SEVERANCE PAYMENTS
UNDER YOUR EMPLOYMENT AGREEMENT WITH YOUNG AND (2) THAT THE VOLUNTARY PAYMENTS
MADE UNDER THIS AGREEMENT EXCEED ALL SEVERANCE PAYMENTS TO WHICH YOU ARE
OTHERWISE ENTITLED AS AN EMPLOYEE, OFFICER AND/OR DIRECTOR OF YOUNG OR
OTHERWISE.
B.
PROVIDED THAT YOU DO NOT REVOKE YOUR
ASSENT TO THIS AGREEMENT IN THE MANNER DESCRIBED IN PARAGRAPH 14 BELOW, YOUNG
WILL MAKE TO YOU A PAYMENT IN THE GROSS AMOUNT OF $40,000 ("ONE-TIME-ONLY
PAYMENT"), LESS ALL LAWFUL DEDUCTIONS AND WITHHOLDINGS AND SUBJECT TO ALL
APPLICABLE STATE AND FEDERAL TAX LAWS, FOR YOUR USE TOWARDS PURCHASE OF YOUR
PERSONAL AUTOMOBILE IN LIEU OF YOUNG PROVIDING THE LEASED AUTOMOBILE IT IS
OTHERWISE OBLIGATED TO PROVIDE FOR YOUR USE DURING THE SPECIFIED PERIOD UNDER
THE TERMS OF YOUR EMPLOYMENT AGREEMENT. IN CONSIDERATION OF YOUR ACCEPTING THIS
ONE-TIME-ONLY PAYMENT, YOU AGREE THAT YOUNG IS RELEASED FROM ITS OBLIGATION
UNDER YOUR EMPLOYMENT AGREEMENT TO ALLOW YOU TO RETAIN THE COMPANY-PROVIDED
LEASED AUTOMOBILE DURING THE PERIOD YOU RECEIVE SEVERANCE BENEFITS. THE PARTIES
AGREE THAT THIS ONE-TIME-ONLY PAYMENT IS A PAYMENT TO WHICH YOU WOULD NOT
OTHERWISE BE ENTITLED TO RECEIVE BECAUSE OF YOUR EMPLOYMENT WITH YOUNG AND/OR
YOUR RETIREMENT FROM THAT EMPLOYMENT. THE PAYMENT OF THE ONE-TIME-ONLY PAYMENT,
LESS APPLICABLE WITHHOLDINGS, WILL BE MADE TO YOU BY YOUNG ON THE EFFECTIVE DATE
OF THIS AGREEMENT. YOU AGREE TO PROVIDE YOUNG WITH PROOF OF PURCHASE OF YOUR
PERSONAL AUTOMOBILE, INCLUDING ITS MAKE, MODEL, AND VEHICLE
2
IDENTIFICATION NUMBER, FOR PURPOSES OF YOUNG'S BEING ABLE TO CONFIRM YOUR
PROPER, RESTRICTED USE OF THE EXPRESS CARD, AS DEFINED AND PROVIDED FOR UNDER
PARAGRAPH 3F BELOW.
C.
PROVIDED THAT YOU DO NOT REVOKE YOUR
ASSENT TO THIS AGREEMENT IN THE MANNER DESCRIBED IN PARAGRAPH 14 BELOW, YOUNG
WILL REIMBURSE YOU FOR YOUR AUTOMOBILE INSURANCE COSTS FOR TWO YEARS, LESS
APPLICABLE AND REQUIRED WITHHOLDINGS, SUBJECT TO: (1) YOUR OBTAINING THE
AUTOMOBILE CONTEMPLATED IN PARAGRAPH 36 ABOVE, (2) YOUR PROVIDING YOUNG WITH THE
PROOF OF ITS PURCHASE, AND (3) YOUR PROVIDING YOUNG WITH (A) PROOF OF YOUR
PURCHASE OF INSURANCE FOR THAT AUTOMOBILE AND (B) EVIDENCE OF THE INSURANCE
PREMIUM PAYMENTS REQUIRED FROM AND PAID BY YOU UNDER THE INSURANCE POLICY FOR
SUCH AUTOMOBILE.
D.
As required by federal law, you will be
offered the opportunity to elect COBRA continuation coverage under the Young
health insurance plan in which you and your dependents (if applicable)
participated on the day before your "COBRA qualifying event". Under the terms of
your Employment Agreement, Young agreed to pay your COBRA premiums for as long
as you and your dependents are entitled to receive COBRA coverage, if you elect
COBRA coverage. In the event that you and/or any of your dependents become
ineligible for COBRA coverage under Young's plan before the end of the initial
18-month "COBRA continuation period" or the COBRA coverage expires solely
because of the expiration of the 18-month period described above and Young is no
longer required under the terms of Employment Agreement to pay your COBRA
premiums, Young agrees to provide