Document:

EX-4.1

 Exhibit 4.1 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGEABLE IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A
NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE,
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

 
 REGENCY CENTERS,
L.P. 
 3.900% NOTES DUE 2025 
  

					
	No. 1	 		  	$250,000,000
	CUSIP No. 75884RAU7	 		  	

 Regency Centers, L.P., a limited partnership duly organized and existing under the laws of Delaware (herein
called the “Issuer,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of Two Hundred Fifty
Million Dollars ($250,000,000) (such amount the “principal amount” of this Security), or such other principal amount as may be set forth in the records of the trustee hereinafter referred to in accordance with the Indenture, on
November 1, 2025 (the “Maturity Date”), and to pay interest thereon from August 17, 2015 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on May 1 and
November 1 in each year, commencing on November 1, 2015, at the rate of 3.900% per annum, until the principal hereof is paid or made available for payment; provided that any principal and premium, and any such installment of
interest, which is overdue shall bear interest at the rate of 2.000% per annum in excess of the then applicable rate (to the extent that 

 
the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand.
The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest, which shall be the April 15 or October 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Issuer maintained
for that purpose in Jacksonville, Florida or in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
provided, however, that at the option of the Issuer payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. Reference is hereby made to the
further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 –2– 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed. 

Dated: August 17, 2015 
  

			
	REGENCY CENTERS, L.P.
	
	 By: Regency Centers Corporation,

    its general partner

		
	By	 	  

	Name:	 	
	Title:	 	

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

							
		 		 	U.S. BANK NATIONAL ASSOCIATION,
		 		 	as Trustee
				
	Dated: August 17, 2015	 		 		 	
				
		 		 	By	 	  

		 		 		 	Authorized Officer

  
 –3– 

 [Reverse of Security] 

This Security is one of a duly authorized issue of securities of the Issuer (herein called the “Securities”), issued and to be
issued in one or more series under an Indenture, dated as of December 5, 2001, among the Issuer, Regency Centers Corporation, as Guarantor, and Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee, as
supplemented by the First Supplemental Indenture, dated as of June 5, 2007 (herein called the “First Supplemental Indenture”), the Second Supplemental Indenture, dated as of June 2, 2010 (herein called the “Second
Supplemental Indenture”) and the Third Supplemental Indenture, dated as of August 17, 2015 (herein called the “Third Supplemental Indenture” and such Indenture as originally executed and delivered and as supplemented from time to
time thereafter, together with the First Supplemental Indenture, the Second Supplemental Indenture and the Third Supplemental Indenture, herein called the “Indenture”), each among the Issuer, Regency Centers Corporation, as Guarantor, and
U.S. Bank National Association, as successor to Wachovia Bank, National Association, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture reference is hereby made for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof. 
 Securities of this series may be redeemed at any time at the option of the
Issuer, in whole or in part, upon notice of not more than 60 nor less than 30 days prior to the Redemption Date, at a redemption price equal to the sum of (i) the principal amount of the Securities being redeemed, plus accrued interest thereon
to the Redemption Date and (ii) the Make-Whole Amount, if any, with respect to such Securities; provided, however, that if any Security is redeemed on or after the Par Call Date, the redemption price shall not include the
Make-Whole Amount. 
 As used herein, “Make-Whole Amount” means, in connection with any optional redemption or accelerated payment
of any Securities, the excess, if any, of (i) the aggregate present value as of the date of such redemption or accelerated payment of each dollar of principal being redeemed or paid and the amount of interest (exclusive of interest accrued to
the date of redemption or accelerated payment) that would have been payable in respect of each such dollar to the Par Call Date if such redemption or accelerated payment had not been made, determined by discounting, on a semi-annual basis, such
principal and interest at the Reinvestment Rate (determined on the third Business Day preceding the date such notice of redemption is given or declaration of acceleration is made) from the respective dates on which such principal and interest would
have been payable if such redemption or accelerated payment had not been made, over (ii) the aggregate principal amount of the Securities being redeemed or paid. 

“Par Call Date” means August 1, 2025. 

