1
EXHIBIT 10.20
[Date]
[Officer Name]
Fuisz Technologies Ltd.
00000 Xxxxx xx Xxxxxxxx
Xxxxxxxxx, Xxxxxxxx 00000
Dear [Officer]:
I refer to our agreement with you regarding your employment with Fuisz
Technologies Ltd. In consideration of your acceptance of your new
responsibilities as [title] of Fuisz Technologies Ltd., your continued
employment with us and our mutual intention of a long and productive
relationship together, we hereby agree to the following conditions of your
employment:
1. The term of your employment shall be extended until December 31,
2000 and be renewable thereafter for periods and upon terms mutually
acceptable to the parties. Annual reviews will be carried out in December
of each year with any award being implemented from the following January
1.
2. Notwithstanding any other provision of your employment with us or the
Fuisz Technologies Ltd. 1994 Stock Option Plan (the "Option Plan"), the
compensation due thereunder, and the options granted to you pursuant to
the Option Plan, shall accelerate so that you shall have the right to
such compensation and the exercise of such options which would, but for
this provision, not yet be due or exercisable, immediately prior to any
Change of Control that occurs during the term of the Employment
Agreement. For purposes hereof, a "Change of Control" shall mean any of
the following events: the direct or indirect beneficial ownership (within
the meaning of Section 13(d) of the Securities Exchange Act of 1934 and
Regulation 13D-G thereunder) of 30% or more of the common equity
securities of Fuisz is acquired or becomes held by any person or group of
persons (within the meaning of Section 13(d)(3) of the Securities
Exchange Act of 1934), or the sale, mortgage, lease or other transfer in
one or more transactions not in the ordinary course of the business of
Fuisz Technologies Ltd. of assets or earnings constituting more than 50%
of the assets or earning power of Fuisz Technologies Ltd. and its
subsidiaries (taken as a whole) to any such person or group of persons.
I look forward to our continued working relationship.
Sincerely,
Xxxxxxx X. XxXxx
President and Chief Executive Officer
