Exhibit 10.20
May 28, 1997
Xxxxxx X. Xxxx, Esq.
00 Xxxxxxx Xxxxxx
Xxxxxxxx, XX 00000
Dear Xxx:
In light of Xxx Xxxxxxxxx'x imminent departure, I have asked you to be
responsible for the Company's Human Resources department and function on a
temporary basis. You have agreed to serve in that capacity for the period ending
September 1, 1997.
In consideration of your agreement to serve in the new role, the
Company agrees that, in the event that you continue to be responsible for the
Human Resources function beyond September 1, 1997, the following benefits and
agreements shall automatically (effective September 1, 1997) take effect:
1. Your base salary shall be increased by fifteen (15%) percent;
and
2. Your bonus in respect of 1997 shall be paid in the first
quarter of 1998 and shall be guaranteed to be a minimum of not
less than thirty five (35%) percent of your base salary; and
3. The two-year severance benefits you currently enjoy shall be
amended as follows:
(i) you shall be entitled to guaranteed salary
continuation severance benefits, without mitigation,
for a period of eighteen (18) months; and
(ii) you shall be entitled to six (6) months
non-guaranteed severance benefits thereafter,
consistent with Company practice in effect as of the
date hereof.
Xxxxxx X. Xxxx, Esq.
May 28, 1997
Page 2
You shall continue to be entitled to such other severance benefits
consistent with Company practice in effect as of the date hereof.
This agreement is dated as of the date first written above.
Sincerely,
/s/ XXXX X. XXXXXXX
Xxxx X. Xxxxxxx
JHD/mgt
Agreed to and Accepted:
By: /s/ XXXXXX X. XXXX
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Xxxxxx X. Xxxx
