Exhibit 10.12
April 1, 2002
Xxxx Xxxxxx
000 Xxxxxxxxx
Xxxxxxxxx, XX 00000
This is to confirm in writing the agreement we have reached in relation to
compensation and employment agreement changes.
Effective on April 1, 2002 your base pay will be increased to $250,000 and your
eligible bonus will be $75,000. If the payout of your bonus is reduced because
of company profitability constraints we will grant you restricted shares to
compensate for the difference in actual payout and the amount you would have
received if there were no company profitability constraints. The amount of
restricted shares to be issued will be determined at the time of grant. The
grant date will be the date the cash bonus would have been paid, and they will
vest ratably over a three-year period.
In addition, Xxxxxxx agrees to pay you one year of base and bonus pay if you are
terminated for any reason, other than for unethical or illegal behavior. All of
other terms of your employment agreement would remain in effect.
Sincerely,
/s/ Xxxxx X. Xxxxxxx
Xxxxx X. Xxxxxxx
Chief Financial Officer
