EX-10.1
from 8-K
5 pages
Retirement Agreement, Waiver and Release This Retirement Agreement, Waiver and Release (“Agreement") Is Made and Entered Into This 17th Day of October, 2019, by and Between William Becker (“Becker”) and MTS Systems Corporation (“Mts”). Whereas, Becker Was Most Recently Employed by Mts as Senior Vice President, Test & Simulation, Commercial Operations; Whereas, Becker Has Announced His Retirement From Employment With Mts Effective October 17, 2019 (The “Separation Date”); Whereas, in Recognition of Becker’s Years of Employment With Mts and in Order to Set Forth the Terms and Conditions Under Which Becker and Mts Have Agreed to Handle Becker’s Transition to Retirement, All Parties Voluntarily and Willingly Enter Into This Agreement; Now, Therefore, in Consideration of the Mutual Promises and Obligations Set Forth Below, and in Acknowledgment That the Benefits Provided in This Agreement Are Greater Than Those to Which Becker Would Be Entitled if He Would Choose Not to Execute This Agreement, Becker and Mts Agree as Follows: 1. Benefits. Mts Agrees to Provide the Following Benefits to Becker Subject to the Rescission Provisions of Section 8: A. Payment
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