Document:

Exhibit

Kirk Thor
Executive Vice President & Chief Human Resources Officer
214.618.4984
kirk.thor@integer.net
    

September 14, 2018

Jason Garland 

Dear Jason:

On behalf of Integer Holdings Corporation (“Integer” or the “Company”), I am pleased to present you with this offer for the position of Executive Vice President & Chief Financial Officer, reporting directly to the Company’s President & Chief Executive Officer.  In that role, you will be a member of the Company’s Executive Leadership Team.  Your position will be based at the Company’s offices in Plano, Texas.  “Effective Date‟ as used in this letter will be the agreed upon employment start date.
You agree to the best of your ability and experience that you will, at all times, loyally and conscientiously perform all of the duties and obligations required of the position, and abide fully with the Company’s Code of Ethics. 
During the term of your employment, you further agree that you will devote all of your business time and attention to the business of the Company and that you will not, directly or indirectly, engage or participate in any personal, business, charitable or other enterprise that is competitive in any manner with the business of the Company, whether or not such activity is for compensation.

Compensation 

Through compensation, benefits and annual and long term incentive programs, Integer provides its Executives with significant opportunities on a reward for performance basis.   The objective of these programs is to recognize and reward individual and Company performance.  

Base Salary:  As of the Effective Date, your base salary will be $430,000 per annum, earned and payable bi-weekly at a rate of $16,538.46.  The Company will, in good faith, review your performance and salary on an annual basis beginning in 2020, and will consider appropriate increases in your salary based on your performance and the successful achievement of agreed upon objectives.  The Company’s performance year is consistent with its fiscal year.

Incentive Awards:  As a member of the Executive Leadership Team, you are directly awarded for your individual performance and impact on the Company’s short and long term success.

Beginning on the Effective Date, you will be eligible to participate in the Company’s Short Term Incentive (STI) plan.  The STI plan provides an award reflecting your grade level and your contributions.  Your 2018 STI incentive will be 65% of your base salary at target, pro rated based on 

Jason Garland 
September 14, 2018

the Effective Date.  Depending on the performance results achieved, you can earn up to 150% of the total target bonus.  

Beginning in 2019, you will be eligible to participate in the Company’s Long Term Incentive (LTI) Plan.  Under the LTI plan you have the opportunity for equity awards at significant levels.  It is intended to reward performance that drives Integer in the achievement of its strategic and operating goals.    Your 2019 LTI incentive will be $690,000 at target.  Based on the performance results achieved, you can earn up to 150% of the performance based target amounts.  

Special Equity Grant:  We also are pleased to provide you with an equity grant having an aggregate value of $600,000 consisting of Restricted Stock Units that will vest in three equal annual installments beginning on the first anniversary of the Effective Date.  The number of Restricted Stock Units you will receive will be determined by dividing the award value by the closing price per share of the Company’s common stock on the New York Stock Exchange on the close of business on the Effective Date.  Such award will be documented through a separate award agreement, which will be subject to approval by the Compensation & Organization Committee of the Board of Directors as soon as practicable.  

Sign-On Cash Bonus:  Upon the Effective Date, you will be eligible for a $50,000 cash award that will be paid to you along with your base salary in the first payroll after the Effective Date. 

Your annual merit increase, STI, and LTI awards will be granted in conjunction with the Company’s annual performance review process, which generally concludes within 3 months of the end of the Company’s fiscal year.  The STI and LTI awards are determined each year by the Board of Directors based on an individual’s role and performance.  Your participation in both the STI and LTI plan is subject to the terms of the plans which the Company modifies from time to time in its discretion. 

Other Benefits

You will be entitled to participate in the programs from time to time generally offered to Associates of the Company, which currently include medical, dental and vision coverage, a 401(k) plan, and other programs described in the attached benefit summary.  You also will be entitled to participate in the additional programs offered to other Executive Officers of the Company.  Those current benefits currently include the following:

Life Insurance:  At the Company’s expense and subject to you meeting the underwriters’ insurability standards, term life insurance with a total face value of $1,000,000, with the death beneficiary designated by you.

Integer.net

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Jason Garland 
September 14, 2018

Disability:  Participation in the Executive long term disability program currently providing a benefit equal to 60% of base salary and short-term incentive (short-term incentive is calculated using the average of payments from the last two years), subject to a monthly maximum payment of $18,000.       
Executive Physical Examination:   Consistent with our interest in you maintaining your personal health, eligibility for the key management Physical Examination Program. 

