EXHIBIT 10.22
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT is made and entered into effective as of the 9th day of
March, 2004, ("Effective Date"), by and between ELCOM INTERNATIONAL, INC. (the
"Company"), and Xxxx X. Xxxxxx ("Executive").
RECITALS
WHEREAS, Executive and the Company entered into an Employment Agreement,
dated as of June 14, 2002 (the "Employment Agreement"); and
WHEREAS, Executive and the Compensation Committee of the Board of
Directors desire to amend the Employment Agreement to cause the Company to pay
Executive cash severance based on his Annual Compensation, when applicable under
the Employment Agreement.
NOW, THEREFORE, in consideration of the mutual covenants set forth in this
Amendment and other good and valuable consideration, the receipt and adequacy of
which is acknowledged by this Amendment, the parties hereto agree as follows:
1. Capitalized terms not otherwise defined in this Amendment have the
meanings assigned to them in the Employment Agreement.
2. The Employment Agreement is hereby amended to change each reference to
"Base Salary" in Section 7 Obligations Upon Termination of the Employment
Agreement to read "Annual Compensation."
3. Except as expressly provided in this Amendment, all of the terms and
conditions of the Employment Agreement remain in full force and effect.
4. This Amendment may be executed in multiple counterparts, each of which
shall be deemed an original, and all of which together shall constitute one and
the same instrument.
AMENDMENT TO EMPLOYMENT AGREEMENT
IN WITNESS WHEREOF, the parties have executed this Amendment effective as
of the date first written above.
ELCOM INTERNATIONAL, INC.
"Company"
By: /s/ Xxxxxxx X. Xxxxx
--------------------------------
Xxxxxxx X. Xxxxx
Vice Chairman of the Board of Directors
and Chairman of the Compensation
Committee of the Board of Directors
"Executive
/s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
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