Exhibit 10.15
SEVERANCE ARRANGEMENT
Xxxx X. Xxxxxxx
May 1, 1997
1. If you are terminated by Tellabs other than "for cause" before May 1,
2001, Tellabs agrees: (i) to immediately vest the stock options
granted to you on May 1, 1997; and (ii) to immediately vest the
restricted shares granted to you under the terms of the Restricted
Stock Award. In such a case, we agree to continue your then-current
salary for one year beyond the date of termination. (For purposes
of this agreement "for cause" shall mean any act of deliberate
dishonesty with respect to Tellabs, conviction of a felony,
significant activities harmful to the reputation of Tellabs, refusal
to perform or substantial disregard of duties properly assigned you,
or significant violation of any Tellabs policy or any statutory or
common law duty of loyalty to Tellabs.) The term "Tellabs" means
Tellabs, Inc. and/or any of its direct or indirect subsidiaries.
2. You agree as follows:
a. To comply with Tellabs' Confidentiality and Patent Agreements.
b. Not to compete with Tellabs by accepting employment with a
direct competitor of Tellabs in the provisioning of networking
and/or transport equipment to service providers or end users of
such equipment.
c. Not to solicit, induce or attempt to persuade any supplier,
distributor, client, customer or employee of Tellabs or any of
its affiliates to terminate or breach its, his or her
relationship(s) with Tellabs or any of its affiliates.
d. The terms of this paragraph 2 will continue in effect following
any termination of employment with Tellabs for a period of
two years.
