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Exhibit 10
PERSONAL AND CONFIDENTIAL
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May 5, 1997
Xxxx X. Xxxxxxxx
Xxx Xxxxx Xxxx Xxxxx #0000
Xxxxx, XX 00000
Dear Xxxx,
This letter sets forth our agreement with respect to your services to
Xxxxxx-Xxxxxx, Inc. following your retirement as an officer and employee of the
Company effective July 1, 1997.
You have agreed to continue to serve as a Director of the Company and
as a member of its Executive Committee. I am also pleased that you have agreed
to serve as a consultant to the Company for the 12 months beginning July 1,
1997.
In consideration of your services as a member of the Executive
Committee and as a consultant, the Company will pay you $150,000 for the
12-month period July 1, 1997 through June 30, 1998, in equal monthly
installments. And as customary, you will be compensated as an outside director,
including meeting fees for the Board and Executive Committee.
Our consulting relationship will not preclude you from accepting
consulting assignments from other companies and from other profit-making
activities, provided your other assignments and activities do not constitute a
conflict of interest with Xxxxxx-Xxxxxx.
The Company will reimburse you for travel and other out-of-pocket
expenses incurred in connection with your Xxxxxx-Xxxxxx consulting activities.
Office space will be provided, when and if required.
I am happy we will continue to work together. If I have accurately
summarized our understanding, I'd appreciate your signing and returning one copy
of this letter to me for the Company's files.
Sincerely,
/s/ P. Xxxxxxx Xxxxxx
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P. Xxxxxxx Xxxxxx
Agreed:
/s/ Xxxx X. Xxxxxxxx 5/5/97
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Xxxx X. Xxxxxxxx Date
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