ContractRetention Payment Program Agreement • March 15th, 2004 • North Pittsburgh Systems Inc • Telephone communications (no radiotelephone)
The Retention Payment Program letter agreements (Agreements) are effective for the President and all Vice Presidents of the Registrant. The Agreements provide for a payment to the executive equal to 35% of the executive’s base salary (as in effect on the date a Change of Control (as defined in the Agreements) occurs). The payment will be made on the 6-month anniversary of the Change of Control if the executive has continued his or her employment with the Registrant until that anniversary date or if his or her employment with the Registrant has been terminated before then (a) by reason of the executive’s death or disability, (b) by the Registrant without Cause (as defined in the Agreement), or (c) by the executive after the Registrant or its successor, after the Change of Control, has taken action to terminate or substantially breach the executive’s employment agreement, terminate the executive’s employment, substantially change the executive’s duties or privileges or limit the executiv
