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PXLW > SEC Filings for PXLW > Form 8-K on 6-Nov-2012All Recent SEC Filings

Show all filings for PIXELWORKS, INC



Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) Compensatory Arrangements of Certain Officers.

On November 2, 2012, Pixelworks, Inc. (the "Company") amended and restated the employment agreement between the Company and Mr. Bruce Walicek, the Company's Chief Executive Officer. The amended and restated agreement (the "2012 Employment Agreement") replaces and supersedes Mr. Walicek's prior agreement, as amended (the "2009 Employment Agreement"). The following summarizes certain material differences between the 2012 Employment Agreement and the 2009 Employment Agreement:

The percentage of Mr. Walicek's unvested options and restricted stock units that will accelerate if Mr. Walicek's employment is terminated without "cause" or for "good reason" within a "control change window" (as each of those terms is defined in the 2012 Employment Agreement) was increased from 50% to 100%.

If Mr. Walicek's employment is terminated without cause or for good reason during the 12 months following a control change window, he will receive accelerated vesting for any unvested options and restricted stock units that would otherwise have vested during the 12 months following the control change window.

The 2012 Employment Agreement is governed by California law and the Company is responsible for the costs of any arbitration proceeding.

The foregoing description of the 2012 Employment Agreement is qualified in its entirety by reference to the full text of the 2012 Employment Agreement which is attached as Exhibit 10.1 hereto and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

10.1 2012 Executive Employment Agreement dated November 2, 2012, by and between Pixelworks, Inc. and Bruce Walicek.

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