Document:

exv10w85

 

Exhibit 10.87

	 	 	 
	

	 	Meade Instruments Corporation

6001 OAK CANYON, IRVINE, CALIFORNIA 92618-5200 U.S.A.

(949) 451-1450 n FAX: (949) 451-1450 n www.meade.com

January 30, 2007

Paul Ross

[Address]

Dear Paul:

This letter contains Meade Instruments Corporation’s offer of employment for the position of Senior
Vice President — Finance and Chief Financial Officer. Such position will have primary
responsibility for all financial and accounting functions within the Company (domestic and
international). You will report directly to the CEO, with a proposed starting date as soon as
mutually convenient for you and the Company but no later than March 19, 2007. The terms of this
offer are as follows:

	•	 	In this position, your initial annualized base salary will be
$260,000. You will also be eligible to participate in the Company’s
Fiscal Year 2008 bonus pool. The terms and conditions of this bonus
will be subject to a written agreement to be entered into between you
and Meade after your commencement of employment. The amount of such
bonus shall be a pro rata portion (based on length of employment
during the fiscal year) of between 0% and 50% of your base salary,
with the target level equal to 25% of your base salary.

	•	 	Subject to the terms of the Meade Instruments Corp. 1997 Stock
Incentive Plan, and an applicable stock option agreement, on your
first day of employment you will receive options to purchase up to
150,000 shares of Meade common stock with an exercise price equal to
the then current market price. The stock options will become
exercisable in four equal installments over a four year period and
will remain valid and outstanding for a five year period from the
date of grant. After the commencement of your employment, you and
the Company will enter into detailed a Stock Option Agreement to
evidence the above-described stock options.

	•	 	In addition to the stock options referenced above and subject to the
terms of the Meade Instruments Corp. 1997 Stock Incentive Plan, and
an applicable restricted stock agreement, on your first day of
employment you will receive restricted shares with an aggregate value
of $150,000 (the number of restricted shares will be calculated by
dividing the $150,000 aggregate value by the then current market
price of Meade’s common stock). The restricted shares will vest (and
the restriction will lapse) 25% per year for a four year period.
After the commencement of your employment, you and the Company will
enter into a detailed Restricted Stock Agreement to evidence the
above-described grant.

	•	 	You will be eligible to participate in the Meade Instruments Corp.
Employee Stock Ownership Plan, subject to the terms of such Plan.

	•	 	Meade agrees to reimburse your actual and reasonable moving expenses
(including, without limitation, airfare, hotel accommodation,
transportation of personal property, incidental related expenses, and
expenses related to the sale of your existing residence), in an
amount not to exceed $50,000 in the aggregate.

	•	 	Meade agrees to reimburse you for temporary lodging at the Candlewood
Suites (or a similar mid-priced hotel near Meade’s Irvine facility)
for up to 90 days.

 

 

	•	 	You and your eligible dependents will be eligible to join Meade’s
group medical plans effective the first of the month following one
month of continuous employment (the terms of which will be consistent
with other
Senior Vice Presidents of Meade), provided an enrollment application is completed and returned
to Human Resources within 31 days of eligibility. All Company benefits will be explained in
detail in your New Hire Orientation package.

	•	 	You will be entitled to three weeks paid vacation each twelve-month
period, which shall accrue on a pro rata basis from the date
employment commences. The total maximum accrued vacation cannot
exceed six weeks.

	•	 	You will be required to provide necessary proof of your eligibility
and legal authorization to work in the United States as provided
under the Immigration Reform and Control Act of 1986.

	•	 	You are required to complete and pass a Pre-Employment Drug Screen
and Background Screen which is provided and paid for by Meade. The
information and authorization forms for your drug screening will be
forwarded to you by our Human Resources Department after your
acceptance of this offer. If at all possible, please complete your
drug screen prior to your first day of employment. The authorization
form for your background screen will also be forwarded to you.

The terms and conditions of your employment with Meade will be subject to an Employment Agreement
to be executed between you and Meade. Pursuant to the terms and conditions of the Employment
Agreement, your initial term of employment will be one year. Such Employment Agreement will
include, among other standard terms and conditions, a severance amount in the event of termination
without cause or a change in control (as defined therein) equal to the term of employment as set
forth above. Please refer to your Employment Agreement for additional clarification and additional
provisions.

