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Exhibit 10.18
Transition and
Severance Agreement
Greg
Petersen (“Petersen”) and LONE STAR MERGER CORP.
(“Company”) agree as follows for terms of employment to
be effective immediately, without any further action required by
either party, upon the closing of the merger transaction between
ACTIVANT SOLUTIONS HOLDINGS and Lone Star Merger Corp.
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Title:
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Executive Vice President & Chief
Financial Officer (title may be changed simply to ‘Executive
Vice President’ upon hiring of successor CFO) |
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Reporting to:
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President & CEO |
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Responsibilities:
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May be reduced by the CEO / Board
with consent of Petersen not to be unreasonably withheld. No
responsibilities will be added nor will Petersen be required to
serve on any Boards, or Committees, without Petersen’s
consent. |
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Location:
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Duties will be carried out from the
Company’s Las Cimas facility in Austin, but certain travel
may be required in accordance with reasonable demands considering
Petersen’s responsibilities as an Executive Vice President of
the Company. In no event will Petersen be asked to move. |
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Term of
Employment:
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Company shall employ Petersen
commencing at the close of the merger transaction referenced above
and ending on January 5, 2007. In the event that the merger
referenced above is not consummated, this Transition and Severance
Agreement shall be void ab initio. |
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Annual Base
Salary:
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$290,000 paid to Petersen in
accordance with Company’s generally applicable payroll
practices. |
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Incentive
Bonus:
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Petersen shall be paid bonuses
reflecting a $210,000 annualized target for fiscal year 2006 and a
$52,500 target for the 1 st quarter of FY
2007 ending on December 31, 2006, each to be calculated and
paid in accordance with the same formula or methodology applied to
other senior executives (those having the rank of senior vice
president and above), provided in the case of the FY 2006 bonus
paid not later than December 31, 2006 and in the case of the 1
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Quarter 2007 bonus paid not later than February 15, 2007.
Company shall establish a formula and methodology for the 1
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quarter of FY 2007 similar in type and attainability as for FY
2006 |
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