1
EXHIBIT 10.51
SEVERANCE AGREEMENT
This agreement is made between TransTexas Gas Corporation and Xxxxx Xxxx.
1. The employment agreement between Xxxxx Xxxx and TransTexas Gas Corporation
has expired, and Xxxxx Xxxx is now an at-will employee of TransTexas Gas
Corporation.
2. In the event of a termination for cause, salary shall cease on the
effective date of termination. Salary and benefits earned to the date of
termination will be paid in full. "Cause" shall mean:
a. Willful neglect or mismanagement by Xxxxx Xxxx of his reasonable
duties, responsibilities, and obligations which results in significant
material damage to the property or interest of TransTexas Gas
Corporation; or
b. Material breach of this agreement of the policies set forth in the
Employee Handbook by Xxxxx Xxxx, or
c. Inability of Xxxxx Xxxx to perform his duties, responsibilities and
obligations by reason of illness, accident or other incapacity for a
continuous period of six months.
3. Termination is without cause unless TransTexas Gas Corporation details the
cause for termination in writing, meeting the definition of paragraph 2, at
the time of termination. TransTexas Gas Corporation may terminate Xxxxx
Xxxx'x employment without cause by giving Xxxxx Xxxx written notice of
termination. However, in the event that TransTexas Gas Corporation
terminates Xxxxx Xxxx other than for cause, TransTexas Gas Corporation
shall pay Xxxxx Xxxx his salary for twelve months past the termination of
employment.
4. This agreement may not be assigned without the prior written approval of
the other party.
5. Any disputes concerning or arising out of interpretation or application of
this agreement shall be determined by final and binding arbitration under
and in accordance with the rules and procedures of the American
Arbitration's Association provided that the dispute is submitted to
arbitration by written demand therefor delivered to and received by the
other party within sixty days after occurrence of the event giving rise to
the dispute.
6. If there is a conflict between TransTexas Gas Corporation personnel
policies and this agreement, this agreement shall prevail.
Date: Date:
------------------------------ ------------------------------
TransTexas Gas Corporation
-----------------------------------
Xxxxx Xxxx
By:
--------------------------------
Xxxxxx Xxxxxxx, Personnel Manager
