EX- 10.16
AGREEMENT BETWEEN XXXXXXX X. XXXXX
AND STAFF LEASING, INC.
-----------------------
This Agreement is dated the 9th day of December, 1999 between
Xxxxxxx X. Xxxxx ("Xxxxx") and Staff Leasing, Inc. ("Staff" or the "Company").
WHEREAS, Xxxxx is Chief Executive Officer and Chairman of the
Board of Directors of Staff;
WHEREAS, Xxxxx desires to resign as Chief Executive Officer
and from all other offices of Staff and its subsidiaries which he currently
holds, except the office of the non-executive Chairman of the Board of Directors
of Staff; and
WHEREAS, the Board of Directors of Staff hereby accepts such
resignation.
NOW, THEREFORE, IT IS HEREBY STIPULATED AND AGREED:
1. Xxxxx hereby resigns as Chief Executive Officer of
Staff and from all other offices of Staff and its
subsidiaries which he currently holds, except the
office of the non-executive Chairman of the Board of
Directors of Staff.
2. Xxxxx shall continue as an employee of Staff under
the direction of the Executive Committee and shall
assist the Special Committee with respect to the
Company's strategic initiatives, working out of his
office located at Two Soundview Drive, Greenwich, CT
06830 (the "Connecticut Office").
3. Xxxxx shall continue to receive his annual base
compensation of $260,000 per annum and shall receive
his 1999 annual bonus at such time as such bonus is
received by Staff's other senior executives and said
bonus shall be at least the same percentage of
Craig's 1999 target
2
bonus ($127,000) as the percentage awarded to Xxxxxxx
X. Xxxxxxx and Xxxx X. Xxxxxxx. Xxxxx shall continue
to receive such other benefits associated with his
employment as he has been receiving as of the date
hereof excluding legal fees incurred by Xxxxx after
the date hereof.
4. Staff shall continue to reimburse Xxxxx for the net
rental costs (net of rentals paid by subtenants)
associated with the Connecticut Office. Staff shall
continue to employ Xxxxx Xxxxxxxx, who shall continue
to serve as Craig's assistant and manager of the
Connecticut Office at her current salary, subject to
any normal and reasonable pay increases.
5. The Company shall have the right to review Craig's
compensation and benefits set forth in paragraph 3
above and the payment of office, support staff and
other reimbursements set forth in Paragraph 4 above
at the time of the Company's 2000 annual meeting of
shareholders.
6. This agreement may be executed in one or more
counterparts, each of which shall be deemed an
original, but all of which together shall constitute
one and the same instrument.
IN WITNESS WHEREOF, the undersigned parties have executed this
agreement on the day and year first above written.
Xxxxxxx X. Xxxxx Staff Leasing, Inc.
/s/ Xxxxxxx X. Xxxxx /s/ Xxxxxx X. Xxxx
-------------------- ---------------------------------------------
By: Xxxxxx X. Xxxx, Chairman of the Executive
Committee