Financial Planning Assistance:  This benefit provides reimbursement of certain expenses incurred in connection with your personal financial and estate planning.  
 
Director and Officer Liability and Fiduciary Insurance:  You will be covered by the Company’s Director and Officer Liability Insurance policies.  In addition, you will be covered by the Company’s fiduciary liability insurance for any service related to employee benefit plans.  

Homeowner Relocation:  You will be eligible to participate in the Company’s homeowner’s relocation program, as described in the enclosed policy and summary.

All plans, policies and programs are subject to change at any time at the sole discretion of the Company.  

Reimbursement of Expenses

You will be reimbursed for reasonable expenses that you may incur on behalf of and at the request of the Company in the performance of your responsibilities and duties, with the expectation that you will exercise reasonable and prudent expense control practices that are subject to audit by a designated representative of the Compensation and Organization Committee. Given that you may be required to attend evening events and/or dinners, the Company will reimburse you for related business travel, hotel and meal expenses.  

Change of Control

If your employment is terminated following a Change of Control, as defined under the Change of Control Agreement to be entered into between you and the Company, the form of which is enclosed, the Company will provide you with the payments and benefits to which you are entitled under the terms of the Change of Control Agreement.

At-Will Employment

In accepting this new position with the Company, you certify that you understand and accept that your employment will be on an at-will basis, and that except as expressly set forth herein neither you nor 

Integer.net

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Jason Garland 
September 14, 2018

any Company representative has entered into a contract regarding the terms or the duration of your employment.  As an at-will employee, you will be free to terminate your employment with the Company at any time, with or without cause or advance notice.  Likewise, the Company will have the right to terminate your employment at any time, with or without cause or advance notice. 

Termination of Employment

If at any time during your employment the Company terminates your employment for reason other than Cause, you will be entitled to receive a severance benefit, payable in a single lump sum cash payment, that is equal to the sum of one year of your current base salary at the time of your termination of employment and the amount the Company reasonably anticipates it would otherwise have contributed to the Company’s medical plan on your behalf for the 12 months following the date of termination, less applicable tax withholdings.  As a condition of receipt of the severance benefit, you will be required to execute a Separation Agreement and Release satisfactory to the Company in its reasonable discretion within 45 days after the date of termination of your employment and not thereafter revoke the Separation Agreement and Release as permitted therein.  If you timely provide an effective Separation Agreement and Release to the Company, the severance benefit will be paid on the 60th day following your termination of employment.  Notwithstanding the foregoing, no severance benefit will be paid under this paragraph if a severance benefit is payable under the Change of Control Agreement.

If your employment is terminated for cause, you will not be eligible for the continuation of pay or benefits with the exception of accrued benefits.  “Cause” means a material breach of this agreement, gross negligence or willful misconduct in the performance of your duties, dishonesty to the Company, or the commission of a felony that results in a conviction of law.  

Code Section 409A Compliance

It is intended that all terms and payments under this letter comply with and be administered in accordance with Section 409A of the Internal Revenue Code (the “Code”) so as not to subject you to payment of interest or any additional tax under Code Section 409A.  All terms of this letter that are undefined or ambiguous will be interpreted in a manner that is consistent with Code Section 409A if necessary to comply with Code Section 409A.  If payment or provision of any amount or benefit under this letter at the time specified would subject such amount or benefit to any additional tax under Code Section 409A, the payment or provision of such amount or benefit will be postponed, if possible, to the earliest commencement date on which the payment or provision of such amount or benefit could be made without incurring such additional tax.  The Company will, to the extent reasonably possible, amend this letter in order to comply with Code Section 409A and avoid the imposition of any interest or additional tax under Code Section 409A; provided, however, that no amendment is required if such amendment would change the amount payable by the Company under this letter. 

