Exhibit 10.33
December 17, 2008
Basem Anshasi
Dear Basem:
In recognition of your value and
contribution as Vice President Worldwide Sales, we would like to
provide you with reasonable financial certainty to enable you to
concentrate on the growth and well being of Powerwave Technologies
during your tenure with the Company.
As part of your
executive benefits, we are providing you with this Severance
Agreement, which provides that you will receive the severance
benefits outlined below if in anticipation of, or within eighteen
(18) months following a “Change in Control” of the
Company, your employment is involuntarily terminated without
“Cause”, or if you voluntarily terminate your
employment for “Good Reason”. The terms “Change
in Control”, “Cause” and “Good
Reason” are defined in the attachment. Under this Severance
Agreement your severance benefit is eighteen (18) months
lump-sum pay at the rate of your then current annual salary for the
year in which the termination occurs. This amount shall be subject
to applicable federal, state and local tax withholdings and will be
paid to you provided you execute a release of claims within the
minimum period required by Section 201 of the Older Workers
Benefit Protection Act of 1990, as amended, to make such release
effective. The lump sum will be paid within fifteen (15) days
after your execution of an unrevoked release (but not later than
two and one-half (2 1
/
2 ) months after the end of the
calendar year following your termination of employment.)
Additionally, the Company will pay
for existing group employee benefit coverage continuation under the
Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) as
provided by the Company’s group Agreements for eighteen
(18) months following the calendar month of your termination
at regular employee rates.
Further, the Company will provide
you with access to executive outplacement for eighteen
(18) months. Outplacement will include the Executive Package
at Lee Hecht Harrison or a comparable outplacement
provider.
Benefits under this Agreement will
require you to sign a Release and return the signed original to
Powerwave. Please note that nothing in this agreement is intended
to alter your employment status and that your employment with the
Company remains on an “at-will” basis.
It is our hope that these provisions demonstrate
to you our commitment and appreciatio