  
 –4– 

 “Reinvestment Rate” means 0.25% plus the arithmetic mean of the yields under the
respective heading “Week Ending” published in the most recent Statistical Release under the caption “Treasury Constant Maturities” for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity
(assuming that the Securities matured on the Par Call Date, the “remaining life”) of the Securities, as of the payment date of the principal being redeemed or paid. If no maturity exactly corresponds to such maturity, yields for the two
published maturities most closely corresponding to such maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding
in each of such relevant periods to the nearest month. For the purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used. 

“Statistical Release” means the statistical release designated “H.15(519)” or any successor publication which is published
weekly by the Federal Reserve System and which establishes yields on actively traded United States government securities adjusted to constant maturities, or, if such statistical release is not published at the time of any determination under the
indenture, then such other reasonably comparable index designated by us. 
 The Securities of this series do not have the benefit of any
sinking fund obligations. 
 In the event of redemption of this Security in part only, a new Security or Securities of this series and of
like tenor for the unredeemed portion thereof will be issued in the name of the Holder hereof upon cancellation thereof. 
 The Indenture
contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the
Indenture. 
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the Guarantor and the rights of the Holders of the Securities of each series to be affected under the
Indenture at any time by the Issuer, the Guarantor and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all the 

  
 –5– 

 
Securities of such series, to waive compliance by the Issuer or by the Guarantor with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the
Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously
given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of
this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any
suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Issuer in Jacksonville, Florida or in the Borough of Manhattan, The City of New York, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Issuer and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The
Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture, and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

  
 –6– 

 No service charge shall be made for any such registration of transfer or exchange, but the Issuer
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due
presentment of this Security for registration of transfer, the Issuer, the Guarantor, the Trustee and any agent of the Issuer, the Guarantor or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Issuer, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. 

Interest on this Security shall be computed on the basis of a 360-day year composed of twelve 30-day
months. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture,
unless otherwise defined herein. 
 The Indenture and this Security shall be governed by and construed in accordance with the laws of the
State of New York. 

  
 –7– 

 GUARANTEE 

For value received, Regency Centers Corporation, as Guarantor (the “Guarantor”), hereby unconditionally guarantees to the Holder of
the Security upon which this Guarantee is endorsed, and to the Trustee on behalf of such Holder, the due and punctual payment of the principal of (and premium, if any) and interest on such Security when and as the same shall become due and payable,
whether at the Stated Maturity, by acceleration, purchase or otherwise, according to the terms thereof and of the Indenture referred to therein. In case of the failure of the Issuer punctually to make any such payment, the Guarantor hereby agrees to
cause such payment to be made punctually when and as the same shall become due and payable, whether at the Stated Maturity or by acceleration, purchase or otherwise, and as if such payment were made by the Issuer. 

The Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability
of such Security or the Indenture, the absence of any action to enforce the same or any release or amendment or waiver of any term of any other Guarantee of, or any consent to departure from any requirement of any other Guarantee of all or of any of
the Securities on which this Guarantee is endorsed, the election by the Trustee or any of the Holders in any proceeding under Chapter 11 of the Bankruptcy Code of the application of Section 1111(b)(2) of the Bankruptcy Code, any borrowing
or grant of a security interest by the Issuer, as debtor-in-possession, under Section 364 of the Bankruptcy Code, the disallowance, under Section 502 of the Bankruptcy Code, of all or any portion of the claims of the Trustee or any of the
Holders for payment of any of the Securities on which this Guarantee is endorsed, any waiver or consent by the Holder of such Security or by the Trustee or either of them with respect to any provisions thereof or of the Indenture, the obtaining of
any judgment against the Issuer or any action to enforce the same or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of the Guarantor. The Guarantor hereby waives the benefits of diligence,
presentment, demand of payment, any requirement that the Trustee or any of the Holders exhaust any right or take any action against the Issuer or any other Person, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer,
any right to require a proceeding first against the Issuer, protest or notice with respect to such Security or the Indebtedness evidenced thereby and all demands whatsoever, and covenants that this Guarantee will not be discharged except by complete
performance of the obligations contained in such Security and in this Guarantee. The Guarantor hereby agrees that, in the event of a default in payment of principal (or premium, if any) or interest on such Security, whether at their Stated Maturity,
by acceleration, purchase or otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by, the Holder of such Security, subject to the terms and conditions set forth in the Indenture, directly against the Guarantor to enforce
this Guarantee without first proceeding against the Issuer. The Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders are prevented by applicable law

