Document:

Form of Severance Agreement with CEO

  
 Exhibit 10.43 
  
  
  
  
 PALM, INC. 
  
 MANAGEMENT RETENTION AGREEMENT 
  
 This Management Retention Agreement (the “Agreement”) is made and entered into by and between R. Todd Bradley (the “Employee”) and Palm, Inc. (the
“Company”), effective as of the latest date set forth by the signatures of the parties hereto below (the “Effective Date”). This Agreement supersedes and replaces the Management Retention Agreement dated June
10, 2001 between the Employee and the Company. 
  
  
  
  
 RECITALS 
  
 A.    It is expected
that the Company from time to time will consider the possibility of an acquisition by another company or other change of control. The Board of Directors of the Company (the “Board”) recognizes that such consideration can be a
distraction to the Employee and can cause the Employee to consider alternative employment opportunities. The Board has determined that it is in the best interests of the Company and its stockholders to assure that the Company will have the continued
dedication and objectivity of the Employee, notwithstanding the possibility, threat or occurrence of a Change of Control (as defined below) of the Company. 
  
 B.    The Board believes that it is in the best interests of the Company and its stockholders to provide the Employee with an incentive to continue his employment and to motivate
the Employee to maximize the value of the Company upon a Change of Control for the benefit of its stockholders. 
  
 C.    The Board believes that it is imperative to provide the Employee with severance benefits upon Employee’s termination of employment following a Change of Control which provides the Employee with enhanced
financial security and provides incentive and encouragement to the Employee to remain with the Company notwithstanding the possibility of a Change of Control. 
  
 D.    Certain capitalized terms used in the Agreement are defined in Section 6 below. 
  
 The parties hereto agree as follows: 
  
 1.    Term of Agreement.    This Agreement shall terminate upon the date that all obligations of the parties hereto with respect to this Agreement have been satisfied. 

 
 2.    At-Will Employment.    The Company and the Employee acknowledge that the
Employee’s employment is and shall continue to be at-will, as defined under applicable law, and may be terminated by either party at any time, with or without cause. If the Employee’s employment terminates for any reason, including
(without limitation) any termination prior to a
 

 
Change of Control, the Employee shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided by this Agreement, or as may otherwise be available in
accordance with the Company’s established employee plans or pursuant to other written agreements with the Company. 
  
 3.    Acceleration upon Change of Control.    Upon a Change of Control, 100% of the shares subject to Employee’s then outstanding options to purchase shares of the Company’s
Common Stock (the “Options”) shall immediately vest and became exercisable, but in no event shall the number of shares subject to such Options which so vest exceed the total number of shares subject to such Options. Additionally,
100% of the shares of the Company’s Common Stock then held by Employee subject to a Company repurchase right (the “Restricted Stock”) shall immediately vest and have such Company right of repurchase with respect to such shares
of Restricted Stock lapse, but in no event shall the number of shares which so vest exceed the number of shares of Restricted Stock outstanding immediately prior to the Change of Control. In all other respects, the Options and Restricted Stock shall
continue to be bound by and subject to the terms of their respective agreements. 
  
 4.    Change of Control Severance Benefits. 
  
 (a)    Involuntary Termination other than for Cause, Death or Disability or Voluntary Termination for Good Reason Following A Change of Control. If, within twelve (12) months following a Change of Control,
Employee’s employment with the Company (or any subsidiary thereof) is terminated (i) involuntarily by the Company (or any subsidiary thereof) other than for Cause, Death or Disability, or (ii) by the Employee pursuant to a Voluntary Termination
for Good Reason, then, subject to Employee entering into a standard form of mutual release of claims with the Company, the Company shall provide Employee with the following benefits upon such termination: 
  
 (i)    Severance Payment.    A lump-sum cash payment in an amount equal to two hundred
percent (200%) of the Employee’s Annual Compensation; 
  
 (ii)    Continued Employee
Benefits.    Company-paid health, dental, vision, long-term disability and life insurance coverage at the same level of coverage as was provided to such Employee immediately prior to the Change of Control and at the same
ratio of Company premium payment to Employee premium payment as was in effect immediately prior to the Change of Control (the “Company-Paid Coverage”). If such coverage included the Employee’s dependents immediately prior to
the Change of Control, such dependents also shall be covered at Company expense. Company-Paid Coverage shall continue until the earlier of (i) two years from the date of termination, or (ii) the date upon which the Employee and his dependents become
covered under another employer’s group health, dental, vision, long-term disability or life insurance plans that provide Employee and his dependents with comparable benefits and levels of coverage. For purposes of Title X of the Consolidated
Budget Reconciliation Act of 1985 (“COBRA”), the date of the “qualifying event” for Employee and his or her dependents shall be the date upon which the Company-Paid Coverage commences, and each month of Company-Paid
Coverage provided hereunder shall offset a month of continuation coverage otherwise due under COBRA; 

