Document:

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                                                                   EXHIBIT 10.40

                         CENTILLIUM COMMUNICATIONS, INC.

                      CHANGE OF CONTROL SEVERANCE AGREEMENT

      This Change of Control Severance Agreement (the "Agreement") is made and
entered into by and between Wayne Gartin (the "Employee") and Centillium
Communications, Inc., a Delaware corporation (the "Company"), effective as of
September 28, 2004 (the "Effective Date").

                                    RECITALS

      1. It is expected that the Company from time to time will consider the
possibility of an acquisition by another company or other change of control. The
Board of Directors of the Company (the "Board") recognizes that such
consideration can be a distraction to the Employee and can cause the Employee to
consider alternative employment opportunities. The Board has determined that it
is in the best interests of the Company and its stockholders to assure that the
Company will have the continued dedication and objectivity of the Employee,
notwithstanding the possibility, threat or occurrence of a Change of Control (as
defined herein) of the Company.

      2. The Board believes that it is in the best interests of the Company and
its stockholders to provide the Employee with an incentive to continue his or
her employment and to motivate the Employee to maximize the value of the Company
upon a Change of Control for the benefit of its stockholders.

      3. The Board believes that it is imperative to provide the Employee with
certain severance benefits upon the Employee's termination of employment
following a Change of Control. These benefits will provide the Employee with
enhanced financial security and incentive and encouragement to remain with the
Company notwithstanding the possibility of a Change of Control.

      4. Certain capitalized terms used in the Agreement are defined in Section
6 below.

                                    AGREEMENT

      NOW, THEREFORE, in consideration of the mutual covenants contained herein,
the parties hereto agree as follows:

      1. Term of Agreement. This Agreement shall terminate upon the date that
all of the obligations of the parties hereto with respect to this Agreement have
been satisfied.

      2. At-Will Employment. The Company and the Employee acknowledge that the
Employee's employment is and shall continue to be at-will, as defined under
applicable law, except as may otherwise be specifically provided under the terms
of any written formal employment agreement between the Company and the Employee
(an "Employment Agreement"). If the Employee's employment terminates for any
reason, including (without limitation) any termination prior to a Change of
Control, the Employee shall not be entitled to any payments, benefits, damages,

<PAGE>

awards or compensation other than as provided by this Agreement or under his or
her Employment Agreement.

            3.    Severance Benefits.

                  (a) Involuntary Termination Other than for Cause or Voluntary
      Termination for Good Reason Following a Change of Control. If within
      eighteen (18) months following a Change of Control (i) the Employee
      terminates his or her employment with the Company (or any parent or
      subsidiary of the Company) for "Good Reason" (as defined herein) or (ii)
      the Company (or any parent or subsidiary of the Company) terminates the
      Employee's employment for other than "Cause" (as defined herein), and the
      Employee signs and does not revoke a standard release of claims with the
      Company in a form acceptable to the Company, then the Employee shall
      receive the following severance from the Company:

                        (i)Severance Payment. The Employee shall be entitled to
receive a lump-sum severance payment (less applicable withholding taxes) equal
to 50% of the Employee's annual base salary (as in effect immediately prior to
(A) the Change of Control, or (B) the Employee's termination, whichever is
greater).

                        (ii) The vesting of Employee's grant of options to
purchase two hundred thousand (200,000) shares of the Company's Common Stock,
which were granted on September 28, 2004, pursuant to that certain Stock Option
Agreement between Company and Employee with an Effective Date of September 28,
2004 (and which is referred to in Employee's written offer letter from the
Company dated September 16, 2004 ("September 16, 2004 Offer Letter")) shall
accelerate by twelve (12) months in addition to the vesting under the standard
four-year vesting schedule.

