Document:

ex10-44.htm

EXHIBIT 10.44

May 31, 2011

Kevin King

c/o Affymetrix, Inc.

Re:           Separation Agreement

Dear Kevin:

 

This letter agreement (this “Agreement”) constitutes the agreement between you and Affymetrix, Inc. (the “Company”) regarding your separation from employment with the Company.

 

1. Separation Date. Your employment with the Company will terminate on June 30, 2011 (hereinafter “Separation Date”). As of the Separation Date, you resign from all of your positions with the Company and its subsidiaries.  As of June 1, 2011, you resign from the Company’s Board of Directors.

 

2. Final Salary and Vacation Pay; COBRA.  Regardless of whether you accept this Agreement, you will be paid the balance of your earned salary and accrued vacation pay through the Separation Date, which shall be paid in accordance with applicable law.  As of the Separation Date, you will no longer be eligible to participate in any of the Company’s benefit or compensation plans, except as provided by law or the terms of the applicable plans, and your Company equity awards will cease vesting.  With respect to any vested Company stock options, you will have the period set forth in the applicable stock option agreement (which is generally 90 days after termination of continuous service) to exercise them.  Information regarding your rights to continuation of your health insurance coverage under the terms of COBRA will be sent to you under separate cover.  To the extent that you have such rights, nothing in this Agreement will impair them.

 

3. Status as of Separation Date.  As of your Separation Date, you will no longer be an employee of the Company or its affiliates.  As of your Separation Date, you will return to the Company any building key, security pass, or other access or identification cards (including any business cards) and any company property that is currently in your possession, including any documents, credit cards, computer equipment and mobile phones.  By no later than ten days after your Separation Date, you will clear all expense accounts and pay all amounts owed on any corporate credit card(s) that the Company previously issued to you.  The Company will reimburse you in accordance with its existing policies for any legitimate expenses you incurred on company business prior to the effective date of your termination.

 

4. Separation Benefits.  In consideration of your acceptance of this Agreement, Affymetrix will provide to you the following separation benefits (the “Separation Benefits”), less customary payroll deductions, if you sign and do not revoke this Agreement, and subject to your compliance with this Agreement:

 

(a) An amount equal to $1,400,000, representing two times your annual base salary, which shall be paid in a lump sum on the 35th calendar day following the Separation Date;

 

(b) If you timely elect COBRA coverage for yourself and your eligible dependents, reimbursement of COBRA premiums for up to 12 months, subject to earlier cessation in the event you become eligible for group health coverage from another employer; and

 

(c) The Company shall reimburse you for outplacement services until the earlier of (A) the 12-month anniversary of the Separation Date or (B) the date you secure full-time employment; provided that the maximum aggregate amount paid by the Company for such services shall be $75,000.

 

5. Release of Claims.

 

(a) On behalf of yourself and your representatives, agents, heirs and assigns, you waive, release, discharge and promise never to assert any and all claims, liabilities or obligations of every kind and nature, whether known or unknown, suspected or unsuspected that you ever had, now have or might have as of the effective date of this Agreement against the Company, its predecessors, subsidiaries, related entities, officers, directors, shareholders, owners, agents, attorneys, employees, successors, or assigns.  These released claims include, without limitation, any claims arising from or related to your employment with the Company and the termination of your employment with the Company.  The released claims also specifically include, without limitation, any claims arising under any federal, state and local statutory or common law, Title VII of the Civil Rights Act, the federal Age Discrimination in Employment Act, the California Fair Employment and Housing Act, the Americans With Disabilities Act, the Employee Retirement Income Security Act, the law of contract and tort, the federal WARN Act and its California counterpart, the California Constitution and the California Labor Code, and all claims for compensation, bonuses, severance pay (including without limitation under the Company’s Executive Severance Policy), sick pay, vacation pay, expenses, costs and attorney’s fees; provided that you are not releasing (i) any claims which cannot as a matter of law be released, (ii) any claims for indemnification under the Indemnification Agreement between you and the Company (the “Indemnification Agreement”) or (iii) any claim to enforce the terms of this Agreement.

