Common use of Settlement Sum Clause in Contracts

Settlement Sum. In consideration of Employee’s representations and releases in this Agreement, Mindspeed will provide Employee with salary continuation pay at one-half Employee’s current salary level, equal to $2,650.00 per week (less applicable withholdings) for fifty-two (52) weeks beginning on August 14, 2010, and continuing through August 12, 2011 (the “Salary Continuation Period”). The salary continuation payments will be made in accordance with Mindspeed’s bi-weekly payroll schedule. At the end of the Salary Continuation Period, Employee’s final salary continuation check will be paid along with all accrued, unused vacation, unless Employee opts to extend the Salary Continuation Period by applying unused accrued vacation. If Employee opts to extend the Salary Continuation Period by applying unused accrued vacation, Employee will be compensated for one-half their current salary level for a period of two times the number of weeks of unused accrued vacation. Employee will not accrue additional vacation hours after the Effective Date. During the Salary Continuation Period, Mindspeed will continue to (a) pay the premiums for Employee’s coverage under benefit plans in which Employee is enrolled as of the Effective Date, including Mindspeed’s group medical, dental and vision insurance plans, which coverage may be provided under COBRA at Mindspeed’s election, subject to Employee’s payment of any employee contributions that would have applied if Employee had remained an officer of Mindspeed; and (b) pay the costs of Employee’s annual executive physical examination, health club membership and one airline club, to the same extent as if Employee had remained an officer of Mindspeed during such period. Employee’s coverage under Mindspeed’s life, long-term disability, group personal excess liability and any supplemental insurance plans and Employee’s participation in Mindspeed’s 401(k) plan end on the Effective Date. Following the conclusion of the Salary Continuation Period, and payment of any unused accrued vacation, Employee will be placed on unpaid leave (the “Unpaid LOA Period”) for a period of eight (8) weeks following the Salary Continuation Period, during which time he will not accrue further pay, vacation or other compensation. During the Unpaid LOA Period, Mindspeed will continue to (a) pay the premiums for Employee’s continued coverage under benefit plans in which Employee is enrolled as of the Effective Date, including Mindspeed’s group medical, dental and vision insurance plans, which coverage may be provided under COBRA at Mindspeed’s election, subject to Employee’s payment of any employee contributions that would have applied if Employee had remained an officer of Mindspeed; and (b) pay the costs of Employee’s annual executive physical examination, health club membership and one airline club, to the same extent as if Employee had remained an officer of Mindspeed during such period. Additionally, Mindspeed will provide Employee with outplacement assistance for a period of six (6) months following the Effective Date at Mindspeed’s expense through Right Management Consultants, or a similar firm, at the selected firm’s office location. Mindspeed will allow Employee to take possession of his company issued laptop, associated licensed Microsoft software, and Blackberry personal digital assistant. The foregoing payments and benefits will be referred to collectively as the “Settlement Sum,” and the parties hereto agree that the Settlement Sum provides Employee with full recompense for any and all claims for lost or unpaid wages, benefits, damages, interest and any other claim related to Employee’s employment or to the separation of such employment.

Settlement Sum. In consideration of Employee’s representations and releases in this Agreement, Mindspeed will provide Employee with salary continuation pay at one-half Employee’s current salary level, equal to level of $2,650.00 4,230.769 per week (less applicable withholdings) for fifty-two a period of twelve (5212) weeks months beginning on August 1422, 2010, 2009 and continuing through August 1221, 2011 2010 (the “Salary Continuation Period”). The salary continuation payments will be made in accordance with Mindspeed’s bi-weekly payroll schedule. At the end of the Salary Continuation Period, Employee’s final salary continuation check will be paid along with all accrued, unused vacation, unless Employee opts to extend the Salary Continuation Period by applying unused accrued vacation. If Employee opts to extend the Salary Continuation Period by applying unused accrued vacation, Employee will be compensated for one-half their current salary level for a period of two times the number of weeks of unused accrued vacation. Employee will not accrue additional vacation hours after the Effective Date. During the Salary Continuation Period, Mindspeed will continue to (a) pay the premiums for Employee’s coverage under benefit plans in which Employee is enrolled as of the Effective Date, including Mindspeed’s group medical, dental dental, and vision insurance plans, which coverage may be provided under COBRA at Mindspeed’s election, subject to Employee’s payment of any employee contributions that would have applied if Employee had remained an officer of Mindspeed; and (b) pay the costs of Employee’s annual executive physical examination, health club membership membership, two (2) airline clubs, and one airline clubfinancial counseling benefits, to the same extent as if Employee had remained an officer of Mindspeed during such period. Employee’s coverage under Mindspeed’s life, long-term disability, group personal excess liability and any supplemental insurance plans and Employee’s participation in Mindspeed’s 401(k) plan end on the Effective Date. Following the conclusion of the Salary Continuation Period, and payment of any unused accrued vacation, Employee will be paid all accrued but unused vacation in a lump sum and placed on unpaid leave for a period of twelve (12) months beginning on August 22, 2010 and continuing through August 21, 2011 (the “Unpaid LOA Period”) for a period of