Document:

exv10w14

 

Exhibit 10.14

September 23, 2004

Mr. Raymond Brinks

Dear Ray:

     Congratulations! On behalf of Sonics, Inc. (“Sonics” or “the Company”), I am pleased to
confirm our offer of a position with the Company pending the conclusion and positive outcome of the
ongoing reference checks. This letter further clarifies the terms of your employment with the
Company, which will begin on or before October 15, 2004.

     Your title will be Vice President — Engineering and you will report to me. In this position,
you will be responsible for the overall engineering development process, including (i) the
development of strategies for supporting existing products while also implementing the product
roadmap; (ii) providing visibility and communicate the overall product status and schedule to
senior management, customers and the engineering team; (iii) develop and manage budgets associated
with the engineering team; (iv) develop and execute requirements extraction/documentation and
product roadmaps thru close interaction with field sales and marketing; and (iv) responsibility
for implementing streamlining and standardization initiatives and hardware/software development
“best practices” , ensuring that Sonics maintains clear leadership in the emerging market of
integration of semiconductor intellectual property (IP) cores into system-on-chip (SoC) designs.
This is a full-time position and is exempt from overtime pay.

     You will be paid a base salary of $180,000 per year. Your salary will be payable in
accordance with the Company’s standard payroll policies (subject to normal required withholding
taxes). In addition, you will participate in the Company’s Management-By-Objective (“MBO”) plan on
a prorated basis from the date of your employment. The MBO plan is based on personal performance
objectives along with Company sales and business objectives that will be mutually agreed upon
between you and your management. Your actual bonus awards will be based upon the achievement level
of both personal and Company goals as determined by Sonics’ management and the Board of Directors.
Details of the MBO plan will be provided to you upon your commencement of employment with the
Company.

     Sonics takes a long-term approach to its investments, and its employees are its most
important investment. We believe that stock options are an effective compensation tool to align
the long-term interest of Sonics with that of its employees. Therefore, subject to the approval of
the Board of Directors of the Company, you will be granted an option to purchase 600,000 shares of
the Company’s Common Stock under the Sonics, Inc. 1997 Stock Incentive Plan, as amended, at an
exercise price equal to the fair market value of such Common Stock on the date of grant, as
determined by the Company’s Board of Directors. Such option will vest at the rate of
l/8th of the original number of shares subject to the option at the end of the month in
which you have completed six full months of employment, and will continue to vest at the end of
each month thereafter at the rate of l/48th of the original number of shares subject to
the option (total vesting occurs over 48 months). Vesting will depend on your continued full-time
employment with the Company.

     You will be entitled to receive benefits and vacation leave as generally made available to
similarly-situated employees. Like all Company employees, you will be required to sign the
Company’s Employee Proprietary Information and Inventions Agreement.

     We sincerely hope that you accept this offer of employment and are looking forward to your
joining Sonics.
While we anticipate a long and mutually beneficial relationship, our employment relationship shall
be “at-will.” You
may terminate your employment with Sonics at any time and similarly, we may alter, modify, or
terminate this
employment relationship with you at any time, with or without cause.

     This offer for employment is contingent upon passing an authorized background check. Your
employment
pursuant to this letter is also contingent upon your submitting the legally required proof of your
identity and

2440 W. El Camino Real

Suite 600

Mountain View

California 94040-1499

ph: 650.938.2500

fx: 650.938.2577

www.sonicsinc.com

 

 

authorization to work in the United States. On your first day of employment you must provide the
required identification.

     Again, let me indicate how pleased we are to extend this offer and how much we look forward
to working
together. This offer will remain valid until September 30, 2004. Please indicate your acceptance by signing and
returning a copy of this letter.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Very truly yours,
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SONICS, INC.	 	 	 	Agreed to and Accepted by:
	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Grant A. Pierce

	 	 	 	Signature:
	 	/s/ Raymond Brinks	 	 
	 

	 	 	 	 	 	 	 	 
	Grant A. Pierce	 	 	 		Raymond Brinks	 	 
	President & CEO

	 	 	 	Start Date:
	 	Nov. 1, 2004exv10w15

 

Exhibit 10.15

July 1,
2004

Mr.
Philip J. Casini

Dear Phil:

     Congratulations! On behalf of Sonics, Inc. (“Sonics” or “the Company”), I am pleased to
confirm our offer and your acceptance of a position with the Company. This letter further clarifies
the terms of your employment with the Company, which will begin on or before 7/12/04.

