Document:

Form of 3.875% Convertible Subordinated Note due 2027

 Exhibit 4.3 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE
TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO POWERWAVE TECHNOLOGIES, INC. (THE “COMPANY”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS GLOBAL SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF
THE BENEFICIAL OWNERS HEREOF. UNLESS AND UNTIL THIS GLOBAL SECURITY IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE INDENTURE, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY. 

 POWERWAVE TECHNOLOGIES, INC. 
 3.875% Convertible Subordinated Note due 2027 
  

			
		
	 No.: 1
	  	CUSIP: 739363 AE9
		
		  	ISIN NUMBER: US739363AE99
		
	Issue Date: September 24, 2007	  	Principal Amount: $150,000,000

 POWERWAVE TECHNOLOGIES, INC., a Delaware corporation, promises to pay to Cede & Co., or
registered assigns, the Principal Amount as set forth on Schedule I hereto, on October 1 2027, subject to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place. This Security is convertible as specified on the other side of this Security. 
 Interest Payment
Dates: April 1 and October 1, commencing April 1, 2008 
 Record Dates: March 15 and September 15, commencing
March 15, 2008 
  

											
	Dated: September 24, 2007	 		 	POWERWAVE TECHNOLOGIES, INC.
					
		 		 		 	By:	 	 
		 		 		 		 	Name:	 	
		 		 		 		 	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee, certifies that this is one of the Securities referred to in the within-mentioned Indenture. 
  

			
	By: DEUTSCHE BANK NATIONAL TRUST COMPANY
		
	By:	 	 
		 	Authorized Signatory
	
	Dated: September 24, 2007

  

 2 

 POWERWAVE TECHNOLOGIES, INC. 
 3.875% Convertible Subordinated Note due 2027 
  

	 	1.	Interest. 

 This Security shall accrue interest a
rate of 3.875% per annum. The Company promises to pay interest on the Securities in cash semiannually on each April 1 and October 1, commencing April 1, 2008, to Holders of record on the immediately preceding March 15 and
September 15, respectively. Interest on the Securities will accrue from the most recent date to which interest has been paid, or if no interest has been paid, from September 24, 2007, until the Principal Amount is paid or duly made
available for payment. The Company will pay interest on any overdue Principal Amount at the interest rate borne by the Securities, compounded semiannually, and it shall pay interest on overdue installments of interest and Liquidated Damages, if any
(without regard to any applicable grace period), at the same interest rate compounded semiannually. Interest on the Securities will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
  

	 	2.	Method of Payment. 

 The Company will pay interest
and Liquidated Damages, if any, on this Security (except defaulted interest) to the Person who is the registered Holder of this Security at the close of business on March 15 or September 15, as the case may be, whether or not this day is a
business day, next preceding the related interest payment date. Subject to the terms and conditions of the Indenture, the Company will make payments in respect of the Redemption Price, Repurchase Price, Change in Control Purchase Price and the
Principal Amount at Stated Maturity, as the case may be, to the Holder who surrenders a Security to a Paying Agent to collect such payments in respect of the Security. The Company will pay cash amounts in money of the United States that at the time
of payment is legal tender for payment of public and private debts. However, the Company may pay interest, Liquidated Damages, if any, the Redemption Price, Repurchase Price, Change in Control Purchase Price and the Principal Amount at Stated
Maturity, as the case may be, by check or wire payable in such money; provided, however, that a Holder holding Securities with an aggregate Principal Amount in excess of $1,000,000 will be paid by wire transfer in immediately available funds
at the election of such Holder. The Company may mail an interest check to the Holder’s registered address. Notwithstanding the foregoing, so long as this Security is registered in the name of a Depositary or its nominee, all payments hereon
shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee. 
  

	 	3.	Paying Agent, Conversion Agent and Registrar. 

 Initially, Deutsche Bank Trust Company Americas (the “Trustee”) will act as Paying Agent, Conversion Agent and Registrar. The Company may appoint and change any Paying Agent, Conversion Agent or Registrar without notice,
other than notice to the Trustee; provided that the Company will maintain at least one Paying Agent in the State of New York, City of New York, Borough of Manhattan, which shall initially be an office or agency of the Trustee. The Company or
any of its Subsidiaries or any of their Affiliates may act as Paying Agent, Conversion Agent or Registrar. 
  

 1 

	 	4.	Indenture. 

 The Company issued the Securities under
an Indenture dated as of September 24, 2007 (the “Indenture”), between the Company and the Trustee. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the
Trust Indenture Act of 1939, as in effect from time to time (the “TIA”). Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all such terms, and
Securityholders are referred to the Indenture and the TIA for a statement of those terms. 
 The Initial Securities are subordinated
unsecured obligations of the Company limited to up to $150,000,000 aggregate Principal Amount. The Indenture does not limit other indebtedness of the Company, secured or unsecured, including Senior Indebtedness. 
  

	 	5.	Optional Redemption. 

 The Company may redeem all or any portion of the Securities at any time on or after October 8, 2014 at a redemption price, payable in cash, equal to the principal amount thereof plus accrued and unpaid interest
and Liquidated Damages, if any, thereon up to but not including the Redemption Date. On or after October 8, 2013 until October 7, 2014, the Company may redeem all or any portion of the Securities, at a redemption price, payable in cash,
equal to the principal amount thereof plus accrued and unpaid interest and Liquidated Damages, if any, thereon up to but not including the Redemption Date, in the event that the Closing Price of the Common Stock for at least 20 Trading Days within a
period of 30 consecutive Trading Days ending on the last Trading Day of the calendar month immediately preceding the calendar month in which the notice of redemption is properly mailed to Holders is more than 130% of the then applicable Conversion
Price on that 30th Trading Day. Notice of redemption will be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of
Securities to be redeemed at the Holder’s registered address. If money sufficient to pay the Redemption Price of all Securities (or portions thereof) to be redeemed on the Redemption Date is deposited with the Paying Agent prior to or on the
Redemption Date, immediately after such Redemption Date interest and Liquidated Damages, if any, cease to accrue on such Securities or portions thereof. Securities in denominations larger than $1,000 of Principal Amount may be redeemed in part but
only in integral multiples of $1,000 of Principal Amount. 
  