eight (8) weeks following the Salary Continuation Period), during which time he will not accrue further pay, vacation or other compensation. During the Unpaid LOA Period, Mindspeed will continue to (a) pay the premiums for Employee’s continued coverage under benefit plans in which Employee is enrolled as of the Effective Date, including Mindspeed’s group medical, dental dental, and vision insurance plans, which coverage may be provided under COBRA at Mindspeed’s election, election subject to Employee’s payment of any employee contributions that would have applied if Employee had remained an officer of Mindspeed; and (b) pay the costs of Employee’s annual executive physical examinationphysical, health club membership membership, two (2) airline clubs, and one airline club, financial counseling benefits to the same extent as if Employee had remained an officer of Mindspeed during such period. Additionally, Mindspeed will provide Employee with outplacement assistance for a period of six (6) months following the Effective Date at Mindspeed’s expense through Right Management Consultants, or a similar firm, at the selected firm’s office location. Employee will retain his Mindspeed will allow Employee to take possession of his company issued laptop, provided BlackBerry mobile device and laptop computer and associated licensed Microsoft software, and Blackberry personal digital assistant. The foregoing payments and benefits will be referred to collectively as the “Settlement Sum,” and the parties hereto agree that the Settlement Sum provides Employee with full recompense for any and all claims for lost or unpaid wages, benefits, damages, interest and any other claim related to Employee’s employment or to the separation of such employment.

Settlement Sum. In consideration of Employee’s representations and releases in this Agreement, Mindspeed will provide Employee with salary continuation pay at one-half Employee’s current salary level, equal to level of $2,650.00 4,807.69 per week (less applicable withholdings) for fifty-two twelve (5212) weeks months beginning on August 14November 15, 2010, 2008 and continuing through August 12November 13, 2011 2009 (the “Salary Continuation Period”). The salary continuation payments will be made in accordance with Mindspeed’s bi-weekly payroll schedule. At the end of the Salary Continuation Period, Employee’s final salary continuation check will be paid along with all accrued, unused vacation, unless Employee opts to extend the Salary Continuation Period by applying unused accrued vacation. If Employee opts to extend the Salary Continuation Period by applying unused accrued vacation, Employee will be compensated for one-half their current salary level for a period of two times the number of weeks of unused accrued vacation. Employee will not accrue additional vacation hours after the Effective DateNovember 14, 2008. During the Salary Continuation Period, Mindspeed will continue to (a) pay the premiums for Employee’s coverage under benefit plans in which Employee is enrolled as of the Effective Date, including Mindspeed’s group medical, dental dental, and vision insurance plans, which coverage may be provided under COBRA at Mindspeed’s election, election subject to Employee’s payment of any employee contributions that would have applied if Employee had remained an officer of Mindspeedthe Company; and (b) pay the costs of Employee’s annual executive physical examination, health club membership membership, two (2) airline clubs, and one airline clubfinancial counseling benefits, to the same extent as if Employee had remained an officer of Mindspeed during such period. Employee’s coverage under In addition, Company will reimburse (not to exceed a total of $1,000) membership fees in three (3) professional organizations (PRSA, IABC, NIRI). Participation in Mindspeed’s lifelong term disability insurance coverage, long-term disabilityMindspeed’s Group Personal Excess Liability Coverage, group personal excess liability and any supplemental insurance plans and Employee’s participation in Mindspeed’s 401(k) plan end on the Effective DateNovember 14, 2008. Employee agrees to be available to provide limited consulting services to assist with FY09Q1 earnings release and call. Following the conclusion of the Salary Continuation Period, and payment of any unused accrued vacation, Employee will be placed on unpaid leave through February 12, 2010 (the “Unpaid LOA Period”) for a period of eight (8) weeks following the Salary Continuation Period), during which time he will not accrue further pay, vacation or other compensation. During the Unpaid LOA Period, Mindspeed will continue to (a) pay the premiums for Employee’s continued coverage under benefit plans in which Employee is enrolled as of the Effective Date, including Mindspeed’s group medical, dental dental, and vision insurance plans, which coverage may be provided under COBRA at Mindspeed’s election, election subject to Employee’s payment of any employee contributions that would have applied if Employee had remained an officer of Mindspeedthe Company; and (b) pay the costs of Employee’s annual executive physical examinationphysical, health club membership membership, two (2) airline clubs, and one airline club, financial counseling benefits to the same extent as if Employee had remained an officer of Mindspeed during such period. Additionally, Mindspeed will provide Employee with outplacement assistance for a period of six (6) months following the Effective Date November 14, 2008 at Mindspeed’s expense through Right Management Consultants, or a similar firm, at the selected firm’s office location. Mindspeed will allow Employee to take possession of his company issued laptop, associated licensed Microsoft software, and Blackberry personal digital assistant. The foregoing payments and benefits will be referred to collectively as the “Settlement Sum,” and the parties hereto agree that the Settlement Sum provides Employee with full recompense for any and all claims for lost or unpaid wages, benefits, damages, interest and any other claim related to Employee’s employment or to the separation of such employment.

