Document:

exv10w56

 

Exhibit 10.56

March 23, 2005

Ms. Linda M. Rubinstein

c/o Solexa, Inc.

25861 Industrial Blvd.

Hayward, CA 94545

Dear Linda:

     We are pleased to offer you a position as Vice President, with the understanding and agreement
that you will also assume the title and role of Chief Financial Officer once the Form 10-K for the
year ended December 31, 2004 has been filed, and in any event no later than April 30, 2005. You
will report to the Chief Executive Officer (“CEO”) at Solexa, Inc. (“Solexa” or the “Company”). As
agreed, the terms of your employment are as follows:

     Your start date with the Company will be March 22, 2005. As previously noted, you will report
to the CEO and you will have the duties and responsibilities commensurate with your title and
office as reasonably assigned to you by the CEO. You shall perform your duties at the Company’s
Hayward, California offices, subject to reasonable travel to the Company’s U.K. offices from time
to time. Beginning March 22, 2005 and continuing through June 30, 2005, excluding any periods of
disability, vacation and sick leave to which you are entitled, you will devote approximately ninety
percent (90%) of your business time and attention to the business and affairs of Solexa. During
this period, you will receive a base salary of $18,750.00 per month (equivalent to an annual salary
of $225,000), less payroll deductions and all required withholdings. As an exempt, salaried
employee, you will not be eligible for overtime compensation. During this period, you are expected
to wind down and complete any and all consulting engagements.

     Effective as of July 1, 2005, provided that you have no continuing consulting engagements and
excluding any periods of disability, vacation and sick leave to which you are entitled, you will
devote substantially all of your business time and attention to the business and affairs of Solexa.
You will receive a base salary of $20,833.33 per month (equivalent to an annual salary of
$250,000), less payroll deductions and all required withholdings. As an exempt, salaried employee,
you will not be eligible for overtime compensation.

     During your employment with Solexa, you will also be eligible to earn an annual performance
bonus with a target of 30% of your base salary (pro-rated for 2005 commencing with your start
date). For 2005, the amount of your bonus will be determined based on your achievement (as
reasonably determined by the CEO) of written performance milestones to be negotiated in good faith
and agreed upon between you and the CEO within two months of your joining the Company. For
subsequent years, you and the CEO will negotiate written performance milestones in good faith for
bonus determination purposes.

 

 

     If the Company successfully completes a financing within six (6) months after your start date
which results in the Company obtaining at least $10,000,000 in available funds, the CEO will
recommend to the Board of Directors (the “Board”) that you be granted a nonstatutory stock option
to purchase one hundred forty-one thousand (141,000) shares of the common stock of the Company (the
“Option”) pursuant to the Company’s 1992 Stock Option Plan (the “Plan”). The exercise price for
the Option shares will be the closing sales price as quoted on Nasdaq National Market System
(“Nasdaq”) on the last market trading day prior to the day of grant. Except as otherwise provided
in this letter, the Option will vest and become exercisable in forty-eight (48) equal monthly
installments over four (4) years, with vesting to commence as of your start date, as long as you
remain in continuous service with the Company (as defined in the Plan). Upon the consummation of
an Asset Sale, Merger, Consolidation or Reverse Merger, each as defined in the Plan, the vesting
and exercisability of the Option and any other outstanding option grants then held by you
(including but not limited to the Anniversary Options described in the next paragraph) shall be
accelerated two (2) years. The Option is subject to Board approval, and will be governed in full
by the Plan and your individual Option agreement.

     In addition, subject to your satisfactory performance of your duties as determined by the CEO
in his reasonable discretion, the CEO will recommend to the Board that additional option grants of
no less than 45,000 shares each be granted to you within 30 days following the first and second
anniversaries of your start date, each of which will vest and become exercisable in forty-eight
(48) equal monthly installments over four (4) years from the respective grant dates (each such
option grant shall be referred to herein as an “Anniversary Option” and collectively as the
“Anniversary Option). Of course, such grants are subject to and contingent upon Board approval.

     The Company’s stock option plan currently provides the right to exercise the shares in full or
in part subject to any stock option grant for consideration consisting of any combination of cash,
check or cashless exercise in conjunction with the Company’s Regulation T program. The rights set
forth in this paragraph currently are included in each of the Company’s award agreements and option
grants and will be included in your award agreements and option grants.

     You will also be eligible to participate in all Company benefits applicable to similarly
situated executive employees of the Company, pursuant to the terms, conditions and limitations of
the benefit plans and Company policies: said benefits include, but are not limited to, medical
insurance, vacation, sick leave and holidays. Your vacation accrual rate will be equal to a rate
of four (4) weeks per year, subject to the terms of our vacation policy. A summary of the benefit
plans is enclosed. In addition, The Company will enter into an Indemnity Agreement with you in
substantially the form enclosed herein within five (5) business days of your start date.

