Document:

exv10w11

Exhibit 10.11

CIRRUS LOGIC, INC.

2007 MANAGEMENT AND KEY INDIVIDUAL CONTRIBUTOR INCENTIVE PLAN

Effective September 30, 2007

(as amended on February 15, 2008)

	1.	 	Purpose.
	 
	 	 	The purposes of the Cirrus Logic, Inc. Management and Key Individual Contributor Incentive Plan
(the “Incentive Plan”) are to (1) provide Participants with incentives to improve the Company’s
financial performance through the achievement of semi-annual goals relating to the Company’s
Operating Profit Margin and Revenue Growth, and (2) attract, retain, motivate and reward the
Company’s management team and key individual contributors.
	 
	2.	 	Definitions.
	 
	 	 	As used herein, the following definitions shall apply:

	 	(A)	 	“Base Salary” means an Employee’s annual rate of base salary, exclusive of bonuses,
incentive pay, commissions, and all other forms of compensation. Base Salary for a given Plan Cycle
shall be calculated based on Participants’ Base Salary in effect on the last day of a Plan Cycle.
	 
	 	(B)	 	“Board” means the Board of Directors of Cirrus Logic, Inc.
	 
	 	(C)	 	“Cause” means (i) gross negligence or willful misconduct in the performance of duties
to the Company after one written warning detailing the concerns and offering the Employee
opportunities to cure; (ii) material and willful violation of any federal or state law; (iii)
commission of any act of fraud with respect to the Company; (iv) conviction of a felony or any
crime causing material harm to the standing and reputation of the Company; or (v) intentional and
improper disclosure of the Company’s confidential or proprietary information.
	 
	 	(D)	 	“Change in Control” means (i) the sale, lease, conveyance or other disposition of all
or substantially all of the Company’s assets as an entirety or substantially as an entirety to any
person, entity or group or persons acting in concert; (ii) any “person” (as such term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becoming 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 (iii) a merger or consolidation of the Company with any other
corporation, other than a merger or consolidation that 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

 

 

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	 	 	 	securities of the surviving entity or its parent) at least 50% of the voting power
represented by the voting securities of the Company or such surviving entity (or
parent) outstanding immediately after such merger or consolidation.
	 
	 	(E)	 	“Code” means the Internal Revenue Code of 1986, as amended.
	 
	 	(F)	 	“Committee” means the Compensation Committee of the Board.
	 
	 	(G)	 	“Company” means Cirrus Logic, Inc. and its wholly owned subsidiaries and affiliates,
and each of their respective successors.
	 
	 	(H)	 	“Continuously Employed” means the Employee’s continuous and uninterrupted full-time
employment with the Company except for approved absences and other interruptions approved by the
Committee or pursuant to a formal written Company policy.
	 
	 	(I)	 	“Disability” means total and permanent disability as defined in accordance with the
Company’s Long-Term Disability Plan.
	 
	 	(J)	 	“Effective Date” means September 30, 2007.
	 
	 	(K)	 	“Eligible Participant” means any Employee who is in a management or leadership position
in the Company or who is a key individual contributor whose efforts potentially have a material
impact on the Company’s performance.
	 
	 	(L)	 	“Employee” means a natural person who is employed by the Company and who is treated as
an employee by the Company for tax purposes.
	 
	 	(M)	 	“Incentive Plan Pay-Out Percentage” means the multiplier derived from the formula set
forth by the Committee before a Plan Cycle for determining the pay-out percentage based on the
Company’s Operating Profit Margin and Revenue Growth.
The Committee shall review and update the Operating Profit Margin and Revenue Growth
performance goals and the associated Incentive Plan Pay-Out Percentages applicable to a
Plan Cycle prior to the commencement of such Plan Cycle.
	 
	 	(N)	 	“Individual Incentive Payment” means the amount calculated for each Participant in
Section 5 for each Plan Cycle.
	 
	 	(O)	 	“Individual Performance Multiplier” means a performance multiplier of between 0% and
120% to be determined based on a Participant’s achievement of individual performance goals (“MBOs”)
set for each Participant pursuant to Section 3(C).

 

 

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	 	(P)	 	“Operating Profit Margin” will be measured as the Company’s consolidated GAAP operating
income (revenue minus cost of goods sold (COGS) minus research and development (R&D) minus selling,
general and administrative (SG&A), excluding Incentive Plan and VCP accruals, if any, and any
Non-Recurring Items) as a percentage of revenue. The Company’s GAAP operating income shall be
determined based on the Company’s financial results as approved by the Company’s Audit Committee
and filed with the Securities and Exchange Commission on a Form 10Q or Form 10K.
	 
