Exhibit 10.10
August 26, 1997
Via Facsimile
Xxxxxx X. Xxxxx
Miracle Car Wash
0000 Xxxx Xxxxxx Xxxx
Xxxxxxxxx, Xxxx 00000
Dear Xxxxx:
This letter confirms our agreement that Precision Auto Care, Inc.
("PAC") and you will enter into a three (3) year consulting agreement commencing
on and contingent upon the closing of PAC's initial public offering and the
closing under the Plan of Reorganization and Agreement for Share Exchange Offers
by November 14, 1997.
Under the consulting agreement, you will be required to devote your
full time attention to assisting PAC in business development activities and
relationships with its manufacturing distributors.
For your services as a consultant, you will be paid consulting fees of
$10,000 per month and will be eligible for bonuses under a plan similar to the
bonus plan applicable to senior vice presidents of PAC.
Under the consulting agreement, you will be required to maintain the
confidentiality of confidential information of PAC and will be prohibited from
competing with PAC anywhere in the United States during the term of the
consulting agreement and for a period of two years thereafter.
The consulting agreement will provide you a severance benefit equal to
18 months of consulting fees in the event that the consulting agreement is
terminated by PAC other than for "cause" or by you for "good reason" as those
terms will be defined in the severance plan applicable to senior vice presidents
of PAC.
Xxxxxx X. Xxxxx
August 26, 1997
Page 2
By executing this letter, you and PAC agree to negotiate and execute a
definitive form of the consulting agreement embodying the foregoing terms and
such other terms as are customary in a consulting agreement of this nature.
Very truly yours,
Xxxx X. Xxxxxx
Accepted and Agreed
this ______ day of August, 1997.
________________________________
Xxxxxx X. Xxxxx
