Severance and Consulting Letter Agreement between Traffix, Inc. and Jay Greenwald

Contract Categories: Human Resources › Severance Agreements
Summary

This agreement confirms that Jay Greenwald has resigned from his positions at Traffix, Inc. and its affiliates, effective immediately. In return, he will receive a severance payment of $115,384.62, subject to standard payroll deductions. Jay Greenwald also agrees to provide consulting services to Traffix and Group Lotto for at least six days per month, for which he will be paid $10,000 per month. The consulting arrangement will be detailed in a separate agreement and will last until November 30, 2001.

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EX-10.1 2 y43845ex10-1.txt LETTER AGREEMENT 1 TRAFFIX, INC. ONE BLUE HILL PLAZA PEARL RIVER, NEW YORK 10956 --------------- (845) 620-1212 December 22, 2000 Mr. Jay Greenwald - ----------------- - ----------------- Dear Jay: This will confirm that you have resigned as an officer of, and terminated your employment with, Traffix, Inc. ("Traffix") and each other affiliate of Traffix for which you serve as an officer and/or employee, which resignation and termination shall become effective immediately. We have agreed that you will receive a severance payment of $115,384.62, with such payment to be reduced by applicable payroll taxes, deductions and withholdings. You acknowledge that such payment constitutes the full and complete payment to you of any and all obligations of Traffix due you as of the date hereof. This letter will also confirm that you agree to perform consulting services on behalf of Traffix and Group Lotto for no less than six (6) days per month, pursuant to which you will be paid $10,000 per month, all as to be more specifically set forth in a final written Consulting Agreement to be negotiated between you and Traffix subsequent to the date hereof. The term of such Consulting Agreement will run through November 30, 2001. If the foregoing meets with your approval, please acknowledge your acceptance by signing and dating in the spaces below provided. Very truly yours, /s/ Jeffrey L. Schwartz Chairman and CEO Accepted and agreed to this 22nd day of December, 2000 /s/ Jay Greenwald 6