|
Quotes & Info
|
| TGAL > SEC Filings for TGAL > Form 8-K on 18-Dec-2008 | All Recent SEC Filings |
18-Dec-2008
Change in Directors or Principal Officers
Officers.
On December 15, 2008, the Compensation Committee of the Board of Directors of
Tegal Corporation ("Tegal") approved the Tegal Corporation Executive Severance
Plan (the "Plan") in which the following executive officers will participate:
Steve Selbrede Chief Technology Officer, VP
Research & Development
Paul Werbaneth Vice President Marketing &
Applications
Scott Brown Vice President North American
Sales
|
Under the Plan, each participant will be eligible to receive certain severance benefits in the event of his discharge by Tegal without cause (as defined in the Plan). Such severance benefits shall consist of six months base salary (12 months in the event such discharge without cause occurs within 12 months following a change in control (as defined in the Plan) of Tegal), to be paid in equal installments over the applicable severance period in accordance with Tegal's regular payroll practices. An executive officer's receipt of the foregoing severance benefits will be conditioned on his execution and non-revocation of a general release of claims in favor of Tegal.
The foregoing description of the Plan is qualified in its entirety by reference to the Plan, a copy of the which is attached to this Form 8-K as Exhibit 10.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description of Exhibit 10.1 Tegal Corporation Executive Severance Plan |
|
|