Document:

exv10w32

 

EXHIBIT 10.32

AGREEMENT

          THIS AGREEMENT (this “Agreement”) is entered into as of the last date set forth on the
signature page, and is made effective as of July 28, 2006 (the “Effective Date”), by and between
MINDSPEED TECHNOLOGIES, INC., a Delaware corporation, located at 4000 MacArthur Boulevard, East
Tower, Newport Beach, CA 92660 (“COMPANY”) and Dave Carroll (“Employee”).

AGREEMENT

Employee is and has been employed by COMPANY. In consideration of the covenants contained herein
and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, both parties agree as follows:

	 	1.	 	Unpaid Leave of Absence. Effective July 28, 2006, Employee resigns his
position as an officer of COMPANY. Employee’s prior Change of Control Agreement becomes
null and void, and no longer in effect as of that date. Employee will be placed on an
unpaid leave of absence for a period beginning July 29, 2006 through the close of business
on January 31, 2007, during which time Employee will provide up to ten hours of service per
week to support Worldwide Sales leadership transition activity including customer and
partner introductions, account strategy reviews, and reviews of human resource and
organizational history and ongoing initiatives. During the unpaid leave of absence,
Employee will not accrue vacation, nor will Employee be eligible for participation in any
of COMPANY’s health and welfare plans. Employee acknowledges that he is not owed any
further payment as a result of his employment by COMPANY other than what is provided in
this Agreement.
	 
	 	2.	 	No Solicit – No Hire Promise. At the close of business on the Effective Date,
COMPANY will place Employee on unpaid leave of absence through the close of business on
January 31, 2007. In exchange for this consideration, Employee agrees, for a period of one
year beginning July 31, 2006, that he will not, either directly or through others, solicit,
raid or attempt to solicit any employee of COMPANY to terminate his or her relationship
with the COMPANY in order to become an employee to or for any other person or entity. In
addition, Employee promises not to hire any person who, as of the Effective Date, is a
member of COMPANY’s Worldwide Sales organization. Employee further agrees that if the no
solicit – no hire promise is breached, Employee will compensate COMPANY for such breach by
paying to COMPANY a sum equal to the gross proceeds derived by Employee on COMPANY and
affiliated company (Conexant, Skyworks) equity transactions, either exercise of stock
options and/or a restricted stock vesting event, which were transacted after the Effective
Date.
	 
	 	3.	 	Termination. Upon the termination of Employee’s employment from COMPANY
effective the close of business on January 31, 2007 (the “Termination Date), all stock
options and restricted shares for COMPANY stock that have been granted to Employee under
any of COMPANY’S stock option plans and which are not vested as of the Termination Date
shall immediately expire and shall not be exercisable under any circumstances. Any such
options, including those of affiliated companies (Conexant, Skyworks), that are vested as
of the Termination Date shall be exercisable for a period of three months and shall expire
at the end of such period if they are not exercised within that period.
	 
	 	4.	 	Confidential Information. Employee agrees not to use or disclose any
confidential or proprietary information belonging to COMPANY unless the information
becomes publicly or generally known. Employee agrees that anything possessed by him that
discloses or embodies such information will be delivered to COMPANY prior to his leaving
its employ. Employee agrees not to disclose information concerning the work-in-progress
at COMPANY to anyone not authorized to receive it. Employee and COMPANY agree that
confidential or proprietary information includes but is not limited to customer lists,
employee lists, internal COMPANY telephone, electronic, and other employee contact
information, COMPANY’s methods of doing business including business plans and strategies,
pricing plans and strategies; COMPANY’s products and services including inventions and
ideas, technical data, designs,

 

 

	 	 	 	know-how and negative know-how, software programs, projects, contemplated projects,
research and any other information that is not generally known to competitors or to the
general public.
	 
	 	5.	 	Breach or Misrepresentation. In the event of any breach by Employee of any
provision of this Agreement, COMPANY shall be entitled to seek a decree of specific
performance against Employee. Such remedy, however, shall be cumulative and non-exclusive
and shall be in addition to any other remedy to which COMPANY may be entitled.
	 
