Exhibit 10.3
[MTM LETTERHEAD]
January 3, 2005
Mr. Xxxx Xxxxxxxx
00 Xxxxxxx Xxxxx
Xxxxxxxx, XX 00000
Dear Xx. Xxxxxxxx,
Reference is made to the severance letter, dated May 21, 2004 (the "Severance
Letter"), between you and MTM Technologies, Inc. Section 3 a. of the Severance
Letter shall be replaced in its entirety with the following:
3. Compensation; Benefits and Expenses .
a. Salary. During the Employment Period, the Company shall pay to the
Executive, as compensation for the performance of his duties and
obligations under this Agreement, a base salary at the rate of
$250,000 per annum, payable in arrears not less frequently than
monthly in accordance with the normal payroll practices of the
Company. The Executive's base salary shall be subject to review each
year for possible increase by the Board in its sole discretion, but in
no event shall such base salary be decreased from its then existing
level during the Employment Period.
Except as provided for herein, the Severance Letter remains in full force and
effect.
IN WITNESS WHEREOF, the parties hereto have executed this letter agreement as of
January 3, 2005.
MTM TECHNOLOGIES, INC.
/s/ Xxxxxxx X. Xxxxxx
By:___________________________
Name: Xxxxxxx X. Xxxxxx
Title: Chief Executive Officer
AGREED AND ACCEPTED:
/s/ Xxxx Xxxxxxxx
____________________
Xxxx Xxxxxxxx
000 XXXXX XXXXXX, XXXXXXXX, XX 00000
(000) 000-0000 xxxx@xxx.xxx xxx.xxx.xxx
