Retirement and Advisory Transition Agreement between Dennis L. Werth and MKS Instruments, Inc.
Dennis L. Werth, President and COO of MKS Instruments, Inc., will retire on July 5, 2019. Starting January 2, 2019, he will transition to an advisor role, remaining an employee and continuing to receive his current base salary while performing more than 20% of his previous service level. He will not receive severance pay due to voluntary retirement. If he provides a general release of claims and fulfills his obligations, MKS will pay for an additional year of medical coverage after his employment ends. The existing employment agreement remains in effect until retirement.
Exhibit 10.4
June 5, 2018
John T.C. Lee
President and Chief Operating Officer
MKS Instruments, Inc.
2 Tech Drive
Andover, Massachusetts 01810
Dear John:
I intend to retire on July 5, 2019. I would like to transition to the role of advisor effective January 2, 2019 and I understand MKS is willing to allow me to do so.
As an advisor, I will remain an MKS employee, will continue to perform services to MKS at a level of more than 20% of the average level of bona fide services I have been performing for MKS over the immediately preceding 36 month period and will receive base salary at 100% of my current base salary rate.
I will not be entitled to any severance pay when my employment ends because I am voluntarily retiring. Within 45 days after my employment ends, if I have provided MKS with a general release of claims through the end of my employment and have complied with all of my obligations to the Company, MKS will pay for additional medical coverage for a period of one year.
Until my planned retirement date, the Employment Agreement dated August 1, 2016 that I entered into with MKS remains in effect.
These changes are my voluntary decisions; MKS has not asked or encouraged me to retire or transition to the role of an advisor.
I have enjoyed my time with MKS, and working for you and Jerry, and I thank both of you for the opportunity to lead the Newport organization through the integration process during the past couple of years. I am proud of the accomplishments and achievements of our teams, and I look forward to contributing to our continued success during the transition period.
Sincerely,
/s/ Dennis L. Werth
| Agreed to: | /s/ Tseng-Chung Lee | |
| MKS Instruments, Inc., | ||
| by its President and Chief Operating Officer, John T.C. Lee | ||
