Document:

Exhibit

Exhibit 10.2

PIXELWORKS, INC. 
CHANGE OF CONTROL
AND SEVERANCE AGREEMENT

This Change of Control and Severance Agreement (the “Agreement”) is made and entered into, by and between Elias Nader (the “Executive”) and Pixelworks, Inc., an Oregon corporation (the “Company”) effective as of the Executive’s commencement of employment by the Company (the “Effective Date”).  Certain capitalized terms used in this Agreement are defined in Section 1 below.
RECITALS

WHEREAS, the Board of Directors of the Company has determined that it is in the interest of the Company to offer this Agreement to the Executive as an inducement for the Executive to accept the employment by the Company and to provide the Executive with an incentive to continue Executive’s employment with the Company, including an incentive to maximize the value of the Company upon a Change of Control for the benefit of its shareholders.
AGREEMENT

The parties therefore agree as follows:

1.Definition of Terms. The following terms referred to in this Agreement shall have the following meanings:

(a)Cause. “Cause” shall mean Executive engaged in any one or more of the following: (i) a material act of dishonesty, fraud, misconduct, or willful violation of any material law, ethical rule or fiduciary duty that is in connection with Executive’s responsibilities as an executive of the Company; (ii) acts constituting a felony or moral turpitude which the Board reasonably believes has had or will have a material detrimental effect on the Company’s reputation or business; or (iii) repeated willful failure to perform Executive’s duties as an executive of the Company and the failure to effect such cure within thirty (30) days after written notice of such violation or breach is given to Executive; or (iv) the willful violation of any material Company policy or procedure, or breach of any material provision of this Agreement or other agreement with the Company, and if such violation or breach is susceptible of cure, the failure to effect such cure within thirty (30) days after written notice of such violation or breach is given to Executive.

(b)Change of Control. “Change of Control” shall mean the occurrence of any of the following events:
(i)the approval by shareholders of the Company of a merger or consolidation of the Company with any other corporation, or of a subsidiary of the Company with any other corporation, other than a merger or consolidation which would result in effective voting control over the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation;

(ii)the approval by the shareholders of the Company of a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets;

(iii)any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becoming the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities; or

(iv)a change in the composition of the Board, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” shall mean directors who either (A) are directors of the Company as of the date hereof, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of those directors who are either identified in (A) or identified as their successors elected under this clause 

(B).

(c)Good Reason Event. A “Good Reason Event” shall be any of the following: (i) without the Executive’s express written consent, a material diminution of the Executive’s duties, authority or responsibilities; (ii) without the Executive’s express written consent, a reduction by the Company of the Executive’s base salary; (iii) without the Executive’s express written consent, the imposition of a requirement that Executive’s primary place of employment be at a facility or a location more than fifty (50) miles from the Executive’s current work location, provided that such requirement to relocate materially increases the Executive’s commute; or (iv) the failure of the Company to obtain the assumption of this Agreement by any successors contemplated in Section 6 below.  The Executive must provide notice of intent to terminate for a Good Reason within thirty (30) days of occurrence of the event constituting a Good Reason Event, and the Executive may terminate for Good Reason Event only if the Company shall fail to cure such event within fourteen (14) days of receipt of such notice from the Executive. 

(d)Involuntary Termination.  “Involuntary Termination” shall mean (i) any termination of the Executive’s employment by the Company which is not effected for valid Cause; or (ii) any termination by the Executive for Good Reason.

(e)Termination Date. “Termination Date” shall mean the effective date of any notice of termination delivered by one party to the other hereunder.

2.Term of Agreement. This Agreement shall terminate upon the earlier of two (2) years after a Change of Control, or (ii) the date that all obligations of the parties hereto under this Agreement have been satisfied.

3.At-Will Employment. The Company and the Executive acknowledge that the Executive’s employment is and shall continue to be at-will, as defined under applicable law. If the Executive’s employment terminates for any reason, the Executive shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided by this Agreement, or as may otherwise be established under the Company’s then existing employee benefit plans or policies at the time of termination.

4.Severance Benefits.

(a)Termination During Change of Control Window.

(i)If Within Six Months Before a Change of Control. If the Executive’s employment with the Company terminates as a result of an Involuntary Termination at any time within six (6) months before a Change of Control, and the Executive signs and does not revoke the release of claims pursuant to Section 7 hereto, Executive shall be entitled to the following severance benefits:

(1)Twelve (12) months of Executive’s base salary in effect as of, and annual target bonus in effect for the year of, the date of such termination, less applicable withholding, payable in a lump sum thirty (30) days following such Involuntary Termination or, if later, the date the release pursuant to Section 7 becomes effective or such later date as required by Section 7.

(2)Subject to Section 4(d) below, (i) all stock options granted by the Company to the Executive prior to the Change of Control shall accelerate and become 100% vested and exercisable to the extent such stock options are outstanding and un-exercisable at the time of such termination; (ii) all restricted stock units and shares of restricted stock granted by the Company to the Executive prior to the Change of Control which are outstanding and unvested as of the time of such termination shall accelerate and become 100% vested; and (iii) all stock subject to a right of repurchase by the Company (or its successor) that was purchased prior to the Change of Control shall have such right of repurchase lapse. Such accelerated vesting, exercisability and lapse of repurchase rights is referred to herein as the “Equity Acceleration Benefit.”

(3)The same level of Company-paid health (i.e., medical, vision and dental) coverage and benefits for such coverage as in effect for the Executive (and any eligible dependents) on the day immediately preceding the Executive’s Termination Date; provided, however, that (i) the Executive constitutes a qualified beneficiary, as defined in Section 4980B(g)(1) of the Internal Revenue Code of 1986, as amended; and (ii) 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.  The Company shall continue to provide Executive with such Company-paid coverage until the 

earlier of (i) the date Executive (and Executive’s eligible dependents) is no longer eligible to receive continuation coverage pursuant to COBRA, or (ii) twelve (12) months from the Termination Date.  

