Centillium Communications Promotion Term Sheet for Chief Financial Officer (Darrel Slack)
Centillium Communications, Inc. offers Darrel Slack a promotion to Chief Financial Officer effective January 1, 2002, with a base salary of $180,000 and 55,000 stock options. If the company is acquired, merged, or undergoes a significant change of control that negatively affects his job, his stock options will vest one year earlier. This letter outlines the full terms of the promotion, superseding any prior agreements unless specified in this letter or the original offer letter from May 9, 2000.
EXHIBIT 10.29 Term Sheet Based On Promotion
December 12, 2001
Mr. Darrel Slack
2745 Summit Drive
Burlingame, CA 94010
Dear Darrel:
I am pleased to offer you the promotion to Chief Financial Officer, effective January 1, 2002. You will continue to report to me. The terms of this promotion are outlined below.
- Base Salary: $180,000
- Stock Options: 55,000 shares
- If Centillium Communications, Inc. is acquired, merged, or a significant change of control occurs which impacts your job responsibilities, in one of the following ways, you and the Company agree that your stock options would be accelerated by one full year.
- Job elimination or if you are asked to leave the organization;
- Job responsibilities were significantly reduced, changed or altered;
- Forced to move to an unacceptable location.
Your acceptance of these terms regarding your promotion represents the sole agreement between you and Centillium Communications, no prior promises, representations or understandings relative to any terms or conditions of your employment are to be considered as part of this agreement unless expressed in writing in this letter or your original offer letter signed May 9, 2000.
Please indicate your acceptance by signing below.
Sincerely,
Faraj Aalaei
Chief Executive Officer
The forgoing terms and conditions are hereby accepted:
Signed:__________________________
Date:_________________________
