EXHIBIT 10.17
EXECUTIVE
EMPLOYMENT AGREEMENT
PREAMBLE
This Executive Employment Agreement defines the essential terms and
conditions of our employment relationship with you. The subjects
covered in this Agreement are vitally important to you and to the
Company. Thus, you should read the document carefully and ask any
questions before signing the Agreement. Given the importance of these
matters to you and the Company, all executives shall sign the Agreement
as a condition of employment.
This Agreement, dated and effective this 27th day of January, 2000,
between Xxxxxxxxxxx Industries, Inc., an Indiana corporation (the "Company"),
and Xxxxxxxxx X. Xxxxxxxx, ("Executive").
WITNESSETH:
The Company desires to employ Executive as well as to safeguard the
Company against disclosure or use of trade secrets or confidential data and to
obtain a non-compete agreement; and
In the course of Executive's employment, it will be necessary for
Executive to acquire knowledge of trade secrets and confidential data of the
Company; and
Executive desires from the Company agreement on certain conditions
regarding his employment and the termination of the employment relationship if
the parties part ways;
NOW, THEREFORE, in consideration of Executive's employment by the
Company and the other benefits provided Executive under this Agreement and the
mutual covenants herein contained, the parties agree as follows:
1. Employment. The Company agrees to employ Executive and Executive agrees
to serve as President of Xxxxxxxxxxx Industries, Inc. Executive's
employment with the Company is at-will which means he may terminate his
employment at any time, for any reason, with or without notice.
Likewise, the Company has the right to terminate Executive's employment
at any time for any reason not prohibited by law upon the terms and
conditions set out in the Agreement. Nothing in this Agreement is
intended to create and should not be interpreted to create an
employment contract for any specified length of time between Executive
and the Company.
2. Compensation. The Company shall pay Executive for his services,
compensation as follows:
(a) A base salary at the rate of Twenty Thousand One Hundred
Ninety-two Dollars and Thirty-one Cents ($20,192.31)
bi-weekly, less usual and ordinary deductions, annualized at
Five Hundred Twenty-five Thousand Dollars ($525,000).
(b) Incentive compensation, payable solely at the discretion of
the Company, pursuant to the Company's Exempt Employee
Executive Compensation Program.
(c) Such additional compensation, benefits and perquisites as the
Company, in its discretion, may deem appropriate.
3. Duties. Executive shall at all times faithfully and diligently perform
his obligations under this Agreement and act in the best interest of
the Company and its affiliated companies including any parent or
subsidiaries (hereinafter jointly referred to as the "Companies").
Executive's duties shall be to act in such office or capacity as the
Company may request from time to time and Executive agrees to perform
all duties necessary or advisable in order to carry out such functions
in an efficient manner. Executive's duties and responsibilities at all
times shall be subject to the authority of the Board of Directors of
the Company and such officers and agents thereof to whom authority may
be delegated thereby, and/or curtailed at any time. Executive shall at
all times devote his full time, best efforts and ability, skill, and
attention exclusively to the furtherance of the business objectives and
interests of the Company, all to the exclusion of other employers or
interests or their products and services. Executive shall not engage in
any gainful employment other than under this Agreement without the
prior written consent of the Company. In addition, Executive shall at
all times act in accordance with the Xxxxxxxxxxx Industries, Inc.
Handbook of Ethical Business Conduct and Corporate Compliance Handbook.
4. Termination of Employment. Because Executive is an at-will employee,
his employment may be terminated at any time, without cause, by
Executive or the Company upon sixty (60) days written notice or pay in
lieu of notice. Executive's employment may be terminated at any time,
without notice, for cause. For purposes of this Agreement, cause shall
be defined to include but shall not be limited to things such as
dishonesty, nonperformance of duties, violation of Company policy or
procedures, conviction of a felony, violation of the Xxxxxxxxxxx
Industries, Inc. Handbook of Ethical Business Conduct, or disloyalty or
a failure to act or not act in accordance with the direction of the
Company.
If, because of disability, Executive becomes unable to perform
the essential functions of his position, with or without reasonable
accommodation, Executive's employment shall be terminated. However,
Executive may be entitled to benefits under the Company's regular
fringe benefit programs if he meets the eligibility criteria of such
programs.
If Executive's employment terminates for whatever reason,
prior to the end of the fiscal year, Executive shall not be entitled to
any of the compensation, benefits and perquisites identified in
Paragraphs 2(b) and (c) above for any portion of such fiscal year which
have not already been paid to Executive as of the date of his
separation.