(4)Rules For Uncertainty Period: During the six months following an Involuntary Termination that occurs at some time other than in the twenty-four (24) months following a Change of Control, these further rules will apply. 

(1)As of the date of the Involuntary Termination, any options that have the potential to become vested if a Change of Control occurs in the following six months, but which have not yet vested, will be regarded as unexpired until the end of the six month period (but not beyond the maximum term of such option), at which time, if no Change of Control has occurred, the options will expire unvested.  As of the date of an Involuntary Termination, Executive may hold restricted stock units, shares of restricted stock or other rights as to which, absent a Change of Control, would be forfeited or the Executive holds shares of restricted stock as to which the Company would have repurchase rights, but as to which such rights would expire if a Change of Control occurs within six months or as to which the Company may repurchase such shares of restricted stock during such six-month period.  Until it is known whether the status of such restricted stock units, shares of restricted stock or other rights have changed, to the extent they have the potential to become vested they shall not be forfeited or repurchased by the Company, and all periods for exercising repurchase rights, or related thereto, shall be tolled until such time as it can be known with certainty whether such repurchase rights have expired.  

(2)If a Change of Control occurs within those six months, the benefits due under this Agreement will accrue immediately, calculated as of the original Involuntary Termination Date.   In that event, any cash severance benefit will be paid thirty (30) days following the Change of Control, and the options, rights and shares that would have vested on the date of Executive’s Involuntary Termination if a Change of Control agreement had then occurred, will immediately vest.  Subject to the terms of the Change of Control Agreement affecting the options, Executive will then have a minimum of six months following the Change of Control to exercise the options (longer if a longer period would otherwise be applicable and in no event in excess of the maximum period of such option).  

(ii)If Within Twelve Months After a Change of Control. If the Executive’s employment with the Company terminates as a result of an Involuntary Termination at any time within twelve (12) months after a Change of Control, and the Executive signs and does not revoke the release of claims pursuant to Section 7 hereto, Executive shall be entitled to the following severance benefits:

(1)twelve (12) months of Executive’s base salary in effect as of the date of, and annual target bonus in effect for the year of, the Involuntary Termination, or, if greater for each, as in effect immediately prior to the Change of Control, less applicable withholding, payable in a lump sum thirty (30) days following such Involuntary Termination or, if later, the date the release pursuant to Section 7 becomes effective or such later date as required by Section 7.

(2)subject to Section 4(d) below, the Executive shall receive the Equity Acceleration Benefit set forth in Section 4(a)(i)(2) above.

(3)the same level of Company-paid health (i.e., medical, vision and dental) coverage and benefits for such coverage as in effect for the Executive (and any eligible dependents) on the day immediately preceding the Executive’s Termination Date; provided, however, that (i) the Executive constitutes a qualified beneficiary, as defined in Section 4980B(g)(l) of the Internal Revenue Code of 1986, as amended; and (ii) 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. The Company shall continue to provide Executive with such Company-paid coverage until the earlier of (i) the date Executive (and Executive’s eligible dependents) is no longer eligible to receive continuation coverage pursuant to COBRA, or (ii) twelve (12) months from the Termination Date.

(iii)If Between Twelve Months and Twenty-Four Months Following Change of Control. If the Executive’s employment with the Company terminates as a result of an Involuntary Termination at any time during the period that is from twelve (12) months after a  Change of Control to twenty-four (24) months after a Change of Control (such period being the “Second Year”), and the Executive signs and does not revoke the release of claims pursuant to Section 7 hereto, Executive shall be entitled to the following severance benefits:

(1)a lump sum cash amount payable thirty (30) days following the Involuntary Termination (or, if later, date the release pursuant to Section 7 becomes effective or such later date as required by Section 7) equal to the greater of (i) the annual base salary in effect as of, and the target bonus applicable to the calendar year of, the 

Involuntary Termination; or (ii) the annual base salary in effect as of, and the target bonus applicable to the calendar year of, the Change of Control, as in effect immediately prior to the Change of Control;

(2)the health benefits set forth in Section 4(a)(i)(3) above; and

(3)subject to Section 4(d) below if greater, the Equity Acceleration Benefit set forth in Section 4(a)(i)(2) above, provided, however, that instead of 100% acceleration, Executive shall receive acceleration of vesting of restricted stock units, shares of restricted stock or other rights, or lapse of the Company repurchase rights for shares of restricted stock, that would have vested or with respect to which the Company’s repurchase rights would have lapsed during the number of months remaining in the Second Year as of the date of termination as if Executive had remained employed by the Company (or its successor) through such date under the agreement applicable to such award. For purposes of this subsection (3), only entire months that remain in the Second Year shall be counted as “remaining,” and any fraction of a month that remains after the date of the termination shall not be counted hereunder.  Notwithstanding the preceding, such Equity Acceleration Benefit shall be not less than the Equity Acceleration Benefit which would be received by Executive under Section 4(b)(i) below.
(b)Termination Apart from a Change of Control. If the Executive’s employment with the Company terminates other than as a result of an Involuntary Termination within the twenty-four (24) months following a Change of Control, then the following provisions shall apply:

(i)Involuntary Termination. If the termination is an Involuntary Termination and the Executive signs and does not revoke the release of claims pursuant to Section 7 hereto, the Executive shall be entitled to the same benefits described in Section 4(a)(i) calculated as if the date of the Change of Control were immediately following the effective date of the Involuntary Termination, except that for this purpose Section 4(a)(i)(2) shall be revised to read as follows:

