Exhibit 10.29
TERMINATION
OF
EMPLOYMENT AGREEMENT
This Termination of Employment Agreement is entered into this 29th day
of August, 1997 between Ancor Communications, Incorporated (the "Company") and
Xxxx X. Xxxxxxx ("Showers").
WHEREAS, the Company and Showers are parties to an Employment Agreement
dated January 1, 1994, which was amended pursuant to Amendment No. 1 to
Employment Agreement dated November 4, 1994 (together, the "Employment
Agreement").
WHEREAS, the Company and Showers now wish to terminate such Employment
Agreement and to provide for certain other matters.
NOW, THEREFORE, in consideration of the above and the mutual covenants
contained herein, the Company and Showers agree as follows:
1. The Company and Showers mutually agree to terminate the Employment
Agreement, and the Employment Agreement shall be so terminated effective as of
September __, 1997, provided, however, that Showers' obligations pursuant to
Sections 5.01, 5.02, 7.04 and 8.05 of the Employment Agreement shall survive
such termination.
2. In consideration of Showers' agreement to terminate the Employment
Agreement, the Company shall:
(a) Continue to pay the lease payments on the automobile
currently leased by the Company for Showers' use for the remainder of
the lease term, and allow Showers to continue to use such vehicle for
his benefit during such lease term. Upon completion of such lease, the
Company shall purchase such vehicle for the benefit of Showers, and
title to such vehicle shall be transferred to Showers. The Company
shall continue to pay all costs and expenses relating to licensing,
insuring, maintaining and repairing such automobile during the term of
the lease, and thereafter, all such costs and expenses shall be borne
by Showers.
(b) Continue to pay the premium costs of the life insurance
policy on the life of Showers issued by Federal Xxxxxx Life Assurance
Company on March 18, 1992 (Policy No. 2073090) in the amount of
$255,000 until Employee becomes 71 years old, with the beneficiary
under such policy to be named by Showers.
3. Other than as set forth herein, none of the parties' other rights or
obligations under the Employment Agreement shall continue after the date set
forth in Paragraph 1 hereof.
IN WITNESS WHEREOF, the parties have executed and delivered this
Termination of Employment Agreement as of the date set forth in the first
paragraph hereof.
ANCOR COMMUNICATIONS, INCORPORATED
/S/ XXXXXXX X. XXXXXXXXXXX
----------------------------------
By: Xxxxxxx X. Xxxxxxxxxxx
Its: Chief Executive Officer
XXXX X. XXXXXXX
/S/ XXXX XXXXXXX
----------------------------------
