SEVERANCE AGREEMENT
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This agreement is between Career Central, Inc. located at 0000 Xxxx Xxxxxxxx,
Xxxx Xxxx, XX 00000 (Company) and Xxxxxxx Xxxxxx Xxxxx (Employee). Whereas
Career Central has extended an offer of employment to Xxxxxxx Xxxxxx Xxxxx for
the position of VP of Marketing, this agreement defines the terms should the
parties choose to terminate the employer/employee relationship.
In the event the Company chooses to terminate the employment relationship
WITHOUT CAUSE, the Employee shall be granted the following consideration:
a) The Company shall pay the Employee six months of base salary compensation in
a lump sum payment within two weeks of notification of termination.
b) Any scheduled bonuses due in the period from the notice of termination to six
months hence shall be determined and amounts included in the lump sum payment
made within two weeks of termination. The Company and the employee will use
their best efforts to determine the amount of the bonuses due.
In the event the Company terminates the employment relationship WITH CAUSE, the
Employee shall be granted no consideration other than that afforded by
California State Law.
For the purposes of this agreement, the term "cause" is defined as theft, fraud,
commission of a felony or extended unexplained absence.
The Parties agree to resolve any dispute on compensation by binding arbitration.
/s/ Xxxxxxx Xxxxx 6/29 98 /s/ Xxxxxxx Xxxxxx Xxxxx 6/29/98
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Xxxxxxx Xxxxx, Chairman Date Xxxxxxx Xxxxxx Xxxxx Date
Career Central, Inc.
