Severance Agreement Letter between Chittenden and John W. Kelly dated April 1, 1999
This letter from Chittenden, signed by its President and CEO, confirms that if John W. Kelly, Executive Vice President, separates from the company for any reason, he will receive a severance payment equal to one year's base salary at the rate in effect at the time of separation. The letter serves as a formal commitment from Chittenden to Mr. Kelly regarding his severance terms.
Exhibit 10.20
| Paul A. Perrault President and Chief Executive Officer |  |
April 1, 1999
Mr. John Kelly
Executive Vice President
Commercial Banking & Trust
Dear John:
| This | letter will serve as confirmation of our earlier conversation. |
In the event of your separation from Chittenden for any reason, you will receive a severance payment equal to one year’s base salary at the rate in effect at the time of separation.
John, I appreciate your continued support, and trust that the above reflects Chittenden’s commitment to you.
| Sincerely, |
| /s/ Paul A. Perrault |
Two Burlington Square * P.O. Box 820 * Burlington, Vermont * 05402-0820 * 802 ###-###-####