	 	6.	 	Standards of Business Conduct. By signing this agreement you are being given
the opportunity to disclose your knowledge of any activity that may be in violation of
Company’s policies regarding standards of business conduct. Any such disclosure can be
submitted to Mindspeed Human Resources, Mail Stop E09-905, 4000 MacArthur Blvd, Newport
Beach, CA 92660 no later than the Friday following your signing of this agreement.
	 
	 	7.	 	General Release. Employee hereby voluntarily, knowingly and willingly waives,
acquits, releases and forever discharges Company and each of its former, current and future
employees, officers, directors, agents, shareholders, joint venturers, representatives,
attorneys, insurers, related entities, assigns, successors, predecessors, affiliates,
owners, and all persons acting by, through, under or in concert with any of them
(hereinafter collectively “Releasees”), from any and all claims, charges, complaints,
claims, liabilities, obligations, promises, agreements, controversies, damages, actions,
causes of action, suits, rights, demands, costs, losses, debts and expenses (including back
wages, and attorneys’ fees and costs actually incurred) of any nature whatsoever, whether
known or unknown, foreseen or unforeseen, liquidated or unliquidated, in law or in equity,
suspected or unsuspected, which Employee may have had or claim to have had, now have or
claim to now have, or hereafter may have or may claim to have, against the Releasees
(collectively “Claims”), including, but not limited to, rights arising out of alleged
violations of any contract, express or implied (including but not limited to, any contract
of employment, partnership, independent contractor, fiduciary, special or confidential
relationship); any covenant of good faith and fair dealing (express or implied); any tort,
including fraud and deceit, negligent misrepresentation, promise without intent to perform,
conversion, breach of fiduciary duty, defamation, libel, slander, invasion of privacy,
negligence, intentional or negligent infliction of emotional distress, malicious
prosecution, abuse of process, intentional or negligent interference with prospective
economic advantage, and conspiracy; any “wrongful discharge” and “constructive discharge”
claims; any claims relating to any breach of public policy; any violations or breaches of
corporate by-laws; any employment related discrimination or harassment claims under the
Americans with Disabilities Act, the Age Discrimination in Employment Act (“ADEA”), Title
VII of the Civil Rights Act, the Family Medical Leave Act, the California Fair Employment
and Housing Act, the California Family Rights Act, the Fair Labor Standards Act, the
Employment Retirement Income Security Act, the California Constitution, the California
Labor Code or under common law, which against any or all of them Employee ever had, now has
or hereinafter may have, up to and including the date of Employee’s execution of this
Agreement, including, without limitation, those arising out of or in any way related to
Employee’s employment at COMPANY or the termination of that employment. This also includes,
but is not limited to, a release of any rights or Claims Employee may have under any other
federal, state or local laws or regulations prohibiting employment discrimination.
Furthermore, this includes a release by Employee of any Claims under any state Workers’
Compensation laws.
	 
	 	8.	 	Section 1542. In furtherance of this intention, Employee hereby expressly
waives any and all rights and benefits granted to him under Section 1542 of the California
Civil Code (or any similar rights granted under other federal, state, or local law,
regulation, statute or judicial doctrine of the United States) which reads as follows:

“A general release does not extend to claims which the creditor does not
know or suspect to exist in his favor at the time of executing the release,
which if known by him must have materially affected his settlement with the
debtor.”

 

 

	 	9.	 	Unknown or Future Claims. Notwithstanding the provisions of California Civil
Code Section 1542, and for the purpose of implementing a full and complete release and
discharge of Releasees, Employee expressly acknowledges that it is a condition hereof, and
it is Employee’s intention in the execution of the General Release in paragraph 7, above,
that the same shall be effective as a bar to each and every Claim hereinabove specified,
and each and every Claim that he does not know or suspect to exist in his favor at the
time of his signature on the Agreement, and that this Agreement will extinguish any such
Claims.
	 
