Document:

exv10w65

 

Exhibit 10.65

Non-Executive Director Compensation Program

	I.  	Components of Compensation for Non-Executive Directors

	 	A.  	Annual Option Grant: option awards to be made annually as of the date
of the Annual Stockholder Meeting.

	 	i.  	Directors elected at the 2005 Annual Stockholder
Meeting will receive an initial award of 25,000 options for the chairman
and 20,000 options for other non-executive directors.
	 
	 	ii.  	On recommendation of the Compensation Committee,
directors newly elected subsequent to the 2005 Annual Stockholder
Meeting will receive as of the date of their election an initial award
of 25,000 options for the chairman and 20,000 options for other
non-executive directors.
	 
	 	iii.  	On recommendation of the Compensation Committee,
directors standing for re-election will be awarded, as of the date of
the 2006 and subsequent Annual Stockholder Meetings, annual grants of
12,000 for the chairman and 10,000 for the other non-executive
directors.
	 
	 	iv.  	Options will vest monthly over 12 months from the
date of grant.

	 	B.  	Retainer Fees: Annual retainer fees will be paid to non-executive
directors for their service on the Board of Directors, the Audit Committee and
Compensation Committee. The retainer fee amounts are summarized in Section II.
	 
	 	C.  	Meeting Attendance Fees: Non-executive directors will receive
compensation for attendance in person or telephonically at meetings of the Board
of Directors or its committees. The meeting fee amounts are summarized in
Section II.
	 
	 	D.  	Timing and Form of Payment of Retainer and Meeting Attendance Fees:

	 	i.  	Form of Payment: Investor directors will receive
payment of retainer and meeting attendance fees in the form of common
stock of Solexa, Inc. to be granted under Solexa, Inc.’s 2005 Equity
Incentive Plan or subsequent plans. Non-investor directors will
receive retainer and meeting attendance fees in the form of cash (50%)
and common stock of Solexa, Inc. to be granted under Solexa, Inc.’s 2005
Equity Incentive Plan or subsequent plans (50%).
	 
	 	ii.  	The Compensation Committee of the Board of
Directors will determine whether a director of Solexa is considered an
Investor director or Non-investor director for purposes of this program.

 

 

	 	iii.  	Vesting: All common stock issued to Non-executive
directors in payment of retainers and meeting fees will be fully vested
upon issuance.
	 
	 	iv.  	Resale Limitations: Non-executive directors shall
not sell any common shares of Solexa, Inc. issued in payment of
retainers and meeting fees for at least twelve months after issuance.
	 
	 	v.  	Timing of Payment: Retainer and meeting
attendance fees payable in cash will be paid quarterly in arrears.
Retainer and meeting attendance fees payable in common stock of Solexa,
Inc. will be paid semi-annually in arrears.

	 	II.  	Schedule of Retainers, Meeting Fees and Annual Option Grants

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Other	 	 
	 	 	 	 	Board	 	 	 	Audit committee	 	 	 	Comp committee	 	 	 	committees	 	 
	 	 	 	 	 	 	 	 	 	Other	 	 	 	 	 	 	 	 	Other	 	 	 	 	 	 	 	 	Other	 	 	 	 	 	 
	 	 	 	 	Chair	 	 	 	directors	 	 	 	Chair	 	 	 	members	 	 	 	Chair	 	 	 	members	 	 	 	All members	 	 
	 	Retainer
	 	 	$	25,000	 	 	 	$	15,000	 	 	 	$	7,500	 	 	 	$	5,000	 	 	 	$	7,500	 	 	 	$	5,000	 	 	 	 	—	 	 
	 	Per mtg.

(stand-alone)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	In person
	 	 	$	2,000	 	 	 	$	2,000	 	 	 	$	2,000	 	 	 	$	1,250	 	 	 	$	2,000	 	 	 	$	1,250	 	 	 	$	1,250	 	 
	 	Telephonic
	 	 	$	1,000	 	 	 	$	1,000	 	 	 	$	1,000	 	 	 	$	1,000	 	 	 	$	1,000	 	 	 	$	1,000	 	 	 	$	1,000	 	 
	 	Per mtg.

