August 8, 2013 David Whalen President and CEO One Albion Road Lincoln, RI 02865 Dear Dave: This letter commemorates our understanding regarding the termination of my employment with A.T. Cross Company.
August 8, 2013
Xxxxx Xxxxxx
President and CEO
A.T. Cross Company
Xxx Xxxxxx Xxxx
Lincoln, RI 02865
Dear Xxxx:
This letter commemorates our understanding regarding the termination of my employment with A.T. Cross Company.
Under the terms of the Executive Agreement between Cross and me dated February 21, 2013 (the “Agreement”), it is Good Reason for me to activate the Agreement in the event that Clarion does not fully assume the obligations under the Agreement. As we have discussed, Xxxxxxx is not willing to assume the Agreement. Pursuant to our discussions, my understanding is that Xxxxx will honor the terms and conditions of that Agreement. The current expectation is that I will continue to be employed by A.T. Cross (or as its name may be amended) through 2013. Further, I understand and acknowledge that any bonus that may be paid under Paragraph 3(a) (iii) of the Executive Agreement will be discretionary only, and that none may be paid.
In consideration of the above, I have agreed to forego payment of the $150,000 retention fee outlined in the letter dated February 26, 2013 (attached) assuming that the Executive Agreement obligations are honored, except as noted above related to Paragraph 3(a) (iii).
Finally, I agree that for a period of twelve months following the termination of my employment with A.T. Cross Company, I will not be employed by, or act as a consultant, or in any other way render services to, and for which I may receive compensation, the Cross Accessory Division business which is being purchased by Clarion.
If this accurately captures our understanding, would you please sign where indicated below?
Thank you.
Sincerely,
XXXX X. XXXXX
Xxxx Xxxxx
VP, Legal and HR
Agreed:
XXXXX X. XXXXXX
Xxxxx X. Xxxxxx
President and CEO
