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FORM OF AGREEMENT REGARDING
SEVERANCE ARRANGEMENTS
Re: Severance
Arrangements .
As we have
discussed, due to recent regulatory developments adversely
affecting Northfield’s business and the company’s
limited financial resources, Northfield’s board of directors
has authorized management to pursue an orderly winding up of the
company’s business. Northfield is accordingly terminating the
current employment relationship of each of our executive officers.
As a result, your employment as an officer and employee of
Northfield will terminate as of May 8, 2009.
Under the terms of
your [severance protection][executive employment] agreement with
Northfield, the termination of your employment will be deemed an
involuntary termination without cause. Therefore, you will be
entitled to certain severance benefits under your agreement. Your
severance benefits are summarized on the attached
schedule.
Northfield has
previously advised you and its other executive officers that the
company’s available cash resources are not currently
sufficient to permit the immediate payment in full of the severance
benefits due to Northfield’s executive officers. We have
accordingly agreed that you will receive on the next regular
scheduled payroll payment of your unused PTO plus your
norma
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