Document:

Q414 Exhibit 10.36

EXHIBIT 10.36

ORBITZ WORLDWIDE. INC.
SEVERANCE PLAN
FOR GROUP VICE PRESIDENTS AND SENIOR VICE PRESIDENTS
Adopted on December 6, 2011; Amended and Restated effective February 4, 2015
INTRODUCTION
The Orbitz Worldwide, Inc. Severance Plan for Group Vice Presidents and Senior Vice Presidents (the “Plan”) is designed to provide separation pay to eligible employees of Orbitz Worldwide, Inc. (the “Company”) as set forth below.
DEFINITIONS
A.    “Cause” shall mean (a) the failure of an Eligible Employee (as defined below) to substantially perform the Eligible Employee’s duties to the Company (other than as a result of total or partial incapacity due to Disability) for a period of ten (10) days following receipt of written notice from the Company by the Eligible Employee of such failure, (b) theft or embezzlement of property of the Company or dishonesty in the performance of the Eligible Employee’s duties to the Company, (c) an act or acts on the Eligible Employee’s part constituting (x) a felony under the laws of the United States or any state thereof or (y) a crime involving moral turpitude, (d) Eligible Employee’s willful malfeasance or willful misconduct in connection with the Eligible Employee’s duties or any act or omission which is materially injurious to the financial condition or business reputation of the Company, or (e) Eligible Employee’s breach of the provisions of any agreed-upon non-compete, non-solicitation or confidentiality provisions agreed to with the Company, including pursuant to this Plan and pursuant to any employment agreement.
B.    “Change in Control” shall be as defined in the Orbitz Worldwide, Inc. 2007 Equity and Incentive Plan.
C.    “Constructive Termination” shall be deemed to occur for an Eligible Employee who has the title of Group Vice President or higher upon (a) any material reduction in the Eligible Employee’s base salary or target bonus (excluding any change in value of equity incentives or a reduction affecting substantially all similarly-situated executives), (b) the failure of the Company to pay compensation or benefits when due, which is deemed to be a breach of the employment relationship between the Eligible Employee and the Company, (c) the primary business office for the Eligible Employee being relocated by more than fifty (50) miles one-way, (d) a material and sustained diminution to Eligible Employee’s duties and responsibilities as of the date such Eligible Employee is able to participate in this Plan or (e) the failure by any acquirer to expressly assume this Plan in writing; provided, however, that the foregoing events shall constitute a Constructive Termination only if the Company fails to cure such event within thirty (30) days after receipt by the Company’s Board of Directors from the Eligible Employee of written notice of the event which constitutes a Constructive Termination; and provided, further, that a Constructive Termination shall cease to exist for an event on the 60th day following the later of its occurrence or Eligible Employee’s knowledge of such, occurrence, unless the Eligible Employee has given the Company written notice of such occurrence prior to such 60th day.

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D.    “Disability” shall mean an Eligible Employee shall have become physically or mentally incapacitated and is therefore unable for a period of nine (9) consecutive months or for an aggregate of twelve (12) months in any eighteen (18) consecutive month period to perform Eligible Employee’s duties under Eligible Employee’s employment.  Any question as to the existence of the Disability of Eligible Employee as to which the Eligible Employee and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to the Eligible Employee and the Company.  If the Eligible Employee and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination in writing.  The determination of Disability made in writing to the Company and the Eligible Employee shall be final and conclusive for all purposes of this Plan and any other agreement between the Company and the Eligible Employee that incorporates the definition of “Disability.”
E.    “Participation Notice” shall mean a notice in the form attached hereto as Appendix A.  
ELIGIBILITY & BENEFITS
Any employee of the Company with the title of Group Vice President or higher is eligible to participate in the Plan, provided he or she has executed a Participation Notice, if required by the Company (the “Eligible Employees”).  To the extent an Eligible Employee’s employment is terminated by the Company (other than for Cause) within one (1) year following a Change in Control or an Eligible Employee resigns due to a Constructive Termination within one (1) year following a Change in Control, the Eligible Employee shall be eligible to receive the Change in Control benefits set forth in such Eligible Employee’s Participation Notice (the “CIC Benefits”).  To the extent an Eligible Employee’s employment is terminated by the Company (other than for Cause) prior to a Change in Control, the Eligible Employee shall be eligible to receive the severance benefits set forth in such Eligible Employee’s Participation Notice (the “Severance Benefits”).  Any CIC Benefits or Severance Benefits provided under this Plan and the Participation Notice thereunder shall supersede and replace any benefits to which an Eligible Employee may be entitled under any employment agreement, letter agreement, equity award agreement or any other Company severance plan or policy.
SECTION 409A
In the event that the Company determines that any of the benefits payable under this Plan would violate Section 409A of the Internal Revenue Code (“Section 409A”), then the Company and the Eligible Employee shall agree to implement adjustments needed to comply with Section 409A (to the minimum extent necessary to avoid the imposition of any adverse tax treatment under Section 409A and without reducing the absolute value of such benefits).  In addition, to the extent (i) any payments to which an Eligible Employee becomes entitled under this Agreement or any agreement or plan referenced herein, in connection with the Eligible Employee’s termination of employment with the Company constitutes deferred compensation subject to Section 409A and (ii) the Eligible Employee is deemed at the time of such termination of employment to be a “specified” employee under Section 409A, then such payment or payments shall not be made or commence until the date which is six (6) months after the Eligible Employee’s “separation from service” (as such term is at the time defined in Treasury Regulations under Section 409A) or, if earlier, the date of death of the Eligible Employee; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to the Eligible Employee, including 

