EXHIBIT 99.12
EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT (the "Agreement") is made as of this 14th
day of April, 2003, by and between Xxxxxxx X. Xxxxxx ("Executive") and
Personnel Group of America, Inc. (the "Company").
WITNESSETH:
WHEREAS, the Company desires to continue to employ Executive, and
Executive desires to continue such employment, under the terms and conditions
of this Agreement.
NOW, THEREFORE, for and in consideration of the premises and the
mutual covenants and agreements herein contained, and for other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereby agree as follows:
1. Employment. The Company hereby continues to employ Executive,
and Executive hereby accepts such continued employment, as President of
Division Operations of the Company under the terms and conditions set forth
herein.
2. Duties. During the Term (as defined below), Executive shall use
his best efforts, skill and ability to perform the duties and services
customarily incident to such offices and position and such other services as
may be assigned to him from time to time by the Chief Executive Officer or
Board of Directors (the "Board") of the Company. Executive shall (i) devote his
full business time, attention and energies to the business of the Company and
(ii) faithfully and competently serve the Company and perform his duties and
responsibilities hereunder, provided, however that Executive may engage in
other activities, such as activities involving professional, charitable,
educational, religious and similar types of organizations, speaking
engagements, memberships on the boards of directors of other organizations (as
the Board may from time to time agree to, it being understood that the Board
shall be deemed to have agreed to any memberships on boards of directors of
other organizations existing on the date hereof and disclosed to the Company),
and similar types of activities to the extent that such other activities do not
inhibit or prohibit the performance of Executive's duties under this Agreement,
or conflict in any material way with the business of the Company and its
subsidiaries.
3. Compensation and Related Matters. As full compensation for
Executive's performance of his duties and services hereunder during the Term,
the Company shall pay Executive the compensation and provide the benefits set
forth below:
a. Base Salary. The Company shall pay Executive an annual
salary of $240,000 ("Base Salary"), less applicable withholding and other
deductions, payable in accordance with the Company's then current payroll
practices.
b. Performance Bonus. In addition to the compensation
otherwise payable pursuant to this Agreement, 0Executive shall be eligible to
receive an annual performance bonus (the "Bonus"), determined by the
Compensation Committee of the Board (the "Compensation Committee") for each
fiscal year during the Term equal to 30% of Base Salary at "Target" award
levels (as defined below) and up to 90% of Base Salary at "Maximum" award
levels (as defined below). Any Bonus awarded under this Agreement to Executive
shall be determined as follows: (i) 70% of the Bonus (the "EBITDA Bonus Award")
shall be based upon the achievement of the Target EBITDA (as defined below) for
such year and (ii) 30% of the Bonus (the "Discretionary Bonus Award") shall be
awarded on the basis of other criteria, as determined by the Compensation
Committee, in its sole discretion.
For purposes of determining Executive's Bonus, "Target" shall
mean (i) with respect to the EBITDA Bonus Award, achievement of the annual
target earnings before interest, taxes, depreciation and amortization of the
Company ("Target EBITDA") established by the Compensation Committee in its sole
discretion, and (ii) with respect to the Discretionary Bonus Award, achievement
of other criteria as determined by the Compensation Committee in its sole
discretion. For the purposes of determining Executive's Bonus, "Maximum" shall
mean (i) with respect to the EBITDA Bonus Award, 140% of Target EBITDA, and
(ii) with respect to the Discretionary Bonus Award, achievement of other
criteria as determined by the Compensation Committee in its sole discretion.
In addition, with respect to the EBITDA Bonus Award, Executive
shall be entitled to earn an EBITDA Bonus Award if the Company achieves at
least 90% of Target EBITDA; provided, that Executive shall not be entitled to
any EBITDA Bonus Award unless the Company achieves at least 90% of Target
EBITDA. If the Company achieves between (and including) 90% of Target EBITDA
and 100% of Target EBITDA, Executive shall be entitled to an EBITDA Bonus Award
equal to 1.909% (70% of 2.727%) of Executive's Base Salary for each 1% above
89% of Target EBITDA that is achieved. For example, if 92% of Target EBITDA is
achieved, Executive shall be entitled to an EBITDA Bonus Award equal to 5.727%
of Base Salary, calculated as follows:
Total Bonus potential sharing above 89% per point 2.727%
EBITDA Bonus Award percentage of Total Bonus X 70%
-----
EBITDA Bonus Award per point over 89% of Target 1.909%
Points over 89% of Target EBITDA X 3
-----
EBITDA Bonus Award at 92% of Target 5.727%
=====
If more than 100% but less than 140% of Target EBITDA is
achieved, Executive shall be entitled to an EBITDA Bonus Award equal to (i) 21%
of Base Salary, plus (ii) 1.05% (70% of 1.5%) of Executive's Base Salary for
each 1% above 100% of Target EBITDA that is achieved. In no event shall the
total amount of EBITDA Bonus Award exceed 63% of Executive's Base Salary.
