Document:

exv10w01

 

EXHIBIT 10.01

October 2, 2007

Mr. Harold L. Covert

Dear Hal;

Silicon Image, Inc. (the “Company”) is pleased to confirm our offer to you in the position
of Chief Financial Officer (CFO) reporting to Steve Tirado, the Company’s Chief Executive Officer,
starting Oct. 4, 2007. Since we are expediting this offer, we have not been able to complete the
required Silicon Image background investigation. While we do not anticipate any problems, this
offer is contingent upon successfully completing that process. The terms of our offer are as
follows:

	1.	 	Your base salary will be $300,000 per year and will be subject to annual review. Your target
bonus under the terms of the Company’s 2007 Bonus Plan and future incentive compensation plans
is expected to be 45% of your base salary, which amount is subject to change in the final
discretion of the Compensation Committee of the Company’s Board of Directors. Bonus payments
under the 2007 Bonus Plan and future incentive compensation plans shall be based on the
achievement of Company and personal performance objectives. For 2007 only, the Company shall,
in February 2008, pay you a bonus equal to 45% of your base salary pro-rated for the portion
of the 2007 fiscal year during which you are an employee of the Company. This bonus payment
shall be offset by any amounts paid or payable to you under the terms of the Company’s 2007
Bonus Plan or other incentive compensation plan for the 2007 fiscal year.
	 
	 	 	Additionally, you will be eligible to participate in the regular health insurance and other
employee benefit plans established by the Company for its employees from time to time.
	 
	2.	 	As an employee of the Company you will have access to certain Company confidential
information and you may, during the course of your employment, develop certain information or
inventions which will be the property of the Company. During the period that you render
services to the Company, you agree to not engage in any employment, business or activity that
is in any way competitive with the business or proposed business of the Company. You will
disclose to the Company in writing any other gainful employment, business or activity that you
are currently associated with or participate in that competes with the Company. To protect
the interest of the Company, you will need to sign the Company’s standard “Employee Inventions
and Confidentiality Agreement” as a condition of your employment. We wish to impress upon you
that we do not wish you to bring any confidential or proprietary material of any former
employer or to violate any other obligations you may have to your former employer. You
represent that your signing of this offer letter, agreement(s) concerning stock options
granted to you under the Plan (as defined below) and the Company’s Employee Invention
Assignment and Confidentiality Agreement and your commencement of employment with the Company
will not violate any agreement currently in place between yourself and current or past
employers.

 

 

	3.	 	We will recommend that the Board or a duly authorized committee thereof approve a stock
option grant to you, contingent on you accepting your new role as CFO, in the amount of
200,000 shares of the Company’s Common Stock. The grant date for this stock option grant
shall be the first 15th day of the calendar month following the date you commence
work at the Company, and the exercise price for such grant shall be the closing price of the
Company’s Common Stock on such grant date. Provided you continue to provide services to the
Company, the stock options will become vested and exercisable with respect to 25% of the total
shares granted on the 12 month anniversary date of the grant date, and thereafter on the
15th day of each succeeding month an additional 2.083% of the total shares granted
under the stock option will become vested and exercisable. However, the foregoing stock
option grant by the Company and the final terms thereof are subject to the approval of the
Board or a duly authorized committee thereof and our recommendation that the Board or a duly
authorized committee thereof approve the foregoing stock option grant is not a promise of
compensation, and is not intended to create any obligation on the part of the Company.
Further details on the Company’s stock option plan and on any specific stock option grant to
you will be provided upon approval of such stock option grant by the Board.
	 
	4.	 	You will eligible to participate in any change of control severance arrangements approved by
the Board or a duly authorized committee thereof and made generally available to other members
of the senior management team.
	 
	5.	 	This offer of employment is made to you in confidence, and we ask that you not disclose its
terms to anyone other than your immediate family or personal advisor. If you do disclose any
of its terms to a family member or personal advisor, please caution the recipient of this
information that such information is confidential and must not be disclosed to anyone.
	 
