Document:

Exhibit 10.23

 

ZORAN CORPORATION

 

AMENDMENT TO STOCK OPTION AGREEMENT

 

This Amendment to Stock Option Agreement (“Amendment”)
is made and entered into as of December 22, 2006 (“Effective
Date”) by and between Zoran Corporation, a Delaware corporation
(the “Company”), and Karl Schneider
(“Optionee”).

 

WHEREAS,  on August 9, 2002, Optionee
was granted an option to purchase 75,000 shares of the Company’s common stock (“Option”) under to the Company’s 1993
Stock Option Plan, as amended through April 21, 2002 (“1993 Plan”) pursuant to that certain
Incentive Stock Option Agreement for Continuing Employees between the Company
and Optionee, dated as of March 12, 2003 (“Agreement”).

 

WHEREAS, the parties desire to minimize any potential tax liabilities
related to the Option pursuant to Section 409A of the Internal Revenue
Code of 1986, as amended (“Code”), and
Internal Revenue Service Notice 2005-1.

 

WHEREAS, Optionee has delivered to the Company an election form in
which Optionee accepts the Offer described in the Company’s “Offer to Amend
Certain Options,” dated December 21, 2006.

 

WHEREAS, Optionee and the Company desire to amend the Option to
increase the exercise price of the Option.

 

NOW, THEREFORE, Optionee and the Company hereby agree as follows:

 

1.             Nonqualified Stock Option.  Optionee and the Company agree that the
Option is a nonqualified stock option, and is not eligible to be treated as an
incentive stock option within the meaning of Section 422 of the Code.

 

2.             Amendment of Section 2 of
the Agreement.  Section 2 of the
Agreement is amended and restated in its entirety to read as follows:

 

“2.  Option Price.  For those Shares that vest on or before December 31,
2004, or that were purchased pursuant to an option exercise under this
Agreement prior to December 21, 2006, the Option Price is $12.36 for each
Share.  For the remainder of the Shares,
the Option Price for each Share is $14.69, or such other price as may be
determined by the Board of Directors of the Company to be
the fair market value of the Company’s Common Stock on
the measurement date for such option.

 

3.             No Other Changes.  Except as expressly amended by this
Amendment, all of the terms of the Agreement shall remain in full force and
effect.

 

3.             Securities Law Compliance.  Optionee has received the Company’s Offer to
Amend Certain Options, dated December 21, 2006 and a copy of the
prospectus related to the 

 

 

1993 Plan, and has had an opportunity to ask
questions of the Company’s representatives about  this Amendment and the investment decision
contemplated hereby.

 

4.             Tax Consequences.  Optionee has had an opportunity to consult
with tax and/or other advisers as Optionee deems advisable in connection with
entering into this Amendment and Optionee is not relying on the Company for any
tax advice.

 

5.             Defined Terms.  All capitalized terms used and not otherwise
defined herein shall have the meanings assigned to such terms in the Agreement.

 

6.             Governing Law.  This Amendment shall be governed by the laws
of the State of California as such laws are applied to agreements between
California residents entered into and to be performed entirely with the State
of California.

 

The parties hereto have duly executed this Stock Option Amendment,
effective as of the date set forth above.

 

ZORAN CORPORATION

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
  OPTIONEE

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signature of Optionee

  	
   

  
	
   

  	
   

  
	
  Karl Schneider

  	
   

  
					

 

 

ZORAN CORPORATION

 

AMENDMENT TO STOCK OPTION AGREEMENT

 

                This
Amendment to Stock Option Agreement (“Amendment”)
is made and entered into as of December 22, 2006 (“Effective
Date”) by and between Zoran Corporation, a Delaware corporation
(the “Company”), and Karl Schneider
(“Optionee”).

 

                WHEREAS,  on September 19, 2001, Optionee was granted an option
to purchase 45,000 shares of the Company’s common stock (“Option”)
under to the Company’s 1993 Stock Option Plan, as amended through April 21,
2002 (“1993 Plan”) pursuant to that
certain Incentive Stock Option Agreement for Continuing Employees between the
Company and Optionee, dated as of September 19, 2001 (“Agreement”).

 

WHEREAS, the parties desire to minimize any potential tax liabilities
related to the Option pursuant to Section 409A of the Internal Revenue
Code of 1986, as amended (“Code”), and
Internal Revenue Service Notice 2005-1.

 

WHEREAS, Optionee has delivered to the Company an election form in
which Optionee accepts the Offer described in the Company’s “Offer to Amend
Certain Options,” dated December 21, 2006.

 

WHEREAS, Optionee and the Company desire to amend the Option to
increase the exercise price of the Option.

 

                NOW,
THEREFORE, Optionee and the Company hereby agree as follows:

 

1.             Nonqualified Stock Option.  Optionee and the Company agree that the
Option is a nonqualified stock option, and is not eligible to be treated as an
incentive stock option within the meaning of Section 422 of the Code.

