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Exhibit 10.21    
    

 
 

IKANOS COMMUNICATIONS, INC.    
    
    CHANGE OF CONTROL AGREEMENT    
    

        This Change of Control Agreement (the "Agreement") is made and entered into by and between Anoop Khurana ("Executive") and Ikanos Communications, Inc. (the
"Company"), effective as of August 23, 2005 (the "Effective Date"). 

 
 

RECITALS    
    

        1.     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 believes that
it is in the best interests of the Company and its stockholders to provide Executive with certain rights following a Change of Control (as defined below). 

        2.     Certain
capitalized terms used in the Agreement are defined in Section 4 below. 

 
 

AGREEMENT    
    

        NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows: 

        1.    Term of Agreement.    This Agreement will terminate upon the date that all of the obligations of the parties
hereto with respect to this Agreement have been satisfied, or, if earlier, on the date prior to a Change of Control in which Executive is no longer employed by the Company. 

        2.    At-Will Employment.    The Company and Executive acknowledge that Executive's employment is and will
continue to be at-will, as defined under applicable law. 

        3.    Treatment of Options Following a Change of Control.    If within twelve (12) months following a Change of
Control: (i) Executive resigns from his employment with the Company (or any parent or subsidiary of the Company) for Good Reason or (ii) the Company (or any parent or subsidiary of the
Company) terminates Executive's employment without Cause, and Executive signs and does not revoke a release of claims with the Company in a form acceptable to the Company, then: 

        Twenty-five
percent (25%) of all unvested shares subject to Executive's then outstanding options to purchase shares of the Company's common stock, granted pursuant to the
Company's 1999 Stock Plan or other employee stock incentive arrangements approved by the Company's Board of Directors, shall become fully vested and exercisable  as of the date of such termination. Such
vested options will remain exercisable following such termination for the period prescribed in the respective
option agreements. 

        4.    Definition of Terms.    The following terms referred to in this Agreement will have the following meanings: 

        (a)    Cause.    "Cause" means: (i) Executive's failure to perform his assigned duties or responsibilities
after notice thereof from the Company describing Executive's failure to perform such duties or responsibilities; (ii) Executive engaging in any act of dishonesty, fraud or misrepresentation;
(iii) Executive's violation of any federal or state law or regulation applicable to the Company's business; (iv) Executive's breach of any confidentiality agreement or invention
assignment agreement between Executive and the Company; or (v) Executive being convicted of, or entering a plea of nolo contendere to, any crime
or committing any act of moral turpitude. 

        (b)    Change of Control.    a "Change of Control" means either (i) the acquisition of the Company by another
entity by means of any transaction or series of related transactions (including, 

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without
limitation, any reorganization, merger or consolidation or stock transfer, but excluding any such transaction effected primarily for the purpose of changing the domicile of the Company),
unless the Company's stockholders of record immediately prior to such transaction or series of related transactions hold, immediately after such transaction or series of related transactions, at least
50% of the voting power of the surviving or acquiring entity (provided that the sale by the Company of its securities for the purposes of raising additional funds shall not constitute a Change of
Control hereunder); or (ii) a sale of all or substantially all of the assets of the Company. 

        (c)    Good Reason.    "Good Reason" shall mean in connection with a Change of Control and without Executive's express
written consent (i) a reduction of Executive's duties, position or responsibilities; (ii) a reduction by the Company in the base salary, as may be applicable, of Executive as in effect
immediately prior to such reduction; (iii) a material reduction by the Company in the kind or level of employee benefits to which Executive is entitled immediately prior to such reduction with
the result that Executive's overall benefits package is significantly reduced; or (iv) the relocation of Executive to a facility or a location more than 50 miles from Executive's then present
location. 

        5.    Successors.    

        (a)    The Company's Successors.    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 will 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" will include any successor to the Company's business and/or assets which executes and delivers the assumption agreement described in this Section 5(a) or which
becomes bound by the terms of this Agreement by operation of law. 

        (b)    Executive's Successors.    The terms of this Agreement and all rights of Executive hereunder will inure to the
benefit of, and be enforceable by, Executive's personal or legal representatives, executors, administrators, successors, heirs, distributes, devisees and legatees. 

        6.    Notice.    

        (a)    General.    Notices and all other communications contemplated by this Agreement will be in writing and will be
deemed to have been duly given when personally delivered or when mailed by U.S. registered or
certified mail, return receipt requested and postage prepaid. In the case of Executive, mailed notices will 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 will be addressed to its corporate headquarters, and all notices will be directed to the attention of its President. 

