EXHIBIT 10.74
CASH BONUS AGREEMENT
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THIS CASH BONUS AGREEMENT ("Agreement") is entered into this 9th day of
August, 1999, by and between ASPECT TELECOMMUNICATIONS CORPORATION, a California
corporation ("Company") and XXXXX XXXXXX ("Executive").
WHEREAS, the board of directors has determined that it is in Company's best
interests to enter into this Agreement for the purpose of retaining Executive as
a valued employee of Company and providing an incentive for him to maximize his
efforts on Company's behalf;
NOW, THEREFORE, Company and Executive agree as follows:
1. Payment of Cash Bonuses. Company agrees to pay Executive cash bonuses
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in the following amounts on the following dates:
June 1, 2000 $ 38,000.00
June 1, 2001 $ 38,000.00
June 1, 2002 $ 349,000.00
June 1, 2003 $ 175,000.00
June 1, 2004 $ 166,000.00
provided that Executive continues to serve as an employee of Company as of the
applicable date.
2. Forfeiture of Future Cash Bonuses/Severance Benefits.
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(a) If Executive's employment is terminated voluntarily or for Cause
(as defined in Executive's Employment Letter Agreement dated July 15, 1999),
prior to a bonus payment date specified in Section 1, then he shall not be
entitled to receive any further cash bonuses under this Agreement but shall be
entitled to retain such cash bonuses as have previously been paid to him.
(b) If Executive's employment is terminated involuntarily, other than
for Cause (as defined in Executive's Employment Letter Agreement dated July 15,
1999), or Executive's employment is terminated by Executive following a
Constructive Termination (as defined in Executive's Employment Letter Agreement
dated July 15, 1999) he shall be entitled to receive, on the June 1/st/ next
following such termination, a cash severance payment as follows,
if such termination is before June 1, 2002, $663,000.00
if such termination is after May 31, 2002 but before June 1, 2003 $331,000.00
if such termination is after May 31, 2003, but before June 1, 2004 $166,000.00
and Executive shall be entitled to retain such cash bonuses as have previously
been paid to him.
3. Tax Withholding. All payments under this Agreement shall be subject
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to and net of all applicable federal, state and local tax withholding
requirements. In the event that Company shall satisfy its obligation hereunder
by setting off such obligation against an obligation of Executive to make a
payment to Company, Company shall be entitled to withhold all applicable
federal, state and local taxes from any other payments due to Executive, and
Executive shall be obligated to pay to the Company the amount of any such taxes.
4. Non-Transferability; Creditor Rights. Executive's right to receive
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cash bonuses under this Agreement may not be sold, pledged assigned
hypothecated, transferred, or disposed of in any manner. Executive shall have no
greater rights pursuant to this Agreement than that of a general unsecured
creditor of Company. Company shall have no obligation to set aside any property
to bind its obligations hereunder and Executive shall have no rights in any
particular property of Company as a result of the award hereunder.
5. Right of Set-Off. To the extent any payments Company is obligated to
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make hereunder are less than amounts Executive has promised to pay to Company
(regardless of whether Executive's indebtedness is then due and payable to
Company by Executive), Company may satisfy any of its obligations hereunder by
setting off its obligations against Executive's indebtedness.
IN WITNESS WHEREOF, this Agreement is made and effective as of the
Effective Date.
ASPECT TELECOMMUNICATIONS
CORPORATION
By: /s/ Xxxxx X. Xxxxxxxx
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Its: Chairman & CEO
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XXXXX XXXXXX, an individual
/s/ Xxxxx Xxxxxx
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