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Exhibit 10.20
[PAINEWEBBER LETTERHEAD]
as of
October 27, 1995
Xx. Xxxxxx X. Xxxxxx
Chairman and Chief Executive Officer
PaineWebber Group Inc.
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Mr. Xxxxxx Xx. Xxxxx, Xx.
President
XxxxxXxxxxx Incorporated
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Dear Xxx and Xxx:
This is in reference to the Employment Contract dated May 4, 1993 between
PaineWebber Group Inc. and PaineWebber Incorporated and the undersigned, a copy
of which is attached. It is mutually understood and agreed that, by accepting
the terms and conditions of the Executive Compensation Program which is set
forth in the October 16, 1995 memo from you to me, the annual bonus provision of
paragraph 5 of the May 4, 1993 Employment Contract with respect to 1995 and 1996
and the provisions of paragraphs 9(a) and (b) of the May 4, 1993 Employment
Contract concerning non-competition are null and void. It is further understood
and agreed that, in all other respects, the May 4, 1993 Employment Contract
remains in effect as a valid and binding agreement.
Very truly yours,
/s/ Xxxxxxxx X. Xxxxxx
Xxxxxxxx X. Xxxxxx
