EXHIBIT 10.31
[LOGO OF CALCOMP]
INTEROFFICE COMMUNICATION
TO: X. XXXXXXX IOC NO.:
FROM: X. XXXXXXXXX DATE: NOVEMBER 25, 1997
SUBJECT: TERMINATION OF THE CONTRACT OF EMPLOYMENT
The following is an addendum to the Termination Agreement dated November 25,
1997:
Xx. Xxxxxxx shall also receive all amounts due him under the Lockheed
Xxxxxx and CalComp Deferred MICP Plans and shall have all rights with
respect to stock options granted to him (under the terms of the Lockheed
Xxxxxx and CalComp stock option plans) which exist at the time of his
termination.
/s/ Xxxx X. Xxxxxxxxx
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Xxxx X. Xxxxxxxxx
President and Chief Executive Officer
CalComp Technology, Inc.
[LETTERHEAD OF CALCOMP]
TERMINATION AGREEMENT
between
CalComp GmbH, Hermann-Xxxxxx-Xxxxxxx 0, 00000 Xxxxx, Xxxxxxx, represented by its
sole shareholder, CalComp Technology, Inc., 0000 Xxxx XxXxxxx Xxxxxx, Xxxxxxx,
Xxxxxxxxxx 00000, XXX, the latter being represented by Xxxx X. Xxxxxxxxx,
President and Chief Executive Officer of CalComp Technology, Inc.
- hereinafter referred to as the "Company" -
and
Xxxxxxxx Xxxxxxx, Im Xxxxxxx 19, 40699 Erkrath, Germany.
1. The parties agree that Xx. Xxxxxxx'x employment contract with the Company
shall be terminated effective December 31, 1997. The termination takes
place upon request of the Company.
2. Xx. Xxxxxxx will resign as Geschaeftsfuehrer (Managing Director) of the
Company effective December 31, 1997. Also effective December 31, 1997, he
will resign from all other positions and offices held by him for the
Company or CalComp Technology, Inc. or other CalComp companies. CalComp
Technology, Inc. assures Xx. Xxxxxxx that it will formally approve of all
his actions in his capacity of Geschaeftsfuehrer (Managing Director) of the
Company and in the performance of his other positions and offices.
3. The employment contract will be duly performed through December 31, 1997,
i.e., the Company shall pay to Xx. Xxxxxxx the monthly base salary, settle
accounts in relation to the MICP component and pay the amount following
from this and make payment in lieu of the remaining vacation time. The
Company will reimburse Xx. Xxxxxxx for all travel and relocation expenses
remaining to be paid as well as expenses arising in connection with the
return to Germany in accordance with the Lockheed Xxxxxx Corporate Policy
No. CPS-539. Xx. Xxxxxxx will receive final tax assistance through
CalComp's agent, presently Ernst & Xxxxx, under the provisions covered by
the Lockheed Xxxxxx Corporate policy.
4. The Company shall pay to Xx. Xxxxxxx a xxxxxxxxx indemnity as final
compensation for the loss of his job in the amount of DM 1,090,535 (gross).
This compensation shall be due for payment on December 31, 1997, taxed in
accordance with (S)(S) 3 Ziff. 9, 24, 34, 39 b Abs. 3 Nr. 10 EStG (Income
Tax Act).
5. The Company acknowledges to Xx. Xxxxxxx the non-forfeitable pension claims
according to the employment contract of December 1, 1987 and the
Versorgungsordnung (Pension Plan) of the Company as amended on January 1,
1988. The parties agree that the pension commitment has existed since July
1, 1980. The Company will inform Xx. Xxxxxxx in a separate letter pursuant
to (S) 2 Abs. 6 BetrAVG (Company Pension Act) of the amount of the non-
forfeitable pension claims, the calculation of the amount being based on
December 31, 1997 as the termination date.
6. Xx. Xxxxxxx will return to the Company everything in his possession owned
by the Company, CalComp Technology, Inc. and other CalComp companies,
including all documents relating to the affairs of the companies, including
business correspondence and any copies.
7. Upon the performance of this agreement all mutual claims of the parties
arising from the employment contract and its termination shall have been
discharged and settled forever. This also concerns all U.S. companies and
all foreign subsidiaries of CalComp.
Anaheim: November 25, 1997 Anaheim: November 25, 1997
for CalComp GmbH
/s/ Xxxx X. Xxxxxxxxx /s/ Xxxxxxxx Xxxxxxx
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Xxxx X. Xxxxxxxxx Xxxxxxxx Xxxxxxx
President and Chief Executive Officer
CalComp Technology, Inc.