        (b)    Notice of Termination.    During the twelve (12) month period following a Change of Control, any
termination of employment by the Company for Cause or by Executive for Good Reason will be communicated by a notice of termination to the other party hereto given in accordance with
Section 6(a) of this Agreement. Such notice will set forth in reasonable detail the facts and circumstances claimed to provide a basis for such termination, and will specify the termination
date (which will be not more than thirty (30) days after the giving of such notice). The failure by Executive to include in the notice any fact or circumstance which contributes to a showing of
Good Reason will not waive any right of Executive hereunder or preclude Executive from asserting such fact or circumstance in enforcing his rights hereunder. 

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        7.    Miscellaneous Provisions.    

        (a)    Waiver.    No provision of this Agreement will be modified, waived or discharged unless the modification,
waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance
with, any condition or provision of this Agreement by the other party will be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

        (b)    Headings.    All captions and section headings used in this Agreement are for convenient reference only and do
not form a part of this Agreement. 

        (c)    Entire Agreement.    This Agreement constitutes the entire agreement of the parties hereto and supersedes in
their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the parties with respect to the subject matter
hereof. 

        (d)    Choice of Law.    The validity, interpretation, construction and performance of this Agreement will be governed
by the laws of the State of California (with the exception of its conflict of laws provisions). 

        (e)    Severability.    The invalidity or unenforceability of any provision or provisions of this Agreement will not
affect the validity or enforceability of any other provision hereof, which will remain in full force and effect. 

        (f)    Counterparts.    This Agreement may be executed in counterparts, each of which will be deemed an original, but
all of which together will constitute one and the same instrument. 

[Signature
Page Follows] 

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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	 	IKANOS COMMUNICATIONS, INC.
	

 	
 	

By:	
 	

/s/  RAJESH VASHIST      
 Rajesh Vashist
	

 	
 	

Title:	
 	

President and CEO
	

EXECUTIVE	
 	

 	
 	

/s/  ANOOP KHURANA      
 Anoop Khurana

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Exhibit 10.21

IKANOS COMMUNICATIONS, INC. CHANGE OF CONTROL AGREEMENT

RECITALS

AGREEMENTQuickLinks
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Exhibit 10.22    
    

 
 

IKANOS COMMUNICATIONS    
    
    VASHIST EMPLOYMENT AGREEMENT    
    

        This Vashist Employment Agreement (the "Agreement") is entered into as of August 31, 2005 (the
"Effective Date") by and between Ikanos Communications (the "Company"), and Rajesh Vashist
("Executive"). 

        1.    Duties and Scope of Employment.    

        (a)    Positions and Duties.    As of the Effective Date, Executive will continue to serve as Chief Executive Officer
of the Company. Executive will render such business and professional services in the performance of his duties, consistent with Executive's position within the Company, as will reasonably be assigned
to him by the Company's Board of Directors (the "Board"). The Board may modify Executive's job title and duties as it deems necessary and appropriate in
light of the Company's needs and interests from time to time. The period of Executive's employment under this Agreement is referred to herein as the "Employment
Term." 

        (b)    Obligations.    During the Employment Term, Executive will perform his duties faithfully and to the best of his
ability and will devote his full business efforts and time to the Company. For the duration of the Employment Term, Executive agrees not to actively engage in any other employment, occupation or
consulting activity for any direct or indirect remuneration without the prior approval of the Board, which approval will not be unreasonably withheld. 

        2.    At-Will Employment.    The parties agree that Executive's employment with the Company will be
"at-will" employment and may be terminated at any time with or without cause or notice. Executive understands and agrees that neither his job performance nor promotions, commendations,
bonuses or the like from the Company give rise to or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of his employment with the Company. However,
as described in this Agreement, Executive may be entitled to severance benefits depending upon the circumstances of Executive's termination of employment. 

        3.    Compensation.    

        (a)    Base Salary.    During the Employment Term, the Company will pay Executive an annual salary of $215,000.00 as
compensation for his services (the "Base Salary"). The Base Salary will be paid periodically in accordance with the Company's normal payroll practices
and be subject to the usual, required withholding. Executive's salary will be subject to review and adjustments will be made based upon the Company's standard practices. 

