Exhibit 10.67
United Shipping & Technology
January 10, 2001
Xxxxx Xxxxx
Dear Xxxxx:
This letter will serve to establish the terms of your severance in the
event that US&T elects to terminate your employment with the Company, not for
cause. This letter agreement will also modifies your Employment Agreement, dated
November 5, 1999, to the extent provided for herein.
By agreement with US&T you will not be entitled to the eighteen (18)
months, or any lesser period, of salary related severance provided for in the
Employment Agreement unless specifically allowed for by the Board of Directors.
You will be entitled to the benefits under paragraphs 7.01 (b)-(d) of your
Employment Agreement. As part of this agreement, US&T agrees to seek approval
from its Board of Directors allowing for an extension of the expiration date for
your stock options upon your severance from the Company. Further, you have also
agreed to a lockup on all currently owned US&T stock for a period of six (6)
months, which prevents you from trading in any US&T securities owned by you
directly.
Both parties hereto agree to keep the terms and conditions of this
agreement strictly confidential.
Sincerely,
Xxxxxx X. Xxxxxxxxxx Agreed to:
General Counsel
