Severance Package Modification Agreement between Bob Arnot and Tom Ormandy (April 17, 2002)
This agreement, dated April 17, 2002, confirms changes to Tom Ormandy's severance package with the company, as approved by the Board of Directors. The severance pay period is extended to January 31, 2003, with payments continuing at the same weekly rate and schedule as during employment. Additionally, the company will maintain Ormandy's health insurance coverage under its group medical plan through December 31, 2003. Both parties have acknowledged and agreed to these terms.
Exhibit 10.99
| To: | Tom Ormandy | ||
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| From: | Bob Arnot | /s/ Robert J. Arnot |
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| Date: | April 17, 2002 | ||
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| Re: | Severance Package | ||
This memo will confirm that the elements of your severance package (as Previously set forth in my memo dated June 22, 2001) have been modified as follows and as approved by the Board of Directors:
(1) In recognition of your continued contributions to the Company in liquidating inventory, reconciliation of chargebacks and the ongoing project of detailed account and distribution analysis, the duration of your severance pay is hereby extended from August 1, 2002 through January 31, 2003. This severance pay will continue in the same weekly amount as when you were an employee and will be paid under the same schedule of payments as was the case when you were an employee.
(2) Through this severance period and through December 31, 2003, the Company will maintain your health insurance coverage as part of its group medical plan.
Acknowledge and Agreed
| /s/ Thomas Ormandy |
| Date 4/17/02 |
| Thomas Ormandy |
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