	 	6.	Repurchase by the Company at Option of Holder Upon Specified Dates. 

 At the option of the Holder and subject to the terms and conditions of the Indenture, on each of October 1, 2014, October 1, 2017 and October 1, 2022, each Holder shall have the right, at such
Holder’s option, to require the Company to repurchase for cash all of such Holder’s Securities, or any portion of the principal amount thereof that is an integral multiple of $1,000. The Company shall repurchase such Securities at a price
equal to the principal amount thereof plus accrued and unpaid interest and Liquidated Damages, if any, thereon up to but not including the Repurchase Date. Holders have the right to withdraw any Repurchase Election by delivering to the Paying Agent
a written notice of withdrawal in accordance with the provisions of the Indenture. 
  

 2 

 On or before 30 Business Days prior to each Repurchase Date, the Company, or at its written
request the Trustee in the name of and at the expense of the Company, shall mail or cause to be mailed, by first class mail, to all Holders of record on such date a notice to each Holder at its last address as the same appears on the Security
Register, and to beneficial owners as required by applicable law; provided that if the Company shall give such notice, it shall also give written notice to the Trustee and Paying Agent, if other than the Trustee, at such time as it is mailed
to the Holder. 
  

	 	7.	Purchase by the Company at the Option of the Holder Upon Change in Control. 

 At the option of the Holder and subject to the terms and conditions of the Indenture, the Company shall become obligated to purchase the Securities held by such Holder after the occurrence of a Change in Control of
the Company for a Change in Control Purchase Price payable in cash, equal to the principal amount thereof plus accrued and unpaid interest and Liquidated Damages, if any, thereon, up to but not including the Change in Control Purchase Date. Holders
have the right to withdraw any Change in Control Purchase Notice by delivering to the Paying Agent a written notice of withdrawal in accordance with the provisions of the Indenture. 
 If money sufficient to pay the Change in Control Purchase Price of all Securities (or portions thereof) to be purchased as of the Change in Control
Purchase Date is deposited with the Paying Agent on the Business Day following the Change in Control Purchase Date, interest and Liquidated Damages, if any, cease to accrue on such Securities (or portions thereof) immediately after such Change in
Control Purchase Date, and the Holder thereof shall have no other rights as such other than the right to receive the Change in Control Purchase Price upon surrender of such Security. 
  

	 	8.	Conversion. 

 A Holder of a Security may convert the
principal amount of such Security (or any portion thereof equal to $1,000 or any integral multiple of $1,000 in excess thereof) into shares of Common Stock at any time prior to the close of business on October 1, 2027 by surrender of the
Security so to be converted in whole or in part; provided, however, that if the Security is called for redemption or subject to purchase on a Repurchase Date or upon a Change in Control, the conversion right will terminate at the close of
business on the day that is two Business Days prior to the Redemption Date, Repurchase Date or Change in Control Purchase Date, as the case may be, for such Security or such earlier date as the Holder presents such Security for redemption or
purchase (unless the Company shall default in paying the Redemption Price, Repurchase Price or Change in Control Purchase Price, as the case may be, when due, in which case the conversion right shall terminate at the close of business on the date
such default is cured and such Security is redeemed or purchased). 
 The initial conversion price is $8.71 per share, subject to adjustment
under certain circumstances as described in the Indenture (the “Conversion Price”). The number of shares 

  

 3 

 
issuable upon conversion of a Security is determined by dividing the principal amount converted by the Conversion Price in effect on the Conversion Date.
Upon conversion, no adjustment for interest, if any, or dividends will be made. No fractional shares will be issued upon conversion; in lieu thereof, an amount will be paid in cash based upon the Closing Price of the Common Stock on the Conversion
Date. 
 Following a Change in Control that occurs at a time that the Security is not redeemable by the Company and in which 10% or more of
the fair market value (as determined by the Board of Directors of the Company, whose determination shall be conclusive evidence of such fair market value) of the consideration for the Common Stock in such Change in Control consists of (i) cash,
(ii) other property, or (iii) securities that are not traded or scheduled to be traded immediately following such transaction on a United States national securities exchange, a Holder who elects to convert its Security in connection with
such Change in Control will be entitled to receive Additional Shares of Common Stock upon conversion in certain circumstances. Under certain circumstances, if the acquiring entity is a public company, the conversion obligations may be converted into
conversion obligations of the acquiring entity to convert Securities into Public Acquirer Common Stock as set forth in the Indenture. 
 To
convert a Security, a Holder must (a) complete and sign the conversion notice set forth below and deliver such notice to the Conversion Agent, (b) surrender the Security to the Conversion Agent, (c) furnish appropriate endorsements
and transfer documents if required by the Registrar or the Conversion Agent, (d) pay any transfer or similar tax, if required and (e) if the Security is held in book-entry form, complete and deliver to the Depositary appropriate
instructions pursuant to the Depositary’s book-entry conversion programs. If a Holder surrenders a Security for conversion between the record date for the payment of an installment of interest and the next interest payment date, the Security
must be accompanied by payment of an amount equal to the interest and Liquidated Damages, if any, payable on such interest payment date on the principal amount of the Security or portion thereof then converted; provided, however, that
no such payment shall be required if such Security has been called for redemption on a redemption date within the period between and including such record date and such interest payment date, or if such Security is surrendered for conversion on the
interest payment date. A Holder may convert a portion of a Security equal to $1,000 or any integral multiple thereof. 
 A Security in
respect of which a Holder has delivered a Repurchase Election or a Change in Control Repurchase Notice exercising the option of such Holder to require the Company to repurchase such Security as provided in Section 3.07 or Section 3.08 of
the Indenture may be converted only if such election or notice of exercise is withdrawn as provided above and in accordance with the terms of the Indenture. 
  