“(2if the Executive’s termination employment occurs within one (1) year of the Executive’s commencement of employment, no Equity Acceleration Benefit shall be provided; and, subject to Section 4(d) below, if Executive’s termination employment occurs one (1) year or more after the Executive’s commencement of employment, Executive shall receive acceleration of vesting of restricted stock units, shares of restricted stock and other rights, or lapse of the Company repurchase rights for shares of restricted stock, for units, shares or rights that would have vested or with respect to which the Company’s repurchase rights would have lapsed during the Acceleration Period (as defined below) following such termination as if Executive had remained employed by the Company (or its successor) through the end of such Acceleration Period under the agreement applicable to such award; provided that, if an award has annual vesting periods and an annual vesting period under such award straddles the end of the Acceleration Period, for such vesting period the portion of the award which is eligible to vest on the next annual vesting date shall be treated as vesting in equal monthly amounts instead of annually.  For purposes of this subsection, Acceleration Period shall mean six (6) months if the Executive’s date of termination of employment is at least one (1) year following his commencement of employment by the Company and twelve (12) months if his termination of employment is at least two (2) years following his commencement of employment by the Company.” 

(ii)For Cause or Voluntary Termination. If the termination is for Cause or is not otherwise an Involuntary Termination, then the Executive will not be entitled to receive severance or other benefits hereunder.

(iii)For avoidance of doubt, receipt of the benefits for an Involuntary Termination under Section 4(b)(i) shall not preclude the Executive’s receipt of any additional benefit which is provided under Section 4(a)(i)(2) if such Involuntary Termination occurs at any time within six (6) months before a Change of Control.

(c)Accrued Wages and Vacation; Expenses. Without regard to the reason for, or the timing of, Executive’s termination of employment: (i) the Company shall pay the Executive any unpaid base salary due for periods prior to the Termination Date; (ii) the Company shall pay the Executive all of the Executive’s accrued and unused vacation through the Termination Date; and (iii) following submission of proper expense reports by the Executive, the Company shall reimburse the Executive for all expenses reasonably and necessarily incurred by the Executive in connection with the business of the Company prior to the Termination Date. These payments shall be made promptly upon termination and within the period of time mandated by law.

(d)Equity Awards Subject to Performance Conditions.  In the case of an equity award which provides 

for performance-based vesting (or other similar rules), accelerated vesting and payment with respect to such award shall be governed by the agreement applicable to such award instead of the Equity Acceleration Benefits provisions of Sections 4(a)(i)(2), 4(a)(ii)(2), 4(a)(iii)(3) and 4(b)(i).

5.Limitation on Payments. In the event that the severance and other benefits provided for in this Agreement or otherwise payable to the Executive (i) constitute “parachute payments” within the meaning of Section 280G of the United States Internal Revenue Code (the “Code”), and (ii) would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then Executive’s benefits under this Agreement shall be either

(a)delivered in full, or

(b)delivered as to such lesser extent which would result in no portion of such benefits being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by Executive on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code.
Any determination required under this section shall be made in writing by the Company’s independent public accountants (the “Accountants”), whose determination shall be conclusive and binding upon the Executive and the Company for all purposes. For purposes of making the calculations required by this section, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and the Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this section. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this section.

6.Successors.

(a)Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume the Company’s obligations under this Agreement and agree expressly to perform the Company’s 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” shall include any successor to the Company’s business and/or assets which executes and delivers the assumption agreement described in this subsection (a) or which becomes bound by the terms of this Agreement by operation of law.

(b)Executive’s Successors. Without the written consent of the Company, Executive may not assign or transfer this Agreement or any right or obligation under this Agreement to any other person or entity. Notwithstanding the foregoing, the terms of this Agreement and all rights of Executive hereunder shall inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

7.Execution of Release Agreement upon Termination. As a condition of receiving the benefits under Section 4 of this Agreement, Executive must sign and not revoke a general release of claims (a “Release”), with such revocation period ending not later than sixty (60) days following Executive’s separation from service (the “Release Deadline”). No benefits under Section 4 will be paid or provided until the Release becomes effective. In the event the sixty (60) day period begins in one calendar year and ends in the calendar year following the calendar year in which Executive’s separation occurs, any benefits that would be considered Deferred Payments (as defined in Section 9) will be paid or commence to be paid, as applicable, on the first regularly scheduled pay date immediately following the Release Deadline, subject to Section 9,  below. The Release shall be such form as reasonably requested by the Company, provided however, that no release of claims shall be required for (a) the Executive’s rights under this Agreement, (b) vested rights under Company benefit plans, and (c) rights to indemnification or directors and officers liability insurance protection. 

8.Litigation/Audit Cooperation. Following the termination of Executive’s employment for any reason, Executive shall reasonably cooperate with the Company or any of its subsidiaries or affiliates (the “Company Group”) in connection with (a) any internal or governmental investigation or administrative, regulatory, arbitral or judicial proceeding involving any member of the Company Group with respect to matters relating to Executive’s employment with or service as a member of the board of directors of any member of the Company Group other than a third party proceeding in which 