	 	(Q)	 	“Non-Recurring Items” include any unusual or infrequent accounting items included in
GAAP operating profits such as:

	 	(i)	 	gains on sales of assets not otherwise included in revenue;
	 
	 	(ii)	 	losses on sales of assets, restructuring charges, merger-related costs including
amortization or impairment of acquisition-related intangible assets, asset write-offs,
write-downs, and impairments whether or not included in COGS, SG&A or R&D expenses; and
	 
	 	(iii)	 	such other items as the Committee may determine at its sole discretion.

	 	 	 	The Committee will determine, in its sole discretion, whether to include or exclude any or
all of the above described Non-Recurring Items as part of Operating Profit Margin.
	 
	 	(R)	 	“Participant” means any Eligible Participant designated by the Committee to
participate in the Incentive Plan for a Plan Cycle.
	 
	 	(S)	 	“Plan Administration Committee” means the Company’s Chief Executive Officer, Chief Financial
Officer, and Vice President of Human Resources.
	 
	 	(T)	 	“Plan Cycle” means a period on or after the Effective Date beginning on the first day
of the Company’s first fiscal quarter and ending on the last day of the Company’s second fiscal
quarter, or the period beginning on the first day of the Company’s third fiscal quarter and ending
on the last day of the Company’s fourth fiscal quarter.
	 
	 	(U)	 	“Revenue Growth” means the Company’s year-over-year revenue growth based on the
Company’s GAAP revenue for a given Plan Cycle over the Company’s GAAP revenue for the corresponding
period from the prior fiscal year. The Company’s GAAP revenue shall be determined based on the Company’s financial results as approved by
the Company’s Audit Committee and filed with the Securities and Exchange Commission on a
Form 10Q or Form 10K. For purposes of calculating Revenue Growth, the Committee shall
exclude any non-recurring revenue as

 

 

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	 	 	 	calculated by the Committee for purposes of determining the Operating Profit Margin. To
preserve the intended incentives and benefits of the Incentive Plan, the Committee may
adjust the Revenue Growth calculation to reflect any material corporate transaction (such
as a reorganization, combination, separation, merger, acquisition, or any combination of
the foregoing), or any complete or partial liquidation of the Company (or any material
portion of the Company).
	 
	 	(V)	 	“Target Incentive Amount” means, for each Participant, the product of (a) the
Participant’s Base Salary times (b) the Participant’s Target Incentive Factor.
	 
	 	(W)	 	“Target Incentive Factor” means the applicable target award percentage for a
Participant as set forth in Schedule A to this Incentive Plan.
	 
	 	(X)	 	“VCP” means the Company’s Variable Compensation Plan, or any similar plan intended to
compensate Employees based on the Company’s financial performance.

	3.	 	Administration of the Incentive Plan.

	 	(A)	 	Administration. The Incentive Plan shall be administered by the Committee.
	 
	 	(B)	 	Powers of the Committee. Subject to the provisions of the Incentive Plan and to
the specific duties, if any, delegated by the Board, the Committee shall have the
authority, in its discretion, to construe and interpret the terms of the Incentive Plan, to
designate the Participants in the Incentive Plan, and to make all other determinations
deemed necessary or advisable for administering the Incentive Plan. The Committee may
delegate to the Plan Administration Committee the determination of the Participants in the
Plan and the Target Incentive Amount for anyone other than executive officers who are
subject to the reporting requirements of Section 16 of the Securities Exchange Act of 1934.
	 
	 	(C)	 	Individual Performance Multipliers. In determining an Individual Incentive
Payment, the Committee may include an Individual Performance Multiplier for any Participant
that reflects a Participant’s achievement of MBOs during a Plan Cycle. If included, the
Committee will set the CEO’s MBOs and determine the CEO’s Individual Performance Multiplier
for a Plan Cycle. For all other Participants, the CEO, or an immediate supervisor of the
Participant designated by the CEO, will set the Participants MBOs and determine a
Participant’s Individual Performance Multiplier for a Plan Cycle. The specific MBOs must be
established while the performance relating to the MBOs remains substantially uncertain with
respect to achievement of such MBOs during a Plan Cycle. MBOs may vary based on the
Company’s strategic initiatives and the responsibilities of each Participant.

