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This excerpt taken from the WOLF DEF 14A filed Apr 15, 2009. Employment
Agreements
As noted previously, we have entered into employment agreement
with our NEOs. The agreements cover the additional payments that
would be due to these individuals in the following scenarios:
The terms are substantially identical in each of the agreements
(with the exception that Mr. Churchey’s employment
agreement did not provide for any severance arrangements),
except with respect to certain multipliers for payouts, as
explained below.
We do not believe that we should pay our applicable NEOs any
incremental compensation upon termination when the termination
is by either choice or due to conduct that is potentially
detrimental to our company. Thus, we do not provide any of our
NEOs any incremental severance benefits other than any amounts
already earned and accrued at the date of termination if the
termination is voluntary (unless for good reason) or for cause.
In the event of a termination by us without cause or by the
executive for good reason, we provide severance benefits, as
described more fully below. These amounts reflect our belief
that it is difficult for senior managers to find comparable
employment opportunities in a short period of time, particularly
after experiencing a termination that was beyond their control.
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This excerpt taken from the WOLF DEF 14A filed May 13, 2008. Employment
Agreements
As noted previously, we have entered into employment agreement
with our NEOs. The agreements cover the additional payments that
would be due to these individuals in the following scenarios:
The terms are substantially identical in each of the agreements,
except with respect to certain multipliers for payouts, as
explained below.
We do not believe that we should pay our applicable NEOs any
incremental compensation upon termination when the termination
is by either choice or due to conduct that is potentially
detrimental to our company. Thus, we do not provide any of our
NEOs any incremental severance benefits other than any amounts
already earned and accrued at the date of termination if the
termination is voluntary (unless for good reason) or for cause.
In the event of a termination by us without cause or by the
executive for good reason, we provide severance benefits, as
described more fully below. These amounts reflect our belief
that it is difficult for senior managers to find comparable
employment opportunities in a short period of time, particularly
after experiencing a termination that was beyond their control.
This excerpt taken from the WOLF DEF 14A filed Apr 20, 2007. Employment
Agreements
As noted previously, we have entered into employment agreement
with all of our NEOs. The agreements cover the additional
payments that would be due to these individuals in the following
termination scenarios: by us for (1) death,
(2) disability, (3) cause, (4) without cause, or
(5) non-renewal; and by the executive for
(1) voluntary,
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(2) good reason or (3) non-renewal. The terms are
identical in each of the agreements, except with respect to
certain multipliers for payouts, as explained below.
We do not believe that we should pay our applicable NEOs any
incremental compensation upon termination when the termination
is by either choice or due to conduct that is potentially
detrimental to our company. Thus, we do not provide any of our
NEOs any incremental severance benefits other than any amounts
already earned and accrued at the date of termination if the
termination is voluntary (unless for good reason) or for cause.
We provide severance benefits of 100% (200% in the case of
Mr. Emery) of the sum of the executive’s then-current
annual base salary and most recently paid annual bonus for
terminations without cause or by the executive for “good
reason” (as defined in the employment agreement), including
non-renewal of the employment agreement by us upon the end of
its term. In the event of a termination by us without cause or
by the executive for good reason within 180 days prior to,
or 18 months following, a change of control, then the
multipliers for the severance benefits are increased to 200%
(300% in the case of Mr. Emery) of the sum of the
executive’s then-current annual base salary and most
recently paid annual bonus. These amounts reflect our belief
that it is difficult for senior managers to find comparable
employment opportunities in a short period of time, particularly
after experiencing a termination that was beyond their control.
We do not provide our NEOs defined benefit or supplemental
executive retirement plans.
Specifically, severance payments under the above termination
event scenarios are summarized below.
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