Document:

exv10w3

 

[Triton PCS, Inc. Letterhead]

Exhibit 10.3

May 6, 2003

Mr. David D. Clark

1100 Cassatt Road

Berwyn, PA 19312

Dear Mr. Clark:

You previously entered into an employment agreement initially
effective January 1, 2000 and thereafter amended (as
amended, the “Existing Employment Agreement”) with
Triton Management Company, Inc. (the “Company”) and
its parent, Triton PCS Holdings, Inc. (“Triton”).
Except as otherwise defined herein, all capitalized terms shall
have the meaning set forth in the Existing Employment Agreement.
The Existing Employment Agreement provided for an initial term
of three (3) years with automatic one-year extensions in
the absence of either party providing a notice of nonrenewal. On
behalf of Triton and the Company, in light of the services
performed by you as Triton’s and the Company’s Chief
Financial Officer and Secretary, Triton and the Company in this
letter agreement (this “Agreement”) hereby agree to
modify the terms of your Existing Employment Agreement as set
forth below:

     
1.     The term of your employment, as
amended hereby, shall be extended until and shall continue
through February 3, 2006 (the “New Expiration
Date”), unless earlier terminated in accordance with the
terms of the Existing Employment Agreement. The term will extend
automatically for successive one-year periods commencing on such
date unless either party provides written notice to the other
party at least 60 days prior to any renewal date.

     
2.     Effective January 1, 2003,
your base salary under your employment contract shall be
increased to two hundred fifty-eight thousand
five hundred dollars ($258,000). The additional base salary
amounts owed to you for the period commencing January 1,
2003 and ending as of the date hereof shall be paid to you not
later than the Company’s second regular payroll date
occurring after the date hereof. Thereafter, the Compensation
Committee of the Board of Directors of Triton (the
“Committee”) shall review your base salary and may, in
its discretion, increase (but not decrease) such base salary as
it deems appropriate.

     
3.     Upon execution of this
Agreement, you will be entitled to receive a special bonus in
the amount of two hundred fifty-eight thousand
five hundred dollars ($258,000). Such amount will be paid
to you in a single lump sum payment not later than the second
regular payroll date occurring after the date hereof.
Notwithstanding

Triton
PCS        1100 Cassatt
Road        Berwyn,
Pennsylvania        19312        (610) 651-5900

 

Mr. David D. Clark

May 6, 2003

Page 2

the foregoing, you shall be required to return a portion of this
special bonus in the event that prior to the New Expiration Date
(a) you resign from employment (other than for Good Reason)
or (b) your employment is terminated for Cause. The portion
of the special bonus to be repaid to the Company in such event
shall be equal to the amount of the special bonus payment
multiplied by a fraction, the numerator of which is the number
of full calendar months remaining between the date of any such
resignation or termination and the New Expiration Date, and the
denominator of which is 36. Such amount shall be repaid to the
Company within five business days following any such resignation
or termination.

     
4. Prior to the New Expiration Date, you agree that you
will not, directly or indirectly, sell, transfer, assign,
pledge, place in trust or otherwise dispose of (collectively,
“Transfer”) beneficial ownership of any shares of
Class A common stock of Triton however acquired
(“Triton Shares”), except as otherwise expressly
permitted in this Section. Any such Transfer shall be subject to
the terms and conditions of any other agreements applicable to
your Transfer of Triton Shares as may be in effect prior to the
New Expiration Date.

          
(a) You may Transfer Triton Shares provided the price per
share is at least eight dollars (as such amount may be
appropriately adjusted for stock splits, stock dividends,
combinations, recapitalizations and such similar events) or such
lower amount as may be established by the Committee from time to
time in its sole discretion.

          
(b) You may transfer such Triton Shares as may be necessary
to satisfy any tax obligation arising as a result of the award
or vesting of any Triton Shares or upon the exercise of any
option to acquire any Triton Shares.

          
(c) You may Transfer your Triton Shares provided you have
not been employed by Triton or any of its affiliates for a
period of at least 90 days.

          
(d) You may Transfer any Triton Shares that have been
acquired in an open market acquisition on or after
January 1, 2001.

          
(e) In the event of a Transfer of any Triton Shares by J.P.
Morgan Partners (23 A SBIC), LLC, Equity-Linked
Investors-II or Private Equity Investors III, L.P., you may
Transfer an equivalent proportion of your Triton Shares.

Nothing in this Section shall be deemed to preclude any Transfer
of Triton Shares either: (i) to members of your immediate
family or to a trust for the benefit of members of your
immediate family; or (ii) to or for the benefit of any
charitable organization.

     
5. You will be eligible to receive additional awards under
the Triton PCS Holdings, Inc. 1999 Stock and Incentive Plan (or
any successor thereto) under the terms of such plan as may be
approved by the Committee from time to time.

Triton PCS    1100 Cassatt
Road    Berwyn, Pennsylvania
19312    (610) 651-5900

 

Mr. David D. Clark

May 6, 2003

Page 3

6.     Notwithstanding Section 5(b) (or
any other provision) of the Existing Employment Agreement, in
the event that the Existing Employment Agreement terminates due
to the Company’s non-renewal of the Employment Period as
provided in Section 1(b) thereof, the Company shall pay to
Executive (or, in the event of his death, his surviving spouse,
if any, or his estate) a severance benefit in the amount of his
Base Salary in effect at such time.

