Document:

EXHIBIT 10.1

 

TTM TECHNOLOGIES, INC.

Compensation Plan for Non-Employee Directors

Effective as of May 4, 2005

 

	
   

  	
   

  	
  Summary Terms

  
	
   

  	
   

  	
   

  
	
  Purpose

  	
   

  	
  To enable TTM
  Technologies, Inc. (“TTM” or the “Company”) to attract and retain
  qualified persons to serve as non-employee Directors and to solidify the
  common interests of its directors and shareholders in enhancing the value of
  the Company.

  
	
   

  	
   

  	
   

  
	
  Eligibility

  	
   

  	
  Any Director of
  TTM who is not a full-time employee of the Company or is not a direct or
  indirect owner of 10% or more of the fully diluted shares of the Company.

  
	
   

  	
   

  	
   

  
	
  Retainer

  	
   

  	
  Each
  non-employee Director shall receive a cash retainer of $20,000 per annum paid
  quarterly. A non-employee Director must attend at least 4 meetings per year
  in person or telephonically.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The following
  Chairmen shall receive the following additional cash retainers:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •                  The Chairman
  of the Audit Committee shall receive an additional cash retainer of $9,000
  per annum paid quarterly.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •                  The Chairman
  of the Compensation Committee shall receive an additional cash retainer of
  $4,000 per annum paid quarterly.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •                  The Chairman
  of the Nominating and Corporate Governance Committee shall receive an
  additional cash retainer of $3,000 per annum paid quarterly.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •                  The Chairman
  of the Board of Directors shall receive an additional cash retainer of
  $15,000 per annum paid quarterly.

  
	
   

  	
   

  	
   

  
	
  Board Meeting
  Fees

  	
   

  	
  $1,500 per
  meeting of the Board of Directors that a non-employee Director attends in
  person or telephonically, plus expenses.

  
	
   

  	
   

  	
   

  
	
  Committee
  Meeting Fees

  	
   

  	
  $750 per
  committee meeting that a non-employee Director attends in person or
  telephonically.

  
	
   

  	
   

  	
   

  
	
  Equity

  	
   

  	
  Upon election to
  the Board of Directors, each non-employee Director will receive an option to
  purchase 20,000 shares of TTM Common Stock at the closing price on the Nasdaq
  on the

  

 

 

	
   

  	
   

  	
  date of the
  Grant (the “Initial Grant”).

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  At each annual
  meeting of shareholders, each individual who continues to serve as a
  non-employee Director will receive an option grant to purchase 4,000 shares
  of TTM Common Stock, providing the director has served as a non-employee
  director for at least six months (the “Annual Grant”). Each option grant will
  have an exercise price equal to the closing price on the Nasdaq per share of
  Common Stock on the grant date, and will have a maximum term of 10 years,
  subject to earlier termination following the director’s cessation of Board
  service.

  
	
   

  	
   

  	
   

  
	
  Vesting

  	
   

  	
  The Initial
  Grant vests ratably over four years, with a non-employee Director becoming
  25% vested on the first anniversary of the Grant Date, 50% on the second
  anniversary of the Grant Date, 75% on the third anniversary of the Grant
  Date, and 100% vested on the fourth anniversary of the Grant Date. 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Annual Grant
  vests ratably over three years, with a non-employee director becoming 33 1/3%
  vested on the first anniversary of the Grant Date, 66 2/3% vested on the
  second anniversary of the Grant Date, and 100% vested on the third
  anniversary of the Grant Date. 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Unexercised
  options shall expire on the 10th anniversary of the Grant Date.

  
	
   

  	
   

  	
   

  
	
  Termination

  	
   

  	
  All non-vested
  options will terminate 30 days following the director’s cessation of Board
  services. All options will accelerate upon a change of control.

  
	
   

  	
   

  	
   

  
	
  Benefits

  	
   

  	
  NoneCONFIDENTIAL

 

Exhibit
10.1

 

***Text Omitted and Filed Separately

with the Securities and Exchange Commission.

Confidential Treatment Requested

Under 17 C.F.R. Sections 200.80(b)(4)

and 240.24b-2.

 

SECOND AMENDMENT

TO THE

COLLABORATIVE RESEARCH AND LICENSE AGREEMENT

 

THIS SECOND AMENDMENT TO THE COLLABORATIVE RESEARCH
AND LICENSE AGREEMENT (the “Second
Amendment”) is made by and between SENOMYX, INC. (“Senomyx”), a Delaware corporation, having a principal
place of business at 11099 North Torrey Pines Road, La Jolla, California 92037,
and NESTEC, Ltd. (“Nestlé”),
a Swiss company, having a principal place of business at Avenue Nestlé 55,
CH-1800 Vevey, Switzerland.

