Document:

Exhibit 10.27

 

2008
Compensation Information for Executive Officers

 

	
  Name and Title

  	
   

  	
  Bonus

  	
   

  	
  Salary

  	
   

  
	
  James M. Gower

  	
   

  	
  $

  	
  360,000

  	
   

  	
  $

  	
  600,000

  	
   

  
	
  Chief Executive Officer

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ryan D. Maynard

  	
   

  	
  $

  	
  120,000

  	
   

  	
  $

  	
  300,000

  	
   

  
	
  Chief Financial Officer and Vice President

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Donald G. Payan

  	
   

  	
  $

  	
  241,500

  	
   

  	
  $

  	
  483,000

  	
   

  
	
  Executive Vice President, President of Discovery and Research

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Elliot B. Grossbard

  	
   

  	
  $

  	
  225,000

  	
   

  	
  $

  	
  450,000

  	
   

  
	
  Executive Vice President, Chief Medical Officer

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Raul R. Rodriguez

  	
   

  	
  $

  	
  215,000

  	
   

  	
  $

  	
  430,000

  	
   

  
	
  Executive Vice President, Chief Operating Officer

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dolly A. Vance

  	
   

  	
  $

  	
  175,500

  	
   

  	
  $

  	
  390,000

  	
   

  
	
  Senior Vice President, General Counsel

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Robin Copper

  	
   

  	
  $

  	
  76,125

  	
   

  	
  $

  	
  217,500

  	
   

  
	
  Senior Vice President, Pharmaceutical SciencesEXHIBIT 10.1

 

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):

 

Najabat H. Bajwa

 

Kurt Busch

 

Jing Cao

 

Ron Cates

 

 Raouf Y. Halim

 

Gerald J. Hamilton

 

Thomas J. Medrek

 

Thomas O. Morton

 

Thomas A. Stites

 

Preetinder S. Virk

 

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 10.2

 

[MINDSPEED LETTERHEAD]

 

April 9,
2008

 

Simon
Biddiscombe

Newport
Beach

 

Re:          Special Bonus

 

Dear
Simon:

 

On
November 23, 2007 Mindspeed Technologies, Inc. agreed to pay you a “Special
Bonus” of $100,000, less applicable state and federal tax withholding, in
exchange for twelve months of continued service to the company.  In the event that you were to voluntarily
leave the company or were terminated for cause on or prior to November 23,
2008, you agreed to repay to the company 100% of the gross amount of the “Special
Bonus” within thirty (30) days of such termination of employment.

 

The
Compensation Committee of the Board of Directors has agreed to consider 50% of
the bonus to be earned upon your termination date, leaving your repayment
obligation to Mindspeed at $50,000.  This
is contingent upon your good faith efforts to assist Mindspeed in transition
activity to a new CFO and you agreeing in this letter to the following no
hire/no solicit promise (as a reminder you will still be bound by the agreements
contained in the Employment Agreement you signed when you became an employee of
Conexant/Mindspeed):

 

No
Solicit – No Hire Promise.  You agree, for a period of one year beginning
on April 22, 2008, that you will not, either directly or through others,
solicit, raid or attempt to solicit any employee of Mindspeed to terminate his
or her relationship with the company in order to become an employee to or for
any other person or entity.  In addition,
you promise not to hire any person who, as of the date of this letter, is a
member of Mindspeed’s Finance/Legal organization.  You further agree that if the no solicit – no
hire promise is breached, you will compensate Mindspeed for such breach by
paying to Mindspeed a sum equal to $50,000 (100% of the amount of the “Special
Bonus” that had been considered to be earned).

 

Simon,
your contributions to Mindspeed are greatly appreciated and I look forward to
your help as we transition to a new CFO.

 

Sincerely,

 

Mindspeed
Technologies, Inc.

 

 

	
  By:

  	
  /s/
  Raouf Halim

  	
   

  
	
  Name:
  Raouf Halim

  
	
  Title:
  Chief Executive Officer

  

 

 

Agreed
and Accepted this 15th day of April, 2008.

 

	
  By: 

  	
  /s/ Simon BiddiscombeExhibit 10.32

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (this “Agreement”) is
between XELR8, Inc. (the “Company”) and John Pougnet (“Employee”), and is
executed effective as of February 1, 2008 (the “Effective Date”) in
connection with and consideration of the compensation set forth herein, and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged.

