Oral At-Will Employment Agreement between NovaStar Financial, Inc. and Jeffrey Ayers

Contract Categories: Human Resources › Employment Agreements
Summary

NovaStar Financial, Inc. has an oral at-will employment agreement with Jeffrey Ayers, who serves as Senior Vice President, General Counsel, and Secretary. Under this agreement, Mr. Ayers receives a salary reviewed annually, is eligible for bonuses and stock incentives, and can participate in the company's deferred compensation plan. He also receives standard employee benefits, including insurance, vacation, and paid sick leave. The agreement is at-will, meaning either party can end the employment at any time.

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EX-10.28 3 dex1028.htm DESCRIPTION OF ORAL AT-WILL EMPLOYMENT AGREEMENT Description of Oral At-Will Employment Agreement

Exhibit 10.28

 

NOVASTAR FINANCIAL, INC.

 

EMPLOYMENT AGREEMENT

 

FOR

 

JEFFREY AYERS

 

Jeffrey Ayers is Senior Vice President, General Counsel and Secretary of the Company. Mr. Ayers has an oral agreement with the Company for “at will” employment which includes the following:

 

Mr. Ayers:

 

  1. will be entitled to a salary, adjusted annually by the Compensation Committee;

 

  2. will participate in the Company’s annual incentive bonus program, as determined by the Compensation Committee;

 

  3. will be eligible for incentive awards under the Company’s Incentive Stock Plan, as determined by the Compensation Committee;

 

  4. will be eligible to participate in the Company’s Deferred Compensation Plan;

 

  5. will be covered by medical and disability insurance and other forms of health, life and other insurance and/or benefits provided by the Company to its employees; and

 

  6. will be entitled to vacation, paid sick leave and all other employee benefits provided by the Company to its employees.