EXHIBIT 10.23
March 7, 1997
Xx. Xxxx X. Xxxxxxxxx
00 Xxxxxxxx Xxxx
Xxxxxxxxx, Xxx Xxxx 00000
Subject: Termination Agreement
Dear Xxxx:
As the President and CEO of CalComp Technology, Inc. the Board of Directors
extends to you the following termination agreement in the event you are
involuntary terminated from the company:
. This agreement will be for a period of 36 months beginning with your
first day of employment.
. If you are involuntarily terminated any time during this 36 month
period, you will be eligible for a lump-sum severance payment equal to
you annualized base salary at the time of your termination of
employment, in no case less than $250,000.
. You will also be eligible for a lump-sum cash payment, if applicable,
for any vacation earned but not taken through your last day of
employment.
. These termination agreement benefits will be forfeited if you should
voluntarily resign or are terminated for cause.
. When these benefits become payable, standard exit and release
documents must also be executed. These documents are required whenever
severance is offered in excess of the normal severance policy.
If there are any questions I can answer regarding these benefits, please feel
free to contact me at any time.
Sincerely,
/s/ XXXXX X. XXXXXX
Xxxxx X. Xxxxxx
Chairman, Compensation Committee
CalComp Technology, Inc.
Board of Directors.
ACCEPTED:
/s/ XXXX X. XXXXXXXXX 3/11/97
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Xxxx X. Xxxxxxxxx
