Exhibit 10.15
Employment Agreement between the Registrant and Xxxxx X. Xxxxxx
Dated November 18, 1997
November 18, 1997
Xx. Xxxxx X. Xxxxxx
00000 Xxxxx Xxxxx
Xxxxxx, XX 00000
Dear Xxx:
I am pleased to offer you the position of Executive Vice President of Operations
for Hurco Companies, Inc. effective January 1, 1998 reporting to myself.
Your responsibilities in this new position include: management of all machine
tool and controls manufacturing, engineering, material control, and quality
assurance for the cor-poration.
In addition you are responsible for the sales, marketing, and service for all
the Company's products in the Asia Pacific Region and the sales, marketing, and
service of ATI and ICP product lines.
COMPENSATION
Your base salary is increased to $160,000 per year effective January 1, 1998.
Salary reviews are held in January of each year in accordance with the
Compensation Committee of the Board of Directors review cycle.
The Corporate Performance Annual Bonus Plan is based upon the financial
performance of the Corporation and annual accomplishments subject to the
approval of the Compen-sation Committee of the Board of Directors.
We will finalize your 1998 objectives and 1998 bonus plan by January 15, 1998.
STOCK OPTIONS
As a key employee in the management of the Corporation's performance and future
stra-tegic direction, you will be awarded stock options in accordance with the
Corporation's Stock Option Plan and as approved by the Board of Directors.
Xx. Xxxxx X. Xxxxxx
Page 2
November 18, 1997
EMPLOYEE FRINGE BENEFITS
In addition to the Corporation's standard benefit package, key executives are
provided additional fringe benefits including split dollar life insurance
coverage, an opportunity to participate in the Deferred Compensation Plan and
additional short term and long term disability insurance.
COMPANY CAR
The Corporation will provide you with a company car and pay for normal operating
expenses, subject to the standard IRS regulations.
SEVERANCE
I have included the following employment severance agreement. In the event Hurco
ter-minates your employment as Executive Vice President, for reasons other than
gross mis-conduct, Hurco shall pay you twelve (12) months severance, at the then
present base salary rate, from the date you are relieved of your
responsibilities which would be thirty (30) days following a written notice.
Health and life insurance benefits will be maintained during the twelve month
severance period or until you have obtained alternate employment, if earlier.
The Corporation will also provide you with the services of a professional
outplacement firm.
In the event you resign prior to the termination of your employment, Hurco will
not be obligated to continue making salary payments after your last day of
employment.
Congratulations Xxx on this well deserved promotion. Please acknowledge
acceptance of this offer by signing where indicated and returning the original
copy to me.
Very truly yours,
/s/ Xxxxx X. XxXxxxxxxx
Xxxxx X. XxXxxxxxxx
Chief Executive Officer
ACKNOWLEDGED AND ACCEPTED:
/s/ Xxxxx X. Xxxxxx December 15, 1997
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Xxxxx X. Xxxxxx Date