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For the fiscal year ended December 28, 2003, the Target EBITDA
shall be set at $20.7 million. For the remaining Term, the Target EBITDA for
any fiscal year shall be set during the first quarter of that year by the
Compensation Committee in its sole discretion.
c. Stock Options. Executive shall be eligible to be granted
stock options pursuant to the 2003 Equity Incentive Plan of Personnel Group of
America, Inc. (the "2003 Equity Plan") during the Term. The Company hereby
agrees that on the Effective Date, Executive shall be granted a stock option to
purchase 1,500,000 shares of the Company's common stock for an exercise price
of $0.3121 per share and a stock option to purchase 750,000 shares of the
Company's common stock for an exercise price of $0.4681 per share.
Notwithstanding any other provision of the 2003 Equity Plan to the contrary,
the stock options granted to Executive hereunder shall vest on a monthly basis
pro rata over four years, at the end of each month which begins after the date
of grant of the respective option, provided, that Executive is still employed
by the Company on the applicable vesting date; and provided, further, that (i)
if Executive's employment hereunder is terminated by the Company without Cause
(as defined below) prior to the first anniversary of the option grant date,
then 25% of the total number of options Executive is granted as of the
Effective Date shall become vested, and (ii) if Executive's employment
hereunder is terminated by the Company without Cause (as defined below), the
exercise period with respect to any options granted to Executive under the 2003
Equity Plan or otherwise and then held by Executive and which are then vested
shall be extended for a period of one (1) year following the date of such
termination (but in no event beyond the original expiration date of the
respective option).
d. Other Benefits. During the Term, Executive shall be
eligible to participate in the benefits that the Company generally provides to
its similarly situated senior executive employees, such as medical, life and
long-term disability insurance and retirement benefits, upon the same terms and
conditions that the Company generally makes such benefits available to its
similarly situated senior executive employees and Executive shall be entitled
to receive such other fringe benefits as may be granted to him from time to
time by the Company.
e. Vacation. During the Term, Executive shall be allowed 26
days of paid vacation per calendar year, which shall be accrued in accordance
with the Company's vacation policies.
4. Expenses. During the Term, the Company shall reimburse Executive
for documented reasonable and necessary business expenses incurred on the
Company's behalf in performing Executive's duties and promoting the business of
the Company, including reasonable entertainment expenses, travel and lodging
expenses in accordance with the Company's business expense reimbursement
policies.
5. Term. The term of this Agreement shall commence on April 14,
2003 (the "Effective Date") and shall continue until the second anniversary
thereof (the "Initial Term"), unless earlier terminated pursuant to the
provisions of Paragraph 6. Upon the expiration of the Initial Term, this
Agreement shall automatically extend for successive one (1) year extension
periods (subject to the provisions of Paragraph 6), unless terminated by either
party by written notice to that effect not less than three (3) months prior to
the expiration of the Initial Term or
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the then effective extension period, as the case may be. The Initial Term and
any extension periods are referred to herein collectively as the "Term."