	6.	 	While we look forward to a long and mutually beneficial relationship, should you decide to
accept our offer, you will be an at-will employee of the Company, which means that your
employment with the Company can be terminated by either of us for any reason or no reason, at
any time and without cause or prior notice. Any statements or representations to the contrary
(and, indeed, any statements contradicting any provision in this letter) should be regarded by
you as ineffective. Further, your participation in any stock option or benefit program is not
to be regarded as assuring you of continuing employment for any particular period of time.
The at-will nature of your employment with the Company may only be changed in a written
agreement signed by the Company’s CEO with the approval of the Board or a duly authorized
committee thereof.
	 
	7.	 	Please note that because of employer regulations adopted in the Immigration Reform and
Control Act of 1986, within three business days of starting your new position you will need to
present documentation confirming your identify and demonstrating that you have authorization
to work in the United States. If you have questions about this requirement, which applies to
U.S. citizens and non-U.S. citizens alike, you may contact our Human Resource department.
	 
	8.	 	Please also note that due to United States export control laws, the Company may need to make
inquiries into your citizenship if you will have probable or actual contact with certain
technology and/or source code. Should the Company determine that you will have probable or
actual contact with certain technology and/or source code, and should you be a citizen of an
embargoed country under United States export control laws, this may have a material effect on
the terms and conditions of your employment with the Company.

 

 

	9.	 	You and the Company agree to submit to mandatory and exclusive binding arbitration any
controversy or claim arising out of, or relating to, this Agreement or any breach hereof,
provided, however, that the parties retain their right to, and shall not be prohibited,
limited or in any other way restricted from, seeking or obtaining injunctive relief from a
court having jurisdiction over the parties for any alleged violation of the Employee Invention
Assignment and Confidentiality Agreement. Such arbitration shall be conducted through JAMS in
the State of California, Santa Clara County, before a single arbitrator, in accordance with
the JAMS Employment Arbitration Rules and Procedures in effect at that time. The arbitrator
must decide all disputes in accordance with California law and shall have power to decide all
matters, including arbitrability. You will bear only those costs of arbitration you would
otherwise bear had you brought a covered claim in court. When the arbitrator has issued a
decision, judgment on that decision may be entered in any court having jurisdiction thereof.
We each understand and agree that we are waiving a trial by jury. However, this arbitration
provision shall not affect your right to file an administrative claim before any government
agency where, as a matter of law, the parties may not restrict the Employee’s ability to file
an administrative claim with said agency (by way of example, claims before the Equal
Employment Opportunity Commission and the National Labor Relations Board). Otherwise, the
parties agree that arbitration shall be the exclusive remedy for administrative claims.
	 
	10.	 	This offer of employment will remain valid until Wednesday, October 3, 2007. If you decide
to accept our offer please sign the enclosed copy of this letter in the space indicated and
return it to the Human Resource department. Your signature will acknowledge that you have
read and understood and agreed to the terms and conditions of this offer and the attached
documents. Should you have anything else that you wish to discuss, please do not hesitate to
call.
	 
	 	 	Hal, we look forward to you joining Silicon Image, Inc and developing a strong working
relationship with you in your new role.

	 	 	 	 	 
	Sincerely,

 	 
	/s/ Doug Haslam
 	 
	Doug Haslam 	 
	Vice President, Human
Resources

Silicon Image, Inc 	 
	 

 

 

	 	 	My signature below indicates acceptance of the terms and conditions of this offer and
acknowledgement that I have read and understood the terms and conditions of this offer. I
further acknowledge that no other commitments or representations were made to me as part of my
employment offer except as specifically set forth herein.

	 	 	 	 	 
	 	/s/ Harold Covert
	 	10/02/07	 
	 	 

	 	 
	 	Harold L. Covert

	 	Dateexv10w20

 

Exhibit 10.20

INDEMNIFICATION AGREEMENT

     THIS AGREEMENT is made and entered into this            day of                     , 2007 by and between
ARCHEMIX CORP., a Delaware corporation (the “Corporation”), and                      (“Agent”).