	 	9.	Subordination. 

 The indebtedness evidenced by the
Securities is, to the extent and in the manner provided in the Indenture, subordinate and junior in right of payment to the prior payment in full of all Senior Indebtedness of the Company. Any Holder by accepting this Security agrees to and shall be
bound by such subordination provisions and authorizes the Trustee to give them effect. In addition to all other rights of Senior Indebtedness described in the Indenture, the Senior Indebtedness shall continue to be Senior Indebtedness and entitled
to the benefits of the 

  

 4 

 
subordination provisions irrespective of any amendment, modification or waiver of any terms of any instrument relating to the Senior Indebtedness or any
extension or renewal of the Senior Indebtedness. 
  

	 	10.	Denominations; Transfer; Exchange. 

 The Securities
are in fully registered form, without coupons, in denominations of $1,000 of Principal Amount and integral multiples of $1,000. A Holder may transfer or exchange Securities in accordance with the Indenture. The Registrar may require a Holder, among
other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not transfer or exchange any Securities selected for redemption (except, in the
case of a Security to be redeemed in part, the portion of the Security not to be redeemed) or any Securities in respect of which a Repurchase Election or a Change in Control Purchase Notice has been given and not withdrawn (except, in the case of a
Security to be purchased in part, the portion of the Security not to be purchased) or any Securities for a period of 15 days before the mailing of a notice of redemption of Securities to be redeemed. 
  

	 	11.	Persons Deemed Owners. 

 The registered Holder of
this Security may be treated as the owner of this Security for all purposes. 
  

	 	12.	Unclaimed Money or Securities. 

 The Trustee and the
Paying Agent shall return to the Company upon written request any money or securities held by them for the payment of any amount with respect to the Securities that remains unclaimed for two years, subject to applicable unclaimed property law. After
return to the Company, Holders entitled to the money or securities must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person. 
  

	 	13.	Amendment; Waiver. 

 Subject to certain exceptions
set forth in the Indenture, (a) the Indenture or the Securities may be amended with the written consent of the Holders of at least a majority in aggregate Principal Amount of the Securities (including Additional Securities, if any) at the time
outstanding and (b) certain Defaults may be waived with the written consent of the Holders of a majority in aggregate Principal Amount of the Securities (including Additional Securities, if any) at the time outstanding. Subject to certain
exceptions set forth in the Indenture, without notice to or the consent of any Securityholder, the Company and the Trustee may amend the Indenture or the Securities: (i) to cure any ambiguity, omission, defect or inconsistency, (ii) to
comply with Article 5 or Section 11.13 of the Indenture, (iii) to evidence and provide for the acceptance of appointment under the Indenture by a successor Trustee, (iv) to make any change that does not adversely affect the
rights of any Holder of the Securities, (v) to comply with any requirement of the SEC in connection with the qualification of the Indenture under the TIA, and (vi) to provide for the issuance of Additional Securities in accordance with the
limitations set forth in the Indenture. 
  

 5 

	 	14.	Defaults and Remedies. 

 Under the Indenture, Events
of Default include, in summary form, (i) default for 30 days in payment of any interest or Liquidated Damages, if any, on any Securities, whether or not such payment is prohibited by the subordination provisions of the Indenture;
(ii) default in payment of the Principal Amount, Redemption Price, Repurchase Price or Change in Control Purchase Price, as the case may be, in respect of the Securities when the same becomes due and payable, whether or not such payment is
prohibited by the subordination provisions of the Indenture; (iii) failure to provide notice of the occurrence of a Change in Control as required by the Indenture, which continues for a period of 30 days; (iv) failure by the Company to
comply with other agreements in the Indenture or the Securities, subject to notice and lapse of time; (v) default by the Company in the payment of principal when due of indebtedness for money borrowed, by the Company or its Subsidiaries in the
principal amount then outstanding in excess of $25,000,000, or acceleration of any indebtedness in such principal amount so that it becomes due and payable prior to the date on which it would otherwise have become due and payable and such
acceleration is not rescinded within 15 days after notice to the Company in accordance with the Indenture; and (vi) certain events of bankruptcy, insolvency or reorganization involving the Company. 
 Securityholders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or
the Securities unless it receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in aggregate Principal Amount of the Securities at the time outstanding may direct the Trustee in its exercise of any trust or
power. The Trustee may withhold from Securityholders notice of any continuing Default (except a Default in payment of amounts specified in clause (i) or (ii) above) if it determines that withholding notice is in their interests.

  

	 	15.	Trustee Dealings with the Company. 

 Subject to
certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its
Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 
  

	 	16.	No Recourse Against Others. 

 A director, officer,
employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By
accepting a Security, each Securityholder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 
  

	 	17.	Authentication. 

 This Security shall not be valid
until an authorized signatory of the Trustee manually signs the Trustee’s Certificate of Authentication on the other side of this Security. 
  

 6 

	 	18.	Abbreviations. 

 Customary abbreviations may be used
in the name of a Securityholder or an assignee, such as TEN COM (“tenants in common”), TEN ENT (“tenants by the entireties”), JT TEN (“joint tenants with right of survivorship and not as tenants in
common”), CUST (“custodian”) and U/G/M/A (“Uniform Gift to Minors Act”). 
  

	 	19.	Governing Law. 

 THE LAWS OF THE STATE OF NEW YORK
SHALL GOVERN THE INDENTURE AND THIS SECURITY, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 The Company will furnish to any
Securityholder upon written request and without charge a copy of the Indenture. Requests may be made to: 
 Powerwave Technologies, Inc.

 1801 E. St. Andrew Place 
 Santa Ana, California 92705 
 Attn.: Chief Financial Officer 
  

 7 

 FORM OF 
 ELECTION OF HOLDER TO REQUIRE REPURCHASE 
 (1) The undersigned hereby elects to have this Security
repurchased by the Company pursuant to Section 3.07 or Section 3.08 of the Indenture (mark the appropriate line below). 
  

