Document:

Exhibit 10.1

 

EXECUTION VERSION

 

INCREMENTAL ASSUMPTION AGREEMENT

 

Dated as of March 5, 2012

 

INCREMENTAL ASSUMPTION AGREEMENT among United Rentals, Inc., a Delaware corporation (“Holdings”), United Rentals (North America), Inc., a Delaware corporation (the “Company”), each Subsidiary listed on the signature pages hereto as a “U.S. Borrower” (the “U.S. Subsidiary Borrowers” and, together with the Company, the “U.S. Borrowers”), United Rentals of Canada, Inc., a corporation amalgamated under the laws of the Province of Ontario (the “Canadian Borrower”), United Rentals Financing Limited Partnership, a Delaware partnership (the “Specified Loan Borrower”, and together with the U.S. Borrowers and the Canadian Borrower, the “Borrowers”), each other Subsidiary listed on the signature pages hereto as a “Guarantor” (the “Guarantors”), the banks, financial institutions and other institutional lenders party hereto and Bank of America, N.A., as agent (the “Agent”).

 

PRELIMINARY STATEMENTS:

 

(1)                                 The Borrowers, the Guarantors, the Agent and the other agents and lenders named therein have entered into an Amended and Restated Credit Agreement dated as of October 14, 2011, which was amended by Amendment No. 1 to Amended and Restated Credit Agreement, dated as of December 16, 2011 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Credit Agreement”). Capitalized terms not otherwise defined in this Agreement have the same meanings as specified in the Credit Agreement.

 

(2)                                 The Borrowers, each Increasing Lender (as hereinafter defined) and the Agent have agreed to enter into this Agreement in order to effectuate a Commitment Increase (this “Commitment Increase”) in accordance with Section 2.8 of the Credit Agreement.

 

SECTION 1.                            Commitment Increase. Pursuant to Section 2.8 of the Credit Agreement:

 

(a)                                 Subject to the satisfaction of the conditions precedent set forth in Section 2, on the Effective Date (as hereinafter defined), each U.S. Lender listed on the signature pages hereof as an “Increasing Lender” (each, an “Increasing Lender”) shall (i) if such Increasing Lender is a Lender under the Credit Agreement before giving effect to this Agreement, increase its existing U.S. Revolving Credit Commitment to the amount set forth opposite such Lender’s name on Schedule 1 hereto and (ii) if such Increasing Lender is not a Lender under the Credit Agreement before giving effect to this Agreement (such Increasing Lender, an “Assuming Lender”), hereby make a U.S. Revolving Credit Commitment under the Credit Agreement as of the date hereof equal to the amount set forth opposite such Assuming Lender’s name on Schedule 1 hereto.

 

(b)                                 As of the Effective Date and immediately after giving effect to this Commitment Increase, the Maximum Revolver Amount shall be $1,900,000,000 and the Maximum U.S. Revolver Amount shall be $1,730,000,000.

 

SECTION 2.                            Conditions to Effectiveness. This Agreement shall become effective as of the later date (the “Effective Date”) of the date specified in the Notice of Requested

 

 

Commitment Increase in respect of this Commitment Increase and the date on which the following items have been received by the Agent:

 

(a)                                 Counterparts of this Agreement executed by the Obligors, the Agent, each Increasing Lender or, as to any Increasing Lender, advice satisfactory to the Agent that such Lender has executed this Agreement;

 

(b)                                 A certificate signed by a duly authorized officer of the Borrowers’ Agent stating that:

 

(i)                                     The representations and warranties contained in each of the Loan Documents and this Agreement are correct on and as of the Effective Date as though made on and as of such date, other than any such representations or warranties that, by their terms, refer to a date other than the Effective Date; and

 

(ii)                                  No Default or Event of Default shall exist both before and after giving effect to this Commitment Increase;

 