Please signify your acceptance of the terms of this employment offer by signing the original of
this offer letter and returning it to me via fax at (949) 654-2688; retain the copy for your
records. This offer will expire if not accepted by 5:00 p.m., February 9, 2007.

This offer is subject to satisfactory completion of your reference and background check as well as
the Pre-Employment Drug Screen and work eligibility requirements referenced above. Should you have
any questions regarding the details of this offer, please don’t hesitate to call me at (949)
451-1450, extension 238. We look forward to having you join Meade.

Sincerely,

Mark D. Peterson

Senior Vice President, General Counsel and Secretary

Meade Instruments Corp.

			
	cc:	 	Steven L. Muellner

President and CEO

My signature below indicates acceptance of the offer of employment as outlined in this letter.

	 	 	 
	/s/ Paul Ross
 

	 	 
	Signature
         Date: February 8, 2007
	 	 
	 
	 	 
	Paul Ross
 

	 	 
	Print Name
          Confirmed Start Date: March 19, 2007
	 	 

2<PAGE>
                                                                    Exhibit 10.7

                                    AGREEMENT

      This Agreement is made and entered into on this 17th day of December, 2006
by and between Broadcom Corporation ("Broadcom" or the "Company") and William
Ruehle ("Ruehle"), the undersigned holder of options to purchase shares of the
Company's Class A common stock and Class B common stock.

      Broadcom and Ruehle hereby agree as follows:

      1.    Ruehle holds the following outstanding options to purchase shares of
Broadcom Class B common stock granted before the Company's initial public
offering (the "Pre-IPO Options"):

<TABLE>
<CAPTION>
                                          EXERCISE PRICE PER
                   GRANT DATE   OPTIONS         SHARE
                   -----------------------------------------
<S>                             <C>       <C>
                    03/02/98    300,000        $1.6667
</TABLE>

      2.    Ruehle holds the following outstanding options to purchase shares of
Broadcom Class A common stock granted after the Company's initial public
offering, which are subject to the terms and provisions of Paragraph 5 of this
Agreement (the "Subject Options"):

<TABLE>
<CAPTION>
                                  ORIGINAL EXERCISE   AMENDED EXERCISE
           GRANT DATE   OPTIONS    PRICE PER SHARE     PRICE PER SHARE
           ------------------------------------------------------------
<S>                     <C>       <C>                 <C>
            11/03/98    885,000       $13.6355            $20.5000
            08/05/02    450,000       $10.4933            $10.6800
</TABLE>

      3.    Ruehle holds the following remaining outstanding options to purchase
shares of Broadcom Class A common stock granted after the Company's initial
public offering (the "Remainder Options"):

<TABLE>
<CAPTION>
                                          EXERCISE PRICE PER
                   GRANT DATE   OPTIONS         SHARE
                   -----------------------------------------
<S>                             <C>       <C>
                    12/24/01    171,874       $26.5000
                    11/10/03    203,125       $23.4133
                    12/07/03    103,125       $22.6933
                    02/05/05     26,718       $21.4733
                    05/05/06      6,250       $41.1500
</TABLE>

      4.    The Subject Options and the Remainder Options, together with any
unexercised or unvested options to purchase Broadcom Class A common stock Ruehle
holds or may have held, shall be known as the "Terminated Options" for purposes
of this Agreement.

<PAGE>

      5.    To avoid adverse tax consequences under Section 409A of the Internal
Revenue Code, Ruehle desires to amend the Subject Options to increase the
Original Exercise Price Per Share in effect for the unexercised portion of the
Subject Options that is subject to Section 409A to the higher Amended Exercise
Price Per Share indicated in Paragraph 2 of this Agreement. Broadcom and Ruehle
agree that the Original Exercise Price Per Share for the Subject Options listed
in Paragraph 2 of this Agreement is hereby increased to the higher Amended
Exercise Price Per Share set forth for the Subject Options in Paragraph 2 of
this Agreement.

      6.    Ruehle agrees that he will not exercise or otherwise make any claim
to the Terminated Options. The Terminated Options shall be cancelled by Broadcom
and shall cease to be outstanding on December 19, 2006.

