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Exhibit 10.1
PERSONAL AND CONFIDENTIAL
May 1, 1997
Xx. Xxxxxx X. Xxxxxxx
000 Xxxxxxxxx Xxxx
Xxxxxxxxx, XX 00000
Dear Xxx:
This is to confirm the severance agreement between you and DecisionOne
Corporation (the "Company").
If your employment by the Company is involuntarily terminated without
cause, other than by reason of death or disability, and you are not offered
employment in an executive capacity by another DecisionOne Holdings Corp.
company, the Company will pay to you, during the twelve (12) month period
commencing with the effective date on which your employment is so terminated
(the "Severance Period"), in lieu of all other severance payments from the
Company, an aggregate amount equal to your then current annual base salary,
payable in equal biweekly installments in accordance with the Company's normal
payroll practices, provided, however, that if you shall become employed by
another organization at any time during the Severance Period, then during the
remainder of the Severance Period, each such installment payment shall be
reduced to one-half the amount otherwise so payable, and the total shall be
reduced accordingly. In addition, during the Severance Period, you will be
entitled to continue to receive the standard medical, dental, and life
insurance coverage paid by the Company as in effect on the date of termination,
provided, however, that if you shall become employed by another organization
during the Severance Period as aforesaid, such benefits shall forthwith cease
and terminate at the time you become eligible for coverage under the medical
insurance plan of such organization, but in no case shall the Company's
obligation to provide standard medical, dental and life insurance coverage go
beyond the Severance Period.
For the purposes of this letter, "cause" shall mean a determination by
the Board of Directors or the Chief Executive Officer of DecisionOne that you
(i) failed to obey the reasonable and lawful orders of the Board of Directors,
(ii) acted with gross negligence in the performance of your duties,
(iii) willfully breached or habitually neglected your duties, or (iv) committed
a felony or any act involving dishonesty, fraud, or moral turpitude.
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Xx. Xxxxxx X. Xxxxxxx
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May 1, 1997
You will continue to be an "at-will" employee of the Company and no
statements contained herein or otherwise made to you by any officer or employee
of the Company can change that status.
Please indicate your acceptance of the foregoing by signing the
attached copy of this letter and returning it to me.
Sincerely,
Accepted and agreed:
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Xxxxxx X. Xxxxxxx Date
