Severance Letter Agreement between Jackson Hewitt Tax Service, Inc. and William A. Scavone
Jackson Hewitt Tax Service, Inc. confirms that William A. Scavone is an at-will employee, meaning either party can end employment at any time. If Mr. Scavone is terminated without cause, he will receive severance pay equal to his annual base salary, provided he signs a release of claims. If such termination occurs within twelve months after a change in control of the company, the severance increases to twice his base salary. This agreement is effective only if the company's initial public offering is completed.
Exhibit 10.17
May 30, 2004
Bill Scavone
7 Sylvan Way
Parsippany, NJ 07054
Dear Bill,
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 by 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
| Cc: | Peter Karpiak |
