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Exhibit 10.3
MANCHESTER EQUIPMENT CO., INC.
000 Xxxx Xxxxxx
Xxxxxxxxx, Xxx Xxxx 00000
November 6, 1996
Xx. Xxxxx X. Xxxxxxxxx
00 Xxxxxx Xxxxx
Xxxxxxxxx, Xxx Xxxx 00000
Re: Employment Compensation
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Dear Xx. Xxxxxxxxx:
This letter will confirm your agreement with Manchester Equipment Co.,
Inc. (the "Company") to continue to serve as the Company's Chief Executive
Officer, Chairman of the Board and President, in the manner in which you
heretofore have acted, for an annual base salary of $550,000 with respect to
each of the Company's fiscal years ending July 31, 1997 and July 31, 1998. You
have further agreed that you will not be eligible for any bonuses in the 1997
fiscal year. Any bonus payable for fiscal 1998 will be subject to the approval
of a majority of the independent directors of the Company. The Company
will continue to make available to you the car allowance and
deferred compensation benefits that you are currently receiving and you will
also be able to participate in other benefits that the Company makes generally
available to its employees, such as medical and other insurance. You will also
be eligible to participate under the Company's stock option plan.
This letter supersedes any other or prior employment or compensatory
agreement between you and the Company, including, without limitation, the letter
agreements dated October 1, 1996 and November 4, 1996, and may not be amended,
modified or renewed, nor may any of the provisions hereof be waived, except by
a writing signed by the parties hereto.
If this accurately sets forth our agreement, please sign where set
forth below.
Sincerely,
MANCHESTER EQUIPMENT CO., INC.
By: /s/ XXXX X. XXXXXXX
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Xxxx X. Xxxxxxx, Executive Vice President
ACCEPTED AND AGREED
/s/ XXXXX XXXXXXXXX
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Xxxxx X. Xxxxxxxxx
