Exhibit 10(a)
TO: Xxx Xxxxxxxx
FROM: Xxxxx Xxxxx
SUBJECT: Employment Agreement
DATED: August 9, 1996
Since we are both very busy and it is taking some time to finalize my employment
agreement and compensation plan, I thought it would be a good idea to get the
highlights of what we agreed to on paper before we both forget what they are.
Following is a recap of the major elements that we agreed to.
1. Salary: $125,000 annual (FYI, this has been put in place by Xxxx).
2. Bonus opportunity: $25,000 annual, based on achieving select goals and
performance criteria. I have sent you some ideas in this area
3. Stock option: 50,000 shares.
4. Employment agreement term: Two years with salary and family insurance
benefits guaranteed unless termination for willful misconduct.
5. Severance package (following employment agreement term): One year salary
and family insurance benefits.
Please let me know if the above is consistent with your understanding. Thanks.
