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EXHIBIT 10.38
WELSH, CARSON, XXXXXXXX & XXXXX
000 XXXX XXXXXX
XXXXX 0000
XXX XXXX, XXX XXXX 00000-0000
November 21, 1997
Xx. Xxxx X. Xxxxxxxx
00000 Xxxxxx Xxxx
Xxxxxxxxxx Xxxxx, XX 00000
Dear Xxxx:
On behalf of the Board of Directors of Aurora Electronics, Inc., this
will confirm our agreement regarding your employment letter.
You have agreed to continue as CEO until May 1, 1998 and, until that
tinie, to attempt to execute the "get well" plans for Aurora. On a personal
note, I very much appreciate your commitment and the energy and judgment that
you bring to the task. lii return, we agree that if you decide to leave on or
after that date, the Company will provide salary continuation to you for a
period of up to twelve months, or until you are re-employed, whichever comes
first. In addition, on May 1, 1998 or at such later date that you resign, you
will be entitled to the pro-rata share of your guaranteed bonus as described on
page one of your employment letter.
If Aurora (or any successor to Aurora) is unable to provide for that
salary continuation or bonus payment, Welsh, Carson, Xxxxxxxx & Xxxxx VII, L.P.
will provide that benefit to you
Xxxx, I believe this letter covers the issues we discussed. Please let
me Imow if you have any questions or comments. Again, thanks for your
willingness to work with all of the Aurora stakeholders in improving the
situation.
Sincerely,
/s/ Xxxxxx X. XxXxxxxxx
Xxxxxx X. XxXxxxxxx
General Partner
