Document:

Employment Agreement

 Exhibit 10.48 
  
 EMPLOYMENT AGREEMENT 
  
 This Employment Agreement (“Agreement”) is made as of March 9, 2005 (the “Effective Date”) by and between Thomas L. Tullie
(“Executive”) and Applied Micro Circuits Corporation (“Employer”). 
  
 RECITALS 
  

	 	1.	Executive has been employed by Employer since 1996 and is currently its Chief Operating Officer. 

  

	 	2.	While so employed, Employer granted Executive stock options pursuant to Employer’s stock option plan and applicable agreements. All options previously granted Executive are
hereby collectively referred to as the “Stock Options”. 

  

	 	3.	Employer intends to continue to employ Executive, and Executive intends to continue employment with Employer, as set forth herein. 

  
 EMPLOYMENT DUTIES 
  

	 	1.	TERM Employer will employ Executive for a period of twelve months after the Effective Date (the “Term”). After the Term, Executive’s employment shall continue
on at “at will” basis, meaning that either party may terminate Executive’s employment at any time and for any or no reason. 

  

	 	2.	TITLE Executive shall initially have the title of Chief Operating Officer. 

  

	 	3.	DUTIES. Executive will work exclusively for Employer and shall initially report to Employer’s Chief Executive Officer. Executive shall perform faithfully and to the best
of his ability the duties assigned by Employer. Employer may change Executive’s, title, duties, reporting relationship and authority at Employer’s sole discretion. 

  

	 	4.	FULL TIME EMPLOYMENT. Executive’s employment will be on a full-time basis, in accordance with Employer’s standard employment policies as may be amended from time to
time. Executive will not engage in other business or render any services, directly or indirectly, to any other person or organization, whether for compensation or otherwise, provided that Executive may (i) provide incidental assistance to family
members on matters of family business; and (ii) sit on the boards of organizations in accordance with Employer’s policies and practices. 

  

	 	5.	LOYALTY AND NON-COMPETITION For so long as Executive is employed by Employer, Executive will not engage in any employment, business, or activity that is competitive with the
business or proposed business of Employer or its affiliates and will not assist any other person or organization in competing with Employer or its affiliates or 

 in preparing to engage in competition with the business or proposed business of Employer or its
affiliates. The provisions of this paragraph shall apply both during normal working hours and at all other times, including without limitation nights, weekends and vacation time, while the Executive is employed by the Employer. Commencing on the
Effective Date and ending two years thereafter, Executive shall not solicit or encourage any employee of AMCC or its affiliates to consider going to work or work for any other person or entity. 
  

	 	6.	COMPENSATION Executive shall receive a base salary of $300,000, (“Base Salary”) payable on Employer’s regular payroll dates, less applicable withholdings.

  

	 	7.	TIME TO EXERCISE VESTED STOCK OPTIONS Executive may exercise his vested non-qualified Stock Options during a period of twenty-four months from the date of termination
of his employment (but in any event no later than the expiration of each such option’s full term), in accordance with the applicable stock option plans and agreements. Nothing herein extends Executive’s time to exercise his ISO stock
options, which exercise terms remain governed by the applicable plan and agreements, but the provisions set forth herein are in lieu of the provisions set forth in the applicable plans and/or agreements regarding the time period after termination of
his employment during which Executive may exercise his non-qualified stock options. Employer makes no representations regarding tax treatment of the Stock Options and Executive acknowledges that Employer has advised Executive to seek independent
professional advice regarding the Stock Options. 

  

	 	8.	BENEFITS Executive will be entitled to insurance, vacation and other benefits commensurate with Executive’s position in accordance with Employer’s standard
employment policies, as may be amended from time to time.  

  

	 	9.	BONUS. Executive shall be entitled to participate in Employer’s executive bonus plan as approved, and per the guidelines established, by Employer’s compensation
committee, less applicable withholdings (“Performance Bonus”). In addition, provided that Executive remains continuously employed during the Term in accordance with the terms and conditions of this Agreement, Executive shall be entitled to
a bonus of $300,000, less applicable withholdings (the “Stay Put Bonus”). The Stay Put Bonus shall be paid to Executive within 15 days of the conclusion of the Term. 

