Supplemental Severance Pay Policy for Executive Officers and Key Employees
This policy outlines the company's severance pay for executive officers and key employees if they are terminated without cause. Eligible employees receive one month of base pay for each full year of service, with a minimum of three months and a maximum of twelve months' pay. The policy does not apply to terminations due to cause, resignation, retirement, death, or disability. The company may change or end this policy at any time, and the benefit is not guaranteed or vested.
Exhibit 10.17
Supplemental Severance Pay Policy
The Company has adopted a severance pay policy providing executive officers and key employees with salary continuation in the event of a termination. Terminations resulting from cause, resignation, retirement, death, and disability are not eligible. Subject to the company’s discretion, the policy generally provides for one month’s base pay for each full year of service with a minimum amount payable of three months and a maximum amount payable of twelve months. This is not a vested benefit and may be amended or terminated at any time.
