Exhibit 10(f)
September 25, 2001
Xx. Xxxxxxx X. Xxxxxxxx
0000 Xxxxxxx Xx. 0
Xxxxx 000
XXXXXXX XX X0X 0X0
Dear Xxxx:
Re: Termination of Employment
This letter will confirm the terms of our agreement concerning the termination
of your employment with InterTAN, Inc. ("InterTAN") effective September 30, 2001
as a result of your decision to retire on that date. The terms of this letter
fully satisfy the obligations of InterTAN under its letter agreement with you
dated March 10, 1995 as amended by the letter dated March 15, 2000.
As stated above, your employment with InterTAN will terminate effective
September 30, 2001. You agree to cooperate fully with InterTAN and its
management in any transitional matters and agree to execute any further
resignations or other documents that may be required to effect the termination
of your employment.
In consideration of the termination of your employment, InterTAN will pay to you
the sum of $285,000.00 (US), less required withholdings, on or about September
30, 2001. This payment is intended to be in full and final satisfaction of all
of the obligations of InterTAN to you arising out of or in any way connected
with your employment or the termination of your employment save and except for
any obligations arising under the retirement agreement and consultancy agreement
executed contemporaneously with this agreement and, in particular, is intended
to be in full satisfaction of and in substitution for the obligations of
InterTAN under the termination provisions of your employment agreement dated
March 10, 1995.
Your participation in the Group RRSP and Stock Purchase Plan will cease
effective September 30, 2001. You also acknowledge that, pursuant to the terms
of the 1986 and 1996 Stock Option Plans, that only those options that are vested
as at September 30, 2001 are subsequently exercisable by you and that such
exercise period expires on September 30, 2002 in the case of grants designated
as NSO's (Non-qualified Stock Options) and on December 31, 2001 in the case of
grants designated as ISO's (Incentive Stock Options).
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Provided that the foregoing is agreeable to you, would you please sign and
return the enclosed copy of the letter where indicated below.
Yours very truly,
InterTAN, Inc.
/s/ Xxxxx X. Xxxx
by: Xxxxx X. Xxxx
President & Chief Executive Officer
*******
The undersigned, Xxxxxxx X. Xxxxxxxx, for himself and his heirs, executors,
successors and assigns, hereby accepts the foregoing payment in the amount of
$285,000.00 (US) in full and final satisfaction of any debts, claims, actions,
causes of action or demands whatsoever which he now has or may hereafter have
arising out of or in any way connected with his employment by InterTAN, Inc. or
the termination of such employment (save and except for obligations arising
under the retirement agreement and consultancy agreement of even date). The
undersigned further acknowledges that the payment of $285,000.00 (US) satisfies
in full the obligations of InterTAN, Inc. under the employment agreement dated
March 10, 1995, as amended, between the undersigned and InterTAN, Inc. and
further satisfies any and all obligations of InterTAN, Inc. pursuant to the
Employment Standards Act of Ontario or any other applicable statute or
regulation.
Executed at Concord, Ontario on September 27, 2001.
/s/ Xxxxxxx X. Xxxxx /s/ Xxxxxxx X. Xxxxxxxx
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Witness Xxxxxxx X. Xxxxxxxx
