Exhibit 10.30
THE XXXXXX GROUP, INC.
Xxx Xxxxxx Xxx
Xxxxxxx, XX 00000
Xxxxx 0, 0000
Xxxxxx X. Xxxx
00 Xxxxxx Xxxx
Xxxxxxxxx, XX 00000
Dear Xxxxx:
This letter agreement (this "Letter Agreement") sets forth certain agreements
between The Xxxxxx Group, Inc., a Massachusetts corporation (the "Corporation"),
and Jordan X. Xxxx (the "Executive") with respect to the Executive Employment
and Non-Competition Agreement dated February 1, 2002 by and between the
Corporation and the Executive (the "Agreement"). In consideration of the mutual
promises contained herein and in the Agreement, and for other good and valuable
consideration (the receipt and sufficiency of which are hereby acknowledged),
the Corporation and the Executive hereby agree to amend the Agreement as
follows:
1. By deleting from Section 2 of the Agreement the dates "January 31,
2003" and "November 30, 2002" and by substituting in their
respective stead the following dates: "January 31, 2004" and
"November 30, 2003";
2. By deleting in its entirety the last sentence of Section 5 of the
Agreement and by substituting in its stead the following: "As used
herein, the term `Bonus Base' shall mean Five Hundred Thousand
Dollars ($500,000)."; and
3. By deleting in its entirety the first sentence of Section 10.01 of
the Agreement and by substituting in its stead the following:
"In the event that this Agreement is terminated by the Company
without Cause, or due to the death or Permanent Disability of the
Executive, or terminated by the Executive for any reason, or if this
Agreement is not extended at the end of the Term, the Executive
shall receive as a termination settlement the sum of Three Hundred
Seventy-Five Thousand Dollars ($375,000) (the "Termination Payment")
payable in a lump sum within seven (7) days after the effective date
of termination."
By its or his respective signature below, each of the Corporation and the
Executive hereby acknowledges and affirms that, (i) except as amended by this
Letter Agreement, all provisions of the Agreement remain in full force and
effect, and (ii) this Letter Agreement shall be deemed a part thereof for all
purposes.
Xx. Xxxxxx X. Xxxx
March 6, 2003
Page 2
This Letter Agreement is executed as of the date first noted above.
Very truly yours,
THE XXXXXX GROUP, INC. ACCEPTED AND AGREED:
By: /s/ Xxxxx X. Xxxxxx /s/ Jordan X. Xxxx
-------------------------------- -----------------------------------
Name: Xxxxx X. Xxxxxx Xxxxxx X. Xxxx
Title: President and CEO
