[THE XXXXXX GROUP INC. LETTERHEAD]
November 4, 1997
STRICTLY PRIVATE AND CONFIDENTIAL
Xx. Xxxxxxx X. XxXxxxxx
0000 - 000xx Xxxxxx
Xxxxxx, X.X.
V4P lX9
Dear Xxxx:
This letter will confirm our mutual agreement on your severance
provisions:
1. You will be provided your normal salary and related fringe
benefits over the nine-month period commencing November 1, 1997
and terminating July 31, 1998.
2. You will be entitled to the vesting of any options during the
ninth month period which vesting arises pursuant to the
provisions of your Stock Option Agreement. Please note that all
vested but unexercised options must be exercised within 45 days
of July 31, i.e., September 15, 1998.
3. You have reconfirmed your understanding of and agreement with the
confidentiality and non-competition provisions of your employment
agreement of May 1, 1996, both of which require strict observance.
4. Henceforth any comment you make about The Xxxxxx Group Inc., its
subsidiaries, affiliates, or business will be of a positive and
favourable nature and in no circumstances of a negative or
adverse nature.
5. Henceforth any comment made by The Xxxxxx Group Inc. about
yourself will be of a positive and favourable nature and in no
circumstances of a negative or adverse nature.
This letter confirms the Company's agreement with these severance
provisions. Please confirm your agreement by signing as provided below.
Thank you for your efforts on behalf of The Xxxxxx Group
Yours truly,
THE XXXXXX GROUP INC.
Per:
/s/ XXXXX X. XXXXXXX
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Xxxxx X. Xxxxxxx
Vice-President, Law and
Corporate Secretary
All of the above acknowledged,
accepted, agreed and confirmed as
of this 4th day of November, 1997.
/s/ XXXXXXX X. XXXXXXXX
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Xxxxxxx X. XxXxxxxx
PSH: cav
