Severance Provision Agreement for John W. Braukman III, Senior Vice President and CFO

Summary

This agreement outlines the severance terms for John W. Braukman III, Senior Vice President and Chief Financial Officer. If Mr. Braukman's employment is involuntarily terminated by the company for reasons other than cause, and after his first year of employment, he will receive severance pay equal to one year's base salary. No severance is provided if he is terminated for cause.

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.”