Exhibit 10.74
CMC HEARTLAND PARTNERS
Xxxxxxxx Xxxxxxxxx Agreement
This agreement is entered into on March 31, 2006 by and between CMC Heartland
Partners ("Company") and Xxxxxxx X. Xxxxxxxx ("Xxxxxxxx").
Xxxxxxxx is employed by the Company as Senior Vice President. The Company plans
to liquidate its assets, provide for its liabilities and wind up its business.
In furtherance of those plans, the Company and Xxxxxxxx agree as follows:
The Company will pay Xxxxxxxx a $25,000 merit bonus for work in connection with
transfer to an outside liquidation expert, payable on turn over of management of
liquidation of the Company to the outside liquidation expert.
The Company will pay Xxxxxxxx $50,000 in monthly payments for consulting
services to the Company during the first year after termination of Xxxxxxxx'x
employment by the Company.
The specific form of the severance and consulting agreement is to be negotiated
at the time of severance, but the parties intend for it to be generally similar
in form to the Confidential Separation Agreement, General Release an Consulting
Agreement dated January 25, 2005 by and between the Company and Xxxxxxx X.
Xxxxxxxxxxxx.
CMC Heartland Partners
By
/s/ Xxxxxxxx Xxxxxxx
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Xxxxxxxx Xxxxxxx
/s/ Xxxxxxx Xxxxxxxx
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Xxxxxxx Xxxxxxxx