6. Termination. Executive's employment hereunder shall terminate
prior to the expiration of the Term on the earlier to occur of any of the
following events:
a. Termination in Event of Disability. By the Company
immediately upon Executive's death or upon ten (10) days' prior written notice
from the Company to Executive after a determination of Disability by the Board
or a physician's certification of Disability of Executive as hereinafter
described. For purposes of this Agreement, "Disability" shall mean the
incapacity of Executive, by reason of a mental or physical disability to
perform his material duties hereunder, for a period of 120 consecutive days or
180 non-consecutive days during any twelve (12) month-period, as reasonably
determined by the Board or as certified by a qualified physician selected by
the Board, which certification may be made before the expiration of such 120
consecutive days or 180 non-consecutive days on the basis of such physician's
determination of Executive's incapacity.
b. Termination For Cause. By the Company for Cause,
immediately upon the Company's delivery of written notice of termination to
Executive. For purposes of this Agreement, "Cause" shall mean:
(i) Executive's commission of an act constituting a
breach of fiduciary duty, gross negligence or willful
misconduct;
(ii) Executive's engagement in conduct which violates
the Company's then existing internal policies or procedures and
which is detrimental to the business, reputation, character or
standing of the Company or any of its affiliates;
(iii) Executive's commission of an act of fraud,
dishonesty or misrepresentation that is detrimental to the
business, reputation, character or standing of the Company or
any of its affiliates;
(iv) Executive's commission of an act constituting a
misdemeanor involving moral turpitude or a felony under the
laws of the United States or any state or political subdivision
thereof;
(v) Executive's engagement in a conflict of interest
or self-dealing with respect to the Company that is not approved
in advance by the Board or a committee thereof; or
(vi) after notice by the Company and a reasonable
opportunity to cure, Executive's material breach of his
obligations as set forth in this Agreement or his material
failure to satisfactorily perform his duties and
responsibilities hereunder.
c. Termination For Good Reason. By Executive for Good
Reason and upon at least sixty (60) days' prior written notice of termination
to the Company. For purposes of this
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Agreement, "Good Reason" shall mean, without the express written consent of
Executive, the occurrence of any of the following:
(i) a material breach by the Company of any material
provision of this Agreement, including the assignment to Executive of
any duties inconsistent in any material respect with Executive's
position in the Company or a material adverse alteration in the nature
or status of Executive's responsibilities; or
(ii) the Company's requiring Executive to be based
anywhere other than within 50 miles of where he currently works and
resides;
provided, however, that in the event of a breach or circumstance pursuant to
clauses (i) or (ii) above, Good Reason shall not exist unless Executive
provides written notice to the Company of his intention to terminate this
Agreement, which notice shall identify in reasonable detail the basis therefor
and be delivered within thirty (30) days after the event or circumstances
providing such basis and the Company shall fail to cure such condition within
thirty (30) days following the delivery of the written notice, provided,
further that if such events cannot be reasonably cured within thirty (30) days
and the Company commences reasonable steps within said thirty (30) day period
to cure such breach and diligently continues such steps thereafter, the cure
period shall be extended for an additional thirty (30) day period.
d. Termination Without Cause. At any time by the Company,
without Cause or for any reason, upon at least three (3) months' prior written
notice of termination to Executive.
e. Termination Without Good Reason. At any time by
Executive, without Good Reason or for any reason, upon at least three (3)
months' prior written notice of termination to the Company.
7. a. Compensation Upon Termination for Cause and Certain
Other Events. In the event that Executive's employment is terminated pursuant
to Paragraphs 6(b) or 6(e) above, he will not be entitled to any compensation
other than: (i) any accrued but unpaid Base Salary, (ii) any reimbursement owed
to him by the Company in accordance with Paragraph 4 and (iii) any other or
additional benefits in accordance with the plans and programs of the Company
referred to in Paragraph 3(d); in each case only through the date of
termination of Executive's employment hereunder. All payments required to be
made by the Company to Executive pursuant to this Paragraph 7(a) shall be paid
on a regular basis in accordance with the Company's normal payroll procedures
and policies and subject to withholding and deductions pursuant to Paragraph
11.
x. Xxxxxxxxx Upon Certain Events of Termination. In the
event that Executive's employment is terminated pursuant to Paragraphs 6(c) or
6(d) above, in addition to, but not in duplication of, the benefits set forth
in Paragraph 7(a), Executive shall be entitled to receive (i) for a period of
one (1) year commencing on the effective date of such termination, Executive's
Base Salary, at the rate as then in effect, and (ii) a prorated bonus for the
fiscal year in which the effective date of termination occurs, such prorated
bonus award to be determined by multiplying (x) the EBITDA Bonus Award for such
fiscal year as determined in accordance with Section 3(b) by (y) a fraction the
numerator of which is the number of days in the fiscal year of
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termination that precede the effective date of termination and the denominator
of which is the total number of days in such fiscal year, payable in each case
of clauses (i) and (ii) above in accordance with the Company's regular payroll
and executive bonus payment procedures, as applicable, and subject to
Executive's execution of a release, in a form satisfactory to the Compensation
Committee, and continued compliance with the terms of Paragraph 8 hereunder.
