Document:

Exhibit 10.1

 

EXHIBIT 10.1

MINDSPEED TECHNOLOGIES, INC.

FORM OF RESTRICTED SHARES AWARD LETTER UNDER THE DIRECTORS STOCK PLAN

[MINDSPEED TECHNOLOGIES, INC. LETTERHEAD]

(Date)

(Name)

(Address)

Re:      Mindspeed Director Restricted Shares Award (Grant Date)

Dear (Name):

Effective (Grant Date), the Board of Directors of Mindspeed Technologies, Inc. (the “Company”)
awarded you the following Restricted Shares at a grant value of (Grant Price) per share upon the
terms set forth below:

	 	 	 	 	 
	 

	 	Type of Grant:
	 	Restricted Shares
	 

	 	Number of Shares:	 	 

This Restricted Shares Award (this “Award”) has been granted pursuant to, and is controlled by: (i)
the Mindspeed Technologies, Inc. Directors Stock Plan (the “Plan”); (ii) the Restricted Shares
Terms and Conditions (the “Plan Terms”); and (iii) this Award. This Award shall vest as set forth
in the Plan Terms. The Plan and the Plan Terms are incorporated into this Award as if fully set
forth herein.

A copy of the Company’s Annual Report on Form 10-K is available for viewing and printing on our
website at www.mindspeed.com.

In accordance with IRS regulations, you may choose to be taxed on the value of the Restricted
Shares at this time, by making a Section 83(b) election. PLEASE NOTE THE FOLLOWING INFORMATION
REGARDING A SECTION 83(b) ELECTION:

	 	•	 	The election form MUST BE FILED WITH THE IRS NO LATER THAN 30 days after the effective
date of the grant.
	 
	 	•	 	The holding period begins on the grant date.
	 
	 	•	 	Additional gain (or loss) is recognized when the shares are sold – not when the restrictions lapse.
	 
	 	•	 	Please consult your own tax advisor for your individual tax situation.

If you have any questions regarding this Award, please contact me at (949) 579-                     or via email at
                                        @mindspeed.com or Stock Administration at (949) 579-4525 or via email at
stock.admin@mindspeed.com.

	 	 	 
	 

	 	MINDSPEED TECHNOLOGIES, INC.Exhibit 10.2

 

EXHIBIT 10.2

MINDSPEED TECHNOLOGIES, INC.

DIRECTORS STOCK PLAN

AWARD AGREEMENT

RESTRICTED SHARES TERMS AND CONDITIONS

1. Definitions

     Capitalized terms used herein but not otherwise defined shall have the meanings
assigned to such terms in the Plan. As used in these Restricted Shares Terms and
Conditions, the following words and phrases shall have the respective meanings ascribed to
them below unless the context in which any of them is used clearly indicates a contrary
meaning:

     (a) Award Agreement: These Restricted Shares Terms and Conditions, together
with the Grant Letter.

     (b) Grant Letter: The letter from Mindspeed granting the Restricted Shares to
you.

     (c) Mindspeed: Mindspeed Technologies, Inc., a Delaware corporation.

     (d) Plan. Mindspeed’s Directors Stock Plan, as such Plan may be amended and in
effect at the relevant time.

2. Earning of Restricted Shares

     You shall be deemed to have earned the Restricted Shares subject to this Award
Agreement:

     (a) ten days after:

     (i) you retire from the Board after attaining age fifty-five (55) and completing at
least five (5) years of service as a director; or

     (ii) you resign from the Board or cease to be a director by reason of the antitrust
laws, compliance with Mindspeed’s conflict of interest policies, death, disability or other
circumstances the Board determines not to be adverse to the best interests of Mindspeed; or

     (b) if a Change of Control shall occur.

3. Book-Entry Accounts or Retention of Certificates for Restricted Shares and Dividends

     To facilitate implementation of the provisions of this Award Agreement, the Restricted
Shares and any dividends or distributions thereon or in respect thereof (“Dividends”),
whether in cash or otherwise (including but not limited to additional Shares, other
securities of Mindspeed or securities of another entity, any such shares or other securities
being collectively referred to herein as “Stock Dividends”) shall be held in book-entry
accounts subject to the direction of Mindspeed or, if Mindspeed elects, certificates
therefor may be issued in your name but delivered to and held by Mindspeed, until you shall
have earned the Restricted Shares in accordance with the provisions of Section 2.

4. Voting Rights

     Notwithstanding the Restricted Shares being held in book-entry accounts or retention by
Mindspeed of certificates for the Restricted Shares and any Stock Dividends, you shall be
entitled to vote the Restricted Shares and any Stock Dividends, unless and until such shares
have been forfeited in accordance with Section 6.

