Pro-Dex Salary Increase and Severance Agreement with Jeffrey J. Ritchey (January 2008)

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement between Pro-Dex and Jeffrey J. Ritchey confirms an increase in Mr. Ritchey's annual salary to $165,000, effective with the first payroll period in 2008. It also states that if Mr. Ritchey is terminated by the company without cause, he will receive a severance payment equal to four months of his base salary, paid over four months following his termination. 'Cause' is defined as willful breach of duties or acts of fraud, embezzlement, or misappropriation.

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EX-10.2 3 ex10-2.htm Exhibit 10.2

Exhibit 10.2

 

January 7, 2008

 

To Jeffrey J. Ritchey

 

Per the Pro-Dex Board of Director’s compensation committee’s approval on December 4, 2007:

 

  • Your bi-weekly salary is increased to $6,346.15, which equals $165,000 per year as of the first payroll period in 2008, to be paid on or about January 17, 2008.

 

  • In the event that you are terminated involuntarily by the Company without “cause” as defined below, the Company shall pay to you a severance payment equal to (4) four times your then current monthly base salary less applicable withholding as required by law.  Such payment shall be made in equal incremental payments, consistent with the Company’s usual payroll payment periods, over a period of (4) four months immediately following your last day of employment with the Company.  As used herein, the term “cause” means (i) your willful breach or gross neglect of the duties and obligations required of you either expressly or implied; or (ii) your commission of fraud, embezzlement, or misappropriation, involving the Company whether or not a criminal of civil charge is filed in connection with such activity.

 

 

 

/s/ Mark Murphy                      

Mark Murphy

Chief Executive Officer

Pro-Dex