  
 –8– 

 
from exercising their respective rights to accelerate the maturity of the Securities on which this Guarantee is endorsed, to collect interest on such Securities, or to enforce or exercise any
other right or remedy with respect to such Securities, the Guarantor agrees to pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have been due and payable had such rights and remedies been
permitted to be exercised by the Trustee or any of the Holders. 
 No reference herein to the Indenture, and no provision of this Guarantee
or of the Indenture shall alter or impair the Guarantee of the Guarantor, which is absolute and unconditional, of the due and punctual payment of the principal (and premium, if any) and interest on the Security upon which this Guarantee is endorsed.

 The Guarantor shall be subrogated to all rights of the Holder of this Security against the Issuer in respect of any amounts paid by the
Guarantor on account of this Security pursuant to the provisions of this Guarantee or the Indenture; provided, however, that the Guarantor shall not be entitled to enforce or to receive any payments arising out of, or based upon, such
right of subrogation until the principal of (and premium, if any) and interest on this Security and all other Securities of this series issued under the Indenture shall have been paid in full. 

This Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Issuer for
liquidation or reorganization, should the Issuer become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuer’s assets, and shall, to the fullest
extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Securities of this series is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be
restored or returned by any obligee on the Securities of this series whether as a “voidable preference,” “fraudulent transfer,” or otherwise, all as though such payment or performance had not been made. In the event that any
payment, or any part thereof, is rescinded, reduced, restored or returned, the Securities of this series shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored
or returned. 
 All terms used in this Guarantee which are defined in the Indenture referred to in the Security upon which this Guarantee is
endorsed shall have the meanings assigned to them in such Indenture. 
 This Guarantee shall not be valid or obligatory for any purpose
until the certificate of authentication on the Security upon which this Guarantee is endorsed shall have been executed by the Trustee under the Indenture by manual signature. 

Reference is made to Article Twelve of the Indenture for further provisions with respect to this Guarantee. 

  
 –9– 

 This Guarantee shall be governed by and construed in accordance with the laws of the State of New
York. 

  
 –10– 

 IN WITNESS WHEREOF, Regency Centers Corporation, as Guarantor, has caused this Guarantee to be
duly executed. 
  

			
	REGENCY CENTERS CORPORATION,
		
	By	 	  

		 	 Authorized Signatory10.6 Omid Grant

                                                                                                              Exhibit 10.6    

IKANOS COMMUNICATIONS, INC.

NOTICE OF GRANT OF STOCK OPTION AND STOCK OPTION AGREEMENT

Ikanos Communications Inc. (the “Company”), hereby grants an option (“Option”) to purchase shares of its common stock (the “Shares”) to the optionee named below (“Optionee”) on the terms and conditions set forth in this Notice of Grant of Stock Option.  The Option is granted outside of any plan of the Company and is made as an inducement to the Optionee to accept new employment with the Company in accordance with the terms and conditions of an offer letter dated May 31, 2012 (the “Offer Letter”):

Name:                    Omid Tahernia

Grant Number:            3

Date of Grant:                March 23, 2015

Vesting Commencement Date:    March 23, 2015

Exercise Price per Share:        $2.80

Number of Shares Granted:        168,000

Type of Option:            Non-Qualified Stock Option

Term/Expiration Date:        One Day Prior to Seventh Anniversary of Date of Grant

Vesting Schedule:

With respect to 120,000 shares subject to the Option (“Time-Based Option Shares”), such Shares shall vest monthly over thirty-six months from the Vesting Commencement Date on the same day of the month as the Vesting Commencement Date, subject to Optionee continuing to be an employee of the Company through each such date, such that all 120,000 Shares shall have completely vested on the three-year anniversary of the Vesting Commencement Date, unless that date falls on a nonbusiness date, in which case the next business date shall apply.

