Exhibit 10.1
[Xxxxxxxxx & Xxxx Letterhead]
July 2, 2002
Xxxxx X. Xxxxxx
00 Xxxxxxxx Xxxxxx
Xxxxx, XX 00000
Dear Xxxxx:
This will confirm our agreement with respect to certain aspects of your
employment with Xxxxxxxxx & Xxxx, Inc. (the "Company"). Reference is made to
that certain agreement between you and the Company dated April 7, 2000 (the
"Employment Agreement"). Pursuant to the Employment Agreement, as of July 1,
2002:
1. You will serve as Chief Financial Officer, Vice President, Treasurer and
Clerk of the Company and will no longer serve as President and Chief Executive
Officer of the Company;
2. Your Base Salary is adjusted to be $175,000, reduced from $200,000, and
will not be subject to further reduction;
3. None of your actions prior to July 1, 2002 of which any member of the
Board is aware shall form the basis of a future termination with cause under the
Employment Agreement; and
4. All other aspects of the Employment Agreement shall remain in full force
and effect.
If you agree with the foregoing, please sign both copies of this letter,
keep one copy for yourself, and return one copy to the Company for its records.
Sincerely,
XXXXXXXXX & XXXX
By: /s/ Xxxx Xxxxxxxxx
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Name: Xxxx Xxxxxxxxx
Title: Chairman of the Board
Accepted and Agreed:
/s/ Xxxxx X. Xxxxxx
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Date: July 2, 2002
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