SEC Contract Filing

Filing Date: 2021-02-08

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<DIV><FONT size="1" style="font-size:1pt;color:white">DB2/21688765.1 ALPHA AND OMEGA SEMICONDUCTOR LIMITED Exhibit 10.1 April 28, 2010 Mr. Yifan Liang c/o Alpha and Omega Semiconductor Incorporated 475 Oakmead Parkway Sunnyvale, California 94085 Dear Yifan: We are pleased to inform you that the Company's Board of Directors has approved a new severance benefit program for you. The purpose of this letter agreement is to set forth the terms and conditions of your severance benefits and to explain certain limitations that may govern their overall value or payment. Your severance package will become payable should your employment terminate under certain circumstances prior to or following certain changes in ownership or control of the Company. To understand the full scope of your benefits, you should familiarize yourself with the definitional provisions of Part One of this letter agreement. The benefits comprising your severance package are detailed in Parts Two and Three, and the dollar limitations on the overall value of your benefit package and other applicable restrictions are specified in Parts Four and Five. PART ONE &#8211; DEFINITIONS For purposes of this Agreement, the following definitions shall be in effect: Board means the Company&#8217;s Board of Directors. Change in Control means a change in control of the Company effected through any of the following transactions: (i) a merger, consolidation or other reorganization approved by the Company&#8217;s shareholders, unless securities representing more than fifty percent (50%) of the total combined voting power of the voting securities of the successor Company are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned the Company&#8217;s outstanding voting securities immediately prior to such transaction, or (ii) a shareholder-approved sale, transfer or other disposition of all or substantially all of the Company&#8217;s assets in liquidation or dissolution of the Company, or (iii) the acquisition, directly or indirectly by any person or related group of persons (other than the Company or a person that directly or indirectly controls, is </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white">DB2/21688765.1 -2- controlled by, or is under common control with, the Company), of beneficial ownership (within the meaning of Rule 13d-3 of the 1934 Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company&#8217;s outstanding securities pursuant to a tender or exchange offer made directly to the Company&#8217;s shareholders. Change in Control Severance Period means the period commencing with the Company&#8217;s execution of the definitive agreement for a Change in Control transaction and continuing until the end of the twelve (12)-month period measured from the closing date of that Change in Control. Code means the Internal Revenue Code of 1986, as amended. Common Share means the Company&#8217;s common share. Company means Alpha and Omega Semiconductor Limited, a company incorporated and existing under the laws of the Islands of Bermuda. Executive means the undersigned executive. Good Reason means the Executive&#8217;s voluntary resignation within ninety (90) days following one or more of the following events that occur without the Executive&#8217;s written consent: (A) a material diminution in the Executive&#8217;s authority, duties or responsibilities, (B) a material reduction in his base compensation, with a reduction of fifteen percent (15%) or more to be deemed material for such purpose, (C) a material relocation of his principal place of employment, with a relocation that is more than fifty (50) miles from the location of his principal office in Sunnyvale, California to be deemed material for such purpose, or (D) a material breach by the Company of any of its obligations under this Agreement; provided, however, that none of the events specified above shall constitute Good Reason unless the Executive first provides written notice to the Company describing the applicable event within thirty (30) days following the occurrence of that event and the Company fails to cure such event within thirty (30) days after receipt of such written notice. Involuntary Termination means (i) the Company&#8217;s termination of the Executive&#8217;s employment for any reason other than a Termination for Cause or (ii) the Executive&#8217;s voluntary resignation for Good Reason. 1934 Act shall mean the U.S. Securities Exchange Act of 1934, as amended. Plan means (i) the Company&#8217;s 2000 Share Plan, (ii) the Company&#8217;s 2009 Share Option/Share Issuance Plan, as amended or restated from time to time, and (iii) any successor stock incentive plan subsequently implemented by the Company. Separation from Service means the Executive&#8217;s cessation of Employee status and shall be deemed to occur at such time as the level of the bona fide services the Executive is to perform in Employee status (or as a consultant or other independent contractor) permanently decreases to a level that is not more than twenty percent (20%) of the average level of services the Executive rendered in Employee status during the immediately preceding thirty-six (36) months (or such </FONT></DIV>
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