        (b)    Bonus.    Executive will eligible to receive a target bonus equal to 50% of Executive's Base Salary for the
Company's fiscal year 2005, which will be pro-rated for the portion of the fiscal year during which Executive did not serve as the Company's Chief Executive Officer, based on achievement
of performance goals established by the Compensation Committee of the Board (the "Committee"). For subsequent fiscal years, the Committee will determine
Executive's target bonus opportunity and the criteria for earning such bonus following consultation with Executive. 

        (c)    Equity.    Executive will be eligible to receive awards of stock options, restricted stock or other equity
awards pursuant to any plans or arrangements the Company may have in effect from time to time. The Committee will determine in its discretion whether Executive will be granted any such equity awards
and the terms of any such award in accordance with the terms of any applicable plan or arrangement that may be in effect from time to time. 

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        4.    Employee Benefits.    During the Employment Term, Executive will be entitled to participate in the employee
benefit plans currently and hereafter maintained by the Company of general applicability to other senior executives of the Company. The Company reserves the right to cancel or change the benefit plans
and programs it offers to its employees at any time. 

        5.    Vacation.    Executive will be entitled to paid vacation of three (3) weeks per year in accordance with
the Company's vacation policy (including, without limitation, its policy relation to maximum accrual), with the timing and duration of specific vacations mutually and reasonably agreed to by the
parties hereto. 

        6.    Expenses.    The Company will reimburse Executive for reasonable travel, entertainment or other expenses
incurred by Executive in the furtherance of or in connection with the performance of Executive's duties hereunder, in accordance with the Company's expense reimbursement policy as in effect from time
to time. 

        7.    Severance.    

        (a)    Termination for other than Cause, Death or Disability or Resignation for Good Reason Apart from a Change of
Control.    If prior to a Change of Control or after twelve (12) months following a Change of Control (i) the Company terminates Executive's employment
with the Company other than for Cause, death or disability, or (ii) Executive resigns from his employment with the Company for Good Reason, then, subject to Section 8, Executive will be
entitled to (A) receive continuing payments of severance pay at a rate equal to his Base Salary rate, as then in effect, for six (6) months from the date of such termination in
accordance with the Company's normal payroll policies; (B) a pro-rated amount of Executive's target bonus for the year in which the termination occurs, to be paid in equal
installments over the six-month period from the date of such termination on the same dates and pursuant to the Company's same payroll policies that payments under clause (A) are
made, (C) accelerated vesting of all outstanding equity awards as to 50% of the then unvested portion of any such award, (D) one year following any such termination in which to exercise
any outstanding stock options or other similar rights to acquire Company common stock that have been granted to Executive, and (E) Company-paid coverage for Executive and
Executive's eligible dependents under the Company's Benefit Plans for twelve (12) months following such termination. 

        (b)    Termination for other than Cause, Death or Disability or Resignation for Good Reason Immediately Prior to, in Contemplation of, or within Twelve
Months of a Change of Control.    If immediately prior to, in contemplation of, or within twelve (12) months of a Change of Control (i) the Company
terminates Executive's employment with the Company other than for Cause, death or disability, or (ii) Executive resigns from his employment with the Company for Good Reason, then, subject to
Section 8 and in lieu of any benefits set forth in subsection (a) of this Section 7, Executive will be entitled to (A) a lump sum payment equal to one (1) times
Executive's annual Base Salary and annual target bonus, both at the level in effect immediately prior to his termination date or (if greater) at the level in effect immediately prior to the Change of
Control; (B) accelerated vesting of all outstanding equity awards as to 100% of the then unvested portion of any such award, (C) one year following any such termination in which to
exercise any outstanding stock options or other similar rights to acquire Company common stock that are granted to Executive on or after the Effective Date, and (D) Company-paid
coverage for Executive and Executive's eligible dependents under the Company's Benefit Plans for twelve (12) months following such termination. 

        (c)    Termination for Cause, Death or Disability; Resignation without Good Reason.    If Executive's employment with
the Company terminates voluntarily by Executive (except upon resignation for Good Reason), for Cause by the Company or due to Executive's death or disability, then (i) all vesting will
terminate immediately with respect to Executive's outstanding equity 

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awards,
(ii) all payments of compensation by the Company to Executive hereunder will terminate immediately (except as to amounts already earned), and (iii) Executive will only be
eligible for severance benefits in accordance with the Company's established policies, if any, as then in effect. 