 

 

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	 	(D)	 	Effect of Committee’s Decisions. The Committee’s decisions, determinations and
interpretations shall be final and binding on all Participants.

	4.	 	Eligibility.
	 
	 	 	Except as set forth in Section 7 below, Participants who are not Continuously Employed by the
Company during a Plan Cycle will receive a pro-rata Individual Incentive Payment based upon the
number of calendar days during a Plan Cycle that the Participant was an Employee. A Participant’s
Target Incentive Factor for a Plan Cycle will be based on the Target Incentive Factor for the
Participant determined as of the last day of the Plan Cycle.
	 
	5.	 	Determination of Payments.
	 
	 	 	The Individual Incentive Payment to each Participant for each Plan Cycle shall be calculated by
multiplying the Participant’s Target Incentive Amount by the Incentive Plan Pay-Out Percentage for
that Plan Cycle. At its discretion, the Committee or Plan Administration Committee may further
include an Individual Performance Multiplier in the determination of Individual Incentive Payments
during any Plan Cycle. In no event shall any Individual Incentive Payment exceed 250% of a
Participant’s Target Incentive Amount.
	 
	6.	 	Payout Schedule.

	 	(A)	 	Payout Timing. Individual Incentive Payments shall be paid in a cash lump sum
to each Participant as soon as is reasonably practicable after the public disclosure of the
Company’s financial results through the filing of a Form 10Q or Form 10K with the
Securities and Exchange Commission for the relevant Plan Cycle; provided, however, that
with respect to each Participant (or his or her estate, as applicable) who, pursuant to
Section 7(A) below, is eligible to receive an Individual Incentive Payment for a given Plan
Cycle without being Continuously Employed on the date such Individual Incentive Payment is
paid, then:

	 	(i)	 	With respect to an Individual Incentive Payment for a Plan Cycle
composed of the Company’s first and second fiscal quarters, such
Individual Incentive Payment shall be paid on or before the 15th day of
the third month following the later of (a) the last day of the calendar
year in which such Participant died, incurred a Disability, or was
terminated by the Company for other than Cause, or (b) the last day of the
Company’s taxable year in which such Participant died, incurred a

 

 

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	 	 	 	Disability, or was terminated by the Company for other than Cause; and
	 
	 	(ii)	 	With respect to an Individual Incentive Payment for a Plan Cycle composed of the
Company’s third and fourth fiscal quarters, such Individual Incentive Payment shall be
paid in the calendar year during which such Plan Cycle ends, but no later than on or
before the 15th day of the third month following the later of (a) the last day of the
calendar year in which such Participant died, incurred a Disability, or was terminated
by the Company for other than Cause, or (b) the last day of the Company’s taxable year
in which such Participant died, incurred a Disability, or was terminated by the
Company for other than Cause.

	 	(B)	 	Continuous Status. Notwithstanding anything in the Incentive Plan to the contrary,
except as provided in Section 7(A) below in the case of death, Disability or termination by the
Company for other than Cause, a Participant must be Continuously Employed as of the last day of a
Plan Cycle and on the date the Individual Incentive Payment is paid in order to receive an
Individual Incentive Payment for a given Plan Cycle. In the event a Participant’s Continuous
Employment with the Company terminates for any reason other than death, Disability or termination
by the Company for other than Cause, any unpaid portion of the Participant’s Individual Incentive
Payment shall be forfeited.
	 
	 	(C)	 	Withholding. Any amounts payable hereunder shall be subject to applicable tax and other
payroll withholding in accordance with the Company’s policies and programs and applicable law.

	7.	 	Miscellaneous Provisions.

	 	(A)	 	Terminations. In the event of a Participant’s death, Disability or termination
by the Company for other than Cause, the Participant or his or her estate (as applicable)
will receive a pro rata Individual Incentive Payment, based upon the Company’s performance
during a Plan Cycle and the number of calendar days completed in the current Plan Cycle at
the time of the termination.
	 
	 	(B)	 	Unsecured Creditor. It is understood and agreed that the Company has only a
contractual obligation to make payments of Individual Incentive Payments under this
Incentive Plan and that such payments are to be satisfied out of general corporate funds
that are subject to the claims of the Company’s creditors.

