Ex1.6 Exhibit 10.29
June 1, 1999
Mr. Xxxxx Xxxxxx
00000 Xxxx Xxxxxx Xxxxx
Xxxxxxx, XX 00000
Re: Employment Agreement
Dear Xxxxx:
It is my pleasure to welcome you to Precision Auto Care, Inc. ("PACI" or the
"Company") and to extend this formal offer of employment. You will assume the
role of Senior Vice President and Chief Financial Officer. Your employment with
PACI will commence June 1, 1999, and you will be compensated at an monthly rate
of $20,000 per month. As a full-time associate of PACI, you are eligible to
participate in the bonus plans of the Company and shall be able to participate
in retirement, group insurance, medical, dental, vacation and any other programs
available to executive employees of the Company. While you are permitted to
retain your relationships with other companies, you agree to devote a
substantial portion of your time to the Company.
Pursuant to the terms of the Company's existing Stock Option Plan, a copy is
attached hereto, you shall be granted non-qualified stock options to purchase
35,000 shares of common stock of the Company. Subject to the terms and
conditions of the Stock Option Plan, the grant date shall be June 1, 1999, at
the closing price set for the Company's common stock on the NASDAQ National
Market. The vesting schedule shall be contingent upon 17,500 shares vesting
upon completion of the fiscal year end audit and filing of the 10K for the
period ending June 30, 1999. The balance of 17,500 shares shall vest upon
satisfactory completion of the installation of the Platinum system for all of
the Company's principal business units. Ernst & Young will render an opinion as
to the successful completion of the Platinum installation.
The Company agrees to reimburse you for any and all reasonable expenses incurred
in discharging your responsibilities as Chief Financial Officer. Either party
may terminate this employment agreement by tendering 90 day notice; provided,
however, that the employee shall be entitled to retain any vested options.
We are excited that you will become a part of the Precision Auto Care team.
Sincerely,
Xxxxxxx X. Xxxxxx
President and
Chief Executive Officer
Attachment
cc: Xxxx Xxxxxxxxx (w/o attachs)
Xxx Xxxxx (w/o attachs)
