EXHIBIT 10.30
Xxxxx X. Xxxxxxxxx
0000 Xxxxxxxx Xx
Xxxxx, XX 00000
Dear Xxxxx:
This letter amends your 9/24/01 Employment Agreement/Offer Letter which set
forth your beginning compensation levels and has been approved by the Board of
Directors. Except as expressly, set forth herein, this letter does not in any
way alter or amend the Employee Agreement signed by you on 10/01/01.
In recognition of your promotion to President and Chief Executive Officer, I am
pleased to inform you that your base salary will be increased to $250,000.00
(the "Base Amount"), effective January 28th, 2002. This base salary may be
increased or decreased from time to time by our Board of Directors, but may not
be decreased below the Base Amount. In addition, the amount of the annual bonus
which you will be eligible to receive if you satisfy your annual performance
objectives will be determined from time to time by the Board of Directors, will
not be less than 50% of your base salary in effect from time to time.
Nothing in this letter should be construed to create any contract rights to
continued employment, or to any set level of compensation. Your employment
status continues to be as an "at will" employee. Further, in addition to
permitted changes to your salary and bonus percentage as set forth above, the
number of months of severance you may receive may be increased or decreased by
Tricord from time to time in its sole discretion, but never below what is stated
in your 9/24/01 Employment Agreement/Offer.
The terms of your Offer Letter/Employment Agreement and this letter amendment
shall be governed by and construed in accordance with the laws of the State of
Minnesota, without regard to conflict of law provisions that would defer to the
laws of another jurisdiction. The rights and obligations of you and Tricord
shall be governed by and determined in accordance with such laws.
We are confident that you will make a significant contribution to the success
and growth of Tricord in the coming year.
Sincerely,
/s/ Xxxxxxxx Xxxxxxx
Xxxxxxxx Xxxxxxx
Manager, Human Resources.
Acknowledged and Accepted:
/s/ Xxxxx X. Xxxxxxxxx
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Xxxxx X. Xxxxxxxxx