	 	•	 	 Section 3.07              

  

	 	•	 	 Section 3.08              

 (2) The undersigned hereby directs the Trustee or the Company to pay it or
             an amount in cash equal to 100% of the principal amount to be repurchased (as set forth below), plus interest accrued to, but excluding, the Repurchase Date or the
Change in Control Repurchase Date, as applicable, as provided in the Indenture. 
  
  

	
	Dated:
	
	  
	
	  
	Signature(s)

 Signature(s) must be guaranteed by an Eligible 
 Guarantor Institution with membership in an 
 approved signature guarantee program pursuant 
 to Rule 17Ad-15 under the Securities Exchange 
 Act of 1934. 
 Signature Guaranteed 
 Principal amount to be repurchased (at least

 U.S. $1,000 or an integral multiple of $1,000 
 in excess
thereof):              
 Remaining principal amount following such 
 repurchase (not less than U.S. $1,000): 
 ___________ 
 NOTICE: The signature to the foregoing Election must correspond to the Name as written upon the face of this Security in every particular, without alteration or any
change whatsoever. 

 FORM OF CONVERSION NOTICE 
 The undersigned Holder of this Security hereby irrevocably exercises the option to convert this Security, or any portion of the principal amount hereof
(which is U.S. $1,000 or an integral multiple of U.S. $1,000 in excess thereof, provided that the unconverted portion of such principal amount is U.S. $1,000 or any integral multiple of U.S. $1,000 in excess thereof) below designated, into shares of
Common Stock in accordance with the terms of the Indenture referred to in this Security, and directs that such shares, together with a check in payment for any fractional share and any Securities representing any unconverted principal amount hereof,
be delivered to and be registered in the name of the undersigned unless a different name has been indicated below. If shares of Common Stock or Securities are to be registered in the name of a Person other than the undersigned, (a) the
undersigned will pay all transfer taxes payable with respect thereto and (b) signature(s) must be guaranteed by an Eligible Guarantor Institution with membership in an approved signature guarantee program pursuant to Rule 17Ad-15 under the
Securities Exchange Act of 1934. Any amount required to be paid by the undersigned on account of interest accompanies this Security. 
  

					
			
	Dated:____________	 		 	  
		 		 	Signature(s)

 If shares or Securities are to be registered in the 
 name of a Person other than the Holder, please 
 print such Person’s name and address: 
  

	
	
	  
	(Name)
	
	 
	
	  
	(Address)
	
	  
	 Social Security or other Identification
 Number, if
any.

	
	  
	[Signature Guaranteed]

 If only a portion of the Securities is to be converted, please indicate: 
  

	 	1.	Principal amount to be converted: U.S. $              

	 	2.	Principal amount and denomination of Securities 

	 	representing	unconverted principal amount to be issued: 

	 	Amount:	U.S.
$                            Denominations: U.S.
$             

 (U.S. $1,000 or any integral multiple of U.S. $1,000 in
excess thereof, provided that the unconverted portion of such principal amount is U.S. $1,000 or any integral multiple of U.S. $1,000 in excess thereof.) 

 FORM OF ASSIGNMENT 
 For value received             hereby sell(s), assign(s) and transfer(s) unto
            (please insert social security or other identifying number of assignee) the within Security, and hereby irrevocably constitutes and appoints
            as attorney to transfer the said Security on the books of the Company, with full power of substitution in the premises. 
  

					
			
	 	 		 	  
	Dated:                    	 		 	Signature(s)
			
		 		 	 Signature(s) must be guaranteed by an
 Eligible
Guarantor Institution with
 membership in an approved signature
 guarantee program pursuant to
 Rule 17Ad - 15 under the Securities
 Exchange Act of 1934.

			
		 		 	 
		 		 	Signature Guaranteed

 SCHEDULE I 
 POWERWAVE TECHNOLOGIES, INC. 
 3.875% Convertible Subordinated Note due 2027 
  

					
	 Date
	  	Principal Amount	  	Notation
	 September 24, 2007
	  	$150,000,000.00Amended and Restated Chief Executive Officer Agreement

 Exhibit 10.1 
 NOVACEA, INC. 
 September 19, 2007 
 Mr. John Walker 
  

	 	Re:	Amended and Restated Chief Executive Officer Agreement 

 Dear John:

 You and Novacea, Inc. (the “Company”) are parties to that certain Interim Chief Executive Officer Agreement dated as of
December 18, 2006 (the “Prior Agreement”), which sets forth, among other things, the terms of your employment with the Company. This letter agreement (this “Agreement”) amends and restates the Prior Agreement
to, among other things, reflect your transition to the position of Chief Executive Officer of the Company in addition to retaining your role as the Chairman of the Company’s Board of Directors (the “Board”). This Agreement
supersedes the Prior Agreement and any other agreement or policy to which the Company is a party with respect to your employment with the Company. Notwithstanding the foregoing, your Confidentiality and Proprietary Information Agreement remains in
full effect. You may accept this Agreement by signing and returning a copy of this Agreement to the Company as provided below. 
 1. Term
of Agreement. Your services under this Agreement, as amended and restated herein, shall commence on September 19, 2007 (“Effective Date”), and continue until the earlier to occur of your resignation from your service to the
Company or the termination of your service by us (such earlier date, the “Separation Date”). This Agreement and your employment with the Company is terminable at will by you or the Company at any time (for any reason or for no
reason) in accordance with Section 7 of this Agreement. If this Agreement terminates for any reason, you shall not be entitled to any payments, benefits, damages, awards or other compensation other than as provided in this Agreement.

 2. Position and Duties. During the term of this Agreement, as amended and restated herein, you shall serve as the Chief Executive
Officer of the Company, in addition to providing services as Chairman of the Board. Your duties and authority as Chief Executive Officer shall be prescribed by the Board and shall be commensurate with those of a chief executive officer of a company
of comparable size and with a similar business as the Company. You agree that during the term of this Agreement you shall commit substantially all of your regular business time for services to the Company; provided, that during
the twelve (12) month period following the Effective Date, you shall be permitted to continue to serve as a consultant to and on the boards of directors on which you serve as of the Effective Date for companies with the understanding that you
will use commercially reasonable efforts to resign from all but two of such boards of directors as soon as practicable following the Effective Date. 

