Amendment No. 1 to Separation Agreement and Release between Genesis Microchip Inc. and Chandrashekar M. Reddy
Genesis Microchip Inc. and Chandrashekar M. Reddy have amended their original Separation Agreement and Release, initially signed on January 3, 2003. This amendment, effective November 10, 2004, extends the period during which Mr. Reddy can exercise certain stock options until May 30, 2005. It also clarifies that one of the stock options will now be treated as a nonstatutory stock option for tax purposes. Both parties have signed the amendment to confirm these changes.
Exhibit 10.32
AMENDMENT NO. 1 TO
SEPARATION AGREEMENT AND RELEASE
GENESIS MICROCHIP INC. (the “Company”) and CHANDRASHEKAR M. REDDY, having entered into a Separation Agreement and Release on January 3, 2003 (the “Agreement”), hereby amend the Agreement, effective as of November 10, 2004, as follows:
Section 2(b) of the Agreement is amended in its entirety to read as follows:
(b) Post-Termination Exercise. The Parties agree that, subject to all requirements of the Sage Plan, the First NSO, the Second NSO and the Sage ISO shall remain exercisable until May 30, 2005 and shall expire if not exercised on or prior to such date. Employee understands that the Sage ISO no longer qualifies for treatment as an incentive stock option and will be treated as a nonstatutory stock option, for income, employment and capital gains tax purposes.
IN WITNESS WHEREOF, the undersigned have executed this Amendment on the respective dates set forth below:
| CHANDRASHEKAR M. REDDY | ||||
| /s/ Chandrashekar M. Reddy | Date: November 10, 2004 | |||
| GENESIS MICROCHIP INC. | ||||
| /s/ Michael Healy | Date: November 10, 2004 | |||
| Name: Michael Healy Title: CFO | ||||
