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Executive Severance Arrangement
Approved by the CDI Corp. Compensation Committee
on September 10, 2002
Top Corporate Executives who are terminated by CDI other than for Cause will
receive 12 months salary continuation, 12 months COBRA (Company contribution),
and outplacement services up to $15,000.
Executives whose employment is terminated by CDI other than for Cause will have
two months from the date of termination to exercise vested options. In the event
of a "for Cause" discharge, executives' options will be canceled on the date of
termination.
In addition, basic life insurance will be continued through the paid severance
period and supplemental life insurance will be continued at the reduced cost
permitting the departing executive an opportunity to convert the policy or to
purchase new/additional coverage.
If an executive, whose employment has been terminated, secures another position,
severance payments will cease unless the Company has elected to continue
payments for non-compete protection.
Admission to the program occurs after a minimum of one-year service and
demonstrated sustained/significant value to the Company. Executives on probation
will not be admitted to the program. CEO approval is required for all
admissions. Eligible executives must sign the Employee Covenants and Agreements
as well as the Release and Waiver of Future Claims Against the Company documents
prior to receiving any payments.
