Subject: Letter Agreement for RetirementLetter Agreement for Retirement • October 30th, 2002 • Logicvision Inc • Services-prepackaged software
As we have discussed, it is important for LogicVision to have an orderly succession plan. The Audit Committee has determined that your successor will have to be hired externally. I would like to allow a year to find your replacement; and therefore, we have discussed your intentions. You have expressed a retirement target date in the April to June 2003 range. In addition, you have indicated that once a replacement is found, that individual would only want a two-week overlap in order to effect an orderly transition. We have agreed that the best way to accomplish these objectives was to formalize a succession plan. This letter agreement summarizes our mutual understanding from the discussion.