 September 19, 2007 
 
Page
 2
 
  

 3. Withholding. Your status with respect to the services you perform under this Agreement
shall be as an employee of the Company. The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, or local withholding or other taxes, deductions or charges which the Company is required to withhold.
 
 4. Chairman of the Board. You hereby acknowledge that the responsibilities contemplated under this Agreement are in
addition to your responsibilities and duties as Chairman of the Board. You hereby acknowledge that re-election to the Board as Chairman and as a member of the Board shall be governed by the terms of the bylaws of the Company. 
 5. Compensation and Benefits. In consideration for your services to the Company, you shall receive the following compensation and benefits
from the Company. 
 (a) Salary. Prior to the Effective Date, the Company paid you a base salary of $250,000. From the
Effective Date through the Separation Date, the Company shall pay you a base salary at the annual rate of $500,000 (as may be adjusted from time to time, the “Salary”) in accordance with the Company’s regular payroll practices.

 (b) Signing Bonus. As soon as administratively practicable following the Effective Date, the Company shall pay you a bonus
in the amount of $150,000 in a cash lump sum payment, subject to applicable withholding taxes. 
 (c) Performance Bonus. You
shall be entitled to earn an annual performance bonus based upon achievement of performance objectives to be established by the Compensation Committee of the Board with your consultation. The target bonus amount upon attainment of 100% of the
performance objectives shall be equal to 50% of your Salary. 
 (d) Equity Awards. 
 (1) As additional consideration for your services as Interim Chief Executive Officer, on December 18, 2006, the Company granted an option to
purchase 250,000 shares of the Company’s common stock (the “Initial Option”) at an exercise price of $6.17 per share pursuant to the Company’s 2006 Incentive Award Plan (the “Plan”). The Initial Option is
intended to be an “incentive stock option” (an “ISO”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), to the maximum extent permitted by law. The
Initial Option vests over four years in equal monthly installments, measured from December 1, 2006, subject to your continued service to the Company, including as a member of the Board, on each vesting date; provided, however, that the
Initial Option shall automatically vest and become exercisable with respect to 50,000 shares upon the Effective Date, and, provided further, that the Initial Option automatically vests and becomes immediately exercisable with respect to an
aggregate of up to 100,000 shares subject to the Initial Option as follows in the event that any of the following occur during the term of this Agreement: (i) with respect to 50,000 shares subject to the Initial Option upon the execution of a
major collaboration agreement as determined by the Board in its discretion (which vesting event the Company 

  

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acknowledges has occurred as of the Effective Date) and (ii) with respect to an additional 50,000 shares subject to the Initial Option upon achievement
of target enrollment of the ASCENT-2 Study trial and expansion of the clinical development programs for Ascentar and AQ4N. In the event that immediately prior to the occurrence of an event described in the immediately preceding sentence the Initial
Option is unvested with respect to less than 50,000 shares, it shall become fully vested in connection with such event. Upon the termination of your services under this Agreement, the Option shall cease to be subject to the foregoing accelerated
vesting provisions (but as described above, will continue to vest if you continue your service as a member of the Board). 
 (2) As
additional consideration for your services as Interim Chief Executive Officer, on May 9, 2007, the Company granted you restricted stock units with respect to 30,000 shares of the Company’s common stock (the “Initial RSU
Grant”) pursuant to the terms of the Plan. The Initial RSU Grant vests in three equal annual installments measured from May 9, 2007 based upon your continued service to the Company, including as a member of the Board, through each
vesting date. 
 (3) As additional consideration for your services as Chief Executive Officer, the Company shall grant you pursuant
to the Plan, subject to approval of the Compensation Committee of the Board, stock options to purchase an additional 531,250 shares of the Company’s common stock (the “Second Option”). The Second Option shall be an ISO to the
maximum extent permitted by law and shall vest and become exercisable over four years in equal, monthly installments, measured from the Effective Date, subject to your continued service to the Company on each of the vesting dates, including your
service as a member of the Board. The Second Option shall be subject to the terms and conditions set forth in the Plan and the agreement to be entered into evidencing the Second Option. The Second Option shall have a per share exercise price equal
to the fair market value of a share of the Company’s common stock (as determined in accordance with the terms of the Plan) on the date of grant. 
 (4) As additional consideration for your services as Chief Executive Officer, the Company shall grant you pursuant to the Plan, subject to approval of the Compensation Committee of the Board, restricted stock
units with respect to an additional 100,000 shares of the Company’s common stock (the “Second RSU Grant”). The Second RSU Grant shall vest in three equal annual installments, measured from the [Effective Date], subject to your
continued service to the Company on each of the vesting dates, including your service as a member of the Board. The Second RSU Grant shall be subject to the terms and conditions set forth in the Plan and the agreement to be entered into evidencing
the Second RSU Grant. 
 (e) Benefits. You shall be eligible to participate in the Company’s employee benefit plans, policies and
arrangements as may now or hereafter be adopted by the Company, in accordance with the terms of such plans, policies and arrangements. 
 (f) Expenses. The Company shall reimburse you for business expenses that are reasonable and necessary for you to perform, and were incurred by you in the course of the 

  

