Provision relating to the Companys obligation to pay severance to John W. Braukman, III,
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EX-10.3 4 dex103.htm PROVISION TO THE COMPANY'S OBLIGATON FOR SEVERANCE--JOHN W. BRAUKAMAN III Provision to the Company's obligaton for severance--John W. Braukaman III
EXHIBIT 10.3
Provision relating to the Company’s obligation to pay severance to John W. Braukman, III,
Senior Vice President and Chief Financial Officer, from offer letter to him, which became
effective August 11, 2004, upon its approval by the Compensation Committee
of the Board of Directors
Severance: Should your employment be involuntarily terminated by the Company for reasons other than “cause” (as defined in the Company’s Stock Option and Incentive Plan) after the first anniversary of your date of hire, you would be entitled to severance pay equal to one year’s base salary. No severance would be paid in the event of termination for “cause.”