     Your title will be Vice President — Marketing & Business Development and you will report to
me. In this position, you will be responsible for corporate and strategic marketing, product
marketing, business alliances and marketing communications, as well as other marketing related
activities. This is a full-time position and is exempt from overtime pay.

     You will be paid a base salary of $185,000 per year. Your salary will be payable in
accordance with the Company’s standard payroll policies (subject to normal required withholding
taxes). In addition, you will participate in the Company’s Management-By-Objective (“MBO”) plan on
a prorated basis from the date of your employment. The MBO plan is based on personal performance
objectives along with Company sales and business objectives that will be mutually agreed upon
between you and your management. An annual target cash bonus of $40,000 has been established for
you under the MBO plan. Your actual bonus awards may be higher or lower based upon the achievement
level of both personal and Company goals as determined by Sonics’ management and the Board of
Directors. Details of the MBO plan will be provided to you upon your commencement of employment
with the Company.

     Additionally, you will be provided with a bonus advance in the gross amount not to exceed
$40,000, subject to appropriate tax withholding. Any such advance will be recouped against
subsequent bonuses earned. If within one year of your hire date you voluntarily terminate your
employment, you agree to repay a pro-rata portion of this bonus based on your date of termination.

     Sonics takes a long-term approach to its investments, and its employees are its most
important investment. We believe that stock options are an effective compensation tool to align
the long-term interest of Sonics with that of its employees. Therefore, subject to the approval of
the Board of Directors of the Company, you will be granted an option to purchase 650,000 shares of
the Company’s Common Stock under the Sonics, Inc. 1997 Stock Incentive Plan, as amended, at an
exercise price equal to the fair market value of such Common Stock on the date of grant, as
determined by the Company’s Board of Directors. Such option will vest at the rate of 1/8th of the
original number of shares subject to the option at the end of the month in which you have
completed six full months of employment, and will continue to vest at the end of each month
thereafter at the rate of 1/48th of the original number of shares subject to the option (total
vesting occurs over 48 months). Vesting will depend on your continued full-time employment with
the Company.

     You will be entitled to receive benefits and vacation leave as generally made available to
similarly-situated employees. Like all Company employees, you will be required to sign the
Company’s Employee Proprietary Information and Inventions Agreement.

     We sincerely hope that you accept this offer of employment and are looking forward to your
joining Sonics. While we anticipate a long and mutually beneficial relationship, our employment
relationship shall be “at-will.” You may terminate your employment with Sonics at any time and
similarly, we may alter, modify, or terminate this employment relationship with you at any time,
with or without cause.

     This offer for employment is contingent upon passing an authorized background check. Your
employment pursuant to this letter is also contingent upon your submitting the

2440 W. El Camino Real

Suite 600

Mountain View

California 94040-1499

ph: 650.938.2500

fx: 650.938.2577

www.sonicsinc.com

 

 

legally required proof of your identity and authorization to work in the United States. On
your first day of employment you must provide the required identification.

     Again, let me indicate how pleased we are to extend this offer and how much we look forward to
working together. This offer will remain valid until July 15, 2004. Please indicate your acceptance
by signing and returning a copy of this letter.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Very truly yours,
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	SONICS, INC.	 	 	 	Agreed to and Accepted by:
	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Grant A. Pierce

	 	 	 	Signature:
	 	/s/ Philip J. Casini	 	 
	 

	 	 	 	 	 	 	 	 
	Grant A. Pierce	 	 	 	 	 	Philip J. Casini
	 	 
	President & CEO

	 	 	 	Start Date
	 	7/12/04	 	 

2440 W. E1 Camino Real   •   Suite 600   Mountain View   •   California 94040-1499   •   ph: 650.938.2500    •   fx: 650.938.2577   •   www.sonicsinc.com

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