Severance Agreement between JGWPT Holdings, LLC and John Schwab dated March 26, 2013
This agreement outlines the severance terms offered by JGWPT Holdings, LLC to John Schwab. If John Schwab is involuntarily terminated from his employment (except for cause), he will receive 52 weeks of salary at his current base pay and a pro-rated bonus for the year of termination, provided he signs the company's severance and release documents. The bonus will be paid at the same time as bonuses to other senior executives. The agreement is effective upon acceptance by John Schwab.
March 26, 2013
John Schwab
76 Lane of Acres
Haddonfield, NJ 08033
Re: Severance Arrangement
John:
The purpose of this letter is to provide to you details of a severance arrangement offered to you by JGWPT Holdings, LLC (on behalf of itself and its subsidiaries) (the “Company”) as set forth herein.
In the event your employment with the Company and/or any subsidiary or affiliate of the Company is involuntarily terminated for any reason (other than a termination for “cause”, which includes but is not limited to acts such as theft and fraud), you will receive, subject to your execution of the Company’s severance and release documentation, (i) fifty-two (52) weeks of salary at your current base rate of pay (paid in accordance with the Company’s normal payroll practice) and (ii) a payment equal to the pro-rated bonus for the year in which the Date of Termination occurs, which bonus shall be paid when, as and if bonuses are paid to other senior executives of the Company with respect to such year..
Please feel free to contact me with any questions that you may have regarding the foregoing.
Regards,
/s/ David Miller
David Miller
CEO
Accepted and agreed to this 26th day of March 2013
| /s/ John Schwab | |
| John Schwab |
