PINNACLE SYSTEMS, INC. AMENDED AND RESTATED CHANGE OF CONTROL SEVERANCE AGREEMENTChange of Control Severance Agreement • May 13th, 2004 • Pinnacle Systems Inc • Photographic equipment & supplies • California
This Amended and Restated Change of Control Severance Agreement (the “Agreement”) is made and entered into effective as of May 11, 2004 (the “Effective Date”), by and between Arthur Chadwick (the “Employee”) and Pinnacle Systems, Inc., a California corporation (the “Company”). Certain capitalized terms used in this Agreement are defined in Section 2 below.
March 1, 2004 Patti Hart [Address] Dear Patti:Pinnacle Systems Inc • May 13th, 2004 • Photographic equipment & supplies
On behalf of the Pinnacle Systems board of directors, we are pleased to offer you the position of President, Chief Executive Officer and Chairman of the Board of Pinnacle Systems, based in Mountain View, California. (This letter agreement is referred to herein as the “Offer Letter”). On your first day of employment, you will be appointed a member of Pinnacle Systems’ Board of Directors (the “Board”). During your employment with Pinnacle Systems, you agree to devote your full business efforts and time to Pinnacle Systems. You agree, while employed by Pinnacle Systems, not to actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration without the prior approval of the Board; provided, however, that you may serve in any capacity with any civic, educational or charitable organization, or as a member of corporate boards of directors or committees thereof, without the approval of the Board, unless there is a conflict of interest.
