Scope of and Consideration for This Agreement. 1.1 Upon termination of Executive’s employment for any reason, Executive shall be entitled to the Accrued Obligations. The Company and Executive wish to set forth in this Agreement the compensation and benefits that Executive shall be entitled to receive upon a Covered Termination or Change in Control Termination. 1.2 The duties and obligations of the Company to Executive under this Agreement in the event of a Covered Termination or Change in Control Termination shall be in consideration for Executive’s compliance with the limitations and conditions on benefits as described in Article 4, including the timely provision of an effective Release in substantially the form of Exhibit A attached hereto (the “Release”), return of Company property and continued compliance with certain obligations described in Article 4. Provision of the Accrued Obligations to Executive is not conditioned upon Executive’s compliance with the conditions on benefits described in Article 4. 1.3 This Agreement shall supersede any other policy, plan, program or arrangement, including, without limitation, any contract between Executive and the Company (or any subsidiary or affiliate of the Company), relating to severance benefits payable by the Company to Executive in connection with a termination of employment.
Appears in 1 contract
Sources: General Severance Benefits and Change in Control Severance Benefits Agreement (Nanometrics Inc)
Scope of and Consideration for This Agreement. 1.1 Upon termination of Executive’s employment for any reason, Executive shall be entitled to the Accrued Obligations. The Company and Executive wish to set forth in this Agreement the compensation and benefits that Executive shall be entitled to receive upon a Covered Termination or Change in Control Termination.
1.2 The duties and obligations of the Company to Executive under this Agreement in the event of a Covered Termination or Change in Control Termination shall be in consideration for Executive’s compliance with the limitations and conditions on benefits as described in Article 4, including the timely provision of an effective Release Release, in substantially the form of Exhibit A attached hereto (the “Release”), ) return of Company property and continued compliance with certain obligations described in Article 4. Provision of the Accrued Obligations to Executive is not conditioned upon Executive’s compliance with the conditions on benefits described in Article 4.
1.3 This Agreement shall supersede any other policy, plan, program or arrangement, including, without limitation, any contract between Executive and the Company (or any subsidiary or affiliate of the Company), relating to severance benefits payable by the Company to Executive in connection with a termination of employment.
Appears in 1 contract
Sources: General Severance Benefits and Change in Control Severance Benefits Agreement (Nanometrics Inc)