EX-10.4
ERock, Inc.
EROCK, INC.
EXECUTIVE SEVERANCE PLAN
1. Purpose. The purpose of the ERock, Inc. Executive Severance Plan (the “Plan”) is to provide severance benefits to certain employees of ERock, Inc. and its Affiliates in the event of a Qualifying Termination or Change in Control Qualifying Termination. The Plan is maintained for the purpose of providing benefits for a select group of management or highly compensated employees.
2. Definitions.
(a) “Affiliate” means any entity in which the Company has a substantial direct or indirect equity interest.
(b) “Base Salary” means the Participant’s annualized base salary, as in effect immediately before the Participant’s termination of employment (without regard to any reduction that constitutes Good Reason), excluding overtime, bonuses, incentive compensation or any other special payments.
(c) “Board” means the Board of Directors of the Company.
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