Termination Letter to Monty Houdeshell from Autobytel Inc. (February 2009)
Autobytel Inc. is notifying Monty Houdeshell that his employment will be terminated without cause, effective February 28, 2009, under the terms of his Employment Agreement. To receive severance benefits, Mr. Houdeshell must sign and return a separation and release agreement and resign from all officer and director positions at the company and its subsidiaries. The severance will be provided according to the terms of the Employment Agreement, subject to standard deductions.
Exhibit 10.1
Autobytel Inc.
18872 MacArthur Boulevard
Irvine, California ###-###-####
January 30, 2009
Monty Houdeshell
Re: Termination of Employment
Dear Monty:
Reference is hereby made to your Employment Agreement dated as of January 30, 2007, as amended by that certain Amendment No. 1 to Employment Agreement dated December 20, 2008, (collectively the “Employment Agreement”) by and between you and Autobytel Inc., a Delaware corporation (“Company”).
As we have discussed, the Company hereby notifies you that the Company has elected to terminate your employment without Cause pursuant to Section 6.2 of the Employment Agreement. Such termination to be effective February 28, 2009.
Upon your execution and delivery to the Company of a separation and release in favor of the Company (a copy of which is attached) without revocation and your resignation as an officer of the Company and as an officer and director of all subsidiaries of the Company, you will be eligible to receive severance benefits from the Company on the terms and as set forth in Section 6.2 of the Employment Agreement, subject to standard deductions and withholdings.
Should you have any questions, please direct them to Glenn Fuller.
| Sincerely, | ||
| AUTOBYTEL INC. | ||
| By: | /s/ Glenn E. Fuller | |
| Glenn E. Fuller | ||
| Executive Vice President and Chief Legal and | ||
| Administrative Officer and Secretary | ||
