Severance Benefits Memorandum between Doug Hemer and Keith Williams

Contract Categories: Human Resources › Severance Agreements
Summary

This memorandum outlines the severance benefits provided to Keith Williams following the termination of his employment due to the sale of the Dallas operation. Keith will receive one year's salary ($150,000) paid over two years, continued employer-funded medical, dental, and life insurance for up to two years or until he joins another group plan, and amended stock options exercisable through specified dates. The agreement also details how insurance premiums will be handled during the severance period.

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EX-10.2 3 memorandum.htm MEMORANDUM FROM DOUG HEMER TO KEITH WILLIAMS Memorandum from Doug Hemer to Keith Williams
 
Date:
 
December 28, 2006
 
To:
 
Keith Williams
 
Cc:
 
Joe Levesque
 
From:
 
Doug Hemer
 
Subj:
 
Severance Benefits
 
In connection with your termination of employment effective the end of this year resulting from our disposition of the Dallas operation, we will provide you with the following severance benefits:
 
1.  
We will pay you one year’s salary ($150,000) over two years in equal payments on our regular payroll days commencing the first payroll day in January 2007.
 
2.  
We will continue to fund the employer portion of your medical, dental and life insurance coverages for two years, or until you are in another group plan. While you are on COBRA, we will deduct our standard employee premium share from your severance payments under (1) above. After COBRA we will add to the severance payments under (1) above the amount of our standard COBRA premium less our standard employee premium share. For dental, we will work with you to subsidize whatever dental insurance works best for you.
 
3.  
We are amending your outstanding options to be exercisable through December 31, 2007 (except that your options granted May 2, 2002 will expire on May 2, 2007).