EXHIBIT 10.11
June 2, 1997
Xx. Xxxx X. Xxxxxx, Xx.
0000 Xxxxxxxxxx Xxxxx
Xxxxx, Xxxxx 00000
Re: Xxxxxx Holdings, Inc.
Dear Xx. Xxxxxx:
This letter is to evidence that Xxxx X. Xxxxxx, Xx. ("Xxxxxx") shall have
the following rights to acquire shares of stock in Xxxxxx Holdings, Inc.
("Xxxxxx") and to receive stock options:
(a) Rights to Purchase Stock: Crooks has the right to purchase from
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Xxxxxx up to 165 shares of Xxxxxx'x Class A Common Stock at a per share price of
$2,000 per share. Such right may be exercised in whole or in part. Such right
shall expire December 31, 1997.
(b) Stock Options. In accordance with a management stock option
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incentive plan to be established by Xxxxxx, but to be established no later than
December 31, 1997, Xxxxxx agrees to issue Crooks options to purchase 330 shares
of Class A Common Stock at a per share strike price of $2,000 per share or on
such other terms if a more favorable offering is determined or required. Such
options shall be subject to a three year vesting period (1/3 per year) or such
other period as may be required by law in order to make such options "incentive
stock options". Such option may be exercised in whole or in part. Such options
shall expire if not exercised on or before December 26, 2006.
Sincerely,
Xxxxxx Holdings, Inc.
By: /s/ XXXX X. XXXXXXX
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Xxxx X. Xxxxxxx,
Vice President
