Document:

exv10w27

 

EXHIBIT 10.27

FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT

AND ESCROW INSTRUCTIONS

     This First Amendment to Purchase and Sale Agreement and Escrow Instructions (this “Amendment”)
is entered into as of March 13, 2006 by and between Hunter/Storm, LLC, a California limited
liability company (“Buyer”), and Palm, Inc., a Delaware corporation (“Seller”).

RECITALS

     A.     Buyer and Seller are parties to that certain Purchase and Sale Agreement and Escrow
Instructions dated as of February 2, 2006 (the “Agreement”).

     B.     Buyer and Seller desire to amend the Agreement as set forth in this Amendment.

     Now, therefore, for valuable consideration, receipt of which is hereby acknowledged, Buyer and
Seller hereby agree as follows:

     1.     Capitalized Terms. Any capitalized terms used in this Amendment but not defined
herein shall have the meanings ascribed to such terms in the Agreement.

     2.     Title Review Period. Section 5.1 of the Agreement is hereby amended to provide
that Buyer shall have the right to render objections to any matters described on its own Survey (or
any update of Seller’s existing Survey) by delivering written notice to Seller on or before March
20, 2006. Seller shall have until 5 p.m. PST on March 30, 2006 to give Buyer: (i) notice that said
objections will be removed on or before the Closing Date; or (ii) notice that Seller elects not to
cause such objections to be removed. If Seller fails to give notice under clause (i), Seller shall
be deemed to have elected not to cause such objections to be removed. If Seller either fails to
give Buyer notice under clause (i) or gives Buyer notice under clause (ii), Buyer shall notify
Seller prior to the expiration of the Due Diligence Period whether Buyer elects to proceed with the
purchase or terminate the Agreement. If Buyer fails to give Seller the Election Notice prior to the
expiration of the Due Diligence Period, Buyer shall be deemed to have elected to terminate this
Agreement. If Buyer gives Seller the Election Notice prior to the expiration of the Due Diligence
Period, Buyer shall be deemed to have elected to proceed with the Agreement and to accept title
subject to the Approved Exceptions (as provided in paragraph 5.1.1, excluding, however, any
references to exceptions disclosed by the Survey which shall be subject to the terms of this
paragraph) and any exception approved pursuant to this paragraph. The term “Approved Exceptions”
shall be deemed to include the title exceptions approved pursuant to this paragraph and paragraph
5.1.1 of the Agreement.

     3.     Full Force and Effect. Except as expressly amended by this Amendment, the terms of
the Agreement shall remain and continue in full force and effect and are hereby ratified and
confirmed in all respects by each of Buyer and Seller. In the event of any conflict between the
terms of the Agreement and this Amendment, the terms of this Amendment shall govern and control. All references to the “Agreement” in the Agreement shall, from and after the date of
this Amendment be deemed to be references to the Agreement as amended by this Amendment. This
Amendment may be executed in counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

     In witness whereof, the parties have executed this Amendment as of the date first above
written.

	 	 	 	 	 	 	 	 
	SELLER:	 	SELLER:	 
	 
	 	 	 	 	 	 	 
	Palm, Inc., a Delaware corporation	 	Hunter/Storm, LLC, a California limited liability company	 
	 
	 	 	 	 	 	 	 
	By:

	 	/s/ ANDREW J. BROWN
	 	By:
	 	/s/ EDWARD D. STORM	 
	 

	 	 
	 	 	 	 	 
	Name:

	 	Andrew J. Brown
	 	Name:
	 	Edward D. Storm	 
	 

	 	 
	 	 	 	 	 
	Its:

	 	Senior Vice President and Chief Financial Officer
	 	Its:
	 	Managing Member	 
	 

	 	 
	 	 	 	 	 
	 

	 	(Principal Financial and Accounting Officer)	 	 	 	 	 
	 

	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ DEKE K. HUNTER JR.	 
	 

	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Deke K. Hunter Jr.	 
	 

	 	 	 	 	 	 	 
	 

	 	 	 	Its:
	 	Managing Member	 
	 

	 	 	 	 	 	 	 

- 1 -exv10w28

 

EXHIBIT
10.28

SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT

AND ESCROW INSTRUCTIONS

     This Second Amendment to Purchase and Sale Agreement and Escrow Instructions (this
“Amendment”) is entered into as of April 3, 2006 (the “Effective Date”) by and between
Hunter/Storm, LLC, a California limited liability company (“Buyer”), and Palm, Inc., a Delaware
corporation (“Seller”).

RECITALS

     A. Buyer and Seller are parties to that certain Purchase and Sale Agreement and Escrow
Instructions dated as of February 2, 2006, which was amended by that certain First Amendment to
Purchase and Sale Agreement and Escrow Instructions dated March 13, 2006 (together, the
“Agreement”).

     B. Buyer and Seller desire to amend the Agreement as set forth in this Amendment.

     Now, therefore, for valuable consideration, receipt of which is hereby acknowledged, Buyer and
Seller hereby agree as follows:

     1. Capitalized Terms. Any capitalized terms used in this Amendment but not defined
herein shall have the meanings ascribed to such terms in the Agreement.

