Severance Policy Description for Senior Vice Presidents and Vice Presidents
This document outlines the company's severance policy, effective July 1, 2005, for senior vice presidents and vice presidents. If a senior vice president is terminated without cause, they will receive their base salary (minus required withholdings) for 12 months following termination. Vice presidents terminated without cause will receive their base salary (minus withholdings) for 6 months. The policy was adopted by the company's Board of Directors on June 28, 2005.
EXHIBIT 10.27
Description of Severance Policy
On June 28, 2005, the Board of Directors of the Company adopted a severance policy, effective July 1, 2005, whereby (i) each senior vice president who is terminated without cause shall be entitled to receive the equivalent of his or her base salary, less applicable withholding, for a period of twelve (12) months from the date of his or her termination, and (ii) each vice president who is terminated without cause shall be entitled to receive the equivalent of his or her base salary, less applicable withholding, for a period of six (6) months from the date of his or her termination.
