Exhibit 10.14
SoftKey Software Products Inc.
0000 Xxxxxxxx Xxxx. East
0xx Xxxxx, Xxxx Xxxxx
Xxxxxxxxxxx, Xxxxxxx X0X 0X0
September 22, 1998
M. Xxxxxx Xxxxxx
0000 Xx Xxxxx
Xxx. 00X
Xxxxxxxx, Xxxxxx X0X 0X0
Dear Xxxxxx:
Reference is made to the employment agreement dated March 1, 1994
between you and SoftKey Software Products Inc., as amended (as so amended, the
"Agreement"). In July 1998 the Agreement was assigned to, and assumed by, CCH
Canadian Limited ("CCH"), in connection with the sale of certain assets of the
Corporation to CCH. Capitalized terms used and not defined herein shall have the
meanings ascribed to such terms in the Agreement.
You have been informed by CCH that it does not intend to renew the
Agreement at the expiration of the current term on March 1, 1999. You have also
been informed by CCH that it will provide to you the benefits referred to in
Sections 2.1, 2.2 and 2.3 of the Agreement pursuant to Section 3.2(b)(ii) of the
Agreement ("Section 3.2(b)(ii)") for a period of twelve months beginning on
March 1, 1999.
You and the Corporation desire to clarify your and the Corporation's
respective obligations with respect to Section 3.2(b)(ii). In consideration of
the foregoing, the mutual agreements set forth herein and other good and
valuable consideration, the receipt of which is hereby acknowledged, you and the
Corporation hereby agree as follows:
1. During the eighteen-month period beginning on March 1, 2000
and ending on September 30, 2001, the Corporation shall pay
you the benefits referred to in Sections 2.1, 2.2 and 2.3 of
the Agreement in accordance with the Corporation's normal
payroll practices. For purposes of clarity, you and the
Corporation agree that the Annual Base Salary for these
purposes is $275,000 and the automobile allowance is for the
use of an automobile with a value not exceeding $110,000.
M. Xxxxxx Xxxxxx
September 22, 1998
Page 2
2. All dollar amounts set forth herein are Canadian dollars.
3. The Corporation's obligations under this letter agreement
shall not be increased due to any non-performance by CCH of
its obligations under the Agreement or its agreement referred
to in the second paragraph of this letter. You will have no
recourse against the Corporation for any failure of CCH to
perform such obligations.
Please indicate your agreement with the foregoing by signing both
copies of this letter in the space provided below and returning one copy to the
TLC Legal Department. The second copy is for your records.
Very truly yours,
SOFTKEY SOFTWARE PRODUCTS INC.
By /s/ Xxxxxxx X. Xxxxx
--------------------
Xxxxxxx X. Xxxxx
President
Agreed to and accepted as of
the date written above
/s/ Xxxxxx Xxxxxx
-----------------
Xxxxxx Xxxxxx
