Document:

Prepared by R.R. Donnelley Financial -- Offer Letter dated May 6, 2004 - Svend - Olav Carlsen

 Exhibit 10.10 
  
 [PortalPlayer, Inc. Letterhead] 
  
 May 6, 2004 
  
 Mr. Svend-Olav Carlsen 
 16771 Dry Creek Ct. 
 Morgan Hill, CA 95037 
  
 Dear Olav: 

 
 PortalPlayer, Inc. is pleased to offer you the following position: 
  
 Title: VP, Chief Financial Officer 
 Reporting to: Gary Johnson 
 Initial
salary: $190,000 (annualized salary) 
  
 Stock Options. It will be
recommended, subject to the approval of our Board of Directors, that you receive 537,500 employee stock options under the provisions of PortalPlayer’s Employee Stock Option Plan. Such options shall vest over four years with a fourth of the
options vesting at the end of the first year and then monthly thereafter. The preceding statements regarding stock options do not constitute a promise of compensation and are not intended to create any obligation on the part of the Company.

  
 In the event of a Change of Control at PortalPlayer, Inc., you will vest 50%
of the unvested options remaining over the term of this four-year vesting program. 
  
 Definition of “Change of Control”. For all purposes under this letter, “Change of Control” shall mean any of the following: 
  

	 	(i)	a sales of all or substantially all of the assets of PortalPlayer, Inc.; 

  

	 	(ii)	the acquisition of more than fifty percent (50%) of the common stock of PortalPlayer, Inc. (with all classes or series thereof treated as a single class) by any person or group of
persons; 

  

	 	(iii)	a reorganization of PortalPlayer, Inc. wherein the holders of common stock of PortalPlayer, Inc. receive stock in another company (other than a subsidiary of PortalPlayer, Inc.), a
merger of PortalPlayer, Inc. with another company wherein there is a fifty percent (50%) or greater change in the ownership of the common stock of PortalPlayer, Inc. as a result of such merger, or any other transaction in which PortalPlayer, Inc.
(other than as the parent corporation) is consolidated for federal income tax purposes or is eligible to be consolidated for federal income tax purposes with another corporation; or 

  

	 	(iv)	 in the event that the common stock is traded on an established securities market, a public announcement that any person has acquired or has the right acquire
beneficial ownership of more than fifty percent (50%) of the then-outstanding common stock and for this purpose the terms “person” and “beneficial ownership” shall have the meanings provided in Section 13(d) of 

  

 PortalPlayer, Inc. 3255 Scott Boulevard, Bldg. 1, Santa Clara, California 95054 Telephone 408.521.7000 Facsimile
408.855.0841 www.portalplayer.com 

	 	 
the Securities and Exchange Act of 1934 or related rules promulgated by the Securities and Exchange Commission, or the commencement of or public announcement
of an intention to make a tender offer or exchange offer for more than fifty percent (50%0 of the then outstanding Common Stock. 

  
 Bonus. As additional cash compensation you shall be entitled to participate in the employee bonus program as approved by the BOD. Your target bonus percentage for
2004 will be 50% of applicable salary. 
  
 Benefits. PortalPlayer has an
attractive benefits package for employees including major medical, dental and life insurance programs, disability plans, paid time off, and 401(k) retirement savings plan. 
  
 Proprietary Information and Inventions Agreement. As with all Company employees, you will be required, as a condition of your
employment with the Company, to sign the Company’s standard Proprietary Information and Inventions Agreement, attached as Exhibit A. 
  
 Verification of Right to work in the United States. In order to comply with the Immigration Reform and Control Act of 1986, you are required to produce on your
first day of employment, documents which will prove your legal right to work in the United States. These documents include: a passport, or alien registration card, OR one document evidencing employment authorization, AND one document evidencing
identity. 
  
 This offer is contingent upon verification of these documents as
well as a background check. 
  
 Entire Agreement. This letter and all of
the exhibits attached hereto contain all of the terms of your employment with the Company and supersede any other understandings or agreements, oral or written, between you and the Company. 
  
 Should you accept this offer, you will be an at-will employee of the Company, which means the
employment relationship can be terminated by either of us for any reason or no reason, at any time and without notice. Any statements or representations to the contrary should be regarded by you as ineffective. Your participation in any stock option
plan or benefit program is not to be regarded as assuring you of continuing employment for any particular period of time. 
  
 You acknowledge that this offer is made to you in confidence. The Company asks that you not disclose its terms to anyone outside of your immediate family. 
  
 This offer will expire May 10, 2004. As confirmation of your acceptance, please sign and
return a copy of this letter as soon as possible, or fax this letter to my attention to 408 521-7083. If you have any questions regarding PortalPlayer’s policies or procedures, or your offer, please don’t hesitate to call me at 408
521-7030. 
  

 PortalPlayer, Inc. 3255 Scott Boulevard, Bldg. 1, Santa Clara, California 95054 Telephone 408.521.7000 Facsimile
408.855.0841 www.portalplayer.com 

 We’re looking forward to your joining PortalPlayer’s team and are confident you will make a major contribution
our company. 
  

					
	 AGREED AND ACCEPTED:
	 	 	 	 Sincerely,

			
	 May 10, 2004
	 	 	 	 /s/ Gary Johnson

	 Date Signed
	 	 	 	 Gary Johnson

	 	 	 	 	 CEO

	 	 	 	 	 PortalPlayer, Inc.

