ISS recommended to Qualcomm shareholders that they vote for four out of the six board director nominees. If that happens, it would not qualify as a CIC event. As a result, all layoffs in up coming $1billion cost cut will lose severance package offered by Q last Dec. Chances of layoffs before March 8th are very high anyway. Either way, we are doomed.
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What is a Change in Control?
Under the plan, a “Change in Control” would generally occur if either (1) there were a transaction following which our pre-Change in Control stockholders ceased to own a majority of the resulting company’s stock or (2) there were a replacement of the majority of our current Board of Directors unless the new directors were approved by our current Board of Directors. In addition, our stock plan was amended so that the same definition applies in both plans.
The composition of the board has nothing to do with whether the buyout is a CIC event.
I think PJ & SM need another retention bonus before the take over package. We wouldn’t want them being recruited by another tech company before they complete the hostile/colluded take over. Let’s all volunteer to work for free until they lay us off so they can afford the bonuses for these two outstanding executives.
Who’s with me?
Agreed, PJ and SM will be able to negotiate their own golden parachute: they both will be happily retired and in a couple of weeks ; and give the finger to all their Q slave losers.
@epx We are talking about the CIC severance here.
It would be idiotic to remove the severance, and it will not happen. The severance is an insurance policy for the company, they are paying you off to forfeit your right to litigate in the future. They are not doing it out of the goodness of their heart. They might reduce it somewhat but even then they need your signature.
Yup. But PJ and SM would still be able to negotiate better parachute packages...