EXHIBIT 10.20
THINK NEW IDEAS, INC
00 XXXX 00XX XXXXXX, 00XX XXXXX
XXX XXXX, XX 00000
May 24, 1999
Ms. Xxxxx Xxxxxxx
000 Xxxx 00xx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Re: Employment Agreement of June 30, 1996 (the "Employment Agreement")
Dear Xxxxx,
As you are aware, last fall, the Compensation Committee of the Board of
Directors of THINK New Ideas, Inc. (the "Company") commenced review of
the compensation packages of the Company's executive officers in an
effort to establish a compensation structure going forward that would be
mutually acceptable to the Company and its executive officers. Although
the process is not yet complete, the Compensation Committee is mindful
that your Employment Agreement with the Company expires at the end of
this month. Accordingly, and with the understanding that expectations of
the Compensation Committee are that your final package will include
options, bonuses or other incentives consistent with other executives
with similar duties and responsibilities, the Compensation Committee has
agreed, subject to your acceptance and agreement, to extend the period
of employment of your Employment Agreement for a period of one year
commencing July 1, 1999 (the "Extension Period"), at an increased annual
salary of $350,000 ($29,166.67 per month). In the event that your
employment is terminated by the Company prior to expiration of the one
year period for any reason other than for cause (as defined in the
Employment Agreement) you will be entitled to receive your monthly
compensation for a period of one year following termination. In the
event of any termination of your employment with the Company: (i) the
non-solicitation provisions shall remain in effect for one year
following termination and (ii) the non-competition provisions shall
remain in effect for six months following such termination, provided
however, that the non-solicitation provisions shall not be construed in
any way to prohibit your from offering employment to or otherwise
employing your personal assistant at any time following termination. The
Employment Agreement will remain in effect for the Extension Period
unmodified except as specifically set forth herein.
Please know that your service and contribution to the Company is
sincerely appreciated and that the Compensation Committee intends to continue to
work with you to complete a new agreement.
Very truly yours,
/s/ Xxxxxxx Xxxxx
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Xxxxxxx Xxxxx on behalf
Of the Compensation Committee
AGREED TO AND ACCEPTED
/s/ Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx
