Document:

TQNT-EX 10.2_2012.Q2

AUTOMATIC STOCK OPTION GRANT PROGRAM 
FOR
ELIGIBLE DIRECTORS UNDER THE 
TRIQUINT SEMICONDUCTOR, INC. 2012 INCENTIVE PLAN

The following provisions set forth the terms of the Automatic Stock Option Grant Program (the "Program") for eligible directors of TriQuint Semiconductor, Inc. (the "Company") under the Company's 2012 Incentive Plan (the "Plan").  In the event of any inconsistency between the terms contained herein and in the Plan, the Plan shall govern.  All capitalized terms that are not defined herein have the meanings set forth in the Plan.  

SECTION 1.  ELIGIBILITY

Each member of the Board of Directors of the Company elected or appointed to the Board who is not otherwise an employee or officer of the Company or any Related Company (an "Eligible Director") shall be eligible to receive the grant of Options set forth in the Program, subject to the terms of the Program. 

SECTION 2.  OPTION GRANTS

2.1    Option Grant Types and Timing of Grants 

(a)    Initial Option Grants.  Upon an Eligible Director's initial election or appointment to the Board as an Eligible Director, he or she shall automatically be granted a Nonqualified Stock Option to purchase a number of shares of Common Stock equal to the number of shares that would be subject to a nonqualified stock option with a fair value of $200,000 (calculated using the Fair Market Value of the Company's common stock on the day before the Grant Date and the Company's standard stock option valuation methodology for stock options granted to a member of the Board of Directors for financial accounting purposes), with any fractional share rounded to the nearest whole share (the "Initial Option Grant"); provided, however, that a director who is also an employee of the Company or a Related Company but who subsequently ceases such employment status but remains a director shall not be eligible for an Initial Option Grant.  

(b)    Annual Option Grants  

(i)    Immediately after the  2013 Annual Meeting of Stockholders and at each Annual Meeting of Stockholders thereafter, each Eligible Director, other than an Eligible Director who acts as the Chairman of the Board, who was an Eligible Director from the date of the previous Annual Meeting of Stockholders through the date of the current Annual Meeting of Stockholders shall automatically be granted a Nonqualified Stock Option to purchase a number of shares of Common Stock equal to the number of shares that would be subject to a nonqualified stock option with a fair value of $100,000 (calculated using the Fair Market Value of the Company's common stock on the day before the Grant Date and the Company's standard stock option valuation methodology for stock options granted to a member of the Board of Directors for financial accounting purposes), with any fractional share rounded to the nearest whole share (the "Annual Option Grant").  

(ii)    Any individual, other than an Eligible Director who acts as the Chairman of the Board, who initially becomes an Eligible Director at any time other than the date of the Annual Meeting of Stockholders shall automatically be granted a pro-rated Annual Option Grant to purchase that number of shares of Common Stock obtained by multiplying the number of shares of Common Stock subject to the Annual Option Grant determined as set forth in subsection (i) above by a fraction, the numerator of which 

is the difference obtained by subtracting from twelve the number of whole calendar months that elapse from the date such person first becomes an Eligible Director through the date of the Annual Meeting of Stockholders immediately following the date he or she first becomes an Eligible Director and the denominator of which is twelve.

(c)    Annual Chairman Grants.

(i)    Immediately after the  2013 Annual Meeting of Stockholders and at each Annual Meeting of Stockholders thereafter, each Eligible Director who acts as the Chairman of the Board shall automatically be granted a Nonqualified Stock Option to purchase a number of shares of Common Stock equal to the number of shares that would be subject to a nonqualified stock option with a fair value of $115,000 (calculated using the Fair Market Value of the Company's common stock on the day before the Grant Date and the Company's standard stock option valuation methodology for stock options granted to a member of the Board of Directors for financial accounting purposes), with any fractional share rounded to the nearest whole share, if immediately after such meeting, the Eligible Director continues to serve as the Chairman of the Board (the "Annual Chairman Grant").

(ii)    Any Eligible Director who acts as the Chairman of the Board, who initially becomes an Eligible Director at any time other than the date of the Annual Meeting of Stockholders shall automatically be granted a pro-rated Annual Chairman Grant to purchase that number of shares of Common Stock obtained by multiplying the number of shares of Common Stock subject to the Annual Chairman Grant determined as set forth in subsection (i) above by a fraction, the numerator of which is the difference obtained by subtracting from twelve the number of whole calendar months that elapse from the date such person first becomes an Eligible Director through the date of the Annual Meeting of Stockholders immediately following the date he or she first becomes an Eligible Director and the denominator of which is twelve.