5. Severance Payments. Subject to the terms and conditions set out below,
if Executive's employment with the Company is terminated without cause,
the Company shall pay Executive severance pay based upon his base
salary at the time of termination for a period figured in accordance
with any guidelines established by the Company or six (6) months,
whichever is longer, but in no event shall severance payments exceed
twelve (12) months.
No severance pay shall be paid if Executive voluntarily leaves
the Company's employ or is terminated for cause.
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Moreover, any severance pay payable hereunder shall be offset
against any amount of notice pay paid pursuant to Paragraph 4 and is
contingent upon Executive complying with the covenants and agreements
of Paragraphs 6 through 9 and executing a Settlement and Release
Agreement in a form not substantially different from that attached to
the Agreement as Exhibit A.
6. Protection of the Company's Business. Executive acknowledges that in
the course of his employment he will acquire knowledge of trade secrets
and confidential data of the Company. Such trade secrets and
confidential data may include but are not limited to confidential
product information, customer lists, technical information, methods by
which the Company proposes to compete with its business competitors,
secret strategic plans, confidential reports prepared by business
consultants which may reveal strengths and weaknesses of the Company
and its competition, and similar information relating to the Company's
products, customers, strategies, and operations, which trade secrets
and confidential data pertain to its operations throughout the United
States and the world but maintain their situs in Indiana. In order to
perform his obligations under this Agreement, Executive must
necessarily learn such trade secrets and confidential data, all of
which are extremely important to the Company, are not known outside the
business of the Company, are known only to a limited group of its top
executives and directors, are protected by strict measures to preserve
secrecy, are of great value to the Company, are the result of the
expenditure of money, time and effort thereby, are difficult for an
outsider to duplicate, and disclosure of which would be extremely
detrimental to the Company. Executive agrees to keep all such trade
secrets or confidential data secret and not to release such information
to persons not authorized by the Company to receive such secrets and
data, both during his employment with the Company and at all times
thereafter. Executive acknowledges that trade secrets and confidential
data need not be expressly marked as such by the Company.
7. Documents, Inventions, Etc. All records, files, drawings, documents,
equipment, and the like relating to the Company shall be and remain the
sole property of the Company. If Executive's employment with the
Company ends for any reason, Executive shall immediately return to the
Company all such items without keeping any copies. Executive shall
fully and promptly disclose to the Company all ideas, conceptions,
inventions, discoveries, and designs conceived or contemplated by him
which relate directly, indirectly or in any way to any of the products
and/or services provided or contemplated by the Companies or any
extensions thereof (whether alone or with others and whether patentable
or unpatentable hereinafter called "Inventions") and shall assign to
the Company his entire right, title and interest in and to the
Inventions. Executive shall take all reasonable action requested by the
Company to protect, obtain title to and/or patent in any country in the
name of the Company or its nominee, any of such Inventions, including
execution and delivery of all applications, assignments and other
papers deemed necessary by the Company, provided he is reimbursed
reasonable expenses incurred by him in so doing.
8. Limited Non-Competition. During Executive's employment and thereafter
if said employment should end for whatever reason, it is very important
to the Company to protect its legitimate business interests by
restricting Executive's ability to compete with the Company in a
limited manner. Therefore, this provision is drafted narrowly so as to
be able to safeguard the Company's legitimate business interests while
not unreasonably interfering with Executive's ability to obtain
alternate employment. Executive acknowledges that this limited
non-competition provision is not an attempt to prevent him from
obtaining other employment.
(a) During At-Will Employment By Company. During Executive's
employment by the Company, Executive shall not, directly or
indirectly, have any ownership
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interest in, work for, advise, manage, or act as an agent or
consultant for, or have any business connection or business or
employment relationship with any person or entity that
competes with the Company or that contemplates competing with
the Company without the prior written approval of an executive
officer of the Company.
(b) During Two Year Post-Employment Period. For a period of two
(2) years after Executive's separation from the Company
(regardless of the reason for the separation), he shall not:
(i) directly or indirectly have any ownership interest in
any entity or person engaged in research,
development, production, sale or distribution of a
product or service which competes with or is
substantially similar to any product or service in
research, development or design, or manufactured,
produced, sold or distributed by the Company, within
the geographical area in which Executive has been
performing services on behalf of the Company or for
which he has been assigned responsibility at anytime
within the twenty-four (24) months preceding his
separation.
