EXHIBIT 10.29
Xxxxx X. Xxxxxxxx
00000 Xxxxxx Xx
Xxxxx Xxxxxx, XX 00000
Dear Xxxxx:
This letter amends your 11/02/00 Employment Agreement/Offer Letter which set
forth your beginning compensation levels and has been approved by the
Compensation Committee of the Board of Directors. Except as expressly, set forth
herein, this letter does not in any way alter or amend the Employee Agreement
signed by you on 11/08/00.
In recognition of your current level of contribution, I am pleased to inform you
that your base salary will be increased to $175,000.00 (the "Base Amount"),
effective February 1, 2002. This base salary may be increased or decreased from
time to time by our Board of Directors, but may not be decreased below the Base
Amount. In addition, the amount of the annual bonus which you will be eligible
to receive if you satisfy your annual performance objectives will be determined
from time to time by the Board of Directors, will not be less than 35% of your
base salary in effect from time to time.
In addition, the total amount of severance benefits which will be paid to you if
you meet the terms and conditions set forth in your 11/02/00 offer letter is a
lump sum equal to such amount as is determined from time to time by the Board of
Directors, which shall not be an amount less than the amount equal to 9 months
of your then current base salary. This offer is in lieu of, and not in addition
to, any severance offers previously extended to you by Tricord, including but
not limited to, the severance offer extended in your 11/02/00 offer letter.
Nothing in this letter should be construed to create any contract rights to
continued employment, or to any set level of compensation. Your employment
status continues to be as an "at will" employee. Further, in addition to
permitted changes to your salary as set forth above, the percentage used to
calculate your bonus amount and the number of months of severance you may
receive may be increased or decreased by Tricord from time to time in its sole
discretion, but never below 35% and 9 months, respectively.
The terms of your Offer Letter/Employment Agreement and this letter amendment
shall be governed by and construed in accordance with the laws of the State of
Minnesota, without regard to conflict of law provisions that would defer to the
laws of another jurisdiction. The rights and obligations of you and Tricord
shall be governed by and determined in accordance with such laws.
We are confident that you will make a significant contribution to the success
and growth of Tricord in the coming year.
Sincerely,
/s/ Xxxxx Xxxxxxxxx
Xxxxx Xxxxxxxxx
President and CEO
Acknowledged and Agreed:
/s/ Xxxxx X. Xxxxxxxx
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Xxxxx X. Xxxxxxxx
