Signing Bonus from Employment Agreement
This Employment Agreement (Employment Agreement) is made as of April 9, 2007, to be effective as of April 9, 2007 (the Effective Date), by and among CLST-NAC, Ltd., formerly known as CellStar, Ltd., a Texas limited partnership (collectively, the Company) and Sherrian Gunn (the Employee).
Signing Bonus. The Company will pay Employee, conditioned on Employees execution of this Employment Agreement and Release referenced in paragraph 1 of this Employment Agreement, a Signing Bonus in the amount of (a) a lump-sum amount of $64,275, minus required withholdings and deductions, which is the amount that would be payable to Employee by the Company as Severance Pay in accordance with the Companys customary practice in the event Employees employment with the Company had been terminated as a result of the Transaction; and (b) the amount of PTO the Employee had accrued for the calendar year 2006, minus required withholdings and deductions. The Signing Bonus shall be paid in lieu of any severance obligation that the Company may have following the termination of Employees Term or Extended Term for any reason, except that Employee shall be entitled to any accrued but unused PTO not paid pursuant to this Employment Agreement. The Signing Bonus shall be paid to Employee within fifteen (15) days following the Employees execution of the Release.