 
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 (iii)    Pro-Rated Bonus
Payment.    A lump-sum cash payment equal to 100% of such Employee’s target bonus as in effect for the fiscal year in which the Change of Control occurs, pro-rated by multiplying such bonus amount by a fraction, the
numerator of which shall be the number of days prior to occurrence of the Change of Control during such fiscal year, and the denominator of which shall be three-hundred and sixty-five; and 
  
 Notwithstanding the foregoing, in the event the Employee is employed by a subsidiary of the Company at the time of a Spin-Off of such subsidiary, then the Employee shall
not be deemed to have been terminated for Cause nor shall Employee be permitted to terminate his or her employment pursuant to a Voluntary Termination for Good Reason and receive the benefits provided for in this Section 4(a) as a result of such
Spin-Off, but rather the Former Subsidiary shall assume the obligations under this Agreement as provided for in Section 8. 
  
 (b)    Voluntary Resignation; Termination For Cause.    If the Employee’s employment terminates by reason of the Employee’s voluntary resignation (and is not a Voluntary
Termination for Good Reason), or if the Employee is terminated for Cause, then the Employee shall not be entitled to receive severance or other benefits except for those (if any) as may then be established under the Company’s (or any
subsidiary’s) then existing severance and benefits plans or pursuant to other written assignments with the Company (or any subsidiary thereof). 
  
 (c)    Disability; Death.    If the Employee’s employment with the Company (or any subsidiary thereof) terminates as a result of the Employee’s
Disability, or if Employee’s employment is terminated due to the death of the Employee, then the Employee shall not be entitled to receive severance or other benefits except for those (if any) as may then be established under the Company’s
(or any subsidiary’s) then existing severance and benefits plans or pursuant to other written agreements with the Company (or any subsidiary thereof). 
  
 (d)    Termination Apart from Change of Control.    In the event the Employee’s employment is terminated for any reason, either prior to the
occurrence of a Change of Control or after the twenty-four (24) month period following a Change of Control, then the Employee shall be entitled to receive severance and any other benefits only as may then be established under the Company’s (or
any subsidiary’s) existing severance and benefits plans or pursuant to other written agreements with the Company. 
  
 5.    Golden Parachute Excise Tax. 
  
 (a)    In the
event it shall be determined that any payment or distribution by the Company or other amount with respect to the Company to or for the benefit of the Employee, whether paid or payable or distributed or distributable pursuant to the terms of this
Agreement or otherwise, but determined without regard to any additional payments required under this Section 5 (a “Payment”), is (or will be) subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as
amended (the “Code”) or any interest or penalties are (or will be) incurred by the Employee with respect to the excise tax imposed by Section 4999 of the Code with respect to the Company (the excise tax, together with any interest
and penalties, are hereinafter collectively referred to as the “Excise Tax”), the Employee shall be entitled to receive an additional cash payment (a “Gross-Up Payment”) from the Company in an amount equal to the
sum of the 

 
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 Excise Tax and an amount sufficient to pay the cumulative Excise Tax and all cumulative income taxes (including any interest and penalties
imposed with respect to such taxes) relating to the Gross-Up Payment so that the net amount retained by the Employee is equal to all payments to which Employee is entitled pursuant to the terms of this Agreement (excluding the Gross-Up Payment) or
otherwise less income taxes (but not reduced by the Excise Tax or by income taxes attributable to the Gross-Up Payment). 
  
 (b)    Subject to the provisions of subsection (c) of this Section 5, all determinations required to be made under this Section 5, including whether and when a Gross-Up Payment is required and the amount of such
Gross-Up Payment and the assumptions to be utilized in arriving at the determination, shall be made by a nationally recognized certified public accounting firm selected by the Company with the consent of the Employee, which should not unreasonably
be withheld (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Company and the Employee within 30 days after the receipt of notice from the Employee that there has been a Payment, or such
earlier time as is requested by the Company. All fees and expenses of the Accounting Firm shall be borne solely by the Company. The Company, as determined in accordance with this Section 5, shall pay any Gross-Up Payment to the Employee within five
days after the receipt of the Accounting Firm’s determination. If the Accounting Firm determines that no Excise Tax is payable by the Employee, it shall so indicate to the Employee in writing. Any determination by the Accounting Firm shall be
binding upon the Company and the Employee. As a result of uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm, it is possible that Gross-Up Payments that the Company should have
made will not have been made (an “Underpayment”), consistent with the calculations required to be made hereunder. In the event the Company exhausts its remedies in accordance with subsection (c) of this Section 5 and the Employee
thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of Underpayment that has occurred and the Underpayment shall be promptly paid by the Company to or for the benefit of the Employee.