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performance of, your duties pursuant to this Agreement and in accordance with the Company’s general policies upon your submission of vouchers and an
expense report in such form as may be required by the Company consistent with the Company’s policies in place from time-to-time. 
 6. Covenants. By accepting the terms of this Agreement, you hereby agree to the following covenants in addition to any obligations you may have by law and make the following representations. 
 (a) Confidentiality. You acknowledge that, in connection with your services to the Company, you will have access to trade secrets of the Company
and other information and materials which the Company desires to keep confidential, including customer lists, supplier lists, financial statements, business records and data, marketing and business plans, and information and materials relating to
the Company’s services, products, methods of operation, key personnel, proprietary software and other proprietary intellectual property and information disclosed to the Company of third parties to which the Company owes a duty of nondisclosure
(collectively, the “Confidential Information”); provided, however, that Confidential Information does not include information which (i) is or becomes publicly known other than as a result of your actions in
violation of this Agreement; (ii) is or becomes available to you from a source (other than the Company) that you reasonably believe is not prohibited from disclosing such information to you by a contractual or fiduciary obligation to the
Company, (iii) has been made available by the Company, directly or indirectly, to a non-affiliated third party without obligation of confidentiality; or (iv) you are obligated to produce as a result of a court order or pursuant to
governmental action or proceeding, provided that you give the Company prompt written notice of such requirement prior to such disclosure and assistance in obtaining an order protecting such Confidential Information from public disclosure. You
covenant and agree that, both during and after the term of your services to the Company, you will keep secret all Confidential Information and will not disclose, reveal, divulge or otherwise make known any Confidential Information to any person
(other than the Company or its employees or agents in the course of performing you duties hereunder) or use any Confidential Information for your own account or for the benefit of any other individual or entity, except with the prior written consent
of the Company. 
 (b) Ownership of Intellectual Property. You agree that all inventions, copyrightable material, software, formulas,
trademarks, trade secrets and the like which are developed or conceived by you in the course of your services to the Company or on the Company’s time or property (collectively, the “Intellectual Property”) shall be disclosed
promptly to the Company and the Company shall own all right, title and interest in and to the Intellectual Property. The parties expressly agree that any and all of the Intellectual Property developed by you shall be considered works made-for-hire
for the Company pursuant to the United States Copyright Act of 1976, as amended from time to time. In order to ensure that the Company shall own all right, title and interest in and to the Intellectual Property in the event that any of the
Intellectual Property is not deemed a work made-for-hire (as defined in the Copyright Act of 1976) and in any other event, you hereby sell and assign all right, title and interest in and 

  

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to all such Intellectual Property to the Company, and you covenant and agree to affix to the Intellectual Property appropriate legends and copyright notices
indicating the Company’s ownership of all Intellectual Property and all underlying documentation to the extent reasonably appropriate, and shall execute such instruments of transfer, assignment, conveyance or confirmation as the Company
reasonably considers necessary to transfer, confirm, vest, perfect, maintain or defend the Company’s right, title and interest in and to the Intellectual Property throughout the world. Your obligation under this Section 6(b) to assign to
the Company inventions created or conceived by you shall not apply to an invention that you developed entirely on your own time without using the Company’s equipment, supplies, facilities, or trade secret information, provided that those
inventions (i) do not or did not relate directly, at the time of conception or reduction to practice of the invention, to the Company’s business as conducted at such time or actual or demonstrably anticipated research or development of the
Company; and (ii) do not or did not result from any work performed by you for the Company. 
 (c) No Competition/Solicitation.
While employed by the Company, you will not engage in any business activity in competition with the Company nor make preparations to do so. You agree that during the term of this Agreement and for one year after you cease to perform services
hereunder, you will not, either directly or through others, solicit or attempt to solicit any employee, consultant or independent contractor of the Company to terminate his or her relationship with the Company in order to become an employee,
consultant or independent contractor to or for any other person or business entity. 
 7. Termination. 
 (a) Termination of the Agreement. This Agreement may be terminated by you at any time for any or no reason upon no less than thirty days prior
notice. This Agreement may be terminated by the Company at any time for any or no reason. 
 (b) Severance Benefits. If you experience
a Covered Termination that occurs other than during a Change of Control Benefits Period you shall be entitled to receive the benefits set forth in this Section 7(b). 
 (1) Base Salary. The Company shall pay you an amount equal to twelve (12) months’ Base Salary. Subject to Section 7(d) hereof, the
severance amount contemplated by this paragraph shall be paid over the six (6)-month period commencing on the date of termination in equal monthly installments and shall be subject to all required tax and other applicable withholding. 
 (2) Bonus. The Company shall pay to you an amount equal to the sum of (i) any earned (without regard to whether you were employed on the
date of payment), but unpaid bonus for the fiscal year preceding the fiscal year during which the Covered Termination occurs, (ii) an amount equal to one hundred percent (100%) of your target annual bonus for the fiscal year during which
the Covered Termination occurs, prorated to reflect the actual period of service completed by you during the fiscal year through the date of termination, and (iii) an 

  

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amount equal to fifty percent (50%) of your target annual bonus for the fiscal year during which the Covered Termination occurs, with such bonus
determined based on deemed achievement of all of the performance objectives for such fiscal year. Subject to Section 7(d) hereof, the amounts contemplated by subsections (i) and (ii) shall be paid in cash in a lump sum within thirty
(30) days following the date of termination and shall be subject to all required tax and other applicable withholding. Subject to Section 7(d) hereof, the severance benefits contemplated by this subsection (iii) shall be paid in cash
over the six (6)-month period commencing on the date of termination in equal monthly installments and shall be subject to all required tax and other applicable withholding. 
 (3) Equity Awards. Your outstanding options to purchase the Company’s common stock shall immediately terminate with regard to the
then-unvested portion, and shall terminate with regard to the vested portion thereof on the last day of the twelve (12) month period following the date of your Covered Termination. Your outstanding restricted stock units and other equity awards
shall immediately vest with respect to that number of shares of Company common stock that such restricted stock units or such other equity awards would have vested had your service to the Company continued hereunder for the twelve (12) month
period following your Covered Termination, and any remaining unvested restricted stock units or other equity awards shall terminate upon the date of your Covered Termination. 
 (c) Change of Control Severance Benefits. If you experience a Covered Termination during a Change of Control Benefits Period you shall be entitled
to receive the benefits set forth in this Section 7(c). 
 (1) Base Salary. The Company shall pay to you an amount equal to
twelve (12) months’ Base Salary. Subject to Section 7(d) hereof, the severance benefit contemplated by this Section 7(c) shall be paid in cash in a lump sum within thirty (30) days following the Covered Termination and shall
be subject to all required tax and other applicable withholding. 
 (2) Bonus. The Company shall pay to you an amount equal to the
sum of (i) any earned (without regard to whether you were employed on the date of payment), but unpaid bonus for the fiscal year preceding the fiscal year during which the Covered Termination occurs, (ii) an amount equal to one hundred
percent (100%) of your target annual bonus for the fiscal year during which the Covered Termination occurs, prorated to reflect the actual period of service completed by you during the fiscal year through the date of termination, and
(iii) an amount equal to fifty percent (50%) of your target annual bonus for the fiscal year during which the Covered Termination occurs, with such bonus determined based on deemed achievement of all of the performance objectives for such
fiscal year. Subject to Section 7(d) hereof, the severance benefits contemplated by this Section 7(c) shall be paid in cash in a lump sum within thirty (30) days following the Covered Termination and shall be subject to all required
tax and other applicable withholding. 
  

