Document:

AVID-12.31.2011-Ex 10.37

EXHIBIT 10.37

_______________________, 201_

[Insert Employee Name and Address]

Dear _________, 
I am pleased to offer you the position of __________________________________________ of Avid Technology, Inc. (“Avid” or “the Company”), reporting to _______________________ in our _____________ office.  Your target start date is ___________________________ (“Start Date”).  

Salary
Subject to the approval of Avid's Compensation Committee (if required by applicable law, rules or regulations), your salary will be paid at an annual rate of _____________________________________ dollars ($__________), payable in regular installments in accordance with Avid's usual payment practices.  The initial pay period will be calculated based upon actual days worked.

Executive Bonus Plan
You will be eligible to participate in an annual performance bonus plan (the “Plan”).  Subject to the approval of Avid's Compensation Committee (if required by applicable law, rules or regulations), your target annual bonus will be equal to __% of your base salary, with a portion of your target annual bonus tied to the attainment of company performance objectives (currently 80%) and the remaining amount tied to the attainment of individual performance objectives (currently 20%), with potential payouts ranging from 0% to greater than __% of your base salary based on the degree to which performance objectives have been met and other factors.  The Plan results and payments will be determined following the Plan year after audited financials have been completed and announced, and any earned amounts will be paid on or before March 15 of the year following the Plan year.  Your ____ bonus under the Plan will be pro-rated based on your Start Date.

Stock Option Grant
Subject to the approval of Avid's Compensation Committee (if required by applicable law, rules or regulations), you will be issued an option to purchase _______________ (______) shares of Avid common stock at an exercise price equal to the closing price of Avid common stock on the date of grant (“Grant Date”).  The terms of the vesting of the stock option are described on Exhibit A attached hereto.

Restricted Stock Units
Subject to the approval of Avid's Compensation Committee (if required by applicable law, rules or regulations), you will be issued _______________ (______) restricted stock units (“RSUs”), with each RSU representing the right to receive one share of Avid common stock.  The terms of the vesting of the RSUs are described on Exhibit A attached hereto. 

Benefits
Avid offers four weeks of paid vacation and ten paid holidays per year for vice presidents.  The Company currently contributes approximately [70%] of the costs for medical, dental and vision coverage, and [100%] of the costs for basic life insurance (in the amount of ___ times your annual salary), long-term disability insurance and short-term disability insurance.  Additionally, you will be eligible to participate in Avid's 401(k) Plan the first of the month following three months of service.  You will receive further documentation on Avid's benefits programs upon formal acceptance of this employment offer. 

Severance
Should Avid terminate your employment with the Company in the role set forth above without “Cause” (as defined below) other than due to your long-term disability, Avid agrees to continue to pay you, as severance pay, your base salary for a period of six (6) months after your date of termination and your annual bonus (pro-rated by the number of months you were employed by the Company in the role set forth above during the year of the date of termination, to be paid only if and when such bonuses are paid to other officers who remain employed with the Company), and to provide you with comparable benefits for the six (6) months following your date of termination, to the extent permitted by the terms of Avid's benefit plans and applicable law.  In order to be eligible for any of the severance pay or benefits, you will be required to sign Avid's standard severance agreement, which includes a general release of claims against Avid and its affiliates and to allow the severance agreement to become effective and unrevoked. As a condition to receiving any severance, you will also be required to sign such other agreements as officers of the Company are generally required to sign if you have not already done so. This severance agreement (and any other required agreements) must be signed by you within forty-five (45) days of the date of termination of your employment and, subject to the agreement not being revoked (and compliance with the tax laws described below), your severance will commence on the sixtieth (60th) day following your termination.  However, if and to the extent Avid is required to delay payment of any severance amounts described in this letter agreement in order for your severance to comply with the requirements of Internal Revenue Code Section 409A, such delayed amounts will be paid to you on the first business day following the six month anniversary of the date of termination of your employment.  These requirements and provisions regarding the timing of commencement of your severance will also apply to severance payable in connection with a Change-in-Control, as set forth below. 
For the purpose of this letter, "Cause" shall mean misconduct including, but not limited to: (1) conviction of any felony or any crime involving moral turpitude or dishonesty; (2) participation in a fraud or act of dishonesty to the detriment of Avid; (3) material breach of any Avid policy; (4) gross negligence; (5) material breach of any agreement between you and Avid (including your Non-Disclosure and Invention Assignment Agreement and Avid's Code of Business Conduct and Ethics (both of which you are required to sign as a condition of your employment at Avid));  (6) failure by you to substantially perform your duties with the Company (other than any such failure resulting from your incapacity due to physical or mental illness); or (7) failing or refusing to cooperate, as reasonably requested in writing by the Company, in any internal or external investigation of any matter in which the Company has a material interest (financial or otherwise) in the outcome of the investigation.