  
 (c)    The Employee shall notify the Company in writing of any claim by the Internal Revenue
Service that, if successful, would require a Gross-Up Payment (that has not already been paid by the Company). The notification shall be given as soon as practicable but no later than ten business days after the Employee is informed in writing of
the claim and shall apprise the Company of the nature of the claim and the date on which the claim is requested to be paid. The Employee shall not pay the claim prior to the expiration of the 30-day period following the date on which the Employee
gives notice to the Company or any shorter period ending on the date that any payment of taxes with respect to the claim is due. If the Company notifies the Employee in writing prior to the expiration of the 30-day period that it desires to contest
the claim, the Employee shall: 
  
 (i)    give the Company any information reasonably requested
by the Company relating to the claim; 
  
 (ii)    take any action in connection with contesting
the claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to the claim by an attorney reasonably selected by the Company; 

 
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 (iii)    cooperate with the Company in good faith in order effectively to contest the claim; and

  
 (iv)    permit the Company to participate in any proceedings relating to the claim.

  
 The Company shall bear and pay directly all costs and expenses (including additional interest and penalties)
incurred in connection with the contest and shall indemnify and hold the Employee harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of the representation and
payment of costs and expenses. Without limitation of the forgoing provisions of this Section 5, the Company shall control all proceedings taken in connection with the contest and, at its sole option, may pursue or forego any and all administrative
appeals, proceedings, hearings, and conferences with the taxing authority in respect of the claim and may, at its sole option, either direct the Employee to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and
the Employee agrees to prosecute the contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine. If the Company directs the Employee to pay
the claim and sue for a refund, the Company shall advance the amount of the payment to the Employee, on an interest-free basis, and shall indemnify and hold the Employee harmless, on an after-tax basis, from any Excise Tax or income tax (including
interest or penalties with respect thereto) imposed with respect to the advance or with respect to any imputed income with respect to the advance; and any extension of the statute of limitations relating to payment of taxes for the taxable year of
the Employee with respect to which the contested amount is claimed to be due shall be limited solely to the contested amount. The Company’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be
payable hereunder and the Employee shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 
  
 (d)    If, after the receipt by the Employee of an amount advanced by the Company pursuant to subsection (c) of this Section 5, the Employee becomes
entitled to receive any refund with respect to the claim, the Employee shall, subject to the Company’s compliance with the requirements of subsection (c) of this Section 5, promptly pay to the Company the amount of the refund (together with any
interest paid or credited thereon after taxes applicable thereto). If, after the receipt by the Employee of an amount advanced by the Company pursuant to subsection (c) of this Section 5, a determination is made that the Employee shall not be
entitled to any refund with respect to the claim and the Company does not notify the Employee in writing of its intent to contest the denial of refund prior to the expiration of 30 days after the determination, then the advance shall be forgiven and
shall not be required to be repaid and the amount of the advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 
  
 6.    Definition of Terms.    The following terms referred to in this Agreement shall have the following meanings: 
  
 (a)    Annual Compensation.    “Annual Compensation” shall mean an amount
equal to the sum of (i) the Employee’s Company annual base salary as in effect immediately preceding the Change of Control, and (ii) 100% of the Employee’s Target Bonus. 

 
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 (b)    Target
Bonus.    “Target Bonus” shall mean Employee’s annual bonus, assuming 100% “on target” satisfaction of any objective or subjective performance milestones. 
  
 (c)    Cause.    “Cause” shall mean (i) an act of personal dishonesty
taken by the Employee in connection with his responsibilities as an employee and intended to result in substantial personal enrichment of the Employee, (ii) Employee being convicted of a felony, (iii) a willful act by the Employee which constitutes
gross misconduct and which is injurious to the Company (or any subsidiary thereof that employs the Employee at such time), (iv) following delivery to the Employee of a written demand for performance from the Company (or any subsidiary thereof that
employs the Employee at such time) which describes the basis for the Company’s (or any subsidiary’s) reasonable belief that the Employee has not substantially performed his duties, continued violations by the Employee of the
Employee’s obligations to the Company (or any subsidiary thereof that employs the Employee at such time) which are demonstrably willful and deliberate on the Employee’s part. 
  