 

 

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	 	(C)	 	Change in Control. In the event of a Change in Control, the Incentive Plan will be
assumed or comparably replaced by the Company’s successor. If the successor fails or refuses to
assume or comparably replace the Incentive Plan, each Participant
will receive a pro rata Individual Incentive Payment, based upon the number of calendar days completed in the
current Plan Cycle multiplied by an Incentive Plan Pay-Out Percentage of 1.0. Any such payment
shall be a lump sum cash payment made within ten (10) days of a Change in Control; provided,
however, that with respect to each Participant (or his or her estate, as applicable) who, pursuant
to Section 7(A) above, is eligible to receive an Individual Incentive Payment for a given Plan
Cycle without being Continuously Employed on the date such Individual Incentive Payment is paid,
such Individual Incentive Payment shall be paid on or before the 15th day of the third month
following the later of (a) the last day of the calendar year in which such Participant died,
incurred a Disability, or was terminated by the Company for other than Cause, or (b) the last day
of the Company’s taxable year in which such Participant died, incurred a Disability, or was
terminated by the Company for other than Cause.
	 
	 	(D)	 	Reclassification. In the event that an Employee who is a Participant is reclassified or
demoted (for reasons other than Cause) to a position which would not then qualify such individual
as a Participant, the Employee will nevertheless remain eligible to participate in the current Plan
Cycle, provided that he or she remains in Continuous Employment. The Employee shall be ineligible,
however, to participate in any new Plan Cycle, unless the Committee determines otherwise in its sole discretion.
	 
	 	(E)	 	Section 409A of the Code. Each Individual Incentive Payment under this Incentive Plan
is intended to be exempt from Section 409A of the Code pursuant to the exception for short-term
deferrals (within the meaning of the Treasury regulations issued under Section 409A of the Code),
and the Incentive Plan shall be construed and interpreted in accordance with such intent to the
maximum extent permitted by law.
	 
	 	(F)	 	Right to Offset. To the extent permitted by law, the Company shall have the right to
offset against its obligation to deliver amounts under any Individual Incentive Payment any
outstanding amounts of whatever nature that the Participant then owes to the Company.

	8.	 	Limitations.
	 
	 	 	Neither the Incentive Plan nor any Individual Incentive Payment shall confer upon a Participant
any right with respect to continuing the Participant’s employment relationship with the Company,
nor shall it interfere in any way with the Participant’s right or the Company’s right to terminate
such employment at any time, with or without Cause.

 

 

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	9.	 	Amendment and Termination.
	 
	 	 	The Committee shall have the power to amend, suspend or terminate the Incentive Plan at any time,
provided that no such amendment or termination shall adversely impair a Participant’s rights with
respect to any Plan Cycle that has already commenced.
	 
	10.	 	Governing Law.
	 
	 	 	The Program shall be governed by the internal substantive laws, and not the choice of law rules,
of the State of Delaware.
	 
	11.	 	No Right of Assignment.
	 
	 	 	No Participant shall have any right to assign, alienate, or otherwise transfer his or her rights,
if any, under the Incentive Plan. Any purported assignment, alienation or transfer by a Participant
of his or her rights under the Incentive Plan shall be null and void ab initio and of no force or
effect.

 

 

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Schedule A

TARGET INCENTIVE FACTORS FOR EACH PLAN CYCLE

	 	 	 	 	 
	Level	 	Target Incentive Factor
	 
	CEO

	 	 	37.5%	 
	 
	Direct Reports to the
CEO

	 	 	25%	 
	 
	Other Management
and Key
Individual
Contributors*

	 	 	5 – 25%	 
	 

*The Target Incentive Factors for Participants other than the CEO and the CEO’s direct reports will
be set by the CEO or an immediate supervisor of the Participant designated by the CEO.exv10w18

Exhibit 10.18

AGREEMENT ON TERMINATION OF

EMPLOYMENT CONTRACT

THIS AGREEMENT (the “Agreement”)
is made in Shanghai, People’s Republic of China (“PRC”) on March, 13, 2008, by and between:

(1) KEYUAN SEMICONDUCTOR (SHANGHAI) CO., LTD. (the “Company”), a company established and existing
under the laws of the PRC having its registered address at Room 318 Building A, No. 563, Song Tao
Road, Zhangjiang, Shanghai, PRC, and

(2) Wu Bin (the “Employee”),
whose Identification No. is 211901682 who is also
identified as Employee 81789 in the Company.

The Company and the Employee shall hereinafter individually be referred to as a “Party” and
collectively as the “Parties”.

