CONFIDENTIAL DRAFT
June 19, 1997
Xxxx Xxxxxxx, Esq.
000 Xxxxxxx Xxxx
Xxxxxxx, Xxx Xxxxxx 00000
Re: TERMINATION OF EXECUTIVE
EMPLOYMENT AGREEMENT
Dear Xxxx:
This letter confirms the ter
mination of the Amended and Restated
Executive Employment Agreement (the
"Agreement") dated as of April 1, 1997
between Aegis Consumer Funding Group,
Inc. (the "Company") and Xxxx Xxxxxxx (the
"Executive") and certain related matters
effective as of the date of this letter. For
good and valuable consideration the receipt
of which is acknowledged the Company
and the Executive have agreed as follows:
1. Defined terms used but not other
wise defined herein shall have the
meaning ascribed to them in the
Agreement.
2. The Agreement is terminated in all
respects except for the continuing
obligations of the Executive under
Section 10 of the Agreement. The
Executive hereby confirms his vol
untary resignation as an officer and
director of the Company.
3. The amount of the Advance (as de
fined in Section 4(b) of the Agree
ment) which remains unpaid by the
Executive to the Company is hereby
cancelled and declared to be no lon
ger due and owing by the Executive
to the Company. The Executive
hereby releases and waives any and
all claims he may have against the
Company arising under or pursuant
to the Agreement or any prior
agreement relating to his employ
ment with the Company, including
but not limited to claims to receive
severance or bonus payments or to
exercise options to purchase shares
of the Company's Common Stock.
By executing and returning a copy of this
letter please confirm the foregoing terms to
be our agreement with respect to the mat
ters set forth herein as of the date of this
letter.
AEGIS CONSUMER FUNDING
GROUP,INC.
By:
Xxxxxx X. Xxxxxxxx
President
Accepted and agreed to this
day of June, 1997 but as of
the date first above written.
Xxxx Xxxxxxx