 (d)    Change of Control.    “Change of Control” means the occurrence of any of the following events:

  
 (i)    Any “person” (as such term is used in Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934, as amended) becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total
voting power represented by the Company’s then outstanding voting securities; or 
  
 (ii)    The consummation of the sale or disposition by the Company of all or substantially all the Company’s assets; or 
  
 (iii)    The consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of
the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the total voting power represented by
the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or 
  
 (iv)    A change in the composition of the Board occurring within a two-year period, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors”
shall mean directors who either (A) are directors of the Company as of the date upon which this Agreement was entered into, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of those
directors whose election or nomination was not in connection with any transaction described in subsections (i), (ii), or (iii) above, or in connection with an actual or threatened proxy contest relating to the election of directors to the Company;
or 
  
 (v)    The sale or disposition to third parties (other than pursuant to a spin-off or
similar transaction) by the Company of all or substantially all of any of the Carrier, PCBU, Enterprise, Palm or comparable business units; provided, however, that such transactions shall only 

 
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 constitute a “Change of Control” under this Agreement with respect to the Section 16 executive officers working primarily for the sold
or disposed business unit immediately prior to the effective date of the Change of Control who are not offered a comparable position within the Company. 
  
 (e)    Disability.    “Disability” shall mean that the Employee has been unable to perform his duties as an employee of the Company (or
any subsidiary thereof that employs the Employee at such time) as the result of his incapacity due to physical or mental illness, and such inability, at least 26 weeks after its commencement, is determined to be total and permanent by a physician
selected by the Company or its insurers and acceptable to the Employee or the Employee’s legal representative (such agreement as to acceptability not to be unreasonably withheld). Termination resulting from Disability may only be effected after
at least 30 days’ written notice by the Company (or any subsidiary thereof that employs the Employee at such time) of its intention to terminate the Employee’s employment. In the event that the Employee resumes the performance of
substantially all of his duties hereunder before the termination of his employment becomes effective, the notice of intent to terminate shall automatically be deemed to have been revoked. 
  
 (f)    Former Subsidiary.    “Former Subsidiary” shall mean any former subsidiary of the Company that ceases
to be as such due to a Spin-Off. 
  
 (g)    Spin-Off.    “Spin-Off” shall mean the distribution of the securities of a subsidiary of the Company to the Company’s stockholders at a time when the Company
owns at least 80% of such subsidiary’s securities. 
  
 (h)    Voluntary Termination for
Good Reason.    “Voluntary Termination for Good Reason” shall mean the Employee voluntarily resigns after the occurrence of any of the following: (i) without the Employee’s express written consent, a
material reduction of the Employee’s duties, title, authority or responsibilities, relative to the Employee’s duties, title, authority or responsibilities as in effect immediately prior to such reduction, or the assignment to Employee of
such reduced duties, title, authority or responsibilities; provided, however, that a reduction in duties, title, authority or responsibilities solely by virtue of the Company being acquired and made part of a larger entity (as, for example, when the
senior vice-president of a business unit of the Company remains as such following a Change of Control) shall not by itself constitute grounds for a “Voluntary Termination for Good Reason;” (ii) without the Employee’s express written
consent, a material reduction, without good business reasons, of the facilities and perquisites (including office space and location) available to the Employee immediately prior to such reduction; (iii) a reduction by the Company in the base salary
of the Employee as in effect immediately prior to such reduction; (iv) a material reduction by the Company in the aggregate level of employee benefits, including bonuses, to which the Employee was entitled immediately prior to such reduction with
the result that the Employee’s aggregate benefits package is materially reduced (other than a reduction that generally applies to Company employees); (v) the relocation of the Employee to a facility or a location more than thirty-five (35)
miles from the Employee’s then present location, without the Employee’s express written consent; (vi) the failure of the Company to obtain the assumption of this agreement by any successors contemplated in Section 8(a) below; or (vii) any
act or set of facts or circumstances which would, under California case law or statute constitute a constructive termination of the Employee. 

 
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 7.    Non-Solicitation.    In
consideration for the severance benefits Employee is to receive herein, if any, Employee agrees that he or she will not, at any time during the one year following his or her termination date, directly or indirectly solicit any individuals to leave
the Company’s (or any of its subsidiaries’) employ for any reason or interfere in any other manner with the employment relationships at the time existing between the Company (or any of its subsidiaries) and its current or prospective
employees. 
  
 8.    Assignment. 
  

(a)    Company’s Successors / Former Subsidiary. Any successor to the Company (whether direct or indirect and whether by purchase,
merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets or any Former Subsidiary shall assume the obligations under this Agreement and agree expressly to perform the obligations under
this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term Company shall include (i) any successor to the
Company’s business and/or assets which executes and delivers the assumption agreement described in this Section 8(a) or which becomes bound by the terms of this Agreement by operation of law, (ii) a Former Subsidiary. 
  
