Common use of Change of Control Severance Clause in Contracts

Change of Control Severance. If within twelve (12) months of a Change of Control of Wintegra Inc. (the "Parent Company"), the Company terminates Executive’s employment with the Company for reasons other than Cause, death, or Disability or Executive resigns from his employment with the Company due to a Constructive Termination, Executive will be entitled to receive: (a) Continuing payments of severance pay (less applicable tax withholding) of Salary as then in effect, for a period of six (6) months from the Termination Date, payable in accordance with the Company’s normal payroll policies; (b) Vesting as of the Termination Date of fifty percent (50%) of all unvested options granted to Executive; and (c) Extension of the exercise period enabling Executive to exercise his options through the first anniversary of the Termination Date.

Appears in 4 contracts

Sources: Employment Agreement (Wintegra Inc), Employment Agreement (Wintegra Inc), Employment Agreement (Wintegra Inc)

Change of Control Severance. If within twelve (12) months of a Change of Control of Wintegra Inc. (the "Parent Company"), the Company terminates ExecutiveEmployee’s employment with the Company for reasons other than Cause, death, or Disability or Executive Employee resigns from his employment with the Company due to a Constructive Termination, Executive Employee will be entitled to receive: (a) Continuing payments of severance pay (less applicable tax withholding) of Salary as then in effect, for a period of six (6) months from the Termination Date, payable in accordance with the Company’s normal payroll policies; (b) Vesting as of the Termination Date of fifty percent (50%) of all unvested options granted to ExecutiveEmployee; and (c) Extension of the exercise period enabling Executive Employee to exercise his options through the first anniversary of the Termination Date.

Appears in 1 contract

Sources: Employment Agreement (Wintegra Inc)