Xxxx Xxxxxx
Amendment to Employment Agreement
This Amendment to the Employment Agreement by and
between MDI Technologies, Inc. (formerly Management-Data,
Inc.)(the "Company") and Xxxx Xxxxxx ("Employee"), effective
as of August 23, 2000, is made and entered into this 31st day
of January, 2003.
WHEREAS, Employee is employed by the Company pursuant to
an Employment Agreement effective as of August 23, 2000; and
WHEREAS, Employee and the Company desire to amend said
Employment Agreement as set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants
and promises contained in said Employment Agreement and
herein, the parties agree as follows:
Paragraph 6.(d), termination upon the death of Employee,
is hereby eliminated in its entirety and a new paragraph
6.(d) is substituted as follows:
(d) This Agreement shall terminate immediately (i)
upon the death of Employee or (ii) if Employee is unable to
perform his duties hereunder by reason of illness, injury or
incapacity for ninety (90) consecutive days (during which
time the ill, injured or otherwise incapacitated Employee
shall continue to be compensated as provided herein). In
either such event, Employee or his personal representative or
his heirs shall be entitled to receive any benefits provided
under any benefit or similar plan or policy adopted by the
Company and applicable to Employee.
If this Agreement terminates because of the death of
Employee, then in addition to any benefits to which Employee
or his personal representative or his heirs shall be entitled
under any benefit or similar plan or policy adopted by the
Company, Employee's spouse, if she survives Employee, or his
personal representative or his heirs, if Employee's spouse
predeceases Employee, shall be entitled to the sum of Five
Hundred Thousand Dollars ($500,000.00), payable in five equal
annual installments. The first payment shall be paid within
thirty (30) days of the date of Employee's death and each
subsequent installment shall be paid on the anniversary date
of the Employee's death until the amount due is paid in full.
Neither Employee or his personal representative or his heirs
shall accrue any additional rights or benefits pursuant to
the terms of this Agreement from the date of termination.
Except as modified by this Amendment, the Xxxx Xxxxxx
Employment Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the undersigned have caused this
Amendment to the Xxxx Xxxxxx Employment Agreement to be
executed as of the date and year first written above.
Company:
By: /s/ Xxxxxx X. ___________
Its: CFO
Employee:
/s/ Xxxx Xxxxxx
