Document:

Avago Performance Bonus Plan, effective November 1, 2008

 Exhibit 10.65 
 

 
 Avago Performance Bonus (APB) 
 FY09 Plan Document 
 FINAL 
  

			
	Document: Performance Bonus	  	Applicability: Regular exempt, non-exempt, non-bargaining unit employees
	Approved: April 1, 2008	  	Effective Date: November 1, 2008
	Re-Approve: January 28, 2009	  	Review date: Annual

 Purpose 
 The
purpose and scope of the Global Performance Bonus Plan Document is to define the process to award annual incentive bonuses and to ensure that the parameters are managed consistently across the Company. 
 Introduction 
 Avago Technologies (the “Company”) has
established the Avago Performance Bonus (“Program”) for eligible Employees. The objectives of this discretionary Program are to: 
  

	 	•	 	 Share the success of the company 

  

	 	•	 	 Reward employees for outstanding business results, 

  

	 	•	 	 Foster teamwork, and 

  

	 	•	 	 Retain employees 

 Program Period 

Incentive awards under the Program are based on corporate performance and business division or function performance measured against predetermined targets for each
Program Period. The Program Period begins on the first day of each fiscal year and ends on the last day of the fiscal year. 
  

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 Eligibility 
 At the
beginning of each one (1) year (fiscal) performance period, the Company will determine Program participation eligibility for all employment positions for such Program Period. 
 The criteria for participation in the Program will be set by the Company, at its sole discretion. While all employees of the Company are potentially eligible for participation in the Program for any Program Period,
any employee participation in the Program for any Program Period is at the sole discretion, and subject to approval, of the Company. 
 Participation in the
Program (or in any other Program) during a Program Period is not a guarantee of on-going employment nor does it create any right to participate in the Program during any subsequent Program Period. 
 Conditions of Eligibility: All regular full-time and regular part-time employees who are: 
  

	 	•	 	 not on a Sales Incentive Program (SIP); 

  

	 	•	 	 in active regular employment status before the first day of the fourth quarter of the fiscal year performance period and continuously through the last day of fiscal
year 

  

	 	•	 	 in regular active employment status on the Avago Performance Bonus (APB) payout date 

 Description 
 The performance results for the Program Period are based
on a weighting system comprised of corporate performance and business division performance. 
  

			
	Corporate Performance	  	Corporate performance for the Program Period will be based on the attainment of Company targets as defined for the specific fiscal year:
		
	 Business Division or
 Function
 Performance
	  	Business Division or Function performance for the Program Period will be based on the attainment of Business Division or Function goals. Goals are set by Business Division or Function VPs and
approved by the CEO and Compensation Committee of the Board of Directors. Attainment measurements and targets are maintained by Finance.
		
	 Program Award
 Determination

	  	The Program award payout (“Program Award”) for each participant will be based on a minimum, target and maximum performance attainment threshold.

  

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 Calculation for Payout 
 The following formula will be used for the Program payout 
  

															
	Eligible Earnings	  	*	  	On-target attainment %	  	    *	  	Performance Multiplier	  	*  	  	Target percentage Bonus	  	
								
	

	  		  	

	  		  	

	  		  	

	  	
								
	 (Eligible Earnings
 in local currency)
	  		  	 Performance result %
 Company and Business
 Division/Function
	  		  	Based on Individual ranking	  		  	 Individual percentage bonus
 based on job level
	  	

  

	 	a.	Eligible Earnings - represents base wages earned during the performance period and does not include overtime pay, shift differential, week-end differential, or other
allowances. 

 Total eligible earnings for the performance period will be adjusted for part-time status, unpaid LOA, hire date
or re-hire date. 
  

	 	b.	On Target attainment % - payout on performance achieved (for each individual attainment goal) between the minimum threshold and the maximum threshold will be linearly
interpolated. 