Integer.net

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Jason Garland 
September 14, 2018

Notwithstanding any other provision of the letter, if it is determined that you are a Specified Employee and that any amount or benefit payable under this letter (a) is subject to Code Section 409A and (b) is payable solely because you have incurred a separation from service, then the amount or benefit will not be paid (or begin to be paid) prior to the date that is six months after the date of your separation from service (or, if earlier, your date of death).  Payment of any amount or benefit to which you would otherwise be entitled during the first six months following the date of your separation from service will be accumulated and paid on the day that is six months after the date of your separation from service.  For purposes of this letter, a “Specified Employee” is an individual who is determined to be a “specified employee” within the meaning of Code Section 409A.
Any reimbursement of expenses or in-kind benefits provided under this letter subject to, and not exempt from, Code Section 409A will be subject to the following additional rules: (i) any reimbursement of eligible expenses will be paid on or before the last day of the calendar year following the calendar year in which the expenses were incurred; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during any calendar year will not affect the amount of expenses eligible for reimbursement, or in-kind benefits to be provided, during any other calendar year; and (iii) the right to reimbursement or in-kind benefits will not be subject to liquidation or exchange for another benefit.

Status of Offer

This offer is contingent upon (1) the receipt of a negative result on your drug test, (2) the receipt of satisfactory results of a pre-employment background verification check, and (3) the acceptance of the Company’s Inventions, Non-Disclosure and Non-Solicitation Agreement.  The federal government requires all employers to verify an employee’s eligibility to work in the United States.  Please bring documentation with you on your first day of employment to prove your work eligibility status.

Acceptance
By accepting the offer presented in this letter, you represent that you are not currently bound by any contractual provisions (including a non-compete clause or other similar restriction, signed or agreed to with respect to your employment by any present or former employer) that prevents, hinders or limits your ability to work for the Company or any of its subsidiaries in the manner set forth in this letter.
To the extent that you have any confidential or proprietary information of any former employer, you acknowledge that you will keep all such information confidential and will not disclose or make available, directly or indirectly, at any time, any such information to the Company or any of its subsidiaries, managers or employees.  

Integer.net

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Jason Garland 
September 14, 2018

To confirm your acceptance of this position, please sign this letter on the line below and return to my attention via email at kirk.thor@integer.net. 

Jason, we are looking forward to having you join Integer as a member of the Executive Leadership Team.   

Sincerely,

/s/ Kirk Thor

Kirk Thor
Executive Vice President & Chief Human Resources Officer

Understood, agreed and accepted:

/s/ Jason Garland__________                September 16, 2018
Jason Garland                                    Date

Enclosures:  
		
	•
	Change of Control Agreement 

		
	•
	Officer Indemnification Agreement

		
	•
	Inventions, Non-Disclosure and Non-Solicitation Agreement

		
	•
	Integer Relocation Policy - Homeowner

Integer.net

6Exhibit

Exhibit 10.1
RAMBUS INC. 
EMPLOYMENT AGREEMENT
This Employment Agreement (the “Agreement”) is made and entered into by and between Luc Seraphin (“Executive”) and Rambus Inc., a Delaware corporation (the “Company”), effective as of June 28, 2018 (the “Effective Date”).

1.Duties and Scope of Employment.

(a)Positions and Duties.  As of the Effective Date, Executive will serve as the Company’s interim President and Chief Executive Officer (the “Interim CEO”) reporting directly to the Company’s Board of Directors (the “Board”).  In such role, Executive will render such business and professional services in the performance of his duties, consistent with Executive’s position within the Company, as will reasonably be assigned to him by the Board.  The period Executive is employed by the Company under this Agreement is referred to herein as the “Employment Term.”

(b)Obligations.  During the Employment Term, Executive will devote Executive’s full business efforts and time to the Company and will use good faith efforts to discharge Executive’s obligations under this Agreement to the best of Executive’s ability and in accordance with the Company’s Code of Business Conduct and Ethics.  For the duration of the Employment Term, Executive agrees not to actively engage in any other employment, occupation, or consulting activity, including membership of boards of directors or advisors, for any direct or indirect remuneration without the prior approval of the Board.  Executive further agrees to comply with all Company policies, including, for the avoidance of any doubt, any insider trading policies and compensation clawback policies currently in existence or that may be adopted by the Company during the Employment Term.

(c)Other Entities.  Executive agrees to serve and may be appointed, without additional compensation, as an officer and director for each of the Company’s subsidiaries, partnerships, joint ventures, limited liability companies and other affiliates, including entities in which the Company has a significant investment as determined by the Company.  As used in this Agreement, the term “affiliates” will include any entity controlled by, controlling, or under common control of the Company.

