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EXHIBIT 10.19
AGREEMENT
THIS AGREEMENT is made as of October 9, 2000 by and between Xxxxx,
Inc., a North Carolina corporation (the "Company") and Xxxxx X. Xxxxx (the
"Employee").
STATEMENT OF PURPOSE
The Employee has agreed to become an employee of the Company and, in
connection with his employment, the Company has agreed to make certain payments
to the Employee to compensate him for certain benefits that will be forfeited by
the Employee upon termination of his current employment.
NOW, THEREFORE, in consideration of the Statement of Purpose and the
covenants and agreements contained herein, the Company and the Employee do
hereby agree as follows:
1. EMPLOYMENT. The Company agrees to employ the Employee effective
October 23, 2000 and the Employee agrees to accept employment with the Company
on such date. Provided, however, that nothing contained in this Agreement shall
obligate the Company to continue the employment of the Employee and the Employee
shall be an employee at will.
2. PAYMENTS. During the week ending November 25, 2000, the Company
shall pay the Employee $110,000 and during the week ending February 3, 2001, the
Company shall pay the Employee $120,000. The Company shall withhold from the
amounts payable under this Agreement, all federal, state, city or other taxes
legally required to be withheld.
3. MISCELLANEOUS. This Agreement shall be interpreted and construed
under the laws of the State of North Carolina and shall be binding upon the
parties hereto and their respective heirs, administrators, successors and
assigns.
IN WITNESS WHEREOF, Xxxxx, Inc. has caused this Agreement to be signed
by its duly authorized officer and the Employee has hereunder set his hand and
seal, all as of the day and year first above written.
XXXXX, INC.
By s/ Xxxx X. Xxxxxx, III
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President
s/ Xxxxx X. Xxxxx [SEAL]
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Xxxxx X. Xxxxx
