Common use of Performance Share Plan Clause in Contracts

Performance Share Plan. As of the Time of Distribution, Conexant will retain sponsorship of the Conexant Performance Share Plan. Effective as of the Effective Time, each Active Washington Employee will be treated as having terminated employment with Conexant and the Conexant Subsidiaries for purposes of determining his or her eligibility to participate in the Conexant Performance Share Plan and will have no rights to any payment under such plan from and after the Time of Distribution, other than any rights to any payments for awards previously vested and earned pursuant to the terms of the plan. None of Washington or any member of the Washington Group will have or retain any interest in or right to any of the assets of the Conexant Performance Share Plan or will have any Liabilities with respect to such plan, and Conexant will have full power and authority with respect to the Conexant Performance Share Plan.