(c)                                  (i) Opinions of counsel for the U.S. Obligors (including Canadian counsel to United Rentals of Nova Scotia (No.1), ULC and United Rentals of Nova Scotia (No. 2), ULC) reasonably satisfactory to the Agent, addressing among other things the due authorization, execution and delivery of this Agreement, the enforceability of the Loan Documents, after giving effect to this Agreement, and the continuing validity of the security interests in the U.S. Collateral created pursuant to the Loan Documents and the perfection thereof; (ii) a certificate as to the good standing or status of each U.S. Obligor as of a recent date, from such Secretary of State or other Governmental Authority; (iii) a certificate of the Secretary or Assistant Secretary or Officer of each U.S. Obligor dated the Effective Date and certifying (A) that the certificate or articles of incorporation/amalgamation/amendment or memoranda of association (or similar Organization Documents) of such U.S. Obligor and the by-laws (or similar Organization Documents) of such U.S. Obligor have not been amended since such Organization Documents were delivered to the Agent on the Closing Date (or such later date that any U.S. Obligor’s Organization Documents were delivered to the Agent pursuant to Section 8.25 of the Credit Agreement (each such later date, an “Additional Obligor Date”)) and the Organization Documents delivered on the Closing Date (or applicable Additional Obligor Date, as the case may be) are in effect on the Effective Date and at all times since a date prior to the date of the resolutions described in clause (B) below, (B) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors (or the equivalent governing body) of such U.S. Obligor authorizing the authorization, execution and delivery of this Agreement, the performance of the Loan Documents, after giving effect to this Agreement and, in the case of the Borrowers, the borrowings thereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (C) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Obligor; and (iv) a certificate of another officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary executing the certificate pursuant to clause (iii) above.

 

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(d)                                 Evidence that concurrently with the effectiveness of this Commitment Increase, in accordance with Section 2.8(b) of the Credit Agreement, (i) the U.S. Lenders shall have made advances among themselves (through the Agent) so that after giving effect to this Commitment Increase, the U.S. Revolving Loans and Specified Loans will be held by the U.S. Lenders on a pro rata basis in accordance with each U.S. Lender’s Pro Rata Share (after giving effect to the applicable Commitment Increase) and (ii) the U.S. Borrowers shall have paid to the applicable U.S. Lenders any amounts payable in respect thereof in accordance with Section 5.4 of the Credit Agreement (with any reduction in U.S. Revolving Loans or Specified Loans of any U.S. Lender pursuant to Section 2.8(b) of the Credit Agreement being deemed a prepayment for purposes of Section 5.4 of the Credit Agreement).

 

(e)                                  Evidence that the Borrowers shall have paid any and all fees and expenses owing to the Agent and the Lenders in respect of this Commitment Increase.

 

SECTION 3.                            Reference to and Effect on the Credit Agreement; Confirmation of Guarantors. (a) On and after the effectiveness of this Agreement, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in each of the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, after giving effect to this Agreement.

 

(b)                                 Each Loan Document, after giving effect to this Agreement, is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, the U.S. Security Documents and all of the Collateral described therein do and shall continue to secure the payment of all Obligations of the Obligors under the Loan Documents and the Canadian Security Documents and all of the Collateral described therein do and shall continue to secure the payment of all Canadian Obligations of the Canadian Obligors under the Loan Documents.

 

(c)                                  The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

 

SECTION 4.                            Assuming Lender. Each Assuming Lender (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Agreement and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under the Credit Agreement (subject to such consents, if any, as may be required under Section 12.2(a) of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder (including, without limitation, pursuant to the second paragraph of Section 13.1 of the Credit Agreement) and, to the extent of its U.S. Revolving Credit Commitment and its pro rata portion of the U.S. Revolving Loans and Specified Loans (collectively, the “Assigned Interest”), shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it

 

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has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 6.2(a) or (b) thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Agreement and to purchase the Assigned Interest, (vi) it has, independently and without reliance upon the Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and to purchase the Assigned Interest, (vii) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by such Assuming Lender, and (viii) it is a United States person for purposes of the Code; and (b) agrees that (i) it will, independently and without reliance upon the Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender and (iii) such Lender will at all material times continue to be a United States person for purposes of the Code.

 

SECTION 5.                            Costs, Expenses. The U.S. Borrowers agree to pay on demand to the Agent all reasonable and documented out-of-pocket costs and expenses that the Agent pays or incurs in connection with the preparation, execution, delivery and administration, modification and amendment of this Agreement and the other instruments and documents to be delivered hereunder (including, without limitation, Attorney Costs) in accordance with the terms of Section 14.7 of the Credit Agreement.

