EXHIBIT 10.81
EXTENSION TO
SEVERANCE AGREEMENT
This Extension to Severance Agreement (the "Amendment") is made
effective as of February 27, 2002 by and between Catalyst Semiconductor, Inc.,
("Corporation") and Xxxxx Xxxxx ("Employee") and amends the Severance Agreement
between the Corporation and Employee dated as of September 21, 1999 (the
"Original Agreement"). Terms not otherwise defined in this Amendment shall have
the meaning ascribed to them in the Original Agreement.
RECITALS
1. Employee is employed by the Corporation.
2. The Corporation and Employee entered into the Original Agreement with
respect to Employee's employment by the Corporation.
3. The Company and Employee mutually desire to amend the Original
Agreement to extend the term until April 30, 2003.
AGREEMENT
In consideration of the mutual convents hereinafter contained, the
Corporation and Employee agree as follows:
1. Section 1 of the Original Agreement is hereby amended and restated to
read in its entirety as follows:
INVOLUNTARY TERMINATION. If Employee's employment is terminated as a
result of Involuntary Termination other than for cause, at any time
prior to April 30, 2003, Employee will be entitled to consideration
as defined below.
2. All other provisions of the Original Agreement shall remain in full
force and effect.
3. This Amendment may be executed in any number of counterparts, each of
which shall be enforceable against the parties, and all of which together shall
constitute one instrument.
4. This Amendment shall be governed in all respects by the laws of the
State of California without giving effect to principles of conflicts of law.
IN WITNESS WHEREOF, this First Amendment to the Severance Agreement is
hereby executed as of the date first above written.
COMPANY:
CATALYST SEMICONDUCTOR, INC.
By: /s/ Xxxx Xxxxx
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Xxxx Xxxxx
President & CEO
AGREED TO AND ACCEPTED
THIS 27TH DAY OF FEBRUARY, 2002:
EMPLOYEE:
By: /s/ Xxxxx Xxxxx
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Name: Xxxxx Xxxxx
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