Common use of Background and Purpose Clause in Contracts

Background and Purpose. Executive was employed by Company. Executive's employment is ending effective __________ [following a Change in Control as defined in Section 8.3 ("Change in Control") of Amended Executive Severance Agreement ("Agreement")]. Executive has elected pursuant to the terms of Section 3.3 of the [Amended Executive Severance Agreement ("Agreement")/Agreement] to receive [50 percent of target/the applicable prorated amount] of Executive's annual cash incentive and elected pursuant to Section 3.4 of the Agreement to [receive $12,500 (less proper withholding) in lieu of outplacement services/have payments up to $12,500 paid directly to a third party outplacement firm.] [Pursuant to Section 4.3 of the Agreement, Merix shall pay [the cash equivalent not exceeding $5,000 (less proper withholding) of] the cost and expense of maintaining a life insurance policy for the Executive's benefit for 18 months.] The purpose of this Release is to settle, and the parties hereby settle, fully and finally, any and all claims Executive may have against Company, whether asserted or not, known or unknown, including, but not limited to, claims arising out of or related to Executive's employment, any claim for reemployment, or any other claims whether asserted or not, known or unknown, past or future, that relate to Executive's employment, reemployment, or application for reemployment.

Background and Purpose. Executive was employed by Company. Executive's employment is ending effective __________ [following a Change in Control as defined in Section 8.3 ("Change in Control") of Amended Executive Severance Agreement ("Agreement")]. Executive has elected pursuant to the terms of Section 3.3 of the [Amended Executive Severance Agreement ("Agreement")/Agreement] to receive [50 percent of target/the applicable prorated amount] of Executive's annual cash incentive and elected pursuant to Section 3.4 of the Agreement to [receive $12,500 (less proper withholding) in lieu of outplacement services/have payments up to $12,500 paid directly to a third party outplacement firm.] [Pursuant to Section 4.3 4.2 of the Agreement, Merix shall pay [the cash equivalent not exceeding $5,000 (less proper withholding) of] the cost and expense of maintaining a life insurance policy for the Executive's benefit for 18 months.] The purpose of this Release is to settle, and the parties hereby settle, fully and finally, any and all claims Executive may have against Company, whether asserted or not, known or unknown, including, but not limited to, claims arising out of or related to Executive's employment, any claim for reemployment, or any other claims whether asserted or not, known or unknown, past or future, that relate to Executive's employment, reemployment, or application for reemployment.

Background and Purpose. Executive was employed by Company. Executive's employment is ending effective __________ [following a Change in Control as defined in Section 8.3 ("Change in Control") of Amended Executive Severance Agreement ("Agreement")]. Executive has elected pursuant to the terms of Section 3.3 of the [Amended Executive Severance Agreement ("Agreement")/Agreement] to receive [50 percent of target/the applicable prorated amount] of Executive's annual cash incentive and elected pursuant to Section 3.4 of the Agreement to [receive $12,500 (less proper withholding) in lieu of outplacement services/have payments up to $12,500 paid directly to a third party outplacement firm.] [Pursuant to Section 4.3 of the Agreement, Merix shall pay [the cash equivalent not exceeding $5,000 (less proper withholding) of] the cost and expense of maintaining a life insurance policy for the Executive's benefit for 18 months.] The purpose of this Release is to settle, and the parties hereby settle, fully and finally, any and all claims Executive may have against Company, whether asserted or not, known or unknown, including, but not limited to, claims arising out of or related to Executive's employment, any claim for reemployment, or any other claims whether asserted or not, known or unknown, past or future, that relate to Executive's employment, reemployment, or application for reemployment.