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(without limitation) the additional twenty percent (20%) tax for which the Eligible Employee would otherwise be liable under Section 409A(a)(1)(B) of the Code in the absence of such deferral.  Upon the expiration of the applicable deferral period, any payments which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this paragraph shall be paid to the Eligible Employee or the Eligible Employee’s beneficiary in one lump sum.  Each payment and benefit payable under the Plan is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). 
RELEASE
The benefits under this Plan shall be contingent upon the Eligible Employee’s execution, delivery and non-revocation of a release satisfactory to the Company within forty-five (45) days from the Eligible Employee’s separation from service.  No benefits will be provided under the Plan prior to the effective date of the release.
ADMINISTRATION
The Plan shall be administered by the Compensation Committee of the Board of Directors of the Company (the “Administrator”), who shall have the authority to interpret the Plan and make and revise such rules as may be reasonably necessary to administer the Plan.  The Administrator’s interpretations, determinations, rules and calculations shall be final and binding on all persons and parties concerned.
AMENDMENT AND TERMINATION
The Company reserves the right to amend or terminate this Plan at any time; provided, however, this Plan shall become irrevocable upon a Change in Control and the acquirer shall expressly assume this Plan in writing.
GOVERNING LAW
This Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of Delaware without giving effect to the conflict of laws principles thereof.

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Appendix A
Orbitz Worldwide, Inc. Severance Plan 
For Group Vice Presidents and Senior Vice Presidents
Participation Notice

This Participation Notice (“Notice”) is made and entered into by and between [INSERT NAME] (the “Eligible Employee”) and Orbitz Worldwide, Inc. (the “Company”).

RECITALS

The Company adopted the Orbitz Worldwide, Inc. Severance Plan for Group Vice Presidents and Senior Vice Presidents (the “Plan”) to assure that the Company will have the continued dedication and objectivity of the participants in the Plan.

The Company has designated you as eligible for protection under the Plan and this Notice, subject to your qualifying as an Eligible Employee.

Unless otherwise defined herein, the terms defined in the Plan, which is hereby incorporated by reference, shall have the same defined meanings in this Notice. 

NOTICE
    
NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:
CIC Benefits.
If your employment with the Company is terminated without Cause or your resign your employment with the Company due to a Constructive Termination, in each case, within one (1) year following a Change in Control, you will be entitled to the following CIC Benefits, subject to your compliance with the Plan and this Notice:  

	
		
	Cash Severance
	$[____]

	Bonus for Year of Termination
	[____]

	Treatment of Equity
	[____]%

	Tax Gross-Ups
	None

	

COBRA Reimbursements
	

If you timely elect continuation coverage under COBRA for you and your dependents, then the Company will reimburse you for the COBRA premiums for such coverage for [____] months from the date of termination.*

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* If the Company determines in its sole discretion that the Company cannot provide this benefit without potentially violating or being subject to an excise tax under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to you a taxable monthly payment payable on the last day of any given month, equal to the monthly COBRA premium that you would be required to pay to continue group health coverage under COBRA, which payments will be made regardless of whether you and/or your eligible dependents elect COBRA continuation coverage and will continue during the time period specified above. 
Severance Benefits.
If your employment with the Company is terminated without Cause prior to a Change in Control, you will be entitled to the following Severance Benefits, subject to your compliance with the Plan:

