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EXHIBIT 10.58
April 24, 1998
Xx. Xxxxx X. Xxxxx
XXXX Technology, Inc.
0000 Xxxxxxx 000 Xxxx, Xxxxx 000
Xxxxxx, Xxxxx 00000
Re: Employment Letter Agreement
Dear Xxxxx:
I am please to inform you that the Human Resources Committee of the
Board of Directors of the Company has approved the following amendment to your
employment letter agreement with the Company dated April 12, 1997:
1. In the event of the occurrence of a Major Event (as defined in the
Company's Stock Option and Restricted Stock Purchase Plan 3.0, as amended) which
results in the Company ceasing to be a public company, then you may voluntarily
terminate your employment and receive the severance payments set forth in your
April 12, 1997 employment letter agreement, that you would receive if you had
been terminated by the Company without cause. However, unless the Company
otherwise agrees in writing, to be eligible to voluntarily terminate your
employment and receive severance payments and accelerated option vesting, you
must wait at least thirty (30) days (but not more than ninety (90) days) after
the transaction is consummated before you voluntarily terminate your employment.
2. For clarity, your severance payments will not be subject to offset
or reduction for any amounts which you earn or could have earned during the
severance payment period.
3. In the event of the occurrence of a Major Event, any of the options
to purchase the Company's common stock which you have been granted under that
plan prior to the date of this letter shall immediately vest and become
exercisable in full.
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I have enclosed two copies of this letter. If the foregoing amendment
to your April 12, 1997 employment letter agreement is acceptable to you, please
sign both copies of this letter and return one copy to me. Once you sign and
return this letter, your April 12, 1997 letter agreement, as amended by this
letter, will constitute the entire agreement between you and the Company
concerning the terms of your employment.
Very truly yours,
Xxxx X. Xxxxxxx
Chief Executive Officer and President
I agree to the amendment to my April 1, 1997 letter agreement As set forth in
this letter.
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Xxxxx X. Xxxxx
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Date
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