Exhibit 10.3
Amendment Number Two to Employment Agreement Dated March 1, 1995
Between Standard Microsystems Corporation and Xxxx Xxxxxxx
The agreement made as of the first day of March, 1995 between the
undersigned, Standard Microsystems Corporation and Xxxx Xxxxxxx (the
"AGREEMENT") is hereby amended as follows, effective January 19, 1998:
1. In a number of instances in the AGREEMENT, reference is made to
consultation services that may be provided by Xx. Xxxxxxx to
SMSC in the future, which consultation services may be provided by Xx.
Xxxxxxx "...on terms acceptable to SMSC." Effective immediately, as
used in the context of the AGREEMENT, the words "...on terms acceptable
to SMSC..." shall mean the following:
HOURLY RATE: During the calendar year 1998, $300.00 per hour,
during the calendar year 1999, $325.00 per hour,
during the calendar year 2000, $350.00 per hour and
thereafter, until February 28, 2005, $375.00 per hour.
MINIMUM NUMBER OF HOURS OF CONSULTATION TO BE PROVIDED BY XX. XXXXXXX PER MONTH
During the calendar year 1998, 64 hours,
during the calendar year 1999, 48 hours,
during the calendar year 2000, 32 hours and
thereafter, until February 28, 2005, 16 hours.
MAXIMUM NUMBER OF HOURS OF CONSULTATION TO BE PROVIDED BY XX. XXXXXXX PER MONTH
The maximum number of hours per week shall not exceed 40.
2. The AGREEMENT is amended only to the extent specified above. It is not
intended to extend or renew any other provision of the AGREEMENT that
would not continue if the Amendment had not been effected.
IN WITNESS HEREOF, SMSC has caused the Amendment to the AGREEMENT to be
executed on its behalf by its representative(s), thereunto duly authorized, and
Xxxx Xxxxxxx has executed the Amendment to the Agreement as of
January 19, 1998.
/s/ XXXX XXXXXXX
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Xxxx Xxxxxxx
STANDARD MICROSYSTEMS CORPORATION
/s/ XXXXX X. XXXXXXX
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Xxxxx X. Xxxxxxx
Director
/s/ XXXX X. XXXXXX
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Xxxx X. Xxxxxx
Director
WITNESS
/s/ XXXXXX XXXXXXX
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Xxxxxx Xxxxxxx