7.     Except as otherwise expressly
modified under this Agreement, all other terms and conditions of
your Existing Employment Agreement shall continue in full force
and effect and are hereby ratified and confirmed. In the event
of any inconsistency between the terms of the Existing
Employment Agreement and the terms of this Agreement, the terms
of this Agreement shall control.

8.     Any notice required or desired
to be delivered under this Agreement shall be in writing and
shall be delivered personally against receipt, by courier
service or by registered mail, return receipt requested, and
shall be effective upon actual receipt by the party to which
such notice shall be directed, and shall be addressed as follows
(or to such other address as the party entitled to notice shall
hereafter designate in accordance with the terms hereof):

		
	 	
    If to Triton or the Company, to the attention of the Chairman of
    the Board of Directors of Triton at Triton’s principal
    executive offices, with a copy to:

		
	 	
    Dow, Lohnes & Albertson, PLLC
	 	
    1200 New Hampshire Avenue, N.W.
	 	
    Washington, D.C. 20036
	 	
    Attention: Leonard J. Baxt
	 	
    Facsimile: (202) 776-2222

		
	 	
    If to Executive:

		
	 	
    Mr. David D. Clark
	 	
    1100 Cassatt Road
	 	
    Berwyn, PA 19312

		
	 	
    with a copy to:

		
	 	
    Kleinbard, Bell & Brecker LLP
	 	
    1900 Market Street, Suite 700
	 	
    Philadelphia, PA 19103
	 	
    Attention: Howard J. Davis
	 	
    Facsimile: (215) 568-0140

Triton PCS    1100 Cassatt
Road    Berwyn, Pennsylvania
19312    (610) 651-5900

 

Mr. David D. Clark

May 6, 2003

Page 4

Please evidence your acceptance of the foregoing modifications
to the Existing Employment Agreement by executing this Agreement
where provided below and returning it to me, whereupon this
Agreement shall constitute the legally valid and binding
obligation of the parties hereto, enforceable against such
parties in accordance with its terms, and future references to
your Employment Agreement shall mean the Existing Employment
Agreement as amended by this Agreement.

Pending execution of this Agreement or in the event you elect
not to accept this offer, your employment shall continue under
the terms of the Existing Employment Agreement including the
automatic extension of the Employment Period as provided therein.

		
	 	
    Triton PCS Holdings, Inc.

			
	 	By: 	
    /s/ JOHN D. BELETIC

		
	 	
    

	 	
    John D. Beletic
	 	
    Chairman, Compensation Committee of the Board of Directors
	 
	 	
    Triton Management Company

			
	 	By: 	
    /s/ MICHAEL E. KALOGRIS

		
	 	
    

			
	 	Its: 	
    Chairman and CEO

		
	 	
    Executive
	 
	 	
    /s/ DAVID D. CLARK
	 	
    

	 	
    David D. Clark

Triton
PCS        1100 Cassatt
Road        Berwyn,
Pennsylvania        19312        (610) 651-5900<PAGE>
EXHIBIT 10.78 AMENDMENT TO LETTER AGREEMENT, DATED AS OF SEPTEMBER 10, 2002,
BETWEEN SCOTT K. KOEPKE AND JPE, INC.

                        AMENDMENT TO JPE LETTER AGREEMENT

      This Amendment to the JPE Letter Agreement (this "Amendment") made this
____ day of September, 2002 by and among JPE, Inc., a Michigan corporation
("JPE"), ASC Incorporated, a Michigan corporation ("ASC") and Scott Koepke
("Koepke").

                                   BACKGROUND

         JPE, ASC and Koepke entered into the JPE Letter Agreement on April 18,
2002 (the "JPE Letter Agreement"). The parties desire to amend the JPE Letter
Agreement as set forth herein.

      NOW, THEREFORE, the parties hereto agree as follows:

      1. Paragraph II. A. of the JPE Letter Agreement shall be amended and
restated to read in its entirety as follows:

         "JPE shall include Executive on its payroll as a W-2 employee and shall
pay Executive a base salary at the rate of $225,000 per year ("Base Salary")."

      2. Paragraph III. A. of the JPE Letter Agreement shall be amended and
restated to read in its entirety as follows:

         "So long as Executive is serving as President and Chief Operating
Officer of JPE, ASC shall reimburse JPE for 32.44% of Executive's Base Salary
and for 20% of the cost of the benefits provided by JPE to Executive under
Section II. B.(i). of this letter agreement."

      3. Confirmation. Except as amended hereby, the JPE Letter Agreement shall
remain unchanged and in full force and effect and is hereby ratified and
confirmed.

      4. Counterparts. This Amendment may be executed in one or more
counterparts each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. It shall not be necessary
that any single counterpart of this Amendment shall be executed by all parties
hereto provided that each party hereto shall have executed at least one
counterpart hereof. Photostatic or facsimile reproductions of this Amendment may
be made and relied upon to the same extent as originals.

      5. Governing Law. This Amendment and the performance of the transactions
contemplated hereby shall be governed by, and construed and enforced in
accordance with, the laws of the State of Michigan.

<PAGE>

               [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

      IN WITNESS WHEREOF, the parties have executed this Amendment on the date
and year first above written.

                                            JPE, INC.

                                            By:
                                               ---------------------------------
                                                   Name:
                                                   Title:

                                            ASC INCORPORATED

                                            By:
                                               ---------------------------------
                                                   Name:
                                                   Title:

                                                   -----------------------------
                                                   Scott Koepke

                                      -2-

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