Dear Francis:
This letter confirms the agreement (“Agreement”) between you and Immersion Corporation (the “Company”) concerning the terms of your separation and offers you the separation compensation we discussed in exchange for a general release of claims and covenant not to sue.
1.Separation Date: Your employment is ending effective March 31, 2023 (the “Separation Date”). You agree to resign from all officer or director positions you have with the Company, its subsidiaries, affiliates and/or investments. You further agree that you shall promptly execute such additional documents as are reasonably requested by the Company to evidence and effectuate this Section 1.
2.Acknowledgment of Payment of Wages: By your signature below, you acknowledge that on March 31, 2023 we provided you with a final paycheck in the gross amount of $10,399.76 representing all wages, salary, paid time off, and any similar payments due you from the Company as of the Separation Date. By signing below, you acknowledge that the Company does not owe you any other amounts and that you have been reimbursed for all reimbursable business-related expenses.
a.Separation Compensation: In exchange for your agreement to the general release and waiver of claims and covenant not to sue set forth below and your other promises herein, the Company agrees to pay you, within ten (10) business days following the Effective Date (as defined below) of this Agreement, the following: (i) a lump sum payment in the gross amount of $75,000.00, less applicable state and federal payroll deductions. By signing below, you acknowledge that you are receiving the separation compensation outlined in this section in consideration for waiving your rights to claims referred to in this Agreement and that you would not otherwise be entitled to the separation compensation.
3.Return of Company Property: You hereby warrant to the Company that you have returned to the Company all property or data of the Company of any type whatsoever that has been in your possession or control.
4.Proprietary Information: You hereby acknowledge that you are bound by the attached Proprietary Information and Inventions Agreement (Exhibit A hereto) and that as a result of your employment with the Company you have had access to the Company’s Proprietary Information (as defined in the agreement), that you will hold all Proprietary Information in strictest confidence and that you will not make use of such Proprietary Information on behalf of anyone. You further confirm that you have delivered to the Company all documents and data of any nature containing or pertaining to such Proprietary Information and that you have not taken with you any such documents or data or any reproduction thereof.
