Document:

exv10w37

 

    Exhibit 10.37

 

     

 

    MINDSPEED TECHNOLOGIES, INC.

    DIRECTORS STOCK PLAN

    AWARD AGREEMENT

    RESTRICTED STOCK UNIT TERMS AND CONDITIONS

 

    1.  Definitions

 

    Capitalized terms used herein but not otherwise defined shall
    have the meanings assigned to such terms in the Plan (as defined
    below). As used in these Restricted Stock Unit Terms and
    Conditions (these “Restricted Stock Unit Terms and
    Conditions”), the following words and phrases shall have
    the respective meanings ascribed to them below unless the
    context in which any of them is used clearly indicates a
    contrary meaning:

 

    (a) Award Agreement:  These
    Restricted Stock Unit Terms and Conditions, together with the
    Grant Letter.

 

    (b) Grant Letter:  The letter from
    Mindspeed granting the Restricted Stock Units to you.

 

    (c) Mindspeed:
    Mindspeed  Technologies, Inc., a Delaware
    corporation.

 

    (d) Plan:  Mindspeed’s
    Directors Stock Plan, as such Plan may be amended and in effect
    at the relevant time.

 

    2.  Earning
    of Restricted Stock Units

 

    You shall be deemed to have earned the Restricted Stock Units
    subject to this Award Agreement on the earliest of:

 

    (a) ten (10) days after:

 

    (i) you retire from the Board after attaining age
    fifty-five (55) and completing at least five (5) years
    of service as a director; or

 

    (ii) you resign from the Board or cease to be a director by
    reason of the antitrust laws, compliance with Mindspeed’s
    conflict of interest policies, death, disability or other
    circumstances, and the Board has not determined (prior to the
    expiration of such ten (10) day period) that such
    resignation or cessation of service as a director is adverse to
    the best interests of Mindspeed; or

 

    (b) the occurrence of a Change of Control; provided,
    however, that if the event constituting a Change of Control is
    not also a “change in the ownership or effective
    control” of Mindspeed, or a “change in the ownership
    of a substantial portion of the assets” of Mindspeed, as
    those terms are defined under Code Section 409A, then you
    shall be deemed to have earned the Restricted Stock Units upon
    your “separation from service” within the meaning
    under Code Section 409A coincident with or subsequent to
    such Change of Control.

 

    3.  Book-Entry
    Accounts or Retention of Certificates for Restricted Stock
    Units

 

    To facilitate implementation of the provisions of this Award
    Agreement, the Restricted Stock Units shall be held in
    book-entry accounts subject to the direction of Mindspeed or, if
    Mindspeed elects, certificates therefor may be issued in your
    name but delivered to and held by Mindspeed, until you shall
    have earned the Restricted Stock Units in accordance with the
    provisions of Section 2.

 

    4.  Rights
    as a Shareholder

 

    You will not have the rights of a shareholder until such time as
    the Shares underlying the Restricted Stock Units are settled by
    issuance of such Shares to you. Upon receipt of the Shares
    underlying the Restricted Stock Units, you will have the right
    to vote the Shares. No dividends or dividend equivalents will be
    paid by Mindspeed with respect to the Restricted Stock Units.

 

    5.  Settlement
    of Earned Restricted Stock Units

 

    As promptly as practicable after you shall have been deemed to
    have earned the Restricted Stock Units in accordance with
    Section 2, Mindspeed shall deliver to you (or in the event
    of your death, to your estate or any person who acquires your
    interest in the Restricted Stock Units by bequest or
    inheritance) the Shares underlying the Restricted Stock Units,
    together with any dividends then held in book entry accounts of
    by Mindspeed. One (1) Share shall be issuable for each
    Restricted Stock Unit awarded. The Restricted Stock Units may be
    earned in whole, but shall not be settled for a fraction of a
    Share.

 

    The settlement of the Restricted Stock Units for Shares as
    described above shall be delayed in the event Mindspeed
    reasonably determines that the issuance of the Shares would
    constitute a violation of federal securities laws or other
    applicable law. If the settlement of the Restricted Stock Units
    is delayed by the provisions of this Section, the settlement of
    the Restricted Stock Units shall occur at the earliest date at
    which Mindspeed reasonably determines that such issuance will
    not cause a violation of federal securities laws or other
    applicable law.

 

    Mindspeed shall delay the settlement of Restricted Stock Units
    for Shares and payment of dividends to the extent necessary to
    comply with Section 409A(a)(2)(B)(i) of the Code (relating
    to payments made to certain “key employees” of certain
    publicly-traded companies); in such event, any Shares and
    dividends to which you would otherwise be entitled during the
    six (6) month period following the date of your
    “separation from service” under Section 409A will
    be issued on the first business day following the expiration of
    such six (6) month period.

 

    6.  Forfeiture
    of Unearned Restricted Stock Units and Dividends

 

    Notwithstanding any other provision of this Award Agreement, if
    your service as a director terminates for any reason other than
    as set forth in Section 2, all unearned Restricted Stock
    Units, together with any Dividends thereon, shall be forfeited,
    and you shall have no further rights of any kind or nature with
    respect thereto. Upon any such forfeiture, the unearned
    Restricted Stock Units theretofore issued, together with any
    Dividends thereon, shall be cancelled.