	 	10.	 	Miscellaneous:

	 	a.	 	Employee represents and warrants that he has not heretofore assigned or
transferred, or purported to assign or transfer, to any person, firm, corporation
or entity any Claim or other matter herein released. Employee agrees to indemnify
Company and anyone else herein released and hold them harmless against any claims,
costs or expenses, including, without limitation, attorneys’ fees actually paid or
incurred, arising out of, related to or in any manner whatsoever connected with any
such transfer of assignment or purported transfer or assignment.
	 
	 	b.	 	In the event that any party pursues litigation to remedy any breach of
this Agreement by any other party, the prevailing party shall be entitled to
recover from the losing party the reasonable costs and attorneys’ and experts’ fees
the prevailing party incurs with such litigation, in addition to any other legal
and/or equitable relief to which the prevailing party may be entitled.
	 
	 	c.	 	Employee acknowledges that (i) he has been advised to consult with an
attorney regarding any potential claims as well as the terms and conditions of this
Agreement prior to signing this Agreement, and (ii) he fully understands the terms
of this Agreement including, without limitation, the significance and consequences
of the General Release specified in Section 10 above, and (iii) he is executing
this Agreement in exchange for consideration in addition to anything of value to
which he is already entitled, and (iv) he is fully satisfied with the terms of this
Agreement. Employee also acknowledges, understands and agrees that this Agreement
is voluntarily entered into by him in consideration of the undertakings by COMPANY
as set forth herein, is the entire agreement between him and COMPANY relating to
his employment and layoff, and is consistent in all respects with the discussions
by COMPANY personnel with him relating thereto. With the exception of any prior
executed non-disclosure of confidential/trade secret information, conflict of
interest, non-solicitation and invention agreements between Employee and COMPANY,
this Agreement supersedes any and all agreements entered into by and between
Employee and COMPANY and/or its affiliates where such other agreement may conflict
with this Agreement. It is entered into without reliance on any promise or
representation, written or oral, other than those expressly contained herein. It
may not be modified except in a writing signed by Employee and a duly authorized
representative of COMPANY
	 
	 	d.	 	Should any provision or term, or part of a provision or term, of this
Agreement be declared or determined by any court to be illegal or invalid, the
validity of the remaining parts, provision or terms shall not be affected thereby
and said illegal or invalid part, provision or term shall not be deemed to be a
part of this Agreement.
	 
	 	e.	 	This Agreement shall be governed by, subject to, and construed in
accordance with the laws of the State of California, United States, without regard
to the choice or conflict of law provisions thereof. Each party consents to the
exclusive jurisdiction and venue of the state and federal courts sitting in Orange
County, California.
	 
	 	f.	 	COMPANY and Employee acknowledge and agree that pursuant to the Older
Workers’ Benefit Protection Act, (i) Employee will have twenty-one (21) days from
the receipt of this Agreement in which to consider its terms (including, without
limitation, Employee’s release and waiver of any and all claims under the Age
Discrimination in Employment Act) before executing it, (ii) changes to the terms of
this Agreement, whether material or immaterial, will not restart this twenty-one
(21) day period, (iii) Employee will have seven (7) days after his execution of
this Agreement in which to revoke his acceptance of this Agreement, in which event
a written notice of such

 

 

	 	 	 	revocation must be received by the COMPANY, on or before the seventh
(7th) day, and (iv) this Agreement will not become effective and
enforceable until the seven (7) day revocation period has expired without revocation
of the Agreement by Employee.
	 
	 	g.	 	Nothing contained in this Agreement nor the fact that the parties sign
this Agreement shall be considered as an admission of any type by either party.

          IN WITNESS HEREOF, the Agreement is entered on August 27, 2006, in Newport Beach, CA.

	 	 	 	 	 
	MINDSPEED TECHNOLOGIES, INC.	 	                    [EMPLOYEE]
	 
	 	 	 	 
	(“Company”)	 	 
	 
	 	 	 	 
	By:

	 	Bradley W. Yates
 

	 	                     Dave
Carroll

Title: Senior Vice President and Chief Administrative Officer<PAGE>
                                                                               .
                                                                               .
                                                                               .

