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EXHIBIT 10.12
This memorandum dated as of this 30th day of August 1996, sets forth certain
terms of employment offered to and accepted by Xxxx X. Xxxxxxxx ("MRB") in
consideration of MRB continuing employment with Xxxxxx Industries, Inc.
("Company").
1. If MRB is terminated for any reason other than cause, the Company will
pay her annual salary less applicable withholding taxes and medical
insurance deductions in four (4) quarterly installments.
2. If MRB should be employed by a third party during the year following
termination, any quarterly payments following employment would be
reduced by the amount of her net salary from the third party employer.
3. Cause as used herein means that MRB shall willfully and continuously
fail to substantially perform her duties to the Company (other than
failure that results from her mental or physical disability) within 30
days after written notice form the Company to MRB demanding
substantial performance, which notice shall specifically identify
which duties MRB has failed to perform.
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W. A. Xxxxxxx, III
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Xxxx X. Xxxxxxxx
