failure to act, shall not be deemed willful or intentional, as those terms are used herein, unless it is done, or omitted to be done, by you in bad faith or without a reasonable belief that your action or omission was in the best interest of the Company. Failure to meet performance standards or objectives, by itself, does not constitute Cause.
For purposes of this letter and the severance entitlement set forth in Paragraph 5 above, Good Reason means the occurrence of one or more of the following events arising without your express written consent, but only if you notify the Company in writing within thirty (30) days following our awareness of the occurrence of the event and the event remains uncured for at least fifteen (15) days after such notice: (i) a reduction in your base salary and/or Target Bonus potential; (ii) a diminution in your employee benefits from those provided to other executives at a similar level, as such benefits may be modified from time to time; (iii) a material diminution in your authority, duties or responsibilities; or (iv) the Company requires you to be based anywhere other than within fifty (50) miles of Boston Heights, Ohio.
This letter is a summary of the Companys obligations to you with respect to the terms of your employment, and is not an employment contract. Nothing herein removes or modifies the Companys at-will employment rights.
Dawn, the team and I look forward to continuing to work with you in your role as Chief Financial Officer. Please feel free to contact me with any questions/concerns that you may have. Please counter-sign this letter confirming your acceptance and forward to me.
/s/ Mark D. Thompson
Mark D. Thompson
I, Kathy Veltri, have read, understand, and accept the information outlined in this letter.
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/s/ Kathy Veltri
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|Kathy Veltri || || || || |
51 E. Hines Hill Road | Boston Heights, Ohio 44236
440 ###-###-#### | arhaus.com
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