With respect to the remaining 48,000 Shares subject to the Option (“Performance-Based Option Shares”), (i) 24,000 shares begin vesting when the average closing stock price of the Company’s common stock on the Nasdaq Stock Market over any period of twenty (20) consecutive trading days reaches $8.20; and (ii) the remaining 24,000 shares begin vesting when the average closing stock price of the Company’s common stock on the Nasdaq Stock Market over any period of twenty (20) consecutive trading days reaches $12.30.  The Performance-Based Option Shares will vest in equal quarterly installments over the one year period after the respective stock price target is achieved, subject to Optionee’s continued employment.  For example, if the average closing stock price equals or exceeds $8.20/share for twenty (20) consecutive trading days, then 

1

                                                                                                              Exhibit 10.6    

the first tranche of 24,000 shares will vest over the following one year period, because the stock price had equaled or exceeded the first price target.  In the event of a Change of Control (as defined in the Offer Letter), the stock price performance targets (if not previously achieved), will be evaluated against the Change of Control deal price.  To the extent that the deal price is equal to or in excess of either of the stock price targets, the corresponding tranche of the Performance-Based Option Shares will fully vest upon the close of the Change of Control.  If the deal price is equal to or in excess of $5.74 per share, but less than the stock price target for a tranche, a pro rata portion of the shares subject to that tranche will vest upon the close of the Change of Control based on the ratio of (x) the excess of the deal price over the exercise price, to (y) the excess of the applicable stock price target over the exercise price, multiplied by the number of shares subject to that tranche, and the balance of the shares subject to that tranche will terminate as of the close of the Change of Control.  For example, if the exercise price is $7.00 per share, and the deal price is $7.50 per share, 50/120 of the 24,000 shares subject to the $8.20 stock price target tranche will vest, and 50/530 of the 24,000 shares subject to the $12.30 stock price target tranche will vest.  If the deal price is less than $5.74 per share, each tranche will terminate as of the close of the Change of Control.

Notwithstanding the foregoing, in the event the Company terminates Optionee’s employment without Cause (as defined in the Offer Letter), or Optionee terminates employment for Good Reason (as defined in the Offer Letter), then subject to Optionee’s execution and nonrevocation of a release (in accordance with the requirements described in the Offer Letter), the following acceleration of vesting shall apply:

(A) The vesting of the Option shall accelerate with respect to that number of Time-Based Option Shares that would have vested during the period through and including the quarterly installment vesting date that falls on (if the termination date is a quarterly installment vesting date), or the first such date that falls after (if the termination date is not a quarterly installment vesting date), the anniversary of Optionee’s termination date.

(B) If either or both of the above stock price targets ($8.20/$12.30) for the Performance-Based Option Shares have been achieved prior to the date on which Optionee’s employment terminates, the respective tranche(s) of Performance-Based Option Shares will fully vest upon the date of termination.  If the average closing price of the Company’s common stock over the twenty (20) consecutive trading day period ending on (and including) the date of termination (or ending on the last trading day before the termination date if Optionee is terminated on a Saturday, Sunday, or holiday) (the “Closing Price”) is equal to or in excess of $5.74 per share, but less than the stock price target for a tranche, a pro rata portion of the shares subject to that tranche will vest upon the date of termination based on the ratio of (x) the excess of the Closing Price over the exercise price, to (y) the excess of the applicable stock price target over the exercise price, multiplied by the number of shares subject to that tranche, and the balance of the shares subject to that tranche will terminate as of the date of termination.  For example, if the exercise price is $7.00 per share, and the Closing Price is $7.50 per share, 50/120 of the 24,000 shares subject to the $8.20 stock price target tranche will vest, and 50/530 of the 24,000 shares subject to the $12.30 stock price target tranche will vest.  If the Closing Price is less than $5.74 per share, each tranche will terminate as of the date of termination.

