Amendment to Employment Agreement by and among DSP Group, Inc., DSP Group, Ltd., and Eli Ayalon
This amendment updates the employment agreement between DSP Group, Inc., DSP Group, Ltd., and Eli Ayalon. If Mr. Ayalon chooses to resign without Good Reason, he must give six months' notice. During this notice period and for two years after, his rights under the agreement continue. Additionally, all of Mr. Ayalon's stock options will fully vest six months after he gives notice and can be exercised for two years from that date.
Exhibit 10.1
[DSP Group, Inc. letterhead]
October 27, 2009
| RE: | Amendment to Employment Agreement by and among DSP Group, Inc., DSP Group, Ltd. and Eli Ayalon, as amended (the “Employment Agreement”). |
Effective Date: October 27, 2009
In the event Mr. Ayalon desires to terminate the Employment Agreement without Good Reason (as defined in the Employment Agreement), he will have to notify DSP Group, Inc. six months in advance (the “Notice”) and then all of his rights under the Employment Agreement would continue during the six-month notice period plus two years. All options held by Mr. Ayalon would accelerate and immediately vest 6 months following the date of the Notice and be exercisable in whole or in part at any time from the date of the vesting of the options for a period of two years.
| /s/ Ofer Elyakim |
| Ofer Elyakim |
| Chief Executive Officer |
Agreed and acknowledged by:
| /s/ Eli Ayalon |
| Eli Ayalon |
