Amendment to Employment Agreement Between the Company and Jeff Nachbor Regarding Supplemental Relocation Payment
This amendment to Jeff Nachbor's employment agreement provides him with an additional $100,000 relocation payment (plus a tax gross-up) to assist with the sale of his residence. The payment is in addition to his existing compensation and is payable within 15 days of signing the memorandum. If Nachbor leaves the company within one year for reasons other than termination without cause, death, or disability, he must repay the full amount within 30 days of leaving.
Exhibit 10.24
MEMORANDUM TO JEFF NACHBOR
May 2, 2005
Dear Jeff:
You have represented to us that the fair market value of your residence at is $ . You also have informed us that in order to sell it in the relative near term, you anticipate the need to sell the property for less than $ . The management team is willing to provide you with additional relocation assistance in the form of a payment to you of $100,000 (plus gross-up for your income taxes at an assumed rate of approximately 50%). This payment to you (the “Supplemental Payment”) would be in addition to any other benefits or compensation set forth in your letter agreement of February 14, 2005. This benefit is payable to you within 15 days of your signing this memorandum and returning it to Human Resources or Tracy Wan.
Should you leave the Company’s employ within one year of your start date for any reason other than termination by the Company without Cause or your death or disability, the full amount of Supplemental Payment shall be repaid to the Company within 30 days of your termination.
If this is agreeable, please sign and date this memo in the space below and return it to Human Resources or Tracy Wan.
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| Jeff Nachbor, CFO | Date | |
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| Tracy Wan, President and COO | Date | |
