Common Contracts
2 similar Severance Agreement contracts by Star Gas Partners Lp
September 24, 1998Severance Agreement • February 12th, 1999 • Star Gas Partners Lp • Retail-retail stores, nec
As a condition of your employment with Star Gas Corporation ("Star"), a wholly-owned subsidiary of Petroleum Heat and Power Co., Inc. ("Petro") we agree that if your employment is terminated by Star without "cause" or voluntarily by you within six months after there has been a "change in circumstances" (each a "Termination") you will be entitled to receive a severance payment equal to 1.25 times your then basic annual salary. The term "cause" means fraud, dishonesty, illegal conduct or similar malfeasance or the failure to perform your duty in a professional manner, if such failure continues for a period of ten days after written notice. For purposes of this agreement, a "change in circumstances" shall be deemed to have occurred if for any reason other than for "cause" Star a) demotes employee reducing the employee's title, b) reduces employee's base salary or potential bonus compensation in a greater percentage than any other executive at Star, c) materially reduces employee authority
September 24, 1998Severance Agreement • February 12th, 1999 • Star Gas Partners Lp • Retail-retail stores, nec
As a condition of your employment with Star Gas Corporation ("Star"), a wholly-owned subsidiary of Petroleum Heat and Power Co., Inc. ("Petro") we agree that if your employment is terminated by Star without "cause" or voluntarily by you within six months after there has been a "change in circumstances" (each a "Termination") you will be entitled to receive a severance payment equal to 1.25 times your then basic annual salary. The term "cause" means fraud, dishonesty, illegal conduct or similar malfeasance or the failure to perform your duty in a professional manner, if such failure continues for a period of ten days after written notice. For purposes of this agreement, a "change in circumstances" shall be deemed to have occurred if for any reason other than for "cause" Star a) demotes employee reducing the employee's title, b) reduces employee's base salary or potential bonus compensation in a greater percentage than any other executive at Star, c) materially reduces employee authority
