EXHIBIT (10)(m)
Employment-Severance Arrangement with Xxxxxx X. Xxxxxxx
In January 1996, the Company and Xxxxxx X. Xxxxxxx agreed that Xx.
Xxxxxxx will continue to serve as President and Chief Executive Officer of the
Company until September 30, 1996 or until a new Chief Executive Officer is
employed, whichever comes first. Under the terms of this arrangement, Xx.
Xxxxxxx'x salary was increased to $450,000 annually effective December 1, 1995;
a special bonus award of $112,000 was paid to Xx. Xxxxxxx in January 1996; and
Xx. Xxxxxxx will receive a payment of up to $240,000 the day the new Chief
Executive Officer begins employment with the Company. This latter payment will
be in lieu of any 1996 pro-rated bonus based on the annual incentive plan. Under
certain circumstances, Xx. Xxxxxxx has agreed to continue as President and Chief
Executive Officer through December 31, 1996, in which case he would be entitled
to receive the greater of the up to $240,000 payment referred to above or his
pro rated portion of the 1996 annual bonus. Xx. Xxxxxxx also has agreed to serve
in a transitional role for up to seven months after a new President and Chief
Executive Officer takes over, during which period Xx. Xxxxxxx will continue to
receive his salary and certain benefits. Upon retirement, Xx. Xxxxxxx will also
receive title to his company automobile.
