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EXHIBIT 10.53
October 14, 1999
Xxxxxxx X. Xxxxx, III
INSpire Insurance Solutions, Inc.
000 Xxxxxxx Xxxxxx
Xxxx Xxxxx, XX 00000
Dear Xxxx:
This is to confirm our discussions regarding our agreement to waive certain
notice provisions under your employment agreement dated April 28, 1998 with
INSpire Insurance Solutions, Inc. (the "COMPANY"). Section 8(c) of your
employment agreement provides that you may terminate the employment agreement
upon one (l) year written notice. Section 8(d) of the employment agreement
provides that the Company may terminate the employment agreement upon 180 days
notice. In view of the Company's decision to pursue strategic alternatives and
the inherent uncertainty regarding what, if any, alternatives may be pursued, we
have agreed that it would be appropriate to waive the notice requirements under
the employment agreement as described below.
Accordingly, we agree as follows:
A. You agree that no notice of termination of employment may be given by
you prior to January 1, 2000. After January 1, 2000, you may elect to
terminate the employment agreement upon 7 days prior written notice to
the Company. In the event that you elect to terminate the employment
agreement by giving such notice, you will be entitled to the
compensation upon termination as specified in Sections 3(c)(ii), 9(a)
and 9(d) of your employment agreement.
B. After January 1, 2000, the Company may elect to terminate your
employment agreement at any time upon 7 days written notice to you.
C. In the event of termination of your employment agreement by you or by
the Company, you agree to resign as of the date of such termination
any position you hold as a director or officer of the Company.
Except as specifically described above, this letter shall not be deemed to
be a waiver or modification of any other provision of your employment agreement.
INSpire Insurance Solutions, Inc.
By: /s/ X. XXXXXX XXXXXX, III
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X. Xxxxxx Xxxxxx, III, Chairman and CEO
Acknowledged and Agreed:
/s/ XXXXXXX X. XXXXX, III
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Xxxxxxx X. Xxxxx, III
