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[XXXXX & WESSON LOGO]
EXHIBIT 10.11
Xxxxxx Xxxxxxxxx May 14, 2001
Dear Xxxxxx:
This letter agreement will confirm our conversation of Monday, May 14, 2001 and
our agreement regarding your continued employment by Xxxxx & Wesson Corp. (the
"Company"). Specifically, you and the Company have agreed as follows:
1. From and after the date hereof, you will remain in the employ of Xxxxx &
Wesson at the rate of pay and benefits in effect as of May 14, 2001
pursuant to your Employment Agreement with the Company dated February 1,
2001 (your "Employment Agreement"), which shall remain in effect pursuant
to the terms and conditions set forth therein, except as expressly stated
otherwise in this letter agreement.
2. Effective as of May 14, 2001, your title has become Vice President and
General Counsel. Your primary duty will be to assist with the
transition and provide advice as requested from time to time by myself
and other officers of the Company regarding the various legal issues
facing the Company. I also expect to solicit your advice and
assistance on other Company issues as they may evolve. This change in
you duties and position has been made pursuant to Section 4 of your
Employment Agreement.
3. The Company will maintain an office here at the plant n Springfield, MA
for your use as you deem necessary. You have been given the flexibility to
work the hours you feel appropriate and from whatever location you feel
appropriate.
4. Nothing set forth in this letter agreement shall be deemed to constitute
an agreement by the Company to employ you for any particular duration or
otherwise change the term of your employment as set forth in your
Employment Agreement.
5. Inasmuch as your employment under your Employment Agreement was, as of
the date hereof, terminated without Cause pursuant to Section 12(c)
thereof, the Company acknowledges that you are entitled to the
severance compensation set forth therein. By signing below, you hereby
confirm that, in consideration for your continued employment by the
Company as described above, you have irrevocably agreed to delay
commencement of receipt of such severance compensation until such time
as you are no longer employed by the company (regardless whether your
employment is terminated by you or the Company). By signing below you
further acknowledge and confirm that you understand the Company may
terminate your employment at any time without further obligation except
as set forth in your Employment Agreement, as amended hereby.
6. Please confirm your understanding and agreement as to the foregoing by
signing and returning a copy of this letter agreement to me.
I look forward to your continuing assistance.
Sincerely, Confirmed and Agreed (as of the date
first set forth above):
/s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx
President /s/ Xxxxxx Xxxxxxxxx
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Xxxxxx Xxxxxxxxx
