Employment and Severance Agreement between Hurco Companies, Inc. and John Oblazney
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Summary
This agreement between Hurco Companies, Inc. and John Oblazney outlines the terms for severance if Mr. Oblazney, serving as Vice President and CFO, is involuntarily terminated for reasons other than gross misconduct. If terminated, he will receive thirty days' notice, twelve months of salary, and a lump sum to cover medical and life insurance for twelve months. If Mr. Oblazney resigns voluntarily, he will not receive continued salary or benefits after his last day.
EX-10.1 2 ex10_1.htm EXHIBIT 10.1 Exhibit 10.1
Exhibit 10.1
EMPLOYMENT AGREEMENT
January 12, 2007
Mr. John Oblazney
One Technology Way
Indianapolis, IN 46268
Dear John:
The Board of Directors has approved the following Severance Contract for you in the event your employment is involuntarily terminated.
In the event that Hurco Companies, Inc. elects to terminate your employment as Vice President, CFO for any reason other than gross misconduct, Hurco agrees to provide you with thirty days written notice of your impending termination and to pay you severance equivalent to twelve months salary, at the rate of your salary in effect at the time you are relieved of you responsibilities.
Further, effective with your employment termination, Hurco agrees to pay you a lump sum payment, subject to all applicable taxes and mandatory deductions, sufficient to maintain your medical and life insurance coverage in the Hurco self-insured medical and group life plans, for a period of twelve months.
In the event you voluntarily terminate your employment with Hurco Companies, Inc., Hurco will not be obligated to continue your salary or any employee benefits after your last day of employment.
Sincerely,
/s/ Michael Doar
Michael Doar
Chairman, CEO
ACKNOWLEDGED AND AGREED:
| /s/ John Oblazney | 01/12/2007 | |
| John Oblazney | Date |
