DESCRIPTION OF SEVERANCE ARRANGEMENT
Published on March 31, 1998
Exhibit 10.15
Description of Severance Arrangement
with
Thomas W. VanHimbergen
Thomas W. VanHimbergen, the Company's Senior Vice President and Chief Financial
Officer, is entitled to severance benefits in the event his employment is
terminated for reasons other than willful misconduct, gross negligence or
unlawful actions towards the Company or towards others on behalf of the Company
(i.e., other than for cause). Under this arrangement, in the event of such a
termination, Mr. VanHimbergen will receive a severance package of one year's
base salary plus a second year of income continuation. As a part of this income
continuation, the Company would continue to make payments to Mr. VanHimbergen in
an amount equal to the difference between his base salary and any lesser salary
received by Mr. VanHimbergen from a subsequent employer. Mr. VanHimbergen is
also entitled to the continuation of his medical, dental, vision and life
insurance coverage at employee rates for one year following his termination. In
the event Mr. VanHimbergen's employment is terminated following certain business
combinations or changes of control involving the Company, the terms of the
Executive Retention Agreement between Mr. VanHimbergen and the Company that is
described in the Company's Proxy Statement for its 1998 regular meeting of
shareholders under the heading "Employment Contracts and Termination of
Employment and Change-in-Control Arrangements--Executive Retention Agreements"
would govern Mr. VanHimbergen's severance entitlements in lieu of the foregoing.