(ii) within the geographical area in which Executive has
been performing services on behalf of the Company or
for which he has been assigned responsibility at
anytime within the twenty-four (24) months preceding
his separation, directly or indirectly in any
competitive capacity, work for, advise, manage, or
act as an agent or consultant for or have any
business connection or business or employment
relationship with any entity or person engaged in
research, development, production, sale or
distribution of a product or service which competes
with or is substantially similar to any product or
service in research, development or design, or
manufactured, produced, sold or distributed by the
Company.
(iii) directly or indirectly market, sell or otherwise
provide any products or services which are
competitive with or substantially similar to any
product or service in research, development or
design, or manufactured, produced, sold or
distributed by the Company, to any customer of the
Company with whom Executive has had contact (either
directly or indirectly) or over which he has had
responsibility at any time during the twenty-four
(24) months preceding his separation.
(c) In the event that Executive worked for the Company less than a
total of twenty-four (24) months prior to separation, the
limited non-competition of sections 8(b)(i) - (iii) above
shall remain in effect the longer of --
(i) six (6) months, or
(ii) the term of Executive's employment with the Company
(e.g., if Executive worked for the Company for ten
(10) months, the limited non-competition provisions
apply for ten (10) months post separation).
(d) Executive acknowledges that after termination of this
Agreement, he will inevitably possess trade secrets and
confidential data of the Company which he would inevitably use
if he were to engage in conduct prohibited as set forth above
and such use would be unfair to and extremely detrimental to
the Company and in view of the benefits provided him in this
Agreement, such conduct on his part would be inequitable.
Accordingly, Executive separately and
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severally covenants for the benefit of the Company to keep
each of the covenants described in the foregoing provisions of
Paragraph 8 above throughout the two year period specified
above.
(e) Publicly Traded Stock. Nothing in the foregoing provisions of
Paragraph 8 prohibits Executive from purchasing for investment
purposes only, any stock or corporate security traded or
quoted on a national securities exchange or national market
system, so long as such ownership does not violate the
Xxxxxxxxxxx Industries, Inc. Handbook of Ethical Business
Conduct.
(f) Maximum Application. The parties expressly agree that the
terms of this limited non-competition provision under
Paragraph 8 are reasonable and necessary to protect the
Company's interests, and are valid and enforceable. In the
unlikely event, however, that a court of competent
jurisdiction were to determine that any portion of this
limited non-competition provision is unenforceable, then the
parties agree that the remainder of the limited
non-competition provision shall remain valid and enforceable
to the maximum extent possible.
9. Other Limited Prohibitions. During Executive's employment by the
Company and for two (2) years post-separation (for whatever reason) or
the length of Executive's tenure whichever is less (but in no event
less than six (6) months), Executive shall not:
(a) Request or advise any customer of the Company, or any person
or entity having business dealings with the Company, to
withdraw, curtail or cease such business with the Company;
(b) Disclose to any person or entity the identities of any
customers of the Company, or the identity of any persons or
entities having business dealings with the Company; or
(c) Directly or indirectly influence or attempt to influence any
other employee of the Company to separate from the Company.
10. Specific Enforcement/Injunctive Relief. Executive agrees that it would
be difficult to measure damages to the Company from any breach of the
covenants contained in Paragraphs 6 through 9, but that such damages
from any breach would be great, incalculable and irremedial, and that
damages would be an inadequate remedy. Accordingly, Executive agrees
that the Company may have specific performance of the terms of this
Agreement in any court having jurisdiction. In addition, if Executive
violates the provisions of Paragraphs 8 or 9, Executive agrees that any
period of such violation shall be added to the term of the restriction.
For example, if Executive violates the non-competition provision for
three months, the Company shall be entitled to enforce the
non-competition provision for two years and three months
post-separation. In determining the period of any violation, the
parties stipulate that in any calendar month in which Executive engages
in any activity violative of the provisions of Paragraphs 8 or 9,
Executive is deemed to have violated such provision for the entire
month, and that month shall be added to the duration of the
non-competition provision as set out above. The parties agree however,
that specific performance and the "add back" remedies described above
shall not be the exclusive remedies, and the Company may enforce any
other remedy or remedies available to it either in law or in equity
including but not limited to temporary, preliminary, and/or permanent
injunctive relief.
11. Severability. If any provision of this Agreement is held invalid, such
invalidity shall not affect the other provisions of this Agreement
which shall be given effect independently of the invalid provisions;
and, in such circumstances, the invalid provision is severable.
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12. Titles. Titles are used for the purpose of convenience in this
Agreement and shall be ignored in any construction of it.
