10.(xvi)(B)
September 4, 1997
Xx. Xxxxxx X. Xxxx
0000 Xxxx Xxxx
Xxxxxx Xxxxx, XX 00000
Dear Xxx:
Reference is made to your Compensation Agreement (the "Agreement") dated as of
September 2, 1997, with Xxxxxxxxxx Xxxx & Co., Incorporated (the "Company").
In order to induce you to accept the offer of employment contained in the
Agreement, General Electric Capital Corporation ("GE Capital"), as a principal
shareholder in the Company, hereby agrees with you that if, for any reason other
than termination of your employment, either voluntarily by you or for "cause" by
the Company, the Company shall fail to pay to you the base salary for the first
three years of such Agreement and the guaranteed bonuses for each of the first
two years of such Agreement and the Emergence Bonus, then GE Capital shall pay
such amounts to you as provided in and subject to the conditions of the
Agreement. This obligation on the part of GE Capital shall be triggered by your
written notice to GE Capital that the Company has ceased to make such payments
as required by such Agreement.
Sincerely,
General Electric Capital Corporation
By /s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx
Executive Vice President
