This excerpt taken from the GPS 8-K filed Apr 15, 2005.
2. THE COMPANYS PROMISES TO YOU:
In consideration for the promises made by you in this Agreement, the Company agrees to the following:
a. Severance Payments: The Company will make severance payments to you based on your current salary ($600,000) in the following manner and subject to the following restrictions:
Prior to receiving any payments, you must execute this Agreement. During the Income Continuation Period, you agree to abide by all terms of this Agreement, and you understand that payments will cease if you breach any of your obligations to the Company.
b. COBRA Subsidy: The Company will pay you a lump sum amount equivalent to the amount of your COBRA premium at your current coverage level for 12 months. The Company subsidy of the COBRA premium is taxable income to you and is subject to tax withholding.
c. Outplacement Assistance: Drake Beam Morin will provide outplacement assistance to you. The assistance is for up to 6 months, and Drake Beam Morin will invoice the Company directly. Please contact Drake Beam Morin at (866) 787-3995 to initiate service on or before December 31, 2005.
d. Financial Planning Assistance: The Company will continue to pay for financial counseling from AYCO Company, in accordance with your current plan offering, through May 31, 2006.
Anne B. Gust
April 12, 2005
e. Tax Withholding: You acknowledge and agree that all payments made pursuant to this Agreement shall be subject to withholding of all applicable taxes.