SEC Contract Filing

Filing Date: 2015-11-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>amcc9-30x201510qxex101kare.htm
<DESCRIPTION>EXHIBIT 10.1 KAREN M. ROGGE INTERIM CFO AGREEMENT
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<a name="sED088CA8041F3D8FE82691E2588B987A"></a><div></div><br><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.1</font></div><div style="line-height:150%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:150%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">August 13, 2015</font></div><div style="line-height:150%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Karen M. Rogge </font></div><div style="line-height:150%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[Address Redacted] </font></div><div style="line-height:150%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dear Karen: </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On behalf of Applied Micro Circuits Corporation (&#8220;AppliedMicro&#8221;), I am pleased to extend to you an offer of temporary employment as Interim Vice President, Chief Financial Officer and Principal Financial and Accounting Officer of AppliedMicro based in Santa Clara, California. You will be reporting to Dr. Paramesh Gopi, President and Chief Executive Officer. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following are the basic terms of your temporary employment: </font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:21px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:18px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Your monthly cash compensation will be $45,000.00 gross, before withholding for taxes and deductions, payable according to our normal bi- weekly payroll schedule. As this is a temporary employment position, you will not participate in AppliedMicro&#8217;s executive or employee bonus or severance programs and you will not be eligible for paid vacation benefits. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:21px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:18px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Management will recommend to the Board that you receive a grant of 15,000 restricted stock units (&#8220;RSUs&#8221;), subject to and in accordance with the terms of AppliedMicro&#8217;s 2011 Equity Incentive Plan (the &#8220;2011 Plan&#8221;) and a RSU grant agreement that you will enter into with AppliedMicro. The RSU grant will be made on the scheduled grant date in accordance with the granting policy based on your hire date (the &#8220;Grant Date&#8221;). Subject to the successful filing and acceptance of AppliedMicro&#8217;s Quarterly Report on Form 10-Q for the period ending September 30, 2015, 7,500 RSUs will vest on November 16, 2015, and subject to the successful filing and acceptance of our Quarterly Report on Form 10-Q for the period ending December 31, 2015, 7,500 RSUs will vest on February 15, 2016, in each case conditioned upon your continuing employment through such dates. All RSUs offered and the RSU agreement are contingent upon final approval by the Board</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:21px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:18px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">You will be eligible for AppliedMicro&#8217;s standard employee medical, dental and life and disability insurance benefits. In lieu of our group medical and dental benefits, you may retain your existing medical and dental insurance policies and submit your insurance premiums for reimbursement by AppliedMicro, in an amount not to exceed the pro rata costs of our group programs. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:21px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:14px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">4.</font></div></td><td style="vertical-align:top;padding-left:3.3333333333333335px;"><div style="line-height:120%;text-align:left;font-size:10pt;text-indent:-3.3333333333333335px;"><font style="font-family:inheri