                        (iii) Continued Employee Benefits. Company-paid health,
dental and vision benefits at the same level of coverage as was provided to such
Employee immediately prior to the Change of Control and at the same ratio of
Company premium payment to Employee premium payment as was in effect immediately
prior to the Change of Control (the "Company-Paid Coverage"). Company-Paid
Coverage shall continue until the earlier of (i) six (6) months from the date of
termination, or (ii) the date upon which the Employee becomes covered under
another employer's group health, dental and/or vision plans; however, if
continued receipt of health care benefits as described above are not permitted
by the applicable health care group plans, the Company will then reimburse you
for the premiums for such benefits under continuation coverage due under the
Consolidated Budget Reconciliation Act of 1985 ("COBRA") for the same six (6)
month period. For purposes of Title X of COBRA, the date of the "qualifying
event" for Employee shall be the date upon which the Company-Paid Coverage
commences, and each month of Company-Paid Coverage provided hereunder shall
offset a month of continuation coverage otherwise due under COBRA.

                  (b) Timing of Severance Payments. The severance payment to
      which Employee is entitled shall be paid by the Company to Employee in
      cash and in full, not later than thirty (30) calendar days after the date
      of the termination of Employee's employment as provided in Section 3(a).
      If the Employee should die before all amounts have been paid, such unpaid
      amounts shall be paid in a lump-sum payment (less any withholding taxes)
      to the Employee's designated beneficiary, if living, or otherwise to the
      personal representative of the Employee's estate.

                                      -2-
<PAGE>

                  (c) Voluntary Resignation; Termination for Cause. If the
      Employee's employment with the Company terminates (i) voluntarily by the
      Employee other than for Good Reason, or (ii) for Cause by the Company,
      then the Employee shall not be entitled to receive severance or other
      benefits except for those (if any) as may then be established under the
      Company's then existing severance and benefits plans and practices or
      pursuant to other written agreements with the Company.

                  (d) Termination Apart from Change of Control. In the event the
      Employee's employment is terminated for any reason, either prior to the
      occurrence of a Change of Control or after the eighteen (18)-month period
      following a Change of Control, then the Employee shall be entitled to
      receive severance and any other benefits only as may then be established
      under the Company's existing written severance and benefits plans and
      practices or pursuant to other written agreements with the Company.

                  (e) Exclusive Remedy. In the event of a termination of
      Employee's employment within eighteen (18) months following a Change of
      Control, the provisions of this Section 3 are intended to be and are
      exclusive and in lieu of any other rights or remedies to which the
      Employee or the Company may otherwise be entitled, whether at law, tort or
      contract, in equity, or under this Agreement. The Employee shall be
      entitled to no benefits, compensation or other payments or rights upon
      termination of employment following a Change in Control other than those
      benefits expressly set forth in this Section 3.

            4. Golden Parachute Excise Tax.. In the event that the severance and
   other benefits provided for in this Agreement or otherwise payable to the
   Employee (i) constitute "parachute payments" within the meaning of Section
   280G of the Internal Revenue Code of 1986, as amended (the "Code") and (ii)
   but for this Section, would be subject to the excise tax imposed by Section
   4999 of the Code, then the Employee's severance benefits under this Agreement
   shall be payable either

                        (i) in full, or

                        (ii) as to such lesser amount which would result in no
portion of such severance benefits being subject to excise tax under Section
4999 of the Code, whichever of the foregoing amounts, taking into account the
applicable federal, state and local income taxes and the excise tax imposed by
Section 4999, results in the receipt by the Employee on an after-tax basis, of
the greatest amount of severance benefits under this Agreement, notwithstanding
that all or some portion of such severance benefits may be taxable under Section
4999 of the Code. Unless the Company and the Employee otherwise agree in
writing, any determination required under this Section shall be made in writing
by the Company's independent public accountants (the "Accountants"), whose
determination shall be conclusive and binding upon the Employee and the Company
for all purposes. For purposes of making the calculations required by this
Section, the Accountants may make reasonable assumptions and approximations
concerning applicable taxes and may rely on reasonable, good faith
interpretations concerning the application of Sections 280G and 4999 of the
Code. The Company and the Employee shall furnish to the Accountants such
information and documents as the Accountants may reasonably request in order to
make a determination under this Section. The

                                      -3-
<PAGE>

Company shall bear all costs the Accountants may reasonably incur in connection
with any calculations contemplated by this Section.

