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[FIRST OF MICHIGAN CAPITAL CORPORATION LETTERHEAD]
EXHIBIT (10)-(ix)
PERSONAL AND CONFIDENTIAL
November 15, 1996
VIA TELECOPY
Xx. Xxxxxxx X. Xxxx
President
First of Michigan Corporation
000 Xxxxxxxxxxx Xxxxxx
Xxxxxxx, XX 00000
Dear Xxx:
This letter is to confirm the following agreement between First of
Michigan Capital Corporation ("FOMCC") and you:
1. For personal reasons, you resign effective at the close of
business today as President and a Director of FOMCC, First Michigan
Corporation and all of the other subsidiaries of FOMCC.
2. FOMCC will pay you next week $100,000, which amount will be in
place of all other salary, bonus, severance pay and other compensation and
benefits.
3. FOMCC will continue to include you and your family through March
1997 in its medical and health insurance plan on the same basis as before the
date of this letter.
4. You will give FOMCC immediate possession of any car and apartment
which FOMCC has leased on your behalf.
5. You will cooperate in the transition to a new President to the
extent that FOMCC may reasonably request, provided that this cooperation will
not require you to travel.
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[FIRST OF MICHIGAN CAPITAL CORPORATION LETTERHEAD]
Xx. Xxxxxxx X. Xxxx
November 15, 1996
Page 2
6. You will not have or make any claims whatsoever against FOMCC and
its subsidiaries and the officers, directors, employees and agents of FOMCC and
its subsidiaries except as specified in this letter. FOMCC and its
subsidiaries will not have or make any claims whatsoever against you, except as
specified in this letter.
If the foregoing is in accordance with your understanding, please sign
and return a copy of it to the undersigned, whereupon it will be a binding
agreement between FOMCC and you.
We thank you for the work you have done and wish you the best in your
future activities.
Very truly yours,
/s/ Bill
Xxxxxxx X. Xxxxx
Chairman of the Board,
on behalf of FOMCC
WHC:jab
THE FOREGOING IS ACCEPTED AND AGREED TO:
/s/ Xxxxxxx X. Xxxx
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Xxxxxxx X. Xxxx
