Settlement Agreement

Service Requirement Severance Payment Severance Amount Payment Timing Vesting Provisions Benefits - Health Care Settlement Agreement (General Release) Vacation Outplacement Services

 

Exhibit 10.18
Executive Severance Pay
                         
     Severance Provision   Grade 15   Grade 16   Grades 17 & above
Service Requirement
    One (1) year     One (1) year     No minimum service requirement
 
                       
Severance Payment
    Base salary (annual base rate)     Base salary (annual base rate)     Base salary (annual base rate)
Severance Amount
 
  One (1) month - standard
Can be enhanced up to nine (9) months if settlement agreement is signed
 
  One (1) month – standard
Can be enhanced up to one (1) year if settlement agreement is signed
 
  One (1) month – standard
Can be enhanced up to eighteen (18) months if settlement agreement is signed
 
                       
Payment Timing
    Bi-weekly     Bi-weekly     Bi-weekly
Vesting Provisions
    Per grant agreement     Per grant agreement     Per grant agreement
Benefits - Health Care
    Lump sum COBRA payment will be provided equal to the severance period     Lump sum COBRA payment will be provided equal to the severance period     Lump sum COBRA payment will be provided equal to the severance period
 
                       
Settlement Agreement (General Release)
    Must sign general release for enhanced package consideration     Must sign general release for enhanced package consideration     Must sign general release for enhanced package consideration
 
                       
Vacation
    Unused earned vacation will be paid per state law     Unused earned vacation will be paid per state law     Unused earned vacation will be paid per state law
 
                       
Outplacement Services
    May be included in severance agreement     May be included in severance agreement     May be included in severance agreement