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 (3) Equity Awards. Your outstanding options to purchase the Company’s common stock,
restricted stock units and other equity awards shall fully vest and, if applicable, become exercisable. Any options to purchase the Company’s common stock shall thereafter terminate if unexercised on the last day of the twelve (12) month
period following the date of your Covered Termination during the Change of Control Benefits Period. 
 (4) No Duplication of
Benefits. The payments and benefits provided for in this Section 7(c) shall only be payable in the event of your Covered Termination during a Change of Control Benefits Period. In the event of your Covered Termination other than during a
Change Control Benefits Period, then you shall receive the payments and benefits described in Section 7(b) hereof and shall not be eligible to receive any of the payments and benefits described in this Section 7(c). 
 (d) Timing of Payments. Notwithstanding any provision to the contrary in this Agreement, if you are deemed by the Company at the time of your
separation from service with the Company to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the benefits to which you are entitled under this
Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of your benefits shall not be provided to you prior to the earlier of (a) the expiration of the six-month period
measured from the date of your “separation from service” with the Company (as such term is defined in the Treasury Regulations issued under Section 409A of the Code) or (b) the date of your death. Upon the expiration of the
applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Section 7(d) shall be paid in a lump sum to you, along with interest at a floating rate equal to LIBOR from the date such payments were otherwise due
to the date of payment, and any remaining payments due under the Agreement shall be paid as otherwise provided herein. 
 (e) Other
Terminations. If your service to the Company is terminated by the Company for Cause, by you other than pursuant to a Constructive Termination or as a result of your death or disability, the Company shall not have any other or further obligations
to you under this Agreement (including any financial obligations) except that you shall be entitled to receive (a) your fully earned but unpaid base salary, through the date of termination at the rate then in effect, and (b) all other
amounts or benefits to which you are entitled under any compensation, retirement or benefit plan or practice of the Company at the time of termination in accordance with the terms of such plans or practices, including, without limitation, any
continuation of benefits required by federal COBRA law or applicable law. In addition, subject to the provisions of the Company’s equity compensation plans and the terms of your equity awards, if your service to the Company is terminated by the
Company for Cause, by you other than pursuant to a Constructive Termination or as a result of your death or disability, all vesting of your unvested equity awards previously granted to him by the Company shall cease and none of such unvested equity
awards shall be exercisable following the date of such termination. The foregoing shall be in addition to, and not in lieu of, any and all other rights and remedies that may be available to the Company under the circumstances, whether at law or in
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 (f) Mitigation. Except as otherwise specifically provided herein, you shall not be required to
mitigate damages or the amount of any payment provided under this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for under this Agreement be reduced by any compensation earned by you as a result of
employment by another employer or by any retirement benefits received by you after the date of the Covered Termination. 
 (g) Exclusive
Remedy. Except as otherwise expressly required by law (e.g., COBRA) or as specifically provided herein or in the Company’s equity compensation plans and the terms of your equity awards, all of your rights to salary, severance, benefits,
bonuses and other amounts hereunder (if any) accruing after the termination of your service to the Company shall cease upon such termination. In the event of a termination of your service to the Company, your sole remedy shall be to receive the
payments and benefits described in this Agreement. 
 (h) Release Prior to Payment of Benefits. Upon the occurrence of a Covered
Termination, and prior to the payment of any benefits under this Agreement on account of such Covered Termination, you shall execute a release (the “Release”) substantially in a form acceptable to the Company. Such Release shall
specifically relate to all of your rights and claims in existence at the time of such execution and shall confirm your obligations under the any confidentiality and nondisclosure agreements you then have with the Company. It is understood that, as
specified in the applicable Release, you have a certain number of calendar days from the date of your Covered Termination to consider whether to execute such Release, and you may revoke such Release within seven (7) calendar days after
execution. Notwithstanding anything in this Agreement to the contrary, in the event you do not execute such Release within the applicable period, which in no event shall exceed sixty (60) days following your Covered Termination, or if you
revoke such Release within the subsequent seven (7) day period, no benefits shall be payable under this Agreement. 
 (i)
Definitions. For purposes of the Agreement, the following terms are defined as follows: 
 (1) “Cause” means
that, in the reasonable determination of the Company, you (i) have committed an act of fraud or embezzlement or have intentionally committed some other illegal act that has a material adverse impact on the Company or any successor or parent or
subsidiary thereof; (ii) have been convicted of, or entered a plea of “guilty” or “no contest” to, a felony which causes or may reasonably be expected to cause substantial economic injury to or substantial injury to the
reputation of the Company or any subsidiary or affiliate of the Company; (iii) have made any unauthorized use or disclosure of confidential information or trade secrets of the Company or any successor or parent or subsidiary thereof that has a
material adverse impact on any such entity; (iv) have committed any other intentional misconduct that has a material adverse impact on the Company or any successor or parent or subsidiary thereof, or (v) have intentionally refused or
intentionally failed to act in accordance with any lawful and proper direction or order of the Board, provided such direction is not materially inconsistent with your customary duties and responsibilities. 
  

