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EXHIBIT 10.57
March 11, 1998
Xx. Xxxxxxx X. (Kit) Xxxxxxx III
XXXX Technology, Inc.
0000 Xxxxxxx 000 Xxxx, Xxxxx 000
Xxxxxx, Xxxxx 00000
Re: Employment Letter Agreement
Dear Kit:
I am please to inform you that the Human Resources Committee of the
Board of Directors of the Company has approved the following amendment to your
employment letter agreement with the Company dated April 1, 1997:
1. In the event that you experience a termination without cause from
the Company, the Company agrees to pay your salary for a period of twelve months
(rather than six months as specified in the April 1, 1997 employment letter)
following the date of your termination. These amounts will not be subject to
offset or reduction for any amounts which you earn or could have earned during
the same period.
2. In the event of the occurrence of a Major Event (as defined in the
Company's Stock Option and Restricted Stock Purchase Plan 3.0, as amended) which
results in the Company ceasing to be a public company, then you may voluntarily
terminate your employment and receive the severance payments set forth in
paragraph 1. However, unless the Company otherwise agrees in writing, to be
eligible to voluntarily terminate your employment and receive severance
payments, you must wait at least thirty (30) days (but not more than ninety (90)
days) after the transaction is consummated before you voluntarily terminate your
employment.
3. In the event of the occurrence of a Major Event, any of the options
to purchase the Company's common stock which you have been granted under that
plan prior to the date of this letter shall immediately vest and become
exercisable in full.
I have enclosed two copies of this letter. If the foregoing amendment
to your April 1, 1997 employment letter agreement is acceptable to you, please
sign both copies of this letter and return one copy to me. Once you sign and
return this letter, your April 1, 1997 letter agreement, as amended by this
letter, will constitute the entire agreement between you and the Company
concerning the terms of your employment.
Very truly yours,
Xxxx X. Xxxxxxx
Chief Executive Officer and President
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I agree to the amendment to my April 1, 1997 letter agreement As set forth in
this letter.
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Xxxxxxx X. (Kit) Xxxxxxx III
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Date
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