            5. Definition of Terms. The following terms referred to in this
      Agreement shall have the following meanings:

                        (a) Cause. "Cause" shall mean (i) an act of personal
            dishonesty taken by the Employee in connection with his
            responsibilities as an employee and intended to result in
            substantial personal enrichment of the Employee, (ii) Employee being
            convicted of a felony, (iii) a willful act by the Employee which
            constitutes gross misconduct and which is injurious to the Company,
            (iv) following delivery to the Employee of a written demand for
            performance from the Company which describes the basis for the
            Company's reasonable belief that the Employee has not substantially
            performed his duties, continued violations by the Employee of the
            Employee's obligations to the Company which are demonstrably willful
            and deliberate on the Employee's part.

                        (b) Change of Control. "Change of Control" means the
            occurrence of any of the following:

                              (i) Any "person" (as such term is used in Sections
      13(d) and 14(d) of the Securities Exchange Act of 1934, as amended)
      becomes the "beneficial owner" (as defined in Rule 13d-3 under said Act),
      directly or indirectly, of securities of the Company representing fifty
      percent (50%) or more of the total voting power represented by the
      Company's then outstanding voting securities; or

                              (ii) The consummation of a merger or consolidation
      of the Company with any other corporation, other than a merger or
      consolidation which would result in the voting securities of the Company
      outstanding immediately prior thereto continuing to represent (either by
      remaining outstanding or by being converted into voting securities of the
      surviving entity) at least fifty percent (50%) of the total voting power
      represented by the voting securities of the Company or such surviving
      entity outstanding immediately after such merger or consolidation; or

                              (iii) The consummation of the sale, lease or other
      disposition by the Company of all or substantially all the Company's
      assets.

                        (c) Good Reason. "Good Reason" means without the
            Employee's express written consent (i) a material reduction of
            Employee's duties, authority or responsibilities, relative to the
            Employee's duties, authority or responsibilities as in effect
            immediately prior to such reduction, or the assignment to Employee
            of such reduced duties, authority or responsibilities; (ii) a
            reduction by the Company in the base compensation of the Employee as
            in effect immediately prior to such reduction; or (iii) the
            relocation of the Employee to a facility or a location more than
            fifty (50) miles from such Employee's then present location.

                  6. Successors.

                        (a) The Company's Successors. Any successor to the
            Company (whether direct or indirect and whether by purchase, merger,
            consolidation, liquidation or otherwise) to all or substantially all
            of the Company's business and/or assets shall assume the obligations
            under this

                                      -4-
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            Agreement and agree expressly to perform the obligations under this
            Agreement in the same manner and to the same extent as the Company
            would be required to perform such obligations in the absence of a
            succession. For all purposes under this Agreement, the term
            "Company" shall include any successor to the Company's business
            and/or assets which executes and delivers the assumption agreement
            described in this Section 7(a) or which becomes bound by the terms
            of this Agreement by operation of law.

                        (b) The Employee's Successors. The terms of this
            Agreement and all rights of the Employee hereunder shall inure to
            the benefit of, and be enforceable by, the Employee's personal or
            legal representatives, executors, administrators, successors, heirs,
            distributees, devisees and legatees.

                  7. Notice.

                        (a) General. All notices and other communications
            required or permitted hereunder shall be in writing, shall be
            effective when given, and shall in any event be deemed to be given
            upon receipt or, if earlier, (a) five (5) days after deposit with
            the U.S. Postal Service or other applicable postal service, if
            delivered by first class mail, postage prepaid, (b) upon delivery,
            if delivered by hand, (c) one (1) business day after the business
            day of deposit with Federal Express or similar overnight courier,
            freight prepaid or (d) one (1) business day after the business day
            of facsimile transmission, if delivered by facsimile transmission
            with copy by first class mail, postage prepaid, and shall be
            addressed (i) if to Employee, at his or her last known residential
            address and (ii) if to the Company, at the address of its principal
            corporate offices (attention: Secretary), or in any such case at
            such other address as a party may designate by ten (10) days'
            advance written notice to the other party pursuant to the provisions
            above.