 

1.                                       Services to be Rendered by Employee.  The Company hereby employs, engages and hires
Employee in the capacity of Chief Executive and Chief Financial Officer, and Employee
hereby accepts and agrees to such hiring, engagement and employment.  Employee agrees to perform any and all duties
and to assume any and all responsibilities that may be assigned from time to
time by the Company or its authorized agents. 
Employee will devote his full-time, energy and skill to the performance
of these duties and for the benefit of the Company.  Employee shall also exercise due diligence
and care in the performance of all duties performed for the Company under this
Agreement.

 

2.                                       Term; Termination.

 

A.            Term.  Subject
to the terms and conditions of this Agreement, the Company will employ
Employee, and Employee will serve the Company, for two years from the effective
date of this Agreement (the “Initial Term”).  Upon the expiration of the Initial Term, this
Agreement will automatically renew for successive periods of one year each
(each, a “Renewal Term” and together with the Initial Term, the “Term”), unless
the Company provides written notice to Employee of its intention not to renew
the Agreement at least 90 days prior to the expiration of the then-current term
in accordance with Section 2(B)(ii) below.  The initial 12-month period and each
succeeding 12-month period during the Term is referred to herein as an “Employment
Year.”

 

B.                                     Termination by the Company.  Employee’s employment may be terminated by
the Company during the term of this Agreement only as follows:

 

i.            At any time without cause upon 90
days prior written notice to Employee;

 

ii.           In connection with the expiration of
the then-current term of this Agreement with written notice to Employee at
least 90 days prior to such expiration date; and

 

iii.          At any time without prior written
notice to Employee for “Cause”. Termination for Cause shall be defined as any
of the following from and after the Effective Date:

 

(a)           Any willful breach of any
material written policy of the Company that results in material and
demonstrable liability or loss to the Company or that continues after written
notice;

 

(b)           Willful failure to perform or gross negligence in
connection with the performance of Employee’s duties;

 

 

(c)           The engaging by Employee in
conduct involving moral turpitude that causes material and demonstrable injury,
monetarily or otherwise, to the Company, including, but not limited to,
misappropriation or conversion of assets of the Company (other than immaterial
assets);

 

(d)           Conviction of or entry of a
plea of nolo contendere to a felony;

 

(e)           A material breach of this
Agreement, including by engaging in action in violation of the restrictive
covenants in this Agreement;

 

(f)            Any other conduct or
activity that the Chief Executive Officer determines in good faith jeopardizes
the proper conduct of the Company’s operations if such conduct or activity
continues to occur after written notice; or

 

(g)           Death or inability to
perform substantially all of the duties of the position due to illness or
disability, if such inability lasts longer than ninety (90) days and cannot be
alleviated by reasonable accommodation.

 

No act or failure to act by the Employee shall be
deemed “willful” if done, or omitted to be done, by him in good faith and with
the reasonable belief that his action or omission was in the best interest of
the Company.

 

C.                                     Termination by Employee.  Employee may terminate his employment by the
Company at any time by giving 90 days prior written notice thereof to the
Company.

 

D.                                    Effect of Termination.

 

i.            Termination Payment.  If Employee’s employment by the Company is
terminated by Employee or by the Company, all compensation under Section 3
of this Agreement that has accrued in favor of Employee as of the date of such
termination, to the extent unpaid or undelivered, will be paid or delivered to
Employee on the effective date of termination. 
If Employee’s employment is terminated pursuant to Section 2(B)(i) of
this Agreement, the Company will, on the date that is six (6) months and
one (1) day following the effective date of such termination, pay to
Employee one-half of Employee’s annual salary (at the rate in effect at the
time of termination of his employment) or, at the election of Employee, continue
to pay to Employee his annual salary (at the rate in effect at the time of
termination of his employment) as and when the same would otherwise be due in
accordance with this Agreement for six months from the effective date of such
termination (the “Termination Payment”), less any applicable withholding, in
lieu of all other amounts and in settlement and complete release of all claims
the Employee may have against the Company (as set forth in a valid release of
the Company and its agents and affiliates signed by the Employee).

 

ii.           Termination of Obligations of Company.  Upon termination of Employee’s employment
pursuant to Section 2(B) or Section 2(C), and payment of the Termination
Payment set forth in Section 2(D)(i), if applicable, the Company’s
obligations under this Agreement will terminate.