     Notwithstanding anything to the contrary in this letter or in any other agreement between you
and the Company, it shall not be a violation of your obligations to the Company for you to engage
in the following activities: (1) serve on civic or charitable boards or committees, or (2) manage
personal investments; so long as these activities are not on behalf of a competitor to the Company
and do not significantly interfere with the performance of your duties and responsibilities to the
Company. In the event you wish to serve on corporate boards and deliver

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lectures, fulfill speaking engagements or teach at educational institutions, you will need
advance written permission from the CEO, which permission shall not be unreasonably withheld.

     As a Solexa employee, you will be required to abide by Company rules and regulations, and you
will be required to sign an acknowledgment that you have read, understand, and will comply with the
Company’s Employee Handbook. In your work for the Company, you will be expected not to use or
disclose any confidential information, including trade secrets, of any former employer or other
person to whom you have an obligation of confidentiality. Rather, you will be expected to use only
that information which is generally known and used by persons with training and experience
comparable to your own, which is common knowledge in the industry or otherwise legally in the
public domain, or which is otherwise provided or developed by the Company. You agree that you will
not bring onto Company premises any unpublished documents or property belonging to any former
employer or other person to whom you have an obligation of confidentiality. You hereby represent
that you have disclosed to Solexa any contract you have signed that may restrict your activities on
behalf of the Company.

     Your employment with Solexa is at-will, meaning that you may terminate your employment at any
time and for any reason whatsoever simply by notifying Solexa. Likewise, Solexa may terminate your
employment at any time, with or without Cause (as defined below), and with or without advance
notice. The Company also retains sole discretion to make all other decisions concerning your
employment (e.g. position, title, reporting relationship, transfers, job duties and
responsibilities, compensation, benefits or any other managerial decisions) with or without Cause,
and with or without advance notice. This at-will employment relationship cannot be changed except
in writing, signed by you and a duly authorized Company officer.

     Notwithstanding the at-will nature of your employment, in the event (i) your employment is
terminated without Cause (as defined below) by the Company, (ii) you resign your employment with
Good Reason (as defined below); (iii) your employment is terminated without Cause (as defined
below) by the Company or any successor to or acquiring entity of the Company within thirty (30)
days prior to, upon or within twelve (12) months after an Asset Sale, Merger, Consolidation, or
Reverse Merger (as defined in the Plan), or (iv) you resign your employment with Good Reason (as
defined below) within thirty (30) days prior to, upon or within twelve (12) months after an Asset
Sale, Merger, Consolidation or Reverse Merger (as defined in the Plan) of the Company, you will be
eligible to receive severance compensation as stated herein, provided that you first execute a
general release of any and all known and unknown claims you may have against the Company, which
general release will be in a form reasonably acceptable to the Company. The amount of severance
compensation you will receive in the event of a termination or resignation of your employment under
provisions (i) or (ii) of the first sentence of this paragraph shall be an amount equal to four and
one-half (4.5) months of your final base salary, plus an amount equal to 100% of your target annual
bonus, prorated to the percent of the year that has been completed, as of your termination date,
subject to standard payroll deductions and withholdings and payable in a lump sum. The amount of
severance compensation you will receive in the event of a termination or resignation of your
employment under provisions (iii) or (iv) of the first sentence of this paragraph shall be an
amount equal to six (6) months of your final

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base salary, plus an amount equal to 100% of your target annual bonus, prorated to the percent of
the year that has been completed, as of your termination date, subject to standard payroll
deductions and withholdings and payable in a lump sum, which sums shall be in addition to two years
acceleration of the vesting and exercisability of the Option and any other outstanding options
grants then held by you (including but not limited to the Anniversary Options), in the event such
accelerated vesting and exercisability has not already occurred.

     “Cause” shall mean: (a) your conviction of, guilty plea to, or plea of “no contest” to, any
felony or any crime involving dishonesty; (b) your knowing participation in any fraud or material
act of dishonesty against the Company; (c) your persistent and willful refusal to perform your
duties to the Company; (d) intentional damage by you to any property of the Company; or (e) your
use of drugs or alcohol in such a manner as to materially interfere with the performance of your
duties.

     “Good Reason” shall mean the occurrence of any of the following without your written consent,
and your resignation due to and no later than sixty (60) days after such occurrence: (i) a
material breach by the Company of any of its obligations to you under this letter, provided that,
such resignation will only qualify as a resignation for Good Reason if you first provide the
Company with at least thirty (30) days advance written notice of your intention to resign and the
Company does not cure its breach to your reasonable satisfaction within that thirty (30) day
timeframe; (ii) the required relocation of your principal place of employment to a location that
increases your commute by more than twenty-five (25) miles from Hayward, California; (iii) any
material reduction in your base salary or bonus potential, with the exception of reduction programs
generally applicable to the Company’s senior executive employees; or (iv) any material diminution
in your title, reporting relationship, duties or responsibilities.