  

	 	10.	ADDITIONAL VESTING CREDIT. If Executive remains continuously employed by Employer during the Term in accordance with the terms and conditions of this Agreement, at the
conclusion of the Term, Executive shall receive credit for an additional twelve (12) months of service for purposes of vesting with respect to the Stock Options, provided that Executive shall not receive the additional vesting credit set forth
herein if the vesting of Executive’s Stock Options is accelerated for any reason during the Term. 

	 	11.	TERMINATION  

  

	 	a.	Termination by Employer during the Term. If Employer terminates Executive without Cause (as defined below) during the Term, Executive will receive severance benefits
consisting of the following: 

  

	 	  i.	A monetary payment equal to the Stay Put Bonus; 

  

	 	 ii.	Credit for an additional twelve (12) months of service for purposes of vesting with respect to the Stock Options. For the avoidance of doubt, the credit set forth herein is in lieu
of the credit set forth in Section 10, above, and Executive shall not receive the additional vesting credit set forth herein if the vesting of Executive’s Stock Options is accelerated for any reason during the Term. 

  

	 	iii.	Continuation of all medical benefits provided to Executive prior to termination, at the same level at which he had been obtaining such benefits, for a period of three (3) months
after termination. At the conclusion of this 3 month period of benefits extension, Executive may enroll and participate in Employer’s Retiree Medical and Dental Plan, in accordance with its then-current terms and conditions at its own expense.
Executive understands and agrees that the Employer’s Retiree Medical and Dental Plan’s current terms do not permit continued participation if a enrolled executive becomes employed by another employer. 

  

	 	b.	Termination by Employer for Cause during the Term; by Executive during the Term; or by either party after the Term If Employer terminates Executive for Cause during the Term
or for any reason thereafter, or if Executive terminates his employment at any time (whether during the Term or thereafter, and regardless of the reason for such termination), the Company shall pay Executive his earned salary and unused vacation
benefits at the rate in effect at the time of termination, and the Employer shall thereafter have no further monetary obligations to the Executive. For the avoidance of doubt, termination by either party after the Term does not limit or modify the
Company’s obligations to pay the Stay Put Bonus and to credit Executive for additional vesting pursuant to Section 10. 

  

	 	c.	“Cause” as defined herein means termination for the following reasons: (i) theft, dishonesty or falsification of records of Employer or its affiliates; (ii)
improper disclosure of Employer or its affiliates’ confidential information which causes material injury to Employer; (iii) Executive’s failure or inability to perform any reasonable assigned duties after written notice from Employer of,
and a reasonable opportunity to cure, such failure or inability; or (iv) Executive’s conviction of any criminal act which impairs his ability to perform his duties as an Executive of Employer; and (v) Executive’s knowing violation of
Employer’s rules and policies of employment which causes material injury to Employer.;. 

  

	 	d.	Conditions of Receiving Severance Benefits The benefits set forth above will be paid or accrued to Executive if Executive meets the following conditions: (a) Executive
complies with all surviving provisions of confidentiality agreements signed by Executive and (b) Executive executes a full general release, in form acceptable to Employer, releasing all claims, known or unknown, that Executive may have against
Employer and its affiliates. 

	 	e.	Exclusive Severance Benefits Executive acknowledges that the benefits provided hereunder are in lieu of any other benefits to which Executive may be eligible under any other
agreements or Employer’s or its affiliates severance plans or practices. 

  

	 	11.	ARBITRATION Unless otherwise required by applicable law, any dispute arising out of or relating to the employment relationship, termination thereof, or this Agreement shall
be resolved by binding arbitration before an arbitrator experienced in employment law. Said arbitration will be conducted in accordance with the rules applicable to employment disputes of Judicial Arbitration and Mediation Services, and the law of
California. Employer shall pay any filing fee and the fees and costs of the arbitrator, unless Executive initiates the claim, in which case Executive will contribute an amount equal to the filing fee for a claim initiated in a court of general
jurisdiction in California. Arbitration as provided in this Section shall be the exclusive and binding remedy for any such dispute and will be used instead of any court action, which is hereby expressly waived, except for any request by either of us
for temporary or preliminary injunctive relief pending arbitration in accordance with applicable law. 

