mercator’s guidelines
on business expenses.

5. BENEFITS:

          Mercator shall provide you with the basic annual leave and benefits that Mercator makes
available to full time employees in general.

6. TERMINATION:

     Your employment is at-will — that is, just as you may end your relationship with

 

 

Mercator at any time and for any reason or no reason at all, Mercator may end its relationship with
you at any time and for any reason or no reason at all.

7. CONFIDENTIALITY AND NONCOMPETITION:

          At the time your employment begins under this Agreement, you shall execute a Confidentiality
and Noncompetition Agreement. Such Agreement will in no way contravene your duties toward Mercator
as an officer and fiduciary of the organization. For example, although you may accept other
engagements, such engagements shall in no way interfere with Mercator’s business interests,
business opportunities and/or any other fiduciary obligations you have toward Mercator and its
subsidiaries as an officer or board member of the Company.

8. ASSIGNMENT:

          This Agreement is not assignable by either party without the written consent of the other;
provided, however, that the provisions of this Agreement shall inure to the benefit of and be
binding upon any successor interest of Mercator, whether by merger, consolidation, or transfer or
all or substantially all of its assets or otherwise.

9. MISCELLANEOUS:

          a. Waiver. The waiver by any party to this Agreement of a breach of any of the provisions of
this Agreement shall not constitute a waiver of any subsequent breach.

          b. Severability. The invalidity or unenforceability of any particular provision of this
Agreement shall not affect the other provisions of this Agreement, and this Agreement shall be
construed in all respects as if such invalid or unenforceable provision were omitted. This
Agreement shall be construed according to its fair meaning and not strictly for or against either
party.

          c. Governing Law. This Agreement shall be governed by the law of the State of Virginia,
without regard to its conflict of laws provisions. You hereby irrevocably consent to, and waive
any objection to the exercise of, personal jurisdiction by the state court located in Virginia with
respect to any action or proceeding arising out of this Agreement.

 

 

          d. Complete Agreement. This letter supersedes any and all prior discussions and
understandings, whether written or oral, and represents the complete Agreement between the
parties. Please indicate your acceptance of the terms of this Agreement by signing this letter in
the space provided below and returning it to me as soon as possible.

	 	 	 	 	 
	 	Yours truly,

MERCATOR PARTNERS

ACQUISITION CORP.

	 	Rhodric C. Hackman

President

	 
	 	 	 
	 	 	 
	 

ACCEPTED:

	 	 	 	 	 	 	 
	 

	 	Signature:
	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name (printed):_H. Brian Thompson	 	 
	 

	 	Date:exv10w1

 

Exhibit 10.1

June 6, 2006

Christine A. Russell

Dear Christine:

We are pleased to formally extend to you an offer of employment for the position of Vice President
and Chief Financial Officer with Virage Logic Corporation (Virage Logic). As a member of our
Executive Team and the leader of the Finance Group you will report to Adam Kablanian, President and
Chief Executive Officer.

To compensate you for your efforts and contribution in this position, you will receive a
compensation package including base salary, eligibility for incentive compensation, stock options
and a comprehensive benefits plan.

Your base salary will be $19,584.00 per monthly (equivalent to $235,008 per annum), subject to
standard payroll deductions and withholdings. This position is classified as Exempt.

Your variable incentive compensation will be a Revenue/Earnings bonus plan based on profit sharing
with an at plan opportunity of 35% of your actual base salary prorated to the actual company
performance versus the approved plan for the fiscal year ending in September 30, 2006.

You will be eligible to receive a stock option grant for 255,000 shares of Common Stock of Virage
Logic Corporation. The price per share for this option will be fixed based on the closing sales
price on the first 15th day of the month after your start date. The shares subject to
this option will vest over a four-year period with 25% of the shares vesting one (1) year from your
start date, and thereafter the shares shall vest at a rate of 1/48th of the shares per
month for the remaining 36 months. If a change in control occurs and your employment is terminated
or materially altered within the first two years of employment, 50% or 127,500 shares of your
outstanding stock option grant shall immediately fully vest.

