{"id":40533,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/severance-letter-cybershop-com-inc-and-jeffrey-leist.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"severance-letter-cybershop-com-inc-and-jeffrey-leist","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/severance-letter-cybershop-com-inc-and-jeffrey-leist.html","title":{"rendered":"Severance Letter &#8211; CyberShop.com Inc. and Jeffrey Leist"},"content":{"rendered":"<pre>\n                               Cybershop.com, Inc.\n                                116 Newark Avenue\n                          Jersey City, New Jersey 07302\n\n\n\n\n                                                          March 30, 2000\n\n\nMr. Jeffrey Leist\n61 Lower Shad Road\nPound Ridge, New York 10576\n\n                   Re:  Employment Term\n\nDear Jeff:\n\n                   Reference is made to the Employment Agreement between you and\nCybershop.com, Inc. (formerly known as Cybershop International, Inc.) dated\nFebruary 7, 1999 (the 'Employment Agreement'). The purpose of this letter is to\nreflect our agreement modifying the terms of the Employment Agreement as\nfollows:\n\n         1. Your services under the Employment Agreement will be terminated at\nthe close of business on April 11, 2000 (the 'Termination Date').\n\n         2. Salary payable under the Employment Agreement through the\nTermination Date shall be paid on the same periodic basis as currently in\neffect.\n\n         3. Disclosure of your termination shall be made at a mutually agreeable\ntime but in any event no later than the Termination Date.\n\n         4. After February 18, 2000 you shall not be required to be present at\nour offices to perform services but you shall make yourself available as\nrequested to provide transition services, as required.\n\n         5. Through the Termination Date you shall have full access to your\noffice and voice mail.\n\n         6. No additional amounts shall be payable to you with respect to\nvacation.\n\n         7. Your use of the corporate apartment in Jersey City shall end on\nFebruary 18, 2000.\n\n         8. Your health coverage under our group health plan will terminate on\nthe Termination Date. Thereafter, you will be provided an opportunity to\ncontinue health coverage for yourself and qualifying dependents under our group\nhealth plan in accordance with the Consolidated Omnibus Budget Reconciliation\nAct ('COBRA'). From and after the Termination Date, you shall not be entitled to\nreceive any further compensation or monies from us or to receive any benefits or\nparticipate in any benefit plan or program, including but not limited to, our\n401(k) Plan.\n\n         9. Attached to this letter is a General Release to be executed by you\nas well.\n\n                   As you know the decision to terminate the Employment\nAgreement is based upon the change in the overall business direction of the\nCompany. Your services have been of tremendous value to the Company. Please\n\n\n\n\n\n\naccept my thanks for your services. Will you please indicate your acceptance of\nthe terms of this letter by signing in the space indicated below and returning a\nsigned copy along with a signed copy of the General Release.\n\n\n\n                                                     Sincerely,\n\n\n\n                                                     Jeffrey Tauber, President\n                                                     Cybershop.com, Inc.\n\n\nAgreed and Accepted as of this\n14th day of February, 2000.\n\n\n\n______________________________\nJeffrey Leist\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7700],"corporate_contracts_industries":[9510],"corporate_contracts_types":[9539,9551],"class_list":["post-40533","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-gsv-inc","corporate_contracts_industries-technology__programming","corporate_contracts_types-compensation","corporate_contracts_types-compensation__severance"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40533"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40533"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40533"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}