	
		
	Cash Severance
	$[____]

	Bonus for Year of Termination
	[____]

	Treatment of Equity
	[____]%

	Tax Gross-Ups
	None

	

COBRA Reimbursements
	

If you timely elect continuation coverage under COBRA for you and your dependents, then the Company will reimburse you for the COBRA premiums for such coverage for [____] months from the date of termination.*   

* If the Company determines in its sole discretion that the Company cannot provide this benefit without potentially violating or being subject to an excise tax under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to you a taxable monthly payment payable on the last day of any given month, equal to the monthly COBRA premium that you would be required to pay to continue group health coverage under COBRA, which payments will be made regardless of whether you and/or your eligible dependents elect COBRA continuation coverage and will continue during the time period specified above.
Other Provisions.

You agree that the Plan constitutes the entire agreement of the parties hereto and supersedes in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the parties, and shall specifically supersede any severance and/or change of control provisions of any offer letter, employment agreement, or equity award agreement entered into between the you and Company.  By executing this Notice, you hereby agree to waive any and all change of control and/or severance benefits pursuant to any severance and/or change of control provisions of any offer letter, employment agreement, or equity award agreement entered into between the you and Company.

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This Notice may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.  

[Signature Page to Follow]

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IN WITNESS WHEREOF, each of the parties has executed this Notice, in the case of the Company by its duly authorized officer, as of the day and year set forth below.
	
					
	ORBITZ WORLDWIDE, INC.
	 
	ELIGIBLE EMPLOYEE

	By:
	 
	 
	Signature:
	 

	 
	 
	 
	 
	 

	Date:
	 
	 
	Date:
	 

[Signature Page of the Participation Notice]

--7-Prepared by R.R. Donnelley Financial -- EX-10.21

 Exhibit 10.21 
  

 
 

 
 May 1, 2014 
 Edgar
Auslander 
 Dear Edgar, 
 I am pleased to offer you a
position with Audience, Inc. (the “Company”) as our Vice President of Product Management and Marketing, reporting to me. If you decide to join us, your base salary will be $265,000 per year which will be paid semi-monthly in accordance
with the Company’s normal payroll procedures. In addition, you will be eligible for a performance-based bonus target of $132,500 annually, prorated for the remainder of this calendar year. You will be subject to the terms and conditions of the
Company’s 2014 Executive Bonus Plan. After 2014, your bonus target percentage will be set by the Company’s Compensation Committee on an annual basis. 

Further, the Company will reimburse your eligible relocation expenses up to $10,000. Reimbursement for eligible expenses will not be taxable to you.
Additionally, you will be paid a taxable signing bonus of $55,000 payable to you on the first payroll as an employee. If your employment with the Company is terminated by you for any reason or by the Company for cause prior to the completion of one
year of service with Audience, your relocation reimbursement and signing bonus will be repayable by you to Audience in full. 
 The Company will provide you
with the opportunity to participate in the standard benefit plans currently available to other similarly situated employees, subject to any eligibility requirements imposed by such plans. You will be entitled to accrue up to 15 days of paid vacation
per calendar year, pro-rated for the remainder of this calendar year. Your rate of vacation accrual will increase at the rate of one vacation day per full year of employment. Vacation accrual is capped at 25 days. Vacation may not be taken before it
is accrued. You should note that the Company may modify job titles, salaries and benefits from time to time as it deems necessary. 
 We will recommend to
our Board of Directors or one of its committees after commencement of your employment that you receive a grant of options to purchase 75,000 shares of Audience’s Common Stock and a restricted stock unit for 30,000 of shares, and your grants
will be subject to the approval of the Board or its committee. If a stock option, your grant will be priced in accordance with our equity incentive plan and our policies governing stock option grants. Both stock option and RSU grants will be subject
to the terms of our equity incentive plan and policies. 
 With regards to stock options, 25% of the shares subject to the option shall vest 12 months after
the date your vesting begins, the remaining shares shall vest monthly over the next 36 months in equal monthly amounts subject to your continuing employment with the Company. 