 (b)    Employee’s Successors. The terms of this Agreement and all rights of the Employee hereunder shall
inure to the benefit of, and be enforceable by, the Employee’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
  
 9.    Notice. 
  
 (a)    General. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or one day following mailing via
Federal Express or similar overnight courier service. In the case of the Employee, mailed notices shall be addressed to him at the home address which he most recently communicated to the Company in writing. In the case of the Company, mailed notices
shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary. 
  
 (b)    Notice of Termination. Any termination of the Employee by the Company (or any subsidiary thereof that employs the Employee at such time) for Cause or by the Employee pursuant to a Voluntary
Termination for Good Reason as contemplated by Section 4(a) shall be communicated by a notice of termination to the other party hereto given in accordance with Section 9(a) of this Agreement. Such notice shall indicate the specific termination
provision in this Agreement relied upon, shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and shall specify the termination date (which shall be not more
than 30 days after the giving of such notice). The failure by the Employee to include in the notice any fact or circumstance which contributes to a showing of Voluntary Termination for Good Reason shall not waive any right of the Employee hereunder
or preclude the Employee from asserting such fact or circumstance in enforcing his rights hereunder. 

 
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 10.    Miscellaneous Provisions. 

 
 (a)    No Duty to Mitigate.    The Employee shall not be required to mitigate
the value of any benefits contemplated by this Agreement, nor shall any such benefits be reduced by any earnings or benefits that the Employee may receive from any other source. 
  
 (b)    Waiver.    No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or
discharge is agreed to in writing and signed by the Employee and by two authorized officers of the Company (other than the Employee). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by
the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 
  
 (c)    Whole Agreement.    No agreements, representations or understandings (whether oral or written and whether express or implied), which are not expressly set forth in this
Agreement[, other than the employment offer letter dated May 29, 2001], have been made or entered into by either party with respect to the subject matter hereof. This Agreement [and the offer letter] represent[s] the entire understanding of
the parties hereto with respect to the subject matter hereof and supersede[s] all prior arrangements and understandings regarding same, including (but not limited to) the Management Retention Agreement dated June 10, 2001 between the
Employee and the Company. 
  
 (d)    Choice of Law.    The validity,
interpretation, construction and performance of this Agreement shall be governed by the laws of the State of California (without reference to its conflicts of law provisions). 
  
 (e)    Severability.    The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect
the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 
  
 (f)    Counterparts.    This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument.

  
 [Remainder of Page Intentionally Left Blank] 

 
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 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case
of the Company by its duly authorized officer, as of the day and year set forth below. 
  
  
 
	 COMPANY
 	 	  	 	 PALM, INC.
 
	 
	  	 	  	 	  	 	 By:
 	 	 /s/    ERIC A. BENHAMOU
 

	  	 	  	 	  	 	  	 	 Eric Benhamou
 
	 
	  	 	  	 	  	 	 Title:
 	 	 Chairman of the Board and Interim Chief Executive Officer
 
	 
	  	 	  	 	  	 	 Date:
 	 	 September 17, 2002
 

	 
	 EMPLOYEE
 	 	  	 	  	 	 /s/    RICHARD TODD BRADLEY
 

	 
	  	 	  	 	  	 	 Date:
 	 	 September 12, 2002Form of Severance Agreement for Executive Officers

 Exhibit 10.44 
  
 PALM, INC. 
  
 FORM OF SEVERANCE AGREEMENT FOR EXECUTIVE OFFICERS 

 
 This Agreement is made by and between Palm, Inc. (the “Company”), and you, NAME as
of                     (the “Effective Date”). For purposes of this Agreement, the “Company” shall include any parent or
subsidiary of the Company, unless the context clearly requires otherwise. 
  
 This Agreement is intended to strongly
encourage you to remain with the Company by providing you with certain severance benefits in the event that your employment with the Company terminates under certain circumstances. This Agreement also is intended to provide you with enhanced
financial security in recognition of your past and future service to the Company. 
  