RECITALS

     WHEREAS, Agent performs a valuable service to the Corporation in his capacity as [a
director/an officer] of the Corporation;

     WHEREAS, the Corporation has adopted provisions in its Certificate of Incorporation (the
“Charter”) and bylaws (the “Bylaws”) providing for the indemnification of the directors, officers,
employees and other agents of the Corporation, including persons serving at the request of the
Corporation in such capacities with other corporations or enterprises, as authorized by the
Delaware General Corporation Law, as amended (the “Code”);

     WHEREAS, the Charter, the Bylaws and the Code, by their non-exclusive nature, permit contracts
between the Corporation and its agents, officers, employees and other agents with respect to
indemnification of such persons; and

     WHEREAS, in order to induce Agent to serve as [a director/an officer] of the Corporation, the
Corporation has determined and agreed to enter into this Agreement with Agent.

     NOW, THEREFORE, in consideration of Agent’s service as [a director/an officer] of the
Corporation after the date hereof, the parties hereto agree as follows:

AGREEMENT

     1. Services to the Corporation. Agent will serve, at the will of the Corporation or under
separate contract, if any such contract exists, as [a director/an officer] of the Corporation or as
a director, officer or other fiduciary of an affiliate of the Corporation (including any employee
benefit plan of the Corporation) faithfully and to the best of his ability so long as he [is duly
elected and qualified in accordance with the provisions of the Bylaws or other applicable charter
documents/is a duly appointed officer] of the Corporation or such affiliate; provided,
however, that Agent may at any time and for any reason resign from such position (subject
to any contractual obligation that Agent may have assumed apart from this Agreement) and that the
Corporation or any affiliate shall have no obligation under this Agreement to continue Agent in any
such position.

     2. Indemnity of Agent. The Corporation hereby agrees to hold harmless and indemnify Agent to
the fullest extent authorized or permitted by the provisions of the Charter, the Bylaws and the
Code, as the same may be amended from time to time (but, only to the extent that such amendment
permits the Corporation to provide broader indemnification rights than the Charter, the Bylaws or
the Code permitted prior to adoption of such amendment).

 

 

     3. Additional Indemnity. In addition to and not in limitation of the indemnification
otherwise provided for herein, and subject only to the exclusions set forth in Section 4 hereof,
the Corporation hereby further agrees to hold harmless and indemnify Agent:

          (a) against any and all expenses (including attorneys’ fees), witness fees, damages,
judgments, fines and amounts paid in settlement and any other amounts that Agent becomes legally
obligated to pay because of any claim or claims made against or by him in connection with any
threatened, pending or completed action, suit or proceeding, whether civil, criminal,
arbitrational, administrative or investigative (including an action by or in the right of the
Corporation) to which Agent is, was or at any time becomes a party or a witness, or is threatened
to be made a party or a witness, by reason of the fact that Agent is, was or at any time becomes a
director, officer, employee or other agent of Corporation, or is or was serving or at any time
serves at the request of the Corporation as a director, officer, employee or other agent of another
corporation, partnership, joint venture, trust, employee benefit plan or other enterprise; and

          (b) otherwise to the fullest extent as may be provided to Agent by the Corporation under the
non-exclusivity provisions of the Code, the Charter and the Bylaws.

     4. Limitations on Additional Indemnity. No indemnity pursuant to Section 3 hereof shall be
paid by the Corporation:

          (a) on account of any claim against Agent for an accounting of profits made from the purchase
or sale by Agent of securities of the Corporation pursuant to the provisions of Section 16(b) of
the Securities Exchange Act of 1934 and amendments thereto or similar provisions of any federal,
state or local statutory law;

          (b) on account of Agent’s conduct that is established by a final judgment as knowingly
fraudulent or deliberately dishonest or that constituted willful misconduct;

          (c) on account of Agent’s conduct that is established by a final judgment as constituting a
breach of Agent’s duty of loyalty to the Corporation or resulting in any personal profit or
advantage to which Agent was not legally entitled;

          (d) for which payment is actually made to Agent under a valid and collectible insurance policy
or under a valid and enforceable indemnity clause, bylaw or agreement, except in respect of any
excess beyond payment under such insurance, clause, bylaw or agreement;

          (e) if indemnification is not lawful (and, in this respect, both the Corporation and Agent
have been advised that the Securities and Exchange Commission believes that indemnification for
liabilities arising under the federal securities laws is against public policy and is, therefore,
unenforceable and that claims for indemnification should be submitted to appropriate courts for
adjudication); or

          (f) in connection with any proceeding (or part thereof) initiated by Agent, or any proceeding
by Agent against the Corporation or its directors, officers, employees or other agents, unless (i)
such indemnification is expressly required to be made by law, (ii) the proceeding was authorized by
the Board of Directors of the Corporation, (iii) such

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indemnification is provided by the Corporation, in its sole discretion, pursuant to the powers
vested in the Corporation under the Code, or (iv) the proceeding is initiated pursuant to Section 9
hereof.