13. Governing Law. This Agreement shall be construed in accordance with the
laws of the State of Indiana. The parties expressly agree that it is
appropriate for Indiana law to apply: (1) to the interpretation of this
Agreement; (2) to any disputes arising out of this Agreement; and (3)
to any disputes arising out of the employment relationship of the
parties.
14. Choice of Forum. The Company is based in Indiana, and Executive
understands and acknowledges the Company's desire and need to defend
any litigation against it in Indiana. Accordingly, the parties agree
that any claim of any type brought by Executive against the Company or
any of its employees or agents must be maintained only in a court
sitting in Xxxxxx County, Indiana, or Xxxxxx County, Indiana, or, if a
federal court, the Southern District of Indiana, Indianapolis Division.
Executive further understands and acknowledges that in the
event the Company initiates litigation against him, the Company may
need to prosecute such litigation in his forum state, in the State of
Indiana, or in such other state where Executive is subject to personal
jurisdiction. Accordingly, the parties agree that the Company can
pursue any claim against Executive in any forum in which Executive is
subject to personal jurisdiction. Executive specifically consents to
personal jurisdiction in the State of Indiana, as well as any state in
which resides a customer assigned to him.
15. Successors and Assigns. The rights and obligations of the Company under
this Agreement shall inure to its benefit, its successors and
affiliated companies and shall be binding upon the successors and
assigns of the Company. This Agreement, being personal to Executive,
cannot be assigned by Executive, but his personal representative shall
be bound by all its terms and conditions.
16. Waiver and Amendments, Etc. Failure of the Company to insist upon
strict compliance with any terms or provisions of this Agreement shall
not be deemed a waiver of any terms, provisions or rights of the
Company. Moreover, no modifications, amendments, extensions or waivers
of this Agreement or any provisions hereof shall be binding upon the
Company or Executive unless in writing and signed by Executive and the
Company.
17. Complete Agreement. This Agreement constitutes the entire employment
agreement of the parties and supersedes all prior employment agreements
addressing the terms, conditions, and issues contained herein. Nothing
in this Agreement, however, affects any separate written agreements
addressing other terms and conditions and issues (by way of example
only, the Inventions, Improvements, Copyrights and Trade Secrets
Agreement).
IN WITNESS WHEREOF, the parties have signed this Agreement effective as
of the day and year first above written.
EXECUTIVE XXXXXXXXXXX INDUSTRIES, INC.
By:
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Exhibit A
SETTLEMENT AND RELEASE AGREEMENT
THIS SETTLEMENT and RELEASE AGREEMENT (the "Agreement") is entered into
by and between ___________ ("(1)") and (2) ("Company"). The parties agree to the
following:
1. (1)'s active employment by the Company shall terminate effective (3).
All Company benefits shall terminate on that date except as otherwise
specifically stated below. (1) and the Company desire to compromise and
settle any and all claims which (1) may have against the Company. The
Company specifically denies and this Agreement shall not in any way be
construed as an admission of, any liability to or any wrongful conduct
against (1) or any other person.
2. In exchange for and in consideration of the promises contained in this
Agreement and contingent upon (1)'s compliance with such promises,
including but not limited to the promises contained in Paragraphs ___
through ___ below, the Company agrees to pay (1) (i) a severance pay
benefit, inclusive of any notice pay obligations ("Severance Pay"),
equal to the bi-weekly rate of ____________, less usual and ordinary
deductions, beginning on the effective date of this Agreement and
continuing for a period of ___ weeks or until (1) is re-employed,
whichever first occurs; (ii) for ___ of earned but unused vacation as
of (3); and (iii) life insurance coverage until Severance Pay
terminates. As of (3), (1) is ineligible to participate in the
Company's health insurance program and continuation of coverage
requirements under COBRA will be triggered at that time. However, as
additional consideration for the promises and obligations contained
herein, the Company further agrees to pay the cost of continued
coverage under the Company's health care program until Severance Pay
terminates. Thereafter, if applicable, coverage will be made available
to (1) at his sole expense for the remaining months of the extended
coverage period pursuant to applicable law under COBRA. The medical
insurance provided herein does not include any disability coverage. The
benefits described in this Paragraph reflect consideration provided to
(1) in addition to anything of value to which (1) already is entitled.
3. It is understood by the parties that unless it is specifically stated
otherwise, nothing in this Agreement shall affect any rights (1) may
have under any Profit Sharing and Savings Plan (401(k)) and/or Pension
Plan provided by the Company as of the date of his termination.
