Exhibit 10.3
[Execution Copy]
AMENDMENT NO. 1 TO
CONFIDENTIAL SEPARATION AGREEMENT AND GENERAL
RELEASE
THIS AMENDMENT NO. 1 TO
CONFIDENTIAL SEPARATION AGREEMENT AND GENERAL RELEASE (this
“Amendment”) is made and entered into this 24
th day
of September, 2007, between Umesh Padval (the
“Employee”) and LSI Corporation (together with its
predecessors and its successors and assigns, the
“Company”).
W I T
N E S S E T H:
WHEREAS , the Company and the
Employee (the “Parties”) entered into a Confidential
Separation Agreement and General Release, dated as of the 31
st day
of August, 2007 (the “Original Agreement”); and
WHEREAS , the Parties desire
to amend and supplement the Original Agreement as set forth in this
Amendment;
NOW THEREFORE , in
consideration of the promises and covenants contained in this
Amendment, the Parties agree as follows:
A.
Paragraph 2 of the Original
Agreement is deleted in its entirety and replaced as follows:
2.
Change In Status
. From and after the Status Change Date, all
compensation and benefits shall cease, except for those
specifically listed in this Section 2. The Employee’s
position with the Company, including all compensation and
eligibility for benefits (other than post-termination benefits
specifically described herein), shall terminate on March
15 ,
2008 (the “Termination Date”).
B.
Paragraph 2.1 of the Original
Agreement is deleted in its entirety and replaced as
follows:.
2.1
Position .
The Employee will remain an employee of the Company
until such time as his employment terminates on the Termination
Date. The Employee&rs