     5. Continuation of Indemnity. All agreements and obligations of the Corporation contained
herein shall continue during the period Agent is a director, officer, employee or other agent of
the Corporation (or is or was serving at the request of the Corporation as a director, officer,
employee or other agent of another corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise) and shall continue thereafter so long as Agent shall be subject to any
possible claim or threatened, pending or completed action, suit or proceeding, whether civil,
criminal, arbitrational, administrative or investigative, by reason of the fact that Agent was
serving in the capacity referred to herein.

     6. Partial Indemnification. Agent shall be entitled under this Agreement to indemnification
by the Corporation for a portion of the expenses (including attorneys’ fees), witness fees,
damages, judgments, fines and amounts paid in settlement and any other amounts that Agent becomes
legally obligated to pay in connection with any action, suit or proceeding referred to in Section 3
hereof even if not entitled hereunder to indemnification for the total amount thereof, and the
Corporation shall indemnify Agent for the portion thereof to which Agent is entitled.

     7. Notification and Defense of Claim. Not later than thirty (30) days after Agent becomes
aware, by written or other overt communication, of any pending or threatened litigation, claim or
assessment, Agent will, if a claim in respect thereof is to be made against the Corporation under
this Agreement, notify the Corporation of such pending or threatened litigation, claim or
assessment; but the omission so to notify the Corporation will not relieve it from any liability
which it may have to Agent otherwise than under this Agreement. With respect to any such pending or
threatened litigation, claim or assessment as to which Agent notifies the Corporation of the
commencement thereof:

          (a) the Corporation will be entitled to participate therein at its own expense;

          (b) except as otherwise provided below, the Corporation may, at its option and jointly with
any other indemnifying party similarly notified and electing to assume such defense, assume the
defense thereof, with counsel reasonably satisfactory to Agent. After notice from the Corporation
to Agent of its election to assume the defense thereof, the Corporation will not be liable to Agent
under this Agreement for any legal or other expenses subsequently incurred by Agent in connection
with the defense thereof except for reasonable costs of investigation or otherwise as provided
below. Agent shall have the right to employ separate counsel in such action, suit or proceeding but
the fees and expenses of such counsel incurred after notice from the Corporation of its assumption
of the defense thereof shall be at the expense of Agent unless (i) the employment of counsel by
Agent has been authorized by the Corporation, (ii) Agent shall have reasonably concluded, and so
notified the Corporation, that there is an actual conflict of interest between the Corporation and
Agent in the conduct of the defense of such action or (iii) the Corporation shall not in fact have
employed counsel to assume the defense of such action, in each of which cases the fees and expenses
of Agent’s separate counsel shall be at the expense of the Corporation. The Corporation shall not
be entitled to assume the defense of

3

 

any action, suit or proceeding brought by or on behalf of the Corporation or as to which Agent
shall have made the conclusion provided for in clause (ii) above; and

          (c) the Corporation shall not be liable to indemnify Agent under this Agreement for any
amounts paid in settlement of any action or claim effected without its written consent, which shall
not be unreasonably withheld. The Corporation shall be permitted to settle any action or claim
except that it shall not settle any action or claim in any manner which would impose any penalty or
limitation on Agent without Agent’s written consent, which may be given or withheld in Agent’s sole
discretion.

     8. Expenses. The Corporation shall advance, prior to the final disposition of any proceeding,
promptly following request therefor, all expenses incurred by Agent in connection with such
proceeding upon receipt of an undertaking by or on behalf of Agent to repay said amounts if it
shall be determined ultimately that Agent is not entitled to be indemnified under the provisions of
this Agreement, the Charter, the Bylaws, the Code or otherwise.

