TERMINATION OF SEVERANCE AGREEMENT
This Termination of Severance Agreement (the "Termination Agreement")
is made and entered into on this __ day of July, 2000, by and between PLM
Financial Services, Inc. ("FSI") and Xxxxxxx X. Xxxx ("Employee"), who hereby
state as follows:
Whereas, Employee and FSI are parties to that certain Severance
Agreement (the "FSI Severance Agreement") dated December 2, 1996, attached
hereto as Exhibit 1;
Whereas, concurrently with entering into this Termination Agreement,
Employee is entering into a Severance Agreement (the "PLM Severance Agreement")
with PLM International, Inc. (the "Company"), the 100% owner of FSI, which
provides for severance pay and benefits to Employee under circumstances
described in the PLM Severance Agreement in the event Employee is terminated
from the Company;
Whereas, because Employee and the Company have agreed to and are
entering into the PLM Severance Agreement, Employee and FSI have agreed to enter
into this Termination Agreement.
NOW, THEREFORE, in consideration of the above premises and of other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, FSI and Employee agree as follows:
1. Termination of FSI Severance Agreement. The FSI Severance Agreement
is hereby terminated, and neither Employee nor FSI shall have any further rights
or obligations thereunder.
2. The Company is expressly intended by the parties hereto to be a
beneficiary of this Termination Agreement.
3. This Termination Agreement contains the full and complete
understanding of the parties regarding the subject matter contained herein and
supersedes all prior representations, promises, agreements and warranties,
whether oral or written.
4. This Agreement shall be governed by and interpreted according to the
laws of the state of California.
IN WITNESS WHEREOF, the parties have executed this document as of the
date specified above.
PLM FINANCIAL SERVICES, INC. EMPLOYEE
By: /s/ Xxxxxxx X. Xxxx
Its: Xxxxxxx X. Xxxx
ATTEST: ATTEST:
Acknowledged:
PLM INTERNATIONAL, INC.
By:
Its:
ATTEST:
