Document:

Exhibit 10.48

 

 

	
  Date:

  	
   

  	
  November 1, 2008

  
	
  To:

  	
   

  	
  Viraj
  Patel

  
	
  From:

  	
   

  	
  Peter
  Blackmore

  
	
  Cc:

  	
   

  	
  Mark Green

  
	
  Subject:

  	
   

  	
  Special Bonus

  

 

I want to thank you for
your contributions to UTStarcom and acknowledge you as an integral member of
the senior management team.

 

In recognition of
your ongoing commitment to UTStarcom you are eligible to receive a bonus in the
amount of $100,000, payable at the end of Q1 2009 subject to achieving the
objectives outlined below and sustaining the performance requirements of your
position.   The bonus is designed to
reward performance and support achievement of the following objectives:

 

1.               Fulfill
Interim CFO role

 

2.               Successful
completion and on-time filing of the 10K

 

3.               Implement
Finance Transformation Plan as agreed to by CEO and Interim CFO

 

Equity

 

Additionally, I am
pleased to let you know that you will receive 100% distribution of the 60,000 performance
RSUs that were approved in February 2008. These RSUs will vest 50% in February 2009
and the remaining 50% in February 2010.

 

Thank you for your
dedication and hard work.Exhibit 10.49

 

UTSTARCOM,
INC.

 

AMENDMENT TO VIRAJ
PATEL SPECIAL BONUS LETTER

 

Viraj Patel (“Employee”) and UTStarcom, Inc.
(the “Company”, and together with
Employee, the “Parties”) desire to amend the
special bonus letter between the Parties dated November 1, 2008 (the “Letter”) to bring the Letter 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.             Special
Bonus.  The following sentence is
added before the paragraph labeled “Equity”:

 

“If
earned, your bonus will be paid no later than March 13, 2009, subject to
your continued service with UTStarcom through the date such bonus is paid.”

 

2.             Entire
Agreement.  This Amendment to Viraj
Patel Special Bonus Letter (the “Amendment”)
and the Letter 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.

 

3.             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

  	
   

  	
  Viraj Patel

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  Mark Green

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  SVP, Worldwide
  Human Resources and Real EstateExhibit 10.50

 

 

	
  Date:

  	
   

  	
  December 7, 2007

  
	
  To:

  	
   

  	
  Viraj Patel

  
	
  From:

  	
   

  	
  Fran Barton

  
	
  Cc:

  	
   

  	
  Mark Green

  
	
  Subject:

  	
   

  	
  2007-08 Turnaround
  Bonus and Stock Award

  

 

I want to thank you for your
contributions to UTStarcom and acknowledge you as an integral member of the senior
management team. These past months have been challenging and have required a
tremendous amount of time and effort from all of us. Achieving success in
the strategic recovery plan is paramount for the success of UTStarcom. Your
leadership will be integral in achieving this turnaround.

 

In recognition of
your ongoing commitment to UTStarcom you are eligible to receive a bonus paid
out in two installments, subject to achieving the milestones outlined below and
sustaining the performance requirements of your position.   The bonus
is designed to reward performance and support achievement of the company’s
turnaround goals.

 

Your on target bonus
is 50% of your base salary to be paid out as follows:

 

1.               50%
is scheduled for payment on March 15, 2008, upon completion of your Q4 07 goals
as outlined in the attached worksheet.

 

2.               The
remaining 50% payment will be paid in early
Q4, subject to the following company performance hurdles and multipliers, and
successful completion of your Q1-Q3 08 goals as outlined in the attached
worksheet

 

	
  Operating Income

  Achievement (Q1-Q2 08

  Budget)

  	
   

  	
  Q4 Bonus Multiplier*

  	
   

  
	
  <75%

  	
   

  	
  0%

  	
   

  
	
  75%

  	
   

  	
  75%

  	
   

  
	
  100%

  	
   

  	
  100%

  	
   

  
	
  125%

  	
   

  	
  125%

  	
   

  
	
  >125%

  	
   

  	
  125%

  	
   

  

 

* Prorated linearly between 75% and 125%

 

3.               Your
actual bonus payment will be determined based upon the company’s assessment of
your performance against these goals and the operating income metrics above (example
follows).You must be employed by the company on the projected payment dates to
be eligible for payment. In the event that changes occur as a result of changes
in UTStarcom business conditions, modifications to these terms may be required.

