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This excerpt taken from the SYNM DEF 14A filed Apr 2, 2007. 2006 OPTION EXERCISES & STOCK VESTED The following table provides information on the exercise of stock options and the vesting of restricted stock for the named executive officers during 2006.
Post Employment Benefits/Change of Control Arrangement Each employment agreement provides for an initial term of 12 months and is automatically renewed for successive terms of 12 months unless sooner terminated. Under each agreement, employment may be terminated as follows: by us upon the employee’s death, disability or retirement; by us upon the dissolution and liquidation of our company (unless our business is thereafter continued); by us for just cause; by the mutual agreement of the employee and us; and by either us or the employee upon 60 days’ written notice. If we terminate the employee’s employment for any reason other than as noted in the first three items above, the employee is entitled to receive his monthly salary for a period of two years, as applicable, following the date of termination. In addition, if there is a change in control of our company and we terminate the employee’s employment for any reason other than the employee’s death, disability, retirement or just cause during the one-year period immediately following the change of control, the employee terminates his employment for good reason, or during the 60-day period immediately following the lapse of one year after any change of control, we or the employee terminate the employee’s employment for any reason, then, in lieu of any further payments for periods subsequent to the date of termination, we or our successor will pay the employee an amount equal to one or two times, as applicable, the employee’s full base salary in effect on the date of termination payable in equal monthly installments for a period of 12 or 24 months, as applicable.
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Mr. John B. Holmes, Jr., our Chief Executive Officer, will be entitled to receive his monthly salary for a period of two years following the date of termination, in accordance with the provisions described above, as well as for the following reasons: we terminate Mr. Holmes’ employment for any reason other than just cause; Mr. Holmes is assigned to duties materially inconsistent with his position, authority, duties or responsibilities without his agreement; or we require Mr. Holmes to be based at any office outside the Tulsa metropolitan area without his agreement.
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