Amendment and Clarification to Employment Letter Agreement Between InterTAN, Inc. and James G. Gingerich

Summary

This agreement between InterTAN, Inc. and James G. Gingerich clarifies and amends a previous employment letter. It specifies that a "change of control" will be defined by certain events in InterTAN's Deferred Compensation Plan. It also changes the payment terms for severance benefits in the event of a change of control, requiring that any severance owed to Mr. Gingerich be paid in a single lump sum instead of installments. Both parties have agreed to these updated terms.

EX-10.(B) 3 dex10b.txt LETTER AGRMNT BETWEEN INTERTAN & JAMES GINGERICH EXHIBIT 10(b) [LOGO] INTERTAN, INC. [LETTERHEAD OF INTERTAN, INC.] February 19, 2001 Mr. James G. Gingerich 3300 Highway # 7 Suite 904 Concord, ON L4K 4M3 Dear Jim: Re: Clarification and Amendment to Feb 15, 2000 Amendment to Letter Agreement Your employment letter dated March 1, 1995 was amended by a letter agreement dated February 15, 2000 (the "Amending Letter Agreement"). By way of clarification to paragraph 2 of the Amending Letter Agreement, we wish to confirm that the term "change of control" used therein will be deemed to have occurred if any of the events described in Sections 8.5 (a), (b) or (c) of InterTAN, Inc.'s Deferred Compensation Plan, as amended, takes place. Additionally, paragraph 2 of the Amending Letter Agreement is hereby amended so that the aggregate amount of any severance benefits to which you may become entitled pursuant to the Amending 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 eighteen (18) month period. Sincerely, InterTAN, Inc. /s/ Brian E. Levy By: Brian E. Levy President and Chief Executive Officer Acknowledged and Agreed this 20th day of February, 2001. /s/ James G. Gingerich - ----------------------------- James G. Gingerich