Executive is a named party and Executive and the Company (or the applicable member(s) of the Company Group) have not entered into a mutually acceptable joint defense agreement (collectively , “Litigation”) or (b) for a two year period following the Termination Date, any audit of the financial statements of any member of the Company Group with respect to the period of time when Executive was employed by any member of the Company Group (“Audit”). Executive acknowledges that such cooperation may include, but shall not be limited to, Executive making himself available to the Company or any other member of the Company Group (or their respective attorneys or auditors) upon reasonable notice for: (i) interviews, factual investigations, and providing declarations or affidavits that provide truthful information in connection with any Litigation or Audit; (ii) appearing at the request of the Company or any member of the Company Group to give testimony without requiring service of a subpoena or other legal process; (iii) volunteering to the Company or any member of the Company Group pertinent information related to any Litigation or Audit; (iv) providing information and legal representations to the auditors of the Company or any member or any member of the Company Group, in a form and within a timeframe requested by the Board, with respect to the Company’s or any member of the Company Group’s opening balance sheet valuation of intangibles and financial statements for the period in which Executive was employed by the Company or any member of the Company Group; and (v) turning over to the Company or any member of the Company Group any documents relevant to any Litigation or Audit that are or may come into Executive’s possession. The Company shall reimburse Executive for reasonable travel expenses incurred in connection with providing the services under this Section 8, including lodging and meals, upon Executive’s submission of receipts. The Company shall also compensate Executive for each hour that Executive provides cooperation in connection with this Section 8 at an hourly rate equal to Executive’s base salary as of the Termination Date divided by 2080. Executive shall submit invoices for any month in which Executive performs services pursuant to this Section 8 that details the amount of time and a description of the services rendered for each separate day that Executive performed such services. The Company shall reimburse Executive for such services rendered within fifteen (15) days of receiving an invoice from Executive.

9.409A Savings Clause.  If Executive is a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended by the rules and regulations issued thereunder by the Department of Treasury and the Internal Revenue Service (“409A”) as of the date of the Executive’s “separation from service” within the meaning of Section 409A, Executive shall not be entitled to any payment or benefit pursuant to Section 4 which is treated as nonqualified deferred compensation under Section 409A of the Code (“Deferred Payments”) until the earlier of (i) the date which is six (6) months after his separation from service for any reason other than death, or (ii) the date of Executive’s death.  The provisions of this Section 9 shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Section 409A.  Any amounts otherwise payable to Executive upon or in the six (6) month period following the Executive’s separation from service that are not so paid by reason of this Section 9 shall be paid (without interest) as soon as practicable (and in all events within thirty (30) days) after the date that is six (6) months after Executive’s separation from service (or, if earlier, as soon as practicable, and in all events within thirty (30) days, after the date of Executive’s death).  To the extent that any benefits pursuant to Section 4 or reimbursements pursuant to Section 5 are taxable to the Executive, any reimbursement payment due to the Executive pursuant to any such provision shall be paid to the Executive on or before the last day of the Executive’s taxable year following the taxable year in which the related expense was incurred.  The benefits and reimbursements pursuant to Section 4 are not subject to liquidation or exchange for another benefit and the amount of such benefits and reimbursements that the Executive receives in one taxable year shall not affect the amount of such benefits or reimbursements that the Executive receives in any other taxable year.  For purposes of this Agreement, a termination of employment shall mean a “separation from service” under Section 409A.

10.Notices. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In the case of the Executive, mailed notices shall be addressed to Executive at the home address which Executive most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary.

11.Arbitration.

(a)Any dispute or controversy arising out of, relating to, or in connection with this Agreement, or the interpretation, validity, construction, performance, breach, or termination thereof, shall be settled by binding arbitration to be held in Portland, Oregon in accordance with the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association (the “Rules”) . The arbitrator may grant injunctions or other relief in such dispute or controversy. The decision of the arbitrator shall be final, conclusive and binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction.

(b)The arbitrator(s) shall apply Oregon law to the merits of any dispute or claim, without reference 

to conflicts of law rules. The arbitration proceedings shall be governed by federal arbitration law and by the Rules, without reference to state arbitration law. Executive hereby consents to the personal jurisdiction of the state and federal courts located in Oregon for any action or proceeding arising from or relating to this Agreement or relating to any arbitration in which the parties are participants.

(c)Executive understands that nothing in this Section modifies Executive’s at-will employment status. Either Executive or the Company can terminate the employment relationship at any time, with or without Cause.

(d)EXECUTIVE HAS READ AND UNDERSTANDS THIS SECTION, WHICH DISCUSSES ARBITRATION. EXECUTIVE UNDERSTANDS THAT SUBMITTING ANY CLAIMS ARISING OUT OF, RELATING TO, OR IN CONNECTION WITH THIS AGREEMENT, OR THE INTERPRETATION, VALIDITY, CONSTRUCTION, PERFORMANCE, BREACH OR TERMINATION THEREOF TO BINDING ARBITRATION, CONSTITUTES A WAIVER OF EXECUTIVE’S RIGHT TO A JURY TRIAL AND RELATES TO THE RESOLUTION OF ALL DISPUTES RELATING TO ALL ASPECTS OF THE EMPLOYER/EXECUTIVE RELATIONSHIP, INCLUDING BUT NOT LIMITED TO, THE FOLLOWING CLAIMS:

(i)ANY AND ALL CLAIMS FOR WRONGFUL DISCHARGE OF EMPLOYMENT; BREACH OF CONTRACT, BOTH EXPRESS AND IMPLIED; BREACH OF THE COVENANT OF GOOD FAITH AND FAIR DEALING, BOTH EXPRESS AND IMPLIED; NEGLIGENT OR INTENTIONAL INFLICTION OF EMOTIONAL DISTRESS; NEGLIGENT OR INTENTIONAL MISREPRESENTATION; NEGLIGENT OR INTENTIONAL INTERFERENCE WITH CONTRACT OR PROSPECTIVE ECONOMIC ADVANTAGE; AND DEFAMATION.

(ii)ANY AND ALL CLAIMS FOR VIOLATION OF ANY FEDERAL STATE OR MUNICIPAL CONSTITUTION OR STATUTE, INCLUDING, BUT NOT LIMITED TO, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, THE CIVIL RIGHTS ACT OF 1991, THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE FAIR LABOR STANDARDS ACT, THE CALIFORNIA FAIR EMPLOYMENT AND HOUSING ACT, AND THE CALIFORNIA LABOR CODE (except for claims for underlying workers’ compensation benefits); and

(iii)ANY AND ALL CLAIMS ARISING OUT OF ANY OTHER LAWS AND REGULATIONS RELATING TO EMPLOYMENT OR EMPLOYMENT DISCRIMINATION.

