Severance Modification Letter Agreement between Geerlings & Wade, Inc. and Richard E. Libby

Contract Categories: Human Resources › Severance Agreements
Summary

Geerlings & Wade, Inc. and Richard E. Libby have agreed to modify the severance terms in Libby's employment agreement. If Libby is terminated by the company for reasons other than cause or disability, he will receive three months of salary continuation, regardless of how long he has been employed. All other terms of the original employment agreement remain unchanged. This modification is effective as of the date of the letter, August 29, 2002.

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EX-10.1 3 dex101.txt LETTER AGREEMENT BY & BETWEEN COMP.& RICHARD LIBBY Exhibit 10.1 [Geerlings & Wade Letterhead] August 29, 2002 Mr. Richard E. Libby 51 Willowdale Road Topsfield, MA 01983 Dear Rick: This will confirm our agreement with respect to the severance component of your employment letter agreement dated September 12, 2001 between you and Geerlings & Wade, Inc. (the "Employment Agreement"). The terms of section 4 of the Employment Agreement as they relate to, and only as they relate to, the duration of any severance payments you may be entitled to upon your termination by Geerlings & Wade, Inc. (the "Company") other than for Cause (as defined in the Employment Agreement) or disability are modified as follows: 1. You will be entitled to three months' salary continuation, and only three months' salary continuation, if your termination by the Company other than for Cause (as defined in the Employment Agreement) or disability occurs at any time following the date of this letter. For the avoidance of doubt, you will not be entitled to more than three months' salary continuation even if the duration of your employment exceeds twelve months; and 2. All other aspects of the Employment Agreement shall remain in full force and effect. If you agree with the foregoing, please sign both copies of this letter, keep one copy for yourself, and return one copy to the Company for its records. Sincerely, GEERLINGS & WADE By: /s/ Huib Geerlings --------------------------------------- Name: Huib Geerlings Title: Chairman of the Board Accepted and Agreed: /s/ R.E. Libby - ----------------------------- Date: 9/16/2002 ---------