Severance and Resignation Agreement between Therma-Wave and Talat Hasan (April 2003)
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, severance pay totaling $225,000 (part paid in July, the rest in installments through October 31, 2003), and COBRA health coverage paid by Therma-Wave from May 1, 2003 to April 30, 2004. Her stock options will continue to vest until April 30, 2004.
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.
- You will be resigning as an employee on Friday, April 25.
- You will remain on the Board of Directors.
- You will receive regular benefits until the end of April 2003.
- You will receive Severance Pay in the amount of $225,000, of which will be paid to you in July, and the remaining will be paid to you on regular payroll intervals from April 26 through October 31, 2003.
- 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).
- 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