 1.    Eligibility for Severance Benefits.    You will be entitled to the payments and benefits described in Section 2 only if: (a) either (1) the Company terminates your employment for a
reason other than Cause, death or Disability, or (2) you voluntarily terminate your employment with the Company for Good Reason, and (b) you both (1) sign and deliver to the Company a Release of Claims satisfactory to the Company, and (2) comply
with all of the terms of this Agreement, including (but not limited to) Section 7 regarding Non-Solicitation of Employees; provided, however, that in the event you are employed by a subsidiary of the Company that is involved in a Spin-Off (as
defined in Section 8), then you shall not be deemed to have been terminated for Cause nor shall you be permitted to terminate for Good Reason and receive the benefits described hereunder on account of the Spin-Off, but rather such subsidiary shall
be deemed to be a successor of the Company (as determined under Section 8) and this Agreement shall inure to the benefit of the parties described in Section 8. Notwithstanding the preceding, if your termination of employment would qualify you for
payments and benefits under your Management Retention Agreement with the Company dated                 , you will receive neither the payments nor the benefits described
in Section 2. Instead, you will receive the payments and benefits to which you are entitled under your Management Retention Agreement. 
  
 2.    Severance Benefits.    If you meet the eligibility requirements described in Section 1, you will receive the following. 
  
 (a)    Lump Sum Payments.    You will receive a lump sum payment equal to 100% of your
annual base salary in effect immediately prior to the date of your termination of employment (the “Termination Date”). The payments will be made on the Termination Date. 
  
 (b)    Option Vesting.    Any shares covered by Company stock options, whether granted to you before, on or after the
Effective Date) that are unvested and unexpired on the Termination Date, except for options that vest solely upon the achievement of a performance objective or objectives or options that have their vesting accelerate upon the achievement of a
performance objective or objectives, will become fully vested and exercisable on the Termination Date if the shares otherwise would have vested (solely by virtue of your continued employment with the Company and not, directly or indirectly, due to a
change of control of the Company) during the one-year period commencing on the Termination Date. Any other unvested options will be forfeited on the Termination Date. 
  
 (c)    Lapse of Restrictions on Restricted Stock.    Fifty percent of any shares of stock that you have purchased from the
Company that remain subject to a right of repurchase on the Termination Date will vest on the Termination Date and the Company’s right of repurchase will terminate on that date, except for shares that vest and have the Company’s right of
repurchase terminate solely upon the achievement of a performance objective or objectives or shares that have their vesting accelerate and have the Company’s right of repurchase terminate upon the achievement of a performance objective or
objectives. 
  
 (d)    Other Benefits.    The Company will provide you
with health, dental and vision benefits coverage during the one-year period beginning on the Termination Date, but only if you elect continuation coverage 

  
 under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), within
the time period prescribed pursuant to COBRA. For the duration of the one-year period, the Company will pay the COBRA premiums otherwise payable by you (and your eligible dependents). After the one-year period, you will be responsible for the
payment of any COBRA premiums. The Company will not reimburse you for any taxable income imputed to you because the Company has paid your COBRA premiums (or those of your eligible dependents). 
  

(e)    Accrued Wages and Paid-Time Off; Expenses.    The Company will pay you: (1) any unpaid base salary due for
periods prior to the Termination Date, (2) all of your accrued and unused paid-time off (“PTO”) through the Termination Date, and (3) following your submission of proper expense reports, the total unreimbursed amount of all expenses
incurred by you in your duties of employment with the Company that are reimbursable in accordance with the Company’s then-existing policies. These payments will be made promptly upon your employment termination and within the period of time
mandated by law. 
  
 3.    Other Terminations of Employment.    If
your employment with the Company is terminated by the Company for Cause, death or Disability, or if you voluntarily terminate your employment other than for Good Reason, you will not be entitled to receive any of the payments or benefits described
in Section 2 of this Agreement. However, you may be eligible for benefits under the Company’s severance and benefit plans and policies on the Termination Date. In addition, the Company will pay you: (1) any unpaid base salary due for periods
prior to the Termination Date, (2) all of your accrued and unused PTO through the Termination Date, and (3) following your submission of proper expense reports, the total unreimbursed amount of all expenses incurred by you in your duties of
employment with the Company that are reimbursable in accordance with the Company’s then-existing policies. These payments will be made promptly upon your employment termination and within the period of time mandated by law. 

 
 4.    Definition of Terms.    The following terms used to in this Agreement
shall have the following meanings: 
  
 (a)    Cause.    “Cause” means (1) your failure to perform the duties of your position (as they may exist from time to time) to the reasonable satisfaction of the
Company’s Chief Executive Officer after receipt of a written warning; (2) any act of dishonesty taken in connection with your responsibilities as an employee that is intended to result in your substantial personal enrichment; (3) your
conviction or plea of no contest to a crime that negatively reflects on your fitness to perform your duties or harms the Company’s reputation or business; (4) willful misconduct by you that is injurious to the Company’s reputation or
business; or (5) your willful violation of a material Company employment policy. For purposes of determining whether Cause exists, an act or failure to act will be deemed “willful” only if effected not in good faith or without reasonable
belief that the action or failure to act was in the best interests of the Company. 
  