  

	 	c.	Performance Multiplier - based upon a performance rank determined for each individual at the end of the fiscal year performance period with payout multipliers as follows:

  

	 	•	 	   Rank 1         1.5 times the on-target bonus 

	 	•	 	   Rank 2         1.0 times the on-target bonus 

	 	•	 	   Rank 3         0.5 times the on-target bonus 

  

	 	d.	The target bonus percentage per job level is as follows: 

  

									
		 	•      ICA	 		  	5%	  	
		 	•      ICB	 		  		  	
		 		 	•      Entry	  	7%	  	
		 		 	•      Career	  	9%	  	
		 		 	•      Expert	  	12%	  	
		 		 	•      Master	  	15%	  	
		 		 	•      Fellow	  	20%	  	
		 	  
 •      People
Manager
	  	
		 		 	•      Supervisor	  	10%	  	
		 		 	•      Operating Manager	  	12%	  	
		 		 	•      Integrating Manager	  	17%	  	
		 		 	•      Senior Manager I & II	  	30%	  	

 Any exceptions require approval from the VP of Human Resources and the CEO 

  

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 Policies and Practices 
 Various considerations may impact the administration and payout of the Program. Such considerations may include but are not limited to the following 
  

	 	1.	Program Administration: The Company will establish guidelines for the Program in line with corporate strategies and objectives. The Company has final authority as to any
issues related to the interpretation or the administration of the Program, including the resolution of any unusual circumstances. 

  

	 	2.	Manager Discretion: The Company will set the Program performance targets. The Company may, at its sole discretion, at any time alter, amend, suspend or in any other way
modify the Program to align with the changing needs of the Company without prior notification to any participant. 

  

	 	3.	Payment Authorization: In order for any employee to be eligible to receive a payment under this Program, such employee must be employed and on the payroll of the company
on the last day of the Company’s fiscal year. Additionally, because an important purpose of the program is the retention of employees, the employee must continue to be employed through the payout date. All awards must be approved by the
Company. The program award will be paid in full, as soon as administratively feasible, following the end of a Program Period. 

  

	 	4.	Termination: Any employee may be terminated from Program participation, at any time, at the sole discretion of the Company. In order to receive a Program Award payment
portion for the applicable Program Period, on the last day of a Program Period, and at payout, an employee must be (1) on the payroll and (2) an eligible participant of the Program. 

  

	 	5.	Pro-rated payments: Pro-rated payment will only be made in cases as set forth below: 

  

	 	•	 	 Position changes from non-sales to sales (on SIP) or from sales (on SIP) to non-sales. 

  

	 	•	 	 Reclassification from one job level to another (upward or downward). 

  

	 	•	 	 Transfer between Business Divisions or Functions during the fiscal year of the performance period. 

  

	 	•	 	 Termination for Disability: In the event a participant terminates employment with the Company for disability reasons, such employee will be considered
eligible for completed plan periods in which the employee participated. 

  

	 	•	 	 Termination upon Death: Upon the death of a participant, the award will be considered fully vested for all completed plan periods in which the
employee participated. Payment will be made to legal beneficiaries, as designated. 

  

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	 	6.	Right of Employment and Payment: Management reserves the right, at its sole discretion, to restrict participation in the Program at any time. Participation under this Program
does not affect the employment status of each participant and does not imply continued employment with Company. Either participant or Company may terminate the employment relationship at any time, for any reason, with or without cause.

 Payments made under the Program are not an element of the participant’s salary or base compensation
(“Compensation”) and shall not be considered as part of such Compensation in the event of severance, redundancy, resignation or any other situation unless required by local law. The granting and receipt of payments under the Program is
voluntary and at the Company’s sole discretion, and does not constitute a claim for further payments regardless of how many times such payments have previously been granted to the participant. 
  

	 	7.	Unfunded Status/Right of Assignment: No assets are set aside for this Program and no person has a right or interest in Company assets as a result of the existence of this
Program. No right or interest in the Program may be assigned or transferred, or subject to any lien, directly, by operation of law or otherwise, including without limitation, bankruptcy, pledge, garnishment, attachment, levy or other creditor’s
process. 