                        (b) Notice of Termination. Any termination by the
            Company for Cause or by the Employee for Good Reason or as a result
            of a voluntary resignation shall be communicated by a notice of
            termination to the other party hereto given in accordance with
            Section 7(a) of this Agreement. Such notice shall indicate the
            specific termination provision in this Agreement relied upon, shall
            set forth in reasonable detail the facts and circumstances claimed
            to provide a basis for termination under the provision so indicated,
            and shall specify the termination date (which shall be not more than
            thirty (30) days after the giving of such notice). The failure by
            the Employee to include in the notice any fact or circumstance which
            contributes to a showing of Good Reason shall not waive any right of
            the Employee hereunder or preclude the Employee from asserting such
            fact or circumstance in enforcing his or her rights hereunder.

                  8. Miscellaneous Provisions.

                        (a) No Duty to Mitigate. The Employee shall not be
            required to mitigate the amount of any payment contemplated by this
            Agreement, nor shall any such payment be reduced by any earnings
            that the Employee may receive from any other source.

                        (b) Waiver. No provision of this Agreement shall be
            modified, waived or discharged unless the modification, waiver or
            discharge is agreed to in writing and signed by the Employee and by
            an authorized officer of the Company (other than the Employee). No
            waiver by

                                      -5-
<PAGE>

            either party of any breach of, or of compliance with, any condition
            or provision of this Agreement by the other party shall be
            considered a waiver of any other condition or provision or of the
            same condition or provision at another time.

                        (c) Headings. All captions and section headings used in
            this Agreement are for convenient reference only and do not form a
            part of this Agreement.

                        (d) Entire Agreement. This Agreement constitutes the
            entire agreement of the parties hereto and supersedes in their
            entirety all prior representations, understandings, undertakings or
            agreements (whether oral or written and whether expressed or
            implied) of the parties with respect to the subject matter hereof,
            including but not limited to the sentences in the fifth paragraph of
            the September 16, 2004 Offer Letter, which start "If Centillium
            Communications, Inc. is i)" and end with "(3) the vesting of your
            option grant mentioned above would be accelerated by one full year."
            and any documentation relating thereto.

                        (e) Choice of Law. The validity, interpretation,
            construction and performance of this Agreement shall be governed by
            the laws of the State of California.

                        (f) Severability. The invalidity or unenforceability of
            any provision or provisions of this Agreement shall not affect the
            validity or enforceability of any other provision hereof, which
            shall remain in full force and effect.

                        (g) Withholding. All payments made pursuant to this
            Agreement will be subject to withholding of applicable income and
            employment taxes.

                        (h) Counterparts. This Agreement may be executed in
            counterparts, each of which shall be deemed an original, but all of
            which together will constitute one and the same instrument.

                                      -6-
<PAGE>

      IN WITNESS WHEREOF, each of the parties has executed this Agreement, in
the case of the Company by its duly authorized officer, as of the day and year
set forth below.

COMPANY                                 CENTILLIUM COMMUNICATIONS, INC.

                                        By:        /s/ Faraj Aalaei
                                            ------------------------------------

                                        Title: Chief Executive Officer

                                        Date: November 5, 2004

EMPLOYEE

                                        By:        /s/ Wayne Gartin
                                            ------------------------------------

                                        Name: Wayne Gartin

                                        Date: November 5, 2004

                                      -7-exv10w1

 

Exhibit 10.1

Form for Employees

Imation Corp. 2000 Stock Incentive Plan,

as Amended February 6, 2003

Restricted Stock Award Agreement

     This RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) effective as of
«GrantDt» is between Imation Corp., a Delaware corporation (the “Company”), and
«Name», an employee of the Company or one of its Affiliates (the
“Participant”), pursuant to and subject to the terms and conditions of the
Imation Corp. 2000 Stock Incentive Plan, as Amended February 6, 2003 (the
“Plan”).

