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December 15, 1999
Xxxxxxx X. Philippe
0000 Xxxx 00xx Xxxxxx
Xxxxxxxxxxx, XX 00000
RE: Amendment to Employment Agreement
Dear Xxxx:
This letter amends and modifies your Employment Agreement dated June 17, 1997.
The Board of Directors at its meeting on September 15, 1999, approved a
relocation package for you which provides:
(i) A $50,000 bonus payable upon moving to Sioux Falls,
(ii) Expenses of selling your current home (grossed up for taxes),
(iii) Expenses of moving to Sioux Falls,
(iv) Payment, if you are terminated, of the lesser of
(a) the sum expenses of selling your home in Sioux Falls, and the
loss of equity on his home in Sioux Falls, if any (grossed up
for income taxes), or
(b) $100,000 (grossed up for income taxes), and
(v) an extension of your term agreement through June 30, 2002.
Except as modified by this letter, your Employment Agreement continue to govern
all aspects of your employment.
Sincerely,
Xxxxx X. Xxxxxxx
President
AGREED AND ACCEPTED:
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Xxxxxxx X. Philippe
