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Exhibit 10.3
MANCHESTER EQUIPMENT CO., INC.
000 Xxxx Xxxxxx
Xxxxxxxxx, Xxx Xxxx 00000
October 1, 1996
Xx. Xxxxx X. Xxxxxxxxx
00 Xxxxxx Xxxxx
Xxxxxxxxx, Xxx Xxxx 00000
Re: Employment Compensation
-----------------------
Dear Xx. Xxxxxxxxx:
This letter will confirm your agreement with Manchester Equipment Co.,
Inc. (the "Company") to continue to serve as the Company's Chief Executive
Officer, Chairman of the Board and President, in the manner in which you
heretofore have acted, for an annual base salary of $950,000 with respect to
each of the Company's fiscal years ended July 31, 1997 and July 31, 1998. You
have further agreed that you will not be eligible for any bonuses in either the
1997 or 1998 fiscal years. The Company will continue to make available to you
the car allowance and deferred compensation benefits that you are currently
receiving and you will also be able to participate in other benefits that the
Company makes generally available to its employees, such as medical and other
insurance, and you will be able to participate under the Company's stock option
plan.
If this accurately sets forth our agreement, please sign where set
forth below.
Sincerely,
MANCHESTER EQUIPMENT CO., INC.
By: /s/ XXXX X. XXXXXXX
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Xxxx X. Xxxxxxx, Executive Vice President
ACCEPTED AND AGREED
/s/ XXXXX XXXXXXXXX
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Xxxxx X. Xxxxxxxxx
