AUTOINFO, INC.
November 4, 1998
Xx. Xxxxxxx Xxxxxxxxxx
00 Xxxxx Xxxx Xxxx
Xxxxxxxx, Xxxxxxxxxxx 00000
Re: Amendment to Employment Agreement
Dear Xxxx:
At a meeting of the Board of Directors of AutoInfo, Inc. (the "Company")
held on November 4, 1998, the term of your Employment Agreement dated as of
April 10, 1997 (the "Employment Agreement") was extended and modified as
follows:
(a) Section 3 of the Employment Agreement is hereby amended and restated
to read as follows:
"3. Term. The term of this Agreement shall commence on the date
hereof and shall continue until April 30, 2000, unless terminated
prior thereto in accordance with the terms and provisions hereof
(the "Employment Term")."
(b) Paragraph (d) of Section 8 of the Agreement is hereby deleted in its
entirety and replaced with the following new Paragraph (d):
"(d) In the event Auto shall terminate this Agreement other than
pursuant to the provisions of Paragraph (a), (b) or (c) of this
Section 8 (a "Termination Without Cause"), upon such termination
Xxxxxxxxxx shall be entitled to receive, in addition to any other
payments due to Xxxxxxxxxx pursuant to this Agreement, a severance
payment equal to the greater of (a) $150,000, or (b) the
compensation due to Xxxxxxxxxx for the balance of the Employment
Term. A Termination Without Cause shall include, but not be limited
to, (a) a material breach by the Company of any provision of this
Agreement, which breach remains unremedied for fifteen (15) days
after written notice."
(c) The following new Paragraph (e) is hereby added to section 8:
"(e) In the event Auto does not notify Xxxxxxxxxx in writing on or
before December 31, 1999 of its intention to extend the Term of this
Agreement for an additional period of not less than one year,
Xxxxxxxxxx shall, provided the Agreement is not terminated for
Reasonable Cause, receive a severence payment on April 30, 2000
equal to $75,000."
All other terms and provisions of the Employment Agreement shall remain in full
force and effect.
Further, you hereby agree and confirm that the Employment Agreement
entered into as of the 10th day of April, 1995 by and between the Company and
you has been terminated and is of no further force and effect and that the
Employment Agreement as amended hereby constitutes the only agreement between
you and the Company governing the terms and conditions of your employment by the
Company.
Sincerely,
Xxxxx Xxxxxx, Chief Executive Officer
AGREED TO AND ACCEPTED:
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Xxxxxxx Xxxxxxxxxx