 (b)    Disability.    “Disability” means your being unable to perform the principal functions of your duties due to a physical or mental impairment, but only if such inability
has lasted or is reasonably expected to last for at least six months. The Company will determine whether a Disability exists based on evidence provided by one or more physicians approved by the Company. 
  
 (c)    Good Reason.    “Good Reason” means, without your written consent: (1)
your being assigned to duties by the Company that are substantially inconsistent with your training, education and professional experience; (2) your principal work location being moved more than 60 miles from its location on the Effective Date; (3)
the Company reducing your aggregate base salary and target bonus opportunity (“Base Compensation”) below your Base Compensation on the Effective Date; or (4) the Company’s failure to provide substantially comparable benefits in the
aggregate to those provided to similarly situated employees of the Company. 
  
 (d)    Release
of Claims.    “Release of Claims” means a waiver by you of all employment-related obligations of the Company and all claims and causes of action against the Company. 
  
 5.    Term of Agreement.    This Agreement will have an initial term of one year. On each
annual anniversary of he Effective Date, this Agreement automatically will renew for an additional term of one year unless at 

 
 2 

  
 least six months prior to such anniversary, you or the Company gives the other party written notice that
the Agreement will not be renewed. If you have a termination of employment that entitles you to receive the payments and benefits descried in Section 2, this Agreement will not terminate until all of your and the Company’s obligations under the
Agreement have been satisfied. If you have a termination of employment that does not entitle you to receive the payments and benefits descried in Section 2, this Agreement will terminate on the date you terminate employment. 
  
 6.    At-Will Employment.    The Company and you acknowledge that your employment is and
will continue to be at-will, as defined under applicable law. 
  
 7.    Non-Solicitation of
Employees.    You agree that for a period of one year following the Termination Date, you will not either directly or indirectly solicit, induce, recruit or encourage any of the Company’s employees to leave their
employment, or take away such employees, or attempt to solicit, induce, recruit, encourage, take away or hire employees of the Company, either for yourself or any other person or entity. 
  
 8.    Assignment.    This Agreement will be binding upon and become of advantage to (a) your heirs, executors and legal
representatives upon your death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means (i)
any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company, or (ii) any former subsidiary of
the Company that ceases to be as such as the result of the Company distributing the securities of such subsidiary to the Company’s stockholders (a “Spin-Off”). None of your rights to receive any form of compensation payable pursuant
to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment, transfer, conveyance or other disposition of your right to compensation or other benefits will be null and void.

  
 9.    Notices. 
  
 (a)    General.    All notices, requests, demands and other communications called for by this Agreement will be in writing
and will be deemed given (1) on the date of delivery if delivered personally, (2) one day after being sent by a well established commercial overnight service, or (3) four days after being mailed by registered or certified mail, return receipt
requested, prepaid and addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing: 
  
 If to the Company: 
  
 Palm, Inc. 
 5470 Great America Parkway 
 Santa Clara, CA 95052 
  
 Attn: General Counsel

  
 If to you: 
  
 at your last residential address known by the Company. 
  
 (b)    Notice of Termination.    Any termination by the Company for Cause or by you for Good Reason must be communicated by a notice of termination to the
other party. The notice will indicate the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and
will specify the date of your employment termination (which will not be more than 30 days after the giving of such notice). Any failure on your part to include in the notice any fact or circumstance which contributes to a showing of Good Reason will
not waive any of your rights under this Agreement or prevent you from asserting that fact or circumstance in enforcing this Agreement. 

 
 3 

  
 10.    Severability.    In the
event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision. 
  
 11.    Entire Agreement.    This Agreement, your Management Retention Agreement and the
agreements evidencing any Company stock options and restricted stock granted to you represent the entire agreement and understanding between the Company and you concerning your severance arrangements with the Company or any of its subsidiaries, and
supersedes and replaces any and all prior agreements and understandings concerning your severance arrangements with the Company. 
  