2.2    Exercise Price of Options  

Options shall be granted under the Program with a per share exercise price equal to 100% of the Fair Market Value of the Common Stock on the Grant Date.

2.3    Option Vesting 

(a)    Initial Option Grants.  Each Initial Option Grant shall each vest and become exercisable with respect to 28% of the Option one year after the Grant Date and as to an additional 2% of the Option each calendar month thereafter so that the Option is fully vested and exercisable four years after the Grant Date, subject to the Participant remaining a director through each applicable vesting date.

(b)    Annual Option Grants and Annual Chairman Grants.  Each Annual Option Grant and Annual Chairman Grant shall vest and become exercisable on the Grant Date. 

2.4    Term of Options

Initial Option Grants, Annual Option Grants and Annual Chairman Grants shall have an Option Expiration Date of ten years from the Grant Date, subject to earlier termination as follows:

(a)    General Rule.  In the event of a Participant's Termination of Service for any reason other than Disability, Retirement or death, the unvested portion of each Option granted to the Eligible Director 

under the Program shall terminate immediately, and the vested portion of each Option may be exercised by the Participant only until the earlier of (i) 90 days after the date of such Termination of Service and (ii) the Option Expiration Date.

(b)    Disability or Retirement.  In the event of a Participant's Termination of Service due to Disability or Retirement, the unvested portion of each Option granted to the Eligible Director under the Program shall terminate immediately, and the vested portion of each Option may be exercised by the Participant until the Option Expiration Date.

(c)    Death.  In the event of a Participant's Termination of Service due to death, the unvested portion of each Option granted to the Eligible Director under the Program shall terminate immediately and the vested portion of each Option must be exercised on or before the earlier of (i) one year after the date of such termination and (ii) the Option Expiration Date.  If a Participant dies after a Termination of Service without Cause but while the Option is still exercisable, the vested portion of the Option may be exercised until the earlier of (x) one year after the date of death and (y) the Option Expiration Date.

"Retirement," for purposes of the Program, means a Participant's Termination of Service when any of the following are true:  (i) the Participant is at least 55 years old and has completed at least seven years of service to the Company or a Related Company, including as an employee, consultant or director, (ii) the Participant is at least 63 years old or (iii) the Participant's age when added to the number of years of service to the Company or a Related Company, including as an employee, consultant or director, equals or exceeds 70.

2.5    Payment of Exercise Price

Options granted under the Program shall be exercised by giving notice to the Company (or a brokerage firm designated or approved by the Company) in such form as required by the Company, stating the number of shares of Common Stock with respect to which the Option is being exercised, accompanied by payment in full for such Common Stock, which payment may be, to the extent permitted by applicable laws and regulations, in whole or in part: 

(a) in cash or by check or wire transfer; 

(b) by having the Company withhold shares of Common Stock that would otherwise be issued on exercise of the Option that have an aggregate Fair Market Value equal to the aggregate exercise price of the shares being purchased under the Option; 

(c) by tendering (either actually or by attestation) shares of Common Stock owned by the Participant that have an aggregate Fair Market Value equal to the aggregate exercise price of the shares being purchased under the Option; or

(d) if and so long as the Common Stock is registered under the Exchange Act, by delivery of a properly executed exercise notice, together with irrevocable instructions to a broker, to promptly deliver to the Company the amount of proceeds to pay the exercise price, all in accordance with the regulations of the Federal Reserve Board.  

SECTION 3.  CHANGE IN CONTROL

In the event of a Change in Control, all Options granted under the Program shall become fully vested and exercisable immediately prior to the Change in Control and shall terminate at the effective time of the Change in Control if not exercised prior to such time.  

SECTION 4.  AMENDMENT, SUSPENSION OR TERMINATION

The Board may amend, suspend or terminate the Program or any portion of it at any time and in such respects as it deems advisable.  Except as provided in the Plan, any such amendment, suspension or termination shall not, without the consent of the Participant, impair or diminish any rights of a Participant under an outstanding Option.

SECTION 5.  EFFECTIVE DATE

The Program shall become effective on the Effective Date of the Plan, and any amendment to this Program shall become effective on the date specified by the Board.

Provisions of the Plan (including any amendments) that are not discussed above, to the extent applicable to Eligible Directors, shall continue to govern the terms and conditions of Options granted to Eligible Directors.Pamela Strayer Offer Letter

June 1, 2012

Pamela Strayer 
170 Rancheria Rd
Kentfield, CA 94904-2751
 
Dear Pam,

On behalf of Plantronics, Inc., the “Company” I am pleased to offer you the position of Senior Vice President & Chief Financial Officer reporting to me.  Should you accept this offer of employment, your first day of employment is anticipated to be on or about July 16, 2012 (your actual first day of employment is referred to as the “start date”).

