Severance Letter Agreement between Jackson Hewitt Tax Service, Inc. and Steven L. Barnett
This letter agreement outlines the severance terms for Steven L. Barnett with Jackson Hewitt Tax Service, Inc. If Mr. Barnett is terminated without cause within his first year, he will receive severance equal to his base salary and target bonus. After the first year, severance is limited to his base salary. If termination without cause occurs within twelve months after a change in control, he will receive twice his base salary. All severance is contingent on signing a release of claims, and the agreement is effective upon the company's initial public offering.
Exhibit 10.14
May 30, 2004
Steven L. Barnett
7 Sylvan Way
Parsippany, NJ 07054
Dear Steve,
This letter will confirm our understanding regarding severance. Per Jackson Hewitt Tax Service, Inc.’s (the “Company”) standard policy, this letter is not intended nor should it be considered as an employment contract for a definite or indefinite period of time. As you know, employment with the Company is at will, and either you or the Company may terminate employment at any time, with or without cause. If however, you are terminated without cause during your first year of employment with the Company, you will receive severance equal to one times your then base salary and target bonus incentive, subject to you executing a release of claims in the form determined by the Company. If however, you are terminated without cause by the Company after your first year of employment with the Company, you will receive severance equal to one times your then base salary, subject to you executing a release of claims in the form determined by the Company. Notwithstanding the foregoing, at any time during your employment, in the event you are terminated without cause by the Company, within twelve months following a change in control of the Company, you will receive severance equal to two times your then base salary, subject to you executing a release of claims in the form determined by the Company. This letter shall be effective as of and contingent upon the consummation of the Company’s initial public offering.
Sincerely,
/s/ Mike Lister
