Document:

Exhibit
10.50

 

 

July 30,
2001

 

Mr. Camillo
Martino

6152 Mancuso Street

San Jose, CA 95120

 

Dear
Camillo,

 

We
are pleased to extend an offer to you to become a regular, full-time employee
with ZORAN CORPORATION (the “Company”) in the capacity of Executive Vice
President and Chief Operating Officer reporting to the President and CEO.

 

As
of the date you join the Company in your new position (the “Effective Date” of
your employment), your initial base salary will be $225,000.00 per year, paid
on a biweekly basis at a rate of $8,653.85 per pay period.

 

As
an Executive Vice President and Chief Operating Officer, you will also be
eligible to receive an Executive Bonus of up to 35% of your annual salary. This
bonus is based on both your personal and company performance and is subject to
approval and determination of Zoran’s Board of Directors. You must be employed
by the Company at the time the bonus is approved in order to receive payment;
no partial payment will be made.

 

As
a key employee, you will be offered the opportunity to purchase 150,000 shares
of the Company’s common stock (the “Stock”) at the market price on the date the
stock is granted to you by Zoran’s Board of Directors. The stock will be
subject to the provisions of the standard form of Option Grant or Stock
Purchase Agreement adopted for use by the Company and must be approved by the
Company’s Board of Directors. You will also be eligible to participate in the
Company’s Employee Stock Purchase Plan.

 

In addition, you will be
granted an additional 50,000 shares upon reaching certain pre-determined
milestones. The milestones will be defined and measured by the Company’s Board
of Directors and the grant will be issued when milestones are achieved. The
stock will be subject to the provisions of the standard form of Option Grant.

 

ZORAN CORPORATION

3112 SCOTT BOULEVARD •
SANTA CLARA, CA 95054

(408) 919-4111  •  FAX:
(408) 919-4122

 

 

On
your first date of employment you are eligible for our comprehensive group
medical, dental, vision and life insurance coverage upon completion of the
necessary enrollment forms. The Company pays 100% of the employee premium. The
employee pays a nominal fee for any elected dependent coverage.

 

As
a condition of employment with the Company, you shall execute, contemporaneously
with the execution of this agreement, the Proprietary Information and
Inventions Agreement attached as Exhibit A and incorporated herein by this
reference.

 

Your
employment with the Company is entirely voluntary for both parties and either
you or the Company may conclude the employment relationship at any time for any
reason. This “at will” employment relationship can only be modified in writing
by an authorized officer of the Company.

 

However,
if you should accept an offer from another company while you are in the
employment of Zoran, you explicitly agree that you will notify Zoran within
twelve (12) hours of your acceptance of the offer.

 

If
you terminate your employment or if you are terminated by the Company for
reasons other than for cause, it is mutually agreed by both parties that the
terminating party will give the other party a three (3) months’ notice. If
the company terminates your employment you will be guaranteed three (3) months’
salary. If you initiate the termination, the Company has the right to terminate
your employment immediately and pay the salary guarantee in lieu of notice.

 

For
the purposes of this offer, “for cause” is defined as (i) theft,
dishonesty, or falsification of any employment or Company records; (ii) intentional
and improper disclosure of the Company’s confidential or proprietary
information or violation of the Company’s Agreement regarding such; (iii) any
action by you which has a material detrimental effect on the Company’s
reputation or business; (iv) your failure or inability to perform any
reasonable assigned duties after written notice from the Company to you of, and
a reasonable opportunity to cure, such failure or inability; (v) your
conviction (including any pleas of guilty or nolo contendre) for any criminal
act which impairs your ability to perform your duties.

 

In the event the Company
decides to terminate your employment for reasons other than cause, the Company
reserves the right to release you from your employment at any time prior to the
expiration of the three (3) month notice period; it will provide you with
base compensation for the remainder of that three month period in accordance
with the Company’s normal payroll and benefits procedures. Your stock option,
granted pursuant to this offer, will continue to vest until the expiration of
the three (3) month notice period.

