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Document Preview Letter Agreement |
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Title: |
Letter Agreement |
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Entities: |
Anacomp, Inc.; Steven G. Singer; Anacomp Inc. |
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Date: |
2002 |
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Size: |
3KB total |
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Price: |
$36 |
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ID: |
#139096 |
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{TEXT}
May 7, 2002
Steven G. Singer
10 Loman Court
Cresskill, NJ 07626
Dear Steven:
This will confirm your resignation from Anacomp's Board of Directors effective
the date set forth below. In consideration for your contributions to the Company
prior to and during your tenure as a board member and for the consulting
services described below, Anacomp agrees to pay you the amount of One Hundred
Thousand Dollars ($100,000.00) which will be payable in cash in three (3)
installments over the next two (2) years. The first payment will be made within
ten (10) days of your resignation. The two remaining payments will be made on
the anniversary date of your resignation.
You agree to make yourself reasonably available to consult with the Chairman and
Chief Executive Officer of Anacomp from time to time until the third anniversary
of your resignation with respect to strategic issues affecting the Company.
We will reimburse you promptly for all past and future expenses in connection
with your services to Anacomp. Also, we will reimburse you for your reasonable
attorney fees in connection with your resignation.
We have agreed that you will be able to nominate your successor to the Board to
serve your term. Of course, your nominee should be qualified and be able to
successfully pass a background screen and should not present problems with
respect to engaging new auditors or obtaining Directors and Officers insurance.
Upon satisfaction of these conditions and my interview of the candidate, I will
be prepared to fully support your nominee for election to our Board of
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