{"id":39454,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-pixelworks-inc-and-jeffrey-bouchard.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-pixelworks-inc-and-jeffrey-bouchard","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-pixelworks-inc-and-jeffrey-bouchard.html","title":{"rendered":"Employment Agreement &#8211; Pixelworks Inc. and Jeffrey Bouchard"},"content":{"rendered":"<pre>\nDear Jeff:\n\n         I'm delighted to present to you here the documentation to support our\noffer to you to become CFO of Pixelworks, Inc. (the Company.) The documentation\nconsists of 1) This letter; 2) Our company-standard proprietary information\nagreement, and 3) the stock option grant form, on the terms we discussed. We\nwill look forward to receiving your signatures on these documents on your first\nday at work.\n\n         This letter confirms that we will employ you, effective December 28,\n1999. Your salary will initially be $140,000 per year, and will be reviewed from\ntime to time by the compensation committee of the Board of Directors, as with\nother executive officers of the Company.\n\nYou are hired at will, but we do make these commitments concerning your\ntermination.\n\n         Pixelworks may terminate your employment with or without cause. A\ntermination is effective as of the date specified in the Notice of termination.\nBut the consequences to you are different.\n\n         1) \"Cause\" will exist if you are convicted of a crime involving the\ncompany's business; or have misappropriated Company monies or assets; or have\ncommitted fraud; or have been grossly negligent in or willfully fail to\naccomplish the performance of your duties.\n\n         2) If you resign voluntarily or are terminated for cause, pay and\nbenefits will cease as of the effective date of the resignation or termination.\nYou will use good faith efforts to provide the Company as much notice as\npossible of any resignation.\n\n         3) If you are terminated without cause, however, we will give you\nseverance benefits as follows.\n\n\n.      The Company will pay Executive's Base Salary, and any bonuses, all as\n       earned through the termination date, in accord with Company policy as\n       then in effect.\n\n\n.      The Company will in addition pay your Base Salary and benefits for a\n       three month Severance Period, beginning on the date of termination.\n       Payment of the Base Salary will be made on Company's standard payroll\n       schedules from the date of termination, as if you had not been\n       terminated.\n\n         If this all makes sense, we'll expect you on December 28, 1999 (the\nStart Date), and look forward to completing the paperwork and signatures then!\n\n                                Very truly yours,\n\n                                 \/s\/ Allen Alley\n\n                             Allen Alley, President\n\nAccepted, as of the start date:\n\n\/s\/ Jeff Bouchard\n\nJeffrey Bouchard\n\n\n\n\n\n\n                                PIXELWORKS, INC.\n                           STOCK OPTION GRANT AGREEMENT          # I-92 AND N-2\n                                                                   ============\n\n\n\nGiven to: JEFFREY BOUCHARD (\"Optionee\" or \"You\")       Date given:  DECEMBER 8, 1999 (\"Date of Grant\")\nTotal Shares: 150,000 (\"Shares\")                           Price Per Share:  $3.64 (\"Price per Share\")\nExercise Rights Start: UPON HIRE                  Options Expire: DECEMBER 7, 2009 (\"Expiration Date\")\n\n         Pixelworks, Inc. (\"Company\") grants you a option (the \"Option\") to\npurchase the Shares at the Exercise Price. The Option is exercisable under the\nTerms and Conditions of Option Grant attached as Exhibit A. The Option is\nsubject to the terms of the Company's 1997 Stock Incentive Plan (the \"Plan\"),\nattached as Exhibit B. Of such options, those that first become exercisable for\n10,302 shares in each year are INCENTIVE (qualified) stock options. The balance\nare NONQUALIFIED stock options.\n\n         Your option becomes exercisable on the following schedule:\n\n\n\n\n                        Date Option Becomes Exercisable                                      Number of Shares\n\n December 31, 1999, PROVIDED that if you leave the Company voluntarily before                     37,500\n  December 31, 2000, then 1) if you have not yet exercised these options, your\n     right to do so lapses on the date of your departure, and 2) if you have\n  exercised these options, the Company shall have the right to repurchase them\n          from you at the exercise price, as if Unvested Shares under\n               Section 4.1 of the attached Shareholder Agreement.\n\n\n On the last day of every month thereafter, beginning January 31, 2001, for a                      3,125\n                        total of 36 additional increments\n\n If substantially all of the assets of the Company are sold, or the Company is      The first (37,500) share increment\nmerged with another company under  circumstances in which effective control of      above listed, without conditions,\n plus the surviving company rests in different hands than prior to the merger,       so many of the following 36 monthly\n  then measured from the effective date (the \"Close\") of that transaction:           increments as would otherwise become\n                                                                                     exercisable in the twelve months\n                                                                                           following the Close.\n\n                                 TOTAL SHARES:                                                   150,000\n\n\n         You acknowledge reviewing this document and its exhibits before\nsigning. You accept the grant, under the Terms and Conditions of Option Grant\n(Exhibit A); the terms of the Plan (Exhibit B), and the Shareholder Agreement\n(Exhibit C), each of which is attached. You also agree to accept as binding and\nfinal all decisions or interpretations of the Board of Directors of the Company\nupon any questions arising under the Plan or this Grant.\n\nPIXELWORKS, INC.                         JEFFREY BOUCHARD\n\n\nBy: \/s\/ Allen H. Alley                   Sign: \/s\/ Jeff Bouchard\nPrint: Allen H. Alley                    Home address:     15555 SW 76th Avenue\nTitle: President and CEO                                   Tigard, OR 97224\nDate: December 28, 1999                  Date: December 28, 1999\n\n\nEXHIBITS:\nA:       Terms and Conditions of Option Grant\nB:       Pixelworks, Inc. 1997 Stock Incentive Plan\nC:       Shareholder Agreement\nD:       Stock Option Exercise Form\n\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8533],"corporate_contracts_industries":[9512],"corporate_contracts_types":[9539,9544],"class_list":["post-39454","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-pixelworks-inc","corporate_contracts_industries-technology__semiconductors","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39454"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39454"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39454"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}