Exhibit 10.21
XXXXXX & XXXXX, INC.
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
As of April 1, 1998
Xx. Xxxxxxx Xxxxxx
0000 00xx Xxxxxx
Xxxxxxxx, Xxx Xxxx 00000
Dear Xx. Xxxxxx:
We refer to the employment agreement between us dated as of
July 15, 1993 (the "Employment Agreement"). This will confirm our agreement
that the term of the Employment Agreement is hereby extended through July 14,
2000. Thereafter, the Employment Agreement shall renew annually for an
additional twelve-month period unless terminated by either of us on at least
twelve months' prior written notice to the other.
This letter shall also confirm that, notwithstanding
anything in the Employment Agreement to the contrary: (i) you are currently
Vice Chairman of the Company and Chairman and Chief Executive Officer of
XxxxxxxxxXxxxx.xxx Inc., and your duties and responsibilities under the
Employment Agreement, as extended hereby, shall be consistent with such
offices; (ii) your annual salary under the Employment Agreement, as extended
hereby, shall be at least the amount of your current annual salary or such
higher amount as determined by the Company; and (iii) your bonus compensation
under the Employment Agreement, as extended hereby, shall be determined in
accordance with the Company's Supplemental Compensation Plan.
If the foregoing accurately reflects our agreement, kindly,
sign and return to us the enclosed duplicate copy of this letter.
XXXXXX & NOBLE, INC.
By:-----------------------------
Xxxxxxx Xxxxxx
Chairman of the Board and
Chief Executive Officer
ACCEPTED AND AGREED TO:
---------------------------------
Xxxxxxx Xxxxxx
Exhibit 10.21
XXXXXX & XXXXX, INC.
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
As of April 1, 1998
Xx. Xxxxxxxx X. Xxxxxxx
0 Xxxxxxxxxxx Xxxx
Xxxxxxxx, Xxx Xxxx 00000
Dear Xx. Xxxxxxx:
We refer to the employment agreement between us dated as of
April 1, 1993 (the "Employment Agreement"). This will confirm our agreement
that the term of the Employment Agreement is hereby extended through March 31,
2000. Thereafter, the Employment Agreement shall renew annually for an
additional twelve-month period unless terminated by either of us on at least
twelve months' prior written notice to the other.
This letter shall also confirm that, notwithstanding
anything in the Employment Agreement to the contrary: (i) you are currently
Executive Vice President of the Company and President of Xxxxxx & Noble
Development, and your duties and responsibilities under the Employment
Agreement, as extended hereby, shall be consistent with such offices; (ii)
your annual salary under the Employment Agreement, as extended hereby, shall
be at least the amount of your current annual salary or such higher amount as
determined by the Company; and (iii) your bonus compensation under the
Employment Agreement, as extended hereby, shall be determined in accordance
with the Company's Supplemental Compensation Plan.
If the foregoing accurately reflects our agreement, kindly,
sign and return to us the enclosed duplicate copy of this letter.
XXXXXX & XXXXX, INC.
By:---------------------------
Xxxxxxx Xxxxxx
Chairman of the Board and
Chief Executive Officer
ACCEPTED AND AGREED TO:
---------------------------------
Xxxxxxxx X. Xxxxxxx