2

                                                                                                              Exhibit 10.6    

(C) If the Company terminates Optionee’s employment without Cause, or Optionee terminates employment for Good Reason, within ninety (90) days prior to, or on or within twelve (12) months following, a Change of Control , then in lieu of the provisions set forth in the preceding clauses (A) and (B), the Time-Based Option Shares will become fully vested upon such termination, and if such termination occurs within ninety (90) days prior to the Change of Control, the vesting of the Performance-Based Option Shares will be subject to accelerated vesting as described above based on the Change of Control “deal price” as if Optionee were still employed through the close of the Change of Control. In addition, if such termination occurs within ninety (90) days prior to the Change of Control, the portion of the Option shares which would otherwise have been forfeited upon such termination but for the occurrence of a Change of Control within such ninety (90) day period after termination shall not be forfeited until it is determined whether they are subject to accelerated vesting by reason of the occurrence of a Change of Control within such subsequent ninety (90) day period, and the period to exercise the Option with respect to any such shares that do become vested by reason of the occurrence of such Change of Control shall not expire until three months after the close of such Change of Control (but in no event later than the expiration date of the Option), notwithstanding any contrary provision of the Agreement (as defined below), but subject to Section 19(c) of the Agreement.

Notwithstanding the foregoing, the Performance-Based Option Shares with respect to which the stock price targets have not been met prior to the Change of Control, and which do not vest upon the Change of Control based upon the deal price, as described in this Notice of Grant of Stock Option, shall not be subject to accelerated vesting pursuant to Section 19 of the Agreement, even if not assumed or substituted pursuant to the transaction.

By Optionee’s signature below, Optionee agrees that this Option is granted under and governed by this Notice of Grant of Stock Option and the Terms and Conditions of the Stock Option (the “Agreement”), attached hereto as Appendix A, which is made a part of this document.

The Company’s current periodic filings with the U.S. Securities and Exchange Commission are available on the Company’s website SEC Filings web link located at: http://www.ikanos.com/investor/investor-overview/, or by request from Stock Administration.  Optionee hereby agrees that the Agreement and all other documents made available to Optionee on the Company’s website are deemed to be delivered to Optionee.

Submitted by:                        Accepted by:

OPTIONEE:                        IKANOS COMMUNICATIONS, INC.

/s/ Omid Tahernia                    /s/ George Pavlov                
Signature
By:     George Pavlov                

Omid Tahernia                     Its:     Chairman, Compensation Committee    

3

                                                                                                              Exhibit 10.6    

APPENDIX A

TERMS AND CONDITIONS OF THE STOCK OPTION

1.Grant of Option.  The Company hereby grants to Optionee an Option to purchase the number of Shares specified in the Notice of Grant, subject to all of the terms and conditions in this Agreement.

This Option is not intended to qualify as an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), and will be treated as a non-qualified stock option.

2.Vesting Schedule.  Subject to Section 3, the Option will vest in the Optionee according to the vesting schedule set forth on the attached Notice of Grant of Stock Option, subject to the Optionee continuing to be an employee of the Company through each applicable vesting date.

3.Termination of Option.

(a)General.  Notwithstanding any contrary provision of this Agreement, if Optionee ceases to be an employee of the Company for any or no reason, the then-unvested portion of the Option awarded by this Agreement will terminate and Optionee will have no further rights thereunder.  The Optionee (or, if applicable, the Optionee’s personal representative, designated beneficiary, estate or the person(s) to whom the Option is transferred pursuant to the Optionee’s will or in accordance with the laws of descent and distribution) shall have the period set forth in this Agreement to exercise the Option to the extent vested as of the date Optionee ceases to be an employee of the Company.  This Option may be exercised only within the following terms, as applicable (but in no event may the Option be exercised later than the expiration of the term of the Option as set forth in the Notice of Grant of Stock Option) and may be exercised during such terms, as applicable, only in accordance with the terms of this Agreement.  To the extent not exercised within such terms, the Option will terminate and Optionee will have no further rights thereunder.