 

(b) You also waive and release and promise never to assert any such claims, even if you do not now know or believe that you have such claims.  You therefore waive your rights under section 1542 of the Civil Code of California, which states:

 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

6. Confidential Information; Non-Solicitation; Non-Disparagement.

 

(a) You acknowledge that in connection with your employment with the Company you have received certain trade secrets, and non-public, confidential and proprietary business, financial and other information concerning the Company, its customers, affiliates, and the like.  You will maintain as confidential all such information, including all business plans, financial statements, budgets, projections, marketing information, customer lists, prospective customer information, technology, know-how, and intellectual property, whether in written, oral or other form.  You agree that the foregoing information is strictly confidential, and will not disclose this information to any third parties or make use of it in any way.

 

(b) You agree and acknowledge that your Confidentiality and Invention Agreement with the Company (the “Confidentiality Agreement”) remains in effect subsequent to your termination, including without limitation your agreement not to solicit employees of the Company for one year following the Separation Date.

 

(c) Without limiting your agreement to comply with the Confidentiality Agreement, you agree to refrain from making comments, whether oral or in writing, that tend to disparage or injure the Company, its officers, directors, agents, employees, products and services.  Nothing herein will be construed to preclude you from complying with the terms of a validly issued subpoena.  The Company agrees to direct its officers and directors not to disparage you.  You acknowledge and agree that the Company will be required to disclose publicly this Agreement and its terms in satisfaction of its securities law obligations.

 

7. Cooperation with Information Requests by the Company.  Upon request by the Company, you will cooperate to the extent necessary to protect the interests of the Company or any of its subsidiaries, affiliates, or other related entities, including without limitation, in providing any information that you have about the Company’s business and its operations and/or in providing truthful testimony as a witness or declarant in connection with any potential future litigation which may arise as to which you have any relevant information.

 

8. Company Remedies.  In the event that you breach any of your obligations under this Agreement or as otherwise imposed by law, the Company will be entitled to immediate return of any and all benefits paid to you under this Agreement and to obtain injunctive relief and all other relief provided by law or equity.  However, all other duties and obligations under this Agreement, including your waivers and releases, will remain in full force and effect.

 

9. Arbitration.  The parties agree that any and all disputes arising out of this Agreement or the matters herein released, including all disputes arising out of your employment with the Company, the termination of your employment, or any other related matter will be resolved by final and binding arbitration under the Employment Dispute Resolution Rules of the American Arbitration Association.  This arbitration remedy will be exclusive.  To invoke the arbitration remedy, the complaining party must give notice in writing to the other party and to the American Arbitration Association of his or its intention to arbitrate within the statute of limitations applicable to the controversy and must first submit the matter to a non-binding mediation before a mediator agreed upon by the parties.  The arbitrator will have the authority to grant the same remedies that could be awarded by a court of competent jurisdiction.  The arbitrator will issue findings of fact and conclusions of law supporting the award.  Any arbitration will be held in Santa Clara, California.

 

10. Integrated Agreement.  Except as set forth in this Agreement, there are no representations, promises, agreements or understandings between you and the Company about or pertaining to the separation of your employment with the Company, or the Company’s obligations to you with respect to your employment, the termination of your employment or any other matter mentioned above.  This Separation Agreement therefore supersedes any prior written or oral representations, promises, agreements and understandings regarding any the subject matter of this Agreement. For the avoidance of doubt, nothing herein supersedes or modifies the Indemnification Agreement or the Confidentiality Agreement.

 

11. Governing Law.  This Agreement will in all respects be interpreted and governed under the laws of the State of California.

 

12. Severability.  If any provision of this Agreement is determined by an arbitrator or court of competent jurisdiction to be invalid, unenforceable or void, such provision shall be enforced to the extent permitted by law and the remainder of this Agreement shall remain in full force and effect.

 

13. Consideration and Acceptance of Agreement; Effective Date of Agreement.  You have 21 days to consider and accept the terms of this Agreement (although you may accept it at any time within those 21 days). Once signed, please send the Agreement to the attention of John F. Runkel, Jr., General Counsel, at the Company.  The date of your signature will constitute the “effective date” of this Agreement.  This Agreement may be signed in counterparts, which together shall constitute one agreement.