 

2

 

iii.          No Termination Payment.  Employee shall not be entitled to the
Termination Payment in the event that the Company terminates Employee’s
employment in connection with the expiration of the then-current term of this
Agreement pursuant to Section 2(B)(ii) above or for Cause pursuant to
Section 2(B)(iii) above, or if the Employee terminates the employment
pursuant to Section 2(C) above, except as otherwise provided in Section 3(B) below.

 

iv.          Effect of Termination on Vesting of Stock Options.  In the event that Employee’s employment is
terminated by the Company pursuant to Section 2(B)(i) above, all
unvested options owned by Employee to purchase common stock of XELR8 Holdings, Inc.
shall vest as of the effective date of such termination.  In the event that Employee’s employment is
terminated by the Company in connection with the expiration of the then-current
term of this Agreement pursuant to Section 2(B)(ii) above, Employee
may exercise vested options in accordance with the terms of the XELR8 Holdings, Inc.
2003 Stock Incentive Plan (the “Plan”). 
In the event that Employee’s employment is terminated for Cause pursuant
to Section 2(B)(iii) above, Employee will forfeit all unvested
options.  Employee may exercise vested
options in accordance with the terms of the Plan.

 

3.                                       Compensation; Benefits.

 

A.            Base Salary. 
During the term of this Agreement, the Company will pay to Employee base
salary (“Base Salary”) at the initial rate of $205,000 (Two-hundred and five Thousand
and No/100 dollars) per annum.

 

B.            Changes to Base Salary.

 

(i)           On the first and each anniversary of the date of this
Agreement, the Compensation Committee of the Board of Directors shall review
Employee’s and the Company’s performance, and shall determine, in its sole
discretion, whether to adjust Employee’s Base Salary, effective the date of
such determination.

 

(ii)          If the Company is profitable with respect to any fiscal
quarter during the first Employment Year, Employee may, at any time thereafter,
request an earlier determination of the Base Salary to which he will be entitled
during the second Employment Year.  If
Employee and the Company are unable to agree on such second year Base Salary
within thirty (30) days following Employee’s request for early determination,
Employee may, for a period of thirty (30) days thereafter, elect to terminate
his employment, subject to giving the Company ninety (90) days prior written
notice of such termination.  During such
ninety (90) day period, the Company may terminate Employee at any time.  If this Agreement terminates pursuant to this
Section 3(b)(ii), such termination shall be deemed a termination pursuant
to Section 2(B)(i) for purposes of entitling Employee to receive the
Termination Payment provided for in Section 2(D)(i).

 

C.            Additional Bonus. 
Employee will be eligible to participate in any bonus program
established by the Compensation Committee of the Board of Directors of the
Company (the 

 

3

 

“Compensation Committee”), provided that Employee is eligible by the
terms thereof to participate therein.

 

D.            Vacation. Employee shall
receive four (4) weeks of paid vacation per annum.

 

E.             Benefit Plans. 
Employee will be entitled to participate in all formal retirement,
insurance, hospitalization, disability and other employee benefit plans that
are in existence or may be adopted by the Company or in which employees of the
Company are eligible to participate, provided that Employee is eligible by the
terms thereof and applicable law to participate therein.

 

F.             General.  All
payments under this Agreement will be subject to applicable withholding and
similar taxes and will, if applicable, be prorated for the applicable period.  Employee’s Base Salary and other compensation
will be paid to Employee in accordance with the Company’s regular policy.  The Compensation Committee will, in its sole
discretion, periodically review Employee’s Base Salary and other compensation.

 

4.                                       Protection of Trade Secrets and Confidential Information.

 

A.            Definition of “Confidential Information.  “Confidential Information” means all
nonpublic information concerning or arising from the Company’s business,
including particularly but not by way of limitation trade secrets used,
developed or acquired by the Company in connection with its business;
information concerning the manner and details of the Company’s operation,
organization and management; financial information and/or documents and
nonpublic policies, procedures and other printed or written material generated
or used in connection with the Company’s business; the Company’s business plans
and strategies; the identities of the Company’s customers and the specific
individual customer representatives with whom the Company works; the details of
the Company’s relationship with such customers and customer representatives;
the identities of distributors, contractors and vendors utilized in the Company’s
business; the details of the Company’s relationship with such distributors,
contractors and vendors; the nature of fees and charges made to the Company’s
customers; nonpublic forms, contracts and other documents used in the Company’s
business; the nature and content of computer software used in the Company’s
business, whether proprietary to the Company or used by the Company under
license from a third party; and all other information concerning the Company’s
concepts, prospects, customers, employees, contractors, earnings, products,
services, equipment, systems and/or prospective and executed contracts and
other business arrangements.