Change-in-Control of the Company
Should Avid terminate your employment with the Company in the role set forth above without “Cause” within one year following a Change-in-Control of the Company, as defined on Exhibit B attached hereto, (1) in addition to the severance described above, Avid agrees to pay you an additional six months base salary (which will be paid during the six month period following the payment of the initial severance described above) and (2) notwithstanding anything to the contrary in the applicable stock option or restricted stock unit (RSU) agreement, the exercisability, with respect to stock options, and the payment, with respect to RSUs, of 25% (or such smaller percentage as may then be unvested) of the original amount of any individual stock option or RSU grant made to you, including the grants set forth above and any subsequent grants made to you during your employment, shall accelerate in full as of your last date of employment. 

Other
This offer is contingent upon the completion of a satisfactory background check and is subject to our satisfactory review of all of your prior employment agreements for “non-compete” clauses under which you may be restricted from working for Avid and upon your furnishing proof that you are authorized for employment in the United States.
You are required to sign Avid's Non-Disclosure and Invention Assignment Agreement (which includes non-competition and non-solicitation provisions), a copy of which is enclosed with this offer letter.  You will also be required to sign Avid's Code of Business Conduct and Ethics upon acceptance and/or commencement of employment and to recertify the Code of Business Conduct and Ethics on an annual basis.  In addition, you will be required to complete an Immigration Department I-9 form for which you will need to bring certain documentation with you to Avid.  These forms will be included in your personalized Orientation Kit.
This offer does not constitute an employment agreement and this letter is not to be construed as a guarantee of employment by the Company for any specific period or length of time.

Offer Acceptance
We look forward to welcoming you into your new position with Avid.  Please complete the enclosed “Employee Record Form” and return this form along with one signed offer letter, indicating your acceptance and anticipated start date.  A self-addressed envelope is provided for your convenience. The second enclosed offer letter can be retained for your personal records.  Please ensure that the completed form and signed offer letter are returned in the self-addressed envelope no later than _____________.  Upon our receipt of your signed letter, a personalized Benefits Orientation Kit will be mailed to your home address.  

All of us at Avid look forward to welcoming you, ________, and are confident of your potential as a valued and respected member of our leadership team.  If you have any questions regarding the position, please do not hesitate to contact me.

Sincerely,

[Insert Name of Executive Officer] 
[Insert Title]

ACCEPTED: _____________________________ DATE: ______________________
  
* Please return your completed forms and one signed offer letter in the self-addressed envelope no later than __________________.

Exhibit A
[insert stock option and restricted stock unit vesting terms]

Exhibit B
“Change-in-Control of the Company” shall be deemed to have occurred only if any of the following events occur:

		
	(i)
	The acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (a) the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (b) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this section, the following acquisitions shall not constitute a Change-in-Control:  (A) any acquisition directly from the Company, (B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (D) any acquisition pursuant to a transaction which satisfies the criteria set forth in clauses (a) and (b) of paragraph (iii) below; or

		
	(ii)
	Individuals who, as of [insert hire date] (the “Effective Date”), constitute the Company's Board of Directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Company's Board of Directors; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company's shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

		
	(iii)
	Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the operating assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, (a) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 40% of, respectively, the then-outstanding shares of common stock (or other equity interests, in the case of an entity other than a corporation), and the combined voting power of the then-outstanding voting securities of the corporation or other entity resulting from such Business Combination (which as used in this section shall include, without limitation, a corporation or other entity which as a result of such transaction owns all or substantially all of the Company's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, and (b) no Person (excluding any corporation or other entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then outstanding shares of common stock (or other equity interests, in the case of an entity other than a corporation) of the corporation or other entity resulting from such Business Combination, or the combined voting power of the then-outstanding voting securities of such corporation or other entity;

provided, however, that a “Change-in-Control of the Company” shall be deemed to occur only if any of the foregoing events occur and such event that occurs is a “change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation” as defined in Treasury Reg. § 1.409A-3(i)(5).INTU Exhibit 10.01 01.31.2012

