Exhibit 10.7
INFINITE GROUP, INC.
0000 Xxxx Xxxx
Xxxxxxx, Xxxxx Xxxxxx 00000
June 30, 2000
Xx. Xxxxxxxx X. Xxxxxxxxx XX
Infinite Group, Inc.
0000 Xxxx Xxxx
Xxxxxxx, XX 00000
Dear Xx. Xxxxxxxxx:
Reference is made to a certain Employment Agreement dated July 1, 1996
(the "Employment Agreement") between Infinite Group, Inc. (the "Company") and
you (the "Executive"). This letter will confirm the following agreements:
1. The Employment Agreement is hereby extended for a term of three (3)
years ending June 30, 2003.
2. Notwithstanding anything to the contrary contained in the Employment
Agreement, the Company agrees to obtain and maintain at the Company's expense
insurance on the Executive's life in the amount of $1,000,000 throughout the
term of the Employment Agreement, as extended by this letter, which insurance
shall be payable to the Executive's estate or as he may otherwise direct. Such
insurance shall be in addition to all other insurance to which the Executive is
entitled under the Employment Agreement.
3. The Agreement, as modified by the terms hereof, is hereby confirmed.
Please confirm the foregoing by signing in the space below.
Sincerely,
INFINITE GROUP, INC.
By: /s/ Xxxxx X. Xxxxxxx
----------------
Xxxxx X. Xxxxxxx
Chief Financial Officer
As directed by the Compensation Committee
Board of Directors
Infinite Group, Inc.
Confirmed:
/s/ Xxxxxxxx X. Xxxxxxxxx XX
----------------------------
Xxxxxxxx X. Xxxxxxxxx XX
