January 1, 1998
Mr. A. Xxxxxxx Xxxxxxxx, Xx.
Chairman and Chief Executive Officer
Esperante' Bldg - Suite 1500
000 Xxxxxxxx Xxxxxx
Xxxx Xxxx Xxxxx, XX 00000
Dear Xxx:
This Letter Agreement confirms the terms and conditions of your employment
by Xxxxxxxxx International, Inc., a corporation organized under the laws of the
State of Delaware ("Xxxxxxxxx"). Xxxxxxxxx and you agree as follows:
1. DUTIES. You will serve as Chairman and Chief Executive Officer of
Xxxxxxxxx. In fulfilling your responsibilities in those capacities, you will
devote your entire business time, attention and energies to the business of
Xxxxxxxxx.
2. SALARY AND FRINGE BENEFITS. Xxxxxxxxx will pay you a base salary at
the rate of $325,000 a year, payable monthly and subject to increases at the
discretion of the Board of Directors. In addition, you will be eligible for and
participate in those fringe benefits that are generally made available to
executives of Xxxxxxxxx, including, without limitation, Xxxxxxxxx'x
discretionary bonus arrangement, 1992 Employee Stock Option Plan, as amended,
defined contribution pension plan, and any other incentive compensation programs
that may be developed from time to time during the term of this Agreement by
Xxxxxxxxx'x Board of Directors.
3. TERM. The initial term of this Agreement will end on January 1,
2003, but will be automatically renewed for successive one-year periods
thereafter, unless either party gives the other party thirty days written notice
prior to the next extension, stating that the party wishes to terminate this
Agreement.
4. GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the laws of the State of Florida.
Page 2 January 1, 1998
A. Xxxxxxx Xxxxxxxx, Xx.
If the provisions set out above correctly describe our understanding of
the terms and conditions of the employment agreement between us, please sign and
date this Agreement in the space provided below.
Very truly yours,
XXXXXXXXX INTERNATIONAL, INC.
/s/ Xxx X. Xxxxxx
--------------------------------------
Xxx X. Xxxxxx
President and Chief Operating Officer
Accepted and Agreed:
/s/ A. Xxxxxxx Xxxxxxxx, Xx.
--------------------------------
A. Xxxxxxx Xxxxxxxx, Xx
Date: January 6, 1998
