Severance Agreement between Halifax and Hugh Foley
This agreement outlines the severance terms for Hugh Foley in the event his employment with Halifax ends. If the company terminates his employment without cause, he will receive his salary for six months after termination. If he resigns or is terminated for cause, he will only receive his salary and any earned incentive compensation up to his last day. The agreement defines 'cause' as failure to perform assigned duties, dishonesty, gross negligence, misconduct, or conviction of certain crimes.
EXHIBIT 10.14
TO: Hugh Foley FROM: Charles McNew DATE: January 17, 2003 RE: Severance
The following termination/separation arrangements are being extended to you in the event of your separation from the Company.
In the event your employment is terminated without cause, the Company will continue to pay your salary for six (6) months from the date of termination. If you decide to leave Halifax or your employment is terminated for cause, you will be paid your salary and any earned incentive compensation up to the last day of employment.
“Cause” as used above is defined as:
A good faith finding by the Company of your failure to perform the duties reasonably assigned to you; dishonesty, gross negligence or misconduct, or your conviction, or your entry of a pleading of guilty or nolo contrendre, to any crime involving moral turpitude or any felony.