  

	 	8.	Taxes: All awards payable under the Program are taxable as ordinary income in the year of payment and subject to applicable taxes and withholdings. Employees on a temporary
relocation are paid and taxed from their home country. 

  

	 	9.	Plan Amendment or Termination: The Company may amend or terminate this Program at any time. While the Company intends that any amendment or termination would be prospective,
the Company reserves the right to act retroactively without prior written notice to each participant. 

  

	 	10.	Final Decision: The Chief Executive Officer will make the final determination as to the eligibility for participation in the Program and any other applicable terms. All
decisions made by the CEO regarding this Program shall be final, and shall not be subject to review or appeal. 

 This Program shall be
governed by the laws of the State of California, without regard to choice-of-law provisions 
  

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 Appendix 
 For
FY’09: 
 Description 
 The performance results for
the Program Period are based on an equal weighting system of which 50% comprises corporate performance and 50% business division performance. 
  

			
	 Corporate
 Performance
	  	Corporate performance for the Program Period will be based on the attainment of Company targets for:
		
		  	 •      Revenue Growth

		
		  	 •      Operating Margin Dollars

		
	 Business Division or
 Function
 Performance
	  	Business Division or Function performance for the Program Period will based on the attainment of Business Division or Function goals. Goals are set by Business Division or Function VPs and
approved by the CEO and Compensation Committee of the Board of Directors. Attainment measurements and targets are maintained by Finance.
		
	 Program Award
 Determination

	  	The Program award payout (“Program Award”) for each participant will be based on a minimum, target and maximum performance attainment threshold. Attainments are governed by the
following:

  

													
	 Metric
	  	Weight	 	 	Payout at
minimum
attainment
(minimum)	 	 	Payout at
Target
(100%)	 	 	Payout at
maximum
attainment
(maximum)	 
	 Revenue Growth
	  	25	% 	 	50	% 	 	100	% 	 	150	% 
	 Operating Margin Revenue
	  	25	% 	 	50	% 	 	100	% 	 	150	% 
	 Business Division or Function Results *
	  	50	% 	 	50	% 	 	100	% 	 	150	% 
	  
	
	 *   Business Division or Function attainment results may be broken into three or more goals weighted independently
of each other.
	       

  

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 On Target attainment % - payout on performance achieved (for each individual attainment goal) between the minimum
threshold and the maximum threshold will be linearly interpolated as outlined below: 
 

 
  

 Pg 7 of 7Second Modification, Waiver and Acknowledgement Agreement

 Exhibit 10.1 
 SECOND MODIFICATION, WAIVER AND ACKNOWLEDGEMENT AGREEMENT 
 This Second Modification, Waiver
and Acknowledgement Agreement (“Agreement”) dated as of June 30, 2009 is entered into by and among Commonwealth Biotechnologies Inc., a Virginia corporation (the “Company”) and the subscribers identified on the signature
page hereto (each herein a “Subscriber” and collectively “Subscribers” or the “Parties”). 
 WHEREAS, the
Company and the Subscribers are parties to a Subscription Agreement (“Subscription Agreement”) and other Transaction Documents dated at and about December 31, 2007, as amended in September, 2008, relating to an aggregate purchase by
Subscribers of $1,950,000 of principal amount of secured promissory notes (the “Notes”) of the Company convertible into shares of the Company’s no par value common stock and Warrants exercisable for Common Stock; and 
 WHEREAS, the Company and Subscribers desire to further restructure the terms of the Transaction Documents to their mutual benefit. 
 NOW THEREFORE, in consideration of the mutual covenants and other agreements contained in this Agreement, the Company and the Subscribers hereby agree as
follows: 
 1. Capitalized terms employed herein shall have the meanings attributed to them in the Transaction Documents. 
 2. The Maturity Date of the Notes, which are due to mature on July 31, 2009 is extended to January 1, 2010. 
 3. The Company undertakes to use its best efforts to promptly file a proxy statement for shareholder approval to reduce the Conversion Price of the Notes
to $0.50 and to authorize the issuance of all shares of common stock underlying the Notes and Warrants. In the event shareholder approval is not obtained, the Conversion Price will not be reduced to $0.50 and all terms of the Notes and Warrants will
remain in full force and effect except as modified by this Agreement. 
 4. All interest which has accrued through June 30, 2009 shall
be deferred until September 30, 2009 and shall be payable pursuant to the terms of the Notes. 
 5. The Company acknowledges that the
holding period of the Notes, Warrants and Common Stock issuable upon conversion of the Notes commenced on December 31, 2007, for purposes of Rule 144 under the Securities Act of 1933. 
 6. The Subscribers waive any reset of the Purchase Price of the Class A and Class B Warrants which may be triggered solely in connection with the
terms of this Agreement. 
 7. The Company undertakes to make a public announcement on Form 8-K describing the terms of this Agreement not
later than the fourth business day after the execution of this Agreement. 
 8. The obligations of each Subscriber hereunder are several and
not joint with the obligations of any other Subscribers hereunder, and no Subscriber shall be responsible in any way for the performance of the obligations of any other Subscriber hereunder. Nothing contained herein or in any other agreement or
document delivered at any closing, and no action taken by any Subscriber pursuant hereto, shall be deemed to constitute the Subscribers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the
Subscribers are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Subscriber shall be entitled to protect and enforce its rights, including without limitation the rights arising
out of this Agreement, and it shall not be necessary for any other Subscriber to be joined as an additional party in any proceeding for such purpose, except as otherwise agreed by the Subscribers. 