Executive shall not be entitled to receive any other severance or other
compensation or payments, including any Bonus which has not been paid as of the
termination date other than the Bonus provided for in clause (ii) of the
preceding sentence, by reason of the termination of Executive's employment. The
refusal of the Company to extend the employment of Executive beyond the Initial
Term or any renewal thereof (other than for Cause, or Executive's death or
Disability) pursuant to Paragraph 5 shall be deemed a termination by the
Company without Cause for purposes of determining severance pursuant to this
Paragraph 7(b). In addition, for a period of twelve (12) months following
termination of Executive's employment, Executive and his spouse and dependents
shall be entitled to continue to be covered by all group medical insurance
arrangements in which Executive was a participant as of the date of such
termination, at the same coverage level and on the same terms and conditions
which apply to then active employees of the Company, until Executive commences
a new employment or otherwise obtains coverage under another group medical
plan, which coverage does not contain any pre-existing condition exclusions or
limitations. At the termination of the benefits coverage under the preceding
sentence, Executive and his spouse and dependents shall be entitled to
continuation coverage pursuant to Section 4980B of the Internal Revenue Code of
1986, as amended, Sections 601-608 of the Employee Retirement Income Security
Act of 1974, as amended, and under any other applicable law, to the extent
required by such laws, determined on the basis of the date of Executive's
termination of employment hereunder and reducing the period of such
continuation coverage (to the extent permitted by such laws) by the period of
coverage provided under the preceding sentence.
c. Payments in the Event of Disability. Prior to the
termination of Executive's employment pursuant to Paragraph 6(a) of this
Agreement, during any period that Executive fails to perform his full-time
duties with the Company as a result of incapacity due to physical or mental
illness, he shall continue to receive his Base Salary, Bonus and other benefits
provided hereunder, less the amount of any disability benefits received by
Executive during such period under any disability plan or program sponsored by
the Company (whether the premium or other cost therefor is paid by the Company
or by Executive), until Executive's employment hereunder is terminated pursuant
to Paragraph 6(a). Thereafter, Executive's benefits shall be determined under
the Company's retirement, insurance, and other compensation and benefit plans
and programs then in effect, in accordance with the terms of such programs.
d. Effect of Change in Control. In the event of a Change in
Control (as defined below) while Executive is still employed by the Company,
all options granted to Executive under the 2003 Equity Plan or otherwise and
then held by Executive shall become fully vested. For purposes of this
Agreement, a Change in Control shall mean the occurrence of any of the
following: (i) the Company consolidates with, or merges with or into another
corporation or sells, assigns, conveys, transfers, leases or otherwise disposes
of all or substantially all of its assets to any person, or any corporation
consolidates with, or merges with or into, the Company, in any such event
pursuant to a transaction in which the outstanding voting
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stock of the Company is changed into or exchanged for cash, securities or other
property, other than any such transaction where (A) the outstanding voting
stock of the Company is changed into or exchanged for (x) voting stock of the
surviving or transferee corporation or (y) cash, securities (whether or not
including voting stock) or other property, and (B) all or any holders of the
voting stock of the Company immediately prior to such transaction own, directly
or indirectly, in the aggregate not less than 50% of the voting power of the
voting stock of the surviving corporation immediately after such transaction or
(ii) the Company is liquidated or dissolved or adopts a plan of liquidation;
provided, however, that a Change in Control shall not include any going private
or leveraged buy-out transaction which is sponsored by Executive or in which
Executive acquires an equity interest materially in excess of his equity
interest in the Company immediately prior to such transaction (the events
described in (i) or (ii) above being referred to herein as a "Change in
Control").