     The Company desires to award to the Participant a number of shares of the
Company’s common stock, par value $.01 per share (the “Common Stock”), subject
to certain restrictions as provided in this Agreement, in order to carry out
the purpose of the Plan. The purpose of this Agreement is to evidence the
terms and conditions of an award of restricted stock granted to the Participant
under the Plan.

     Accordingly, for good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the Company and the Participant hereby agree
as follows:

Award of Restricted Stock.

     Effective «GrantDt» (the “Effective Date”), the Company granted to the
Participant a restricted stock award of «GrantDt»(«GrantDt») shares of Common
Stock (the “Shares”), subject to the terms and conditions set forth in this
Agreement and in accordance with the terms of the Plan (the “Restricted Stock
Award”).

Rights with Respect to the Shares.

  Stockholder Rights. With respect to the Shares, the Participant shall be
entitled at all times on and after the date of issuance of the Shares to
exercise the rights of a stockholder of Common Stock of the Company, including
the right to vote the Shares and the right to receive dividends on the Shares
as provided in Section 2(b) hereof, unless and until the Shares are forfeited
pursuant to Section 3 hereof. However, the Shares shall be nontransferable and
subject to a risk of forfeiture to the Company at all times prior to the dates
on which such Shares become vested, and the restrictions with respect to the
Shares lapse, in accordance with Section 3 of this Agreement.

     (b) Dividends. As a condition to receiving the Shares under the Plan, the
Participant hereby agrees to defer the receipt of dividends paid on the Shares.
Cash dividends or other cash distributions paid with respect to the Shares
prior to the date or dates the Shares vest shall be subject to the same
restrictions, terms and conditions as the Shares to which they relate, shall be
promptly deposited with the Secretary of the Company or a custodian designated
by the Secretary, and shall be forfeited in the event that the Shares with
respect to which the dividends were paid are forfeited.

     (c) Issuance of Shares. The Company shall cause the Shares to be issued
in the Participant’s name or in a nominee name on the Participant’s

34

 

behalf,
either by book-entry registration or issuance of a stock certificate or
certificates evidencing the Shares, which certificate or certificates shall be
held by the Secretary of the Company or the stock transfer agent or brokerage
service selected by the Secretary of the Company to provide such services for
the Plan. The Shares shall be restricted from transfer and shall be subject to
an appropriate stop-transfer order. If any certificate is issued, the
certificate shall bear an appropriate legend referring to the restrictions
applicable to the Shares. The Participant hereby agrees to the retention by
the Company of the Shares and, if a stock certificate is issued, the
Participant agrees to execute and deliver to the Company a blank stock power
with respect to the Shares as a condition to the receipt of this Restricted
Stock Award. After any Shares vest pursuant to Section 3 hereof, and following
payment of the applicable withholding taxes pursuant to Section 6 of this
Agreement, the Company shall promptly cause to be issued a certificate or
certificates, registered in the Participant’s name, evidencing such vested
whole Shares (less any Shares withheld to pay withholding taxes) and shall
cause such certificate or certificates to be delivered to the Participant free
of the legend and the stop-transfer order referenced above. The Company will
not deliver any fractional Share but will pay, in lieu thereof, the Fair Market
Value of such fractional Share at the time certificates evidencing the Shares
are delivered to the Participant.

Vesting; Forfeiture.

  Vesting. Subject to the terms and conditions of this Agreement, twenty five
percent (25%) of the Shares shall vest, and the restrictions with respect to
the Shares shall lapse, on each of the first, second, third and fourth
anniversaries of the Effective Date if the Participant remains continuously
employed by the Company or an Affiliate of the Company until such respective
vesting dates.

