Back to top

AMENDMENT TO EXECUTIVE SEVERANCE AGREEMENT

Termination Severance Agreement

AMENDMENT TO EXECUTIVE SEVERANCE AGREEMENT | Document Parties: Informatica Corporation You are currently viewing:
This Termination Severance Agreement involves

Informatica Corporation

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: AMENDMENT TO EXECUTIVE SEVERANCE AGREEMENT
Date: 2/26/2009
Industry: Software and Programming     Sector: Technology

AMENDMENT TO EXECUTIVE SEVERANCE AGREEMENT, Parties: informatica corporation
50 of the Top 250 law firms use our Products every day

 

EXHIBIT 10.21

 

 

AMENDMENT TO EXECUTIVE SEVERANCE AGREEMENT

 

This amendment (the “ Amendment ”) is made by and between _________ (the “ Executive ”) and Informatica Corporation (the “ Company ” and together with the Executive hereinafter collectively referred to as the “ Parties ”).

 

WHEREAS , the Parties previously entered into an Executive Severance Agreement effective ___________, as amended (the “ Prior Agreement ”); and

 

WHEREAS , the Parties wish to amend the Prior Agreement in order to bring such terms into compliance with Section 409A of the Internal Revenue Code of 1986, as amended and the final regulations and other official guidance thereunder, as set forth below.

 

NOW, THEREFORE , for good and valuable consideration, the Parties agree as follows:

 

1.           Section 3(a) shall be deleted in its entirety and replaced with

 

“Termination Without Cause or Resignation for Good Reason in Connection with a Change of Control .  If Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason, and the termination is in connection with a Change of Control, then, subject to Section 4, Executive will receive: (i) continued payment of his or her base salary for a period of the period of 12 months following the date of the termination (the “Continuance Period”) (such that the amount paid in each month shall be the same but if the separation agreement and release of claims are not complete within the first sixty (60) days that the initial payment shall include any other payments that would have been made prior to the completion of the separation agreement and release of claims), if Executive is entitled to receive payments under this Section 3(a)), (iii) reimbursement for any applicable premiums to continue coverage for Executive and Executive’s eligible dependents under the Company’s Benefit Plans for the Continuance Period, or, if earlier, until Executive is eligible for similar benefits from another employer (provided Executive validly elects to continue coverage under applicable law), (iv) twelve months accelerated vesting of equity awards (whether such equity awards were granted prior to or on or after the Effective Date); and (iv) a lump sum payment equal to Executive’s annual on-target bonus, commissions or variable earnings, assuming Company performance at 100% of target for Company bonus or commissions determination.”

 

 

2.            Section 4(a) shall be deleted in its entirety and replaced with :

 

“Separation Agreement and Release of Claims .  The receipt of any severance pursuant to Section 3 will be subject to Executive signing and not revoking a separation agreement and release of claims in a form reasonably acceptable to the Company, and provided further that separation agreement and release of claims are executed and become effective no later than sixty (60) days following the termination date.  No severance will be paid or provided until the separation agreement and release agreement becomes effective.”

 

 

 


 

 

 

3.

A new paragraph is added to become Section 4(b) as follows and the existing Sections 4(b), 4(c), 4(d) and 4(e) become Sections (4(c), 4(d), 4(e) and 4(f) respectively :

 

“Timing of Payments.  Any severance payments or benefits under this Severance Agreement that would be considered Deferred Compensation Separation Benefits (as defined in Section 5) shall be paid on, or, in the case of installments, shall not commence until, the sixtieth (60 th ) day following Executive’s separation from service, or, if later, such time as required by Section 5.  Any installment payments that would have been made to Executive during the sixty (60) day period immediately following the Executive’s separation from service but for the preceding sentence shall be paid to Executive on the sixtieth (60 th ) day following the Executive’s separation from service and the remaining payments shall be made as provided in this Severance Agreement.”

 

 

4.

A new section is added to become Section 5 as follows and the existing Sections 6 through 17 become Sections 7 through 18 respectively :

 

“Section 5.  Section 409A.  

 

a.  

Notwithstanding anything to the contrary in this Severance Agreement, no severance payable to Executive, if any, pursuant to this Agreement, when considered together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A of the Intern


 
SITE SEARCH

AGREEMENTS / CONTRACTS

Document Title:

Entire Document: (optional)

Governing Law:(optional)


Try our advanced search >>
 

CLAUSES

Search Contract Clauses >>

Browse Contract Clause Library>>

Get Email Updates
Email:
This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more