Amendment and Clarification to Employment Letter Agreement Between InterTAN, Inc. and Brian E. Levy

Contract Categories: Human Resources › Employment Agreements
Summary

This agreement between InterTAN, Inc. and Brian E. Levy clarifies and amends the terms of Levy's original June 10, 1999 employment letter. It specifies that a "change of control" for severance and deferred compensation purposes will be defined by certain events in the company's Deferred Compensation Plan. It also changes the severance payment method, requiring that any severance due to a change of control be paid in a single lump sum instead of installments over 24 months.

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EX-10.(A) 2 dex10a.txt LETTER AGRMNT BETWEEN INTERTAN & BRIAN E. LEVY Exhibit 10(a) [LOGO] INTERTAN, INC. [LETTERHEAD OF INTERTAN, INC.] February 19, 2001 Mr. Brian Levy 3300 Highway # 7 Suite 904 Concord, ON L4K 4M3 Dear Brian: Re: Clarification & Amendment to June 10, 1999 Employment Letter You and InterTAN, Inc. (the "Company") entered into an employment letter agreement dated June 10, 1999 (the "Employment Letter Agreement"). By way of clarification to subsection (c) of the section entitled "Severance Benefits" and the section entitled "Change of Control" in the Employment Letter Agreement, we wish to confirm that the terms "change of control" and "change in control" used therein in respect of the Company's Deferred Compensation Plan will be deemed to have occurred if any of the events described in Sections 8.5 (a), (b) or (c) of the Company's Deferred Compensation Plan, as amended, takes place. Additionally, subsection (c) of the section entitled "Severance Benefits" in the Employment Letter Agreement is hereby amended so that the aggregate amount of the severance benefits to which you may become entitled pursuant to the Employment Letter Agreement in the event a "change of control" takes place shall now be payable in a single lump sum payment rather than in equal installments over a twenty-four (24) month period. Sincerely, InterTAN, Inc. /s/ Ron G. Stegall By: Ron G. Stegall Chairman of the Board Acknowledged and Agreed this 20th day of February 2001. /s/ Brian E. Levy _____________________________ Brian E. Levy