EXHIBIT 10.17
AGREEMENT WITH XXX X. XXXXX
July 27, 1998
Xx. Xxx Xxxxx
0000 Xxxxx 00xx Xxxxx
Xxxxxxx, XX 00000
Dear Xxx:
Microtest has accepted your resignation effective July 31, 1998. The Company has
agreed to provide the following:
1. For not going to work for a direct competitor and for not recruiting from
Microtest any of its current employees for a period of one year you will
receive a payment of $60,000.
2. The Company's coverage for health, dental and vision insurance until
December 31, 1998 or until you are covered by a new employer's policies,
whichever comes first. This coverage has a dollar value of $2,978.95.
3. In consideration of your nearly achieving your second quarter 1998 revenue
objective, you will receive a performance bonus of $20,000.
4. The Company will forgive the $5,000.00 travel advance extended to you in
1997.
5. You have the option of assuming both company-owned insurance policies: a
$350,000 policy with an annual premium of $6,899.00; and, a $650,000 policy
with an annual premium of $7,200.00. The policies have cost the Company
$20,697.00 to date. You've stated your desire to acquire coverage
comparable to these policies. The option is yours; however, Microtest can
bear no responsibility for information you have received independently
regarding the cost of similar coverage.
Separate from the above, you will receive a check in the amount of $13,314.32
for accrued but unused vacation time.
Xxx, I'd like to take this opportunity to thank you personally for the eight
successful years you've contributed to Microtest.
Sincerely,
/s/ Xxxxxxx X. Xxxxx
Xxxxxxx X. Xxxxx
Chief Executive Officer
