Letter Agreement Between Autobytel Inc. and Jon Rosen Regarding Payment in Lieu of Closing Costs (July 19, 2007)
Autobytel Inc. and Jon Rosen have agreed that, instead of the company covering the closing costs for the sale of Mr. Rosen's former primary residence as previously promised, the company will pay him a lump sum of $75,000. This agreement replaces any earlier arrangements about these costs but leaves the rest of the original employment terms unchanged. Both parties have signed to confirm their acceptance of this new arrangement.
Exhibit 10.72
July 19, 2007
Jon Rosen
124 Lessay
Newport Coast, CA 92657
Dear Jon:
Reference is made to that certain letter agreement, dated June 19, 2006, between Jon Rosen (“Employee”) and Autobytel Inc. (“Company”), pursuant to which Employee was offered and accepted the position of Senior Vice President, Web Business Operations of the Company (the “Letter”).
Under such Letter, the Company agreed to cover the closing costs on the sale of Employee’s then current primary residence as described in the Letter. In lieu of covering such costs, including, without limitation, customary real estate broker fees not to exceed 6%, reasonable legal fees, title costs and similar reasonable out of pocket expenses, the Company and Employee agree that the Company will pay Employee seventy five thousand dollars ($75,000).
This letter sets forth our complete understanding regarding the matters addressed herein and supersedes all previous agreements or understandings between Employee and the Company, whether written or oral, regarding the subject matter hereof. Except as modified by this letter, the other provisions of the Letter shall remain in full force and effect.
Please evidence your agreement with the foregoing by signing below and returning a signed copy of this letter to the undersigned.
| Best regards, |
| Autobytel Inc. |
| /s/ James E. Riesenbach |
| James E. Riesenbach CEO and President |
| ACCEPTED AND AGREED TO |
| this 19 day of July, 2007: |
| /s/ Jon Rosen |
| Jon Rosen |