 

Whereas, Senomyx and Nestlé entered into that certain
Collaborative Research and License Agreement dated as of April 18, 2002, as
amended by that certain First Amendment dated October 23, 2003, (collectively,
the “Agreement”)
to collaborate in the following research and development programs: (i) to
discover compounds that enhance the [***] taste of
products in defined fields; and (ii) to discover compounds that enhance and/or
mimic the taste of [***] in
defined fields (capitalized terms used but not otherwise defined in this Second
Amendment shall have the meanings given such terms in the Agreement); and

 

WHEREAS, the parties wish to amend the Agreement to extend
Collaborative Period for the [***] Program
in the manner set forth in this First Amendment.

 

NOW, THEREFORE, in consideration of the foregoing premises and of the
covenants, representations and agreements set forth below, the parties hereby
agree to amend the Agreement as follows:

 

1.             The following definitions of Appendix A of the Agreement are hereby
amended and restated herein. All other definitions in the Agreement will remain
unchanged.

 

“Collaborative Period” means (i) in the case of the [***] Program the period beginning on the Effective Date and
ending seventy-two (72) months thereafter, unless earlier terminated in
accordance with Section 14; (ii) in the case of the [***]
Program the period beginning on the Effective Date and ending thirty-six (36)
months thereafter, unless earlier terminated in accordance with Section 14.”

 

“Go/No-Go
Decision Date” means April 18, 2006.”

 

***Confidential
Treatment Requested

 

 

1

 

2.             The first two sentences of Section 7.1 of the Agreement are hereby
amended and restated in their entirety as follows:

 

“Annual
Research Support. Each year during the Collaborative Period, Nestlé
will pay Senomyx as follows:

 

(A)                                First Three Years of
Collaborative Period.  [***] per year
for first three years of the Collaborative Programs, [***] for
the [***] Program and [***]
for the [***] Program.  Such payments will be made in advance and on
an equal quarterly basis.

 

(B)                                  Second Three Years of the
Collaborative Period.

 

a.               [***] per month for the second three years of
the Collaborative Period for the [***] Program
until achievement of the following interim goal:  identification of at least one Compound that [***] (“Interim Goal”).

 

b.              From and after achievement of the Interim
Goal, [***] per month for the remainder of
the Collaborative Period for the [***] Program,
provided, however, that if Senomyx fails to achieve [***]
(as defined below) within [***] of
achievement of the Interim Goal, then the research funding will be [***] per month until the earlier of: (i) the end of the
Collaborative Period for the [***] Program;
or (ii) achievement of [***],
whereupon funding will be increased again to [***]
per month for the remainder of the Collaborative Period for the [***] Program.   [***] as used herein means identification of at least one
Compound that [***].

 

c.               Payments under this Section 7.1(B) shall
be paid quarterly in advance.  Payments
for any period which is for less than one (1) month of the Collaborative Period
will be a pro rata portion of the monthly installment based on the actual
number of days in such month.

 

d.              Any adjustments in funding due to
achievement of the milestone set forth in (a) above will be made by Nestlé within
[***] days of milestone achievement or
with the next quarterly payment, whichever is earlier.”

 

The remainder of Section 7.1 shall remain
unchanged.

 

3.             Section 8.4 is hereby added to the Agreement as follows:

 

“Research Information.

 

(A)         During the Collaborative Period for the [***] Program, Nestlé may from time to time determine the [***] and provide the resulting [***]
information on the [***] to
Senomyx (“[***] Information”) for use in studies
relating to [***]. In certain cases, Senomyx
may assist Nestlé in the [***]
determination of [***], for example, to [***] determination. Nestlé hereby grants to Senomyx a
non-exclusive nontransferable (except as provided under Section 17.12)
worldwide license to use [***]
Information in the [***] Program
and in [***] 

 

***Confidential
Treatment Requested

 

 

2

 

related
collaborative programs with its Affiliates and with Third Parties including,
but not limited to, collaborative programs to discover compounds that enhance
the [***] taste of products outside the [***] Field.