(d)Term of Agreement.  Unless agreed to in writing by the Company and Executive, this Agreement will terminate on the date that a permanent Chief Executive Officer of the Company commences employment with the Company; provided, however, if Executive incurs a termination of employment that entitles Executive to receive the payments and benefits described in Section 6, this Agreement will not terminate until all of the obligations of the parties hereto with respect to this Agreement have been satisfied.  

2.At-Will Employment.  The Company and Executive acknowledge that Executive’s employment is and will continue to be at-will, as defined under applicable law.  As an at-will employee, either the Company or Executive may terminate the employment relationship at any time, with or without Cause.  Executive understands and agrees that neither Executive’s job performance nor promotions, commendations, bonuses or the like from the Company give rise to or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of Executive’s employment with the 

Company.  However, as described in this Agreement, Executive may be entitled to severance payments and benefits depending on the circumstances of Executive’s termination of employment with the Company.  

3.Compensation.

(a)Base Salary.  As of the Effective Date, the Company will pay Executive an annual salary of $400,000 as compensation for his services (such annual salary, as is then effective, the “Base Salary”).  The Base Salary will be paid periodically in accordance with the Company’s normal payroll practices and be subject to the usual, required withholdings.  

(b)Annual Incentive.  Executive will be eligible to receive annual incentives payable for the achievement of performance goals established by the Compensation Committee of the Board (the “Compensation Committee”), with a target bonus, effective as of the Effective Date and for the remainder of fiscal 2018, equal to $400,000, less applicable withholdings (such target bonus, as is then effective, the “Target Bonus”).  For purposes of clarification, Executive’s Target Bonus for the period between the start of fiscal 2018 through the Effective Date will be such target bonus amount as was in effect immediately prior to the Effective Date.  The actual earned Target Bonus, if any, payable to Executive for any performance period will depend upon the extent to which the applicable performance goal(s) specified by the Compensation Committee are achieved or exceeded (the “Earned Bonus”).  All annual incentive payments are contingent upon Executive remaining employed with the Company through the payment date.  In no event will payment of any Earned Bonus be made later than March 15th of the year following the year to which the Earned Bonus relates.  

(c)Restricted Stock Units.  The Company will recommend to the Board or the Compensation Committee that Executive receive an award of restricted stock units (“RSUs”) with a grant date fair value of approximately $400,000 (the “RSU Award”).  The number of RSUs subject to the RSU Award will be determined by dividing $400,000 by the closing price of the Company’s common stock on the date of grant, rounded up to the nearest whole RSU.  One hundred percent (100%) of the RSUs subject to the RSU Award will vest on the one (1) year anniversary of the date of grant, subject to Executive continuing to be a “Service Provider” (as defined in the Plan) through the vesting date.  The RSUs will be subject to the terms and conditions of the Company’s 2015 Equity Incentive Plan (the “Plan”) and a restricted stock unit award agreement thereunder. 

(d)Equity.  Executive will be eligible to receive awards of stock options, restricted stock units or other equity awards pursuant to any plans or arrangements the Company may have in effect from time to time.  The Board or Compensation Committee will determine in its discretion whether Executive will be granted any such equity awards and the terms of any such award in accordance with the terms of any applicable plan or arrangement that may be in effect from time to time.

(e)Review and Adjustments. Executive’s Base Salary, Target Bonus, and other compensatory arrangements will be subject to review and adjustment in accordance with the Company’s applicable policies.

4.Employee Benefits.

(a)Generally.  Executive will be eligible to participate in accordance with the terms of all Company employee benefit plans, policies and arrangements that are applicable to other executive officers of the Company, as such plans, policies and arrangements may exist from time to time.

(b)Vacation.  Executive will be entitled to receive paid annual vacation in accordance with Company policy for other senior executive officers.

5.Expenses.  The Company will reimburse Executive for reasonable travel, entertainment and other expenses incurred by Executive in the furtherance of the performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time.     

6.Severance Benefits.

(a)Termination without Cause or Resignation for Good Reason During the CEO Transition Period.  If the Company terminates Executive’s employment with the Company without Cause (and not by reason of Executive’s death or Disability), or if Executive resigns from such employment for Good Reason, and, in each case, such termination occurs during the CEO Transition Period, then subject to Section 7, Executive will receive the following: 

(i)Accrued Compensation.  The Company will pay Executive all accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to Executive under any Company-provided plans, policies, and arrangements when legally required.  

