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EXHIBIT 10.10
DATE: 10/4/96
TO: XXXXXXX XXXXXX
FROM: XXXXX XXXXXXX
SUBJECT: RETENTION BONUS
This is a "special bonus" agreement to pay you the sum of $250,000
should the Xxxxxxx-Xxxxxx Division or the Power Train Division be sold
separately.
To be eligible for this bonus, you must remain with Harvard Industries
throughout the effort to make such a sale and actively participate in the
process. If a sale is consummated, you will receive this payment within ten
(10) business days following the closing.
If you decide to remain with the buyer after such sale, this will be
considered a resignation not for good reason and would void your previously
agreed to Severance Agreement dated 9/17/96.
Should the entire company be sold prior to the sale of the
Xxxxxxx-Xxxxxx Division or the Power Train Division, your Severance Agreement
will supersede this agreement to pay a "special bonus and this agreement will
be void.
This agreement is not an agreement by the Company to retain your
services during this period.
This agreement is effective on this date and will expire at the end of
one (1) year unless renewed by the Company thirty (30) calendar days prior to
its expiration.