  

	 	12.	INTERPRETATION AND EXCLUSIVE FORUM The validity, interpretation, construction, and performance of this Agreement shall be governed by the laws of the State of California
(excluding any that mandate the use of another jurisdiction’s laws). 

  

	 	13.	ASSIGNMENT This Agreement may not be assigned by Executive. This Agreement may be assigned by Employer to its affiliates or as part of the sale of all or substantially all of
its assets or business, after which any reference to “Employer” in this Agreement shall be deemed to be a reference to the affiliate or successor. 

  

	 	14.	VALIDITY. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect. 

  

	 	15.	COUNTERPARTS. This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which together shall constitute the same instrument.

  

	 	16.	ENTIRE AGREEMENT. All oral or written agreements or representations, express or implied, with respect to the subject matter of this Agreement are set forth in this Agreement,
except for the terms of any invention and confidentiality agreements previously executed by Executive and any and all additional rights which Executive has concerning the eligibility for option grants or vesting of Employer stock options, which
terms shall survive the execution of this Agreement and remain in full force and effect in accordance with their terms (“Invention and Confidentiality Agreements”), and for any indemnification obligations owed by Employer to Executive as
an officer, director, 

 employee or agent of Employer under Employer’s Certificate of Incorporation, bylaws or under
applicable law (“Indemnification Obligations”). Except for the terms of these Invention and Confidentiality Agreements and Indemnification Obligations and any and all additional rights which Executive has concerning the eligibility for
option grants and vesting of Employer stock options, which remain in full force and effect, this Agreement supercedes all prior or contemporaneous agreements and understandings, oral or written, between Employer and Executive, which agreements and
understandings will be no longer in force and effect after the Effective Date and Executive shall have no rights thereunder. 
  
 I ACKNOWLEDGE THAT ALL UNDERSTANDINGS AND AGREEMENTS BETWEEN EMPLOYER AND ME RELATING TO THE SUBJECTS COVERED IN THIS AGREEMENT ARE CONTAINED IN IT AND THAT I HAVE
ENTERED INTO THIS AGREEMENT VOLUNTARILY AND NOT IN RELIANCE ON ANY PROMISES OR REPRESENTATIONS BY THE EMPLOYER OTHER THAN THOSE CONTAINED IN THIS AGREEMENT ITSELF. 
  
 I FURTHER ACKNOWLEDGE THAT I HAVE CAREFULLY READ THIS AGREEMENT, THAT I UNDERSTAND ALL OF IT, AND THAT I HAVE BEEN GIVEN THE OPPORTUNITY TO
DISCUSS THIS AGREEMENT WITH MY PRIVATE LEGAL COUNSEL AND HAVE AVAILED MYSELF OF THAT OPPORTUNITY TO THE EXTENT I WISHED TO DO SO. I UNDERSTAND THAT BY SIGNING THIS AGREEMENT I AM GIVING UP MY RIGHT TO A JURY TRIAL. 
  

					
	Date: March 9, 2005	 	 /s/ Thomas L. Tullie

	 	 	Thomas L. Tullie
		
	 	 	Applied Micro Circuits Corporation:
			
	Date: March 9, 2005	 	By:	 	 /s/ David M. Rickey

	 	 	Its:	 	 Chairman of the Board, President and
 Chief Executive
OfficerEmployment Transition and Retirement Agreement

 Exhibit 10.49 
  
 EMPLOYMENT TRANSITION AND RETIREMENT AGREEMENT 
  
 THIS EMPLOYMENT TRANSITION AND RETIREMENT
AGREEMENT (“Agreement”) is entered into by and between DAVID M. RICKEY (“Mr. Rickey”) and
APPLIED MICRO CIRCUITS CORPORATION (“AMCC” or the “Company”) effective as of the Effective
Date specified in Section 4.2 hereof. 
  
