Exhibit 10.P
ADDENDUM TO SEVERANCE AGREEMENT AND RELEASE
This Addendum to Severance Agreement and Release ("Addendum") is made this
6th day of March, 2001, between FINOVA Capital Corporation (the "Company") and
Xxxxxx X. Xxxxx ("Employee").
RECITALS
A. Employee and the Company are entering into a Severance Agreement and
Release (the "Agreement") on this date, which provide, among other things for
the payment of certain compensation and for the repayment of a loan Employee
owes to the Company (the "Loan").
B. The parties desire to provide certain additional bonus compensation to
Employee and to assure that Employee applies the proceeds from that bonus to
satisfy certain portions of the Loan, pursuant to the terms of this Addendum.
Employee has conditioned his acceptance of the Agreement on the payment of the
bonus and its application to the Loan as provided in this Addendum.
NOW, THEREFORE, the parties agree as follows. Capitalized terms not defined
in this Addendum shall have the meanings given them in the Agreement.
1. BONUS. Provided Employee executes the Agreement, on the Effective Date,
the Company shall pay to Employee the sum of Three Hundred Thousand and no/100
dollars ($300,000.00), less applicable withholding taxes.
2. APPLICATION TO LOAN. The net proceeds of the Bonus will also be applied
to Employee's obligations under the Loan. Any excess proceeds shall be remitted
to Employee.
3. REPAYMENT TO COMPANY. If a court orders repayment of the proceeds due
under the Agreement or this Addendum for the benefit of the Company or its
creditors, except in satisfaction of the Loan, then any amounts required to be
repaid shall again be deemed to have been borrowed under the Executive Officer
Loan Program, pursuant to the same terms as govern the Loan, as modified by this
Agreement.
4. INTERPRETATION. This Addendum supplements the Agreement. To the extent
the Addendum and Agreement are in conflict, the terms of this Addendum shall
control.
Dated as of the date noted above.
/s/ Xxxxxx M, Xxxxx
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Xxxxxx M, Xxxxx
Employee
FINOVA CAPITAL CORPORATION
By: /s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
Senior Vice President - Human Resources
