Exhibit 10X
December 12, 1995
Xx. Xxxx X. Xxxxxxxxx
0000 Xxxxxx Xxxxx
Xxxxxxxxxxx, XX 00000
Dear Xx. Xxxxxxxxx:
The purpose of this letter is to set forth the terms on which you will
provide services for Computer Network Technology Corporation (the "Company") on
a part-time, independent contractor basis, as its Chairman of the Board. When
countersigned by you where indicated below, this letter will constitute a
legally binding agreement, enforceable in accordance with its terms.
During the term of your services under this Agreement (the "Term"), you
will provide such services as the Company may reasonably require of you as its
Chairman of the Board, on a part-time basis. It is presently anticipated that
during the Term you will devote approximately two days per week during normal
business hours to the performance of services on behalf of the Company pursuant
to this Agreement. The Company recognizes that you have other business and
personal commitments that generally require a minimum of two business days of
your time per week.
As consideration for the services to be provided by you pursuant to this
Agreement, the Company will pay you a fee at the rate of $ 12,000 per calendar
month during the Term (prorated for any partial calendar month during the Term).
In addition, pursuant to a grant by the Committee administering the Company's
1992 Stock Award Plan, the Company will issue to you non-qualified options to
acquire 100,000 shares of the Company's common stock at a purchase price equal
to the fair market value thereof as of the date of grant, such options to vest
in 12 equal monthly installments so long as you remain a director of the Company
and otherwise be on the terms of Outside Director Option grants under the
Company's 1992 Stock Award Plan.
The Term may be terminated by either you or the Company, at any time, with
or without cause.
Xx. Xxxx X. Xxxxxxxxx
December 12, 1995
Page 2
If the foregoing accurately reflects our agreement with respect to the
matters addressed, please countersign this letter where indicated below and
return a fully executed copy to the Company.
Very truly yours,
COMPUTER NETWORK TECHNOLOGY
CORPORATION
By /s/ Xxxxx X. Xxxxxxx
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Its
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AGREED TO AND ACCEPTED:
/s/ Xxxx X. Xxxxxxxxx
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Xxxx X. Xxxxxxxxx