        8.    Conditions to Receipt of Severance; No Duty to Mitigate.    

        (a)    Separation Agreement and Release of Claims.    The receipt of any severance pursuant to Section 7 will
be subject to Executive signing and not revoking a separation agreement and release of claims substantially in the form attached hereto as  Exhibit A. No severance pursuant to such Sections will be
paid or provided until the separation agreement and release agreement becomes
effective. 

        (b)    Noncompete.    Executive acknowledges that the nature of the Company's business is such that if Executive were
to become employed by, or substantially involved in, the business of a competitor of the Company following the termination of Executive's employment with the Company, it would be very difficult for
Executive not to rely on or use the Company's trade secrets and confidential information. Thus, to avoid the inevitable disclosure of the Company's trade secrets and confidential information,
Executive agrees and acknowledges that Executive's right to receive the severance payments set forth in Section 7(a) (to the extent Executive is otherwise entitled to such payments) will be
conditioned upon Executive not directly or indirectly engaging in (whether as an employee, consultant, agent, proprietor, principal, partner, stockholder, corporate officer, director or otherwise),
nor having any ownership interest in or participating in the financing, operation, management or control of, any person, firm, corporation or business that competes with Company (or any parent or
subsidiary of the Company) or is a customer of the Company (or any parent or subsidiary of the Company); provided, however, that that nothing in this Section 8(b) will prevent Executive from
owning as a passive investment less than 1% of the outstanding shares of the capital stock of a publicly-held corporation if such shares are actively traded on the New York Stock Exchange
or the Nasdaq National Market or similar market or medium. Upon any breach of this section, all severance payments pursuant to Section 7(a) will immediately cease and Executive will have the
longer of (i) thirty (30) days following the commencement of such competition, and (ii) such period of time as originally set forth in his award agreement (without taking into
effect the one-year extended post-termination exercise period set forth in Section 7(a)) to exercise any stock options or other similar rights to acquire Company common
stock. 

        (c)    Nonsolicitation.    The receipt of any severance benefits pursuant to Section 7(a) will be subject to
Executive not violating the provisions of Section 14 of the Proprietary Information Agreement relating to the non-solicitation of Company employees. In the event Executive breaches
the provisions of Section 14 of the Proprietary Information Agreement, all continuing payments and benefits
to which Executive may otherwise be entitled pursuant to Section 7(a) will immediately cease and Executive will have the longer of (i) thirty (30) days following the commencement
of such non-solicitation, and (ii) such period of time as originally set forth in his award agreement (without taking into effect the one-year extended
post-termination exercise period set forth in Section 7(a)) to exercise any stock options or other similar rights to acquire Company common stock. 

        (d)    Section 409A.    Notwithstanding anything to the contrary in this Agreement, any cash severance payments
otherwise due to Executive pursuant to Section 7 or otherwise on or within the six-month period following Executive's termination will accrue during such six-month
period and will become payable in a lump sum payment on the date six (6) months and one (1) day following the date of Executive's termination, provided, that such cash severance payments
will be paid earlier, at the times and on the terms set forth in the applicable provisions of Section 7, if the Company reasonably determines that the imposition of additional tax under
Section 409A of the 

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Internal
Revenue Code of 1986, as amended, will not apply to an earlier payment of such cash severance payments. In addition, this Agreement will be deemed amended to the extent necessary to avoid
imposition of any additional tax or income recognition prior to actual payment to Executive under Code Section 409A and any temporary or final Treasury Regulations and guidance promulgated
thereunder and the parties agree to cooperate with each other and to take reasonably necessary steps in this regard. In particular, in the event the amendment of outstanding stock options or other
similar rights to acquire Company common stock pursuant to Section 7 results in such equity awards becoming deferred compensation arrangements with the meaning of Section 409A, the
parties agree to take such reasonably necessary steps if possible to have such awards not be deferred compensation arrangements under Section 409A. 

        (e)    No Duty to Mitigate.    Executive will not be required to mitigate the amount of any payment contemplated by
this Agreement, nor will any earnings that Executive may receive from any other source reduce any such payment. 

