EXHIBIT 10.k
RETENTION AGREEMENT
This RETENTION AGREEMENT (the "Agreement") is entered into as of February
17, 2000, between ENTERPRISE ELECTRONICS CORPORATION (the "Company") and XXXXX
XXXXXXX (the "Employee").
WHEREAS, the stock or assets of the Company may be sold or a change in
control of the Company's beneficial owner, Tech-Sym Corporation ("Tech-Sym") may
occur; and
WHEREAS, the Company recognizes the Employee's contributions to the
success of the Company and wants to provide an incentive to the Employee to
alleviate concerns regarding personal status so that the Employee will fully
support such a sale or change in control;
NOW, THEREFORE, the parties hereto agree to the following:
1. In the event the stock or substantially all of the assets of the
Company are sold or there is a change in control of Tech-Sym, either of which
shall constitute a "Sale," the Company shall pay Employee $75,000 (the
"Retention Payment"), within five (5) business days after the effective date of
the Sale.
2. For the purposes of this Agreement, the following definitions shall
apply:
(a) Cause shall mean gross misconduct materially and demonstrably
injurious to the Company.
(b) Change in control of Tech-Sym shall have the same meaning as
stated in Tech-Sym's 1998 Equity Incentive Plan.
3. Employee shall be entitled to recover reasonable attorney's fees in the
event Employee prevails in any litigation regarding this Agreement.
4. The Company will require any successor, whether direct or indirect, by
purchase, merger, consolidation or otherwise, to all or substantially all of the
business and/or assets of the Company, expressly to assume and agree to perform
this Agreement in the same manner and to the same extent as the Company would
have been required if no such succession had taken place.
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Company Confidential Page 1
5. This Agreement may be canceled by either party effective one year after
written notice is received by the other party. This Agreement shall
automatically terminate if Employee voluntarily terminates his employment with
the Company or his employment is terminated by the Company for cause.
IN WITNESS WHEREOF, the parties have entered into this Agreement for all
purposes as of the day and year first above written.
[Employee] ENTERPRISE ELECTRONICS CORPORATION
/s/ XXXXX XXXXXXX By:/s/ J. XXXXXXX XXXX
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Xxxxx Xxxxxxx J. Xxxxxxx Xxxx
Chairman of the Board
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