(i)Termination of Relationship as a Service Provider.  If Optionee ceases to be a Service Provider (as defined below), other than upon Optionee’s death or Disability (as defined below), the vested portion of the Option will remain exercisable for three (3) months following Optionee’s termination.

(ii)Disability of Participant.  If Optionee ceases to be a Service Provider as a result of Optionee’s Disability, the vested portion of the Option will remain exercisable for twelve (12) months following Optionee’s termination.

(iii)Death of Participant.  If Optionee dies while a Service Provider, the vested portion of the Option will remain exercisable for twelve (12) months following Optionee’s death by Optionee’s designated beneficiary, provided such beneficiary has 

4

                                                                                                              Exhibit 10.6    

been designated prior to Optionee’s death in a form acceptable to the Administrator.  If no such beneficiary has been designated by Optionee, then the Option may be exercised by the personal representative of Optionee’s estate or by the person(s) to whom the Option is transferred pursuant to Optionee’s will or in accordance with the laws of descent and distribution.

(b)Definitions.  For purposes of this Agreement, the following definitions apply:

(i)“Disability” means total and permanent disability as defined in Section 22(e) (3) of the Code.

(ii)“Service Provider” means service as an employee, director or consultant of the Company or its Parent or Subsidiary, as defined for purposes of this Agreement in Sections 424 (e) and (f), respectively, of the Code, whether now or hereafter existing.  Unless the Administrator provides otherwise, vesting of the Option will be suspended during any unpaid leave of absence in excess of 30 days.  A termination of Service will not be deemed to occur upon (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent or any Subsidiary.

4.Exercise of Option.

(a)Right to Exercise.  This Option is exercisable during its term in accordance with the Vesting Schedule set forth in the Notice of Grant of Stock Option and the applicable provisions of this Agreement.

(b)Method of Exercise.  This Option is exercisable by delivery of an exercise notice, in the form attached as Exhibit A (the “Exercise Notice”) or in such other form and manner as determined by the Administrator, which will state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the Company pursuant to the provisions of this Agreement.  The Exercise Notice will be completed by Optionee and delivered to the Company.  The Exercise Notice will be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares together with any applicable withholding taxes.  This Option will be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by such aggregate Exercise Price.  No Shares will be issued pursuant to the exercise of this Option unless such issuance and exercise comply with applicable laws.  Assuming such compliance, for income tax purposes the Exercised Shares will be considered transferred to Optionee on the date the Option is exercised with respect to such Exercised Shares.

5.Method of Payment.  Payment of the aggregate Exercise Price will be by any of the following, or a combination thereof, at the election of Optionee:

(a)cash;

5

                                                                                                              Exhibit 10.6    

(b)check;

(c)consideration received by the Company under a formal cashless exercise program implemented by the Company in connection with the Option;

(d)surrender of other Shares which, (i) in the case of Shares acquired from the Company, either directly or indirectly, have been owned by Optionee and not subject to a substantial risk of forfeiture for more than six (6) months on the date of surrender, if required by the Administrator (as defined below) to avoid adverse accounting consequences (as determined by the Administrator); and (ii) have a Fair Market Value (as defined below) on the date of surrender equal to the aggregate Exercise Price of the Exercised Shares; or

(e)such other consideration and method of payment for the issuance of Shares to the extent permitted by the Administrator and applicable laws.

For purposes of this Agreement, “Fair Market Value” means, as of any date, the value of the common stock of the Company determined as follows:

(i)If the common stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value will be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;

(ii)If the common stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share of common stock will be the mean between the high bid and low asked prices for the common stock on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or

(iii)In the absence of an established market for the common stock, the Fair Market Value will be determined in good faith by the Administrator.

6.Tax Obligations.

(a)Withholding Taxes.  Optionee agrees to make appropriate arrangements with the Company for the satisfaction of all Federal, state, and local income and employment tax withholding requirements applicable to the Option exercise.  Optionee acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver Shares if such withholding amounts are not delivered at the time of exercise.

