EMPLOYMENT AGREEMENT
Exhibit
10.1
January
12, 2007
Xx.
Xxxx
Xxxxxxxx
Xxx
Xxxxxxxxxx Xxx
Xxxxxxxxxxxx,
XX 00000
Dear
Xxxx:
The
Board
of Directors has approved the following Severance Contract for you in the
event
your employment is involuntarily terminated.
In
the
event that Hurco Companies, Inc. elects to terminate your employment as Vice
President, CFO for any reason other than gross
misconduct,
Hurco
agrees to provide you with thirty days written notice of your impending
termination and to pay you severance equivalent to twelve months salary,
at the
rate of your salary in effect at the time you are relieved of you
responsibilities.
Further,
effective with your employment termination, Hurco agrees to pay you a lump
sum
payment, subject to all applicable taxes and mandatory deductions, sufficient
to
maintain your medical and life insurance coverage in the Hurco self-insured
medical and group life plans, for a period of twelve months.
In
the
event you voluntarily terminate your employment with Hurco Companies, Inc.,
Hurco will not be obligated to continue your salary or any employee benefits
after your last day of employment.
Sincerely,
/s/
Xxxxxxx Xxxx
Xxxxxxx
Xxxx
Chairman,
CEO
ACKNOWLEDGED
AND AGREED:
|
/s/
Xxxx Xxxxxxxx
|
01/12/2007 | |
|
Xxxx
Xxxxxxxx
|
Date
|
