Exhibit 10.69
United Shipping & Technology
January 10, 2001
Xxxxxxx Xxxxxx
Dear Xxx:
This letter will serve as notice to you of US&T's (the "Company") election
to terminate your employment with the Company, not for cause, effective January
10, 2001 and subject to the terms herein. This letter agreement will also serve
to modify your Employment Agreement, dated November 5, 1999, to the extent
provided for herein.
By agreement with US&T you will receive three (3) months severance
beginning upon the effective date of termination and you hereby agree you will
not be entitled to the remaining 15 months of severance as stated in the
Employment Agreement. Further, you will receive the benefits under paragraphs
7.01 (b), (c) and (d) of your Employment Agreement. As part of this agreement,
US&T agrees to make all reasonable efforts to seek approval from its Board of
Directors to modify any plans necessary to allow for an extension of the
expiration date for your stock options. Further, you have also agreed to a
lockup on all currently owned US&T stock for a period of six (6) months, which
prevents you from trading in any US&T securities owned by you directly.
Both parties hereto agree to keep the terms and conditions of this
agreement strictly confidential. Additionally, the Company hereby releases you
from any obligations or limitations under Article 9 of the Employment Agreement
regarding non-competition and non-recruitment.
Sincerely,
Xxxxx X. Xxxxx
President and CEO Agreed to: ________________________
