AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.25.1
AMENDMENT TO EMPLOYMENT AGREEMENT
This AMENDMENT (this “Amendment”) is entered into as of the dates set forth below (the
“Amendment Effective Date”), by and between Conexant Systems, Inc., a Delaware corporation (the
“Company”), and Xxxx Xx (the “Executive”).
WHEREAS, the parties hereto previously entered into an employment agreement dated as of April
25, 2008 (the “Employment Agreement”); and
WHEREAS, the parties hereto wish to amend the Employment Agreement in accordance with the
terms set forth herein;
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1. Effective as of July 15, 2009, the first two sentences of Section 3 of the Employment
Agreement are amended in their entirety to read as follows, effective as of July 15, 2009:
“The Executive will continue to serve as Chief Financial Officer, Treasurer
and Senior Vice President of Business Development during the Employment Period.
As Chief Financial Officer, Treasurer and Senior Vice President of Business
Development, the Executive will render executive, policy and other management
services to the Company of the type customarily performed by persons serving in a
similar capacity and as reasonably determined by the Chief Executive Officer or
Board of Directors of the Company (“Board”) with regard to the Executive’s status
and position within the Company.”
2. Commencing with the pay period beginning August 15, 2009, the first sentence of Section
5(a) of the Employment Agreement is amended in its entirety to read as follows:
“During the Employment Period, the Company will continue to pay to the
Executive an annual base salary (the “Base Salary”), which currently is $350,000.”
3. Commencing with the pay period beginning August 15, 2009, the first paragraph of Section
5(b) of the Employment Agreement is amended in its entirety to read as follows:
“(b) Bonus. During the Employment Period, the Executive will be
eligible to earn an annual performance bonus in an amount determined at the
discretion of the Board or the Compensation Committee for each fiscal year. It is
the intention of the parties hereto that the Company shall establish a target
bonus for the Executive with respect to each fiscal year of the Employment Period
based upon overall performance of the Company and upon the Executive’s individual
performance. The Executive’s full year target bonus for the 2009 fiscal year will
be seventy percent (70%) of the Base Salary. In the event that a target bonus is
not established with respect to the 2010 fiscal year or any subsequent fiscal
year, the Executive’s target bonus shall be deemed to be the target bonus
established under this Agreement for the immediately preceding fiscal year.”
4. Effective as of the date this Amendment is executed by both parties hereto, Section 9(e)(i)
of the Employment Agreement is hereby amended and restated in its entirety to read as follows:
“(i) payment by the Company to the Executive of a cash lump sum equal to:
| (A) | any accrued but unpaid Base Salary through the Date of Termination and all other unpaid amounts, if any, which the Executive has accrued and is entitled to as of the Date of Termination; and | ||
| (B) | one (1) times the Executive’s annual Base Salary;” |
5. Continued Validity of the Employment Agreement. Except as amended and superseded
by this Amendment, the Employment Agreement will remain in full force and effect, will continue to
bind the parties hereto, and will continue to govern the terms and conditions of the Executive’s
continued employment with the Company. To the extent that the terms of this Amendment conflict or
are inconsistent with the terms of the Employment Agreement, the terms of this Amendment will
govern.
6. Entire Agreement. This Amendment and the Employment Agreement, to the extent not
amended and superseded by this Amendment, constitute the entire agreement between the parties
hereto respecting the employment of the Executive with the Company (the “Entire Agreement”). There
being no representations, warranties, or commitments between the parties hereto except as set forth
in the Entire Agreement, the Entire Agreement replaces and supersedes any other employment
agreement or
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arrangement, oral or written, between the Executive and the Company or any of its Affiliates
or predecessors.
7. Amendment Effective Date. This Amendment will become binding once both parties
hereto have executed this Amendment. Once executed, this Amendment will be effective as of the
Amendment Effective Date.
8. Governing Law. This Amendment, the rights and obligations of the parties hereto,
and any claims or disputes relating thereto, will be governed by and construed in accordance with
the laws of the State of California (but not including the choice of law rules thereof).
9. Counterparts. This Amendment may be executed in several counterparts, each of
which shall be deemed to be an original, and all such counterparts when taken together shall
constitute one and the same original.
IN WITNESS WHEREOF, the undersigned have duly executed this Amendment, or have caused this
Amendment to be duly executed on their behalf, as of the day and year first written above.
| CONEXANT SYSTEMS, INC. |
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| By: | /s/ Xxxxxxx Xxxxxx | |||
| Name: | Xxxxxxx Xxxxxx | |||
| Title: | SVP, Human Resources | |||
| XXXX XX |
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| /s/ Xxxx Xx | ||||
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