 

2

 

In
the event your employment is terminated by the Company and you choose to engage
in any other form of employment with another entity prior to the end of the
Company’s three (3) month notice, you will receive compensation and your
options will continue to vest only until the starting date of your other
engagement. In the event you choose to terminate your employment with the
Company, the Company will have the right to release you from your employment at
any time prior to the expiration of the three (3) month notice and to
terminate your compensation and vesting of your stock option on the last day of
your employment.

 

If
you wish to accept this offer of employment, please sign in the space provided
below. By so signing, you acknowledge that you have received no inducement or
representations other than those set forth in this letter, which caused you to
accept this offer of employment. Please return a signed copy, along with the
Proprietary Information and Inventions Agreement attached as Exhibit A, to
Sherry Chapman, Director of Human Resources.

 

Camillo,
we are excited to have you to join our team and we look forward to a mutually
beneficial association.

 

Sincerely,

 

	
  ZORAN CORPORATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Levy Gerzberg

  	
   

  	
   

  
	
  Levy Gerzberg, Ph.D.

  	
   

  	
   

  
	
  President & CEO

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AGREED AND ACCEPTED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Camillo Martino

  	
   

  	
  8-21-01

  	
   

  
	
  Camillo Martino

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
  8-21-01

  	
   

  	
   

  
	
  Start Date

  	
   

  	
   

  

 

3Exhibit
10.51

 

ZORAN

PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT

 

I recognize that Zoran Corporation, a Delaware
Corporation, together with its subsidiaries (hereinafter collectively referred
to as the “Company”) is engaged in a continuous program of research,
development, production and marketing respecting its business, present and
future.

 

I understand that:

 

A.                                   As part of
my employment by the Company I am expected to make new contributions and
inventions of value to the Company; and

 

B.                                     My employment
creates a relationship of confidence and trust between me and the Company with
respect to any information:

 

(1)                                  Applicable
to the business of the Company; or

 

(2)                                  Applicable
to the business of any client or customer of the Company, which may be made known
to me by the Company or by any client or customer of the Company, or learned by
me during the period of my employment.

 

C.                                     The Company
possesses and will continue to possess information that has been created,
discovered or developed, or has otherwise become known to the Company
(including without limitation information created, discovered, developed or
made known by or to me during the period of or arising out of my employment by
the Company), which information has commercial value in the business in which
the Company is engaged and is treated by the Company as confidential.  All such information is hereinafter referred
to as “Proprietary Information.”  By way
of illustration, but not limitation, Proprietary Information includes trade
secrets, processes, formulae, data, programs, know-how, improvements,
discoveries, developments, designs, inventions, techniques, marketing plans,
strategies, forecasts, new products, unpublished financial statements, budgets,
projections, licenses, prices, costs and customer and supplier lists.

 

D.                                    As used
herein, the period of my employment includes any time in which I may be
retained by the Company as a consultant.

 

In consideration of my employment or continued
employment, as the case may be, and the compensation received by me from the
Company from time to time, I HEREBY AGREE AS FOLLOWS:

 

Prior to entering the employ of the Company, I
have terminated employment with one or more prior employers.  I agree to indemnify and hold harmless the
Company, its directors, officers and employees against any liabilities and
expenses, including amounts paid in settlement, incurred by any of them in
connection with any claim by any of my prior employers that the termination of
my employment with such employer, my

 

 

1

 

employment by the
Company, or use of any skills and knowledge by the Company is a violation of
contract or law.

 

1.                                       All
Proprietary Information shall be the sole property of the Company and its
assigns, and the Company and its assigns shall be the sole owner of all
patents, copyrights and other rights in connection therewith.  I hereby assign to the Company any rights I
may have or acquire in all Proprietary Information.  At all times, both during my employment by
the Company and after its termination, I will keep in strictest confidence and
trust all Proprietary Information, and I will not use or disclose any
Proprietary Information, or anything relating to it without the written consent
of the Company, except as may be necessary in the ordinary course of performing
my duties as an employee of the Company.