(at board mtg.)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	In person
	 	 	 	—	 	 	 	 	—	 	 	 	$	1,000	 	 	 	$	750	 	 	 	$	1,000	 	 	 	$	750	 	 	 	$	750	 	 
	 	Telephonic
	 	 	 	—	 	 	 	 	—	 	 	 	$	500	 	 	 	$	500	 	 	 	$	500	 	 	 	$	500	 	 	 	$	500	 	 
	 	Options
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Initial
	 	 	 	25,000	 	 	 	 	20,000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Subsequent
	 	 	 	12,000	 	 	 	 	10,000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Vesting	 	 	Monthly over twelve months	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Maximum	 	 	No maximum for overall board service or for serving on any committee	 
	 

	 	III.  	Effective Date: This program will take effect as of June 6, 2005.exv10w1

 

Exhibit 10.1

CENTILLIUM COMMUNICATIONS, INC.

AMENDED AND RESTATED

1997 STOCK PLAN

NOTICE OF GRANT OF STOCK PURCHASE RIGHT

     Unless
otherwise defined herein, the terms defined in the Amended and
Restated 1997 Stock Plan will have the same
defined meanings in this Notice of Grant.

     Name:

     Address:

     You have been granted the right to purchase Common Stock of the Company, subject to the
Company’s Reacquisition Right (as described in the attached Restricted Stock Agreement), as
follows:

	 	 	 	 	 	 	 
	 

	 	Grant Number
	 	

	 	 
	

	 	 	 	 	 	 
	

	 	Date of Grant
	 	June 9, 2005 	 	 
	

	 	 	 	 	 	 
	

	 	Vesting Commencement Date
	 	May 10, 2005 	 	 
	

	 	 	 	 	 	 
	

	 	Price Per Share
	 	$0.001 	 	 
	

	 	 	 	 	 	 
	

	 	Total Number of Shares Subject
	 	5,000 	 	 
	

	 	to Stock Purchase Right	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Expiration Date:
	 	August 9, 2005 	 	 

     YOU MUST PURCHASE THE SHARES BEFORE THE EXPIRATION DATE OR THE STOCK PURCHASE RIGHT WILL
TERMINATE AND YOU WILL HAVE NO FURTHER RIGHT TO PURCHASE THE SHARES. By your signature and the
signature of the Company’s representative below, you and the Company agree that this Stock Purchase
Right is granted under and governed by the terms and conditions of the Amended and
Restated 1997 Stock Plan and the
Restricted Stock Agreement, attached hereto as Exhibit A-1, both of which are made a part
of this document. You further agree to execute the attached Restricted Stock Agreement as a
condition to purchasing any Shares under this Stock Purchase Right.

	 	 	 
	GRANTEE:

	 	CENTILLIUM COMMUNICATIONS, INC.
	 
	 	 
	

	 	By: /s/ J. Scott Kamsler
	

	 	 
	Signature
	 	 
	 
	 	 
	

	 	Title: Chief Financial Officer
	

	 	 
	Print Name
	 	 

 

 

EXHIBIT A-1

CENTILLIUM COMMUNICATIONS, INC.

AMENDED AND RESTATED

1997 STOCK PLAN

RESTRICTED STOCK AGREEMENT

     Unless
otherwise defined herein, the terms defined in the Amended and
Restated 1997 Stock Plan (the “Plan”) will
have the same defined meanings in this Restricted Stock Agreement.

     WHEREAS, the individual named in the Notice of Grant, (the “Purchaser”) is a Service Provider,
and the Purchaser’s continued participation in the affairs of the Company is considered by the
Company to be important for the Company’s continued growth; and

     WHEREAS in order to give the Purchaser an opportunity to acquire an equity interest in the
Company as an incentive for the Purchaser to continue to participate in the affairs of the Company,
the Administrator has granted to the Purchaser a Stock Purchase Right subject to the terms and
conditions of the Plan and the Notice of Grant, which are incorporated herein by reference, and
pursuant to this Restricted Stock Agreement (the “Agreement”).

     NOW THEREFORE, the parties agree as follows:

     1. Sale of Stock. The Company hereby agrees to sell to the Purchaser and the
Purchaser hereby agrees to purchase the number of shares of the Company’s Common Stock (the
“Restricted Stock”), at the per Share purchase price and as otherwise described in the Notice of
Grant.