 

 

Example

 

a.               1st payment: If you meet 75% of your Q4 goals,
your expected bonus will be calculated as follows: Bonus = Base Salary x 50% x
75%

 

b.              2nd payment:
If you meet 80% of your Q1-Q3 goals, and the company beats it’s budgeted
operating income by 20%, your 2nd bonus payout would be calculated as follows: Bonus
= Base Salary x 50% x 80% x 120%

 

This bonus replaces
your 2007 performance bonus which would have been paid out in Q1 2008. A 2008
year-end performance bonus review will take place as usual in Q1 2009 based on
the full 2008 year performance.

 

Stock
Award

 

Additionally, I am
pleased to let you know that you have been issued 60,714 Restricted Stock
Units. These RSUs will vest 25% on February 29, 2008 and 25% annually
thereafter.

 

You also have the
opportunity to earn up to 121,429 RSUs. The actual number of RSUs that you will
receive will be based on performance against your 2007 MBOs, set at the
beginning of this year. These shares have a 2 year vesting schedule, vesting 50%
on February 29, 2008 and 50% on February 27, 2009.

 

I would like to
remind you that we expect you to treat your compensation changes in the
strictest confidence. We value your contributions to UTStarcom and thank you
for your continuing efforts to re-build our leadership position.

 

AttachmentsExhibit 10.51

 

 

	
  Date:

  	
   

  	
  December 7, 2007

  
	
  To:

  	
   

  	
  Mark Green

  
	
  From:

  	
   

  	
  Hong Lu

  
	
  Subject:

  	
   

  	
  2007-08 Turnaround
  Bonus and Stock Award

  

 

I want to thank you for your
contributions to UTStarcom and acknowledge you as an integral member of the senior
management team. These past months have been challenging and have required a
tremendous amount of time and effort from all of us. Achieving success in
the strategic recovery plan is paramount for the success of UTStarcom. Your
leadership will be integral in achieving this turnaround.

 

In recognition of
your ongoing commitment to UTStarcom you are eligible to receive a bonus paid
out in two installments, subject to achieving the milestones outlined below and
sustaining the performance requirements of your position.   The bonus
is designed to reward performance and support achievement of the company’s
turnaround goals.

Your on target bonus
is 65% of your base salary to be paid out as follows:

 

1.               50%
is scheduled for payment on March 15, 2008, upon completion of your Q4 07 goals
as outlined in the attached worksheet.

 

2.               The
remaining 50% payment will be paid in early
Q4, subject to the following company performance hurdles and multipliers, and
successful completion of your Q1-Q3 08 goals as outlined in the attached
worksheet

 

	
  Operating Income

  Achievement (Q1-Q2 08

  Budget)

  	
   

  	
  Q4 Bonus Multiplier*

  	
   

  
	
  <75%

  	
   

  	
  0%

  	
   

  
	
  75%

  	
   

  	
  75%

  	
   

  
	
  100%

  	
   

  	
  100%

  	
   

  
	
  125%

  	
   

  	
  125%

  	
   

  
	
  >125%

  	
   

  	
  125%

  	
   

  

 

* Prorated linearly between 75% and 125%

 

3.               Your
actual bonus payment will be determined based upon the company’s assessment of
your performance against these goals and the operating income metrics above (example
follows).You must be employed by the company on the projected payment dates to
be eligible for payment. In the event that changes occur as a result of changes
in UTStarcom business conditions, modifications to these terms may be required.

 

 

Example

a.               1st payment: If you meet 75% of your Q4 goals,
your expected bonus will be calculated as follows: Bonus = Base Salary x 65% x
75%

 

b.              2nd payment: If you meet 80% of your Q1-Q3 goals,
and the company beats it’s budgeted operating income by 20%, your 2nd bonus payout would be calculated as follows: Bonus
= Base Salary x 65% x 80% x 120%

 

This bonus replaces
your 2007 performance bonus which would have been paid out in Q1 2008. A 2008
year-end performance bonus review will take place as usual in Q1 2009 based on
the full 2008 year performance.

 

Stock
Award

 

Additionally, I am
pleased to let you know that you have been issued 91,428 Restricted Stock
Units. These RSUs will vest 25% on February 29, 2008 and 25% annually
thereafter.

 

You also have the
opportunity to earn up to 182,858 RSUs. The actual number of RSUs that you will
receive will be based on performance against your 2007 MBOs, set at the
beginning of this year. These shares have a 2 year vesting schedule, vesting 50%
on February 29, 2008 and 50% on February 27, 2009.

 

I would like to
remind you that we expect you to treat your compensation changes in the
strictest confidence. We value your contributions to UTStarcom and thank you
for your continuing efforts to re-build our leadership position.

 

Attachments

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