EXHIBIT 10.22
TAX AGREEMENT
September 16, 1999
This Agreement is between Xxxxxx XxxxXxxxxx of 0000 Xxxxx Xxx Xxxxxx,
Xxxxxx, XX 00000 ("XxxxXxxxxx") and Millitech Corporation, a Massachusetts
corporation of P. X. Xxx 000, Xxxxx Xxxxxxxxx Research Park, South Deerfield, MA
01373 (the "Company").
WHEREAS XxxxXxxxxx is a valued employee of Millitech and Millitech desires
to motivate XxxxXxxxxx to exert his best efforts on behalf of Millitech through
stock ownership.
Millitech agrees with XxxxXxxxxx that Millitech will grant a cash bonus to
XxxxXxxxxx equal to the amount of federal and state taxes XxxxXxxxxx is required
to pay due to the issuance of a stock grant to XxxxXxxxxx pursuant to an
Employee Stock Purchase Agreement between XxxxXxxxxx and Millitech of even date
hereof (the "Agreement"). Such bonus to be grossed up to include the taxes on
such bonus amount and payable no later than January 15, 2000.
Additionally, Millitech shall annually on the anniversary date hereof grant
to Xxxxxxxxxx a bonus (grossed up to include the tax thereon) in an amount equal
to the interest due on the Note issued pursuant to the Agreement.
In witness whereof the parties have executed this Agreement as of the date
first above written.
MILLITECH CORPORATION
By: /s/ Xxxx X. Xxxxxxxxxx
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Xxxx Xxxxxxxxxx, President
/s/ Xxxxxx XxxxXxxxxx
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Xxxxxx XxxxXxxxxx