        9.    Definitions.    

        (a)    Benefit Plans.    For purposes of this Agreement, "Benefit
Plans" means plans, policies or arrangements that the Company sponsors (or participates in) and that immediately prior to Executive's termination of employment provide
Executive and/or Executive's eligible dependents with medical, dental, and/or vision benefits. Benefit Plans do not include any other type of benefit (including, but not by way of limitation,
disability, life insurance or retirement benefits). A requirement that the Company provide Executive and Executive's eligible dependents with coverage under the Benefit Plans will not be satisfied
unless the coverage is no less favorable than that provided to senior executives of the Company at any applicable time during the period Executive is entitled to receive severance pursuant to
Section 7(a) or (b). The Company may, at its option, satisfy any requirement that the Company
provide coverage under any Benefit Plan by (i) reimbursing Executive's premiums under Title X of the Consolidated Budget Reconciliation Act of 1985, as amended
("COBRA") after Executive has properly elected continuation coverage under COBRA (in which case Executive will be solely responsible for electing such
coverage for his eligible dependents), or (ii) providing coverage under a separate plan or plans providing coverage that is no less favorable or by paying Executive a lump-sum
payment which is, on an after-tax basis, sufficient to provide Executive and Executive's eligible dependents with equivalent coverage under a third party plan that is reasonably available
to Executive and Executive's eligible dependents. 

        (b)    Cause.    For purposes of this Agreement, "Cause" means
(i) a willful failure by Executive to carry out a lawful directive of the Board, other than a failure resulting from Executive's complete or partial incapacity due to physical or mental illness
or impairment, (ii) a willful act by Executive that constitutes gross misconduct and is injurious to the Company, (iii) a willful breach by Executive of a material provision of the
Agreement, (iv) a material and willful violation by Executive of a federal or state law or regulation applicable to the business of the Company which is injurious to the Company, or
(v) Executive's conviction or plea of guilty or no contest to a felony. The Company will not terminate Executive's employment for Cause without first providing Executive with written notice
specifically identifying the acts or omissions constituting the grounds for a Cause termination and, with respect to clauses (i) through (iii), a reasonable cure period of not less than ten
(10) business days following such notice. No act or failure to act by Executive will be considered "willful" unless committed without good faith and without a reasonable belief that the act or
omission was in the Company's best interest. 

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        (c)    Change of Control.    For purposes of this Agreement, "Change of
Control" of the Company is defined as: 

	(i)
	any
"person" (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) is or becomes the "beneficial owner" (as defined in
Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company's then outstanding
voting securities; or

	(ii)
	the
date of the consummation of a merger or consolidation of the Company with any other corporation that has been approved by the stockholders of the Company, 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) more than 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

	(iii)
	the
date of the consummation of the sale or disposition by the Company of all or substantially all the Company's assets. 

        (d)    Good Reason.    For the purposes of this Agreement, "Good
Reason" means (without Executive's consent) (i) a significant reduction of Executive's duties, position or responsibilities, or the removal of Executive from such
position and responsibilities, unless Executive is provided with a comparable position (i.e., a position of equal or greater organizational level, duties, authority, compensation and status);
provided, however, that a reduction in duties, position or responsibilities solely by virtue of the Company being acquired and made part of a larger entity (as, for example, if Executive remains
President and Chief Executive Officer of the Company following a Change of Control but is not made the President and Chief Executive Officer of the acquiring corporation) will not constitute "Good
Reason", (ii) a reduction in the aggregate level of Executive's compensation (base salary, target bonus and benefits), other than a reduction which is substantially the same for all officers of
the Company, (iii) a material breach by the Company of its obligations to Executive under the Agreement, or (iv) a relocation of Executive's principal place of employment by more than
fifty (50) miles. With respect to a termination of employment that occurs during the six (6) month period immediately following a Change of Control, clause (i) of the preceding
sentence shall be applied by replacing the word "reduction" with the word "change." Executive will not resign for Good Reason without first providing the Company with written notice specifically
identifying the acts or omissions constituting the grounds for Good Reason and a reasonable cure period of not less than thirty (30) days following the date of such notice. 

        10.    Confidential Information.    Executive has previously executed the Company's standard Employeee Inventions and
Proprietary Rights Assignment Agreement (the "Proprietary Information Agreement") and agrees to continue to abide by its terms. 

        11.    Assignment.    This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors
and legal representatives of Executive upon Executive's 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 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. None of the rights of Executive 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 Executive's right to compensation or other benefits will be null and void. 

