Attached files
file | filename |
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10-K - FORM 10-K - MINDSPEED TECHNOLOGIES, INC | a57890e10vk.htm |
EX-10.11 - EX-10.11 - MINDSPEED TECHNOLOGIES, INC | a57890exv10w11.htm |
EX-23 - EX-23 - MINDSPEED TECHNOLOGIES, INC | a57890exv23.htm |
EX-24 - EX-24 - MINDSPEED TECHNOLOGIES, INC | a57890exv24.htm |
EX-21 - EX-21 - MINDSPEED TECHNOLOGIES, INC | a57890exv21.htm |
EX-31.2 - EX-31.2 - MINDSPEED TECHNOLOGIES, INC | a57890exv31w2.htm |
EX-32.1 - EX-32.1 - MINDSPEED TECHNOLOGIES, INC | a57890exv32w1.htm |
EX-12.1 - EX-12.1 - MINDSPEED TECHNOLOGIES, INC | a57890exv12w1.htm |
EX-32.2 - EX-32.2 - MINDSPEED TECHNOLOGIES, INC | a57890exv32w2.htm |
EX-31.1 - EX-31.1 - MINDSPEED TECHNOLOGIES, INC | a57890exv31w1.htm |
EX-10.37 - EX-10.37 - MINDSPEED TECHNOLOGIES, INC | a57890exv10w37.htm |
EX-10.44 - EX-10.44 - MINDSPEED TECHNOLOGIES, INC | a57890exv10w44.htm |
EX-10.33 - EX-10.33 - MINDSPEED TECHNOLOGIES, INC | a57890exv10w33.htm |
EX-10.13 - EX-10.13 - MINDSPEED TECHNOLOGIES, INC | a57890exv10w13.htm |
EX-10.31 - EX-10.31 - MINDSPEED TECHNOLOGIES, INC | a57890exv10w31.htm |
Exhibit 10.38
Mindspeed
Technologies, Inc.
Summary of Director Compensation Arrangements
Summary of Director Compensation Arrangements
We currently pay our non-employee directors annual base
compensation of $30,000, and our non-employee chairman of the
board, $80,000, both of which are paid quarterly. They each also
receive committee participation compensation for each committee
on which they serve equal to $5,000 annually for the governance
and board composition committee ($10,000 if serving as chairman
of such committee), $5,000 annually for the compensation and
management development committee ($15,000 if serving as chairman
of such committee) and $7,500 annually for the audit committee
($20,000 if serving as chairman of such committee). Each
non-employee director also receives $1,250 for each board or
committee meeting attended in person or by telephone. Each
non-employee director has the option each year to receive all or
a portion of his cash compensation due via shares of our common
stock or restricted stock units valued at the closing price of
our common stock on the date each payment would otherwise be
made. Directors who are our employees are not paid any
additional compensation for their service on our board of
directors. Our board of directors may from time to time appoint
additional standing or ad hoc committees, and may compensate
directors who serve on them differently than we currently
compensate members of our standing committees. We reimburse each
of our directors for reasonable
out-of-pocket
expenses that they incur in connection with their service on our
board of directors.
Our non-employee directors are eligible to participate in our
directors stock plan, which is administered by our compensation
and management development committee under authority delegated
by our board of directors. The directors stock plan provides
that upon initial election to our board of directors, each
non-employee director is granted an option to purchase
8,000 shares of our common stock at an exercise price per
share equal to its fair market value on the date of grant. The
options become exercisable in four equal installments on each of
the first, second, third and fourth anniversaries of the date
the options are granted. In addition, each non-employee director
is granted an option to purchase 5,000 shares of our common
stock following each annual meeting of stockholders.
The directors stock plan also provides that, following each
annual meeting of stockholders, each non-employee director is
granted restricted stock units in an amount equal to the lesser
of: (i) 5,000 restricted stock units, or (ii) the
number of restricted stock units (rounded to nearest whole unit)
equal to $45,000 divided by the closing price of our common
stock on the date of grant. One share of our common stock is
issuable upon settlement for each restricted stock unit awarded.
Other than the right to receive dividends, the recipients of
restricted stock units will not have the rights of a
stockholder, such as the right to vote, until the restricted
stock units are settled by the issuance of shares of our common
stock. The restricted stock units will not be settled for shares
of our common stock until ten days after: (i) the recipient
retires from our board of directors after attaining age 55
and completing at least five years of service as a director, or
(ii) the recipient resigns from our board of directors or
ceases to be a director by reason of antitrust laws, compliance
with our conflict of interest policies, death, disability or
other circumstances, and our board of directors has not
determined (prior to the expiration of such ten day period) that
such resignation or cessation of service as a director is
adverse to the best interests of our company.
The directors stock plan also permits the board of directors or
the compensation and management development committee to grant
one or more non-employee directors additional compensation. Such
additional compensation may be in the form of shares, restricted
stock, restricted stock units, options or a combination thereof.
The directors stock plan is filed as Exhibit 10.31 to this
Annual Report on
Form 10-K
for the fiscal year ended October 1, 2010. The terms of
each option grant and each restricted stock unit grant under the
directors stock plan are substantially as set forth in
Exhibits 10.33 and 10.37, respectively, to this Annual
Report on
Form 10-K
for the fiscal year ended October 1, 2010.
The compensation arrangements we have with our directors are
reviewed and may be modified from time to time by our board of
directors.