Exhihit 10.6
RETENTION BONUS AGREEMENT
THIS RETENTION BONUS AGREEMENT is hereby entered into by Xxxxxx
Xxxxxxxx (the "Employee") and Xxxxxx Technologies, Inc. (the "Company") as of
the day and date noted on the last page hereof.
1. For purposes of this Retention Bonus Agreement, the following terms
shall have the following meanings:
A. "COMPANY GROUP" shall mean the Company and any parent or
subsidiary of the Company (or a successor entity of any such
entity).
B. "EMPLOYMENT AGREEMENT" shall mean the employment agreement
between the Employee and the Company.
C. "EXECUTION DATE" shall mean the date on which this Retention
Bonus Agreement is executed as noted on the last page hereof.
D. "FIRST RETENTION DATE" shall mean the date which is six (6)
months from the Execution Date.
E. "RETENTION BONUS AMOUNT" shall mean thirty-seven thousand five
hundred dollars ($37,500).
F. "SECOND RETENTION DATE" shall mean the date which is twelve
(12) months from the Execution Date.
2. In consideration for Employee's continued employment with the Company,
if the Employee is employed by a member of the Company Group and has
remained continuously employed by a member of the Company Group through
the First Retention Date, the Company shall pay to the Employee a cash
bonus in an amount equal to the Retention Bonus Amount within fifteen
(15) days of such First Retention Date. Notwithstanding the foregoing,
in the event of termination of the Employee's employment prior to the
Employee's First Retention Date for any reason which results in the
payment of separation benefits to the Employee under the terms and
provisions of the Employee's Employment Agreement, the Company shall
pay to the Employee a cash bonus within fifteen (15) days of such date
of termination of employment in an amount equal to the Retention Bonus
Amount noted below multiplied by a fraction equal to the number of days
the Employee was employed following the Execution Date divided by one
hundred eighty (180).
3. In consideration for Employee's continued employment with the Company,
if the Employee is employed by a member of the Company Group and has
remained continuously employed by a member of the Company Group through
the Second Retention Date, the Company shall pay to the Employee a cash
bonus in an amount equal to the Retention Bonus Amount within fifteen
(15) days of such Second Retention Date. Notwithstanding the foregoing,
in the event of termination of the Employee's employment prior to the
Employee's Second Retention Date for any reason which results in the
payment of separation benefits to the Employee under the terms and
provisions of the Employee's Employment Agreement, the Company shall
pay to the Employee a cash bonus within fifteen (15) days of such date
of termination of employment in an amount equal to the Retention Bonus
Amount multiplied by a fraction equal to the number of days the
Employee was employed following the First Retention Date divided by one
hundred eighty (180).
4. All terms and provisions of the Employee's Employment Agreement with
the Company shall remain in full force and effect, and this Retention
Bonus Agreement is intended only to supplement such terms and
provisions, without in any way modifying such terms and provisions.
IN WITNESS WHEREOF, the parties hereto have executed this Retention
Bonus Agreement as of this 22ND day of AUGUST, 2001 (the "Execution Date").
COMPANY: EMPLOYEE:
XXXXXX TECHNOLOGIES, INC.
/s/ Xxxxxx Xxxxxxxx
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By: /s/ Xxxxx Xxxxxx Xxxxxx Xxxxxxxx
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Its: Chief Executive Officer