 

(B)           Notwithstanding anything to the contrary
in this Agreement, to the extent that any Know-How or Inventions are generated,
developed or discovered from the [***]
Information [***] on or after the date that
this Second Amendment has been signed by all parties to it, such Inventions
shall be considered Senomyx Inventions and will constitute Senomyx Technology.

 

(C)           Nestlé hereby represents and warrants to
Senomyx that (i) it shall use its commercially reasonable efforts to ensure
that the [***] Information will be obtained and
provided in compliance with all applicable laws, statutes and regulations; (ii)
Nestlé is authorised to deliver [***]
Information for the uses and purposes set forth in this Agreement; and (iii)
Nestlé is not aware of any Affiliate (with the exception of Nestlé SA) or Third
Party that has any ownership interest in any intellectual property rights with
respect to the [***] Information.

 

(D)          Senomyx, its Affiliates and its Third
Party licensees may sell any products developed by Senomyx using, or which are
derived from or incorporate, [***] Information
without payment or other obligation to Nestlé or any third party.”

 

4.             Section 14.2 of the Agreement is hereby amended and restated in its
entirety as follows:

 

“Nestlé will have the right to terminate this Agreement without cause
at any time on or after the Go/No-Go Decision Date upon sixty (60) days written
notice; provided, however, that if such termination occurs after the Go/No-Go
Decision Date and prior to the end of the Collaborative Period, Nestlé will
provide additional research funding in accordance with Section 7.1 for a period
of six (6) months from the date of written notice of termination (for purposes
of clarity, such payment will be a pro rata portion of the research funding
rate set forth in Section 7.1).”

 

5.             Section 15.3 of the Agreement is hereby amended and restated in its
entirety as follows:

 

“Survival.  The obligations and rights of the parties
under Sections 7.9, 8.4, 9.1 through 9.7, 10, 15, 16.2(B), 16.3, 16.4, 17, and
Appendix A, will survive termination of this Agreement.”

 

6.             The terms and conditions of the Appendix B Research Plan for the [***] Program is hereby amended and restated in its entirety
as attached hereto. The terms and conditions of the Appendix B Research Plan
for the [***] Program shall remain unchanged.

 

7.             Senomyx will issue a press release to
announce the execution of this Second Amendment and the material terms;
provided, however, that the extent of disclosure of such material terms shall
be no more than is required to comply with applicable SEC disclosure

 

***Confidential
Treatment Requested

 

 

3

 

requirements and otherwise subject to the prior written consent of
Nestlé. Thereafter, Nestlé and Senomyx may each disclose to Third Parties the
information contained in such press release without the need for further
approval by the other party.

 

8.             Except as specifically amended by this Second Amendment, the terms and
conditions of the Agreement shall remain in full force and effect.

 

9.             This Second Amendment will be governed by the laws of the State of
California, U.S.A., as such laws are applied to contracts entered into and to
be performed entirely within such State.

 

10.          This
Second Amendment may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and
the same instrument.

 

IN WITNESS WHEREOF, the parties have executed this Second Amendment
effective as of April 17, 2005.

 

 

 

NESTEC LTD.

	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ Peter Van Bladeren

  
	
   

  	
   

  	
   

  
	
  Title: 

  	
  Director NRC

  
	
   

  	
   

  	
   

  
	
  Date: 

  	
  20 April, 2005

  
	
   

  	
   

  	
   

  
	
  SENOMYX,
  INC.

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ Kent Snyder

  
	
   

  	
   

  	
   

  
	
  Title: 

  	
  President and CEO

  
	
   

  	
   

  	
   

  
	
  Date: 

  	
  April 20, 2005

  

 

4

 

APPENDIX B

 

COLLABORATIVE RESEARCH AND
LICENSE AGREEMENT

 

AMENDED AND RESTATED RESEARCH
PLAN FOR [***] PROGRAM

 

 

	
  Nestlé
  Responsibility

  	
   

  	
  Steering Committee

  Responsibility

  	
   

  	
  Senomyx 

  Responsibility

  	
   

  	
  Timeline

  
	
  1.
  Evaluate [***] from [***].

  	
   

  	
   

  	
   

  	
  1.
  Evaluate [***] from [***]
  samples

  	
   

  	
  [***] 

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.
  Provide to Senomyx [***]
  information on [***] from [***].

  	
   

  	
   

  	
   

  	
  2.
  Evaluate [***] from [***]
  samples

  	
   

  
	
  1.
  Present additional information on [***].

  	
   

  	
  1.
  Hold Steering Committee Meeting. 

  	
   

  	
  1.
  Present progress and status of the project.

  	
   

  	
  [***] 

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2.
  Review minutes and action items from previous meeting.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1.
  Communicate on ad hoc basis between quarterly
  Steering Committee meetings.