 

    7.  Transferability

 

    You are not entitled to transfer the Restricted Stock Units
    except: (i) by will or by the laws of descent and
    distribution; or (ii) by gift to any member of your
    immediate family or to a trust for the benefit of one or more
    members of your immediate family or to a family charitable trust
    established by you or one of your immediate family members;
    provided, however, that no transfer pursuant to this
    clause (ii) shall be effective unless you have notified
    Mindspeed’s Office of the Secretary (Attention: Stock
    Administration) in writing specifying the Restricted Stock Units
    transferred, the date of the gift and the name and Social
    Security or other Taxpayer Identification Number of the
    transferee. For purposes of this paragraph, your “immediate
    family” shall mean your spouse and natural, adopted or
    step-children and grandchildren.

 

    8.  Applicable
    Law

 

    This Award Agreement and Mindspeed’s obligation to deliver
    Restricted Stock Units and any Dividends hereunder shall be
    governed by the State of Delaware and the Federal laws of the
    United States.

 

    9.  Headings

 

    The section headings contained in these Restricted Stock Units
    Terms and Conditions are solely for the purpose of reference,
    are not part of the agreement of the parties and shall in no way
    affect the meaning or interpretation of this Award Agreement.

 

    10.  Entire
    Agreement

 

    This Award Agreement and the Plan embody the entire agreement
    and understanding between Mindspeed and you with respect to the
    Restricted Stock Units, and there are no representations,
    promises, covenants, agreements or understandings with respect
    to the Restricted Stock Units other than those expressly set
    forth in this Award Agreement and the Plan.

    

    2exv10w38

    Exhibit 10.38

 

    Mindspeed
    Technologies, Inc.

    Summary of Director Compensation Arrangements

 

    We currently pay our non-employee directors annual base
    compensation of $30,000, and our non-employee chairman of the
    board, $80,000, both of which are paid quarterly. They each also
    receive committee participation compensation for each committee
    on which they serve equal to $5,000 annually for the governance
    and board composition committee ($10,000 if serving as chairman
    of such committee), $5,000 annually for the compensation and
    management development committee ($15,000 if serving as chairman
    of such committee) and $7,500 annually for the audit committee
    ($20,000 if serving as chairman of such committee). Each
    non-employee director also receives $1,250 for each board or
    committee meeting attended in person or by telephone. Each
    non-employee director has the option each year to receive all or
    a portion of his cash compensation due via shares of our common
    stock or restricted stock units valued at the closing price of
    our common stock on the date each payment would otherwise be
    made. Directors who are our employees are not paid any
    additional compensation for their service on our board of
    directors. Our board of directors may from time to time appoint
    additional standing or ad hoc committees, and may compensate
    directors who serve on them differently than we currently
    compensate members of our standing committees. We reimburse each
    of our directors for reasonable
    out-of-pocket
    expenses that they incur in connection with their service on our
    board of directors.

 

    Our non-employee directors are eligible to participate in our
    directors stock plan, which is administered by our compensation
    and management development committee under authority delegated
    by our board of directors. The directors stock plan provides
    that upon initial election to our board of directors, each
    non-employee director is granted an option to purchase
    8,000 shares of our common stock at an exercise price per
    share equal to its fair market value on the date of grant. The
    options become exercisable in four equal installments on each of
    the first, second, third and fourth anniversaries of the date
    the options are granted. In addition, each non-employee director
    is granted an option to purchase 5,000 shares of our common
    stock following each annual meeting of stockholders.

 

    The directors stock plan also provides that, following each
    annual meeting of stockholders, each non-employee director is
    granted restricted stock units in an amount equal to the lesser
    of: (i) 5,000 restricted stock units, or (ii) the
    number of restricted stock units (rounded to nearest whole unit)
    equal to $45,000 divided by the closing price of our common
    stock on the date of grant. One share of our common stock is
    issuable upon settlement for each restricted stock unit awarded.
    Other than the right to receive dividends, the recipients of
    restricted stock units will not have the rights of a
    stockholder, such as the right to vote, until the restricted
    stock units are settled by the issuance of shares of our common
    stock. The restricted stock units will not be settled for shares
    of our common stock until ten days after: (i) the recipient
    retires from our board of directors after attaining age 55
    and completing at least five years of service as a director, or
    (ii) the recipient resigns from our board of directors or
    ceases to be a director by reason of antitrust laws, compliance
    with our conflict of interest policies, death, disability or
    other circumstances, and our board of directors has not
    determined (prior to the expiration of such ten day period) that
    such resignation or cessation of service as a director is
    adverse to the best interests of our company.

 

    The directors stock plan also permits the board of directors or
    the compensation and management development committee to grant
    one or more non-employee directors additional compensation. Such
    additional compensation may be in the form of shares, restricted
    stock, restricted stock units, options or a combination thereof.
    The directors stock plan is filed as Exhibit 10.31 to this
    Annual Report on
    Form 10-K
    for the fiscal year ended October 1, 2010. The terms of
    each option grant and each restricted stock unit grant under the
    directors stock plan are substantially as set forth in
    Exhibits 10.33 and 10.37, respectively, to this Annual
    Report on
    Form 10-K
    for the fiscal year ended October 1, 2010.

 

    The compensation arrangements we have with our directors are
    reviewed and may be modified from time to time by our board of
    directors.

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