 

SECTION 6.                            Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier (or other electronic transmission) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

SECTION 7.                            Governing Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

 

	
 
    	
UNITED RENTALS, INC., as Guarantor
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    	
/s/   Irene Moshouris
    
	
 
    	
 
    	
Name:
    	
Irene   Moshouris
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
UNITED RENTALS (NORTH AMERICA), INC.,
    
	
 
    	
as a U.S. Borrower and as a Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    	
/s/   Irene Moshouris
    
	
 
    	
 
    	
Name:
    	
Irene   Moshouris
    
	
 
    	
 
    	
Title
    	
Senior   Vice President and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
UNITED RENTALS OF CANADA, INC.,
    
	
 
    	
as the Canadian Borrower and as a Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    	
/s/   Irene Moshouris
    
	
 
    	
 
    	
Name:
    	
Irene   Moshouris
    
	
 
    	
 
    	
Title:
    	
Vice   President and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
UNITED RENTALS FINANCING LIMITED
    
	
 
    	
PARTNERSHIP, as the Specified Loan Borrower
    
	
 
    	
and as a Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
UNITED RENTALS OF NOVA SCOTIA
    
	
 
    	
 
    	
(No. 1), ULC, its Managing Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    	
/s/   Irene Moshouris
    
	
 
    	
 
    	
 
    	
Name:
    	
Irene   Moshouris
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice   President and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
UNITED RENTALS NORTHWEST, INC.,
    
	
 
    	
as a U.S. Borrower and as a Guarantor
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    	
/s/   Irene Moshouris
    
	
 
    	
 
    	
Name:
    	
Irene   Moshouris
    
	
 
    	
 
    	
Title:
    	
Vice   President and Treasurer
    
						

 

Signature Pages to Incremental Assumption Agreement

 

 

	
 
    	
UNITED RENTALS HIGHWAY
   TECHNOLOGIES GULF, LLC,
   as a Guarantor
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    	
/s/   Irene Moshouris
    
	
 
    	
 
    	
Name:
    	
Irene   Moshouris
    
	
 
    	
 
    	
Title:
    	
Vice   President and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
UNITED RENTALS (DELAWARE),   INC.,
    
	
 
    	
as a Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    	
/s/   Irene Moshouris
    
	
 
    	
 
    	
Name:
    	
Irene   Moshouris
    
	
 
    	
 
    	
Title:
    	
Vice   President and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
UNITED RENTALS OF NOVA   SCOTIA (NO. 1), 
    
	
 
    	
ULC, as a Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    	
/s/   Irene Moshouris
    
	
 
    	
 
    	
Name:
    	
Irene   Moshouris
    
	
 
    	
 
    	
Title:
    	
Vice   President and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
UNITED RENTALS OF NOVA SCOTIA   (NO. 2),
    
	
 
    	
ULC, as a Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    	
/s/   Irene Moshouris
    
	
 
    	
 
    	
Name:
    	
Irene   Moshouris
    
	
 
    	
 
    	
Title:
    	
Vice   President and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
UR CANADIAN FINANCING   PARTNERSHIP,
    
	
 
    	
as a Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
UNITED RENTALS FINANCING   LIMITED
   PARTERSHIP, its Managing Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
UNITED RENTALS OF NOVA   SCOTIA
   (NO. 1), ULC, its Managing Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
 
    	
/s/   Irene Moshouris
    
	
 
    	
 
    	
 
    	
Name:
    	
Irene   Moshouris
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice   President and Treasurer
    
							

 

Signature Pages to Incremental Assumption Agreement

 

 

	
 
    	
BANK OF AMERICA, N.A.,
    
	
 
    	
as a Agent
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Cynthia G. Stannard
    
	
 
    	
 
    	
Name:
    	
Cynthia G. Stannard
    
	
 
    	
 
    	
Title:
    	
Sr. Vice President
    

 

Signature Pages to Incremental Assumption Agreement

 

 

	
 
    	
DEUTSCHE BANK AG NEW YORK   BRANCH,
    
	
 
    	
as an Increasing Lender   and Assuming Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    	
/s/   Marguerite Sutton
    