  

	
	
	 /s/ Svend-Olav Carlsen

	 Svend-Olav Carlsen

  
 Start
Date:    June 7th or
earlier                     
  

 PortalPlayer, Inc. 3255 Scott Boulevard, Bldg. 1, Santa Clara, California 95054 Telephone 408.521.7000 Facsimile
408.855.0841 www.portalplayer.comPrepared by R.R. Donnelley Financial -- Offer Letter dated May 28, 2004 - Richard Miller

 Exhibit 10.11 
  
 [PortalPlayer, Inc. Letterhead] 
  
 May 28th, 2004 
  
 Mr. Richard Miller 
 Address on file 
  

Dear Richard: 
  
 PortalPlayer, Inc. is pleased to offer you the following position:  
  
 Title: VP, Chief Technology Officer  
 Reporting to: CEO - Gary Johnson  
 Initial salary: $185,000 (annualized salary) 
  
 Stock Options. It will be recommended, subject to the approval of our Board of
Directors, that you receive 537,500 employee stock options under the provisions of PortalPlayer’s Employee Stock Option Plan. Such options shall vest over four years with a fourth of the options vesting at the end of the first year (a 12 month
Cliff) and then monthly thereafter. The preceding statements regarding stock options do not constitute a promise of compensation and are not intended to create any obligation on the part of the Company. 
  
 In the event of a Change of Control at PortalPlayer, Inc., you will vest 25% of the options
remaining over the term of this four-year vesting program, and any remaining Cliff will be removed immediately. 
  
 Definition of “Change of Control”. For all purposes under this letter, “Change of Control” shall mean any of the following: 
  

	 	(i)	a sales of all or substantially all of the assets of PortalPlayer, Inc.; 

  

	 	(ii)	the acquisition of more than fifty percent (50%) of the common stock of PortalPlayer, Inc. (with all classes or series thereof treated as a single class) by any person or group of
persons; 

  

	 	(iii)	a reorganization of PortalPlayer, Inc. wherein the holders of common stock of PortalPlayer, Inc. receive stock in another company (other than a subsidiary of PortalPlayer, Inc.), a
merger of PortalPlayer, Inc. with another company wherein there is a fifty percent (50%) or greater change in the ownership of the common stock of PortalPlayer, Inc. as a result of such merger, or any other transaction in which PortalPlayer, Inc.
(other than as the parent corporation) is consolidated for federal income tax purposes or is eligible to be consolidated for federal income tax purposes with another corporation; or 

  

	 	(iv)	 in the event that the common stock is traded on an established securities market, a public announcement that any person has acquired or has the right acquire
beneficial ownership of more than fifty percent (50%) of the then-outstanding common stock and for this purpose the terms “person” and “beneficial ownership” shall have the meanings provided in Section 13(d) of 

  

 PortalPlayer, Inc. 3255 Scott Boulevard, Bldg. 1, Santa Clara, California 95054 Telephone 408.521.7000 Facsimile
408.855.0841 www.portalplayer.com 

	 	 
the Securities and Exchange Act of 1934 or related rules promulgated by the Securities and Exchange Commission, or the commencement of or public announcement
of an intention to make a tender offer or exchange offer for more than fifty percent (50%0 of the then outstanding Common Stock. 

  
 Bonus. As additional cash compensation you shall be entitled to participate in the employee bonus program as approved by the BOD. Your target bonus percentage for
2004 will be 35% of applicable salary. 
  
 Benefits. PortalPlayer has an
attractive benefits package for employees including major medical, dental and life insurance programs, disability plans, paid time off, and 401(k) retirement savings plan. 
  
 Proprietary Information and Inventions Agreement. As with all Company employees, you will be required, as a condition of your
employment with the Company, to sign the Company’s standard Proprietary Information and Inventions Agreement, attached as Exhibit A. 
  
 Verification of Right to work in the United States. In order to comply with the Immigration Reform and Control Act of 1986, you are required to produce on your
first day of employment, documents which will prove your legal right to work in the United States. These documents include: a passport, or alien registration card, OR one document evidencing employment authorization, AND one document evidencing
identity. 
  
 This offer is contingent upon verification of these documents as
well as a background check. 
  
 Entire Agreement. This letter and all of
the exhibits attached hereto contain all of the terms of your employment with the Company and supersede any other understandings or agreements, oral or written, between you and the Company. 
  
 Should you accept this offer, you will be an at-will employee of the Company, which means the
employment relationship can be terminated by either of us for any reason or no reason, at any time and without notice. Any statements or representations to the contrary should be regarded by you as ineffective. Your participation in any stock option
plan or benefit program is not to be regarded as assuring you of continuing employment for any particular period of time. 
  
 You acknowledge that this offer is made to you in confidence. The Company asks that you not disclose its terms to anyone outside of your immediate family. 
  
 This offer will expire May 30th, 2004. As confirmation of your acceptance, please sign and
return a copy of this letter as soon as possible, or fax this letter to my attention to 408 521-7083. If you have any questions regarding PortalPlayer’s policies or procedures, or your offer, please don’t hesitate to call me at 408
521-7030. 
  

 PortalPlayer, Inc. 3255 Scott Boulevard, Bldg. 1, Santa Clara, California 95054 Telephone 408.521.7000 Facsimile
408.855.0841 www.portalplayer.com 

 We’re looking forward to your joining PortalPlayer’s team and are confident you will make a major contribution
our company. 
  

					
	 AGREED AND ACCEPTED:
	 	 	 	 Sincerely,

			
	 5-29-2004
	 	 	 	 /s/ Gary Johnson

	 Date Signed
	 	 	 	 Gary Johnson

	 	 	 	 	 CEO

	 	 	 	 	 PortalPlayer, Inc.

			
	 /s/ Richard Miller
	 	 	 	  
	 Richard Miller
	 	 	 	 

  
 Start
Date:        Agreed as June 7th 2004 or
earlier                     
  

 PortalPlayer, Inc. 3255 Scott Boulevard, Bldg. 1, Santa Clara, California 95054 Telephone 408.521.7000 Facsimile
408.855.0841 www.portalplayer.com

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