  	
   

  	
  1.
  Identify a [***] form of [***] 

  	
   

  	
  [***]

  
	
   

  	
   

  	
   

  	
   

  	
  2.
  Initiate [***] focused [***]. 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  3.
  Identify [***] compounds in the [***]. 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  4.
  Conduct [***] on active [***].

  	
   

  

 

***Confidential Treatment Requested

 

 

 

	
  Nestlé Responsibility

  	
   

  	
  Steering Committee

  Responsibility

  	
   

  	
  Senomyx 

  Responsibility

  	
   

  	
  Timeline

  
	
  1.
  Review data on [***].

  	
   

  	
  1.
  Hold Steering Committee Meeting. 

  	
   

  	
  1.
  Present progress and status of project. 

  	
   

  	
  [***] 

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2.
  Review and approve minutes from previous meeting.

  	
   

  	
  2.
  Report results of [***].

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  1.
  Identify [***] Compound(s). 

  	
   

  	
  [***]  

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  2.
  Provide Nestlé with a sample of the [***]
  Compound(s). 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  3.
  Initiate [***] of [***]
  Compound(s).

  	
   

  
	
  1.
  Review [***] results and general progress on
  project.

  	
   

  	
  1.
  Hold Steering Committee Meeting. 

  	
   

  	
  1.
  Share progress and status of project.

  	
   

  	
  [***] 

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2.
  Review and approve minutes from previous meeting

  	
   

  	
   

  	
   

  
	
  1. Nestlé to evaluate [***]
  containing [***] Compound(s).

  	
   

  	
   

  	
   

  	
  1.
  Continue [***] of compounds. 

  	
   

  	
  [***]

  
	
   

  	
   

  	
   

  	
   

  	
  2.
  Test compounds for [***]. 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  3.
  Prepare [***].

  	
   

  

 

***Confidential Treatment Requested

 

 

 

	
  Nestlé Responsibility

  	
   

  	
  Steering Committee

  Responsibility

  	
   

  	
  Senomyx 

  Responsibility

  	
   

  	
  Timeline

  
	
  1.
  Review specific taste testing results and general progress on project.

  	
   

  	
  1.
  Hold Steering Committee Meeting.

  	
   

  	
  1.
  Share progress and status of project.

  	
   

  	
  [***]

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2.
  Review and approve minutes from previous meeting.

  	
   

  	
  2.
  Submit to Nestlé [***] on
  Compounds.

  	
   

  
	
  1.
  Nestlé to evaluate [***] and
  conduct [***] containing Compound(s).

  	
   

  	
   

  	
   

  	
  1.
  Senomyx to provide Nestlé with samples of Compounds in [***]
  for evaluation.

  	
   

  	
  [***]

  
	
  1.
  Nestlé shares comments on Compounds in [***] and
  other [***] results.

  	
   

  	
  1.
  Hold Steering Committee Meeting.

  	
   

  	
  1.
  Share progress and status of project.

  	
   

  	
  [***]

  
	
   

  	
   

  	
  2.
  Review and approve minutes from previous meeting.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3. Select [***] for [***].

  	
   

  	
   

  	
   

  
	1. Nestlé to present commercialization plan to Senomyx.
	 
	 
	 
	1. Initiate [***] of [***] Compound(s) for [***]. .
	 
	[***] 

	
   

  	
   

  	
   

  	
   

  	
  2.
  Schedule [***] with [***]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  1.
  Conduct [***] studies to support [***].

  	
   

  	
  [***]

  
	
   

  	
   

  	
   

  	
   

  	
  1.
  Submit [***] on [***]
  Compound(s).

  	
   

  	
  [***]

  
								

 

***Confidential Treatment Requested

 

 

	
  Nestlé Responsibility

  	
   

  	
  Steering Committee

  Responsibility

  	
   

  	
  Senomyx 

  Responsibility

  	
   

  	
  Timeline

  
	
   

  	
   

  	
   

  	
   

  	
  1.
  Receive [***] on [***] Compound(s).

  	
   

  	
  [***]

  
	
   

  	
   

  	
   

  	
   

  	
  1.
  Initiate [***] and other [***] based on [***].

  	
   

  	
  [***]

  

 

***Confidential
Treatment Requested

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