Please refer to your employment agreement with the Company dated October 8, 2007 (the “Employment Agreement”).
Exhibit 10.56
March 2, 2011
CONFIDENTIAL
Mr. X. Xxxxxxx Xxxxxx
[address]
Dear Xx. Xxxxxx:
Please refer to your employment agreement with the Company dated October 8, 2007 (the “Employment Agreement”).
This letter agreement will confirm our understanding and agreement that Employment Agreement is hereby amended effective as of January 1, 2012 by deleting therefrom paragraph 2 in its entirety, and inserting in lieu thereof the following:
“2. You shall serve as President and Chief Executive Officer of the Company on a full-time basis subject to the supervision and direction of the Board of Directors of the Company. You shall receive the following base compensation: (i) annual salary of not less than $350,000 payable in equal weekly installments; and (ii) a stock grant award to be made by the Compensation Committee of the Board (the “Committee”) in the first quarter of each calendar year (the “Annual Stock Grant Award”) entitling you to receive as of December 31 of such calendar year (the “Issue Date”) such number of shares of the $.01 par value Common Stock of the Company as is equal to $300,000 divided by the closing trading price on the date the Annual Stock Grant Award is granted to you. The Annual Stock Grant Award shall be made under the Company’s 2003 Incentive Plan (the “2003 Incentive Plan”), as amended, subject to your continued employment with the Company through the Issue Date and subject to the terms and conditions set forth below in this Agreement. Subject to the provisions of Paragraph 8 of this Agreement, the Company shall reimburse you for the amount of federal and state income taxes so that you will not be out-of pocket on an after-tax basis with respect to the Annual Stock Grant Award. In addition, you shall be eligible for an annual incentive bonus based on an annual bonus plan approved by the Committee and keyed to achievement of such fiscal year financial and strategic objectives of the Company as the Committee may from time to time determine. Subject to the provisions hereof, your employment by the Company may be terminated by the Company at any time. You shall not be required to relocate from the Greater Boston, Massachusetts area to discharge your responsibilities in the event the executive offices of the Company are moved outside of such area.”
Except as amended hereby, the Employment Agreement shall remain in full force and effect.
This letter agreement may be executed in multiple counterparts.
If this letter correctly sets forth our understanding and agreement regarding amendment of the Employment Agreement, please indicate your acceptance by signing both copies of this letter and returning one copy.
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Very truly yours, | |
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By: |
/s/ Xxxxxx X. Xxxxxxxx |
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Xxxxxx X. Xxxxxxxx, |
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Chief Financial Officer |
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Agreed To: March 2, 2011 |
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/s/ X. Xxxxxxx Xxxxxx |
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X. Xxxxxxx Xxxxxx |
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Approved by the Compensation Committee as of March 2, 2011 |
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/s/ Xxxx Xxxxx |
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Xxxx Xxxxx |
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Chairman of the Compensation Committee |
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