This letter outlines the terms of your employment with the Company and your compensation and benefits, as set forth below:

		
	•
	Annualized Base Salary

		
	◦
	$325,000 per year, payable biweekly and less applicable tax withholding.

		
	•
	Executive Incentive Plan

		
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	50% of your annual salary or $162,500, at target performance.

		
	◦
	The purpose of the Plantronics, Inc. Executive Incentive Plan (“EIP” or the “Plan”) is to focus participants on achieving Company-wide financial performance goals as well as product group, segment, or functional objectives and individual performance goals by providing the opportunity to receive annual cash payments based on performance.

		
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	Please refer to the Executive Incentive Plan “Administrative Guidelines” for further details.

		
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	Target Total Cash Compensation

		
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	$487,500 per year based on the compensation elements shown above and at target performance.

		
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	Sign-On Bonus

		
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	$25,000 sign-on bonus, payable in your first paycheck following your start date, less applicable tax withholding. You agree that should you voluntarily terminate your employment with Plantronics within one year of your start date, you will reimburse Plantronics the amount of this payment. On the first anniversary of your start date, and subject to your continued employment with Plantronics through such date, the entire bonus will be fully earned.  The bonus payment is subject to applicable IRS guidelines.

		
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	Relocation

		
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	Relocation benefits will be provided, as detailed below. You will have 1 year from the start date to utilize all your relocation benefits.  By signing this agreement you are indicating that you understand and agree to the relocation benefits that you will receive under this plan. In addition, you agree that should you voluntarily terminate your employment with Plantronics within one year of your start date, all relocation monies must be repaid to Plantronics in full. All relocation monies are subject to applicable IRS guidelines.

		
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	Movement of Goods & Storage:  We will provide you with relocation benefits related to the Movement of Goods. A Move Coordinator from our Domestic Relocation vendor will contact you with details and logistics surrounding the movement of your goods into storage (up to 60 days) and to your new residence. The first 30 days of storage are tax-excludable; the second 30 days are a taxable benefit to you.

		
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	Temporary Housing:  We will provide you with furnished temporary housing of the Company's choosing, including the cost of utilities for 60 days.  This benefit is taxable to you.  

		
	◦
	Auto Shipment: Plantronics will cover the transport of 1 vehicle if your move is less than 400 miles.

plantronics.com    345 Encinal St., Santa Cruz CA  95060  United States     +1-831-426-5858

		
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	Rental Car: If you decide to ship your vehicle to your new location, you will be reimbursed for rental car costs for up to 10 days or until your auto arrives. 

		
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	Home Finding Assistance: Our Domestic Relocation vendor will assist with your home finding effort by providing you the necessary information and support to make well-informed decisions.  The relocation vendor will make referrals to qualified real estate brokers in the new area, assist with local custom information, advise on negotiation strategy and provide on-going support and follow-up.

		
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	Transition Support Services: Our Domestic Relocation vendor will provide you with answers to questions about community demographics, schooling, childcare, eldercare, etc. in your new location.  

		
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	Any taxable reimbursement will (a) be paid promptly but not later than the last day of the calendar year following the year in which the expense was incurred, (b) not be affected by any other expenses that are eligible for reimbursement in any calendar year and (c) not be subject to liquidation or exchange for another benefit.

		
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	Car Allowance

		
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	A car allowance of $8,280 per year, less applicable tax withholding, payable bi-weekly, will be provided to you in lieu of mileage reimbursement. 

		
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	Stock Options

		
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	Within 3 business days of your start date, you will be granted a stock option to purchase 40,000 shares of the Company's common stock (the “Option”), subject to approval by the Compensation Committee of our Board of Directors.. The Option will be priced at the closing price on the NYSE on the date of grant. 33% of the shares subject to this Option shall vest on the one year anniversary of the start date.  Thereafter, 1/36 of the shares subject to the Option shall vest in equal monthly installments on the same date of each month as the start date; so as to be 100% vested on the three year anniversary of the start date.  All vesting is subject to you remaining as an associate through the relevant vesting dates.

		
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	Restricted Stock Awards

		
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	Within 3 business days of your start date, you will be granted a restricted stock award covering 10,000 shares of the Company's common stock (the “Stock Award”), subject to approval by the Compensation Committee of our Board of Directors. The Stock Award will vest in equal annual installments over a 4-year period on the last day of the month following each anniversary of the grant date. All vesting is subject to you remaining employed with the Company through the relevant vesting dates.

