Exhibit 10.1
[Xxxxxxxxx & Xxxx Letterhead]
August 29, 2002
Xx. Xxxxxxx X. Xxxxx
00 Xxxxxxxxxx Xxxx
Xxxxxxxxx, XX 00000
Dear Xxxx:
This will confirm our agreement with respect to the severance component
of your employment letter agreement dated September 12, 2001 between you and
Xxxxxxxxx & Xxxx, Inc. (the "Employment Agreement"). The terms of section 4 of
the Employment Agreement as they relate to, and only as they relate to, the
duration of any severance payments you may be entitled to upon your termination
by Xxxxxxxxx & Xxxx, Inc. (the "Company") other than for Cause (as defined in
the Employment Agreement) or disability are modified as follows:
1. You will be entitled to three months' salary continuation, and only
three months' salary continuation, if your termination by the Company other than
for Cause (as defined in the Employment Agreement) or disability occurs at any
time following the date of this letter. For the avoidance of doubt, you will not
be entitled to more than three months' salary continuation even if the duration
of your employment exceeds twelve months; and
2. All other aspects of the Employment Agreement shall remain in full
force and effect.
If you agree with the foregoing, please sign both copies of this
letter, keep one copy for yourself, and return one copy to the Company for its
records.
Sincerely,
XXXXXXXXX & XXXX
By: /s/ Xxxx Xxxxxxxxx
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Name: Xxxx Xxxxxxxxx
Title: Chairman of the Board
Accepted and Agreed:
/s/ R.E. Xxxxx
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Date: 9/16/2002
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