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        12.    Notices.    All notices, requests, demands and other communications called for hereunder will be in writing and
will be deemed given (i) on the date of delivery if delivered personally, (ii) one (1) day after being sent by a well established commercial overnight service, or
(iii) four (4) 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: 

Ikanos
Communications

47669 Fremont Blvd.

Fremont, CA 94538

Attn: Chairman, Compensation Committee of the Board of Directors 

If
to Executive: 

at
the last residential address known by the Company. 

        13.    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. 

        14.    Arbitration.    

        (a)    General.    In consideration of Executive's service to the Company, its promise to arbitrate all employment
related disputes and Executive's receipt of the compensation, pay raises and other benefits paid to Executive by the Company, at present and in the future, Executive agrees 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 Executive's service to the Company under this Agreement or otherwise or the termination of Executive's service with the Company, including any breach of this
Agreement, will 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 Executive agrees to arbitrate, and thereby agrees 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. Executive further understands that this Agreement to arbitrate also applies to any disputes that the Company may have with Executive. 

        (b)    Procedure.    Executive agrees 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. Executive agrees that the arbitrator will 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. Executive agrees that the arbitrator will issue a written decision on the merits. Executive also
agrees that the arbitrator will have the power to award any remedies, including attorneys' fees and costs, available under applicable law. Executive understands the Company will pay for any
administrative or hearing fees charged by the arbitrator or AAA except that Executive will pay the first $125.00 of any filing fees associated with any arbitration Executive initiates. Executive
agrees that the arbitrator will administer and conduct any arbitration 

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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 will take precedence. 

        (c)    Remedy.    Except as provided by the Rules, arbitration will be the sole, exclusive and final remedy for any
dispute between Executive and the Company. Accordingly, except as provided for by the Rules, neither Executive 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 will 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, Executive agrees that any party may also petition the court for injunctive relief where either party alleges or claims a violation of this Agreement or the Confidentiality
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 will be entitled to recover reasonable costs and attorneys' fees. 

        (e)    Administrative Relief.    Executive understands that this Agreement does not prohibit Executive 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 Executive from pursuing court action regarding any such claim. 

        (f)    Voluntary Nature of Agreement.    Executive acknowledges and agrees that Executive is executing this Agreement
voluntarily and without any duress or undue influence by the Company or anyone else. Executive further acknowledges and agrees that Executive has carefully read this Agreement and that Executive has
asked any questions needed for Executive to understand the terms, consequences and binding effect of this Agreement and fully understand it, including that Executive is waiving Executive's right to a
jury trial. Finally, Executive agrees that Executive has been provided an opportunity to seek the advice of an attorney of Executive's choice before signing this Agreement. 

        15.    Integration.    This Agreement, together with the Proprietary Information Agreement and any agreements
representing any outstanding equity awards, represent the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements
whether written or oral. No waiver, alteration, or modification of any of the provisions of this Agreement will be binding unless in writing that specifically references this Section 15 and
signed by duly authorized representatives of the parties hereto. 

        16.    Waiver of Breach.    The waiver of a breach of any term or provision of this Agreement, which must be in
writing, will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement. 

        17.    Headings.    All captions and section headings used in this Agreement are for convenient reference only and do
not form a part of this Agreement. 

        18.    Tax Withholding.    All payments made pursuant to this Agreement will be subject to withholding of applicable
taxes. 

        19.    Governing Law.    This Agreement will be governed by the laws of the State of California (with the exception of
its conflict of laws provisions). 

        20.    Acknowledgment.    Executive acknowledges that she has had the opportunity to discuss this matter with and
obtain advice from his private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering into
this Agreement. 

        21.    Counterparts.    This Agreement may be executed in counterparts, and each counterpart will have the same force
and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned. 

7

 

        IN
WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by their duly authorized officers, as of the day and year first above written. 

	COMPANY:	 	 
	

IKANOS COMMUNICATIONS	
 	

 
	

By:	

/s/  MICHAEL GULETT      	
 	

Date: August 31, 2005
	 	
	 	 
	

Title:	

Chairman, Compensation Committee	
 	

 
	 	
	 	 
	

EXECUTIVE:	
 	

 
	

/s/  RAJESH VASHIST      	
 	

Date: August 31, 2005
	
	 	 
	Rajesh Vashist	 	 

[SIGNATURE PAGE TO VASHIST EMPLOYMENT AGREEMENT]

8

 
 

EXHIBIT A    
    

QuickLinks

Exhibit 10.22

IKANOS COMMUNICATIONS VASHIST EMPLOYMENT AGREEMENT

EXHIBIT A

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