		
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	General Benefits

		
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	You will be eligible to participate in Company benefit programs as available or that become available to other similarly situated associates of the Company, subject to the generally applicable terms and conditions of each program. The continuation or termination of each program will be at the discretion of the Company. Life, Medical, Dental and Disability coverage will begin on your first day of employment.  

		
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	Executive Benefit Program

		
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	Exec-U-Care Program

		
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	Reimbursement for medical services not otherwise covered, subject to the continuation of that program in the sole discretion of the Company.  

		
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	Vacation

		
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	4 weeks of vacation accrual per year, subject to an 320 hour accrual cap

		
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	Designed Compensation Program

		
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	Detailed on Exhibit A

		
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	401(k)

		
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	You are eligible to join the Plantronics, Inc. 401(k) plan at any time following your start date.  You may contribute a pre-tax salary reduction between 1% and 50%. Plantronics will match 50 cents for every $1.00 you save up to 6% of your pre-tax income.  The matching is 100% vested immediately.  Plantronics, Inc. also makes a non-elective employer contribution of 3% of your base salary on a bi-weekly basis to the 401(k).  Notwithstanding the foregoing, the Company retains discretion to modify the foregoing benefits at any time.

plantronics.com    345 Encinal St., Santa Cruz CA  95060  United States     +1-831-426-5858

This formal notification of our offer of employment is subject to the terms set forth in the Plantronics Employment Application and is contingent upon satisfactory background verification, receipt of an original application, a final review of references, and the approval of the Compensation Committee of the Board of Directors. 

For purposes of stock ownership, please be advised that “Executive Officers,” presently defined as Plantronics Section 16 Officers, are expected to meet certain requirements. As of the beginning of each fiscal year, all Executive Officers should hold the lesser of (i) that number of shares of common stock equal in value to $50,000 or the equivalent value of in-the-money vested stock options, or (ii) 3,000 shares of common stock. The Executive Officers must attain this ownership threshold by four years after his or her acceptance of the position. The value of the shares of common stock will be calculated at the beginning of each fiscal year and will be based on the higher of the actual cost of the shares or their fair market value. The value of vested in-the-money stock options shall be the fair market value less the exercise price. Any subsequent change in the value of the shares during such fiscal year will not affect the amount of stock that such Executive Officers must hold during that year. The Board may modify this requirement on a case by case if compliance reasonably creates a hardship for any such Executive Officer.

For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States.  Such documentation must be provided to us within 3 business days of your date of hire, or our employment relationship with you may be terminated.

Please be aware that your employment with the Company is for no specified period and constitutes at-will employment.  As a result, you are free to resign at any time, for any reason or for no reason.  Similarly, the Company is free to conclude its employment relationship with you at any time, with or without cause, and with or without notice.  We request that, in the event of resignation, you give the Company at least two weeks notice.

You agree that, during the term of your employment with the Company, you will devote substantially all of your professional time to your responsibilities at Plantronics, and you will not engage in any other employment, occupation, consulting or other business activity directly related to the business in which the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to the Company. 

As a Company associate, you will be expected to abide by company rules and standards as presented in our Associate Handbook and our World Wide Code of Business Conduct and Ethics.  As a condition of your employment, you will also be required to sign and comply with an Associate Patent, Secrecy and Invention Agreement which requires, among other provisions, (i) the assignment of patent, copyright and other intellectual property rights to any invention made during your employment at the Company, and (ii) non-disclosure of proprietary information.  

To indicate your acceptance of the Company's offer of employment as stated above, please sign and date this letter in the space provided below.  A duplicate original is enclosed for your records.  This letter sets forth the terms of your employment with the Company and supersedes any prior representations or agreements, whether written or oral.  This letter, including, but not limited to, its at-will employment provision, may not be modified or amended except by a written agreement signed by Plantronics CEO and you.  

Pam, I look forward to working with you and having you as a member of the team!

plantronics.com    345 Encinal St., Santa Cruz CA  95060  United States     +1-831-426-5858

	
	
	Sincerely,

	PLANTRONICS, INC.

	 

	/s/ Ken Kannappan

	Ken Kannappan

	Chief Executive Officer, President and Director

 Agreed to and accepted:

	
		
	Signature:
	/s/ Pam Strayer

	Printed Name:
	Pam Strayer

	Received Offer Date:
	as of June 4, 2012

	Confirmed Start Date:
	July 16, 2012

 
 
This offer expires one week from the date listed on the first page.
Please either mail or fax, (831) 426-0136, a signed original to indicate acceptance of offer. 

plantronics.com    345 Encinal St., Santa Cruz CA  95060  United States     +1-831-426-5858

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