Severance Benefit Agreement between Meridian Automotive Systems, Inc. and Executive Council Members

Contract Categories: Human Resources › Severance Agreements
Summary

Meridian Automotive Systems, Inc. has established a severance benefit agreement for its CEO and Executive Council members. If an executive is involuntarily terminated for reasons other than cause, or experiences a decrease in duties or salary, they will receive 18 months of base salary, the maximum bonus for 18 months, and continued employee benefits for 18 months. 'Cause' is defined as willful gross misconduct that harms the company. The agreement is formalized in a letter and applies to the listed executives.

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EX-10.4 9 a2083874zex-10_4.txt FORM OF SEVERANCE BENEFIT AGREEMENT Exhibit 10.4 [MERIDIAN AUTOMOTIVE SYSTEMS LETTERHEAD] PERSONAL & CONFIDENTIAL [date] TO: FROM: Tom Eggebeen SUBJECT: Severance Benefit Agreement Meridian Automotive Systems, Inc. ("the Company") has initiated a severance benefit agreement program for the CEO and all members of the Executive Council. The following is to provide you with a letter of understanding of the terms of the severance benefit agreement. The Company is hereby entering into a severance benefit agreement that contains, at a minimum, the payment of 18 months of base salary and the maximum bonus for 18 months and the continuation of active employee benefits for 18 months for an involuntary termination of employment for any reason other than cause or a decrease in duties or responsibilities or a reduction of base salary. Cause is defined to mean "a willful engaging in gross misconduct materially and demonstrably injurious to the Company." Please feel free to contact me if you have any questions. A copy of this letter of understanding will be included in your personnel file. Sincerely, /s/ Thomas C. Eggebeen Thomas C. Eggebeen Vice President of Human Resources and Secretary Meridian Automotive Systems, Inc. Severance Benefit Agreement Schedule of Signatories to Exhibit 10.4
DATE SIGNATORY - ---- --------- May 17, 2001 Jon Baker May 17, 2001 Robert H. Barton, III May 17, 2001 Thomas C. Eggebeen May 17, 2001 Francis I. LeVeque May 17, 2001 J. Steve McKenzie May 17, 2001 Richard E. Newsted May 17, 2001 Craig S. Shatzer June 1, 2001 Dean P. Vanek May 17, 2001 H.H. ("Buddy") Wacaser May 17, 2001 Randall S. Wacaser