  
 

 

 

 
  
 With regards to your RSU, 25% of the shares subject
to the option shall vest 12 months after the date your vesting begins, the remaining shares shall vest over three years in equal 6 month tranches subject to your continuing employment with the Company. We anticipate that you will enter into an
irrevocable election relating to the RSU to permit the payment of required taxes upon vesting of the RSUs. 
 No right to any stock is earned or accrued
until such time that vesting occurs, nor does a grant confer any right to continue vesting or employment. 
 The Company is excited about your joining and
looks forward to a beneficial and productive relationship. Nevertheless, you should be aware that your employment with the Company is for no specified period and constitutes at-will employment. As a result, you are free to resign at any time, for
any reason or for no reason. Similarly, the Company is free to conclude its employment relationship with you at any time, with or without cause, and with or without notice. We request that, in the event of resignation, you give the Company at least
two weeks’ notice. 
 The Company reserves the right to conduct background investigations and/or reference checks on all of its potential employees.
Your job offer, therefore, is contingent upon a clearance of such a background investigation and/or reference check, if any. 
 For purposes of federal
immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to us within three (3) business days of your date of
hire, or our employment relationship with you may be terminated. 
 As a result of the senior level nature of your role, you will be offered a Company
standard Indemnification Agreement and will be expected to comply with all reporting and regulatory requirements related to the Company’s status as a publicly traded company. You acknowledge that upon your appointment as Vice President of
Product Management and Marketing, you will become subject to Section 16 of the Securities Exchange Act of 1934, as amended. In addition, at the time you commence employment, you will be provided with severance and change of control benefits as
delineated in the Company’s Change of Control and Severance Agreement, subject to your signed acceptance of the terms of the Agreement. 
 We also ask
that, if you have not already done so, you disclose to the Company any and all agreements relating to your prior employment that may affect your eligibility to be employed by the Company or limit the manner in which you may be employed. It is the
Company’s understanding that any such agreements will not prevent you from performing the duties of your position and you represent that such is the case. Moreover, you agree that, during the term of your employment with the Company, you will
not engage in any other employment, occupation, consulting or other business activity directly related to the business in which the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other
activities that conflict with your obligations to the Company. Similarly, 

  
 

 

 

 
  
 
you agree not to bring any third party confidential information to the Company, including that of any of your former employers, and that in performing your duties for the Company you will not in
any way utilize any such information. 
 As a Company employee, you will be expected to abide by the Company’s rules and standards. Specifically, you
will be required to sign an acknowledgment that you have read and that you understand the Company’s rules of conduct which are included in the Company Handbook. 

As a condition of your employment, you are also required to sign and comply with an At-Will Employment, Confidential Information, Invention Assignment and
Arbitration Agreement which requires, among other provisions, the assignment of patent rights to any invention made during your employment at the Company, and non-disclosure of Company proprietary information. In the event of any dispute or claim
relating to or arising out of our employment relationship, you and the Company agree that (i) any and all disputes between you and the Company shall be fully and finally resolved by binding arbitration, (ii) you are waiving any and all
rights to a jury trial but all court remedies will be available in arbitration, (iii) all disputes shall be resolved by a neutral arbitrator who shall issue a written opinion, (iv) the arbitration shall provide for adequate discovery, and
(v) the Company shall pay all but the first $125 of the arbitration fees. Please note that we must receive your signed Agreement before your first day of employment. 

To accept the Company’s offer, please sign and date this letter in the space provided below. A duplicate original is enclosed for your records. This
letter, along with any agreements relating to proprietary rights between you and the Company, set forth the terms of your employment with the Company and supersede any prior representations or agreements including, but not limited to, any
representations made during your recruitment, interviews or pre-employment negotiations, whether written or oral. This letter, including, but not limited to, its at-will employment provision, may not be modified or amended except by a written
agreement signed by an Executive of the Company and you. This offer of employment will terminate if it is not accepted, signed and returned by Friday, May 2, 2014. 

We look forward to your favorable reply and to working with you at Audience, Inc. 
  

	
	Sincerely,
	
	/s/ Peter Santos
	Peter Santos
	President and CEO

  
 

 

 

 
  
  

			
	Agreed to and accepted:
		
	Signature:	 	 /s/ EDGAR AUSLANDER

			
		
	Printed Name:	 	 EDGAR AUSLANDER

			
		
	Date Signed:	 	 May 2, 2014

			
		
	Anticipated Start Date:	 	 May 12, 2014

 Enclosures to be mailed: 

Duplicate Original Letter 
 At-Will Employment, Confidential
Information, Invention Assignment and Arbitration Agreement 
 Indemnification Agreement 

Change of Control and Severance Agreement

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