12.Proprietary Information and Inventions Assignment Agreement. Executive shall execute and comply with the terms of the Company’s standard Proprietary Information and Inventions Assignment Agreement.

13.Miscellaneous Provisions.

(a)Effect of Any Statutory Benefits. If any severance benefits are required to be paid to the Executive upon termination of employment with the Company as a result of any requirement of law or any governmental entity in any applicable jurisdiction, the aggregate amount payable pursuant to Section 4 hereof shall be reduced by such amount.

(b)Effect of Standard Company Policy or Other Agreements. To the extent that any severance benefits or payments are required to be paid to the Executive upon termination of employment with the Company as a result of any standard Company policy or other existing agreement(s), Executive shall be entitled to the most favorable of any given benefit (e.g., cash, option vesting, health benefits) available under any one such source, but shall not be entitled also to cumulate the same kind of benefit from multiple agreements or policies.

(c)No Duty to Mitigate. The Executive shall not be required to mitigate the amount of any payment contemplated by this Agreement, nor shall any such payment be reduced by any earnings that the Executive may receive from any other source.

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

(e)Integration. This Agreement and any agreements referenced herein represent the entire 

agreement and understanding between the parties as to the subject matter herein and collectively supersede all prior or contemporaneous agreements, whether written or oral, with respect to the same subject matter, provided that, for clarification purposes, this Agreement shall not affect any agreements between the Company and Executive regarding intellectual property matters or confidential information of the Company.

(f)Choice of Law. The validity, interpretation construction and performance of this Agreement shall be governed by the internal substantive laws, but not the conflicts of law rules, of the State of Oregon.

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

(h)Employment Taxes. All payments made pursuant to this Agreement shall be subject to withholding of applicable income and employment taxes.

(i)Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but both of which together will constitute one and the same instrument.

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 first above written.

	
			
	Pixelworks, Inc
	 
	Executive

	/S/ Todd A. DeBonis
	 
	/S/ Elias Nader

	Todd A. DeBonis
President & Chief Executive Officer

	 
	Elias NaderExhibit

Exhibit 10.3

TRANSITION AGREEMENT
This Transition Agreement (this “Agreement”), is made by and between Steven Moore, an individual (the “Executive”) and Pixelworks, Inc. (the “Company”) (individually each a “Party” and collectively the “Parties”), effective at the end of the seventh (7th) calendar day after the date a signed copy of this Agreement is delivered to the Company by the Executive (the “Effective Date”). 
Recitals
1.Executive’s employment with the Company will end on October 4, 2019, but he has agreed to continue working at the Company to and for a limited period of time following the commencement of employment of a new Chief Financial Officer in order to assist in the transition of his duties to the new Chief Financial Officer. 

2.The Parties wish to have Executive’s rights to severance pay and other benefits arising from the transition of his job duties and the termination of Executive’s employment with the Company to be governed by terms of this Agreement and the agreements referenced herein. 

Agreement
Based upon the information stated in the above Recitals and the statements, promises and agreements contained below, the Parties hereby agree as follows:
1.Employment of Executive.  The Parties agree that Executive’s employment with the Company will terminate October 4, 2019 (“Termination Date”).  Executive agrees that upon commencement of employment of the new Chief Financial Officer of the Company (the “New CFO”), estimated to be September 16, 2019, Executive will cease being the Chief Financial Officer of the Company (“Transition Date”).  The Time period from the Transition Date to the Termination Date, shall be called the “Transition Period.”
2.Duties and Compensation during the Transition Period.  Executive will continue to work full time for the Company during the Transition Period, assisting in the transition of his duties to the New CFO and performing other duties as requested by the Company. During the Transition Period, Executive’s base salary will continue to be $23,947.92 per month, he will continue to accrue all employee benefits available to all other similarly situated full time executive employees and he will continue vest in his outstanding Restricted Stock Units (“RSUs”) in accordance with terms of such awards.  
3.Accrued Vacation Time and Reimbursement of Expenses.  On or before the Termination Date, the Company shall fully pay Executive for all accrued but unused vacation and shall reimburse him for all reimbursable expenses that he has submitted for payment. 
4.Post-termination Consulting. The Parties agree that upon termination of Executive’s employment, Executive shall become a consultant to the Company for a period commencing on the Termination Date and ending on March 6, 2020 or such earlier date as provided in the Consulting Agreement attached hereto as Exhibit A (the “Consulting Period”).   Both Parties agree that they will sign the Consulting Agreement on or before the Termination Date.
5.COBRA Subsidy.  In further consideration for this release and other promises made by Executive herein, and provided that Executive timely and properly elects continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), Company agrees to pay for the portion of each month’s COBRA payment equal to the monthly amount that was paid by the Company for health insurance for the Employee and his dependents prior the termination of Executive’s employment (inclusive of medical, dental and vision) (“COBRA Payment”) for the eighteen month period from November 2019 through April 2021 (the “COBRA Period”); provided that, notwithstanding the foregoing, in the event such COBRA Payment could result in a penalty, excise tax or other related liability to the Company, the Executive or the group health plan under applicable law, Company may instead, at Company’s discretion, provide Executive with cash payments during the COBRA Period equivalent in value to the COBRA Payment otherwise payable hereunder but without regard as to whether Executive continues health coverage under the Company’s group health plan (the “Substitute Benefit”). The Employee will not be reimbursed for the portion of the premium which he had paid prior to the termination of employment or for any administrative fees.  Notwithstanding the foregoing, the COBRA Payment or the Substitute Benefit will cease upon the earlier of the end of COBRA Period, Executive becoming eligible for health insurance by a new employer, or the occurrence of any event that would cause Executive to no longer be eligible for COBRA continuation coverage under the Company’s group health plan.  Executive is solely responsible for making his COBRA election in a timely manner. 

