Exhibit 10.8.1
CUTCO INDUSTRIES, INC.
0000 Xxxxxxx Xxxxxxxx
Xxxxxxx, Xxx Xxxx 00000
August 2, 1999
Xx. Xxxxxx Xxxxxx
00 Xxxxxxxx Xxxxx
Xxxx Xxxxx, Xxx Xxxx 00000
Dear Xx. Xxxxxx:
Reference is hereby made to your employment agreement with CutCo
Industries, Inc. (the "Company") dated as of October 15, 1998, as amended as
of April 1, 1999 (the "Employment Agreement").
This letter is being delivered to induce you to resign your
employment as an officer and employee of the Company. In lieu of any
severance or termination of employment payments or other compensation you may
be entitled to receive under the Employment Agreement following termination of
employment after a change of control of the Company, you agree to accept the
sum of $100,000 in full satisfaction of any such, or any other, compensation
and severance claims.
The Company hereby reaffirm the validity of its undertakings set
forth in the Indemnity Agreement dated as of October 15, 1998 between the
Company and you, and agrees that any expenses (including reasonable fees and
disbursements of counsel selected by you) incurred by you after the date
hereof in connection with the informal inquiry commenced by the Southeast
Regional Office of the Securities and Exchange Commission regarding CutCo
Acquisition Corporation shall be promptly reimbursed by the Company.
As of the date hereof, you shall deliver to the Company all credit
cards of the Company and consent that the Company cancel, in accordance with
applicable law, all benefits and corporate perquisites, other than the use of
a Company leased vehicle.
Very truly yours,
CUTCO INDUSTRIES, INC.
By: /s/ Xxx Xxxx
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Xxx Xxxx
President
AGREED TO:
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Xxxxxx Xxxxxx
