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Exhibit 10.31
ESS
To: Xxxx Xxxx
From: Bo Ericsson
Date: November 26, 1997
Re: EXIT AGREEMENT
1. Ericsson's last date of full time employment will be Dec 12 1997.
Ericsson will serve as a consultant, reporting to Xxxxxxxx Xxxxxxxx, on a
part time basis for an additional four weeks (max 20 hours a week).
Ericsson's salary will end on Dec 12.
2. Ericsson's primary responsibility during his remaining time with ESS
will be a) generating candidates for the open VP marketing position, b)
transfer of the marketing organization to Xxxxxxxx Xxxxxxxx and c)
developing a business plan for ESS' personal computer business
3. On Dec 12 1997, ESS will pay Ericsson his 1997 bonus of 37.5K plus 60K
in severance payment, plus remaining salary balance. Upon receipt on
Dec 12 of these payments, ESS will have fulfilled all of its obligations
to Ericsson, per Ericsson's amended employment agreement, and Ericsson
will have no further claims against ESS.
/s/ Xxxx Xxxx /s/ Bo Ericsson
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Xxxx Xxxx, CEO Bo Ericsson
