NeoMagic Corporation Retention Bonus Agreement with Employee
NeoMagic Corporation offers a retention bonus to the employee, paid upfront, to encourage continued employment through July 1, 2006. If the employee resigns voluntarily or is terminated for cause before that date, the bonus must be repaid. If the employee is terminated without cause or remains employed past July 1, 2006, repayment is not required. The agreement is binding once signed and can only be changed in writing by both parties.
Exhibit 10.25
January 13, 2006
Dear [Name],
In recognition of your value and importance to the success of NeoMagic, we are granting you a retention bonus of [amount]. We will provide you with a check for this amount (less taxes).
If you voluntarily resign or if you are terminated for cause, as determined by the Board of Directors, prior to July 1, 2006, you are obligated to repay this bonus to NeoMagic. If you are terminated without cause, as determined by the Board of Directors, prior to July 1, 2006 you have no obligation to repay this bonus. After July 1, 2006, you have no obligation to repay this bonus.
Upon signing, this letter represents an agreement between you and NeoMagic and it cannot be amended or terminated except in a writing signed by both you and NeoMagic.
| EMPLOYEE | NeoMagic Corporation | |
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