Document:

Exhibit
10.43

 

UTSTARCOM,
INC.

 

AMENDMENT TO
AMENDED AND RESTATED

CHANGE OF
CONTROL/INVOLUNTARY TERMINATION SEVERANCE AGREEMENT

 

Peter Blackmore (“Employee”) and UTStarcom, Inc.
(the “Company”, and together with
Employee, the “Parties”) desire to amend an Amended
and Restated Change of Control/Involuntary Termination Severance Agreement
dated January 30, 2008 (the “Agreement”)
to bring the Agreement into documentary compliance with Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”)
and the final regulations and official guidance promulgated thereunder
(together, “Section 409A”), for good
and valuable consideration, as follows:

 

1.             Section 409A.  Section 6 of the Agreement is amended
and restated as follows:

 

“6.           Section 409A.

 

(a)           Notwithstanding anything to the
contrary in this Agreement, no severance payments or benefits to be paid or
provided to Employee, if any, pursuant to this Agreement, when considered
together with any other severance payments or separation benefits that are considered
deferred compensation under Code Section 409A, and the final regulations
and any guidance promulgated thereunder (“Section 409A”) (together, the “Deferred Compensation Separation Benefits”) will be paid or
otherwise provided until Employee has a “separation from service” within the
meaning of Section 409A.

 

(b)           Any severance payments or benefits
that would be considered Deferred Compensation Severance Benefits will be paid
on, or, in the case of installments, will not commence until, the sixtieth (60th) day following Employee’s separation from service,
or, if later, such time as required by Section 6(c).  Any installment payments that would have been
made to Employee during the sixty (60) day period immediately following
Employee’s separation from service but for the preceding sentence will be paid
to Employee on the sixtieth (60th) day following Employee’s separation from
service and the remaining payments shall be made as provided in this Agreement.

 

(c)           Notwithstanding anything to the
contrary in this Agreement, if Employee is a “specified employee” within the
meaning of Section 409A at the time of Employee’s termination (other than
due to death), then the Deferred
Compensation Separation Benefits that are payable within the first six (6) months
following Employee’s separation from service will become payable on the first
payroll date that occurs on or after the date six (6) months and one (1) day
following the date of Employee’s separation from service.  All subsequent Deferred Compensation Separation
Benefits, if any, will be payable in accordance with the payment schedule
applicable to each payment or benefit. 
Notwithstanding anything herein to the contrary, if Employee dies
following Employee’s separation from service,
but prior to the six (6) month anniversary of the separation from service,
then any payments delayed in accordance with this paragraph will be payable in
a lump sum as soon as administratively practicable after the date of Employee’s
death and all other Deferred Compensation Separation Benefits will be payable
in accordance with the payment schedule applicable to each payment 

 

 

or benefit.  Each payment and benefit payable under this
Agreement is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of
the Treasury Regulations.

 

(d)           Any amount paid under this Agreement
that satisfies the requirements of the “short-term deferral” rule set
forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not
constitute Deferred Compensation Separation Benefits for purposes of Section 6(a) above.

 

(e)           Any amount paid under this Agreement
that qualifies as a payment made as a result of an involuntary separation from
service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury
Regulations that does not exceed the Section 409A Limit will not
constitute Deferred Compensation Separation Benefits for purposes of Section 6(a) above.  For purposes of this Agreement, “Section 409A Limit” will mean the
lesser of two (2) times: (i) Employee’s annualized compensation based
upon the annual rate of pay paid to Employee during the Company’s taxable year
preceding the Company’s taxable year of Employee’s termination of employment as
determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and
any Internal Revenue Service guidance issued with respect thereto; or (ii) the
maximum amount that may be taken into account under a qualified plan pursuant
to Section 401(a)(17) of the Code for the year in which Employee’s
employment is terminated.

 

(f)            The foregoing provisions are
intended to comply with the requirements of Section 409A so that none of
the severance payments
and benefits to be provided hereunder will be subject to the additional
tax imposed under Section 409A, and any ambiguities herein will be
interpreted to so comply. 
Notwithstanding anything in this Agreement to the contrary, the Company
reserves the authority to amend the Agreement as it deems necessary or
desirable, and without the consent of any Employee or without providing any
advance notice of any such amendment, in order to ensure the Agreement complies
with Section 409A.”

 

2.             Parachute Payments.  The following is added to the end of Section 7
of the Agreement:

 

“Such
tax, penalties, or interest, if any, will be paid no later than the end of the calendar year immediately following the
calendar year in which Employee remits the related taxes.

 

Any reduction in payments and/or
benefits required by this Section 7 will occur in the following order: (i) reduction
of cash payments; (ii) reduction of vesting acceleration of equity awards;
and (iii) reduction of other benefits paid or provided to Employee.  In the event that acceleration of vesting of
equity awards is to be reduced, such acceleration of vesting will be cancelled
in the reverse order of the date of grant for Employee’s equity awards.  If two or more equity awards are granted on
the same date, each award will be reduced on a pro-rata basis.”

