Exhibit 10.2
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[Letterhead of Apertus Carleton Corporation]
January 12, 1998
Xx. Xxxx Xxxxxxxxx
00 Xxxxxxx Xxxx
Xxxxxxx, Xxxxxxxxxxxxx 00000
Dear Xxxx,
This letter will confirm the mutual resignation agreement that effectively
concludes your position as Chief Operations Officer for Apertus Technologies
Incorporated (Apertus Carleton) as well as, concludes your position as Director
on the Apertus Technologies Incorporated (Apertus Carleton) Board of Directors
effective January 16, 1998. It is up to your discretion as to the time you
choose to spend in the office through January 16, 1998, and it will not be
necessary for you to attend the Board of Directors meeting on January 18, 1998.
The following terms and conditions are a reaffirmation of the prior terms and
conditions you and Apertus Technologies Incorporated (Apertus Carleton) mutually
agreed upon on October 30, 1997 and includes additional consideration not
previously stated in the original employment agreement.
As a result of the mutual agreement resignation between Apertus Technologies
Incorporated (Apertus Carleton) and yourself, the following will detail the
benefits and compensation relating to this action.
- (Per your agreement dated October 30, 1997) Apertus Technologies
Incorporated (Apertus Carleton) will pay you twelve months of base salary
for the next twelve months through the company's bi-weekly payroll.
- (Per your agreement dated October 30, 1997) You agree not to compete
directly or indirectly with Apertus or Carleton or its successor company
for period of two (2) years from the date of your resignation. In addition,
for two (2) years subsequent to any termination of this agreement, you
agree not to directly or indirectly solicit any employees of Apertus or
Carleton and/or their successor company.
- Your Group Health and Life insurance coverage will end February 1, 1998.
However, you have the option to choose to continue your health insurance
coverage at group rates. If you choose to continue coverage, Apertus
Technologies Incorporated (Apertus Carleton) will pay your COBRA premiums
through January 1999. Regarding your basic Life Insurance continuation
coverage: Apertus Technologies Incorporated (Apertus Carleton) will pay the
associated COBRA life insurance premium payments for one year at a benefit
level of $400,000.00.
- As your 401(K) balance exceeds $5,000.00, your account balance can remain
in the Apertus Technologies Savings and Investment Plan 401(K). However,
per ERISA regulations, as you are no longer a full-time employee, you will
not be able to make contributions to the Plan. There are no administrative
charges associated with 401(K) plan continuance that are the responsibility
of current or former employees.
- Your loan balance of $4,547.96 will be forgiven and you will receive an
additional $5,000.00 for miscellaneous expenses that you may have incurred
as a result of relocation activity. Any future or current expense reports
that have not been paid will be processed per expense report policy after
C.E.O. approval.
- Your current office phone number will be available to you over the next 60
days and the existing Apertus Technologies Incorporated (Apertus Carleton)
personal computer that you are using in your home will become your
property. The personal computer in your office along with your office
furniture will be made available to you for personal use in your home. If
you elect to use these items in your home, they will become your personal
property.
In return for these extended considerations, you agree to the additional
following considerations:
- Provide consulting services to the Company from time to time as
mutually agreed over the next (12) months.
- Affirm your support of Apertus Xxxxxxxx'x direction, priorities and
organization to employees, customers/prospects and other organizations
influencing the data warehousing market.
- Agree to keep confidential the terms and conditions of this agreement
and any corporate information that is proprietary.
APERTUS TECHNOLOGIES INCORPORATED (APERTUS CARLETON)
/s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
Chairman, C.E.O. & President
AGREED TO AND ACCEPTED BY:
/s/ Xxxx Xxxxxxxxx
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Xxxx Xxxxxxxxx
1/22/98
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Date
