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EXHIBIT 10.19
January 21, 1997
Xx. Xxxxx X. Xxxxx
0000 Xxxxxxx
Xxxxxxxxxx, XX 00000
Dear Xxxxx:
In view of our recent conversations concerning your employment with LDM, we
have outlined below the terms and conditions of your employment with LDM which
will completely amend and supersede your previous employment agreement with
Molmec in its entirety, as follows:
1. Compensation. Your base compensation is $152,800 per year (as of today
and subject to merit increases). You are entitled to participate in the benefit
plans made available to LDM employees.
2. Term. This Agreement is effective today and will continue for a period
of two (2) years, unless your employment is terminated by you or by LDM for
cause.
3. Termination by You. In the event you terminate your employment
voluntarily, for any reason, within the first six (6) months after the date of
this Agreement, upon two (2) weeks prior written notice, LDM will pay you a lump
sum (less applicable withholding and payroll taxes), equal to eighteen (18)
months' base compensation (a minimum of $229,200) ("Severance Pay") as of that
date, payable on or before the actual date of termination. In addition, LDM will
provide you with Medical Insurance coverage for twelve (12) months after the
date of termination.
4. Termination for Cause. LDM may terminate your employment at any time
for Cause. The term "Cause" means a termination of your employment by LDM due to
dishonesty, embezzlement, conviction of a felony, or a breach by you of your
fiduciary duty to LDM. Upon a termination of your employment for Cause, LDM
shall have no further obligation to you.
5. Entire Agreement. This Agreement represents the entire understanding
and agreement between the parties with respect to the subject matter and
supersedes all prior agreements or negotiations between the parties. This
Agreement may be amended only in a writing signed by both parties.
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Xx. Xxxxx X. Xxxxx
January __, 1997
Page 2
If you agree with the terms of this letter, please sign and return a copy
of this letter (initialing the first page) to us for our files.
Dated: 1-21-97 LDM TECHNOLOGIES, INC.
Accepted and Agreed to: By:
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Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx
Dated: 1/21/97
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