 

2.                                       I agree that
during the period of my employment by the Company I will not, without the
Company’s express written consent, engage in any employment or business, other
than for the Company.

 

3.                                       In the event
of the termination of my employment by me or by the Company for any reason, I
will deliver to the Company all documents, notes, drawings, specification,
programs, data and other material of any nature pertaining to my work with the
Company and I will not take with me any of the foregoing, any reproduction of
any of the foregoing or any Proprietary Information that is embodied in a
tangible medium of expression.

 

I agree that for a period of one year following
termination of my employment with the Company, I will not solicit or in any
manner encourage employees of the Company to leave its employ.  I further agree that during such period I
will not offer or cause to be offered employment to any person who was employed
by the Company at any time during the six months prior to the termination of my
employment with the Company.

 

4.                                       I will
promptly disclose to the Company, or any persons designated by it, all
discoveries, developments, designs, improvements, inventions, formulae, processes,
techniques, programs, know-how and data, whether or not patentable or
registrable under copyright or similar statues, made or conceived or reduced to
practice or learned by me, either alone or jointly with others, during the
period of my employment that are related to or useful in the business of the
Company, or result from tasks assigned to me by the Company, or result from use
of premises owned, leased or contracted for by the Company (all such
discoveries, developments, designs, improvements, inventions, formulae,
processes, techniques, programs, know-how and data are hereinafter referred to
as “Inventions”).  I will also promptly
disclose to the Company, and the Company hereby agrees to receive, all such
disclosures in confidence, all other discoveries, developments, designs,
improvements, inventions, formulae, processes, techniques, programs, know-how
and data, whether or not patentable or registrable under copyright or similar
statues, made or conceived or reduced to practice or leaned by me, either alone
or jointly with others, during the period of my employment for the purpose of
determining whether they constitute “Inventions,” as defined above.

 

 

2

 

5.                                       I agree that
all Inventions shall be the sole property of the Company and its assigns, and
the Company and its assigns shall be the sole owner of all patents, copyrights
and other rights in connection therewith. 
I hereby assign to the Company any rights I may have or acquire in all
Inventions.  I further agree as to all
such Inventions to assist the Company in every proper way (but at the Company’s
expense) to obtain and from time to time enforce patents, copyrights and other
rights and protections relating to said Inventions in any and all countries,
and to that end, I will execute all documents for use in applying for and
obtaining such patents, copyrights and other rights and protections on any
enforcing such Inventions, as the Company may desire, together with any
assignments thereof to the Company or persons designated by it.  My obligations to assist the company in
obtaining and enforcing patents, copyrights and other rights and protections
relating to said Inventions in any and all countries shall continue beyond the
termination of my employment, but the Company shall compensate me at a
reasonable rate after such termination for time actually spent by me at the
Company’s request on such assistance.  In
the event the Company is unable, after reasonable effort, to secure my
signature on any document or documents needed to apply for or prosecute any
patent, copyright, or other right or protection relating to an Invention,
whether because of my physical or mental incapacity or for any other reason
whatsoever, I hereby irrevocably designate and appoint the Company and its duly
authorized officers and agents as my agent and attorney-in-fact, to act for and
in my behalf and stead to execute and file any such application or applications
and to do all other lawfully permitted acts to further the prosecution and
issuance of patents, copyrights, or similar protections thereon with the same
legal force and effect as if executed by me.

 

Any provision in the Agreement requiring me to
assign my rights in any invention does not apply to an invention that qualifies
fully under the provisions of Section 2870 of the California Labor
Code.  That section provides that
the requirement to assign

 

“shall
not apply to an invention for which no equipment , supplies, facility, or trade
secret information of the employer was used and which was developed entirely on
the employee’s own time, and (a) which does not relate (1) to the
business of the employer or (2) to the employer’s actual or demonstrably
anticipated research or development, or (b) which does not result from any
work performed by the employee for the employer.”