With regard to benefits, you will receive all the employment benefits available to full time,
regular exempt employees of Virage Logic. These benefits include a 401(k) plan; medical, dental,
vision and life insurance plans, for which the premiums are paid 100% by the Company for an
employee selecting an HMO plan. Other plans are available with a minimal pre-tax employee
contribution. In addition, you will be eligible to accrue fifteen days paid time off during the
year and 10 paid holidays per year.

In addition, you will be eligible to participate in Virage Logic’s Employee Stock Purchase Plan
effective August 15,2006.

In accordance with the Immigration Reform & Control Act of 1986, employment in the United States is
conditional upon proof of eligibility to legally work in the United States. On your first day of
employment, you will need to provide us with this proof. If you do not have these documents,
please contact me prior to your first day of employment.

As an employee of Virage Logic you will have access to confidential information and you may, during
the course of your employment, develop information or inventions that will be the property of
Virage Logic. To protect the interests of Virage Logic, you will be required to sign the Company’s
Employment Invention and Confidential Information Agreement as a condition of your starting
employment. We wish to impress upon you that we do not wish you to bring with you any confidential
or proprietary material of any former employer or to violate any other obligations you may have to
your former employer.

1

 

Your employment with Virage Logic is voluntarily entered into and you are free to resign at any
time. Similarly, Virage Logic is free to conclude an employment relationship where it believes it
is in its interest at any time and for no reason and for no cause While we hope our relationship
will be mutually beneficial, it should be recognized that neither you, nor we have entered into any
contract of employment expressed or implied. Our relationship is and always will be one of
voluntary employment “at will.”

This offer letter is an offer of employment and is not intended and shall not be construed as a
contract proposal or contract of employment. This offer constitutes all conditions and agreements
made on behalf of Virage Logic and supersedes any previous verbal or written commitments by the
Company. No representative other than me has any authority to alter or add to any of the terms and
conditions herein.

This written offer is also contingent upon completion of your background check with acceptable
results and your signing the company Employment Invention and Confidential Information and Code of
Conduct agreements. This background check is a standard verification of criminal history,
education and former employers. In addition, for this position a credit check will also be
conducted

Please contact me to indicate your response to this offer. Upon your acceptance please sign and
return the original while retaining the copy of this offer for your records. You may send your
signed copy to our confidential fax number: 510-743-8179 and return the original on your first day
of employment. I have also enclosed an Employment Invention and Confidential Information
Agreement. This employment offer expires on June 7, 2006 at 5:00 pm PST.

Christine, we are excited about the opportunity to have you join Virage Logic and are certainly
looking forward to your positive response.

Regards,

Adam Kablanian

President and CEO

	 	 	 	 	 
	Accepted:

	 	/s/ Christine A. Russell
	Date: 	June 6, 2006
	 

	 	 
	 	 
	 

	 	Christine A. Russell
	 	 

	 	 	 	 	 
	Anticipated Start Date:

	 	 
	 	 
	 

	 	 	 	 

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June 19, 2006

Christine A. Russell

Dear Christine:

Regarding your employment with Virage Logic, there have been two changes from your offer letter
which I would like to memorialize in writing.

First the grant date for your option will be the third business day following release of earnings
for the June quarter. Accordingly, the price per share for this option will be fixed based on the
closing sales price on that day.

Second, your title will be Vice President of Finance and Chief Financial Officer and not simply
Vice President and Chief Financial Officer.

This letter serves as an addendum to your original offer letter, which otherwise remains in effect.

Christine, we are excited about your joining Virage Logic.

Regards,

Adam Kablanian

President and CEO

	 	 	 	 	 
	Accepted:

	 	/s/ Christine A. Russell
	Date: 	June 19, 2006
	 

	 	 
	 	 
	 

	 	Christine A. Russell	 	 

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