Severance Agreement between Halifax and Thomas Basile

Summary

This agreement outlines the severance terms for Thomas Basile in the event his employment with Halifax ends. If Mr. Basile is terminated without cause, Halifax will continue to pay his salary for six months after termination. If he resigns or is terminated for cause, he will receive his salary and any earned incentive compensation up to his last day of work. "Cause" includes failure to perform duties, dishonesty, gross negligence, misconduct, or conviction of certain crimes.

EX-10.12 6 w55134ex10-12.txt SEVERANCE ARRANGEMENT EXHIBIT 10.12 TO: Thomas Basile FROM: Charles McNew DATE: March 15, 2001 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.