     (b) Forfeiture. If the Participant ceases to be employed by the Company
and all Affiliates of the Company for any reason prior to the vesting of the
Shares pursuant to Section 3(a) hereof, Participant’s rights to all of the
unvested Shares shall be immediately and irrevocably forfeited, including the
right to vote such Shares and the right to receive dividends on such Shares.

     (c) No Early Vesting. Unless otherwise determined by the Committee in its
sole discretion, in no event will any of the Shares vest prior to their
respective vesting dates set forth in Section 3(a) hereof.

Restrictions on Transfer.

     Until the Shares vest pursuant to Section 3 hereof, neither the Shares,
nor any right with respect to the Shares under this Agreement, may be sold,
assigned, transferred, pledged, hypothecated (by operation of law or otherwise)
or otherwise conveyed or encumbered and shall not be subject to execution,
attachment or similar process. Any attempted sale, assignment, transfer,
pledge, hypothecation or other conveyance or encumbrance shall be void and
unenforceable against the Company or any Affiliate of the Company.

Distributions and Adjustments.

  If any Shares vest subsequent to any change in the number or character of the
Common Stock of the Company through any stock dividend or other distribution,
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, issuance of warrants or other rights
to purchase shares of Common Stock or other securities of the Company or other
similar corporate transaction or event such that an adjustment is

35

 

determined by the Committee to be appropriate in order to prevent dilution or enlargement of
the benefits or potential benefits intended to be made available under this
Agreement, then the Committee shall, in such manner as it may deem equitable,
in its sole discretion, adjust any or all of the number and type of such
Shares.

  Any additional shares of Common Stock of the Company, any other securities of
the Company and any other property distributed with respect to the Shares prior
to the date or dates the Shares vest shall be subject to the same restrictions,
terms and conditions as the Shares to which they relate and shall be promptly
deposited with the Secretary of the Company or a custodian designated by the
Secretary.

Taxes.

  The Participant acknowledges that the Participant will consult with the
Participant’s personal tax adviser regarding the income tax consequences of the
grant of the Shares, payment of dividends on the Shares, the vesting of the
Shares and any other matters related to this Agreement. In order to comply
with all applicable federal, state, local or foreign income tax laws or
regulations, the Company may take such action as it deems appropriate to ensure
that all applicable federal, state, local or foreign payroll, withholding,
income or other taxes, which are the Participant’s sole and absolute
responsibility, are withheld or collected from the Participant.
In accordance with the terms of the Plan, and such rules as may be adopted by
the Committee administering the Plan, the Participant may elect to satisfy tax
withholding obligations arising from the receipt of, or the lapse of
restrictions relating to, the Shares by (i) delivering cash, check, bank draft,
money order or wire transfer payable to the order of the Company, (ii) having
the Company withhold a portion of the Shares otherwise to be delivered having a
Fair Market Value equal to the amount of such taxes, or (iii) delivering to the
Company shares of Common Stock having a Fair Market Value equal to the amount
of such taxes. The Company will not deliver any fractional Share but will pay,
in lieu thereof, the Fair Market Value of such fractional Share. The
Participant’s election must be made on or before the date that the amount of
tax to be withheld is determined. If the Participant does not make an
election, the Company will withhold a portion of the Shares otherwise to be
delivered having a Fair Market Value equal to the amount of such taxes.

Definitions.

     Terms not defined in this Agreement shall have the meanings given to them
in the Plan.

Governing Law.

     The internal law, and not the law of conflicts, of the State of Delaware
will govern all questions concerning the validity, construction and effect of
this Agreement.

Plan Provisions.

     This Agreement is made under and subject to the provisions of the Plan,
and all of the provisions of the Plan are also provisions of this Agreement.
If there is a difference or conflict between the provisions of this Agreement
and the provisions of the Plan, the provisions of the Plan will govern. By
accepting this Restricted Stock Award, the Participant confirms that the
Participant has received a copy of the Plan and

36

 

represents that the Participant
is familiar with the terms and provisions thereof, and hereby accepts this
Restricted Stock Award subject to all the terms and provisions of the Plan.

