Officer Severance Plan. The Executive acknowledges and agrees that, from and after the Effective Date, he shall not be a participant in, and he hereby waives any right to participate in, the Officer Severance Plan, or any successor plan thereto designed to provide similar benefits.
Officer Severance Plan. The Managing Director shall participate in the Officer Severance Plan of Tekelec US, effective from time to time (currently 2007 Officer Severance Plan - the "Plan") provided that all requirements (effective from time to time) of the Plan are met, in particular the Managing Director is still an Eligible Officer within the meaning of the Plan. For the purpose of the Plan the target bonus (in the meaning of sec. 2 (b) of the current 2007 Plan) shall be 70% of the annual base salary; the target bonus is also in lieu of commissions (in the meaning of the Plan). Otherwise, all requirements for the entitlement shall be solely governed by the Plan effective from time to time. The Plan and its application shall be governed by the laws of the state of North Carolina, USA.
Officer Severance Plan. The parties agree that, from and after the Effective Date, Employee will be designated as an “Eligible Officer” for purposes of Employer’s Officer Severance Plan (As Amended and Restated Effective January 1, 2009) (the “2009 Plan”). However, notwithstanding the foregoing or anything to the contrary, Employee will not be entitled to any severance benefits under the 2009 Plan, whether pursuant to Section 3(b)(i) thereof or otherwise, due to either (a) any decrease to Employee’s annual base salary that results in such base salary being equal to or greater than the annual base salary to which Employee was entitled immediately prior to the Effective Date, or (b) (i) any change to Employee’s position at Employer, or (ii) the removal of Employee from Employee’s position, in either case following an offer to Employee of employment in another position at Employer (even if Employee does not accept such new position), provided that Employee remains or is offered a position (even if not accepted) as the CEO or as an “executive officer” (as defined in 17 CFR §240.3b-7 as of the Effective Date) of Employer reporting directly to the CEO. Employer acknowledges that vesting of the stock options and RSUs described above in this Amendment may be accelerated under the terms of the 2009 Plan. To the extent the foregoing provisions would alter the provisions of the 2009 Plan, the 2009 Plan is hereby amended accordingly.
Officer Severance Plan. The parties agree that Employee previously has been, and from and after the Effective Date shall continue to be, designated as an “Eligible Officer” for purposes of Employer’s Officer Severance Plan (As Amended and Restated Effective February 12, 2016) (the “2016 Plan”) or any successor thereto. Employer acknowledges that vesting of the stock options and RSUs described in the Second Amendment may be accelerated under the terms of the 2016 Plan."
Officer Severance Plan. In consideration of the benefits provided under this First Amendment, Executive hereby waives any and all benefits to which he may have been entitled to receive under the Section 16 Officer Severance Plan, including without limitation any benefits or protections Executive may have been entitled to receive under Article XI of the Section 16 Officer Severance Plan. Executive further waives any rights to severance benefits under any other Company-sponsored severance plan, program, practice, policy or agreement that would duplicate severance benefits under this Agreement.
Officer Severance Plan
