Executive Officer Retention Arrangement Description (May 2005–May 2006)

Contract Categories: Human Resources › Retention Agreements
Summary

This agreement outlines the company's commitment to its executive officers from May 9, 2005 to May 9, 2006. During this period, the company will either provide at least six months' notice before terminating an executive officer without cause, or, if less notice is given, will continue the executive's salary and medical benefits for up to six months from the date of notice. This arrangement is designed to provide job security and continued benefits for executive officers in the event of termination without cause.

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EX-10.23 31 b57089apexv10w23.txt EX-10.23 DESCRIPTION OF EXECUTIVE OFFICER RETENTION ARRANGEMENT Exhibit 10.23 Description of Executive Officer Retention Arrangements The Company has agreed that, for the period from May 9, 2005 through May 9, 2006, the Company either (i) will not terminate an executive officer without cause with less than six months' notice or (ii) will provide the executive officer with salary continuation and medical benefits for the period beginning on the date of termination without cause and ending on the date that is six months from the date on which notice of termination was provided to the executive officer.