 RECITALS 
  
 A. AMCC is a
Delaware corporation doing business in the State of California, where Mr. Rickey is employed. 
  
 B. Mr. Rickey has been continuously employed by AMCC since 1996 and is currently its Chairman of the Board, President and Chief Executive Officer. Mr. Rickey is also a Director of the Company. 
  
 C. Mr. Rickey desires to transition his employment by August 25, 2005
and to retire from the Company on that date and the parties desire to set forth the terms for such transition and the terms upon which Mr. Rickey will retire. 
  

AGREEMENT 
  
 1. Employment Transition and Retirement. 
  
 1.1 Mr. Rickey will be retiring his employment with AMCC on August 25, 2005 (the “Termination Date”). Effective March 20,
2005, (the “Transition Date”) Mr. Rickey hereby resigns as Chairman of the Board, President and Chief Executive Officer, and from all other offices in which he serves at the Company or any of its subsidiaries as of the
Transition Date. Mr. Rickey hereby resigns as a Director of the Company effective as of the Transition Date. 
  
 1.2 Mr. Rickey will continue to perform services for AMCC from the Transition Date through the Termination Date (the “Transition
Period”). During the Transition Period, Mr. Rickey’s primary duties will be to assist AMCC with the transition to a new Chief Executive Officer. During the Transition Period, Mr. Rickey shall report to the Chief Executive Officer
and will perform duties reasonably requested by the Chief Executive Officer. AMCC and the Chief Executive Officer shall retain and exercise control over the manner and means by which Mr. Rickey performs his duties. This includes instructions
regarding the duties to be performed, when they are to be performed, where they are to be performed and how the work is to be performed. All materials and support staff needed to assist Mr. Rickey in the performance of these duties shall be provided
by AMCC at no expense to Mr. Rickey. During the Transition Period, Mr. Rickey will not have an office on Company premises. During the Transition Period, the Company will maintain Mr. Rickey’s email address at the Company and the high-speed
interconnections that Mr. Rickey has as of the Transition Date. Reasonably before the end of the 
  

 1. 

 Transition Period, the Company and Mr. Rickey will jointly develop a reasonable transition plan to terminate Mr.
Rickey’s Company email address and high-speed interconnections immediately following the Transition Period and to redirect email traffic addressed to Mr. Rickey. 
  
 1.3 AMCC will continue to pay Mr. Rickey’s salary at its current level and will provide him with the benefits he
is currently receiving, including but not limited to medical and dental benefits, through the Termination Date, at which time AMCC shall have no further obligations to Mr. Rickey except as set forth in this Agreement. 
  
 1.4 Mr. Rickey will accept no other employment until the Termination
Date. Nothing herein prevents Mr. Rickey from becoming or remaining a director of boards of other companies, consistent with AMCC policy. 
  
 1.5 In exchange for the parties’ promises and covenants in this Agreement, the Employment Agreement dated December 10, 2002 between Mr. Rickey
and the Company the “Prior Agreement”) is hereby terminated as of the Effective Date and will be of no further force or effect as of the Effective Date. 
  
 2. Benefits. 
  
 2.1 During the Transition Period, Mr. Rickey shall be entitled to continue to participate in any benefit plans that he was participating in as of
the Transition Date, including but not limited to the Company’s 401(k) plan, the Company’s Employee Stock Purchase Plan, the Company’s Deferred Compensation Plan, the Company-provided life insurance benefit, as such plans are in
effect during the Transition Period. Any and all rights that Mr. Rickey may have in any benefit plan shall be determined in accordance with the provisions of the applicable plan. 
  
 2.2 Mr. Rickey’s stock options, including but not limited to those granted pursuant to the Prior Agreement,
shall continue to vest pursuant to their terms until the Termination Date. Thereafter, Mr. Rickey may exercise then vested options only in accordance with the applicable stock option plans and agreements. 
  
 2.3 After the Termination Date until the earlier of (A) the date Mr.
Rickey receives a comparable medical insurance benefit from another employer or (B) Mr. Rickey’s 65th birthday, the Company shall allow Mr. Rickey to participate in the Company’s Post–Termination Medical Insurance Program (the
“Program”), and shall continue to allow him to participate in the Program so long as he remains eligible to do so per its terms, as may be amended and as then in effect. The Company will reimburse Mr. Rickey for the cost of
his participation in the Program only until the earlier of (A) the date Mr. Rickey is no longer eligible for the Program as set forth in this Section 2.3 or (B) the date that is 18 months after the Termination Date. 
  
