Exhibit 10.13
AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
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This Amendment to Executive Employment Agreement is made and entered
into as of June 27, 2005, among Xxxxxxxx X. Xxxxxxxxx ("Executive"); Energy
Conversion Devices, Inc., a Delaware corporation ("ECD"); and Ovonic Battery
Company, Inc., a Delaware corporation (the "Company").
WHEREAS, Executive, ECD and Company made and entered into an Executive
Employment Agreement dated as of September 2, 1993 (the "Agreement"); and
WHEREAS, Executive, ECD and Company entered into an Amendment to the
Agreement dated as of March 31, 1996; and
WHEREAS, Executive, ECD and Company desire to further amend the Agreement.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Executive, ECD and Company hereby
agree as follows:
The Agreement is amended to add "Section 3.1 - Consulting" as follows:
In the event of the termination of the Employment Period for any
reason other than death or termination by the Company with cause,
Executive shall serve as a consultant to the Company until the
retirement of Executive (the "Consulting Period"). Consulting services
shall be rendered at times and places reasonably convenient to
Executive at the request of the Chief Executive Officer of the
Company. During the Consulting Period and until the retirement of
Executive, Executive shall receive consulting fees equal to 50% of the
salary payable under Section 4.1 of this Agreement at the date of
termination of Employment Period, payable in the same manner as salary
under Section 4.1. So long as Executive is receiving consulting fees,
the Consulting Period shall be deemed to be employment by the Company
for purposes of Sections 6.4 and 6.5 of the Agreement;
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The Agreement is amended to add "Section 3.2 - Retirement" as follows:
Executive shall have the right to retire at any time during the
Consulting Period. In the event of the termination of the Consulting
Period for any reason including retirement other than death or
termination by the Company with cause, Executive shall receive
retirement benefits for the remainder of the life of Executive (the
"Retirement Period"). During the Retirement Period, Executive shall
receive retirement benefits equal to 50% of the salary payable under
Section 4.1 of the Agreement at the date of termination of the
Employment Period, payable in the same manner as salary under Section
4.1.
* * * * *
CONFIRMATION. Each of ECD, the Company and the Executive hereby confirms
and reaffirms the validity of the remainder of the Agreement and acknowledges
that their respective obligations and rights thereunder shall remain in full
force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed on the date and in the year first written above.
XXXXXXXX X. XXXXXXXXX OVONIC BATTERY COMPANY, INC.
ENERGY CONVERSION DEVICES, INC.
/s/ Xxxxxxxx X. Xxxxxxxxx /s/ Xxxxxx X. Xxxxxxx
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By Xxxxxx X. Xxxxxxx
Its Chairman
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