Exhibit 10.16.1
ADDENDUM TO EXECUTIVE EMPLOYMENT AGREEMENT
This Addendum made this 20th day of December, 2000, between S. Consulting,
Inc., now doing business as ▇▇▇▇▇▇▇ Central Holdings, Inc. (the "Company"), a
Georgia corporation, and ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ (the "Executive"), of Cheshire,
Connecticut:
WHEREAS, The Company and the Executive entered into an Executive Employment
Agreement (the "Agreement") on January 1, 1996, which Agreement set forth the
terms and conditions of the Executive's employment with the Company; and
WHEREAS, Paragraph 4(a) of the Agreement provided that unless terminated
earlier in accordance with the Agreement, the Agreement will expire on the fifth
(5th) anniversary of the Commencement Date, (or January 1, 2001), and will
extend thereafter for additional terms of one (1) year each, unless either party
gives the other written notice sixty (60) days before the end of a term (the
"Termination Date"); and
WHEREAS, That pursuant to paragraph 4(a) of the Agreement, before the end
of the Term, the Company and Executive should enter into discussions as to
whether they mutually desire to renew or extend the Agreement; and
WHEREAS, Discussions of that nature were, in fact, held by the Company and
the Executive regarding the extension of the Agreement and to provide more time
to do so, the Agreement was modified so as reduce the sixty (60) day notice
requirement to thirty (30) days, (or December 1, 2000), as evidenced by a Letter
from the Executive to the Company dated October _____, 2000, the contents of
which were agreed to by the Executive and the Company; and
1
WHEREAS, The Company and the Executive have mutually decided to extend the
Agreement for an additional period of one (1) year upon the following terms and
conditions.
NOW THEREFORE, in consideration of the mutual covenants and agreements
herein contained, and in consideration of Ten ($10) Dollars, the receipt of
which is hereby acknowledged, the Parties do hereby agree as follows:
1. Extension of Term-The Agreement shall be extended by mutual agreement of
the Company and the Executive for an additional period of one (1) year, or from
January 1, 2001 to December 31, 2001.
2. Termination-Notwithstanding anything in the Agreement to the contrary,
the Executive and the Company shall each have the right, in their sole and
absolute discretion, for any reason or for no reason, to terminate the Agreement
at the end of each quarter, (March 31, June 30, September 30, and December 31)
upon thirty (30) prior days written notice,. This right of termination shall be
in addition to the provisions of paragraph 4(b) as set forth in the Agreement.
3. Effect of Termination-Notwithstanding anything in the Agreement to the
Contrary, in the event that the Agreement, and therefore the employment of the
Executive, is terminated by either the Executive or the Company pursuant to the
provisions of this Addendum, then the Agreement shall thereafter be of no force
or effect whatsoever, and shall terminate so that from and after the Termination
Date, the Executive and the Company shall have no further obligation to each
other and none of the provisions of the Agreement shall survive the Termination
Date. In such event, each of the parties does fully, completely and forever,
remise, release and discharge the other from any and all obligations as set
forth in the Agreement, it being the intention of the Parties hereto that if the
Agreement is terminated pursuant to the provisions of this Addendum, that from
and after the Termination Date each Party will be fully and completely released
by the other and shall have no further obligation to the other of any nature
whatsoever pursuant to the terms of the Agreement.
2
4. Radification-Except as otherwise specifically modified by this Addendum,
all the terms and conditions and covenants and agreements as set forth in the
Agreement shall remain in full force and effect, and are hereby restated and
radified by both the Executive and the Company and shall remain in full force
and effect.
IN WITNESS WHEREOF, the Company and Executive have each executed and
delivered this Addendum as of the date first shown above.
▇▇▇▇▇▇▇ CENTRAL HOLDINGS, INC.
/s/ ▇▇▇▇▇ ▇▇▇▇▇
-----------------------------------------------
BY ▇▇▇▇▇ ▇▇▇▇▇
Chief Executive Officer
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
-----------------------------------------------
BY ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Executive
3
1349677v1
