Severance Arrangement Description between VeriSign and William P. Fasig
This agreement outlines the severance terms for William P. Fasig if he is involuntarily terminated by VeriSign without cause. Depending on his length of employment, Mr. Fasig will receive a severance payment ranging from 12 months' salary (if terminated within the first month) to 6 months' salary (if terminated after six months). No severance is provided if he resigns voluntarily.
EXHIBIT 10.21
Description of Severance Arrangement with William P. Fasig
VeriSign has agreed to the following severance agreement should Mr. Fasig be involuntarily terminated from VeriSign without cause:
For up to 1 month of employment—receive 12 months salary
After 1 month of employment—receive 11 months salary
After 2 months of employment—receive 10 months salary
After 3 months of employment—receive 9 months salary
After 4 months of employment—receive 8 months salary
After 5 months of employment—receive 7 months salary
After 6 months of employment—receive 6 months salary
No severance payment is made in the event Mr. Fasig resigns voluntarily