4. In return for the promises contained in Paragraph 2, (1) shall and does
hereby RELEASE, INDEMNIFY, HOLD HARMLESS, and FOREVER DISCHARGE THE
COMPANY, its parent, subsidiaries or affiliates, and all of the
Company's present or former employees, officers, servants, agents,
stockholders and directors from any and all claims, demands, actions or
causes of action on account of, arising out of or in any way connected
with (a) (1)'s employment with the Company, (b) (1)'s leaving of that
employment, (c) all matters alleged or which could have been alleged in
a charge or complaint against the Company, (d) any and all injuries,
loss or damages to (1), including any claims for attorney's fees, (e)
any and all claims relating to the conduct of any employee, officer,
director, or agent of the Company, and (f) any and all matters,
transactions or things occurring prior to the date of signing the
Agreement, including any and all possible claims, known or unknown,
which could have been asserted against the Company or the Company's
employees, agents, officers, stockholders or directors. This release
shall not apply to claims that may arise after (1) signs this
Agreement.
5. The release contained in Paragraph 4 includes, but is not limited to,
any claims arising under federal, state or local laws relating to
employment discrimination or harassment,
including any claims of discrimination based on age, disability,
handicap, national origin, race, religion or sex, any claims growing
out of any legal restrictions on an employer's right to separate its
employees and any claims for personal injury, compensatory or punitive
damages. This release includes, but is not limited to, any claims (1)
may have under the Civil Rights Acts of 1866 and 1964, as amended, 42
U.S.C. Sections 1981 and 2000(e) et seq.; the Civil Rights Act of 1991;
the Age Discrimination in Employment Act, as amended, 29 U.S.C.
Sections 621 et seq.; the Americans with Disabilities Act of 1990, as
amended, 42 U.S.C. Sections 12,101 et seq.; the Fair Labor Standards
Act 29 U.S.C. Sections 201 et seq.; and any other discrimination,
harassment or employment related law, rule or regulation or any federal
or state statute or common law doctrine regarding (i) the existence or
breach of oral or written contracts of employment, (ii) negligent or
intentional misrepresentations, (iii) wrongful discharge, (iv) just
cause dismissal, (v) defamation, (vi) interference with contract or
(vii) negligent or intentional infliction of emotional distress.
6. (1) hereby affirms and acknowledges the post-termination covenants
contained in his Employment Agreement with the Company, including but
not limited to, the non-compete, trade secret and confidentiality
provisions. A copy of the Employment Agreement is attached to this
Agreement as Exhibit A and incorporated herein.
7. On or before (3), (1) shall return to the Company any and all things in
his possession or control relating to Company business, including but
not limited to all Company credit cards, office equipment, personal
computer, fax machine, pager, phone, correspondence, reports, vendor or
supplier contracts, ledger sheets or other financial information,
drawings, plans (including, but not limited to business and marketing
plans), personnel or labor relations files, office keys, manuals,
sample contracts and any other documents or things pertaining to the
Company, including but not limited to any copies of the foregoing
documents that are or may have been in (1)'s possession or control.
Furthermore, (1) shall not give, sell, make available or
otherwise share any documents described above to or with any third
party without the express written consent of the Company.
Finally, (1) expressly acknowledges that this Paragraph 7 is
intended to cover all documents and other things that (1) created,
controlled or came into contact with during his employment with the
Company and that are directly or indirectly related to the Company,
including but not limited to all documents and other things that (1)
may have previously given, loaned or otherwise made available for other
individuals or entities.
8. (1) shall not discuss with any individual proprietary or confidential
information regarding the Company. Further, (1) shall not make any
written or oral statement that may defame, disparage or cast in a
negative light so as to do harm to the personal or professional
reputation of (a) the Company, (b) the employees, officers, directors
or trustees of the Company or (c) the services and/or products provided
by the Company and its subsidiaries.
9. If any portion of this Agreement should be, for any reason, not
enforceable, the parties agree that the remaining portion or portions
should continue to be enforceable. Moreover, if (1) pursues any claims
of any type against Company, (1) agrees to immediately return all
consideration provided by Company as part of this Agreement.
10. (1) agrees and understands that this Agreement is confidential. He
shall not communicate, display or otherwise reveal any of the contents
of this Agreement except by written consent of the Company. (1)
acknowledges that confidentiality is a
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substantial inducement for Company to enter into this Agreement, and
that there is consideration for this confidentiality provision in terms
of the consideration set forth in Paragraph 2. For violations of this
confidentiality provision, (1) acknowledges that injunctive relief and
damages can be awarded to Company.
