Severance and Resignation Agreement between Therma-Wave and Talat Hasan dated April 15, 2003

Contract Categories: Human Resources › Severance Agreements
Summary

This agreement outlines the terms of Talat Hasan's resignation from Therma-Wave, effective April 25, 2003. Talat Hasan will step down as an employee but remain on the Board of Directors. She will receive regular benefits through April 2003 and severance pay totaling $225,000, paid in two installments: half in July and the remainder through payroll until October 31, 2003. Therma-Wave will cover her COBRA health insurance premiums from May 1, 2003, to April 30, 2004, and her stock options will continue to vest until April 30, 2004.

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EX-10.6 4 exhibit106sevagmttalat.htm EXHIBIT

Exhibit 10.6

April 15, 2003

To: Talat Hasan

From: Boris Lipkin

Re: Employment Contract

CC: Ray Christie, Noel Simmons

 

The following is a summary of the closure of your employment contract. Please signify your agreement by signing below.

  1. You will be resigning as an employee on Friday, April 25.
  2. You will remain on the Board of Directors.
  3. You will receive regular benefits until the end of April 2003.
  4. You will receive Severance Pay in the amount of $225,000, 1/2 of which will be paid to you in July, and the remaining 1/2 will be paid to you on regular payroll intervals from April 26 through October 31, 2003.
  5. Upon your application for benefits under COBRA, Therma-Wave will pay your COBRA payments from May 1, 2003 through April 30, 2004. (Our medical plans require that you be an active employee to remain on the employee rolls).
  6. Your stock options will continue to vest until April 30, 2004.

 

/s/ Boris Lipkin       /s/ Talat Hasan

Boris Lipkin         Talat Hasan

4/15/03           4/15/03

Date          Date