Deals
Qualcomm Workers Would Get Payouts If Broadcom Shakes Things Up
- Employees would get payouts, protections if change of control
- Broadcom would have to make payments based on tenure, roles
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Qualcomm Inc., as it fights what would be the largest technology takeover, is guaranteeing that any acquirer would have to pay up if existing employees are fired after a corporate change of control.
The chipmaker unveiled a severance plan that applies to most employees below the rank of executive vice president if the company’s ownership changes, according to a Dec. 22 regulatory filing. The workers would get a payout if they are fired without cause or if they choose to leave for “good reason.” That would include a material reduction in their salary or a move of their main workplace to a location more than 50 miles away.