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 (2) “Change of Control” means and includes each of the following:

 (i) the acquisition, directly or indirectly, by any “person” or “group” (as those terms are defined in Sections
3(a)(9), 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of “beneficial ownership” (as determined pursuant to Rule 13d-3 under the Exchange Act) of securities entitled to vote
generally in the election of directors (“voting securities”) of the Company that represent fifty percent (50%) or more of the combined voting power of the Company’s then outstanding voting securities, other than: 
 (1) an acquisition by a trustee or other fiduciary holding securities under any employee benefit plan (or related trust) sponsored or maintained by the
Company or any person controlled by the Company or by any employee benefit plan (or related trust) sponsored or maintained by the Company or any person controlled by the Company, or 
 (2) an acquisition of voting securities by the Company or a corporation owned, directly or indirectly, by the stockholders of the Company in
substantially the same proportions as their ownership of the stock of the Company; 
 Notwithstanding the foregoing, the following event shall not constitute
an “acquisition” by any person or group for purposes of this Section: an acquisition of the Company’s securities by the Company that causes the Company’s voting securities beneficially owned by a person or group to represent
fifty percent (50%) or more of the combined voting power of the Company’s then outstanding voting securities; provided, however, that if a person or group shall become the beneficial owner of fifty percent (50%) or more of the
combined voting power of the Company’s then outstanding voting securities by reason of share acquisitions by the Company as described above and shall, after such share acquisitions by the Company, become the beneficial owner of any additional
voting securities of the Company, then such acquisition shall constitute a Change of Control; or 
 (ii) During any period of two
consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new director(s) (other than a director designated by a person who shall have entered into an agreement with the Company to effect a
transaction described in Section 6.4(a) or Section 6.4(c)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who
either were directors at the beginning of the two-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or 
 (iii) the consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more
intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the Company’s assets in a single transaction or series of related transactions
or (z) the acquisition of assets or stock of another entity, in each case other than a transaction: 
 (1) which results in the
Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction,
controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”))
directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 
  

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 (2) after which no person or group beneficially owns voting securities representing fifty percent
(50%) or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this clause (ii) as beneficially owning fifty percent (50%) or more of combined voting
power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction; or 
 (3) the Company’s stockholders approve a liquidation or dissolution of the Company. 
 Notwithstanding the foregoing, a transaction shall not
constitute a Change of Control if: (i) it constitutes the Company’s initial public offering of its securities; or (ii) it is a transaction effected primarily for the purpose of financing the Company with cash (as determined by the
Board in its discretion and without regard to whether such transaction is effectuated by a merger, equity financing or otherwise). The Board shall have full and final authority, which shall be exercised in its discretion, to determine conclusively
whether a Change of Control of the Company has occurred pursuant to the above definition, and the date of the occurrence of such Change of Control and any incidental matters relating thereto. 
 (3) “Change of Control Benefits Period” means the period commencing on the effective date of a Change of Control and ending the
last day of the 12-month period following the Change of Control. 
 (4) “Constructive Termination” means that you
voluntarily terminate employment after any of the following are undertaken without your express written consent: (i) the removal of or a material reduction in the nature or scope of your responsibilities, or the assignment to you of duties that
are materially inconsistent with your position; (ii) a change in your direct reporting relationship so that you no longer report directly to the Board; (iii) a material reduction in your Salary; (iv) a material reduction in your
target bonus opportunity; or (v) a material relocation of your place of employment by more than thirty (30) miles from such place of employment on the Effective Date. 
  

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 Notwithstanding the foregoing, your voluntary termination of employment shall not be deemed a Constructive
Termination unless you notify the Company in writing within ninety (90) days of the initial existence of the applicable condition giving rise to such Constructive Termination and such condition remains more than thirty (30) days after the
receipt of such notice by the Company. The termination of your employment as a result of your death or disability will not be deemed to be a Constructive Termination. 
 (5) “Covered Termination” means an Involuntary Termination Without Cause or Constructive Termination, provided, that if such Involuntary Termination Without Cause or Constructive Termination is
not coincident with your “separation from service” within the meaning of Section 409A of the Code and the Department of Treasury regulations promulgated thereunder, then your Covered Termination shall be the date of such separation
from service and, provided further, that a separation from service that takes place more than two (2) years following the initial existence of the condition giving rise to such Constructive Termination shall not constitute a Covered
Termination. 
 (6) “Involuntary Termination Without Cause” means your dismissal or discharge from employment with
the Company other than for Cause. The termination of your employment as a result of your death or disability will not be deemed to be an Involuntary Termination Without Cause. 
 8. Miscellaneous. 
 (a) This
letter constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to the terms and conditions of your services to the Company. It is entered into without reliance on any promise or
representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations and any other written or oral statements concerning your rights to any compensation, equity or
benefits from the Company, its predecessors or successors in interest. 
 (b) This Agreement may not be modified or amended except in
a writing signed by both you and a duly authorized officer of the Company. 
 (c) This Agreement may be signed in counterparts and the
counterparts taken together shall constitute one agreement. 
 (d) This Agreement shall be deemed to have been entered into and shall
be construed and enforced in accordance with the laws of the State of California as applied to contracts made and to be performed entirely within California. 
  

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 (e) If either party hereto brings any action to enforce his or its rights hereunder, the
prevailing party in such action shall be entitled to be paid by the other party such prevailing party’s reasonably attorneys’ fees and costs incurred in such action. 
  

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 If this Agreement is acceptable to you, please sign below and return the original, fully executed Agreement to the
Company. 
  

					
	Sincerely,	 	
	
	NOVACEA, INC.
		
	By:	 	 /s/ Daniel M. Bradbury

		 	 Daniel M. Bradbury
	 	
	Title:	 	 Chairman, Compensation Committee of the Board of Directors

							
		
	AGREED AND ACCEPTED:	 	
			
	 /s/ John Walker
	 		 	         9/19/07

	John Walker	 		 	        Date

  

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