WHEREAS, the Company and the Employee entered into an employment contract on Dec, 29, 2007
(the “Employment Contract”);

WHEREAS, the Company and the Employee agree to terminate the Employment Contract according to the
terms and conditions of this Agreement;

NOW, THEREFORE, in consideration of the mutual agreements and promises expressed in this Agreement,
and other good and valuable consideration, the receipt, sufficiency and adequacy of which are
hereby acknowledged, the Parties have agreed as follows:

1

 

1. Termination by Agreement

The Employment Contract shall be terminated upon execution of this Agreement.

2. Waiver

The Employee hereby waives any claim for any requirement for a notice period to terminate the
Employment Contract.

3. Payment

3.1 The Company shall make the following payments to the Employee in a lump sum upon receipt of the
materials and documents as detailed in Section 3.2 hereunder:

(a) RMB84797, equal to [one (1)] months salary of the Employee and in consideration of the
Employee’s waiver in Article 2 above;

(b) RMB612614, being severance pay to the Employee calculated according to the applicable
PRC labor laws and the Employment Contract;

(c) RMB84797, equal to one (1) month salary of the Employee and in consideration of the
Employee’s execution of the General Release of All Claims, which is annexed to this Agreement as
Annexure A.

The above payments shall be in full satisfaction of all sums due and payable to
the Employee by the Company.

3.2 Before the Company makes any payment referred to in Section 3.1 above, it shall have received
the following materials and documents from the Employee:

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	(a)	 	All property of the Company which are in the possession or control of the Employee during
his/her employment with the Company;
	 
	(b)	 	Duly signed:

	 	(i)	 	Employee Termination Proprietary Rights Statement, namely Exhibit B of the
Confidentiality Agreement referred to in Clause 4 below; and
	 
	 	(ii)	 	General Release of All Claims annexed hereto as Annexure A.

4. The Confidentiality Agreement

The Confidentiality, Intellectual Property Rights and Non-Solicitation provisions in the
Confidentiality Agreement signed by the Company and the Employee on or immediately (the
“Confidentiality Agreement”, attached as Annexure B hereto) after the hire date of the Employee
shall survive the termination of the Employment Contract.

5. Invalidity

In the event any one or more of the provisions contained in this Agreement shall, for any reason,
be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provision of this Agreement.

6. Languages

This Agreement shall be written in both English and Chinese. If there is any conflict between
the English and Chinese versions, the English version shall prevail.

3

 

7. Counterparts

This Agreement may be executed in any number of counterparts, each of which when so executed and
delivered shall be deemed an original and all of which taken together shall constitute but one and
the same instrument.

The Company and the Employee have executed this Agreement on the date first above written.

4

 

Keyuan Semiconductor (Shanghai) Co. Ltd.,

	 	 	 
	By:

	 	/s/ Ho Wah Yam 
	 
	 	 
	Name

	 	Ho Wah Yam
	 
	 	 
	Title:

	 	Senior Manager, Human Resources (Asia)

Employee

	 	 	 
	By:

	 	/s/ Bin Wu
	 
	 	 
	Name

	 	Bin Wu

	 	 	 
	Annexure A

	 	General Release of All claim
	 
	 	 
	Annexure B

	 	Confidentiality Agreement

 

 

GENERAL RELEASE OF ALL

CLAIMS

In consideration of the severance compensation and benefits paid to me by Keyuan Semiconductor
(Shanghai) Co., Ltd. in connection with the termination of my employment, my family members, heirs,
successors and assigns, and I (collectively, the “Releasing Parties”) hereby fully and forever
RELEASE and DISCHARGE Keyuan Semiconductor (Shanghai) Co., Ltd., Caretta Integrated Circuits and
Cirrus Logic, Inc. (collectively, the “Company”), its officers, directors, agents, employees,
subsidiaries, affiliated entities, employer sponsored employee benefit and welfare benefit plans,
trustees and administrators of such plans, and assigns of the persons and entities named above
(hereinafter, together with the Company, collectively called the “Released Parties”) from all
claims and causes of action arising out of or relating in any way to my employment with the
Company, including the termination of my employment, as set forth in this GENERAL RELEASE OF ALL
CLAIMS (the “Release”).

1. Termination Date. I understand that my effective date of termination from the Company
is March, 13, 2008 (the “Termination Date”).

