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EXHIBIT 10.50
Internal Memorandum
To: Xx Xxxxxxx
From: Xxx Xxxxx
Date: August 27, 1996
Subject: Your Severance Agreement
cc: Xxxxx Xxxxx
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This note is to confirm our discussion regarding your severance agreement with
Neodata.
The retention agreement dated June 14, 1996, supersedes the agreement in your
offer letter only when the change of control parameters defined in the
agreement are met.
If the change of control as defined has not been met, your agreement remains in
effect. Per your offer letter date November 7, 1995: "In the event your
employment is terminated for any reason but cause you will be paid a minimum of
six (6) months of salary continuation payable bi-weekly and calculated based
upon your annual base salary in effect at the time, less any taxes to be
withheld as required by the law. If you do not find suitable alternative
employment within that six (6) month period, severance payments will continue
for an additional period equal to the lesser of six (6) months or until
suitable alternative employment commences. Cause includes gross negligence,
malfeasance, and indiscretion in judgment applicable to the level of your
position. Should we eventually sever you, we will provide you with an agreement
specifying more fully the non-compete and confidentiality arrangements
connected with salary continuation."
bjc