5. Delivery of Earned Restricted Shares

     As promptly as practicable after you shall have been deemed to have earned the
Restricted Shares in accordance with Section 2, Mindspeed shall deliver to you (or in the
event of your death, to your estate or any person who acquires your interest in the
Restricted Shares by bequest or inheritance) the Restricted Shares, together with any
Dividends then held in book-entry accounts or by Mindspeed.

6. Forfeiture of Unearned Restricted Shares and Dividends

     Notwithstanding any other provision of this Award Agreement, if your service as a
director terminates for any reason other than as set forth in Section 2, all unearned
Restricted Shares, together with any Dividends thereon, shall be forfeited, and you shall
have no further rights of any kind or nature with

 

 

respect thereto. Upon any such forfeiture, the unearned Restricted Shares theretofore
issued, together with any Dividends thereon, shall be transferred to Mindspeed.

7. Transferability

     The Restricted Shares are not transferable.

8. Applicable Law

     This Award Agreement and Mindspeed’s obligation to deliver Restricted Shares and any
Dividends hereunder shall be governed by the State of Delaware and the Federal laws of the
United States.

9. Headings

     The section headings contained in these Restricted Shares Terms and Conditions are
solely for the purpose of reference, are not part of the agreement of the parties and shall
in no way affect the meaning or interpretation of this Award Agreement.

10. Entire Agreement

     This Award Agreement and the Plan embody the entire agreement and understanding between
Mindspeed and you with respect to the Restricted Shares, and there are no representations,
promises, covenants, agreements or understandings with respect to the Restricted Shares
other than those expressly set forth in this Award Agreement and the Plan.Exhibit 10.3

 

EXHIBIT 10.3

Mindspeed Technologies, Inc. (the “Company”) has entered into an agreement with each of the
following persons, which is substantially identical, except as set forth below, to the Form of
Employment Agreement filed as Exhibit 10.8.1 to the Company’s Registration Statement on Form 10
(File No. 1-31650):

Simon Biddiscombe

Richard J. Burns

David W. Carroll

Jay E. Cormier

Raouf Y. Halim

Thomas J. Medrek

Wayne K. Nesbit

Daryush Shamlou

Thomas A. Stites

Bradley W. Yates

The multiple set forth in Section 6(i)(B) of the Employment Agreement for Mr. Halim is three and
the multiple set forth in Section 6(i)(B) of the Employment Agreement for the other persons is two.Exhibit 10.4

 

EXHIBIT 10.4

Mindspeed Technologies, Inc.

Summary of Director Compensation Arrangements

     We currently pay our non-employee directors annual base compensation of $30,000, which is paid
quarterly. They each also receive committee participation compensation for each committee on which
they serve equal to $2,500 annually for the governance and board composition committee and the
compensation and management development committee ($7,500 if serving as chairman of such committee)
and $5,000 annually for the audit committee ($10,000 if serving as chairman of such committee).
Each non-employee director also receives $1,250 for each board or committee meeting attended in
person or by telephone. Each director has the option each year to receive all or a portion of his
cash compensation due via shares or restricted shares valued at the closing price of our common
stock on the date each payment would otherwise be made. Directors who are our employees are not
paid any additional compensation for their service on our board of directors. Our board of
directors may from time to time appoint additional standing or ad hoc committees, and may
compensate directors who serve on them differently than we currently compensate members of our
standing committees. We reimburse each of our directors for reasonable out-of-pocket expenses that
they incur in connection with their service on our board of directors.

     Our non-employee directors are eligible to participate in our directors stock plan, which is
administered by our compensation and management development committee under authority delegated by
our board of directors. The directors stock plan provides that upon initial election to the board,
each non-employee director is granted an option to purchase 40,000 shares of our common stock at an
exercise price per share equal to its fair market value on the date of grant. The options become
exercisable in four equal installments on each of the first, second, third and fourth anniversaries
of the date the options are granted. In addition, each non-employee director is granted an option
to purchase 20,000 shares of our common stock following each annual meeting. The directors stock
plan also provides for discretionary awards, such as restricted shares. The directors stock plan
is filed as Exhibit 4.6 to our Registration Statement on Form S-8 (File No. 333-106479) that we
filed with the SEC on June 25, 2003. The terms of each option granted under the directors stock
plan are substantially as set forth in Exhibit 10.8 to our Quarterly Report on Form 10-Q that we
filed with the SEC on August 9, 2005.

     The compensation arrangements we have with our directors are reviewed and may be modified from
time to time by our board of directors.

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