(b)The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit Optionee to satisfy such tax withholding obligation, in 

6

                                                                                                              Exhibit 10.6    

whole or in part by (without limitation) (i) paying cash, (ii) electing to have the Company withhold otherwise deliverable Shares having a Fair Market Value equal to the minimum amount required to be withheld, or (iii) delivering to the Company already-owned Shares having a Fair Market Value equal to the minimum amount required to be withheld.  The Fair Market Value of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld.

7.Rights as Stockholder.  Neither Optionee nor any person claiming under or through Optionee will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to the Optionee.

8.No Effect on Service.  Optionee acknowledges and agrees that the vesting of the Option pursuant to Section 3 hereof is earned only by Optionee continuing to be an employee through the applicable vesting dates (and not through the act of being hired or acquiring Shares hereunder).  Optionee 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 Optionee’s continuation as an employee for the vesting period, for any period, or at all, and will not interfere with the Optionee’s right or the right of the Company to terminate Optionee’s status as an employee at any time, with or without cause.

9.Address for Notices.  Any notice to be given to the Company under the terms of this Agreement will be addressed to the Company, in care of its Stock Plan Administrator at Ikanos Communications, Inc., 47669 Fremont Blvd., Fremont, CA 94538, or at such other address as the Company may hereafter designate in writing.

10.Grant is Not Transferable.  Except to the limited extent permitted in the event of the Optionee’s death, this grant and the rights and privileges conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar process.  Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this grant and the rights and privileges conferred hereby immediately will become null and void.

11.Binding Agreement.  Subject to the limitation on the transferability of this grant contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

12.Additional Conditions to Issuance of Stock; Suspension of Exercisability.  If at any time the Company shall determine, in its discretion, that the listing, registration or qualification of the Shares upon any securities exchange or under any applicable law, or the consent or approval of any governmental regulatory authority, is necessary or desirable as a condition of the purchase of Shares hereunder, this Option may not be exercised, in whole or in part, unless and until such listing, registration, qualification, consent or approval shall have been effected or obtained free 

7

                                                                                                              Exhibit 10.6    

of any conditions not acceptable to the Company.  The Company shall make reasonable efforts to meet the requirements of any applicable law or securities exchange and to obtain any required consent or approval of any governmental authority.  The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority will not have been obtained.  As a condition to the exercise of the Option, the Company may require the person exercising the Option to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.

13.Agreement Governs.  In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Offer Letter, the provisions of this Agreement will govern.

14.Administrator Authority.  The Compensation Committee of the Board of Directors of the Company (the “Administrator”) will have the power to interpret this Agreement and to adopt such rules for the administration, interpretation and application of this Agreement as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not and to what extent the Option has vested).  All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Optionee, the Company and all other interested persons.  No member of the Administrator will be personally liable for any action, determination, or interpretation made in good faith with respect to this Agreement.

15.Captions.  Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

16.Agreement Severable.  In the event that any provision in this Agreement will be held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement.

17.Modifications to the Agreement.  This Agreement constitutes the entire understanding of the parties on the subjects covered.  Optionee expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein.  Modifications to this Agreement can be made only in an express written contract executed by a duly authorized officer of the Company.

18.Governing Law.  This Agreement shall be governed by the laws of the State of California, without giving effect to the conflict of law principles thereof.  For purposes of litigating any dispute that arises under this Option or this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of California, and agree that such litigation shall be conducted in the courts of Santa Clara County, California, or the federal courts for the United States for the 

8

                                                                                                              Exhibit 10.6    

Northern District of California, and no other courts, where this Award is made and/or to be performed.

19.Adjustments; Dissolution or Liquidation; Merger or Change in Control.

(a)Adjustments.  In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs such that the Administrator (in its sole discretion) determines an adjustment is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Option, then the Administrator shall, in such manner as it may deem equitable, adjust the number, class and Exercise Price of the Shares covered by the Option.

