Letter Agreement Extending Employment and Administration Terms between Harbor Global Company Ltd. and Calypso Management LLC

Contract Categories: Business Operations › Administration Agreements
Summary

Harbor Global Company Ltd. confirms to Calypso Management LLC that Stephen G. Kasnet will continue his employment with the company for an additional eighteen months starting October 24, 2002, under the terms of their existing agreements. The company agrees not to terminate the administration and liquidation agreement with Calypso during this period. A review will be conducted around October 24, 2003, to determine if further adjustments to Mr. Kasnet’s employment term are needed based on the company’s winding-up process.

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EX-10.1 3 dex101.htm LETTER TO CALYPSO MANAGEMENT LLC Letter to Calypso Management LLC
 
Exhibit 10.1
 
[HARBOR GLOBAL COMPANY LETTERHEAD]
 
October 22, 2002
 
To:      Calypso Management LLC
From:  The Board of Directors of Harbor Global Company Ltd.
 
Gentlemen:
 
This is to confirm that, in accordance with Section 8(a)(v) of the Administration and Liquidation Agreement dated as of August 7, 2000 between Calypso Management LLC (“Calypso”) and Harbor Global Company Ltd. (the “Company”), as amended to date (the “Agreement”), Stephen G. Kasnet has committed to continue his employment with the Company pursuant to the Agreement and the Employment Agreement dated as of August 8, 2000 between Calypso and Mr. Kasnet for an additional period of eighteen months, commencing on October 24, 2002. On or about October 24, 2003, there will be a review of the situation in order to make any adjustment to the term of Mr. Kasnet’s employment that the Board and he agree is necessary based on the time required to wind up the Company’s affairs. The Company hereby acknowledges and agrees that it will not terminate the Agreement pursuant to Section 8(a)(v) thereof during the additional term of Mr. Kasnet’s employment with the Company as described above.
 
Very truly yours,
/s/    JOHN H. VALENTINE        
John H. Valentine
Chairman of the Board of Directors
 
cc: Louis A. Goodman, Esq.
     Hale Andrews, Esq.