6.Annual Bonus.  Executive will be paid the amount of his annual target bonus for 2019, in the amount of one hundred forty three thousand six hundred eighty eight dollars ($143,688). Such payment will be made when other Company 2019 executive annual bonuses are normally paid, but in no event later than March 13, 2020.
7.Severance Payment.  Upon the termination of Executive’s Consulting Agreement, and on the condition that not later than March 6, 2020, Executive signs the Separation Agreement and Release of Claims the (the “Second Agreement”) in the form attached hereto as Exhibit B, and does not revoke the Second Agreement, and in consideration of the covenants and promises contained in the Second Agreement, the Company will pay Executive’ a lump sum payment of one hundred sixty seven thousand six hundred thirty five dollars ($167,635), less applicable withholding, which is equal to approximately seven months of Executive’s base salary.  Such payment shall be made not later than March 13, 2020.
8.Payment of Attorneys’ Fees.  The Company shall make payment of up to One Thousand Five hundred dollars ($1,500.00) for attorney’s fees and costs incurred in connection with drafting and negotiating this Agreement, the Consulting Agreement and the Separation Agreement, and providing advice to Executive with respect to related issues related to the foregoing, which sum shall be reported on a Form 1099 to both the Executive and his attorneys. 
9.Effect of Equity Awards.  The outstanding RSUs held by the Executive shall continue to remain outstanding until the date which is six (6) months following the termination of the Consulting Period and such RSUs shall continue to vest during Consulting Period.  If Executive does not complete the remaining period of employment by the Company or the full term of his Consulting Agreement by reason of termination by the Company for other than Cause as defined in paragraph 1(a) of the Executive’s Amended and Restated Change of Control and Severance Agreement effective January 15, 2019 (the “2019 Severance Agreement”), or by reason of the Executive’s death or inability to perform the services required by reason of the Executive’s disability (as determined by the Board in good faith), then the Executive shall vest in those RSUs as would have vested during remaining employment period and term of the Consulting Agreement.  In the case of  failure to complete the remaining period of employment by the Company or termination of the Consulting Period for any reason other than those provided in the preceding sentence, no vesting of RSUs shall be received with respect the remaining employment period or term of the Consulting Agreement.  On the condition that a Change of Control, as defined in paragraph 1(b) of the  2019 Severance Agreement, occurs prior to or within six (6) months following the termination of the Consulting Period and the Executive (or his executor or personal representative in the event of Executive’s death) has signed and not revoked a general release of claims, all RSUs granted by the Company to the Executive prior to the Change of Control which are outstanding and unvested shall accelerate and become 100% vested.  If no Change of Control shall occur prior to the end such six (6) month period, the unvested RSUs granted to such Executive shall be forfeited and terminated.  
10.Continued Rights to Severance.  If Executive does not complete the remaining period of employment by the Company or the term of his Consulting Agreement, attached hereto as Exhibit A, reason other than by reason of a termination by the Company for “Cause” as defined in paragraph 1(a) of the 2019 Severance Agreement, he will remain entitled to the severance benefits provided for in Section 5 through and including Section 8 of this Agreement, as well as the benefits provided for in Section 9 of this Agreement (to the extent provided in Section 9), on the condition that Executive signs and does not revoke a general release of claims against the Company.  
11.Release of all Claims.  Except as otherwise set forth in this Agreement, Executive hereby releases, acquits and forever discharges the Company and each of its employees, officers, directors, shareholders, agents, predecessors and successors in interest, parents, subsidiaries, attorneys, and assigns, (“Company-Affiliates”) of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys’ fees, damages, indemnities, and obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements, events, acts, omissions, or conduct at any time prior to and including the Effective Date of this Agreement.  This general release includes, but is not limited to: (i) claims and demands arising out of or in any way connected with your employment with the Company, or the termination of that employment; (ii) claims or demands related to your compensation or benefits with the Company, including but not limited to, wages, salary, bonuses, commissions, vacation pay, fringe benefits, expense reimbursements, incentive pay, severance pay, or any other form of compensation; (iii) claims pursuant to any federal, state or local law, statute, or cause of action including, but not limited to, claims for discrimination, harassment, retaliation, attorneys’ fees or other claim arising under the federal Age Discrimination in Employment in Employment Act, 29 U.S.C. §§621, et seq., (as amended by the Older Workers’ Benefit Protection Act, 29 U.S.C. §626(f))), the federal Civil Rights Act of 1964, as amended; the federal Americans with Disabilities Act of 1990, as amended; the federal Family Medical Leave Act, as amended; the federal Worker Adjustment and Retraining Notification Act, as amended; the Employee Retirement Income Security Act of 1974, as amended; the Fair Credit Reporting Act, the Worker Adjustment and Retraining Notification Act, the Genetic Information Nondiscrimination Act, the Immigration Reform and Control Act,  California Fair Employment and Housing Act (Cal. Gov’t Code §12900 et seq.); California Family Rights Act (Cal. Gov. Code §12945.2); California Spousal Military Leave Law (Cal. Mil. & Vet. Code §395.10); California WARN Act (Cal. Lab. Code §1400 et seq.); the California Labor Code, the California Private Attorney General Act; (iv) all tort claims, including without limitation, claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (v) all claims for breach of contract, wrongful termination, and breach of the implied 