<Table>
<S>                               <C>                                                                             <C>

                                                                                                                      EXHIBIT 4.1

      ORDINARY SHARES                                                                                              ORDINARY SHARES
         [      ]                                                                                                      [      ]

                                                                                                                     CUSIP

                                                              ENSTAR GROUP LIMITED
                                              INCORPORATED IN BERMUDA UNDER THE COMPANIES ACT, 1981

THIS IS TO CERTIFY THAT

is the registered holder of

                                      FULLY-PAID ORDINARY SHARES OF PAR VALUE US$1.00 EACH OF

                                                         ENSTAR GROUP LIMITED

transferable on the books of the Company by the holder hereof in person or by duly authorized attorney upon surrender of this
certificate properly endorsed. This certificate and the shares represented hereby are issued and shall be held subject to all
of the provisions of the Memorandum of Association and Bye-Laws of the Company and all amendments thereto and shall be
transferable in accordance therewith. This certificate is not valid unless countersigned and registered by the Transfer Agent
and Registrar.

        WITNESS the facsimile seal of the Company and the facsimile signature of its duly authorized officers.

                                                        CERTIFICATE OF SHARES

        Dated:

COUNTERSIGNED AND REGISTERED                                  [ENSTAR GROUP LIMITED
    AMERICAN STOCK TRANSFER & TRUST COMPANY                          BERMUDA                          /s/ Paul J. O'Shea
                                                                      2001                            -------------------------
                                                                      SEAL]                                            DIRECTOR

             TRANSFER AGENT                                                                           /S/ Dominic F. Silvester
              AND REGISTRAR,                                                                          -------------------------
BY
          AUTHORIZED SIGNATORY                                                                                         DIRECTOR
</Table>
<PAGE>
EACH ORDINARY SHARE HAS ONE VOTE, EXCEPT THAT THE VOTING RIGHTS EXERCISABLE BY
ORDINARY SHAREHOLDERS, DIRECTLY OR INDIRECTLY OR THROUGH ATTRIBUTION, MAY BE
LIMITED TO NOT MORE THAN 9.5% OF THE VOTING POWER CONFERRED BY OUR ORDINARY
SHARES, PURSUANT TO A FORMULA CONTAINED IN THE COMPANY'S BYE-LAWS. THE BOARD OF
DIRECTORS OF THE COMPANY, BY VIRTUE OF POWERS CONFERRED BY THE BYE-LAWS, ALSO
HAS THE DISCRETION TO MAKE SUCH ADJUSTMENTS TO THE AGGREGATE NUMBER OF VOTES
ATTACHING TO THE ORDINARY SHARES OF ANY SHAREHOLDER THAT IT CONSIDERS FAIR AND
REASONABLE IN ALL CIRCUMSTANCES TO ENSURE THAT NO PERSON WILL HOLD MORE THAN
9.5% OF THE COMPANY'S VOTING RIGHTS AT ANY TIME.

        The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<Table>
<S>                                             <C>
TEN COM -- as tenants in common                 UNIF GIFT MIN ACT -- _____________ Custodian ___________
                                                                        (Cust)                  (Minor)
TEN ENT -- as tenants by the entireties

JT TEN  -- as joint tenants with right of                            under Uniform Gifts to Minors
           survivorship and not as tenants                           Act __________________
           in common                                                           (State)
</Table>

    Additional abbreviations may also be used though not in the above list.

For Value Received, __________________ hereby sell, assign and transfer unto

     PLEASE INSERT SOCIAL SECURITY OR OTHER
        IDENTIFYING NUMBER OF ASSIGNEE

_______________________________________________________________________________
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

_______________________________________________________________________________

_______________________________________________________________________________

________________________________________________________________________ Shares
represented by the within Certificate, and do hereby irrevocably constitute and
appoint

______________________________________________________________________ Attorney
to transfer the said shares on the books of the within named Company with full
power of substitution in the premises.

Dated: ________________________

                                ________________________________________________
                                        THE SIGNATURE TO THIS ASSIGNMENT MUST
                                        CORRESPOND WITH THE NAME AS WRITTEN
                                        UPON THE FACE OF THE CERTIFICATE IN
                                        EVERY PARTICULAR, WITHOUT ALTERATION OR
                                NOTICE: ENLARGEMENT OR ANY CHANGE WHATEVER.

Signature(s) Guaranteed:

____________________________________________________
THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS
AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.

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