8. Confidentiality, Non-Solicitation and Non-Competition.
a. During the Term and thereafter, Executive shall not,
except as may be required to perform his duties hereunder or as required by
applicable law, disclose to others or use, whether directly or indirectly, any
Confidential Information. For purposes of this Agreement, "Confidential
Information" shall mean information about the Company, its subsidiaries and
affiliates, and their respective clients, customers and employees that is not
available to the general public and that was learned by Executive in the course
of his employment by the Company, including (without limitation) any
proprietary knowledge, trade secrets, data, formulae, information, client and
customer lists, information regarding other employees of the Company, and all
papers, resumes, records (including computer records) and the documents
containing such Confidential Information. Executive acknowledges that such
Confidential Information is specialized, unique in nature and of great value to
the Company, and that such information gives the Company a competitive
advantage. Upon the termination of his employment for any reason whatsoever,
Executive shall promptly deliver to the Company all documents, computer tapes
and disks (and all copies thereof) containing any Confidential Information.
b. During the Term and for two (2) years thereafter,
Executive shall not, directly or indirectly in any manner or capacity (e.g., as
an advisor, principal, agent, partner, officer, director, shareholder,
employee, member of any association or otherwise) engage in, work for, consult,
provide advice or assistance or otherwise participate in any activity that
competes with the Company in the business of temporary staffing, direct
placement, managed staffing services or IT consulting in any of the following
jurisdictions (it being agreed that the Company maintains business operations
in each of such jurisdictions): Alabama, Arizona, California, Colorado, the
District of Columbia, Florida, Georgia, Idaho, Illinois, Kansas, Massachusetts,
Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Oregon,
Pennsylvania, Rhode Island, South Carolina, Texas, Utah, Virginia, and
Washington. Executive further agrees that during such period he will not assist
or encourage any other person in carrying out any activity that would be
prohibited by the foregoing provisions of this Paragraph 8 if such activity
were carried out by Executive and, in particular, Executive agrees that he will
not induce any employee of the Company to carry out any such activity;
provided, however, that the "beneficial ownership" by Executive, either
individually or as a member of a "group," as such
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terms are used in Rule 13d of the General Rules and Regulations under the
Securities Exchange Act of 1934, as amended, of less than 2% of the voting
stock of any publicly held corporation shall not be a violation of this
Agreement. It is further expressly agreed that the Company will or would suffer
irreparable injury if Executive were to compete with the Company or any
subsidiary or affiliate of the Company in violation of this Agreement and that
the Company would by reason of such competition be entitled to injunctive
relief in a court of appropriate jurisdiction, and Executive further consents
and stipulates to the entry of such injunctive relief in such a court
prohibiting Executive from competing with the Company or any subsidiary or
affiliate of the Company in violation of this Agreement.
c. During the Term and for two (2) years thereafter,
Executive shall not, directly or indirectly, influence or attempt to influence
customers or suppliers of the Company or any of its subsidiaries or affiliates,
to divert their business to any competitor of the Company.
d. Executive recognizes that he will possess confidential
information about other employees of the Company relating to their education,
experience, skills, abilities, compensation and benefits, and interpersonal
relationships with customers of the Company. Executive recognizes that the
information he will possess about these other employees is not generally known,
is of substantial value to the Company in developing its business and in
securing and retaining customers, and will be acquired by him because of his
business position with the Company. Executive agrees that, during the Term, and
for a period of two (2) years thereafter, he will not, directly or indirectly,
solicit or recruit any employee of the Company for the purpose of being
employed by his or by any competitor of the Company on whose behalf he is
acting as an agent, representative or employee.
e. Executive acknowledges that he was informed of the time,
territory, scope and other essential requirements of the restrictions in this
Paragraph 8 when he agreed to become employed with the Company under the terms
set forth in this Agreement, and Executive further acknowledges that he has
received sufficient and valuable consideration for his agreement to such
restrictions.
9. Waiver. The failure of a party to enforce any term, provision,
or condition of this Agreement at any time or times shall not be deemed a
waiver of that term, provision, or condition for the future, nor shall any
specific waiver of a term, provision, or condition at one time be deemed a
waiver of such term, provision, or condition for any future time or times.
