EXHIBIT 10(c)
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June 20, 2001
Xxxxxx X. Xxxxxx
Dear Xxxxxx:
This letter will confirm our agreement regarding the reduction of your work
schedule to a part-time arrangement. We have agreed at your request that your
schedule will be reduced to three (3) days per week. In conjunction with this
reduced schedule, your annual salary and benefits will be reduced from their
current levels as follows:
Salary: $145,360
Bonus: $52,289
Car allowance: $5,580
Vacation: three (3) weeks
The salary by which your benefit will be calculated under both the Xxx Xxxxx
Farms, Inc. Supplemental Employee Retirement Plan and paragraph 5(iv)(C) of your
February 24, 1989 Change in Control Agreement will be deemed frozen based on the
past five (5) years. You will continue to be eligible for stock options in
accordance with the terms and conditions of the Xxx Xxxxx Farms, Inc. Stock
Option and Incentive Plan to the same extent as other officers up to grade level
MO6. The Company will continue to provide you with a $50,000 life insurance
policy at no cost to you, and your eligibility to participate in the Company's
401(k), health insurance, and other benefit programs also will continue without
change according to the terms and conditions of those plans.
You will retain your title as Group Vice President. However, you will no longer
be a member of the Executive Committee. These terms will become effective July
1, 2001. We have agreed that one year from now we will review the arrangement
and consider whether it remains appropriate.
I am pleased that we were able to reach this agreement and look forward to
continuing our working relationship. Please return a signed copy of this letter
to me on or before June 22, 2001 to reflect your understanding of and consent to
this arrangement.
Sincerely,
/s/ Xxxxx Xxxxxx
Xxxxx X. Xxxxxx
Executive Vice President, Restaurant Operations
Agreed: /s/ Xxxxxx X. Xxxxxx
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Xxxxxx Xxxxxx