 

B.            Employee’s Use of Confidential Information.  Except in connection with and in furtherance
of Employee’s work on the Company’s behalf, Employee shall not, without the
Company’s prior written consent, at any time, directly or indirectly, use,
disclose or otherwise communicate any Confidential Information to any person or
entity.

 

C.            Acknowledgments. 
Employee acknowledges that during the term of his employment, Employee
will have access to Confidential Information, all of which shall be made
accessible to Employee only in strict confidence; that unauthorized disclosure
of Confidential 

 

4

 

Information will damage the Company’s business; that Confidential
Information would be susceptible to immediate competitive application by a
competitor of the Company; that the Company’s business is substantially
dependent on access to and the continuing secrecy of Confidential Information;
that Confidential Information is unique to the Company and known only to
Employee, the Company and certain key employees and contractors of the Company;
that the Company shall at all times retain ownership and control of all
Confidential Information; and that the restrictions contained in this paragraph
are reasonable and necessary for the protection of the Company’s business.

 

D.            Records Containing Confidential Information.  All documents or other records containing or
reflecting Confidential Information (“Confidential Documents”) prepared by or
provided to Employee are and shall remain the Company’s property.  Except with the Company’s prior written
consent, Employee shall not copy or use any Confidential Document for any
purpose not relating directly to Employee’s work on the Company’s behalf, or
use, disclose or sell any Confidential Document to any party.  Upon the termination of Employee’s employment
or upon the Company’s request, Employee shall immediately deliver to the
Company or its designee (and shall not keep in Employee’s possession or deliver
to anyone else) all Confidential Documents and all other property belonging to
the Company.  This paragraph shall not
bar Employee from complying with any subpoena or court order, provided that
Employee shall at the earliest practicable date provide a copy of the subpoena
or court order to the Chief Executive Officer of the Company.

 

E.             Employee’s Former Employers’ Confidential Information.  Employee shall not, during Employee’s
employment with the Company, improperly use or disclose to the Company any
proprietary information or trade secrets belonging to any former employer or any
third party as to whom Employee owes a duty of nondisclosure.

 

5.                                       Non-Solicitation. 
During the term of Employee’s employment and for a period of twelve (12)
months after termination of Employee’s employment or the expiration of the
then-current term of this Agreement, Employee shall not, without the Company’s
prior written consent, directly or indirectly:

 

A.            Cause or attempt to cause any employee, agent,
distributor, endorser or contractor of the Company to terminate his or her employment,
agency, distributor, endorser or contractor relationship with the Company;
interfere or attempt to interfere with the relationship between the Company and
any employee, agent, distributor, endorser or contractor of the Company or hire
or attempt to hire any employee, agent, distributor, endorser or contractor of
the Company; or

 

B.            Solicit business from any customer or client served by
the Company at any point during the term of Employee’s employment; or interfere
or attempt to interfere with any transaction, agreement or business
relationship in which the Company was involved at any point during the term of
Employee’s employment.

 

5

 

6.             Inventions.

 

A.            Disclosure. 
Upon the Company’s request, Employee shall promptly disclose to the
Company, in a manner specified by the Company in its sole discretion, all ideas
(including new products), processes, trademarks and service marks, inventions,
discoveries and improvements to any of the foregoing, that Employee learns of,
conceives, develops or creates alone or with others during the term of Employee’s
employment (whether or not conceived, developed or created during working
hours) that directly or indirectly arises from or relates to: (i) the
Company’s business; (ii) work performed for the Company by Employee or any
other Company employee; (iii) the use of the Company’s property or time;
or (iv) access to the Company’s Confidential Information and/or
Confidential Documents.