     9. Enforcement. Any right to indemnification or advances granted by this Agreement to Agent
shall be enforceable by or on behalf of Agent in any court of competent jurisdiction if (i) the
claim for indemnification or advances is denied, in whole or in part, or (ii) no disposition of
such claim is made within ninety (90) days of request therefor. Agent, in such enforcement action,
if successful in whole or in part, shall be entitled to be paid also the expense of prosecuting his
claim. It shall be a defense to any action for which a claim for indemnification is made under
Section 3 hereof (other than an action brought to enforce a claim for expenses pursuant to Section
8 hereof, provided that the required undertaking has been tendered to the Corporation) that
Agent is not entitled to indemnification because of the limitations set forth in Section 4 hereof.
Neither the failure of the Corporation (including its Board of Directors or its stockholders) to
have made a determination prior to the commencement of such enforcement action that indemnification
of Agent is proper in the circumstances, nor an actual determination by the Corporation (including
its Board of Directors or its stockholders) that such indemnification is improper shall be a
defense to the action or create a presumption that Agent is not entitled to indemnification under
this Agreement or otherwise.

     10. Subrogation. In the event of payment under this Agreement, the Corporation shall be
subrogated to the extent of such payment to all of the rights of recovery of Agent, who shall
execute all documents required and shall do all acts that may be necessary to secure such rights
and to enable the Corporation effectively to bring suit to enforce such rights.

     11. Non-Exclusivity of Rights. The rights conferred on Agent by this Agreement shall not be
exclusive of any other right which Agent may have or hereafter acquire under any statute, provision
of the Corporation’s Certificate of Incorporation or Bylaws, agreement, vote of stockholders or
directors, or otherwise, both as to action in his official capacity and as to action in another
capacity while holding office.

     12. Survival of Rights.

          (a) The rights conferred on Agent by this Agreement shall continue after Agent has ceased to
be a director, officer, employee or other agent of the Corporation or to serve

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at the request of the Corporation as a director, officer, employee or other agent of another
corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, and
shall inure to the benefit of Agent’s heirs, executors and administrators.

          (b) The Corporation shall require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business or assets of the
Corporation, expressly to assume and agree to perform this Agreement in the same manner and to the
same extent that the Corporation would be required to perform if no such succession had taken
place.

     13. Separability. Each of the provisions of this Agreement is a separate and distinct
agreement and independent of the others, so that if any provision hereof shall be held to be
invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect the
validity or enforceability of the other provisions hereof. Furthermore, if this Agreement shall be
invalidated in its entirety on any ground, then the Corporation shall nevertheless indemnify Agent
to the fullest extent provided by the Charter, the Bylaws, the Code or any other applicable law.

     14. Governing Law. This Agreement shall be interpreted and enforced in accordance with the
laws of the State of Delaware.

     15. Amendment and Termination. No amendment, modification, termination or cancellation of
this Agreement shall be effective unless in writing signed by both parties hereto.

     16. Identical Counterparts. This Agreement may be executed in one or more counterparts, each
of which shall for all purposes be deemed to be an original but all of which together shall
constitute but one and the same Agreement. Only one such counterpart need be produced to evidence
the existence of this Agreement.

     17. Headings. The headings of the sections of this Agreement are inserted for convenience
only and shall not be deemed to constitute part of this Agreement or to affect the construction
hereof.

     18. Notices. All notices, requests, demands and other communications hereunder shall be in
writing and shall be deemed to have been duly given (i) upon delivery if delivered by hand to the
party to whom such communication was directed or (ii) upon the third business day after the date on
which such communication was mailed if mailed by certified or registered mail with postage prepaid:

	 	(a)	 	If to Agent, at the address indicated on the signature page hereof.
	 
	 	(b)	 	If to the Corporation, to:
	 
	 	 	 	Archemix Corp.

300 Third Street

Cambridge, MA 02142

Attention: Chief Executive Officer

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     or to such other address as may have been furnished to Agent by the Corporation.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and
year first above written.

	 	 	 	 	 	 	 
	 	 	ARCHEMIX CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	AGENT	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	[Name]	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

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