 

I understand that I bear the full burden of
proving to the Company that an invention qualifies fully under Section 2870.  By signing this Agreement, I acknowledge
receipt of a copy of this Agreement and of written notification of the
provisions of Section 2870. 
Notwithstanding the foregoing, I also assign to the Company (or as
directed by it) any rights I may have or acquire in an invention, full title to
which is required to be in the United States by a contract between the Company
and the United States or any of its agencies.

 

 

3

 

6.                                       As a matter
of record I have identified on Item 1 of Exhibit A attached hereto
all inventions or improvements relevant to the subject matter of my employment
by the Company which have been made or conceived or first reduced to practice
by me alone or jointly with others prior to my engagement by the Company which
I desire to remove from the operation of this Agreement; and I represent and
warrant that such list is complete.  If
there is not such list on Exhibit A, I represent tat I have made no such
inventions and improvements at the time of signing this Agreement.

 

7.                                       I represent
that my performance of all the terms of this Agreement and as an employee of
the Company does not and will not breach any agreement to keep in confidence
proprietary information acquired by me in confidence or in trust prior to my
employment by the Company.  I have not
entered into, and I agree I will not enter into, any agreement either written
or oral in conflict herewith.

 

8.                                       I understand
as part of the consideration for the offer of employment extended to me by the
Company and of my employment or continued employment by the Company, that I
have not brought and will not bring with me to the Company or use in the
performance of my responsibilities at the Company any materials or documents of
a former employer which are not generally available to the public, unless I
have obtained written authorization from the former employer for their
possession and use.

 

Accordingly, this is to advise the Company that
the only materials or documents of a former employer which are not generally
available to the public that I have brought or will bring to the Company or have
used or will use in my employment are identified on Item 2 of Exhibit A
attached hereto, and, as to each said item, I represent that I have obtained
prior to the effective date of my employment with the Company written
authorization for their possession and sue in my employment with the Company.

 

I also understand that, in my employment with
the Company, I am not to breach any obligation of confidentiality that I have
to former employers, and I agree that I shall fulfill all such obligations
during my employment with the Company.

 

I agree that in addition to any other rights and
remedies available to the Company for ay breach by me of my obligations
hereunder, the Company shall be entitled to enforcement of my obligations
hereunder by court injunction.

 

If any provision of this Agreement shall be
declared invalid, illegal or unenforceable, such provision shall be severed and
all remaining provisions shall continue in full force and effect.

 

9.                                       This
Agreement shall be effective as of the first day of my employment by the
Company, namely:

                                                        ,
19       .

 

10.                                 This
Agreement shall be binding upon me, my heirs, executors, assigns and
administrators and shall inure to the benefit of the Company, its successors
and assigns.

 

 

4

 

This Agreement shall be governed in all respects
by the laws of the State of California, excluding its conflicts of laws rules.

 

	
  Signature:

  	
   

  	
   

  	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ACCEPTED AND AGREED TO

  ZORAN CORPORATION

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
								

 

 

5

 

EXHIBIT A

 

Zoran Corporation

1390 Kifer Road

Sunnyvale, CA  94086

 

Gentlemen:

 

1.                                       The
following is a complete list of all inventions or improvements relevant to the
subject matter of my employment by Zoran Corporation (the “Company”) that have
been made or conceived or first reduced to practice by me alone or jointly with
others prior to my employment by the Company:

 

	
   

  	
  o

  	
  No inventions or
  improvements

  
	
   

  	
   

  	
   

  
	
   

  	
  o

  	
  See below:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  o

  	
  Additional sheets
  attached

  

 

2.                                       I propose to
bring to my employment the following materials and documents of a former
employer that are not generally available to the public, which materials and
documents may be used in my employment pursuant to the express written
authorization of my former employer (a copy of which is attached hereto):

 

	
   

  	
  o

  	
  No materials.

  
	
   

  	
   

  	
   

  
	
   

  	
  o

  	
  See below:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  o

  	
  Additional Sheets
  attached.

  

 

Very truly yours,

 

	
  Date:

  	
   

  	
   

  	
  Print Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature:

  	
   

  	
   

  
							

 

 

6

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