     On your first day at Solexa, Inc., you will be required to sign the documents listed below.
Please see Cristina Alves for completion of these documents:

1.       Proprietary Information and Inventions Agreement. Signing this agreement is a condition
of our offer of employment, and compliance with this agreement is a condition of continued
employment. A copy has been enclosed for your review.

2.       Employment Eligibility Verification (I-9) Form. In compliance with the Immigration
Reform and Control Act of 1986, our offer of employment is subject to satisfactory proof of your
identity and right to work in the United States. You will be required to complete the enclosed I-9
form and provide us with original documentation as outlined in Section 2 (copy enclosed) to verify
your identity and eligibility for employment in the United States. It is very important that you
remember to bring the necessary identification documents on your first day.

     The employment terms in this letter, and the stock plan and other documents, policies and
agreements referenced herein, including but not limited to the stock option agreements. the
Proprietary Information and Inventions Agreement and the Indemnity Agreement, constitute the
complete and exclusive statement of your employment agreement with Solexa. It supersedes any

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agreements or promises made to you by anyone, whether oral or written. Changes in your
employment terms, other than those changes, if any, expressly reserved to the Company’s discretion
in this letter, require a written modification signed by you and a duly authorized officer of
Solexa. If you have any questions, please contact me.

Welcome to Solexa, Inc. We look forward to working with you.

Sincerely,

/s/ John West

John West

Chief Executive Officer

/enclosures

     Please sign below indicating your acceptance of this offer of employment, and return the
original to our office by March 23, 2005 in the enclosed self-addressed, stamped envelope.

	 	 	 
	Linda Rubinstein

	 	/s/ Linda Rubinstein
	 

	 	 
	Name (print)

	 	Signature
	 
	 	 
	March 23, 2005

	 	March 22, 2005
	 

	 	 
	Date

	 	Start Date

5exv4w2xcy

 

Exhibit 4.2c

SECOND SUPPLEMENTAL INDENTURE

     SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of November 11, 2004,
among Brasil Holdings, L.L.C., a Delaware limited liability company (the “New Guarantor”), a
subsidiary of Cinemark USA, Inc., a Texas corporation (the “Company”), and The Bank of New York
Trust Company, N.A., as trustee under the indenture referred to below (the “Trustee”).

W I T N E S S E T H :

     WHEREAS, the Company, the guarantors parties thereto and the Trustee are parties to that
certain Indenture (as supplemented by the First Supplemental Indenture dated May 7, 2003 and as
such may be amended or supplemented from time to time, the “Indenture”), dated as of February 11,
2003, providing for the issuance of the Company’s 9% Senior Subordinated Notes due 2013 (the
“Notes”);

     WHEREAS, Sections 4.18 and 11.6 of the Indenture provide that the Company shall cause the New
Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the New
Guarantor shall unconditionally guarantee all the Company’s obligations under the Notes, the
Indenture and the Registration Rights Agreement pursuant to a Subsidiary Guarantee on the terms and
conditions set forth herein; and

     WHEREAS, pursuant to Section 9.1 of the Indenture, the Trustee, the Company and the New
Guarantor are authorized to execute and deliver this Supplemental Indenture;

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Company and the
Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes
as follows:

     1. Agreement to Guarantee. The New Guarantor hereby, jointly and severally with all
the other Guarantors, unconditionally guarantees the Company’s obligations under the Notes, the
Indenture and the Registration Rights Agreement on the terms and subject to the conditions set
forth in Article 11 of the Indenture and agrees to be bound by all other applicable provisions of
the Indenture, the Notes and the Registration Rights Agreement.

     2. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as
expressly supplemented hereby, the Indenture is in all respects ratified and confirmed and all the
terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore
or hereafter authenticated and delivered shall be bound hereby.

     3. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

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     4. Trustee Makes No Representation. The Trustee makes no representation as to the
validity or sufficiency of this Supplemental Indenture.

     5. Counterparts. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement.

     6. Effect of Headings. The Section headings herein are for convenience only and shall
not effect the construction thereof.

[SIGNATURE PAGE FOLLOWS]

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     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written.

	 	 	 	 	 
	 	BRASIL HOLDINGS, L.L.C.

 	 
	 	By:  	/s/ Michael Cavalier
 	 
	 	 	Name:  	Michael Cavalier 	 
	 	 	Title:  	Secretary; Vice President-General Counsel 	 
	 
	 	CINEMARK USA, INC.

 	 
	 	By:  	/s/ Michael Cavalier
 	 
	 	 	Name:  	Michael Cavalier 	 
	 	 	Title:  	Secretary; Vice President-General Counsel 	 
	 
	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.

 	 
	 	By:  	/s/ Tamara K. Ellis
 	 
	 	 	Name:  	Tamara K. Ellis 	 
	 	 	Title:  	Vice President 	 
	 

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