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EXHIBIT 10.60
July 1, 1998
Xx. Xxxx Xxxxx
00000 Xxxxxxx Xxxx Xxxxxx
Xxxxxx, Xxxxx 00000
Dear Xxxx:
You and Wang Laboratories, Inc. ("Wang") are parties to a Letter Agreement
dated March 6, 1997, pursuant to which you are employed by Wang (the "Employment
Letter"). You and Wang have now agreed to amend the Employment Letter as
follows:
1. Paragraph 1 of the Employment Letter is hereby deleted in its entirety
and restated as follows:
You are to be employed as the President of Wang's America's
International business, (which includes Mexico, Central and South America
and Canada) and the United States banking solutions business. You will
report directly to the Chief Executive Officer of Wang and be a member of
the Senior Operations Committee.
2. The first sentence of Paragraph 4 of the Employment Letter is hereby
deleted and restated as follows:
In the event that your employment with the Company is involuntarily
terminated other than for cause (a term which includes but is not limited
to a material violation of the standards set forth in Wang's "Standards of
Ethics and Business Conduct" booklet) or is terminated because of your
death or substantial inability to work or if your position, referred to in
paragraph 1 hereof, is reduced without your consent, other than a mere
change in title, Wang will pay to you (i) immediately upon termination or
resignation, a lump sum payment equal to six (6) months of your salary and
target bonus, plus (ii) commencing one month after termination or
resignation and ending eighteen (18) months thereafter, thirty-six (36)
semi-monthly payments. Each semi-monthly payment shall be equal to
one-twelfth of your annual salary plus target bonus at 100% performance at
the time of
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your termination, plus (iii) at such time as Wang pays executives generally
under the applicable annual management incentive plan, the pro rata share
of your target bonus, calculated at the 100% achievement for individual
objectives and at an achievement level equal to Wang's actual performance
(as used for calculating the payout to other executives measured on the
same basis) for financial targets for the year in which your employment was
terminated through the date of your termination (less any amount thereof
previously paid to you).
The Employment Letter is hereby ratified and confirmed, except as expressly
modified herein.
WANG LABORATORIES, INC.
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Xxxx Xxxxx Xxxxxx X. Xxxxx
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