(ii)Severance Payment.  Executive will receive a lump-sum payment (less applicable withholding taxes) equal to one hundred percent (100%) of Executive’s Base Salary as in effect immediately prior to Executive’s termination date (or if the termination is due to a resignation for Good Reason based on a material reduction in Base Salary, as applicable, then Executive’s Base Salary in effect immediately prior to the reduction).  

(iii) Bonus Payment.  Executive will receive a lump-sum payment (less applicable withholding taxes) equal to one hundred percent (100%) of Executive’s Target Bonus as in effect immediately prior to Executive’s termination date (or if the termination is due to a resignation for Good Reason based on a material reduction in the level of employee benefits, including bonuses, then Executive’s Target Bonus in effect immediately prior to the reduction). 

(iv) Continuation Coverage.  If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) within the time period prescribed pursuant to COBRA for Executive and Executive’s eligible dependents, the Company will reimburse Executive for the premiums necessary to continue group health insurance benefits under COBRA for Executive and Executive’s eligible dependents until the earlier of (A) a period of twelve (12) months from the date of Executive’s termination of  employment, (B) the date upon which Executive and/or Executive’s eligible dependents becomes covered under similar plans or (C) the date upon which Executive ceases to be eligible for coverage under COBRA (such reimbursements, the “COBRA Premiums”).  However, if the Company determines in its sole discretion that it cannot pay the COBRA Premiums without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable lump-sum payment in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue Executive’s group health coverage in effect on the date of Executive’s termination of employment (which amount will be based on the premium for the first month of COBRA coverage), multiplied by twelve (12), which payment will be made regardless of whether Executive elects COBRA continuation coverage.  For the avoidance of doubt, the taxable payments in lieu of COBRA Premiums may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to all applicable tax withholdings.  

(v)Accelerated Vesting of Equity Awards.  Executive’s then-outstanding and unvested Equity Awards that vest solely based upon Executive’s continued service with the Company will immediately accelerate vesting as to that number of shares that would have otherwise vested had Executive remained employed by the Company for twelve (12) months following Executive’s termination date.  This includes equity compensation awards with a mixture of performance-based vesting and service-based vesting provisions as to which the performance metric has been achieved by the termination date, but not as to any such awards as to which the performance metric has not been achieved by the termination date.    

(b)Termination Outside of the CEO Transition Period; Voluntary Resignation; Termination for Cause.  If Executive’s employment with the Company terminates (i) for any reason outside of the CEO Transition Period, (ii) voluntarily by Executive (other than for Good Reason during the CEO Transition Period) or (iii) for Cause by the Company, then Executive will not be entitled to receive severance or other benefits except for those (if any) as may then be established under the Company’s then existing severance and benefits plans and practices or pursuant to other written agreements with the Company, including, but not limited to, the Change of Control Severance Agreement entered into between Executive and the Company on March 12, 2015 (the “Change of Control Agreement”).

(c)Non-Duplication of Payment or Benefits.  For purposes of clarity, in the event Executive becomes eligible to receive benefits under the Change of Control Agreement, any severance payments and benefits to be provided to Executive under the Change of Control Agreement will be reduced by any amounts that already were provided to Executive under Section 6(a).  Notwithstanding any provision of this Agreement to the contrary, if Executive is entitled to any cash severance, continued health coverage benefits, or vesting acceleration of any Equity Awards (other than under this Agreement) by operation of applicable law or under a plan, policy, contract, or arrangement sponsored by or to which the Company is a party, including the Change of Control Agreement (“Other Benefits”), then the corresponding severance payments and benefits under this Agreement will be reduced by the amount of Other Benefits paid or provided to Executive.

(d)Disability; Death.  If the Company terminates Executive’s employment as a result of Executive’s Disability, or Executive’s employment terminates due to Executive’s death, then Executive will not be entitled to receive severance or other benefits except for those (if any) as may then be established under the Company’s then existing written severance and benefits plans and practices or pursuant to other written agreements with the Company.