 

3.             Release and Non-Disparagement
Agreement.  Section 8 of the
Agreement is amended and restated as follows:

 

“8.           Release and Non-Disparagement
Agreement  As a condition to receiving the
severance payments or benefits under this Agreement, Employee will be required
to sign a waiver and release of all claims arising out of his Involuntary
Termination and employment with the Company and its subsidiaries and affiliates
and an agreement not to disparage the Company, its directors, or its executive
officers, in a form reasonably satisfactory to the Company; 

 

2

 

provided,
however, Employee will not be required to waive or release any rights related
to the Company’s indemnification obligations or that arise under the Company’s
D&O insurance coverage.  Such release
must be effective within sixty (60) days following Employee’s termination of
employment or such shorter period specified in the release (the “Release
Deadline”).  If the release of claims
does not become effective by the Release Deadline, Employee will forfeit any
rights to the severance payments and benefits under this Agreement.  No severance payments
and benefits will be paid or provided until the waiver and release
agreement becomes effective or irrevocable.”

 

4.             Entire Agreement.  This Amendment to the Amended and Restated
Change of Control/Involuntary Termination Severance Agreement (the “Amendment”) and the Agreement
constitute the full and entire understanding and agreement between the Parties
with regard to the subjects hereof and thereof. 
This Amendment may be amended at any time only by mutual written agreement
of the Parties.

 

5.             Counterparts.  This Amendment may be executed in
counterparts, all of which together shall constitute one instrument, and each
of which may be executed by less than all of the parties to this Amendment.

 

IN WITNESS WHEREOF, each of the
Parties has executed this Amendment, in the case of the Company by its duly
authorized officer, as of the 17th day of December 2008.

 

 

	
   

  	
  UTSTARCOM, INC.

  	
   

  	
  EMPLOYEE

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Mark Green

  	
   

  	
  /s/ Peter Blackmore

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  Mark Green

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  SVP, Worldwide Human Resources and Real Estate

  	
   

  	
   

  

 

3Exhibit 10.44

 

 

March 9,
2007

 

Susan
Marsch

[Address]

 

Dear
Susan:

 

I am
pleased to confirm UTStarcom’s job offer to you for the position of General Counsel with a start date of April 2, 2007. This
position reports directly to Fran Barton,
Chief Financial Officer.

 

The
key elements of this employment offer are as follows:

 

Salary: Your gross annual salary is $300,000 USD. Paydays are on the 15th and the last day of each month. Direct deposit
is available.

 

Options: We will recommend to the
Compensation Committee of our Board of Directors, at its next meeting at which
employee stock option grants are considered for approval, that you be granted
an option to purchase up to 125,000
shares of UTStarcom common stock at an exercise price equal to the fair market
value of UTStarcom common stock on the date of grant. One quarter (25%) of the
shares subject to the option will vest on the first anniversary of the date of
grant, and the remaining shares will vest in equal installments of 1/36th each
month thereafter, subject to your continuing to provide services to UTStarcom
(or one of its subsidiary companies) through each applicable vesting date.

 

Change in Control/Involuntary Termination: Upon your
commencement of employment, you will be offered a change in control agreement
(which in the event of involuntary termination following a change in control
provides for one year salary plus on target bonus, and 100% vesting of equity).
In addition, you will be offered an involuntary termination agreement, which
provides for 6 months severance pay.

 

Annual Bonus: You will be eligible for an on
target annual bonus of 35% of your
annual based salary (pro-rated for 2007). Payment is based upon mutually agreed
performance objectives determined by you and your manager and company
performance.

 

Other Benefits: As a full-time regular employee
you are eligible for employee benefits under UTStarcom Benefit Programs. Please
see attached Benefits Summary.

 

Please
be prepared to provide proof of eligibility for employment in the United States
on your first day of work, in compliance with the Immigration Reform and
Control Act (Form I-9).

 

While
we hope your employment relationship with UTStarcom will be both long and
mutually rewarding, please note that this offer letter, which supersedes any
other offers of employment, is not a promise of employment for any period of
time. You or UTStarcom may end your employment at any time, with or without
notice or cause. This offer of employment is contingent upon completion of a
criminal background check. UTStarcom reserves the right to withdraw its offer
of employment to you if the results of the criminal background check are not
satisfactory, in the sole judgment of UTStarcom.

 

As an
employee of the Company, you will be expected to abide by Company rules and
regulations. You will be expected to sign and comply with an agreement, which
requires, among other provisions, the non-disclosure of proprietary
information.

 

 

We
are pleased that you have chosen to become part of the UTStarcom team, and wish
you the very best as you begin your employment with UTStarcom. If you have any
questions about UTStarcom benefit programs, please feel free to contact Wing
Cheung at 510-749-1580.

 

Please
sign this letter to indicate your intent to accept the terms and conditions of
this offer, and please return the signed copy to my confidential fax at (510)
747-0129, no later than March 7, 2007.

 

If
you have any questions, please contact me directly at (510) 749-1577.

 

 

Sincerely,

 

 

Angela
Garcia

Senior
Recruiter

(510)
749-1577 direct

(510)
747-0129 fax

 

I
accept the terms and conditions of this offer letter, and I understand that it
replaces those of any earlier offers of employment. I further understand that
this offer letter is not an employment contract, and that my employment with
UTStarcom is at will.

 

 

	
  Signed:

  	
     /s/
  Susan Marsch

  	
   

  
	
   

  	
  Employee
  Signature

  	
   

  
	
   

  	
   

  	
   

  
	
  Print
  Name:

  	
  Susan
  Marsch

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  March
  11, 2007

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