Resignation and Compensation Agreement between Marvin S. Press and CPI Acquisition, Inc.
This agreement confirms that Marvin S. Press has resigned from his employment with CPI Acquisition, Inc. and its subsidiaries, effective May 8, 2015. In accordance with his Employment Agreement, he will receive any unpaid salary and benefits due up to his resignation date. He acknowledges that he will not receive any sale bonus, even if the company is sold after his resignation. The agreement is signed by both Mr. Press and a representative of CPI Acquisition, Inc.
Exhibit 10.3
Marvin S. Press
24 Sarena
Irvine, CA 92612
May 5, 2015
| Highly Confidential |
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| CPI Acquisition, Inc. | CPI Acquisition, Inc. |
| 10368 W. Centennial Road | c/o Tricor Pacific Capital, Inc. |
| Littleton, CO 80127 | One Westminster Place |
| Fax: (303) 973-8420 | Lake Forest, IL 60054 |
| Attn: Mary Martinez | Fax: (847) 295-4243 |
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| Attn: CPI Investment Manager |
Dear Ladies and Gentlemen:
This will confirm our prior discussion pursuant to which I advised you that I have resigned my employment with CPI Acquisition, Inc. (the “Company”) and each of its subsidiaries and affiliates, effective as of the 8th day of May, 2015 (the “Resignation Date”). Capitalized terms used but not defined herein shall have the meanings assigned to them in that certain Employment Agreement, dated as of April 2013, between me and the Company (as amended, the “Employment Agreement”).
I understand that my resignation will occur on the following terms and I will receive the following payments and benefits:
| (i) | I resign pursuant to Section 6.1(e) of the Employment Agreement; |
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| (ii) | pursuant to Section 6.2(a) of the Employment Agreement, I will receive the unpaid installments of Annual Base Salary and benefits under the Company’s current employee benefit plans in each case that are due to me up to the Resignation Date; and |
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| (iii) | I acknowledge that I will not receive any Sale Bonus due to me pursuant to Section 2.3(c) of the Employment Agreement and agree that if a sale of the Company were to occur after the Resignation Date, I will not be eligible to receive any such Sale Bonus. |
[Signature Page Follows]
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| Sincerely, | |
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| /s/ Marvin S. Press | |
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| Marvin S. Press | |
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| Acknowledged and agreed |
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| as of the 5th day of March, 2015 |
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| CPI ACQUISITION, INC. |
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| By: | /s/ Nicholas Peters |
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| Name: Nicholas A. Peters |
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| Title: Vice President and Director |
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