(e)Exclusive Remedy.  In the event of a termination of Executive employment as set forth in Section 6(a) of this Agreement, the provisions of Section 6 are intended to be and are exclusive and in lieu of any other rights or remedies to which Executive or the Company otherwise may be entitled, whether at law, tort or contract, in equity, or under this Agreement (other than the payment of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable expenses).  Executive will be entitled to no benefits, compensation or other payments or rights upon a termination of employment other than those benefits expressly set forth in Section 6 of this Agreement.  

7.Conditions to Receipt of Severance.

(a)Release of Claims Agreement.  The receipt of any severance payments or benefits (other than the accrued benefits set forth in Section 6(a)(i)) pursuant to this Agreement is subject to Executive signing and not revoking a separation agreement and release of claims in a form acceptable to the Company (the “Release”), which must become effective and irrevocable no later than the sixtieth (60th) day following Executive’s termination of employment (the “Release Deadline”).  Any severance payments or benefits 

under this Agreement will be paid on, or, in the case of installments, will not commence until, the tenth (10th) day following the date the Release becomes effective and irrevocable (the “Release Effective Date”), or, if later, such time as required by Section 7(c)(iii), except that the acceleration of vesting of Equity Awards not subject to Section 409A will become effective on the Release Effective Date.  Except as required by Section 7(c)(i) and/or Section 7(c)(iii), any lump sum or installment payments that would have been made to Executive during the period between the date of Executive’s separation from service and the tenth (10th) day following the Release Effective Date but for the preceding sentence will be paid to Executive on the tenth (10th) day following the Release Effective Date, and the remaining payments will be made as provided in this Agreement.  If the Release does not become effective and irrevocable by the Release Deadline, Executive will forfeit any right to severance payments or benefits under this Agreement.  In no event will severance payments or benefits be paid or provided until the Release actually becomes effective and irrevocable.

(b)Confidential Information and Invention Assignment Agreements.  Executive’s receipt of any payments or benefits under Section 6 (other than the accrued benefits set forth in Section 6(a)(i)) will be subject to Executive continuing to comply with the terms of the Confidentiality Agreement between the Company and Executive, as such agreement may be amended from time to time. 

(c)Section 409A.

(i)Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any, pursuant to this Agreement that, when considered together with any other severance payments or separation benefits, are considered deferred compensation under Section 409A of the Code, and the final regulations and any guidance promulgated thereunder (“Section 409A”) (together, the “Deferred Payments”) will be paid or otherwise provided until Executive has a “separation from service” within the meaning of Section 409A.  Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A‐1(b)(9) will be payable until Executive has a “separation from service” within the meaning of Section 409A.  Notwithstanding anything in Section 7(a) to the contrary, any severance payments or benefits under this Agreement that would be considered Deferred Payments will be paid on, or in the case of installments, will not commence until, the sixtieth (60th) day following Executive’s separation from service, or if later, such time as required by Section 7(c)(iii).  Except as required by Section 7(c)(iii), any lump sum or installment payments that would have been made to Executive during the sixty (60) day period immediately following Executive’s separation from service but for the preceding sentence will be paid to Executive on the sixtieth (60th) day following his separation from service and the remaining payments will be made as provided in this Agreement.  In no event will Executive have discretion to determine the taxable year of payment of any Deferred Payments. 

(ii)It is intended that none of the severance payments under this Agreement will constitute Deferred Payments but rather will be exempt from Section 409A as a payment that would fall within the “short-term deferral period” as described in Section 7(c)(iv) below or resulting from an involuntary separation from service as described in Section 7(c)(v) below.  

(iii) Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A at the time of Executive’s separation from service (other than due to death), then the Deferred Payments, if any, that are payable within the first six (6) months following Executive’s separation from service, will become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable 

to each payment or benefit.  Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation from service, but before the six (6) month anniversary of the separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit.  Each payment and benefit payable under this Agreement is intended to constitute a separate payment under Section 1.409A-2(b)(2) of the Treasury Regulations.

(iv) Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of clause (i) above.

(v)Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Payments for purposes of clause (i) above. 

(vi) The foregoing provisions are intended to comply with or be exempt from the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to be exempt or so comply. The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition before actual payment to Executive under Section 409A.  In no event will the Company reimburse Executive for any taxes that may be imposed on Executive as a result of Section 409A.

