EXHIBIT 10.29
SUPPLEMENTAL SEVERANCE AGREEMENT WITH X. XXXXXXXX
This document will summarize the supplemental agreement between Xxx
Xxxxxxxx and IEC Electronics Corp. (the "Company") with respect to extending the
payment schedule relating to severance obligations.
Thus, in consideration of the mutual covenants and promises contained in
this agreement, the Company and xxx Xxxxxxxx agree as follows:
The Company will pay to Xxx the xxxxx sum of $10,500.00 monthly, to begin
Friday, December 6, 2002. Subsequent payments will be made the last Friday of
each month (to begin Friday, December 27, 2002) in the amount of $10,500 through
August 31, 2003. The final payment will be made on September 27, 2003 in the
amount of $9230.60 reflecting the remaining balance owed. This payment
arrangement will replace the previous payment schedule contained within the
severance document signed by the Company and Xxx on June 6, 2002. IEC
Electronics will maintain Tom's health insurance coverage through October 1,
2003 at which time Xxx will be provided with the option to continue coverage
pursuant to COBRA and applicable law. Effective May 1, 2003 Xxx will be required
to pay the standard "employee" portion of the premium, to be determined. Should
Xxx obtain employment in which he is eligible to participate in a health
insurance plan, he will be required to notify IEC immediately to cancel the
policy. All other benefits, life, accident, death and disability insurance will
expire as previously indicated, March 31, 2003.
This letter contains the entire supplemental agreement between Xxx and IEC
Electronics.
December 6, 2002 IEC Electronics Corporation
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Date /s/Xxxx XxXxx
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Manager, Human Resources
December 9, 2002 /s/Xxx Xxxxxxxx
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Date Xxx Xxxxxxxx
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