Exhibit 10.2
RETENTION BONUS AGREEMENT
THIS RETENTION BONUS AGREEMENT is hereby entered into by Xxxxx
XxXxxxxxxxx (the "Employee") and Xxxxxx Technologies, Inc. (the "Company") as of
the day and date noted on the last page hereof.
1. For purposes of this Retention Bonus Agreement, the following terms shall
have the following meanings:
A. "COMPANY GROUP" shall mean the Company and any parent or subsidiary
of the Company (or a successor entity of any such entity).
B. "EMPLOYMENT AGREEMENT" shall mean the employment agreement between
the Employee and the Company.
C. "EXECUTION DATE" shall mean the date on which this Retention Bonus
Agreement is executed as noted on the last page hereof.
D. "FIRST RETENTION DATE" shall mean the date which is six (6) months
from the Execution Date.
E. "RETENTION BONUS AMOUNT" shall mean twenty-five thousand dollars
($25,000).
F. "SECOND RETENTION DATE" shall mean the date which is twelve (12)
months from the Execution Date.
2. In consideration for Employee's continued employment with the Company, if the
Employee is employed by a member of the Company Group and has remained
continuously employed by a member of the Company Group through the First
Retention Date, the Company shall pay to the Employee a cash bonus in an amount
equal to the Retention Bonus Amount within fifteen (15) days of such First
Retention Date. Notwithstanding the foregoing, in the event of termination of
the Employee's employment prior to the Employee's First Retention Date for any
reason which results in the payment of separation benefits to the Employee under
the terms and provisions of the Employee's Employment Agreement, the Company
shall pay to the Employee a cash bonus within fifteen (15) days of such date of
termination of employment in an amount equal to the Retention Bonus Amount noted
below multiplied by a fraction equal to the number of days the Employee was
employed following the Execution Date divided by one hundred eighty (180).
3. In consideration for Employee's continued employment with the Company, if the
Employee is employed by a member of the Company Group and has remained
continuously employed by a member of the Company Group through the Second
Retention Date, the Company shall pay to the Employee a cash bonus in an amount
equal to the Retention Bonus Amount within fifteen (15) days of such Second
Retention Date. Notwithstanding the foregoing, in the event of termination of
the Employee's employment prior to the Employee's Second Retention Date for any
reason which results in the payment of separation benefits to the Employee under
the terms and provisions of the Employee's Employment Agreement, the Company
shall pay to the Employee a cash bonus within fifteen (15) days of such date of
termination of employment in an amount equal to the Retention Bonus Amount
multiplied by a fraction equal to the number of days the Employee was employed
following the First Retention Date divided by one hundred eighty (180).
4. All terms and provisions of the Employee's Employment Agreement with the
Company shall remain in full force and effect, and this Retention Bonus
Agreement is intended only to supplement such terms and provisions, without in
any way modifying such terms and provisions.
IN WITNESS WHEREOF, the parties hereto have executed this Retention
Bonus Agreement as of this 4th day of September, 2001 (the "Execution Date").
COMPANY: EMPLOYEE:
XXXXXX TECHNOLOGIES, INC.
/s/ Xxxxx Xxxxxxxxxxx
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By: /s/ Xxxxx X. Xxxxx
-------------------------------- [EMPLOYEE]
Its: President and Chief Operating Officer
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