Exhibit 10.24
AMENDMENT NO. 1, dated January 28, 2008, to that certain Employment
Agreement dated January 1, 2004 (the "Employment Agreement"), by and between
Startech Environmental Corporation, a Colorado corporation (the "Company"), and
Xxxxxx X. Xxxxx (the "Executive").
WHEREAS, the Company and the Executive desire to clarify the original
intent and understanding between them as to certain provisions of the Employment
Agreement relating to payments to be made by the Company to the Executive upon
termination of the Executive's employment with the Company.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter
contained, the parties hereto, intending to be legally bound, hereby agree as
follows:
1. The parties hereto acknowledge and agree that Section 6(b) of the
Employment Agreement is amended in its entirety and replaced with the following
language:
"(b) In addition to the rights set forth in Section 6(a) above, in the
event the Executive's employment is terminated pursuant to the events
specified in clauses (ii) or (iii) of Section 5(a) hereof and including,
for purposes of this Section 6(b), as a result of constructive termination
of employment by the Company, then, upon the expiration of the Severance
Period, the Company agrees to provide the following additional termination
benefits:
(i) pay the Executive an amount equal to $97,500 per annum until
the Executive's death and, assuming the Executive's spouse
is alive at the time of the Executive's death, then to the
Executive's spouse, an amount equal to $48,750 per annum
until the death of the Executive's spouse; and
(ii) provide lifetime gap medical insurance premiums for the
Executive and the Executive's spouse to cover expenses not
covered by Medicare or Medicaid, to the extent such coverage
is available on commercially reasonable terms."
2. The parties hereto hereby agree that all references in the Employment
Agreement to the "Employment Agreement" shall include this Amendment No. 1 to
the Employment Agreement.
3. Except as expressly amended hereby, all other terms and conditions of
the Employment Agreement shall remain in full force and effect in accordance
with the original terms thereof.
4. This Amendment No. 1 shall be governed by and construed in accordance
with the laws of the State of Connecticut applicable to agreements made and to
be wholly performed within that State, without regard to its conflict of laws
provisions.
5. All paragraph titles or captions in this Agreement are for convenience
only and in no way define, limit, extend, or describe the scope or intent of any
provision hereof.
6. The Employment Agreement, as amended by this Amendment No. 1, shall
constitute the final, complete, and exclusive statement of the agreement with
respect to its subject matter and may not be contradicted by evidence of any
prior or contemporaneous statements or agreements, except for agreements
specifically referenced herein and therein. In the event of any inconsistency
between the terms of this Amendment No. 1 and the Employment Agreement, this
Amendment No. 1 shall govern.
7. This Amendment No. 1 may be signed in one or more counterparts, each of
which shall be deemed an original, and all such counterparts shall constitute
but one and the same instrument.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, each of the parties hereto has duly executed this
Amendment No. 1 to the Employment Agreement as of the date first above written.
STARTECH ENVIRONMENTAL CORPORATION
By:/s/ Xxxxx X. Xxxxxxx
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Xxxxx Xxxxxxx
Chief Financial Officer,
Treasurer and Secretary
/s/ Xxxxxx X. Xxxxx
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XXXXXX X. XXXXX, the Executive
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