 9. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns
of each of the parties; provided, however, that no party may assign this Agreement or the obligations and rights of such party hereunder without the prior written consent of the other parties hereto, except as same is permitted under
the Transaction Documents. 
 10. This Agreement constitutes the entire agreement among the parties regarding the subject matter herein, and
supersedes all prior and contemporaneous agreements and understandings of the parties in connection herewith. No changes, modifications, terminations or waivers of any of the provisions hereof shall be binding unless in writing and signed by
all of the parties thereto. 
 11. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be determined pursuant to the governing law provisions of the Transaction Documents. 
 12. Subject to the modifications and amendments
provided herein, the Transaction Documents shall remain in full force and effect. 
 13. The language used in this Agreement will be deemed
to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. 
 14. Each of the undersigned states that he has read the foregoing Agreement and understands and agrees to it. 
 15. This Agreement
may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to any other party, it being
understood that all parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or electronically, such signature shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same with the same force and effect as if such facsimile signature were an original thereof. 
 [Signature Page Follows] 
  

 2 

 IN WITNESS WHEREOF, the undersigned have executed and delivered this Modification, Waiver and
Acknowledgement Agreement as of the date first written above. 
  

			
	COMMONWEALTH BIOTECHNOLOGIES INC.
	the “Company”
		
	By:	 	 /s/    Richard J. Freer

 “SUBSCRIBERS” 
  

									
	ALPHA CAPITAL ANSTALT	 		 	CHESTNUT RIDGE PARTNERS L.P.
					
	By:	 	 /s/    Konrad Ackermann
	 		 	By:	 	 /s/    Kenneth Holz

	Name:	 	Konrad Ackermann	 		 	Name:	 	Kenneth Holz
	Title:	 	Director	 		 	Title:	 	CFO
			
	CENTURION MICROCAP, LP	 		 	BRIO CAPITAL L.P.
					
	By:	 	 /s/    Abraham Schwartz
	 		 	By:	 	 /s/    Shaye Hirsch

	Name:	 	Abraham Schwartz	 		 	Name:	 	Shaye Hirsch
	Title:	 	GP	 		 	Title:	 	Managing Partner
			
	BRIO CAPITAL SELECT LLC	 		 	ASSAMEKA CAPITAL
					
	By:	 	 /s/    Shaye Hirsch
	 		 	By:	 	 /s/    Asher Brand

	Name:	 	Shaye Hirsch	 		 	Name:	 	Asher Brand
	Title:	 	Managing Member	 		 	Title:	 	President

  

 3

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