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March 20, 1999
Xxxxxx X. Xxxxxxxx
0000 Xxxxx Xxxxxx Xxxx
Xxxxxxxxx, Xxxxx 00000
Re: Amended and Restated Employment Agreement between Telephone
Warehouse, Inc. ("TWI") and Xxxxxx X. Xxxxxxxx ("Xxxxxxxx")
dated as of June 27, 1997, as amended on April 30, 1998 (the
"Agreement")
Dear Xxx:
This letter will confirm and acknowledge that certain disputes and
disagreements have arisen between you and TWI with regard to the Agreement
referred to above. In order to settle and resolve all such disputes and
disagreements between us, you and TWI agree to amend the Agreement as follows:
TWI agrees to amend paragraph 6 of the Agreement to exclude from the
definition of businesses in direct or indirect competition with TWI or its
affiliates, the sale of wireless communication products at wholesale only.
You agree to waive your right to the payment of the sum of $652,000.00
under paragraph 3(b) of the Agreement reflecting the final payment of
compensation under the Agreement. TWI and you confirm and agree that no further
amounts are owed to you by TWI under the Agreement and that there are no other
agreements between you, TWI or its affiliates or parent.
It is agreed and acknowledged that all other terms and conditions of
the Agreement shall remain in full force and effect.
If this letter reflects your understanding of the agreement, please
sign below where indicated.
Very truly yours,
TELEPHONE WAREHOUSE, INC.
By:
--------------------------------
Xxxxx X. Xxxxxxxxx, CEO
Confirmed and agreed to this 20th day of March, 1999
/s/ Xxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxxxx
