Severance Letter Agreement between Jackson Hewitt Tax Service, Inc. and Jeanmarie Cooney
Jackson Hewitt Tax Service, Inc. confirms that Jeanmarie Cooney will receive severance pay if her employment is terminated without cause. If terminated without cause, she will receive an amount equal to her base salary at the time, provided she signs a release of claims. If such termination occurs within twelve months after a change in control of the company, she will receive twice her base salary. This agreement is effective only if the company's initial public offering is completed. Employment remains at will and can be ended by either party at any time.
Exhibit 10.18
May 30, 2004
Jeanmarie Cooney
7 Sylvan Way
Parsippany, NJ 07054
Dear Jeanmarie,
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 |