Exhibit 10.01

INTUIT INC.
SECOND AMENDED AND RESTATED
MANAGEMENT STOCK PURCHASE PROGRAM

1.ESTABLISHMENT OF PROGRAM; PURPOSE.  The Intuit Inc. Management Stock Purchase Program (the “MSPP”) was initially adopted by the Compensation and Organizational Development Committee of the Board on October 24, 2006 and was amended and restated on October 23, 2007.  This second amendment and restatement of the MSPP was adopted by the Compensation and Organizational Development Committee of the Board on January 19, 2012.  The MSPP is intended to provide encouragement and assistance to certain key employees of the Company in meeting the Company's stock ownership guidelines by providing for the opportunity to purchase and receive awards of Restricted Stock Units under Sections 7 and 8 of the Intuit Inc. 2005 Equity Incentive Plan, as amended (the “Plan”).  The MSPP is intended to be a part of the Plan.  All capitalized terms in the MSPP that are not defined herein shall have the meanings given to them in the Plan.  The MSPP is not meant to interpret, extend, or change the Plan in any way, or to represent the full terms of the Plan.  If there is any discrepancy, conflict or omission between the MSPP and the provisions of the Plan, the provisions of the Plan shall apply.

2.TAX COMPLIANCE.  The MSPP is intended to comply with Section 409A of the Code and any regulatory or other guidance issued under such section.  It is the Company's intention that any terms of the MSPP (and any Restricted Stock Units issued pursuant to the MSPP) that conflict with the final regulations issued under Section 409A of the Code or other future guidance shall be null and void and that any terms that are missing from the MSPP which such regulations and/or other guidance would require the MSPP to contain in order to comply with the requirements of Section 409A of the Code shall be incorporated into the MSPP.

3.ELIGIBILITY AND PARTICIPATION.  

3.1  Eligibility. An employee of the Company shall be eligible to participate in the MSPP if the employee is a member of a select group of management or highly compensated employees within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and is named by the Committee or the Company's Chief Executive Officer to be a participant in the MSPP (each such employee who elects to defer bonus compensation pursuant to the MSPP is referred to herein a “Participant”).  For the avoidance of doubt, the Company's Chief Executive Officer shall be permitted to participate in the MSPP.  To be considered for participation in a year, the Participant must have projected annualized base salary and target incentive compensation equal to at least $145,000 and be employed either inside or outside the U.S., at a position at the director level or above.  Notwithstanding the foregoing, an employee who has participated in the MSPP as a director whose position has been reduced to below that of director may be eligible to participate in the MSPP for the year in which such reduction occurs provided he continues to have projected base salary and target incentive compensation equal to at least $145,000. 

3.2  Participation. An eligible employee may elect to participate in the MSPP with respect to any calendar year by submitting a participation agreement (in the form determined by the Company (a “Participation Agreement”) to the Company, prior to the date established by the Company, in the immediately preceding calendar year. 

3.3  Partial Year Participation. In the event that an employee first becomes eligible to participate during a calendar year, a Participation Agreement must be submitted to the Company no later than thirty (30) days following the employee first becoming eligible to participate in the MSPP. Such Participation Agreement shall be effective only with regard to bonus compensation for services to be performed subsequent to the receipt of the Participation Agreement by the Company. 

4.RESTRICTED STOCK UNIT AWARDS

4.1  Bonus Deferral Commitment.  A Participant may elect defer from 5%  to 15% of his or her annual bonus compensation (in increments of 1%), whether paid under the Company's Performance Incentive Plan or Senior Executive Incentive Plan (collectively, “Bonus Compensation”), in the Participation Agreement (any amount so elected to be deferred pursuant to the MSPP is referred to herein as a “Bonus Deferral Commitment”).  Deferrals of Bonus Compensation under the MSPP are intended to conform to the requirements of Section 409A of the Code.  The amount to be deferred shall be stated as a percentage of any Bonus Compensation payable during the calendar year with respect to which the deferral applies (the “Deferral Period”) from any Bonus Compensation payable during the Deferral Period, or in such other form as allowed by the Committee consistent with the requirements of Section 409A of the Code.  Each Bonus Deferral Commitment shall be obtained 

by a Participant in a time and manner that complies with Section 409A of the Code and any regulatory or other guidance issued thereunder. 

