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EXHIBIT 10.47
[NEODATA LETTERHEAD]
June 17, 1996
Xxxxxxx Xxxxx
Dear Xxxxxxx:
To confirm our recent conversations, we have revised our agreement on severance
with you. Our agreement is as follows:
o In the event your employment is terminated for any of the reasons set
forth in Neodata's Severance Policy, you will be paid a minimum of six (6)
months of salary continuation payable bi-weekly and calculated based upon
your annual base salary in effect at that time less any taxes to be
withheld as required by law. If you do not find suitable alternative
employment within that six (6) month period, severance payments will
continue for an additional period equal to the lesser of six (6) months or
until suitable alternative employment commences.
Should we eventually sever you, we will provide you with an agreement which
will specify more fully non-compete and confidentiality arrangements.
Sincerely,
/s/ XXXXX X. XXXXX
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Xxxxx X. Xxxxx
Senior Vice President
Human Resources
cc: Xxxxx Xxxxx
