Exhibit 10.1
[LOGO OF COMPUTER HORIZONS CORP.]
COMPUTER HORIZONS CORP.
November 22, 2005
RE: Retention Bonus Agreement
Dear Xxxx:
On behalf of Computer Horizons Corp., I am pleased to present you with a
retention bonus agreement. This agreement is being entered into with you for the
purposes of retaining you as a valued employee of CHC and to provide you with an
incentive to maximize your efforts on the Company's behalf.
AWARD PAYMENT
A total retention award has been developed for you based on the following
schedule:
Retention Period: November 21, 2005 - September 30, 2006
Total Retention Payout - $152,000.00
Initial Retention Payment Schedule:
$25,000.00 - December 31, 2005
$25,000.00 - March 31, 2006
$25,000.00 - June 30, 2006
$25,000.00 - September 30, 2006*
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$100,000 - Total Initial Payment
The following amounts are set-aside and will be paid out on September 30, 2006
$13,000.00 - December 31, 2005
$13,000.00 - March 31, 2006
$26,000.00 - June 30, 2006
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$52,000.00 - Total Set Aside*
*Your final payout on September 30, 2006 is $77,000.00
In the event of a change of control, as defined on Attachment A, full payment of
"total retention payout" will be immediately paid less any amounts previously
paid.
In the event of a lay-off full payment of "total retention payout" will be
immediately paid less any amounts previously paid. This is in addition to any
notice and severance you may be eligible to receive. Retention awards will not
affect your eligibility for other components of CHC's regular compensation
programs.
00 Xxx Xxxxxxxxxx Xxxxxx,
Xxxxxxxx Xxxxx, Xxx Xxxxxx
00000-1495
000-000-0000
xxxx://xxx.xxxxxxxxxxxxxxxx.xxx
[LOGO OF COMPUTER HORIZONS CORP.]
COMPUTER HORIZONS CORP.
ELIGIBILITY
Employees will be eligible for a retention award provided they meet or exceed
performance expectations and remain with the business until they receive their
individual, written notice of job discontinuance. In addition, employees cannot
be on written corrective action. Employees subject to written corrective action
at any time during the award period will receive a pro-rated award only for the
period not on corrective action. All pro-rations will be calculated based on
completion of full calendar months.
PARTICIPANT STATUS CHANGES
Employees on an approved disability, FMLA leave, or any other approved leave of
absence will be eligible only for a pro-rated retention award representing their
"active" term of participation under this Agreement. All pro-rations will be
calculated based on completion of full calendar months.
Employees terminating for reasons other than death or job discontinuance before
the end of his/her award period will not be eligible to receive the lump sum
retention award payment.
Employees who are terminated for reason of death before the completion of
his/her award period will be eligible for a retention bonus representing their
term of participation under this Agreement.
Employees who are job discontinued before the completion of his/her award period
will be eligible for a retention bonus representing their term of participation
under this Agreement.
ADMINISTRATION
The Retention Bonus payment will be administered by the President & Chief
Executive Officer and Human Resources.
AMENDMENT, SUSPENSION AND TERMINATION OF AGREEMENT
CHC reserves the right to alter, amend, suspend, revise, interpret or terminate
this Agreement at any time, in whole or in part, in their sole and exclusive
discretion.
DISCLOSURE
To the extent permissible, nothing contained in this Agreement should be
construed as a promise of employment for any definite term.
EFFECTIVE DATE
This Agreement is effective immediately following approval by all necessary
parties. The proposed effective date is November 22, 2005.
/s/ Xxxxxxx X. Xxxx 11/29/05
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Xxxxxxx X. Xxxx Date
/s/ Xxxxxx Xxxxxx 11/29/05
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Xxxxxx Xxxxxx, President & CEO Date