7.Definition of Terms.  The following terms referred to in this Agreement will have the following meanings:
(a)Cause.  “Cause” means (i) any act of personal dishonesty taken by Executive in connection with his responsibilities as an employee and intended to result in substantial personal enrichment of Executive; (ii) Executive’s conviction of a felony; (iii) a willful act by Executive which constitutes gross misconduct and which is injurious to the Company; and (iv) following delivery to Executive of a written demand for performance from the Company which describes the basis for the Company’s belief that Executive has not substantially performed his duties, continued violations by Executive of Executive’s obligations to the Company which are demonstrably willful and deliberate on Executive’s part.
The foregoing definition does not in any way limit the Company’s ability to terminate Executive’s employment relationship at any time as provided in Section 2 above, and the term “Company” will be interpreted to include any subsidiary, parent, affiliate or successor thereto, if applicable.

(b)CEO Transition Period.  “CEO Transition Period” means the Employment Term and the twelve (12) month period following the completion of the Employment Term.

(c)Code.  “Code” means the Internal Revenue Code of 1986, as amended.

(d)Confidentiality Agreement.  “Confidentiality Agreement” means the Company’s At Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement that 

Executive previously executed in connection with the commencement of Executive’s employment with the Company.

(e)Disability.  “Disability” means that Executive (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering Company employees.

(f)Equity Awards. “Equity Awards” means Executive’s outstanding stock options, stock appreciation rights, restricted stock units, performance shares, performance stock units and any other Company equity compensation awards.

(b)Good Reason. “Good Reason” means Executive’s resignation within thirty (30) days following the expiration of any Company cure period (discussed below) following the occurrence of one or more of the following, without Executive’s consent: (i) a significant reduction of Executive’s duties, authority or responsibilities, relative to Executive’s duties, authority or responsibilities as in effect immediately prior to such reduction, or the assignment to Executive of such reduced duties, authority or responsibilities, provided that any determination as to whether a significant reduction of Executive’s duties, authority or responsibilities or the assignment to Executive of reduced duties, authority or responsibilities has occurred will relate to changes from, and as compared to, Executive’s duties, authority or responsibilities as in effect immediately prior to the Effective Date, and, for the avoidance of doubt, Executive will not be entitled to claim Good Reason solely due to a reduction of Executive’s duties, authority or responsibilities, or the assignment to Executive of such reduced duties, authority or responsibilities resulting from Executive no longer serving as the Interim CEO following the hiring of a permanent CEO; (ii) a substantial reduction, without good business reasons, of the facilities and perquisites (including the office space and location made available to Executive immediately prior to the Effective Date, provided that any change to office space and location made solely as a result of Executive no longer serving as the Interim CEO following the hiring of a permanent CEO will not constitute Good Reason) available to Executive immediately prior to such reduction; (iii) a material reduction by the Company in Executive’s Base Salary as in effect immediately prior to such reduction; (iv) a material reduction by the Company in the kind or level of employee benefits, including bonuses, to which Executive was entitled immediately prior to such reduction, with the result that Executive’s overall benefits package is significantly reduced; (v) the relocation of Executive to a facility or location more than fifty (50) miles from Executive’s then present location, (vi) any purported termination of Executive by the Company which is not effected for Disability or Cause, or any purported termination for which the grounds relied upon are not valid; or (vii) any act or set of facts or circumstances which would, under California case law or statute constitute a constructive termination of Executive.  In order for an event to qualify as Good Reason, Executive must not terminate employment with the Company without first providing the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” within ninety (90) days of the initial existence of the grounds for “Good Reason” and a reasonable cure period of not less than thirty (30) days following the date of such notice, and such grounds must not have been cured during such time.    

(g)Section 409A Limit.  “Section 409A Limit” means two (2) times the lesser of: (i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during Executive’s taxable year preceding Executive’s taxable year of Executive’s termination of employment as determined under, and with such adjustments as are set forth in, Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that 

may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated

8.Successors.  

(a)The Company’s Successors.  Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets will assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession.  For all purposes under this Agreement, the term “Company” will include any successor to the Company’s business and/or assets which executes and delivers the assumption agreement described in this Section 8(a) or which becomes bound by the terms of this Agreement by operation of law.

(b)Executive’s Successors.  The terms of this Agreement and all rights of Executive hereunder will inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

9.Notices.  