 

14. Age Discrimination Claims. You acknowledge that the release of claims under the Age Discrimination in Employment Act (“ADEA”) pursuant to Section 5 hereof is subject to special waiver protection.  Therefore, you specifically agree that you knowingly and voluntarily release and waive any rights or claims of discrimination under the ADEA.  In particular, you represent and acknowledge that you understand the following:  (a)  you are not waiving rights or claims for age discrimination under the ADEA that may arise after the date you sign this Agreement; (b) you are waiving rights or claims for age discrimination under the ADEA in exchange for the payments described herein; (c) you will be given an opportunity to consider fully the terms of this Agreement for twenty-one (21) days, although you are not required to wait twenty-one (21) days before signing this Agreement; (d) you have been advised to consult with an attorney of your choosing before signing this Agreement; (e) you understand you have seven (7) days after you sign this Agreement in which to revoke this Agreement, which can be done by sending a certified letter to that effect to the Company to the attention of John F. Runkel, Jr., General Counsel, at the Company.  If you revoke this Agreement, you will not be entitled to receive the Separation Benefits.  Section 1 of this Agreement is effective on the Separation Date regarding of whether you revoke this Agreement.

 

15. No Further Claims.   As of the date of your signature below, you agree that you have received all compensation and benefits owed to you by the Company (except, if you sign and do not revoke this Agreement, the Separation Benefits).  As of the date of your signature below, you have no employment-related claims against the Company and have no intention of filing such claims in the future.  You further acknowledge that you have not assigned any claims arising out of your employment to any third party.

 

We wish you every success in your future endeavors.

 

Sincerely,

Affymetrix, Inc.

 

By: /s/ John F. Runkel, Jr.____________________

 

By signing this Agreement, I acknowledge that I have carefully reviewed and considered this Agreement; that I fully understand all of its terms; and that I voluntarily agree to them.

/s/ Kevin M. King                                Date:  May 31, 2011

(Signature)Exhibit 10.1 10Q Q2_2011

AUTOMATIC STOCK OPTION GRANT PROGRAM 
FOR
ELIGIBLE DIRECTORS UNDER THE 
TRIQUINT SEMICONDUCTOR, INC. 2009 INCENTIVE PLAN

The following provisions set forth the terms of the Automatic Stock Option Grant Program (the "Program") for eligible directors of TriQuint Semiconductor, Inc. (the "Company") under the Company's 2009 Incentive Plan (the "Plan").  In the event of any inconsistency between the terms contained herein and in the Plan, the Plan shall govern.  All capitalized terms that are not defined herein have the meanings set forth in the Plan.  

SECTION 1.  ELIGIBILITY

Each member of the Board of Directors of the Company elected or appointed to the Board who is not otherwise an employee or officer of the Company or any Related Company (an "Eligible Director") shall be eligible to receive the grant of Options set forth in the Program, subject to the terms of the Program. 

SECTION 2.  OPTION GRANTS

2.1    Option Grant Types and Timing of Grants 

(a)    Initial Option Grants.  Upon an Eligible Director's initial election or appointment to the Board as an Eligible Director, he or she shall automatically be granted a Nonqualified Stock Option to purchase a number of shares of Common Stock equal to the number of shares that would be subject to a nonqualified stock option with a fair value of $200,000 (calculated using the Fair Market Value of the Company's common stock on the day before the Grant Date and the Company's standard stock option valuation methodology for stock options granted to a member of the Board of Directors for financial accounting purposes), with any fractional share rounded to the nearest whole share (the "Initial Option Grant"); provided, however, that a director who is also an employee of the Company or a Related Company but who subsequently ceases such employment status but remains a director shall not be eligible for an Initial Option Grant.  

(b)    Annual Option Grants  

(i)    Immediately after the 2010 Annual Meeting of Stockholders and at each Annual Meeting of Stockholders thereafter, each Eligible Director, other than an Eligible Director who acts as the Chairman of the Board, who was an Eligible Director from the date of the previous Annual Meeting of Stockholders through the date of the current Annual Meeting of Stockholders shall automatically be granted a Nonqualified Stock Option to purchase a number of shares of Common Stock equal to the number of shares that would be subject to a nonqualified stock option with a fair value of $100,000 (calculated using the Fair Market Value of the Company's common stock on the day before the Grant Date and the Company's standard stock option valuation methodology for stock options granted to a member of the Board of Directors for financial accounting purposes), with any fractional share rounded to the nearest whole share (the "Annual Option Grant").  