No Rights to Continue Service or Employment.

     Nothing herein shall be construed as giving the Participant the right to
continue in the employ or to provide services to the Company or any Affiliate,
whether as an employee or as a consultant or otherwise, or interfere with or
restrict in any way the right of the Company or any Affiliate to discharge the
Participant, whether as an employee or consultant or otherwise, at any time,
with or without cause. In addition, the Company or any Affiliate may discharge
the Participant free from any liability or claim under this Agreement.

Entire Agreement.

     This Agreement together with the Plan supersede any and all other prior
understandings and agreements, either oral or in writing, between the parties
with respect to the subject matter hereof and constitute the sole and only
agreements between the parties with respect to said subject matter. All prior
negotiations and agreements between the parties with respect to the subject
matter hereof are merged into this Agreement. Each party to this Agreement
acknowledges that no representations, inducements, promises or agreements,
orally or otherwise, have been made by any party or by anyone acting on behalf
of any party, which are not embodied in this Agreement or the Plan and that any
agreement, statement or promise that is not contained in this Agreement or the
Plan shall not be valid or binding or of any force or effect.

Modification.

     No change or modification of this Agreement shall be valid or binding upon
the parties unless the change or modification is in writing and signed by the
parties. Notwithstanding the preceding sentence, the Plan, this Agreement and
the Restricted Stock Award may be amended, altered, suspended, discontinued or
terminated to the extent permitted by the Plan.

Shares Subject to Agreement.

     The Shares shall be subject to the terms and conditions of this Agreement.
Except as otherwise provided in Section 5, no adjustment shall be made for
dividends or other rights for which the record date
is prior to the issuance of the Shares. The Company shall not be required
to deliver any Shares until the requirements of any federal or state securities
or other laws, rules or regulations (including the rules of any securities
exchange) as may be determined by the Committee to be applicable are satisfied.

Severability.

     In the event that any provision that is contained in the Plan or this
Agreement is or becomes invalid, illegal or unenforceable in any jurisdiction
or would disqualify the Plan or this Agreement for any reason and under any law
as deemed applicable by the Committee, the invalid, illegal or unenforceable
provision shall be construed or deemed amended to conform to applicable laws,
or if it cannot be so construed or deemed amended without materially altering
the purpose and intent of the Plan or this Agreement in the discretion of the
Committee, such provision shall be stricken as to such jurisdiction or Shares,
and the remainder of the Plan or this Agreement shall remain in full force and
effect.

37

 

Headings.

     Headings are given to the sections and subsections of this Agreement
solely as a convenience to facilitate reference. Such headings shall not be
deemed in any way material or relevant to the construction or interpretation of
this Agreement or any provision hereof.

Participant’s Acknowledgments.

     The Participant hereby agrees to accept as binding, conclusive and final
all decisions or interpretations of the Committee or the Board of Directors of
the Company, as appropriate, upon any questions arising under the Plan or this
Agreement. Any determination in this connection by the Company, including the
Board of Directors of the Company or the Committee, shall be final, binding and
conclusive. The obligations of the Company and the rights of the Participant
are subject to all applicable laws, rules and regulations.

Parties Bound.

     The terms, provisions and agreements that are contained in this Agreement
shall apply to, be binding upon, and inure to the benefit of the parties and
their respective heirs, executors, administrators, legal representatives and
permitted successors and assigns, subject to the limitation on assignment
expressly set forth herein. This Agreement shall have no force or effect unless
it is duly executed and delivered by the Company.

     The Company has caused this Agreement to be signed and delivered as of the
date set forth above.

	 	 	 	 	 
	 	 	IMATION CORP.
	 
	 	 	 	 
	

	 	By:
	 	

	

	 	Name:
	 	

	

	 	Title:
	 	

38

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