4.2  Awards of Restricted Stock Units.  

		
	(a)
	Purchased Restricted Stock Units.  On the date that amounts subject to a Bonus Deferral Commitment hereunder would otherwise become payable (the “Purchase Date”), the Company shall withhold such payment and instead award to the Participant on the Purchase Date pursuant to Sections 7 and 8 of the Plan Restricted Stock Units (“Purchased RSUs”) covering a number of Shares having an aggregate Fair Market Value on the Purchase Date equal to the amount of the Bonus Compensation elected to be deferred (rounded down to the nearest whole Share).

		
	(b)
	Matching Restricted Stock Units.  In addition to the Purchased RSUs and subject to the limitations set forth in Section 4.3(c) of this MSPP, on the Purchase Date, the Company shall also award to the Participant pursuant to the Plan Restricted Stock Units (“Matching RSUs”) covering a number of Shares equal to the number of Shares subject to the Purchased RSUs awarded to the Participant on the Purchase Date pursuant to Section 4.2(a) of this MSPP.  

		
	(c)
	Vesting.  Unless otherwise provided for in the terms of an Award Agreement, all Purchased RSUs shall be fully vested as of the applicable Purchase Date.  Matching RSUs shall vest as described in the applicable Award Agreement.  All other terms and conditions of the Purchased RSUs and the Matching RSUs shall be set forth either in an applicable Award Agreement or in the Plan.

		
	(d)
	Employment Required.  Notwithstanding anything herein to the contrary, a Participant must be employed by the Company on the Purchase Date in order to receive an award of Restricted Stock Units under the MSPP.

4.3  Limitations on Bonus Deferral Commitments and Restricted Stock Unit Awards. The following limitations shall apply to Bonus Deferral Commitments: 

(a)  Minimum and Maximum Deferral. The deferral amount for a Bonus Deferral Commitment must be between five percent (5%) and fifteen percent (15%) of any such Bonus Compensation to be paid or payable during the Deferral Period.

(b)  Maximum Match. In addition to the limit set forth in Section 4.3(b) above, the maximum number of Shares that may be subject to Matching RSUs that may be issued to a Participant in respect of Purchased RSUs purchased in any one calendar year shall be as follows (in each case, based on the Participant's position on the applicable Purchase Date):
		
	(1)
	if the Participant is employed on the Purchase Date at the Director level, 300 Shares;

		
	(2)
	if the Participant is employed on the Purchase Date at the Vice President level, 750 Shares;

		
	(3)
	if the Participant is employed on the Purchase Date at the Senior Vice President level or above (other than the Company's Chief Executive Officer), 1,500 Shares; and

		
	(4)
	if the Participant is employed on the Purchase Date as the Company's Chief Executive Officer, 3,000 Shares; and

(c)  Changes in Limits.  The Committee may amend the MSPP to change the maximum limits set forth in this Section 4.3 (or implement new minimum or maximum limits) from time to time by giving written notice to all Participants. No such change may affect a Bonus Deferral Commitment made prior to the Committee's action unless otherwise required by law. 

4.4  Modification of Bonus Deferral Commitment. A Bonus Deferral Commitment shall be irrevocable except that the Committee shall permit a Participant to reduce the amount to be deferred, or waive the remainder of the Bonus Deferral Commitment upon a finding that the Participant has suffered an Unforeseeable Emergency (as defined under the Company's Executive Deferred Compensation Plan, as amended from time to time).  If the Committee grants the application, the Participant will not be allowed to enter into a new Bonus Deferral Commitment for the remainder of the Deferral Period in which the reduction or waiver of the Bonus Deferral Commitment occurs and the following Deferral Period. Any resumption of the Participant's deferrals under this Plan shall be made only at the election of the Participant in accordance with this Section 4.

5.RIGHTS OF PARTICIPANTS.
  
5.1  Contractual Obligation.  The MSPP shall create an unfunded, unsecured contractual obligation on the part of the Company to make payments due under Restricted Stock Units.

