Schedule 6.3(e) (Special Severance Obligations)
The Buyer has agreed to assume certain obligations in connection with the
employment of Xx. Xxxxxx X. Xxxx ("Agle"). The Buyer shall offer employment to
Agle on the terms described below, and if Agle accepts such offer, the Buyer
shall be obligated to perform its obligations in a manner consistent with the
terms described below.
Terms of the employment offer:
(A) Salary: $300,000 per annum.
(B) Bonus: No bonus will be paid except for a $50,000 stay bonus
which will be paid if Agle is employed by Buyer through the
transition period and subject to the approval of the Board of
Directors of the Buyer based on Agle's performance during such
transition period.
(C) Benefits: Agle will be eligible for all benefits Buyer
provides to the Transferred Employees, including life
insurance coverage, medical and dental plans and 401K plan.
(D) Severance: If Agle is employed by Xxxxx on the earlier of the
date on which Xxxxx completes the move of the ring plant in
Attleboro, MA to an out of state location or June 30, 1997, or
is dismissed, without cause, by the Buyer prior to that date,
Agle will be entitled (commencing on his termination date) to
receive a severance payment equal to eighteen (18) months of
his yearly salary paid on a monthly basis. Agle will only not
receive severance payments if he voluntarily leaves the employ
of the Buyer prior to the earlier of the date on which Xxxxx
completes the move of the ring plant in Attleboro, MA to an
out of state location or June 30, 1997, is terminated by Buyer
at any time for cause, or is employed by any of the Sellers
during the twelve (12) month period following his termination.
This schedule amends, as of the Closing Date, the September 2, 1994
employment agreement (including all addenda) as listed on Schedules 3.13 and
3.16(b).
