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  <TITLE> Conexant Systems, Inc. (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	July 5, 2006
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  	Conexant Systems, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Delaware
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  	000-24923
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  	25-1799439
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	4000 MacArthur Boulevard, Newport Beach, California
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  	92660
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	&nbsp;
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  	949-483-4600
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
  </P>
  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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  On July 5, 2006 Conexant Systems, Inc. (the "Company") executed and delivered a separation and release agreement with F. Matthew Rhodes, pursuant to which Mr. Rhodes resigned from his positions with the Company effective as of July 1, 2006.  Mr. Rhodes stepped down as the Company&#x2019;s president on January 20, 2006 and became executive assistant to the chairman and chief executive officer of the Company.  A copy of the separation and release agreement is filed herewith as Exhibit 99.1 and incorporated herein by reference.<br><br>The separation and release agreement provides that for purposes of Mr. Rhodes&#x2019;s employment agreement, dated as January 15, 2004, as amended, with the Company, his termination of employment with the Company will be treated as a termination of employment for "good reason" (as defined in the employment agreement), thus entitling Mr. Rhodes to certain compensation and benefits as a result of his termination from Conexant.  In addition to the compensation and benefits payable under the employment agreement (a description of which is included in the Company&#x2019;s proxy statement for its 2006 Annual Meeting of Shareowners and incorporated herein by reference), Mr. Rhodes will be entitled to additional payments and benefits following his resignation pursuant to the separation and release agreement.  Mr. Rhodes will receive two times his annual base pay and bonus, a pro rata bonus for fiscal year 2006, and a special payment of $450,000 plus certain other benefits payable on January 5, 2007.  Additionally, upon the acceleration of vesting of all of Mr. Rhodes&#x2019;s unvested options to purchase Company common stock as of July 1, 2006, all of Mr. Rhodes&#x2019;s options will be exercisable until July 1, 2009 and the exercise prices of Mr. Rhodes&#x2019;s options to purchase (a) 98,348 shares of Company common stock granted on November 4, 2002 and (b) 424,704 shares of Company common stock granted on May 6, 2002, in each case that were not vested as of December 31, 2004, were increased to $2.50 per share, the fair market value of the Company common stock on June 30, 2006.<br><br>In addition, certain provisions of the employment agreement restrict Mr. Rhodes from competing with the Company (to the extent permitted by law) or soliciting employees or customers of the Company, which provisions will apply to Mr. Rhodes until July 1, 2007.  <br>
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	Conexant Systems, Inc.
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  	&nbsp;&nbsp;
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  <I>
  	July 7, 2006
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  	By:
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  <I>
  	Dennis E. O'Reilly
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  	&nbsp;
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  <I>
  	Name: Dennis E. O'Reilly
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  <I>
  	Title: Senior Vice President, Chief Legal Officer and Secretary
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	99.1
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  	&nbsp;
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  Separation and Release Agreement by and between the Company and F. Matthew Rhodes.
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_13575.htm", "description": "LIVE FILING", "secsgml_size_bytes": 11922}]
metadata_filer: {"company-data": {"conformed-name": "CONEXANT SYSTEMS INC", "cik": "0001069353", "assigned-sic": "3674", "irs-number": "251799439", "state-of-incorporation": "DE", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-24923", "film-number": "06951104"}, "business-address": {"street1": "4000 MACARTHUR BLVD. K10-171", "city": "NEWPORT BEACH", "state": "CA", "zip": "92660-3095", "phone": "9494839920"}, "mail-address": {"street1": "4000 MACARTHUR BLVD. K10-171", "city": "NEWPORT BEACH", "state": "CA", "zip": "92660-3095"}, "former-company": {"former-conformed-name": "ROCKWELL SEMICONDUCTOR SYSTEMS INC", "date-changed": "19980929"}}
text: Conexant Systems, Inc. (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  July 5, 2006
  Conexant Systems, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  000-24923
  25-1799439
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  4000 MacArthur Boulevard, Newport Beach, California
  92660
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  949-483-4600
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  On July 5, 2006 Conexant Systems, Inc. (the "Company") executed and delivered a separation and release agreement with F. Matthew Rhodes, pursuant to which Mr. Rhodes resigned from his positions with the Company effective as of July 1, 2006.  Mr. Rhodes stepped down as the Company's president on January 20, 2006 and became executive assistant to the chairman and chief executive officer of the Company.  A copy of the separation and release agreement is filed herewith as Exhibit 99.1 and incorporated herein by reference.
  The separation and release agreement provides that for purposes of Mr. Rhodes's employment agreement, dated as January 15, 2004, as amended, with the Company, his termination of employment with the Company will be treated as a termination of employment for "good reason" (as defined in the employment agreement), thus entitling Mr. Rhodes to certain compensation and benefits as a result of his termination from Conexant.  In addition to the compensation and benefits payable under the employment agreement (a description of which is included in the Company's proxy statement for its 2006 Annual Meeting of Shareowners and incorporated herein by reference), Mr. Rhodes will be entitled to additional payments and benefits following his resignation pursuant to the separation and release agreement.  Mr. Rhodes will receive two times his annual base pay and bonus, a pro rata bonus for fiscal year 2006, and a special payment of $450,000 plus certain other benefits payable on January 5, 2007.  Additionally, upon the acceleration of vesting of all of Mr. Rhodes's unvested options to purchase Company common stock as of July 1, 2006, all of Mr. Rhodes's options will be exercisable until July 1, 2009 and the exercise prices of Mr. Rhodes's options to purchase (a) 98,348 shares of Company common stock granted on November 4, 2002 and (b) 424,704 shares of Company common stock granted on May 6, 2002, in each case that were not vested as of December 31, 2004, were increased to $2.50 per share, the fair market value of the Company common stock on June 30, 2006.
  In addition, certain provisions of the employment agreement restrict Mr. Rhodes from competing with the Company (to the extent permitted by law) or soliciting employees or customers of the Company, which provisions will apply to Mr. Rhodes until July 1, 2007.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  Conexant Systems, Inc.
  July 7, 2006
  By:
  Dennis E. O'Reilly
  Name: Dennis E. O'Reilly
  Title: Senior Vice President, Chief Legal Officer and Secretary
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  99.1
  Separation and Release Agreement by and between the Company and F. Matthew Rhodes.