2. Release. The Company has fulfilled all its obligations required by applicable laws and
regulations with regard to the termination of my employment with the Company, and the additional
benefits offered in the Termination Agreement. I understand and agree that this Release is a
full and complete waiver of all claims, including, but not limited to, any claim or

6

 

demand based on any foreign, federal, state, or local statutory or common law or constitutional
provision that applies or is asserted to apply, directly or indirectly, to the formation,
continuation, or termination of my employment relationship with the Company, such as wrongful
discharge; unlawful employment discrimination on the basis of age or any other form of unlawful
employment discrimination; retaliation; breach of contract (express or implied); breach of the duty
of good faith and fair dealing; violation of the public policy of the United States, any foreign
law (including, without limitation, the laws of Hong Kong SAR, the State of Texas, or any other
state); intentional or negligent infliction of emotional distress; tortious interference with
contract; promissory estoppel; detrimental reliance; defamation of character; duress; negligent
misrepresentation; intentional misrepresentation or fraud; invasion of privacy; loss of consortium;
assault; battery; conspiracy; bad faith; negligent hiring, retention, or supervision; any
intentional or negligent act of personal injury; any alleged act of harassment or intimidation; or
any other intentional or negligent tort; or any alleged violation of Title VII of the Civil Rights
Act of 1964, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave
Act of 1993; the Employee Retirement Income Security Act of 1974; the Fair Labor Standards Act; the
Fair Credit Reporting Act; the Texas Commission on Human Rights Act; the Texas Wage Payment
Statute, and any provision of the Texas Labor Code, any foreign law, including without limitation,
any employment or labor law of China.

7

 

This Release includes any claims or demands for damages (actual or punitive), back wages, future
wages or front pay, commissions, bonuses, severance benefits, medical expenses and the costs of any
counseling, reinstatement or priority placement, promotion, vacation leave benefits, past and
future medical or other employment benefits (except as to which there is, as of the Termination
Date, existing contractual or vested entitlement) including contributions to any employee benefit
plans, retirement benefits (except as to which there is, as of the Termination Date, vested
entitlement), relocation expenses, compensatory damages, injunctive relief, liquidated damages,
penalties, equitable relief, attorney’s fees, costs of court, disbursements, interest, and any and
all other loss, expense, or detriment of whatever kind or character resulting from, growing out of,
connected with, or related in any way to the formation, continuation, or termination of my
employment relationship with the Company. This Release does not apply to any rights or claims
that may arise after the date it is executed.

3. Return of Company Property. I declare that I do not have in my possession, nor have I
failed to return, any devices, records, data, notes, reports, proposals, lists, correspondence,
specifications, drawings, blueprints, sketches, materials, equipment, other documents or property,
or reproductions of any aforementioned items belonging to the Company.

8

 

4. Nonprosecution.

	(a)	 	Except as requested by any of the Released Parties or as compelled by law or judicial process,
I will not assist, cooperate with, or supply information of any kind to any individual or
private-party litigant or their agents or attorneys (i) in any proceeding, investigation, or
inquiry raising issues under the Age Discrimination in Employment Act of 1967, Title VII of the
Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Family and Medical Leave
Act of 1993, the Employee Retirement Income Security Act of 1974, the Fair Labor Standards Act, the
Fair Credit Reporting Act, the Texas Commission on Human Rights Act, any provisions of the Texas
Labor Code or any other foreign, federal, state, or local law, including without limitation, any
employment or labor law of China involving the formation, continuation, or termination of my
employment relationship, or the employment of other persons, by the Company, or (ii) in any other
litigation against any of the Released Parties.
	 
	(b)	 	Except as permitted by law, I will not initiate any investigation, inquiry, or any other
action of any kind, including an administrative charge with any governmental agency, with
respect to the Company’s facilities, employment practices or sales or business operations,
relating to the termination of my employment as provided for in this Release.

9

 

5. Disparagement. I will not make to any other parties any statement, oral or written,
which directly or indirectly impugns the quality or integrity of the Company’s business or
employment practices, or any other disparaging or derogatory remarks about any of the Released
Parties.

6. Cooperation. I will cooperate fully and completely with any of the Released Parties,
at their request, in all pending and future litigations involving the Company or any of the other
Released Parties. This obligation includes promptly meeting with counsel for the Company or the
other Released Parties at reasonable times upon their request, and providing testimony in court or
upon deposition that is truthful, accurate, and complete, according to information known to me.
If I appear as a witness in any pending or future litigation at the request of the Company or any
of the other Released Parties, I understand that the Company agrees to reimburse me, upon
submission of substantiating documentation, for necessary and reasonable expenses incurred by me as
a result of my testimony.

