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EXHIBIT 10.29
[XXXXX COMPANIES, INC. LETTERHEAD]
October 2, 1996
Xxxxxx X. Xxxxxx
Subject: EMPLOYMENT AGREEMENT
Dear Xxx:
This letter will confirm your discussion with Xxxx Xxxxx and Xxxxxx Xxxxxx
regarding your employment agreement with Xxxxx Xxxxxxxxx.
The Company has agreed to a three year employment agreement for you, which is
subject to formal approval of the Compensation Committee of the Board. You will
receive an increase to your base salary to $160,000 per year. You will be
eligible for annual increases in accordance with Xxxxx policy. Your position
with the Company will be as Vice President, Director of Finance, with
responsibility for the financial reporting and accounting functions. You will be
an officer of the Company.
You will be awarded a one-time grant of Xxxxx Xxxxxxxxxx Share Rights of 2,500
shares. These shares xxxx xxxxx vest three years from the date of this
agreement. You will also be eligible to participate in the Company's Executive
Performance Based Retention Plan at the $150,000 level. This Plan will be
individually discussed with you by Xxxxxx Xxxxxx.
In addition, you will be provided with an auto allowance of $500 per month and
three weeks vacation annually.
Either party may terminate this agreement with 30 days notice. If Xxxxx
Companies initiates that process, your Restricted Stock grant will vest on the
date of termination and you will be provided a separation package equal to one
year's salary. You will have the option to have your severance paid in lump sum
or salary continuation.
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Xxxxxx X. Xxxxxx
October 2, 1996
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Xxx, as Xxxx and Xxxxxx have indicated, you are a key asset of the Company and
highly valued. We look forward to your contribution in the years ahead.
Congratulations,
/s/ Xxxxxxx X. Xxxx
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Xxxxxxx X. Xxxx
Chief Administrative Officer
Agreed and Acknowledged By:
/s/ Xxxxxx X. Xxxxxx Date: October 4, 1996
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Xxxxxx X. Xxxxxx