     2. Payment of Purchase Price. The Purchaser’s performance of past services is
accepted as payment of the purchase price.

     3. Reacquisition Right.

     In the event the Purchaser ceases to be a Service Provider for any or no reason (including
death or Disability) before all of the Shares of Restricted Stock are released from the Company’s
Reacquisition Right (see Section 4), all such Shares will thereupon be forfeited and automatically
transferred to and reacquired by the Company at no cost to the Company (the “Reacquisition Right”).
The Purchaser will not be entitled to a refund of the price paid for any Shares of Restricted
Stock returned to the Company pursuant to this Section 3. Upon such termination, the Company will
become the legal and beneficial owner of the Shares of Restricted Stock being forfeited and
reacquired by the Company and all rights and interests therein or relating thereto, and the Company
will have the right to retain and transfer to its own name the number of Shares of Restricted Stock
being reacquired by the Company.

     4. Release of Shares From Reacquisition Right.

          (a) 100% of the Shares shall be released from the Company’s Repurchase Option on the first
anniversary of the Vesting Commencement Date (as set forth in the Notice of Grant), subject to
Purchaser continuing to be a Service Provider through such date.

 

 

          (b) Any of the Shares that have not yet been released from the Reacquisition Right are
referred to herein as “Unreleased Shares.”

     5. Restriction on Transfer. Except for the escrow described in Section 6 or the
transfer of the Shares to the Company contemplated by this Agreement, none of the Shares or any
beneficial interest therein will be transferred, encumbered or otherwise disposed of in any way
until such Shares are released from the Company’s Reacquisition Right in accordance with the
provisions of this Agreement. Any distribution or delivery to be made to the Purchaser under this
Agreement will, if the Purchaser is then deceased, be made to the Purchaser’s designated
beneficiary, or if no beneficiary survives the Purchaser, to the administrator or executor of the
Purchaser’s estate. Any such transferee must furnish the Company with (a) written notice of his or
her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of
the transfer and compliance with any laws or regulations pertaining to said transfer.

     6. Escrow of Shares.

          (a) All Shares of Restricted Stock will, upon execution of this Agreement, be delivered and
deposited with an escrow holder designated by the Company (the “Escrow Holder”). The Shares of
Restricted Stock and stock assignment will be held by the Escrow Holder until such time as the
Company’s Reacquisition Right expires or the date the Purchaser ceases to be a Service Provider.

          (b) The Escrow Holder will not be liable for any act it may do or omit to do with respect to
holding the Unreleased Shares in escrow while acting in good faith and in the exercise of its
judgment.

          (c) Upon the Purchaser’s termination as a Service Provider for any reason, the Escrow Holder,
upon receipt of written notice of such termination, will take all steps necessary to accomplish the
transfer of the Unreleased Shares to the Company. The Purchaser hereby appoints the Escrow Holder
with full power of substitution, as the Purchaser’s true and lawful attorney-in-fact with
irrevocable power and authority in the name and on behalf of the Purchaser to take any action and
execute all documents and instruments, including, without limitation, stock powers which may be
necessary to transfer the certificate or certificates evidencing such Unreleased Shares to the
Company upon such termination.

          (d) When a portion of the Shares has been released from the Reacquisition Right, upon request,
the Escrow Holder will take all steps necessary to accomplish the transfer of the Unreleased Shares
to the Purchaser.

          (e) Subject to the terms hereof, the Purchaser will have all the rights of a shareholder with
respect to the Shares while they are held in escrow, including without limitation, the right to
vote the Shares and to receive any cash dividends declared thereon.

          (f) In the event of any merger, reorganization, consolidation, recapitalization, separation,
liquidation, stock dividend, split-up, share combination, or other change in the corporate
structure of the Company affecting the Common Stock, the Shares of Restricted Stock will be
increased, reduced or otherwise changed, and by virtue of any such change the Purchaser will in his
capacity as owner of Unreleased Shares that have been awarded to him be entitled to new or
additional or different shares of stock, cash or securities (other than rights or warrants to
purchase securities); such new or additional or different shares, cash or securities will thereupon
be considered

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to be Unreleased Shares and will be subject to all of the conditions and restrictions which
were applicable to the Unreleased Shares pursuant to this Agreement. If the Purchaser receives
rights or warrants with respect to any Unreleased Shares, such rights or warrants may be held or
exercised by the Purchaser, provided that until such exercise any such rights or warrants and after
such exercise any shares or other securities acquired by the exercise of such rights or warrants
will be considered to be Unreleased Shares and will be subject to all of the conditions and
restrictions which were applicable to the Unreleased Shares pursuant to this Agreement. The
Administrator in its absolute discretion at any time may accelerate the vesting of all or any
portion of such new or additional shares of stock, cash or securities, rights or warrants to
purchase securities or shares or other securities acquired by the exercise of such rights or
warrants.

