EXHIBIT 10.22
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Agreement
This Agreement is entered into as of August 4th , 2003, by and between
Extended Systems of Idaho, Inc., an Idaho corporation (the "Company"), and Xxx
Xxxxxx ("Smelek").
Whereas, Smelek has served the Company for many years as an employee,
officer and director;
Now, therefore, the Company and Smelek hereby agree as follows:
1. Benefits. Upon termination of Smelek's employment by the Company, the
Company will pay Smelek the sum of seven thousand five hundred dollars ($7,500)
in lieu of fringe benefits.
2. Exercise of Stock Options. Smelek will continue to have the right to
exercise each stock option granted to him by the Company until the earlier of:
(i) the date twelve (12) months after termination of his service as a director
or employee of the Company; or (ii) the date of expiration of such stock option
according to the option agreement pursuant to which it was granted.
3. General. This Agreement sets forth the entire understanding between
the parties and supersedes any prior agreements or understandings, express or
implied, pertaining to the subject matter hereof. This Agreement shall be
governed by and construed in accordance with the laws of the State of Idaho
without reference to its choice of law principles. This Agreement shall be
binding on the parties and their successors and assigns. No modification or
waiver of this Agreement will be effective unless evidenced in a writing signed
by both parties.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the day and year first above written.
Extended Systems Incorporated
By /s/ Xxxxx X Xxxx By /s/ Xxxxxxx X. Xxxxxx
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Title VP of Finance and CFO Xxxxxxx X. Xxxxxx
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