Acknowledgement and Clarification Agreement between QAD Inc. and Anton Chilton (Severance Benefits)
QAD Inc. and employee Anton Chilton agree that the severance benefits outlined in Chilton's offer letter are governed by QAD's Executive Termination Policy, as approved by the Board of Directors. However, the agreement clarifies that Chilton will receive these severance benefits for twelve months instead of the standard six months. This document formalizes the understanding between the company and the employee regarding the duration and terms of severance benefits.
Exhibit 10.6(b)
ACKNOWLEDGEMENT AND CLARIFICATION
This ACKNOWLEDGEMENT AND CLARIFICATION, effective as of December 19, 2018, is between QAD Inc., a Delaware corporation, with its principal offices located at 100 Innovation Place, Santa Barbara, California 93108 ("QAD"), and Anton Chilton, residing at 5110 Cathedral Oaks Rd., Santa Barbara, CA 93111 ("Employee").
RECITALS
QAD and Employee hereby acknowledge and agree that severance benefits, as described in Employee's offer letter of December 19, 2018, are provided under and are subject to the terms and conditions of the Executive Termination Policy as approved by QAD Inc.'s Board of Directors and in effect as of December 18, 2008 (the "Policy"), but that any Benefits provided to Employee pursuant to such Policy shall be for a period of twelve (12) months instead of six (6) months.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and year first above written.
| EMPLOYEE
/s/ Anton Chilton Anton Chilton | QAD Inc., A Delaware Corporation
By:
/s/ Kaye Swanson Kaye Swanson Chief People Officer |