(ii)    Any individual, other than an Eligible Director who acts as the Chairman of the Board, who initially becomes an Eligible Director at any time other than the date of the Annual Meeting of Stockholders shall automatically be granted a pro-rated Annual Option Grant to purchase that number of shares of Common Stock obtained by multiplying the number of shares of Common Stock subject to the Annual Option Grant determined as set forth in subsection (i) above by a fraction, the numerator of which 

is the difference obtained by subtracting from twelve the number of whole calendar months that elapse from the date such person first becomes an Eligible Director through the date of the Annual Meeting of Stockholders immediately following the date he or she first becomes an Eligible Director and the denominator of which is twelve.

(c)    Annual Chairman Grants.

(i)    Immediately after the 2010 Annual Meeting of Stockholders and at each Annual Meeting of Stockholders thereafter, each Eligible Director who acts as the Chairman of the Board shall automatically be granted a Nonqualified Stock Option to purchase a number of shares of Common Stock equal to the number of shares that would be subject to a nonqualified stock option with a fair value of $115,000 (calculated using the Fair Market Value of the Company's common stock on the day before the Grant Date and the Company's standard stock option valuation methodology for stock options granted to a member of the Board of Directors for financial accounting purposes), with any fractional share rounded to the nearest whole share, if immediately after such meeting, the Eligible Director continues to serve as the Chairman of the Board (the "Annual Chairman Grant").

(ii)    Any Eligible Director who acts as the Chairman of the Board, who initially becomes an Eligible Director at any time other than the date of the Annual Meeting of Stockholders shall automatically be granted a pro-rated Annual Chairman Grant to purchase that number of shares of Common Stock obtained by multiplying the number of shares of Common Stock subject to the Annual Chairman Grant determined as set forth in subsection (i) above by a fraction, the numerator of which is the difference obtained by subtracting from twelve the number of whole calendar months that elapse from the date such person first becomes an Eligible Director through the date of the Annual Meeting of Stockholders immediately following the date he or she first becomes an Eligible Director and the denominator of which is twelve.

2.2    Exercise Price of Options  

Options shall be granted under the Program with a per share exercise price equal to 100% of the Fair Market Value of the Common Stock on the Grant Date.

2.3    Option Vesting 

(a)    Initial Option Grants.  Each Initial Option Grant shall each vest and become exercisable with respect to 28% of the Option one year after the Grant Date and as to an additional 2% of the Option each calendar month thereafter so that the Option is fully vested and exercisable four years after the Grant Date, subject to the Participant remaining a director through each applicable vesting date.

(b)    Annual Option Grants and Annual Chairman Grants.  Each Annual Option Grant and Annual Chairman Grant shall vest and become exercisable with respect to 25% of the Option six months after the Grant Date and as to an additional 12.5% of the Option each calendar quarter thereafter so that the Option is fully vested and exercisable two years after the Grant Date, subject to the Participant remaining a director through each applicable vesting date. 

(c)    Accelerated Vesting Upon Termination of Service.  In addition, in the event that, before an Option granted to an Eligible Director under the Program has become fully vested and exercisable as set forth in Sections 2.3(a) and (b) above, (i) the Participant ceases to serve as a member of the Board of Directors of the Company or a Related Company and (ii) such Termination of Service does not occur pursuant to Participant's voluntary resignation without the consent of a majority of the applicable Board of 

Directors then in office, then each such Option will become fully vested and exercisable effective on the date of such Termination of Service.

2.4    Term of Options

Initial Option Grants, Annual Option Grants and Annual Chairman Grants shall have an Option Expiration Date of ten years from the Grant Date, subject to earlier termination as follows:

(a)    General Rule.  In the event of a Participant's Termination of Service for any reason other than Disability, Retirement or death, the unvested portion of each Option granted to the Eligible Director under the Program for which the vesting and exercisability has not been accelerated as provided by Section 2.3(c) above shall terminate immediately, and the vested portion of each Option may be exercised by the Participant only until the earlier of (i) 90 days after the date of such Termination of Service and (ii) the Option Expiration Date.