 

B.            Assignment. 
Employee assigns to the Company, without further consideration, Employee’s
entire right to any concept, idea or invention described in the preceding
paragraph, which shall be the sole and exclusive property of the Company
whether or not subject to patent, copyright, trademark or trade secret protection
under applicable law.  Employee also
acknowledges that all original works of authorship that are made by Employee
(solely or jointly with others), within the scope of Employee’s employment, and
that are protectable by copyright, are “works made for hire,” as that term is
defined in the United States Copyright Act (17 U.S.C. § 101).  To the extent that any such works, by
operation of law, cannot be “works made for hire,” Employee assigns to the
Company all right, title and interest in and to such works and to any related
copyrights.

 

C.            Additional Instruments.  Employee shall promptly execute, acknowledge
and deliver to the Company all additional instruments or documents deemed at
any time by the Company in its sole discretion to be necessary to carry out the
intentions of this paragraph.

 

7.                                       Survival. 
Employee’s obligations under this Agreement shall survive the
termination of Employee’s employment and shall thereafter be enforceable
whether or not such termination is later claimed or found to be wrongful or to
constitute or result in a breach of any contract or of any other duty owed or
claimed to be owed by the Company to Employee.

 

8.                                       Remedies. 
Employee acknowledges that upon a breach of any obligation under this Agreement,
the Company will suffer immediate and irreparable harm and damage for which
money alone cannot fully compensate the Company.  Employee therefore agrees that upon such
breach or threat of imminent breach of any obligation under this Agreement, the
Company shall be entitled to, and Employee shall not oppose entry of, a
temporary restraining order, preliminary injunction, permanent injunction or
other injunctive relief, without posting any bond or other security, barring
Employee from violating any such provision. This paragraph shall not be
construed as an election of any remedy, or as a waiver of any right available
to the Company under this Agreement or the law, including the right to seek
damages from Employee for a breach of any provision of this Agreement, nor
shall this paragraph be construed to limit the rights or remedies available
under Colorado law for any violation of any provision of this Agreement.

 

6

 

9.                                       Miscellaneous.

 

A.            Entire Agreement. 
This Agreement constitutes the entire agreement between the Company and
Employee and supersedes all prior oral or written agreements and understandings
with respect to the subject matter hereof.

 

B.            Heirs and Assigns. 
This Agreement shall be binding upon Employee’s heirs, executors, administrators
or other legal representatives, shall inure to the benefit of the Company, its
successors or assigns, and shall be freely assignable by the Company, but not
by Employee.

 

C.            Governing Law. 
This Agreement and all other disputes or issues arising from or relating
in any way to the Company’s relationship with Employee, shall be governed by
the internal laws of the State of Colorado, irrespective of the choice of law rules of
any jurisdiction.

 

D.            Severability. 
If any court of competent jurisdiction declares any provision of this Agreement
invalid or unenforceable, the remainder of the Agreement shall remain fully
enforceable.  To the extent that any
court concludes that any provision of this Agreement is void or voidable, the
court shall reform such provision(s) to render the provision(s) enforceable,
but only to the extent absolutely necessary to render the provision(s) enforceable
and only in view of the parties’ express desire that the Company be protected
to the greatest extent possible under applicable law from improper competition
and/or the misuse or disclosure of trade secrets, Confidential Documents and/or
Confidential Information.

 

E.             Disputes. 
Any action arising from or relating any way to this Agreement, or
otherwise arising from or relating to Employee’s employment with the Company,
shall be tried only in the state or federal courts situated in Denver,
Colorado.  The parties consent to
jurisdiction and venue in those courts to the greatest extent possible under
law.  The prevailing party in any action
to enforce any provision of this Agreement shall recover all costs and
attorneys’ fees incurred in connection with the action.

 

F.             Prior Agreements. This
agreement supersedes all prior agreements between Employee and the Company
relating to the subject of Employee’s employment with the Company and may only
be amended by written instrument signed by Employee and the Chairman of the
Board of the Company.

 

IN WITNESS WHEREOF, the
undersigned has executed this Employment Agreement to be effective as of the Effective
Date.

 

EXECUTED this 2nd day of May, 2008.

 

	
  EMPLOYEE:

  	
   

  	
  COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  XELR8, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  John D. Pougnet

  	
   

  	
  By:

  	
        John
  B. McCandless

  
	
  Name: John D. Pougnet

  	
   

  	
  Name:

  	
  John B. McCandless

  
	
  Title: Chief Executive
  Officer and Chief

  	
   

  	
  Title: Chairman of the
  Board of Directors

  
	
  Financial Officer

  	
   

  	
   

  
							

 

7

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