Exhibit 10.18
EMPLOYMENT AGREEMENT
In consideration of employment and compensation to be paid to Xxxxxxxx
Xxxxxx (the "Employee") by PC Connection, Inc. (the "Corporation"), a New
Hampshire corporation, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties agree as
follows:
1. Term. The Corporation hereby agrees to continue to employ the Employee,
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and the Employee hereby agrees to continue employment with the Corporation, upon
the terms set forth in this Agreement. The employment pursuant to this
Agreement shall commence January 1, 1998. The employment shall be "at will";
that is, the Employee or the Corporation may elect to terminate the employment
relationship at any time.
2. Title; Capacity. The Employee agrees to serve in her capacity as Chairman
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of the Board, President and Chief Executive Officer. The Employee hereby agrees
to continue to undertake the duties and responsibilities inherent in such
position. The Employee agrees to abide by the rules, regulations, instructions,
personnel practices and policies of the Corporation and any changes therein
which may be adopted from time to time by the Corporation.
3. Compensation and Benefits.
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(a) Salary. The Corporation shall pay the Employee, in semi-monthly
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installments, an annual base salary of $300,000.00 for the period January 1,
1998 through December 31, 1998 in consideration for the duties performed by the
Employee. Such salary shall be payable for any period in which the Employee
renders services hereunder. Such salary shall be subject to adjustment
thereafter as determined by the Compensation Committee (the "Committee") of the
Board of Directors (the "Board") or, in the absence of such Committee, by the
Board.
(b) Fringe Benefits. The Employee shall be entitled to participate in
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bonus and benefit programs that the Corporation establishes and makes available
to its employees, if any, to the extent that the Employee's participation is
approved by the Committee or the Board.
4. Entire Agreement. This Agreement constitutes the entire agreement between
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the parties and supersedes all prior agreements and understandings, whether
written or oral, relating to the subject matter of this Agreement.
5. Amendment. This Agreement may be amended or modified only by a written
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instrument executed by both the Corporation and the Employee.
6. Governing Law. This Agreement shall be construed, interpreted and enforced
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in accordance with the laws of the State of New Hampshire.
7. Successors and Assigns. This Agreement shall be binding upon and inure to
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the benefit of both parties and their respective successors and assigns,
including any corporation with which or into which the Corporation may be merged
or which may succeed to its assets or business, provided, however, that the
obligations of the Employee are personal and shall not be assigned by her.
8. Miscellaneous. In case any provision of this Agreement shall be invalid,
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illegal or otherwise unenforceable, the validity, legality and enforceability of
the remaining provisions shall in no way be affected or impaired thereby.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the 12th day of January, 1998.
PC CONNECTION, INC.
By: /s/Xxxxx X. Xxxxxx
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Title: Chief Financial Officer
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EMPLOYEE
/s/ Xxxxxxxx Xxxxxx
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Xxxxxxxx Xxxxxx