 3. Release. 
  
 3.1 Mr. Rickey, for himself and for his heirs, assigns, executors,
successors and each of them, does hereby unconditionally, irrevocably and absolutely release and discharge AMCC, its owners, directors, officers, employees, agents, attorneys, stockholders, divisions, 
  

 2. 

 successors and assigns, and any related holding, parent or subsidiary corporations or predecessors in interest from any
and all loss, liability, claims, demands, causes of action or suits of any type, whether in law or in equity, related directly or indirectly, or in any way connected with any transaction, affairs or occurrences between them through the Effective
Date, including, but not limited to, Mr. Rickey’s employment with AMCC and the termination of said employment, including claims for wrongful termination, employment discrimination, violation of public policy, defamation, infliction of emotional
distress and any other such claims under state or federal law, and any claims relating to the Prior Agreement, including but not limited to any severance obligations thereunder, or any other agreements between Mr. Rickey and AMCC. This release
specifically applies to any claims for age discrimination in employment, including any claims arising under the Age Discrimination and Employment Act (“ADEA”), the State of California Fair Employment and Housing Act, or any
other statutes or laws which govern discrimination in employment. Notwithstanding any other provision herein, Mr. Rickey is not releasing any claims he may have against the Company for indemnification by the Company under his Indemnification
Agreements with the Company dated February 12, 1996 (the “Indemnification Agreements”) or as an officer, Director, employee or agent of the Company under the Company’s Certificate of Incorporation or Bylaws or under
applicable law, and neither Mr. Rickey or the Company release any rights they may have against any of the Company’s or Mr. Rickey’s insurers. 
  
 3.2 Mr. Rickey expressly waives all of the benefits and rights granted to him pursuant to California Civil Code section 1542, which reads as
follows: 
  
 A general release does not extend to claims which
the creditor does not know of or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor. 
  
 Mr. Rickey certifies that he has read all of this Agreement, including the
release provisions contained herein and the quoted Civil Code section, and that he fully understands all of the same. Mr. Rickey hereby expressly agrees that this Agreement shall extend and apply to all unknown, unsuspected and unanticipated
injuries and damages, as well as those that are now disclosed. 
  
 3.3 Mr. Rickey agrees that he will not prosecute or allow to be prosecuted on his behalf, in any administrative agency or in any court any claim or demand of any type related to the matters released above, it being the intention of
the parties that with the execution of this release, AMCC, its owners, directors, officers, employees, agents, attorneys, stockholders, insurers, divisions, predecessors, successors and assigns, and any related holding, parent or subsidiary
corporations will be absolutely, unconditionally and forever discharged of and from all obligations related in any way to the matters discharged herein. Upon the Company’s request, Mr. Rickey will execute a further release on the Termination
Date. 
  
 4. Release of Age Claims/Effective Date.

  
 4.1 Mr. Rickey acknowledges and agrees that AMCC
is hereby advising him, in writing, to discuss this Agreement with an attorney, and to the extent, if any, that Mr. Rickey 
  

 3. 

 has desired, Mr. Rickey has done so; that AMCC has given Mr. Rickey 21 days to review and consider this Agreement before
signing it, including the ADEA release therein, and Mr. Rickey understands that he may use as much of this 21-day period as he wishes prior to signing; and that no promise, representation, warranty or agreements not contained herein have been made
by or with anyone to cause him to sign this Agreement; that he has read this Agreement in its entirety, and fully understands and is aware of its meaning, intent, content and legal effect; and that he is executing the agreement, including all
releases herein, voluntarily and free of any duress or coercion. 
  
 4.2 For a period of seven days following execution of this Agreement, Mr. Rickey may revoke the Agreement, and the Agreement shall not become effective or enforceable until and unless the revocation period has expired and such right
has not been exercised. This Agreement shall become effective eight days after Mr. Rickey has signed it, provided that he has not revoked the Agreement (the “Effective Date”). 
  
