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Letter Agreement

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Title:

Letter Agreement

Entities:

John Wiley & Sons, Inc.; Reed Elsevier plc

Date:

2003

Size:

Preview shows 2KB of 17KB total

Price:

$38

ID:

#174764

► Employment ► Severance Agmt. ► Misc. Severance Agreements
► Services ► Printing & Publishing

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June 29, 2003





Mr. Hans Gieskes

c/o Houghton Mifflin Company

222 Berkeley Street

Boston, MA  02116



Dear Hans:



We have discussed a mutually-agreed separation which will be consistent both

with the long-range strategic plans of Houghton Mifflin Company ("Houghton

Mifflin") and with your wish at this time to reduce your work commitments in

order to pursue other interests. The purpose of this letter is to confirm your

resignation as of June 30, 2003, (the "Separation Date") and your agreement with

Houghton Mifflin concerning your severance arrangements, as follows:



1.    RESIGNATION. You hereby resign your employment, and all positions and

      offices held by you, with Houghton Mifflin and any of its Affiliates (as

      hereafter defined), effective as of the Separation Date. Houghton Mifflin

      will take actions in reliance on your resignation and it is agreed that it

      is irrevocable.



2.    FINAL PAY. On Houghton Mifflin's next regular payday following the

      Separation Date, Houghton Mifflin will pay you any base salary earned but

      not paid for the final payroll period of your employment, through the

      Separation Date. You will also receive at that time $36,923, representing

      full pay for the sixteen vacation days you had earned, but not used, as of

      the Separation Date.



3.    SEVERANCE BENEFITS. In consideration of your acceptance of this Agreement

      and subject to your meeting your obligations under it and your surviving

      obligations under the Employment Agreement incorporated by reference

      below, you will be provided the following:



      a.    Houghton Mifflin will pay you $980,000, representing twelve months

            of severance pay, payable in a single lump sum within fifteen

            business days following the effective date of this Agreement.



      b.    Houghton Mifflin will pay you severance pay at the rate of

            $81,666.67 per month for the period of twenty-four months following

            the Separation Date. Payments will be made in accordance with the

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