EXHIBIT 10.1
AMENDMENT #2 TO EMPLOYMENT AGREEMENT
OF
W. XXXXXX XXXX
Date: April 30, 2002
Parties: Xxxx Microproducts, Inc. ("Company")
W. Xxxxxx Xxxx ("Xxxx)
WHEREAS, the Company and Xxxx are parties to an existing Employment
Agreement dated July 1, 1999, as amended (the "Agreement); and
WHEREAS, on the date set forth above, the Board of Directors of the
Company approved an amendment to certain portions of the Agreement.
NOW, THEREFORE, the Company and Xxxx agree that effective April 30,
2002, the following amendment shall be made to the Agreement:
1. Paragraph 3h is hereby added as follows:
3h Supplemental Executive Retirement Plan ("SERP") Xxxx is
designated as a participant in the Company's SERP and will be provided with a
retirement benefit as provided in the Company's Supplemental Executive
Retirement Plan Document, and the Participation Agreement signed by the Company
and Xxxx. The Participation Agreement provides as follows:
Normal Retirement Age: 70
Normal Retirement Benefit per Year for Lifetime: $250,000 (single life annuity)
Vesting Schedule: Fully vested at age 65
Early Retirement Age: 67
Early Retirement Benefit per Year for Lifetime: Normal Retirement Benefit less 5% for each partial or
full year under age 70
Spousal Benefit/Joint and Survivor Annuity Option: In accordance with SERP Plan Document
This Amendment shall be attached to and be part of the Agreement.
Except as set forth herein, all other provisions of the Agreement shall remain
in full force without modification.
In consideration of the mutual covenants contained herein, the parties
have executed this Amendment effective as of the date and year above written.
W. Xxxxxx Xxxx: Xxxx Microproducts, Inc.:
By /s/ W. Xxxxxx Xxxx
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Its
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