	
 
    	
 
    	
Name:
    	
Marguerite   Sutton
    
	
 
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    	
/s/   Erin Morrissey
    
	
 
    	
 
    	
Name:
    	
Erin   Morrissey
    
	
 
    	
 
    	
Title:
    	
Director
    

 

Signature Pages to Incremental Assumption Agreement

 

 

SCHEDULE 1

 

	
Increasing Lender
    	
 
    	
U.S. Revolving Credit Commitment (after giving
   effect to the Commitment Increase)
    	
 
    
	
Deutsche Bank AG New York   Branch
    	
 
    	
$
    	
100,000,000Exhibit 10.1

 

ACTION BY UNANIMOUS WRITTEN CONSENT

OF THE COMPENSATION COMMITTEE

OF THE BOARD OF DIRECTORS

OF

SILICON LABORATORIES INC.

 

The undersigned, constituting all of the members of the Compensation Committee (the “Committee”) of the Board of Directors of Silicon Laboratories Inc., a Delaware corporation (the “Company”), hereby execute this instrument to evidence their consent (in lieu of holding a meeting) to the adoption of the resolutions set forth on Exhibit A hereto.

 

IN WITNESS WHEREOF, the undersigned have executed this Action By Unanimous Written Consent to be effective as of March 8, 2012.

 

 

	
 
    	
/s/   Laurence G. Walker
    
	
 
    	
Laurence   G. Walker
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   H. Berry Cash
    
	
 
    	
H.   Berry Cash
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   Navdeep S. Sooch
    
	
 
    	
Navdeep   S. Sooch
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   William P. Wood
    
	
 
    	
William   P. Wood
    

 

 

EXHIBIT A

 

RESOLUTIONS OF

THE COMPENSATION COMMITTEE OF

THE BOARD OF DIRECTORS

 

2012 BONUS PLAN

 

WHEREAS, in connection with the Committee’s consideration of the proposed 2012 Bonus Plan attached hereto as Annex A (the “2012 Bonus Plan”), the Committee has previously reviewed and discussed the appropriate structure and performance metrics under the 2012 Bonus Plan and other matters the Committee deemed relevant;

 

NOW, THEREFORE, BE IT

 

RESOLVED, that the 2012 Bonus Plan be, and it hereby is, authorized, ratified, confirmed, adopted and approved.

 

RESOLVED, that the bonus metrics approved with respect to certain individuals at the January 19, 2012 meeting of the Committee are ratified for purposes of the 2012 Bonus Plan.

 

VESTING ACCELERATION

 

WHEREAS,  Ferenc Mernyei is an employee of the Company’s Hungarian subsidiary and is terminally ill;

 

NOW, THEREFORE, BE IT

 

RESOLVED, that the vesting shall be accelerated with respect to his remaining 1,000 RSUs subject to Grant Number 502830, his 465 RSUs subject to Grant Number 600257 and his 906 RSUs subject to Grant Number 600720 upon the earlier of (1) Mr. Mernyei’s death or (2) his mutual written agreement with the Company’s Hungarian subsidiary to terminate his employment.

 

MISCELLANEOUS

 

RESOLVED, that the officers of the Company be, and each of them hereby is, authorized, empowered and directed, for and on behalf of the Company, to prepare and deliver or cause to be prepared and delivered and to execute all documents and take or cause to be taken such further actions as they may deem necessary, appropriate or advisable to fully effectuate the intent of the foregoing recitals and resolutions and to comply with the provisions of any of the documents or instruments approved or authorized hereby.

 

*              *              *

 

 

Annex A

 

Silicon Laboratories Inc.

2012 Bonus Plan

 

Overview

 

Silicon Laboratories Inc. (“Silicon Labs”) is committed to sharing its success with the people who make it possible — the Silicon Labs employees.  The purpose of the 2012 Bonus Plan (the “Plan”) is to encourage the Silicon Labs employees to participate in the achievement of the company’s goals and to permit Silicon Labs employees to share in the rewards of our success.  The term of this Plan is for the 2012 fiscal year.