Settlement Sum. In consideration of Employee’s representations and releases in this Agreement, Mindspeed will provide Employee with salary continuation pay at Employee’s current salary level of $9,490.38 bi-weekly (less applicable withholdings) for twelve (12) weeks beginning on May 21, 2011, and continuing through August 14, 2011 (the “Salary Continuation Period”). You are also given the option to one-half Employee’s current salary level, equal to $2,650.00 4,745.19 per week (less applicable withholdings) for fiftypayable over Twenty-two four (5224) weeks beginning on August 14May 21, 20102011, and continuing through August 12November 24,, 2011 (the “Salary Continuation Period”). The salary continuation payments will be made in accordance with Mindspeed’s bi-weekly payroll schedule. At the end of the Salary Continuation Period, Employee’s final salary continuation check will be paid along with all accrued, unused vacation, unless Employee opts to extend the Salary Continuation Period by applying unused accrued vacation. If Employee opts to extend the Salary Continuation Period by applying unused accrued vacation, Employee will be compensated for one-half their current salary level for a period of two times the number of weeks of unused accrued vacation. Employee will not accrue additional vacation hours after the Effective Date. During the Salary Continuation Period, Mindspeed will continue to (a) pay the premiums for Employee’s coverage under benefit plans in which Employee is enrolled as of the Effective Date, including Mindspeed’s group medical, dental and vision insurance plans, which coverage may be provided under COBRA at Mindspeed’s election, subject to Employee’s payment of any employee contributions that would have applied if Employee had remained an officer of Mindspeed; and (b) pay the costs of Employee’s annual executive physical examination, health club membership and one airline club, to the same extent as if Employee had remained an officer of Mindspeed during such period. Employee’s coverage under Mindspeed’s life, long-term disability, group personal excess liability and any supplemental insurance plans and Employee’s participation in Mindspeed’s 401(k) plan end on the Effective Date. Following the conclusion of the Salary Continuation Period, and payment of any unused accrued vacation, Employee will be placed on unpaid leave (the “Unpaid LOA Period”) for a period of eight (8) weeks following the Salary Continuation Period, during which time he will not accrue further pay, vacation or other compensation. During the Unpaid LOA Period, Mindspeed will continue to (a) pay the premiums for Employee’s continued coverage under benefit plans in which Employee is enrolled as of the Effective Date, including Mindspeed’s group medical, dental and vision insurance plans, which coverage may be provided under COBRA at Mindspeed’s election, subject to Employee’s payment of any employee contributions that would have applied if Employee had remained an officer of Mindspeed; and (b) pay the costs of Employee’s annual executive physical examination, health club membership and one airline club, to the same extent as if Employee had remained an officer of Mindspeed during such period. Additionally, Mindspeed will provide Employee with outplacement assistance for a period of six (6) months following the Effective Date at Mindspeed’s expense through Right Management Consultants, or a similar firm, at the selected firm’s office location. Mindspeed will allow Employee to take possession of his company issued laptop, associated licensed Microsoft software, and Blackberry personal digital assistant. The foregoing payments and benefits will be referred to collectively as the “Settlement Sum,” and the parties hereto agree that the Settlement Sum provides Employee with full recompense for any and all claims for lost or unpaid wages, benefits, damages, interest and any other claim related to Employee’s employment or to the separation of such employment.