Trendmendous, please don't hold your breath waiting for Phillips' reply. He resigned earlier this month per release below:
Form 8-K for SATELLITE SECURITY CORP
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8-Dec-2006
Termination of a Material Definitive Agreement, Triggering Events That Ac
ITEM 1.02 TERMINATION OF MATERIAL DEFINITIVE AGREEMENT
On December 4, 2006 John L. Phillips resigned as Chief Executive Officer and as a member of our board of directors. Mr. Phillips served as our Chief Executive Officer under the terms of an Employment Agreement dated May 19, 2006 (the "Employment Agreement"). The resignation effected a termination of the Employment Agreement.
Effective December 1, 2006, Mr. Phillips was suspended him from his duties as Chief Executive Officer with pay pending a board meeting to review his performance. On December 4, 2006, Mr. Phillips tendered his resignation as Chief Executive Officer and as a director of the Company.
Mr. Phillips contends that his resignation is for "Good Reason" as defined in his Employment Agreement and that, accordingly, he is entitled to certain severance benefits. Under the terms of the Employment Agreement, Mr. Phillips' severance benefits would include payment over a period of one year of (i) an amount equal to 200% of his base salary at the time of termination, plus (ii) an amount equal to the premiums on the COBRA insurance coverage. At the time of termination, Mr. Phillips base salary under the Employment Agreement was $225,000 per annum. We dispute Mr. Phillips' assertion that he had "Good Reason" to resign and we dispute his right to claim severance benefits under the Employment Agreement.
