Exhibit 10.4
[MERIDIAN AUTOMOTIVE SYSTEMS LETTERHEAD]
PERSONAL & CONFIDENTIAL
[date]
TO:
FROM: Xxx Xxxxxxxx
SUBJECT: Severance Benefit Agreement
Meridian Automotive Systems, Inc. ("the Company") has initiated a severance
benefit agreement program for the CEO and all members of the Executive Council.
The following is to provide you with a letter of understanding of the terms of
the severance benefit agreement.
The Company is hereby entering into a severance benefit agreement that contains,
at a minimum, the payment of 18 months of base salary and the maximum bonus for
18 months and the continuation of active employee benefits for 18 months for an
involuntary termination of employment for any reason other than cause or a
decrease in duties or responsibilities or a reduction of base salary. Cause is
defined to mean "a willful engaging in gross misconduct materially and
demonstrably injurious to the Company."
Please feel free to contact me if you have any questions. A copy of this letter
of understanding will be included in your personnel file.
Sincerely,
/s/ Xxxxxx X. Xxxxxxxx
Xxxxxx X. Xxxxxxxx
Vice President of Human Resources and Secretary
Meridian Automotive Systems, Inc.
Severance Benefit Agreement
Schedule of Signatories to Exhibit 10.4
DATE SIGNATORY
---- ---------
May 17, 2001 Xxx Xxxxx
May 17, 2001 Xxxxxx X. Xxxxxx, III
May 17, 2001 Xxxxxx X. Xxxxxxxx
May 17, 2001 Xxxxxxx X. XxXxxxx
May 17, 2001 X. Xxxxx XxXxxxxx
May 17, 2001 Xxxxxxx X. Xxxxxxx
May 17, 2001 Xxxxx X. Xxxxxxx
June 1, 2001 Xxxx X. Xxxxx
May 17, 2001 H.H. ("Xxxxx") Xxxxxxx
May 17, 2001 Xxxxxxx X. Xxxxxxx
