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GPS » Topics » Section 9. Other Employment Terminations

This excerpt taken from the GPS 8-K filed Jan 23, 2007.

Section 9. Other Employment Terminations

 

(a) Termination for Cause. If the Company terminates Executive’s employment for Cause at any time, Executive shall receive no further compensation or benefits of any kind as of the effective date of the termination.

Definition of Cause. For all purposes under this Agreement, “Cause” shall mean termination of Executive’s employment based on a good faith determination by the Board that Executive’s employment be terminated for any of the following reasons: (1) Executive’s participation in, indictment, conviction or admission of any crime involving

 

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dishonesty or moral turpitude; (2) Executive’s participation in any act of fraud or intentional malfeasance against the Company; (3) Executive’s material violation of the Company’s Code of Business Conduct; (4) Executive’s material breach of any provision of this Agreement; (5) Executive’s use of alcohol or drugs which interferes with the performance of Executive’s duties under this Agreement or which compromises the integrity and reputation of the Company, its employees or products; or (6) Executive’s absence from employment for a period of more than four (4) weeks in violation of Company policies and without prior notice to the Board of Directors.

 

(b) Voluntary Termination by Executive. If Executive voluntarily terminates Executive’s employment at any time, Executive shall receive no further compensation or benefits of any kind after the effective date of the termination.

 

(c) Termination by Death or Disability. In the event that Executive’s employment with the Company is terminated due to death or disability (as determined under the Company’s long term disability plan), Executive (or Executive’s beneficiaries or estate) shall be entitled to the Company’s applicable death and disability compensation and benefits payable under the Company’s death and disability programs, including, but not limited to death or disability insurance benefits and, in the event of death, the ability to exercise outstanding, unvested stock options (which were granted at least one year prior to death) until the earlier of one year after the date of death or the fixed period provided by the applicable stock option agreement (so long as such benefits are provided in the relevant stock option agreement).
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