 

Eligible Employees

 

To be eligible to participate in the Plan, a person must be a regular full-time or part-time employee of Silicon Labs or one of its wholly-owned subsidiaries and not a participant in any other bonus plan or cash incentive plan (including any sales commission plan) unless participation under the Plan is permitted under the terms of such other plan.

 

Bonus Calculation

 

Bonuses and applicable bonus metrics shall be determined by the Compensation Committee (with respect to executive officers and other members of management designated by the Compensation Committee) or by the CEO of Silicon Labs after consultation with Human Resources (with respect to other Eligible Employees).  Bonuses may be made dependent on individual or company performance criteria such as, without limitation, adjusted operating income, earnings per share, revenue, revenue by product area(s), gross margin, gross margin by product area(s) or management-based objectives such as the introduction of new products.  Adjustments may be made from time to time at the sole discretion of the Compensation Committee (or its designee) to include or exclude certain items in the calculations.  An example of a potential adjustment would be the exclusion of an expense item such as an unusual tax charge.

 

Eligible Earnings

 

Bonuses are paid as a percentage of Eligible Earnings earned by such employee during such quarter.  Eligible Earnings include only an employee’s base salary or hourly wages.  Eligible Earnings do not include, among other things, “extra months” bonuses or payments, disability pay, bonus payments from a previous bonus period or other payments that are taxable but not considered regular base earnings.  For non-exempt employees, overtime pay would be considered Eligible Earnings.

 

Timing of Payments

 

Bonus checks will generally be issued within approximately one month after the end of each quarterly period.  Bonus payments are not considered earned by the employee until the payment is received.

 

General Provisions

 

· Bonuses are subject to all applicable taxes and other required deductions.  Bonus payments are not subject to benefit plan deductions or 401(k) plan contributions.

 

· The Plan will not be available to employees subject to the laws of any jurisdiction which prohibits any provisions of this Plan or in which tax or other business considerations make participation impracticable in the judgment of the Compensation Committee.

 

· The Plan does not constitute a guarantee of employment nor does it restrict Silicon Labs’ rights to terminate employment at any time or for any lawful reason.

 

 

· The Plan does not create vested rights of any nature nor does it constitute a contract of employment or a contract of any other kind.  The Plan does not create any customary concession or privilege to which there is any entitlement from year-to-year, except to the extent required under applicable law.  Nothing in the Plan entitles an employee to any remuneration or benefits not set forth in the Plan nor does it restrict Silicon Labs’ rights to increase or decrease the compensation of any employee, except as otherwise required under applicable law.

 

· The Plan shall not become a part of any employment condition, regular salary, remuneration package, contract or agreement, but shall remain gratuitous in all respects.  Bonuses are not to be taken into account for determining severance pay, termination pay, “extra months” bonuses or payments, or any other form of pay or compensation.

 

· The Plan is provided at Silicon Labs’ sole discretion and Silicon Labs may modify or eliminate it at any time, individually or in the aggregate, prospectively or retroactively, without notice or obligation. In addition, there is no obligation to extend or establish a similar plan in subsequent years.

 

· The Plan shall not be pre-funded. Silicon Labs shall not be required to establish any special or separate fund or to make any other segregation of assets to assure the payment of bonuses.

 

· All references to a quarterly period refer to fiscal quarters of Silicon Labs.

 

· This Plan constitutes the entire arrangement regarding the Plan, supersedes any prior oral or written description of the Plan and may not be modified except by a written document that specifically references this Plan and is signed by the Silicon Labs CEO.

 

· Employees who resign or are terminated prior to the actual payment of a bonus shall not receive a bonus.

 

· Eligible employees who begin employment with Silicon Labs after the first day of a fiscal quarter for which a bonus is paid shall be eligible to receive a bonus for such quarter.  The bonus will be based on actual Eligible Earnings earned by such employee during such quarter.

 

· Employees who are separated from employment with Silicon Labs due to divestiture, closure, or dissolution of a business are not eligible to receive a bonus.

 

· Independent contractors, consultants, individuals who have entered into an independent contractor or consultant agreement, temporary employees, contract employees and interns are not eligible to participate in the Plan.

 

· The quarterly bonus for an otherwise eligible employee who has died prior to the end of such quarter while employed will be paid to the decedent’s estate.

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