EXHIBIT 99.2
SEVERANCE PACKAGES
| | | | | | | |
| | | Corporate | | Corporate | | Corporate |
| | | Executive | | Exempt | | Non-Exempt |
| | | (Salary Grade 8 & Above) | | (Salary Grades 2-7) | | (Salary Grades A-J) |
| | | ADC | | ADC | | ADC |
| | | Sr. Management | | Middle Management Exempt | | Non-Exempt |
| | | (Salary Grade 115-117) | | (Salary Grades 106-114) | | (Salary Grades 101-105) |
| | | Field Sales | | Field Sales | | |
| | | Executive Management | | Exempt | | |
| Item/ Grade | | (Salary Grades TBD) | | (Salary Grades TBD) | | |
| Cash Severance | | 2 week base pay per year of service | | 1 week base pay per year of service | | 1 week base pay per year of service |
| | | 12 weeks minimum | | 4 weeks minimum | | 2 weeks minimum |
| | | 36 weeks maximum | | 16 weeks maximum | | 8 weeks maximum |
| | | | | | | |
| Mitigation | | Cash severance will not be reduced by earnings from new job | | Cash severance will not be reduced by earnings from new job | | Cash severance will not be reduced by earnings from new job |
| | | | | | | |
| Benefits Continuation | | Medical Coverage for severance period employee portion paid by employee | | Medical Coverage for severance period employee portion paid by employee | | Medical Coverage for severance period employee portion paid by employee |
| | | | | | | |
| Company car | | None | | N/A | | N/A |
| | | | | | | |
| Outplacement Service | | To Be Determined | | To Be Determined | | To Be Determined |
This document is a working document to be used as a reference for Human Resources internal purpose only and in no way serves as our standard severance policy. The Handleman Company reserves the right to edit, change or omit terms, sections, parts and/or the entire working document at any time for any reason.