(b)    Disability or Retirement.  In the event of a Participant's Termination of Service due to Disability or Retirement, the unvested portion of each Option granted to the Eligible Director under the Program for which the vesting and exercisability has not been accelerated as provided by Section 2.3(c) above shall terminate immediately, and the vested portion of each Option may be exercised by the Participant until the Option Expiration Date.

(c)    Death.  In the event of a Participant's Termination of Service due to death, the unvested portion of each Option granted to the Eligible Director under the Program for which the vesting and exercisability has not been accelerated as provided by Section 2.3(c) above shall terminate immediately and the vested portion of each Option must be exercised on or before the earlier of (i) one year after the date of such termination and (ii) the Option Expiration Date.  If a Participant dies after a Termination of Service without Cause but while the Option is still exercisable, the vested portion of the Option may be exercised until the earlier of (x) one year after the date of death and (y) the Option Expiration Date.

"Retirement," for purposes of the Program, means a Participant's Termination of Service when any of the following are true:  (i) the Participant is at least 55 years old and has completed at least seven years of service to the Company or a Related Company, including as an employee, consultant or director, (ii) the Participant is at least 63 years old or (iii) the Participant's age when added to the number of years of service to the Company or a Related Company, including as an employee, consultant or director, equals or exceeds 70.

2.5    Payment of Exercise Price

Options granted under the Program shall be exercised by giving notice to the Company (or a brokerage firm designated or approved by the Company) in such form as required by the Company, stating the number of shares of Common Stock with respect to which the Option is being exercised, accompanied by payment in full for such Common Stock, which payment may be, to the extent permitted by applicable laws and regulations, in whole or in part: 

(a) in cash or by check or wire transfer; 

(b) by having the Company withhold shares of Common Stock that would otherwise be issued on exercise of the Option that have an aggregate Fair Market Value equal to the aggregate exercise price of the shares being purchased under the Option; 

(c) by tendering (either actually or by attestation) shares of Common Stock owned by the Participant that 

have an aggregate Fair Market Value equal to the aggregate exercise price of the shares being purchased under the Option; or

(d) if and so long as the Common Stock is registered under the Exchange Act, by delivery of a properly executed exercise notice, together with irrevocable instructions to a broker, to promptly deliver to the Company the amount of proceeds to pay the exercise price, all in accordance with the regulations of the Federal Reserve Board.  

SECTION 3.  CHANGE IN CONTROL

In the event of a Change in Control, all Options granted under the Program shall become fully vested and exercisable immediately prior to the Change in Control and shall terminate at the effective time of the Change in Control if not exercised prior to such time.  

SECTION 4.  AMENDMENT, SUSPENSION OR TERMINATION

The Board may amend, suspend or terminate the Program or any portion of it at any time and in such respects as it deems advisable.  Except as provided in the Plan, any such amendment, suspension or termination shall not, without the consent of the Participant, impair or diminish any rights of a Participant under an outstanding Option.

SECTION 5.  EFFECTIVE DATE

The Program shall become effective on the Effective Date of the Plan, and any amendment to this Program shall become effective on the date specified by the Board. Provisions of the Plan (including any amendments) that are not discussed above, to the extent applicable to Eligible Directors, shall continue to govern the terms and conditions of Options granted to Eligible Directors.

"Termination of Service" means a termination of employment or service relationship with the Company or a Related Company for any reason, whether voluntary or involuntary, including by reason of death, Disability or Retirement. Any question as to whether and when there has been a Termination of Service for the purposes of an Award and the cause of such Termination of Service shall be determined by the Company's chief human resources officer or other person performing that function or, with respect to directors and executive officers, by the Compensation Committee, whose determination shall be conclusive and binding. Transfer of a Participant's employment or service relationship between the Company and any Related Company shall not be considered a Termination of Service for purposes of an Award. Unless the Compensation Committee determines otherwise, a Termination of Service shall be deemed to occur if the Participant's employment or service relationship is with an entity that has ceased to be a Related Company.  A Participant's change in status from an employee of the Company or a Related Company to a nonemployee director, consultant, advisor, or independent contractor of the Company or a Related Company or a change in status from a nonemployee director, consultant, advisor or independent contractor of the Company or a Related Company to an employee of the Company or a Related Company, shall not be considered a Termination of Service.

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