Exhibit 10.29
Agreement between Xxxxxx X. Xxxxxxxxx and the Company
regarding the change in control arrangements, dated
December 31, 1994.
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RESOLUTION TO BE ADOPTED BY
BOARD OF DIRECTORS
XXXXXXX XXXXX, INC.
RESOLVED, That the Board (Xxxxxx X. XxXxxxxxxxxx abstained) ratifies the
special pay arrangements (ATTACHMENT A) between management, Xxxxxx X.
XxXxxxxxxxxx, Xxxxx X. Xxxxxxx and Xxxxxx X. Xxxxxxxxx.
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ATTACHMENT A
XXXXXX X. XXXXXXXXX AGREEMENT
12/31/94
It is the intent of Xxxxxxx Xxxxx, Inc. to pay Xxxx Xxxxxxxxx $375,000 if the
Company is sold and he is released one year after the sale. If he is
released after one year of the sale, however, within two years of the sale,
he will receive $187,500.00. The payment may be made over a 24 month period
of time.
If his pay is decreased, he would receive an amount for each year up to three
years which, when added to his new salary, will equal his old salary.
This Agreement is null and void three years from the above date.
/s/
Xxxxxx X. XxXxxxxxxxxx, President
XXXXXXX XXXXX, INC.
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