5.2  Unsecured Interest.  No Participant or party claiming an interest in benefits of a Participant hereunder shall have any interest whatsoever in any specific asset of the Company. To the extent that any party acquires a right to receive payments under the MSPP, such right shall be equivalent to that of an unsecured general creditor of the Company.  Each Participant, by participating hereunder, agrees to waive any priority creditor status with respect to any amounts due hereunder.  The Company shall have no duty to set aside or invest any amounts credited to Restricted Stock Unit awards under the MSPP.

6.AMENDMENTS AND TERMINATION.  The Company reserves the right to amend, modify, or terminate the MSPP (in whole or in part) at any time by action of the Board or the Committee, with or without prior notice.  Except as described below in this Section 6, no such amendment or termination shall in any material manner adversely affect any Participant's rights to any amounts already deferred or credited hereunder or deemed earnings thereon, up to the point of amendment or termination, without the consent of the Participant.  Subject to the above provisions, the Board shall have broad authority to amend the MSPP to take into account changes in applicable law, including but not limited to securities and tax laws and accounting rules.

7.CLAIMS PROCEDURE.

7.1  Claim. The Committee shall establish rules and procedures to be followed by Participants and their beneficiaries in (a) filing claims for benefits, and (b) for furnishing and verifying proof necessary to establish the right to benefits in accordance with the MSPP, consistent with the remainder of this Section 7.  Such rules and procedures shall require that claims and proof be made in writing and directed to the Committee. 

7.2  Review of Claim. The Committee or its designee shall review all claims for benefits.  Upon receipt by the Committee of such a claim, it shall determine all facts which are necessary to establish the right of the claimant to benefits under the provisions of the MSPP and the amount thereof as herein provided within ninety (90) days of receipt of such claim.  If prior to the expiration of the initial ninety (90) day period, the Committee determines additional time is needed to come to a determination on the claim, the Committee shall provide written notice to the Participant, Beneficiary or other claimant of the need for the extension, not to exceed a total of one hundred eighty (180) days from the date the application was received. 

7.3  Notice of Denial of Claim. In the event that any Participant, beneficiary or other claimant claims to be entitled to a benefit under the MSPP, and the Committee determines that such claim should be denied, in whole or in part, the Committee shall, in writing, notify such claimant that the claim has been denied, in whole or in part, setting forth the specific reasons for such denial. Such notification shall be written in a manner reasonably expected to be understood by such claimant, shall refer to the specific sections of the MSPP relied on, shall describe any additional material or information necessary for the claimant to perfect the claim, shall provide an explanation of why such material or information is necessary, and, where appropriate, shall include an explanation of how the claimant can obtain reconsideration of such denial. 

7.4  Reconsideration of Denied Claim. 

		
	(a)
	Within sixty (60) days after receipt of the notice of the denial of a claim, such claimant or duly authorized representative may request, by mailing or delivery of such written notice to the Committee, a reconsideration by the Committee of the decision denying the claim. If the claimant or duly authorized representative fails to request such a reconsideration within such sixty (60) day period, it shall be conclusively determined for all purposes of the MSPP that the denial of such claim by the Committee is correct. If such claimant or duly authorized representative requests a reconsideration within such sixty (60) day period, the claimant or duly authorized representative shall have thirty (30) days after filing a request for reconsideration to submit additional written material in support of the claim, review pertinent documents, and submit issues and comments in writing. 

		
	(b)
	After such reconsideration request, the Committee shall determine within sixty (60) days of receipt of the claimant's request for reconsideration whether such denial of the claim was correct and shall notify such claimant in writing of its determination. The written notice of the Committee's decision shall be in writing and shall include specific reasons for the decision, shall be written in a manner reasonably calculated to be understood by the claimant, and shall identify specific references to the pertinent Plan provisions on which the decision is based. In the event of special circumstances determined by the Committee, the time for the Committee to make a decision may be extended by an additional sixty 

(60) days upon written notice to the claimant prior to the commencement of the extension. 

7.5  Employer to Supply Information. To enable the Committee to perform its duties, the Company shall supply full and timely information to the Committee of all matters relating to the retirement, Disability, death, or other cause for termination of employment of all Participants, and such other pertinent facts as the Committee may require.

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