Amendment to Change-in-Control Severance Agreement between International Rectifier Corporation and Timothy Bixler

Contract Categories: Human Resources › Severance Agreements
Summary

International Rectifier Corporation and Timothy Bixler have agreed to modify Bixler's existing change-in-control severance agreement. The amendment ensures that any severance payments made under the agreement comply with Section 409A of the Internal Revenue Code. It specifies that severance payments will be made in a lump sum 60 days after separation from service, provided Bixler signs and does not revoke a release agreement within 50 days of termination. All other terms of the original severance agreement remain unchanged.

Read More Arrow
EX-10.3 4 a2194356zex-10_3.htm EX-10.3
QuickLinks -- Click here to rapidly navigate through this document


Exhibit 10.3

        

December 26, 2008

Timothy Bixler

Dear Tim:

        Reference is made to the (change-in-control) Severance Agreement entered into by and between you and International Rectifier Corporation (the "Severance Agreement").

        The purpose of this letter is to supplement the terms of the Severance Agreement to include terms and conditions designed to make any payments pursuant to the Severance Agreement compliant with Section 409A of the Internal Revenue Code of 1986, as amended (including the Treasury Regulations and other published guidance related thereto) ("Section 409A").

        Your Severance Agreement is hereby modified as follows; capitalized terms used but not defined herein shall have the meaning ascribed to them in the Severance Agreement:

        1.    Severance.    Subject to the conditions of payment described in Section 10 relating to specified employees, any Cash Severance payable pursuant to Section 2(b) of the Severance Agreement shall be paid in a cash lump sum on the 60th day following your "separation from service," provided you have promptly executed and delivered (and not revoked) a Release Agreement within 50 days of your termination; provided, however, that if you fail to execute and deliver such release, or you revoke such release, you shall not be paid any Cash Severance pursuant to the Severance Agreement. For this purpose, a "separation from service" shall be defined within the meaning of Treasury Regulation Section 1.409A-1(h)(1), without regard to the optional alternative definitions available thereunder.

        Except as modified hereby, your Severance Agreement remains unmodified. Please indicate your agreement with the foregoing by signing where indicated below.

Regards,

INTERNATIONAL RECTIFIER CORPORATION

By:
Its: Assistant Secretary

Acknowledged and agreed:

 
Timothy Bixler


QuickLinks

    Exhibit 10.3