(b)Dissolution or Liquidation.  In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify Optionee as soon as practicable prior to the effective date of such proposed transaction.  The Administrator in its discretion may provide for Optionee to have the right to exercise the Option, to the extent applicable, until ten (10) days prior to such transaction as to all of the Shares covered hereby, including Shares as to which the Option would not otherwise be exercisable.  In addition, the Administrator may provide that vesting shall accelerate 100%, provided the proposed dissolution or liquidation takes place at the time and in the manner contemplated.  To the extent the Option has not been previously exercised, the Option will terminate immediately prior to the consummation of such proposed action.

(c)Change in Control.  In the event of a merger or Change in Control (as defined, for purposes of this Section 19(c), in the Company’s Amended and Restated 2004 Equity Incentive Plan as of the date hereof), the Option shall be assumed or an equivalent option substituted by the successor corporation or a Parent or Subsidiary of the successor corporation.  Unless determined otherwise by the Administrator, in the event that the successor corporation refuses to assume or substitute for the Option, Optionee shall fully vest in and have the right to exercise the Option as to all of the Shares, including Shares as to which the Option would not otherwise be vested or exercisable.  If the Option is not assumed or substituted in the event of a merger or Change in Control, the Administrator shall notify Optionee in writing or electronically that the Option shall be exercisable, to the extent vested, for a period from the date of such notice as the Administrator may determine, and the Option shall terminate upon the expiration of such period.  For the purposes of this paragraph, the Option shall be considered assumed if, following the merger or Change in Control, the Option confers the right to purchase, for each Share subject to the Option immediately prior to the merger or Change in Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control by holders of common stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the merger or Change in Control is not solely common stock of the successor corporation or its 

9

                                                                                                              Exhibit 10.6    

Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of the Option, for each Share subject to the Option, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of common stock in the merger or Change in Control.  Notwithstanding the foregoing, the Performance-Based Option Shares with respect to which the applicable stock price targets have not been met prior to a Change in Control, and which do not vest upon the Change in Control based upon the deal price, as described in the Notice of Grant of Stock Option, shall not be subject to accelerated vesting pursuant to this Section 19(c), even if not assumed or substituted pursuant to the transaction.

10

                                                                                                              Exhibit 10.6    

EXHIBIT A

IKANOS COMMUNICATIONS, INC.

EXERCISE NOTICE

Ikanos Communications, Inc.
47669 Fremont Blvd.
Fremont, CA 94538

Attention: Stock Administrator

1.Exercise of Option.  Effective as of today, _______, _______, the undersigned (“Optionee”) hereby elects to purchase ________ shares (the “Shares”) of the Common Stock of Ikanos Communications, Inc. (the “Company”) under and pursuant to the Notice of Grant of Stock Option and Stock Option Agreement having a Date of Grant of ___________ (the “Agreement”).

2.Delivery of Payment.  Optionee herewith delivers to the Company the full purchase price for the Shares and any required withholding taxes to be paid in connection with the exercise of the Option.

3.Representations of Optionee.  Optionee acknowledges that Optionee has received, read and understood the Agreement and agrees to abide by and be bound by their terms and conditions.

4.Rights as Stockholder.  Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the Shares, no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Option Shares, notwithstanding the exercise of the Option.  The Shares so acquired will be issued to Optionee as soon as practicable after exercise of the Option.  No adjustment will be made for a dividend or other right for which the record date is prior to the date of issuance, except as provided in Section 19 of the Agreement.

5.Tax Consultation.  Optionee understands that Optionee may suffer adverse tax consequences as a result of Optionee’s purchase or disposition of the Shares.  Optionee represents that Optionee has consulted with any tax consultants Optionee deems advisable in connection with the purchase or disposition of the Shares and that Optionee is not relying on the Company for any tax advice.

6.Entire Agreement; Governing Law.  The Agreement is incorporated herein by reference.  This Exercise Notice and the Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof, and may not 

11

                                                                                                              Exhibit 10.6    

be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee.  This Agreement is governed by the internal substantive laws, but not the choice of law rules, of California.

Submitted by:                        Accepted by:

OPTIONEE:                        IKANOS COMMUNICATIONS, INC.

                                                
Signature
By:                     

Omid Tahernia                     Its:                     

Date Received:             

12

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