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IMI > SEC Filings for IMI > Form 8-K on 29-Mar-2013All Recent SEC Filings

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Form 8-K for INTERMOLECULAR INC


29-Mar-2013

Change in Directors or Principal Officers


ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

As reported on a Form 8-K filed on March 8, 2013 by Intermolecular, effective March 8, 2013, John R. Behnke resigned his employment as Intermolecular's Senior Vice President and General Manager, Semiconductor Group. On an interim basis, Mr. Behnke's responsibilities have been assumed by Tony P. Chiang, Intermolecular's Chief Technology Officer.

In connection with Mr. Behnke's resignation, Intermolecular and Mr. Behnke entered into a Separation Agreement and General Release ("Agreement"), which has an effective date of March 28, 2013. Provided Mr. Behnke does not elect to revoke the Agreement on or prior to its effective date, Intermolecular has agreed to provide Mr. Behnke with the following:

a lump sum payment equal to six months of his annual base salary as of his resignation date, which would be an amount equal to $134,550;
continued health benefits through March 31, 2013 pursuant to the terms of the Company's health plan; and
company-paid premiums for COBRA continuation coverage for up to six months after the date of his resignation.

Mr. Behnke's right to receive the benefits described above is subject to continued compliance with certain restrictive covenants and his general release of claims in favor of the Company, as each are contained within the Agreement. The Agreement supersedes the change in control severance agreement entered into between Intermolecular and Mr. Behnke, as described in the Company's proxy statement for its 2012 Annual Meeting of Stockholders filed with the Securities and Exchange Commission on April 16, 2012.

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, which will subsequently be filed as an exhibit to our Form 10-Q.


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