     2. Waiver of Certain of Buyer’s Conditions Precedent; Delivery of Additional Deposit
Extension of the Due Diligence Period.

          a. Buyer hereby approves Buyer’s Conditions Precedent set forth in paragraphs 5.1.1, 5.1.2 and
5.1.3 of the Agreement.

          b. Buyer has delivered the Additional Deposit to Escrow Holder. Notwithstanding the
provisions of paragraph 2.3 or elsewhere in the Agreement, the Deposit shall be subject to
disposition as follows:

               1) Buyer shall have the right, in its sole and absolute discretion, to terminate the Agreement
due to its disapproval of the content or status of the General Plan Amendment at any time prior to
August 1, 2006. Upon such termination, Buyer will receive half of the Deposit ($300,000 ÷ 2 =
$150,000) and all the interest accrued to date from the Escrow account, and Seller shall retain the
remaining sum of $150,000 as its sole remedy for Buyer’s termination of the Agreement.

               2) If Buyer terminates the Agreement on or after August 1, 2006, for any reason other than
Seller’s default under the Agreement or the failure, as of the Close of Escrow, of any of Seller’s
representations or warranties contained in the Agreement to be true and correct, the Deposit shall
be nonrefundable to Buyer.

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               3) On or before November 1, 2006, Buyer may notify Seller in writing of Buyer’s intent to
extend the Closing Date until no later than February 15, 2007. In that event, Buyer shall increase
the Deposit by $700,000 to a total of $1,000,000. Thereafter, all references in the Agreement to
the “Deposit” shall be deemed to refer to the amount of $1,000,000. Thereafter, the Deposit shall
be nonrefundable (except in the event of Seller’s default under the Agreement or the failure, as of
the Close of Escrow, of any of Seller’s representations or warranties contained in the Agreement to
be true and correct), but shall be applicable to the Purchase Price.

     3. Close of Escrow. Paragraph 7.2 of the Agreement is amended to read in full as
follows: “The Closing of the purchase and sale contemplated hereunder (the “Closing”) shall take
place November 15, 2006, or such earlier date as Buyer and Seller may agree upon in writing;
provided, however, that if Buyer elects to extend the Close of Escrow as provided in Section 2.b.3
of this Amendment, the Closing Date shall be February 15, 2007, or such earlier date as Buyer and
Seller may agree upon in writing. The date that the Closing occurs shall be referred to herein as
the “Closing Date” or “Close of Escrow.”

     4. Escrow Holder/Title Company. Buyer shall have the right, with Seller’s consent, to
move the escrow currently opened with Chicago Title Company to a title company to be selected by
Buyer at any time within thirty (30) days following the Effective Date of this Amendment. Seller
agrees not to unreasonably withhold or delay its consent to such transfer and to reasonably
cooperate with the transfer of the escrow as provided herein.

     5. Full Force and Effect. Except as expressly amended by this Amendment, the terms of
the Agreement shall remain and continue in full force and effect and are hereby ratified and
confirmed in all respects by each of Buyer and Seller. In the event of any conflict between the
terms of the Agreement and this Amendment, the terms of this Amendment shall govern and control.
All references to the “Agreement” in the Agreement shall, from and after the date of this Amendment
be deemed to be references to the Agreement as amended by this Amendment. This Amendment may be
executed in counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

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     In witness whereof, the parties have executed this Amendment as of the date first above
written.

	 	 	 	 	 	 	 	 	 	 	 
	SELLER:	 	 	 	SELLER:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Palm, Inc., a Delaware corporation	 	 	 	Hunter/Storm, LLC, a California limited

liability company
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ ED AXELSEN	 	 	 	By:	 	/s/ DEKE K. HUNTER JR.	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Name:

	 	Ed Axelsen	 	 	 	Name:	 	Deke K. Hunter Jr.	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Its:

	 	Director, Global Real Estate	 	 	 	Its:	 	Managing Member	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

- 3 -exv10w1

 

Exhibit 10.1

Summary of Compensatory Plans and Arrangements Approved April 5, 2006

On April 5, 2006, the Compensation and Equity Ownership Committee of the Board of Directors of
Harmonic Inc. (the “Company”) approved the Harmonic 2006 Bonus Plan (the “Plan”).

The participants in the Plan include the following executive officers of the Company:

	 	 	 
	Name	 	Position
	 Anthony J. Ley

	 	 Chairman of the Board of Directors, President & Chief Executive Officer
	 Robin N. Dickson

	 	 Chief Financial Officer
	 Patrick Harshman

	 	 Executive Vice President
	 Israel Levi

	 	 Senior Vice President, Operations and Quality

The payment of bonuses under the Plan for all participants is based on performance against revenue
and operating income targets. Participant bonuses are based 70% on operating income targets and 30%
on revenue targets.

In addition, a minimum threshold must be exceeded for each component before any bonus payment is
made for that component. In the event that the target metrics are surpassed, a participant in the
Plan may be awarded a bonus payment up to a maximum of 200% of such participant’s target bonus,
subject to the limitation that total awards made under the plan may not exceed 20% of operating
income.

The target bonus of Anthony J. Ley is 80% of base salary. The target bonus for each other executive
officer is 60% of base salary.

The final bonus for each participant, including executive officers, calculated as described above,
is subject to downward adjustment, based upon performance against individual performance
objectives.

Participants in the Plan must remain employed through the date that the bonus is paid in order to
qualify for a bonus payment. Harmonic, at its sole discretion, retains the right to amend,
supplement, supersede or cancel the Plan for any reason, and reserves the right to determine
whether and when to pay out any bonus amounts, regardless of the achievement of the performance
targets.

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