PMC-SIERRA, INC. EXECUTIVE EMPLOYMENT AGREEMENT This Agreement is between PMC- Sierra, Inc. (the "Company"), and John W. Sullivan ("Executive") and effective as of September 27, 1999. 1. Termination Without Cause or Constructive Termination, With...Employment Agreement • March 30th, 2000 • PMC Sierra Inc • Semiconductors & related devices • Delaware
This Agreement is between PMC-Sierra, Inc. (the "Company"), and John W. Sullivan ("Executive") and effective as of September 27, 1999. 1. Termination Without Cause or Constructive Termination, With Change in Control. If Company terminates Executive's employment without Cause, or takes actions which constitute Constructive Termination, and a Change in Control (or the signing of a binding agreement which could result in a Change in Control) is reasonably expected within the next 60 days or has occurred in the past two years, then the following will occur. (i) Promptly following such actual or Constructive Termination, Executive shall receive (A) his Base Salary through the date of termination, (B) a lump-sum payment equal to 4% of his then-current Base Salary for each full month during which he was Employed by the Company or its affiliates, provided that this total payment shall not exceed two times Executive's then-current Base Salary, (C) a lump-sum payment equal to 2% of his prior yea