10. Governing Law; Jurisdiction; No Jury Trial. This Agreement shall
be governed and construed in accordance with the laws of the State of North
Carolina without giving effect to principles of conflicts of law. Each party
hereby irrevocably submits to the jurisdiction of the state and federal courts
sitting in Mecklenburg County, State of North Carolina, for the adjudication of
any dispute hereunder (except as hereinafter provided). EACH PARTY HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
FOR THE ADJUDICATION OF ANY DISPUTE ARISING OUT OF OR RELATING TO THIS
AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE OR
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH
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OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER, (II) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF THIS WAIVER, (III) EACH PARTY MAKES THIS WAIVER VOLUNTARILY,
AND (IV) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS IN THIS SECTION. If, for any reason, the
foregoing jury trial waiver is not enforceable at the time of any dispute
hereunder, then such dispute shall be resolved by binding arbitration in
accordance with the then current National Rules for the Resolution of
Employment Disputes of the American Arbitration Association. Such arbitration,
if necessary, shall be convened in the City of Charlotte, State of North
Carolina. Notwithstanding any other provision hereof, the Company shall be
entitled to seek a restraining order or injunction in any court of competent
jurisdiction to prevent any continuation of any violation of the provisions of
Paragraph 8 of this Agreement, and Executive consents that such restraining
order or injunction may be granted without the necessity of the Company's
posting any bond, except to the extent otherwise required by applicable law.
11. Tax Withholding. The Company shall withhold from any amounts
payable under this Agreement such federal, state and local income and
employment taxes as shall be required to be withheld pursuant to any applicable
law or regulation.
12. Paragraph Headings. Paragraph headings contained in this
Agreement are for reference purposes only and are in no way intended to
describe, interpret, define or limit the scope, extent or intent of this
Agreement or any provision hereof.
13. Severability. Each provision of this Agreement is intended to be
severable. If any provision of this Agreement or any portion thereof is
declared invalid, illegal, or incapable of being enforced by any court of
competent jurisdiction, the remainder of such provisions and all of the
remaining provisions of this Agreement shall continue in full force and effect.
14. Integrated Agreement, Amendments. Except for stock option
agreements and the terms of the 2003 Equity Plan, this Agreement constitutes
the entire understanding and agreement between the parties hereto with respect
to the subject matter hereof, and supersedes all prior agreements,
understandings, memoranda, term sheets, conversations and negotiations,
including without limitation the Employment Agreement between the Company and
Executive dated January 19, 1998. This Agreement can only be changed or
modified pursuant to a written instrument duly executed by each of the parties
hereto.
15. Interpretation, Counterparts. No provision of this Agreement is
to be interpreted for or against any party because that party drafted such
provision. This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original, and all of which shall constitute one and
the same instrument.
16. Assignment. The Company may assign this Agreement to any direct
or indirect subsidiary or parent of the Company or joint venture in which the
Company has an interest, or any successor (whether by merger, consolidation,
purchase or otherwise) to all or substantially all of the stock, assets or
business of the Company and this Agreement shall be binding upon and
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inure to the benefit of such successors and assigns. Executive may not sell,
transfer, assign, or pledge any of his rights or interests pursuant to this
Agreement.
17. Notices. All notices and other communications hereunder shall be
in writing and shall be deemed to have been duly given if delivered by hand
delivery, or by facsimile (with confirmation of transmission), or by overnight
courier, or by registered or certified mail, return receipt requested, postage
prepaid, in each case addressed as follows:
If to Executive:
Xxxxxxx X. Xxxxxx
00000 Xxxxx Xxxx
Xxxxxxxxx, XX 00000
Tel: (000) 000-0000
If to the Company:
Personnel Group of America, Inc.
0000 Xxxxx Xxxxx Xxxxxxx
0xx Xxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000-0000
Attention: Board of Directors
With Copy to: Chief Executive Officer
Facsimile: (000) 000-0000
or to such other address as either party shall have furnished to the other in
writing in accordance herewith. Notices and communications shall be effective
when actually received by addressee.
[The Remainder of This Page is Intentionally Left Blank]
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IN WITNESS WHEREOF, each of the parties hereto has executed this
Agreement as of the date first above written.
PERSONNEL GROUP OF AMERICA, INC.
By: /s/ Xxxxx X. Xxxxxxxxx
---------------------------------------
Name: Xxxxx X. Xxxxxxxxx
Title: Chief Executive Officer
/s/ Xxxxxxx X. Xxxxxx
--------------------------------------------
Xxxxxxx X. Xxxxxx
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[Employment Agreement]