 5. Expense Reimbursement. Mr. Rickey agrees that he will submit any
final documented expense reimbursement statements reflecting all business expenses incurred prior to and including the Termination Date, for which he seeks reimbursement no later than 10 days following the Termination Date. The Company shall
reimburse Mr. Rickey’s expenses pursuant to Company policy and regular business practice. 
  
 6. Company Property. No later than 10 days following the Effective Date, Mr. Rickey shall return to the Company all Company documents (and all copies thereof) and other Company property in his possession or his
control, including, but not limited to, Company files, business plans, notes, samples, sales notebooks, drawings, specifications, calculations, sequences, data, computer-recorded information, credit cards, entry cards, keys and any other materials
of any nature pertaining to Mr. Rickey’s work with the Company, and any documents or data of any description (or any reproduction of any documents or data) containing or pertaining to any proprietary or confidential material of the Company;
provided, however, that Mr. Rickey may keep tangible property, including but not limited to cellular phones and computers, that he received incidental to the performance of his duties and that is not, either individually or in the aggregate,
material in value. 
  
 7. No Solicitation. Commencing upon
the Effective Date and ending two years thereafter, Mr. Rickey shall not solicit or encourage any employee of AMCC or its affiliates to consider going to work or work for any other person or entity. This paragraph shall not prohibit Mr. Rickey from
responding to unsolicited requests for letters of reference from employees of AMCC or its affiliates. 
  
 8. Mutual Nondisparagement. Mr. Rickey agrees that he will not at any time disparage the Company or its Directors, employees, shareholders and
agents in any manner likely to be harmful to them or their business, business reputation or personal reputation; provided that he shall respond accurately and fully to any questions, inquiry or request for information when required by legal process.
AMCC agrees that neither the Company nor its Directors, employees, shareholders and agents will at any time disparage Mr. Rickey in any manner likely to be harmful to him or his business reputation or personal reputation; provided that the Company
and its Directors, employees, shareholders and agents shall respond accurately and fully to any questions, inquiry or request for information when required by legal process. 
  

 4. 

 9. Confidentiality. Mr. Rickey shall not use or disclose any proprietary or confidential
information relating to the Company which he acquired while employed by the Company. 
  
 10. Entire Agreement. 
  
 10.1 The Parties declare and represent that no promise, inducement or agreement not herein expressed has been made to them, that this Agreement contains the full and entire agreement between and among the Parties, and that the terms
of this Agreement are contractual and not a mere recital. 
  
 10.2 Nothing herein supercedes the terms of the Indemnification Agreements and any invention and secrecy agreements executed by Mr. Rickey, all of which shall remain in full force and effect per their terms. 
  
 11. Applicable Law. The validity, interpretation, and performance of
this Agreement shall be interpreted according to the laws of California, without regard to choice of law principles. 
  
 12. Dispute Resolution. Any dispute arising out of or related to this Agreement shall be resolved through binding arbitration through JAMS in San
Diego, California, under the then current applicable rules of JAMS. Each party shall be responsible for its or his own costs and attorneys’ fees in connection with the arbitration. 
  
 13. Severability. If any provision of this Agreement is held invalid, void or voidable as against public policy or
otherwise, the invalidity shall not affect other provisions which may be given effect without the invalid provision. To this extent, the provisions of this Agreement are declared to be severable. 
  
 14. No Admission of Liability. It is understood that this Agreement is
not an admission of any liability by any person, firm, association or corporation but is in compromise of a disputed claim. 
  
 15. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legal
representatives, successors and assigns. 
  

 5. 

 IN WITNESS WHEREOF, the undersigned
have executed this Agreement on the dates shown below. 
  

					
	Dated: 3/9/05	 	 /s/ David M. Rickey

	 	 	 David M. Rickey

		
	Dated: March 9, 2005	 	APPLIED MICRO CIRCUITS CORPORATION
			
	 	 	By:	 	 /s/ Roger A. Smullen, Sr.

	 	 	Name:	 	Roger A. Smullen, Sr.
	 	 	Title:	 	Vice Chairman

  

 6.

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