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Exhibit 10.15
Voluntary Resignation Agreement
Young America Corporation ("YAC"), Young America Holdings, Inc. ("YAH") and
Ludwik Xxxxxx Xxxxx ("Employee"), hereby agree to the following:
1. Employee hereby confirms his resignation of employment with YAC and YAH
effective December 4, 1998 ("Termination Date"). He will cease to work
full-time October 30, 1998 ("Day Last Worked") but continue to be available
if, as and when needed through December 4, 1998. YAC and YAH are aware that
Employee will be unavailable from October 31 through November 7, 1998. YAH,
YAC and Employee will jointly announce Employee's resignation and Day Last
Worked on October 16, 1998.
2. YAC will continue to compensate Employee at present level of compensation
through Termination Date and participation in all health and benefit programs
through December 31, 1998. On Day Last Worked, YAC will pay Employee for the
accrued unused portion of Employee's SMPTO as of that date. Employee will no
longer accrue SMPTO nor will YAC charge Employee with any usage of SMPTO from
Day Last Worked through Termination Date.
3. YAH will repurchase and Employee will sell, all of the outstanding stock
issued by YAH owned by Employee, for $60,000. The payment for repurchase of
such stock by YAH and the surrender of the appropriate stock certificate will
be made on Day Last Worked.
4. The parties hereby agree that this Agreement supersedes all previous
agreements. (Employment Agreement, Change of Control Agreement, Stockholder's
Agreement, Etc.) by and between Employee and either YAH or YAC and voids any
and all provisions thereof.
5. YAC will cooperate with Employee to assure Employee receives all payments to
which Employee is entitled under YAC's 401k/Profit Sharing Plan.
6. YAH and YAC understand the Employee will be taking time between now and the
Termination Date to seek a future position. YAH and YAC will not impede
Employee from this activity, and the parties to this Agreement agree to work
to insure a smooth transition.
7. Employee agrees that he will not make any public statements (including any
statements to the press or YAC's bondholders, whether or not in response to
any inquiry) about YAH or YAC, or any of their equity holders, directors,
officers or employees without the consent of Xx. Xxxxxxx Xxxx. Employee
further agrees that he will not make any disparaging or negative statements,
whether public or private, about any of the aforementioned parties.
8. Employee agrees to be reasonably available as a consultant to YAH and YAC
from the Termination Date through April 30, 1999, when, as and if requested
by them at an hourly rate equal to his currently weekly salary divided by 40
(plus reimbursement of all reasonable, documented out-of-pocket expenses).
Employee may perform such services off-site and off-hours, to the extent
necessary to avoid conflicting with other professional or personal
obligations and duties.
Signed this 1st day of October, 0000
Xxxxx Xxxxxxx Corporation
Young America Holdings, Inc. Employee
/s/ Xxxxxxx X. Xxxx /s/ Ludwik Xxxxxx Xxxxx
-------------------------------------- ---------------------------------
By: Xxxxxxx Xxxx, President Ludwik Xxxxxx Xxxxx
