EXHIBIT 10.29
SUPPLEMENTAL SEVERANCE AGREEMENT WITH T. LOVELOCK
This document will summarize the supplemental agreement between Tom
Lovelock and IEC Electronics Corp. (the "Company") with respect to extending the
payment schedule relating to severance obligations.
Thus, in consideration of the mutual covenants and promises contained in
this agreement, the Company and tom Lovelock agree as follows:
The Company will pay to Tom the gross sum of $10,500.00 monthly, to begin
Friday, December 6, 2002. Subsequent payments will be made the last Friday of
each month (to begin Friday, December 27, 2002) in the amount of $10,500 through
August 31, 2003. The final payment will be made on September 27, 2003 in the
amount of $9230.60 reflecting the remaining balance owed. This payment
arrangement will replace the previous payment schedule contained within the
severance document signed by the Company and Tom on June 6, 2002. IEC
Electronics will maintain Tom's health insurance coverage through October 1,
2003 at which time Tom will be provided with the option to continue coverage
pursuant to COBRA and applicable law. Effective May 1, 2003 Tom will be required
to pay the standard "employee" portion of the premium, to be determined. Should
Tom obtain employment in which he is eligible to participate in a health
insurance plan, he will be required to notify IEC immediately to cancel the
policy. All other benefits, life, accident, death and disability insurance will
expire as previously indicated, March 31, 2003.
This letter contains the entire supplemental agreement between Tom and IEC
Electronics.
December 6, 2002 IEC Electronics Corporation
- ---------------- ---------------------------
Date /s/Tina DeVey
--------------
Manager, Human Resources
December 9, 2002 /s/Tom Lovelock
- ---------------- ---------------
Date Tom Lovelock
Page 1
Page 76 of 104