TANNING TECHNOLOGY CORPORATION CHANGE IN CONTROL PLAN NOTICE OF PARTICIPATION
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TANNING TECHNOLOGY CORPORATION CHANGE IN CONTROL PLAN
NOTICE OF PARTICIPATION
This Notice of Participation Agreement ("Notice of Participation") is entered into this 21st day of March 2003 by and between Tanning Technology Corporation, a Delaware Corporation ("Tanning") and Xxxxxxxxx Xxxxxxxxx ("Participant"). The Notice of Participation is subject to and governed by the terms and conditions set forth in the Change in Control Plan ("Plan") adopted by the Tanning Board of Directors on March 18, 2003.
COMPENSATION UPON TERMINATION
Upon a termination of your employment as set forth in Article IV, Section 1, of the Plan, you shall be entitled to the following benefits:
Severance payment: Subject to the provisions of the Plan, a severance payment equal to seventy-five percent (75%) of your Annual Compensation (as defined in the Plan). Severance shall be payable as set forth in the Plan.
Continuation of Medical Coverage under COBRA: If you elect to participate in COBRA benefits continuation, the Company shall pay or shall reimburse you (to the extent you have previously made payments), to the extent COBRA benefits are available, your monthly premiums for your elected level of group medical insurance for up to 9 months of continued coverage of your then-currently elected level of benefit.
Agreed and accepted:
Tanning Technology Corporation |
Participant |
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By: |
Xxxxxxx X. Xxxxxx |
By: |
/s/ Xxxxxxxxx X. Xxxxxxxxx |
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| Signature | Signature | |||||
Xxxxxxx X. Xxxxxx |
Xxxxxxxxx Xxxxxxxxx |
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| Printed Name | Printed Name | |||||
President, CEO & COO |
April 1, 2003 |
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| Title | Date | |||||
April 1, 2003 |
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| Date | ||||||
