Virage Logic Special Cash Bonus Award Letter to James Ensell (2005–2006)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Virage Logic agrees to pay James Ensell a special cash bonus of $50,000 for 2005 and another $50,000 for 2006, provided he remains employed and in good standing through December 31 of each respective year. The bonus will be paid in the last paycheck of each year and is subject to tax withholding. If his employment ends before the specified dates, he forfeits the bonus. This agreement does not alter his at-will employment status. Ensell remains eligible for the 2006 US Bonus Plan at his current level.

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EX-10.25 5 f13905exv10w25.htm EXHIBIT 10.25 exv10w25  

Exhibit 10.25
December 19, 2005
James Ensell
Dear Jim:
Virage Logic has agreed to award you with a special cash bonus for 2005 and 2006.
A bonus award of $50,000 will be earned through your continued employment with Virage Logic as of December 31, 2005. In addition, based on your continued employment and maintaining your status as an employee in good standing and performing to Virage Logic’s satisfaction through December 31, 2006 you will earn an additional bonus award of $50,000.
Payment will be made in the last paycheck of the Calendar year and be subject to all statutory tax withholding. If your employment is terminated either voluntarily or for cause prior to December 31, 2005 or December 31, 2006, you will not be eligible for any portion of the applicable bonus award.
You remain eligible to continue participation in the 2006 US Bonus Plan at your current level. Nothing in this letter changes your status as an at will employee, as provided in your offer letter.
If you have any questions regarding these bonuses, please contact Adam Kablanian, Mike Seifert, or me.
Regards,
/s/ Richard C. Butts
 
Richard C. Butts
Vice President, Human Resources
     
cc:
  Jim Ensell
 
  Personnel File