(a)General.  Notices and all other communications contemplated by this Agreement will be in writing and will be deemed to have been duly given when sent electronically or personally delivered when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid or when delivered by a private courier service such as UPS, DHL or Federal Express that has tracking capability.  In the case of Executive, notices will be sent to the e-mail address or addressed to Executive at the home address, in either case which Executive most recently communicated to the Company in writing.  In the case of the Company, electronic notices will be sent to the e-mail address of the Chief Executive Officer and the General Counsel and mailed notices will be addressed to its corporate headquarters, and all notices will be directed to the attention of its Chief Executive Officer and General Counsel.

(b)Notice of Termination.  Any termination by the Company for Cause or by Executive for Good Reason will be communicated by a notice of termination to the other party hereto given in accordance with Section 9(a) of this Agreement.  Such notice will indicate the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be not more than ninety (90) days after the giving of such notice).  

10.Resignation.  Upon the termination of Executive’s employment for any reason, Executive will be deemed to have resigned from all officer and/or director positions held at the Company and its affiliates voluntarily, without any further required action by Executive, as of the end of Executive’s employment and Executive, at the Board’s request, will execute any documents reasonably necessary to reflect Executive’s resignation.

11.Confidential Information.  Executive confirms Executive’s continuing obligations under the Confidentiality Agreement.

12.Protected Activity Not Prohibited.  Executive understands that nothing in this Agreement, or any other agreement or policy with or by the Company, will in any way limit or prohibit Executive from engaging in any Protected Activity. For purposes of this Agreement, “Protected Activity” will mean filing 

a charge, complaint, or report with, or otherwise communicating, cooperating, or participating in any investigation or proceeding that may be conducted by, any federal, state or local government agency or commission, including the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the National Labor Relations Board (“Government Agencies”). Executive understands that in connection with such Protected Activity, Executive is permitted to disclose documents or other information as permitted by law, and without giving notice to, or receiving authorization from, the Company. Notwithstanding the foregoing, Executive agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Company confidential information under the Confidentiality Agreement to any parties other than the Government Agencies. Executive further understands that “Protected Activity” does not include the disclosure of any Company attorney-client privileged communications. Any language in the Confidentiality Agreement, or any other agreement or policy of the Company, regarding Executive’s right to engage in Protected Activity that conflicts with, or is contrary to, this paragraph is superseded by this provision. In addition, pursuant to the Defend Trade Secrets Act of 2016, Executive is notified that an individual will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is made in confidence to a federal, state, or local government official (directly or indirectly) or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if (and only if) such filing is made under seal. In addition, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the individual’s attorney and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

13.Miscellaneous Provisions.

(a)No Duty to Mitigate.  Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any such payment be reduced by any earnings that Executive may receive from any other source except as provided in Section 6(c) hereof.

(b)Waiver.  No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive).  No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party will be considered a waiver of any other condition or provision or of the same condition or provision at another time.

(c)Headings.  All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

(d)Entire Agreement.  This Agreement, along with the Confidentiality Agreement and the Change of Control Agreement, 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 with respect to the subject matter hereof.  No waiver, alteration, or modification of any of the provisions of this Agreement will be binding unless in writing and signed by duly authorized representatives of the parties hereto and which specifically mention this Agreement.

(e)Choice of Law.  The validity, interpretation, construction and performance of this Agreement will be governed by the laws of the State of California (with the exception of its conflict of laws provisions).  Any claims or legal actions by one party against the other arising out of the relationship between the parties contemplated herein (whether or not arising under this Agreement) will be commenced or 

maintained in any state or federal court located in the jurisdiction where Executive resides, and Executive and the Company hereby submit to the jurisdiction and venue of any such court.

(f)Severability.  The invalidity or unenforceability of any provision or provisions of this Agreement will not affect the validity or enforceability of any other provision hereof, which will remain in full force and effect.

(g)Withholding.  All payments made pursuant to this Agreement will be subject to withholding of applicable income, employment and other taxes.

(h)Counterparts.  This Agreement 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]

IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year set forth below.
COMPANY    RAMBUS INC.
By:        /s/ Jae Kim                
Title:    SVP, General Counsel
Date:    August 2, 2018

EXECUTIVE    By:        /s/ Luc Seraphin            
Title:    Interim CEO
Date:    August 2, 2018

[SIGNATURE PAGE TO EMPLOYMENT AGREEMENT]

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