Special Compensation Letter Agreement between MIPS Technologies, Inc. and Brad Holtzinger

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

MIPS Technologies, Inc. confirms in this letter to Brad Holtzinger that his fiscal year 2010 executive bonus plan is enhanced to guarantee a payout of 20% of his salary. The bonus will be paid at the usual time (typically August), even if Brad is terminated before payout. However, if Brad voluntarily resigns before the payout date, he will not receive the bonus.

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EX-10.2 2 exh103fy10q2.htm LETTER DEFINING SPECIAL COMPENSATION exh103fy10q2.htm
Exhibit 10.2
 
 
 
 
VIA HAND DELIVERY
 
 
December 7, 2009
 
Mr. Brad Holtzinger
MIPS Technologies, Inc.
955 E. Arques Avenue
Sunnyvale, CA  94085
 
Dear Brad,
 
This is to confirm that MIPS Technologies, Inc. is enhancing your fiscal year 2010 Performance-Based Bonus Plan for Executives as follows:
 
    1.    Guaranteed payout of 20% of your salary;
    2.    Paid out at normal time for bonus payout (typically in August);
    3.    To be paid even if you are terminated by the company prior to the time of payout; and
    4.    The bonus will not be paid, however, if you voluntarily resign prior to its payout.
 
Sincerely,
 
/s/ JOHN BOURGOIN
 
John Bourgoin