covenant of good faith and fair dealing, including claims arising out of an employment agreement, sales commission plan or incentive compensation plan applicable to your employment with the Company.  To the extent permitted by law, Executive also promise never directly or indirectly to bring or participate in an action against the Company or Company-Affiliates under California Business & Professions Code Section 17200 or any unfair competition law of any jurisdiction.
Excluded from this Agreement are any claims, which by law cannot be waived in a private agreement between an employer and employee.  The Release does not extend to claims for unemployment or workers’ compensation benefits or waive the Executive’s right to file an application for an award for original information submitted pursuant to Section 21F of the Securities Exchange Act of 1934.  Moreover, this Release does not prohibit Executive from filing a charge with the Equal Employment Opportunity Commission (the “EEOC”) or the Department of Fair Employment and Housing or participating in an EEOC or state agency investigation and does not prohibit Executive from cooperating with an investigation by those or any other federal, state or local agency.  Executive agrees to waive his right to monetary or other recovery from the Company should any claim be pursued with the EEOC, state agency, or any other federal, state or local administrative agency on his behalf arising out of or related to his employment with and/or separation from the Company.  Nothing in this Agreement is intended to release or waive any rights you may have (i) under COBRA, (ii) to unemployment insurance benefits, (iii) to indemnification for any liabilities, attorney’s fees, costs and/or expenses pursuant to any applicable statutes including Labor Code section 2802, Certificates of Incorporation, By-laws or insurance policies of the Company, its affiliates or subsidiaries, or (iv) to enforce the terms of this agreement. 
12.Release of unknown Claims.  To the maximum extent permitted by law, Executive agrees that the Releases described in Section 11 extends to all claims of every nature and kind whatsoever, whether known or unknown, suspected or unsuspected.  Executive expressly waive the provisions of Section 1542 of the Civil Code, which provides:
A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.
13.No Release of Future Rights.  The Release does not waive any rights or claims that the Executive might have arising after the date the Executive signs this Agreement.
14.No Pending Claims or Actions.  The Executive promises and states that the Executive has not given or sold any claim discussed in this Agreement to anyone and that the Executive has not filed a lawsuit, claim, or charge with any court or government agency asserting any claims that are released by the Release.  Without limiting the generality of the foregoing, the Executive agrees that the Executive will not bring or participate in any class action or collective action against the Company which asserts, in whole or in part, any claim(s), which arose prior to the date this Agreement, is signed by the Executive, whether or not such claims are covered by the Release. 
15.Non-Disclosure of Proprietary Information.  The Executive promises and agrees that he will not, except upon written authorization from the Company or as required by law, disclose any confidential or proprietary non-public information belonging to or concerning the Company, and/or Company-Affiliates, vendors, or customers, including, without limitation, financial data, business and marketing plans, budgets, personnel information, product designs and specifications, research and development plans and budgets, technical drawings and specifications, manufacturing methods, technical know‐how or other trade secrets.  The Executive acknowledges and reaffirms in its entirety the Proprietary Information and Inventions Agreement executed upon commencement of his employment (the “IP Agreement”).  Nothing in this Agreement is intended to or shall be construed to modify, impair or terminate any obligation of the Executive pursuant to the IP Agreement that by the terms of the IP Agreement, such terms continue after Executive’s separation from the Company’s employment.  Notwithstanding anything contained in this Agreement or the IP Agreement, the Executive may disclose Confidential Information in confidence directly or indirectly to federal, state, or local government officials, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law or regulation or making other disclosures that are protected under the whistleblower provisions of state or federal laws or regulations.   Nothing in this Agreement or the IP Agreement is intended to conflict with Federal law protecting confidential disclosures of a trade secret to the Government or in a court filing, 18 U.S.C. § 1833(b), or to create liability for disclosures of Confidential Information that are expressly allowed by 18 U.S.C. § 1833(b).  
16.Confidentiality.  The Executive promises to hold the provisions of this Agreement in strictest confidence.  The Executive may disclose this Agreement, in confidence, to his immediate family, to his attorneys, accountants, auditors, tax preparers and financial advisors, and as may be necessary to enforce its terms or as otherwise required by law.  Otherwise, the Executive agrees not to publicize or disclose its terms to anyone, in any manner.  In particular (but without limitation), the Executive agrees not to discuss the terms of this Agreement with former or current employees, clients, suppliers, subcontractors or other business contacts of the Company. 
17.No Assistance in Asserting Claims.  Executive agrees not to counsel or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third Party against 

