November 27, 2002
Xx. Xxxxxxx Xxxxxxxxx
0000 Xxxxxxx Xxxxxx
Xxxxxx, XX 00000
Re: Termination of Employment
Dear Xxxxx:
This letter outlines the terms we have agreed to with respect to the
termination of your employment with Oryx Technology Corp. (the "Company").
As we have discussed, you are resigning as an officer and director of
the Company as of November 30, 2002. The Employment Agreement dated as of
November 1, 1996 by and between the Company and you (the "Employment Agreement")
will terminate in its entirety as of November 30, 2002.
In lieu of any benefits payable to you under the Employment Agreement,
we hereby agree that you will receive the following benefits upon termination of
your employment with the Company: (i) bi-weekly severance payments at your
current salary for the period December 1, 2002 through January 4, 2003,
approximately $20,500 (ii) the Company will reimburse you for the costs of your
home office (telephone and Internet access) through May 31, 2003.
You agree that you will be available to consult with and advise Company
personnel with respect to Company operations on a reasonable "on-call" basis
until February 28, 2003. Thereafter, any further consulting work by you for the
Company shall be subject to a mutually agreed fee schedule.
Please sign the enclosed copy of this letter and return it to the
undersigned to acknowledge your agreement with the terms outlined above.
Very truly yours,
ORYX TECHNOLOGY CORP.
/s/ Xxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxxxx-President & CEO
ACCEPTED BY:
/s/ Xxxxxxx Xxxxxxxxx
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Xxxxxxx Xxxxxxxxx
