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EXHIBIT 10.55
[NEODATA LETTERHEAD]
February 27, 1997
Xxxxx Xxxxxx
Dear Xxxxx:
To confirm your recent conversation with Xxxxx Xxxxx, we have revised our
agreement on severance with you. Our agreement is as follows:
- In the event your employment is terminated for any of the reasons set
forth in Neodata's Severance Policy, you will be paid a minimum of six
(6) months of salary continuation payable bi-weekly and calculated
based upon your annual base salary in effect at that time less any
taxes to be withheld as required by law. If you do not find suitable
alternative employment within that six (6) month period, severance
payments will continue for an additional period equal to the lesser of
six (6) months or until suitable alternative employment commences.
- In exchange for the above consideration, you agree to not compete with
the Company in any fashion for six (6) months following your
termination from the Company without our written approval. Should we
eventually sever you, we will provide you with an agreement which will
specify more fully the noncompete and confidentiality arrangements.
Please indicate your acceptance of this offer by signing and returning
a copy of this letter to my attention by March 6, 1997.
Sincerely,
/s/ XXXXX X. XXXXX
Xxxxx X. Xxxxx
Senior Vice President
Human Resources
AGREED AND ACCEPTED
/s/ XXXXX XXXXXX 2-28-97
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Xxxxx Xxxxxx Date
cc:
X. Xxxxxxxx Xxxxx
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