          (g) The Company may instruct the transfer agent for its Common Stock to place a legend on the
certificates representing the Restricted Stock or otherwise note its records as to the restrictions
on transfer set forth in this Agreement.

     7. Withholding of Taxes. Notwithstanding any contrary provision of this Agreement, no
certificate representing the Shares of Restricted Stock may be released from the escrow established
pursuant to Section 6, unless and until satisfactory arrangements (as determined by the
Administrator) will have been made by the Purchaser with respect to the payment of income,
employment and other taxes which the Company determines must be withheld with respect to such
Shares. The Administrator, in its sole discretion and pursuant to such procedures as it may
specify from time to time, may permit the Purchaser to satisfy such tax withholding obligation, in
whole or in part by (a) electing to have the Company withhold otherwise deliverable Shares having a
Fair Market Value equal to the minimum amount required to be withheld, or (b) delivering to the
Company already vested and owned Shares having a Fair Market Value equal to the amount required to
be withheld.

     8. General Provisions.

          (a) This Agreement will be governed by the internal substantive laws, but not the choice of
law rules of California. This Agreement, subject to the terms and conditions of the Plan and the
Notice of Grant, represents the entire agreement between the parties with respect to the purchase
of the Shares by the Purchaser. Subject to Section 16(c) of the Plan, in the event of a conflict
between the terms and conditions of the Plan and the terms and conditions of this Agreement, the
terms and conditions of the Plan will prevail. Unless otherwise defined herein, the terms defined
in the Plan will have the same defined meanings in this Agreement.

          (b) Any notice, demand or request required or permitted to be given by either the Company or
the Purchaser pursuant to the terms of this Agreement will be in writing and will be deemed given
when delivered personally or deposited in the U.S. mail, First Class with postage prepaid, and
addressed to the parties at the addresses of the parties set forth at the end of this Agreement or
such other address as a party may request by notifying the other in writing.

               Any notice to the Escrow Holder will be sent to the Company’s address with a copy to the other
party hereto.

          (c) The rights of the Company under this Agreement will be transferable to any one or more
persons or entities, and all covenants and agreements hereunder will inure to the benefit of, and
be enforceable by the Company’s successors and assigns. The rights and obligations of the

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Purchaser under this Agreement may only be assigned with the prior written consent of the
Company.

          (d) Either party’s failure to enforce any provision of this Agreement will not in any way be
construed as a waiver of any such provision, nor prevent that party from thereafter enforcing any
other provision of this Agreement. The rights granted both parties hereunder are cumulative and
will not constitute a waiver of either party’s right to assert any other legal remedy available to
it.

          (e) The Purchaser agrees upon request to execute any further documents or instruments
necessary or desirable to carry out the purposes or intent of this Agreement.

          (f) Purchaser acknowledges and agrees that the vesting of Shares of Restricted Stock pursuant
to Section 4 hereof is earned only by continuing as a Service Provider at the will of the Company
(and not through the act of being hired or purchasing Shares hereunder). Purchaser further
acknowledges and agrees that this Agreement, the transactions contemplated hereunder and the
vesting schedule set forth herein do not constitute an express or implied promise of continued
engagement as a Service Provider for the vesting period, for any period, or at all, and will not
interfere with the Purchaser’s right or the Company’s right to terminate the Purchaser’s
relationship as a Service Provider at any time, with or without cause.

     By Purchaser’s signature below, Purchaser represents that he or she is familiar with the terms
and provisions of the Plan, and hereby accepts this Agreement subject to all of the terms and
provisions thereof. Purchaser has reviewed the Plan and this Agreement in their entirety, has had
an opportunity to obtain the advice of counsel prior to executing this Agreement and fully
understands all provisions of this Agreement. Purchaser agrees to accept as binding, conclusive
and final all decisions or interpretations of the Administrator upon any questions arising under
the Plan or this Agreement. Purchaser further agrees to notify the Company upon any change in the
residence indicated in the Notice of Grant.

	 	 	 	 	 	 	 
	PURCHASER:	 	CENTILLIUM COMMUNICATIONS, INC.
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 
	Signature	 	By	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 
	Print Name	 	Title
	 
	 	 	 	 	 	 
	Date:

	 	 	 	Date:	 	 
	

	 	 
	 	 	 	 

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