      7.    In the event that Broadcom asserts any claim against Ruehle, known
or unknown, including claims presently asserted in the pending shareholder
derivative litigations (the "Claims"), Broadcom and Ruehle agree that Ruehle is
entitled to a credit equal to the value of the Terminated Options (the
"Credit"), unless otherwise ordered or disapproved by a court, and subject to
the express conditions of this Paragraph. The Credit shall be calculated as the
product of the total number of shares of Broadcom Class A common stock
underlying the outstanding Terminated Options as of the date of this Agreement
and the difference between the exercise prices of the Terminated Options, as
amended, and $33.59 (the closing price per share of Broadcom Class A common
stock on December 15, 2006). Ruehle shall have a right to receive the Credit
only as against any damages or monetary relief that may be awarded to Broadcom
in connection with the Claims, or in any future settlement of the Claims. Ruehle
agrees as express conditions to any right Ruehle may claim to receive the
Credit, that (1) Ruehle must expressly invoke, in writing, his right to the
Credit, and (2) before Broadcom shall be obligated by this Agreement to issue
the Credit to Ruehle, Ruehle must deliver to Broadcom in cash an amount equal to
any withholding taxes or penalties Broadcom may be required to remit to the
Internal Revenue Service, applicable state taxing authorities, or any other
applicable taxing authorities with respect to the issuance of the Credit to
Ruehle, with such withholding taxes or penalties to be calculated for purposes
of this Agreement as if the Credit were an actual cash payment made to Ruehle.
In the event that any court disapproves the issuance of the Credit as against
any damages or monetary relief that may be awarded to Broadcom in connection
with the Claims, or in any future settlement of the Claims, the remaining
portions of this Agreement shall remain in full force and effect.

      8.    In exchange for Ruehle's Pre-IPO Options, Broadcom shall pay Ruehle
the sum of $5,195,517.07, which is the difference between $1.6667 (the option
exercise price per share) and $33.59 (the closing price per share of Broadcom
Class A common stock on December 15, 2006) for each of the shares of Broadcom
Class B common stock underlying the Pre-IPO Options less the required
withholding taxes of $4,381,472.93. Such sum shall be paid immediately by
Broadcom via wire transfer to a financial institution account designated by
Ruehle.

      9.    Notwithstanding the provisions of Paragraphs 5, 7 and 8 of this
Agreement, Ruehle agrees that Broadcom is not obligated, and Ruehle shall make
no claim against

                                       2

<PAGE>

Broadcom, for any liability Ruehle may incur pursuant to Section 409A of the
Internal Revenue Code. Ruehle will not receive any assistance from Broadcom or
otherwise be made whole to offset the Section 409A or other tax consequences
that may arise from the cancellation or termination of the Terminated Options or
from the payment described in paragraph 8 of this Agreement.

      10.   Nothing contained in this Agreement is intended to modify or alter
Broadcom's or Ruehle's rights to contribution against any person or entity in
connection with claims presently asserted or that may be asserted in pending
shareholder class action or derivative litigations in which Broadcom or Ruehle
is named as a party, or any future litigation arising out of the same facts and
circumstances.

      11.   Nothing contained in this Agreement shall be deemed as an admission
by either Broadcom or Ruehle. This Agreement shall not be deemed or argued to
constitute a waiver of any rights, claims or defenses of either Broadcom or
Ruehle, and this Agreement does not constitute a release of any claims that
either party may have against the other.

      12.   Both Broadcom and Ruehle have cooperated in the drafting and
preparation of this Agreement. In any construction to be made of this Agreement,
the same shall not be construed against either party on the basis that the party
was the drafter.

      13.   This Agreement contains the entire agreement between Broadcom and
Ruehle relating to the Pre-IPO Options, Subject Options and Remainder Options,
and supersedes all prior negotiations, agreements and understandings, if any,
with respect thereto. This Agreement can be modified only in a writing signed by
both Ruehle and an authorized officer of Broadcom.

      14.   This Agreement may be executed in one or more counterparts, each of
which shall constitute an original, and all of which shall constitute one
instrument.

      AGREED AND ACCEPTED:

DATED: 12/17/2006                       BROADCOM CORPORATION

                                        BY:  /s/ David A. Dull
                                             -----------------
                                               David A. Dull
                                               Senior Vice President

DATED: 12/17/2006                       WILLIAM RUEHLE

                                        /s/ William Ruehle
                                        ------------------

                                       3

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