 

2.             Amendment of Section 2 of
the Agreement.  Section 2 of the
Agreement is amended and restated in its entirety to read as follows:

 

“2.  Option Price.  For those Shares that vest on or before December 31,
2004, or that were purchased pursuant to an option exercise under this
Agreement prior to December 21, 2006, the Option Price is $11.52 for each
Share.  For the remainder of the Shares,
the Option Price for each Share is $15.47, or such other price as may be
determined by the Board of Directors of the Company to be
the fair market value of the Company’s Common Stock on
the measurement date for such option.

 

3.             No Other Changes.  Except as expressly amended by this
Amendment, all of the terms of the Agreement shall remain in full force and
effect.

 

3.             Securities Law Compliance.  Optionee has received the Company’s Offer to
Amend Certain Options, dated December 21, 2006 and a copy of the
prospectus related to the 

 

 

1993 Plan, and
has had an opportunity to ask questions of the Company’s representatives about
this Amendment and the investment decision contemplated hereby.

 

4.             Tax Consequences.  Optionee has had an opportunity to consult
with tax and/or other advisers as Optionee deems advisable in connection with
entering into this Amendment and Optionee is not relying on the Company for any
tax advice.

 

5.             Defined Terms.  All capitalized terms used and not otherwise
defined herein shall have the meanings assigned to such terms in the Agreement.

 

6.             Governing Law.  This Amendment shall be governed by the laws
of the State of California as such laws are applied to agreements between
California residents entered into and to be performed entirely with the State
of California.

 

The parties hereto have duly executed this Stock Option Amendment,
effective as of the date set forth above.

 

ZORAN CORPORATION

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  OPTIONEE

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signature
  of Optionee

  	
   

  
	
   

  	
   

  
	
  Karl SchneiderExhibit 10.24

 

ZORAN CORPORATION

 

AMENDMENT TO STOCK OPTION AGREEMENT

 

This Amendment to Stock Option Agreement (“Amendment”)
is made and entered into as of December 22, 2006 (“Effective
Date”) by and between Zoran Corporation, a Delaware corporation
(the “Company”), and Levy Gerzberg
(“Optionee”).

 

WHEREAS,  on August 9, 2002, Optionee
was granted an option to purchase 427,500 shares of the Company’s common stock
(“Option”) under to the Company’s 1993
Stock Option Plan, as amended through April 21, 2002 (“1993 Plan”) pursuant to that certain
Incentive Stock Option Agreement for Continuing Employees between the Company
and Optionee,  (“Agreement”).

 

WHEREAS, the parties desire to minimize any potential tax liabilities
related to the Option pursuant to Section 409A of the Internal Revenue
Code of 1986, as amended (“Code”), and
Internal Revenue Service Notice 2005-1.

 

WHEREAS, Optionee has delivered to the Company an election form in
which Optionee accepts the Offer described in the Company’s “Offer to Amend Certain
Options,” dated December 21, 2006.

 

WHEREAS, Optionee and the Company desire to amend the Option to
increase the exercise price of the Option.

 

NOW, THEREFORE, Optionee and the Company hereby agree as follows:

 

1.             Nonqualified Stock Option.  Optionee and the Company agree that the
Option is a nonqualified stock option, and is not eligible to be treated as an
incentive stock option within the meaning of Section 422 of the Code.

 

2.             Amendment of Section 2 of
the Agreement.  Section 2 of the
Agreement is amended and restated in its entirety to read as follows:

 

“2.  Option Price.  For those Shares that vest on or before December 31,
2004, or that were purchased pursuant to an option exercise under this
Agreement prior to December 21, 2006, the Option Price is $12.36 for each
Share.  For the remainder of the Shares,
the Option Price for each Share is $14.69, or such other price as may be
determined by the Board of Directors of the Company to be
the fair market value of the Company’s Common Stock on
the measurement date for such option.

 

3.             No Other Changes.  Except as expressly amended by this
Amendment, all of the terms of the Agreement shall remain in full force and
effect.

 

3.             Securities Law Compliance.  Optionee has received the Company’s Offer to
Amend Certain Options, dated December 21, 2006 and a copy of the
prospectus related to the

 

 

1993 Plan, and has had an opportunity to ask
questions of the Company’s representatives about this Amendment and the
investment decision contemplated hereby.

 

4.             Tax Consequences.  Optionee has had an opportunity to consult
with tax and/or other advisers as Optionee deems advisable in connection with
entering into this Amendment and Optionee is not relying on the Company for any
tax advice.

 

5.             Defined Terms.  All capitalized terms used and not otherwise
defined herein shall have the meanings assigned to such terms in the Agreement.

 

6.             Governing Law.  This Amendment shall be governed by the laws
of the State of California as such laws are applied to agreements between California
residents entered into and to be performed entirely with the State of
California.

 

The parties hereto have duly executed this Stock Option Amendment,
effective as of the date set forth above.

 

ZORAN CORPORATION

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  OPTIONEE

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signature of Optionee

  	
   

  
	
   

  	
   

  
	
  Levy Gerzberg

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]