X.X. XXXXX INC.
AGREEMENT
THIS AGREEMENT is made this 4th day of June, 2001 by and between
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Xxx X. Xxxxx and X.X. XXXXX INC, a Delaware corporation.
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1. This agreement shall be based upon the active and continuous employment
with X.X. Xxxxx Inc. in the capacity of Chief Operations Officer.
2. This Agreement shall commence on June 4, 2001 and shall remain in force
unless a resignation of employment is submitted or a termination for
cause, in either of which case neither party shall have further
obligation to the other. In the event of a termination, for reasons
other than cause, a severance payment equal to one year's base salary
will be payable.
3. The annual base salary shall be payable in twelve (12) equal monthly
payments per year and may be reviewed each year. As a participant in
the X.X. XXXXX Inc. Incentive Bonus Plan, any bonus amounts will be
payable in mid-March in accordance with the provisions of the Incentive
Bonus Plan in place for each year. As a participant in the X.X. XXXXX
Inc. Incentive Stock Option Plan, stock options may be issued in
accordance with the provisions of the Incentive Stock Option Plan in
place for each year.
4. The Chief Operations Officer shall be entitled to all the customary and
usual benefits offered by the company including medical and dental
health benefits in accordance with the current plans and benefits in
place.
It is mutually understood and agreed upon that the employment
relationship between Xxx X. Xxxxx and X.X. Xxxxx Inc. and/or any of its
affiliates is an employment at will and other than the stated
provisions of this agreement neither party shall have any further
obligation to the other.
In witness thereof, the parties have executed this Agreement as of this
day and year first written above
X.X. XXXXX INC.
By: /s/ Xxxx X. Xxxxxx
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Name: Xxxx X. Xxxxxx June 4, 2001
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CEO Date
Name: /s/ Xxx X. Xxxxx June 4, 2001
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Xxx X. Xxxxx / COO Date
