This excerpt taken from the AMCC DEF 14A filed Jul 11, 2005.
Compensation for David M. Rickey
David M. Rickey served as the Companys Chief Executive Officer from February 1996 to March 2005. In March 2005, Mr. Rickey and the Company entered into an employment transition and retirement agreement. Under the terms of the employment transition and retirement agreement, Mr. Rickey agreed to resign as Chairman, President and Chief Executive Officer and as a member of the AMCC Board of Directors effective as of March 20, 2005 and to assist the Company with the transition to a new Chief Executive Officer until August 25, 2005.
Under the terms of the employment transition and retirement agreement, Mr. Rickey continues to receive his base salary of $425,000 and to vest in his previously granted stock options until August 25, 2005. Mr. Rickey also continues to receive his standard Company benefits until August 25, 2005, at which time, he can participate in the Companys Post-Termination Medical Insurance Program. Mr. Rickey can continue to participate in this medical insurance program until the earlier of the date that he receives a comparable medical insurance program from another employer, or Mr. Rickeys 65th birthday. AMCC will reimburse Mr. Rickey for the cost of his participation in the medical insurance program until the earlier of the date he no longer is eligible for the program, or 18 months from August 25, 2005.