11. Each of the promises and obligations shall be binding upon and shall
inure to the benefit of the heirs, executors, administrators, assigns
and successors in interest of each of the parties.
12. This Agreement shall be governed by and interpreted in accordance with
the laws of the State of
13. (1) also acknowledges that he has been advised of his right to discuss
all aspects of this Agreement with his private attorney prior to
signing this Agreement and further that he has carefully read and fully
understands all of the provisions of this Agreement, and that he is
knowingly and voluntarily entering into this Agreement.
14. (1) represents and agrees that he has been given a period of at least
____________ (___) calendar days, prior to signing this Agreement, to
consider this Agreement. (1) and Company further agree that (1) may
accept the terms of this Agreement prior to the expiration of the ___
calendar days. Additionally, (1) understands that he has a period of
seven (7) calendar days after signing this Agreement to revoke it. If
(1) does not advise the Company (by a writing received by Company
within such seven (7) day period) of his intent to revoke the
Agreement, the Agreement will become effective and enforceable upon the
expiration of the seven (7) days. THIS AGREEMENT SHALL NOT BECOME
EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS ENDED.
15. This Agreement represents the entire agreement between the parties;
there are no other written or oral agreements between the parties. (1)
represents and acknowledges that in signing this Agreement he does not
rely, and has not relied, upon any representation or statement made by
the Company or by any of the Company's employees, officers, agents,
stockholders, directors or attorneys with regard to the subject matter,
basis or effect of this Agreement or otherwise.
PLEASE READ CAREFULLY. THIS SETTLEMENT AND RELEASE
AGREEMENT INCLUDES A COMPLETE RELEASE OF ALL
KNOWN AND UNKNOWN CLAIMS.
The parties have each executed this Agreement on the dates indicated
opposite their names.
Dated:
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(1)
(2)
Dated: By:
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Title:
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December 22, 2003
Xxxxxxxxx X. Xxxxxxxx
Xxxxxxxxxxx Industries, Inc.
000 Xxxxx Xxxxx 00 Xxxx
Xxxxxxxxxx, Xxxxxxx 00000
Dear Xxxx:
Re: Amendment to Employment Agreement
This is to confirm that, notwithstanding anything in Paragraphs 4 and 5
of the Employment Agreement dated January 27, 2000, between you and Hill-Rom,
Inc, Inc. ("Company") (hereinafter "Employment Agreement"), in the event your
employment is involuntarily terminated by the Company without cause, you shall,
subject to the terms and conditions set out below, be entitled to receive the
greater of:
(i) (a) Fifty-two (52) weeks of your base salary at the time of
termination paid as a lump sum, without set off for any other
income over and above such severance or any Accrued
Obligations and (b) any Accrued Obligations; or
(ii) (a) Severance pay determined in accordance with any guidelines
established by the Company, without set off for any other
income over and above such severance or any Accrued
Obligations and (b) any Accrued Obligations;
"Accrued Obligations" collectively refers to accrued wages, deferred
compensation, or other compensation, benefits, or perquisites which have been
fully paid or fully accrued as of the effective date of your separation, in
accordance with the Company's past practice and applicable law.
This severance pay will be in lieu of, and not in addition to, any amount of
severance pay previously described in Paragraph 5 of your Employment Agreement
as payable to you in the event your employment with the Company is involuntarily
terminated without cause.
No severance pay shall be paid if you voluntarily leave the Company's employ or
are terminated for cause. Any severance pay made payable hereunder shall be paid
in lieu of, and not in addition to, any notice pay.
Additionally, such severance pay is contingent upon you (1) fully complying with
any restrictive covenants contained in your Employment Agreement and (2)
executing a Settlement and Release Agreement in a form not substantially
different from that attached to your Employment Agreement as Exhibit A
("Separation Agreement") and including the terms contained in this Amendment.
Except to the extent explicitly amended herein, all terms and conditions
contained in your Employment Agreement, in any document specifically
incorporated therein by reference, and in any other agreement between you and
the Company, shall remain in full force and effect.
Sincerely,
Xxxxxxx X. xx Xxxxxxxxx
Vice President
Xxxxxxxxxxx Industries, Inc.
THIS AMENDMENT IS MADE PART OF AND SHOULD BE KEPT WITH YOUR EMPLOYMENT AGREEMENT
