EXHIBIT 10.59
SEVERANCE AGREEMENT
In the event that Xxxx Xxxxxx is terminated from Xxxx Xxxxxx and Company, Inc.
(the "Company"), for reason other than cause or other than her own voluntary
resignation, she will receive 6 months severance pay at the rate that she is
being paid on her termination date. This severance will be paid to her over six
months on the Company's normal pay schedule. During this period, she will also
be entitled to remain on the Company's health and dental insurance plan (making
the same payroll contribution as when she was an active employee). Further, if
she obtains gainful employment during this six-month severance period (with
employment being defined as full-time salaried work, excluding any low-level
employment such as in a health club), her severance payments will be terminated,
effective the date she starts her new employment.
XXXX XXXXXX AND COMPANY, INC.
/s/ Xxxx Xxxxxx
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Xxxx Xxxxxx
Chairman and CEO
December 18, 2000
ACCEPTED AND AGREED:
/s/ Xxxx Xxxxxx
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(Xxxx Xxxxxx)
December 18, 2000