the Company and/or any officer, director, employee, agent, representative, shareholder or attorney of the Company, unless Executive is required to provide such assistance pursuant to subpoena, other court order or demand for cooperation from any local, state or federal agency; provided that Executive shall provide the Company with notice prior to Executive responding to any such demand. 
18.Non-Disparagement.  Executive agrees to refrain from any disparagement, defamation, libel or slander of the Company or Company-Affiliates or tortious interference with the contracts and relationships of the Company.  The Company agrees to  request all directors and executive officers as of the Termination Date to refrain from any disparagement, defamation, libel, slander of Executive; provided the Company shall not be restricted with respect to any legally required disclosures.
19.Announcement of Executive’s Departure. The parties agree that they will issue a joint announcement stating that Executive will leave the Company, to reduce his workload as he heads to retirement. He has agreed to act as a consultant to assist the Company in its transition to a new Chief Financial Officer.
20.Unemployment Insurance Benefits.  The Company agrees it will not contest a claim for unemployment insurance benefits should Executive elect to pursue such benefits.
21.Choice of Law.  This Agreement is to be governed by California law.  Taxes, Payments and benefits provided under this Agreement are taxable under the laws of the United States and the State of California and will be subject to all required withholdings and court ordered wage assignments and/or garnishments.
22.Severability.  If any portion of this Agreement is found to be unenforceable, then both the Executive and the Company desire that all other portions that can be separated from it or appropriately limited in scope shall remain fully valid and enforceable.
23.Arbitration. Except as prohibited by law, any legal dispute between the Executive and the Company (or between the Executive and any Company-Affiliates, each of whom is hereby designated a third party beneficiary of this agreement regarding arbitration) arising out of the Executive’s employment or termination of employment or this Agreement (a “Dispute”) will be resolved through binding arbitration in Santa Clara, California in accordance with the then current  Employment Dispute Resolution Rules (the “Rules”) of the American Arbitration Association (“AAA”), which rules are available for review at www.adr.org and are incorporated herein by reference (the “Rules).  Judgment upon the award rendered by the arbitrator in such proceeding may be entered in any court having jurisdiction thereof, provided, however, that the law applicable to any issues regarding the scope, effectiveness or interpretation of this arbitration provision shall be the Federal Arbitration Act.  The arbitration shall be conducted by a single neutral arbitrator selected by the parties from a list maintained by the AAA. Nothing in this arbitration provision is intended to limit any right the Executive may have to file a charge or claim with (or, to the extent not barred by the Release, to obtain relief from) the National Labor Relations Board, or other federal or state agencies.  The Parties agree that such arbitration shall be conducted on an individual basis only, not a class, representative or collective basis, and hereby waive any right to bring classwide, collective or representative claims before any arbitrator or in any forum, except to the extent a representative action under the California Private Attorney General Act is, as a matter of law, not deemed subject to a such waiver.  THE PARTIES UNDERSTAND THAT BY AGREEING TO ARBITRATE DISPUTES THEY ARE WAIVING ANY RIGHT THEY MIGHT OTHERWISE HAVE TO A JURY TRIAL.  This arbitration provision is not intended to modify or limit substantive rights or the remedies available to the Parties, including the right to seek interim relief, such as injunction or attachment, through judicial process, which shall not be deemed a waiver of the right to demand and obtain arbitration.  The costs associated with the arbitration proceeding (e.g., administrative fees of AAA and the fees of the arbitrator) shall be borne by the Company; any attorneys’ fees shall be the responsibility of each party.
24.Integration.  This Agreement and its Exhibits is intended by the Parties to be their final agreement with respect to the subject matter herein.  The statements, promises and agreements in this Agreement may not be contradicted by any prior or contemporaneous understandings, agreements, promises or statements. The Parties agree that the promises contained herein supersede and extinguish those made in the 2019 Severance Agreement, except as set forth herein and the 2019 Severance Agreement is terminated.  The Executive states and promises that in signing this Agreement he has not relied on any statements or promises made by the Company, other than the promises contained in this Agreement.  Any changes to this Agreement must be in writing and signed by both Parties.
25.Attorneys’ fees.  If either Party files any arbitration, lawsuit, claim, or charge based on, or in any way related to, the Executive’s employment with the Company, any claim that the Executive has released in the Release or the promises and agreements contained in this Agreement, the Party that wins the lawsuit or arbitration or prevails on the claim or charge will be entitled to recover from the other Party all costs it incurs, in connection with the dispute, including reasonable attorneys’ fees. 
This Section 25 shall not apply if the Executive asserts a claim under the Age Discrimination in Employment in Employment Act, 29 U.S.C. §§621, et seq., (as amended by the Older Workers’ Benefit Protection Act, 29 U.S.C. §626(f)), even though such claim is barred by the Release given by the Executive in this Agreement.  This Section does not limit the completeness or finality of Release.  It only limits the Company’s remedies in the event that the Executive asserts certain claims barred by the Release.

26.Successors and Assigns.  Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns, personal and legal representatives, executors, administrators, heirs, distributes, devisees, and legatees, as applicable and with respect to Executive. 
27.Older Workers Benefit Act Acknowledgment.  The Executive acknowledges, represents and agrees, in compliance with the Older Workers’ Benefit Protection Act:
a.The Executive has been fully informed and is fully aware of his right to discuss any and all aspects of this matter with an attorney of his choice and is specifically advised that he should seek such advice;
b.The Executive has carefully read and fully understands all of the provisions of this Agreement;
c.The Executive has had up to and including a full twenty-one (21) days within which to consider this Agreement before executing it, unless by his own choice he has waived all or part of this period. Mutually agreed upon changes to this Agreement, whether material or immaterial, do not restart the twenty-one (21) day period;
d.The Executive has a full seven (7) days following the execution of this Agreement to revoke this Agreement, and has been and is hereby advised in writing that this Agreement shall not become effective or enforceable as to the Executive’s rights under the federal Age Discrimination in Employment Act (29 U.S.C. section 621 et seq.) until the revocation period has expired (but shall be immediately effective as to all other claims).  Any revocation shall be made in writing and delivered to Greg Zafiris, General Counsel, Pixelworks, 226 Airport Parkway, Suite 595, San Jose, CA 95110 onor before the seventh day following the Executive’s execution of this Agreement; and
e.The Executive accepts the terms of this Agreement as fair and equitable under all the circumstances and voluntarily executes this Agreement.
28.Advice of Counsel & Executive Acknowledgments.  Executive hereby acknowledges that he: (a) fully understands his right to discuss this Agreement with independent counsel of his choice, and is encouraged to do so; (b) has read and understands this Agreement and the legal effect of the waivers and releases contained herein; and (c) is entering into this Agreement knowingly and voluntarily of his own free will and without coercion, duress, fraud or undue influence of any kind whatsoever. 
29.Representations and Warranties.  The Executive represents and warrants that 1) the Executive has had the opportunity to discuss this Agreement with counsel, and 2) the Executive signs this Agreement of the Executive’s own volition, without outside inducement or coercion, fully intending to be bound by its terms.
In order to bind the Parties to this Transition Agreement, the Parties, or their duly authorized representatives have signed their names below.
	
		
	Pixelworks, Inc.
	Steven Moore, Executive

	By  /S/ Todd A. DeBonis
	/S/ Steven Moore

	Todd A. DeBonis
President & Chief Executive Officer

	12 September, 2019

	Date Signed by Executive

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