 12.    Arbitration. 
  
 (a)    General.    In consideration of your service to the Company, its promise to arbitrate all employment related disputes and your receipt of the compensation, pay raises and other
benefits paid to you by the Company, at present and in the future, you agree that any and all controversies, claims, or disputes with anyone (including the Company and any employee, officer, director, shareholder or benefit plan of the Company in
their capacity as such or otherwise) arising out of, relating to, or resulting from your service to the Company under this Agreement or otherwise or the termination of your service with the Company, including any breach of this Agreement, shall be
subject to binding arbitration under the Arbitration Rules set forth in California Code of Civil Procedure Section 1280 through 1294.2, including Section 1283.05 (the “Rules”) and pursuant to California law. Disputes which you agree to
arbitrate, and thereby agree to waive any right to a trial by jury, include any statutory claims under state or federal law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act
of 1990, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the California Fair Employment and Housing Act, the California Labor Code, claims of harassment, discrimination or wrongful termination and any
statutory claims. You further understand that this Agreement to arbitrate also applies to any disputes that the Company may have with you. 
  
 (b)    Procedure.    You agree that any arbitration will be administered by the American Arbitration Association (“AAA”) and that a neutral arbitrator will be selected
in a manner consistent with its National Rules for the Resolution of Employment Disputes. The arbitration proceedings will allow for discovery according to the rules set forth in the National Rules for the Resolution of Employment Disputes or
California Code of Civil Procedure. You agree that the arbitrator shall have the power to decide any motions brought by any party to the arbitration, including motions for summary judgment and/or adjudication and motions to dismiss and
demurrers, prior to any arbitration hearing. You agree that the arbitrator shall issue a written decision on the merits. You also agree that the arbitrator shall have the power to award any remedies, including attorneys’ fees and costs,
available under applicable law. You understand the Company will pay for any administrative or hearing fees charged by the arbitrator or AAA except that you shall pay the first $200.00 of any filing fees associated with any arbitration you initiate.
You agree that the arbitrator shall administer and conduct any arbitration in a manner consistent with the Rules and that to the extent that the AAA’s National Rules for the Resolution of Employment Disputes conflict with the Rules, the Rules
shall take precedence. 
  
 (c)    Remedy.    Except as provided by the
Rules, arbitration shall be the sole, exclusive and final remedy for any dispute between you and the Company. Accordingly, except as provided for by the Rules, neither you nor the Company will be permitted to pursue court action regarding claims
that are subject to arbitration. Notwithstanding, the arbitrator will not have the authority to disregard or refuse to enforce any lawful Company policy, and the arbitrator shall not order or require the Company to adopt a policy not otherwise
required by law which the Company has not adopted. 
  
 (d)    Availability of Injunctive
Relief.    In addition to the right under the Rules to petition the court for provisional relief, you agree that any party may also petition the court for injunctive relief where either party alleges or claims a violation of
this Agreement or any other agreement regarding trade secrets, confidential information, nonsolicitation or Labor Code §2870. In the event either party seeks injunctive relief, the prevailing party shall be entitled to recover reasonable costs
and attorneys fees. 

 
 4 

  
 (e)    Administrative
Relief.    You understand that this Agreement does not prohibit you from pursuing an administrative claim with a local, state or federal administrative body such as the Department of Fair Employment and Housing, the Equal
Employment Opportunity Commission or the workers’ compensation board. This Agreement does, however, preclude you from pursuing court action regarding any such claim. 
  
 (f)    Voluntary Nature of Agreement.    You acknowledge and agree that you are executing this Agreement voluntarily and
without any duress or undue influence by the Company or anyone else. You further acknowledge and agree that you have carefully read this Agreement and that you have asked any questions needed for you to understand the terms, consequences and binding
effect of this Agreement and fully understand it, including that you are waiving your right to a jury trial. Finally, you agree that you have been provided an opportunity to seek the advice of an attorney of your choice before signing this
Agreement. 
  
 13.    No Oral Modification, Cancellation or
Discharge.    This Agreement may be changed or terminated only in writing (signed by you and an authorized officer of the Company). 
  
 14.    Withholding.    The Company is authorized to withhold, or cause to be withheld, from any payment or benefit under this Agreement the full amount of
any applicable withholding taxes. 
  
 15.    Governing Law.    This
Agreement will be governed by the laws of the State of California (with the exception of its conflict of laws provisions). 
  
 16.    Acknowledgment.    You acknowledge that you have had the opportunity to discuss this matter with and obtain advice from your private attorney, have had sufficient time to, and
have carefully read and fully understand all the provisions of this Agreement, and are knowingly and voluntarily entering into this Agreement. 
  
 IN WITNESS WHEREOF, the undersigned have executed this Agreement on the respective dates set forth below: 
  
 [NAME OF EXECUTIVE] 
  
 
	  
 
	 	  	 	 Date:
 	 	  
 

	  
 PALM, INC.
 	 	  	 	  	 	  
	  
 
	 	  	 	 Date:
 	 	  
 

 
 Name: 
 Title: 

 
 5

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