Exhibit 10(g)
September 25, 2001
Xx. Xxxxxxx X. Xxxxxxxx
0000 Xxxxxxx Xx. 0
Xxxxx 000
XXXXXXX XX X0X 0X0
Dear Xxxx:
Re: Retirement Agreement
This will confirm the terms of your retirement compensation following the
termination of your employment effective September 30, 2001.
The following terms are intended to replace and to be in substitution for the
respective rights and obligations of yourself and InterTAN, Inc. under the
Company's Deferred Compensation Plan and your Plan Agreement dated November 10,
1997, and the Addendum thereto dated September 12, 2000.
Effective October 1, 2001, you will be entitled to receive the sum of
$710,000.00 (US) payable in 120 equal monthly instalments beginning on November
1, 2001 and ending on October 1, 2011. In the event of your death prior to
October 1, 2011, the remaining monthly payments will be made to your spouse or
to such other person or persons as you may designate in a beneficiary
designation form filed with the Organization and Compensation Committee of
InterTAN, Inc.
So long as you are receiving retirement benefits, you may participate at your
expense in any group insurance or group benefit plans maintained by InterTAN,
Inc. or InterTAN Canada Ltd. for its employees, provided that the terms of such
plan or plans permit you to participate and, subject always to the terms of such
plan or plans.
You agree that so long as you are receiving benefits under this agreement,
whether in Canada, or in any other country in which InterTAN, Inc. carries on
business you will not, without the prior written consent of InterTAN Inc.:
(a) be employed or engaged by or in any way participate in the ownership,
management, direction or control or provide, directly or indirectly,
any services to: (i) any competitor whose primary business is the
retail sale of consumer electronics and related products or services;
or (ii) any major supplier of products or services offered for retail
sale by InterTAN, Inc. or InterTAN Canada Ltd.;
-2-
(a) with the exception of Xxxxx X. Xxxxxxxxx, recruit, hire or become
involved in any form of business association with any employee of
InterTAN, Inc. or InterTAN Canada Ltd. nor any person who has been an
employee within the period of 12 months preceding such recruitment,
hiring or association.
You agree that any violation of the foregoing covenants will result in the
immediate cessation of the retirement benefits to be paid to you under this
agreement. Furthermore, InterTAN, Inc. will have the right to recover from you
any benefits paid to you during any period of time when you were in breach of
any one or more of the foregoing covenants.
Please signify your acceptance of the foregoing by signing and returning the
enclosed copy of this letter where indicated below.
Yours very truly, InterTAN, Inc.
/s/ Xxxxx X. Xxxx
by: Xxxxx X. Xxxx
President & Chief Executive Officer
******
Accepted and agreed to on September 27, 2001.
/s/ Xxxxxxx X. Xxxxx /s/ Xxxxxxx X. Xxxxxxxx
----------------------------------- --------------------------------
Witness Xxxxxxx X. Xxxxxxxx