7. Nonsolicitation. For a period of one year following the Termination Date, and
thereafter to the extent provided by law, I will not directly or indirectly, for my own account or
for the benefit of any other person or party:

	(a)	 	Solicit, induce, entice, or attempt to entice any employee, contractor, or subcontractor
of the Company to terminate his or her employment or contract with the Company; or
	 
	(b)	 	Solicit, induce, entice, or attempt to

10

 

	 	 	entice any customer or supplier of the Company, including any firms that have been customers or
suppliers of the Company within one year preceding the Termination Date, to terminate its
business relationship with the Company.

I understand that should I breach this obligation, the Company will be entitled to enforce the
provisions of this paragraph by seeking injunctive relief in addition to recovering any monetary
damages the Company may sustain as a result of such breach, and I may be required to repay the
severance provided by the Agreement.

8. Authority to Execute; Indemnification for Claims. I represent and warrant that I have
the authority to execute this Release on behalf of all the Releasing Parties. I agree to
indemnify fully and hold harmless the Company and any of the other Released Parties from any and
all claims brought by the Releasing Parties or derivative of my own, including the amount of any
such claims the Company or any of the other Released Parties are compelled to pay, and the costs
and attorneys’ fees incurred in defending against all such claims.

9. Confidentiality. I further agree that, in compliance with the Proprietary Information
Agreement, I will preserve as confidential all trade secrets, confidential knowledge, data or other
proprietary information relating to products, processes, know-how, designs, formulas, developmental
or experimental work, computer programs, data bases, other original works of authorship, customer
lists, business plans, financial information or other subject matter pertaining to any business of
the Company or any of its clients, consultants or licensees.

11

 

10. Consultation with Attorney. I hereby acknowledge that I have read and understand the
foregoing Release and that I sign it voluntarily and without coercion. I further acknowledge that
I was given the opportunity to consult with an attorney of my own choosing (if I so desired)
concerning the waivers contained in this Release, and that the waivers herein are made knowingly,
consciously and with full appreciation that I am forever foreclosed from pursuing any of the rights
so waived. I understand that this Release does not apply to any claim that may arise after the date
of this Release.

11. Governing Law and Interpretation. This Release and the rights and duties of the parties
under it shall be governed by and construed in accordance with the laws of the State of Texas.
Any disputes under this Release must be brought in any Court in Travis County, Texas. If any
provision of this Release is held to be unenforceable, such provision shall be considered separate,
distinct, and severable from the other remaining provisions of this Release, and shall not affect
the validity or enforceability of such other remaining provisions; and in all other respects, this
Release shall remain in full force and effect. If any provision of this Release is held to be
unenforceable as written but may be made to be enforceable by limitation thereof, then such
provision shall be enforceable to the maximum extent permitted by applicable law. The language of
all parts of this Release shall in all cases be construed as a whole, according to its fair
meaning, and not strictly for or against any of the parties.

12

 

12. Breach of Release. I agree that should I fail to comply with any of my obligations as
set forth in this Release, the Company will have no obligation to pay me the severance
compensation, and I may be required to repay it; but all other provisions of this Release shall
remain in full force and effect. I understand that I may also be liable for the Company’s damages
and its attorneys’ fees and expenses resulting from my breach of any provision in this Release.

13. Expiration of Offer. I understand that the Company’s offer to pay additional
severance benefits in exchange for this Release will expire seven days after I was provided with
the terms of this offer for my consideration. 1 further understand that I may accept this offer at
any time before the expiration by signing this letter below and returning it confidentially to the
Human Resources Department.

14. Languages. This Release shall be written in both English and Chinese. If there is
any conflict between the English and Chinese versions, the English version shall prevail.

Date delivered to employee on March, 13, 2008

Executed this ___day of ___2008

13

 

	 	 	 	 	 
	By:
	 	/s/ Bin Wu	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Name:

	 	Bin Wu	 	 

Employee Number:

Keyuan Semiconductor (Shanghai) Co. Ltd.,

	 	 	 	 	 
	By:

	 	/s/ Ho Wah Yam
	 	 
	 

	 	 	 	 
	Ho Wah Yam,	 	 

Human Resources, Asia Pacific Senior Manager,

Keyuan Semiconductor (Shanghai) Co. Ltd.,

14

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