EXHIBIT 10.21
FIRST AMENDMENT
TO
EMPLOYMENT AGREEMENT
This First Amendment is dated as of August 24, 2001 and is made in respect
of the Employment Agreement dated as of November 1, 2000, effective as of June
5, 2000 (the "Agreement"), by and between IEC ELECTRONICS CORP., a Delaware
corporation ("IEC" or the "Company"), and Xxxxxxx Xxxxxx ("Executive").
WHEREAS, Section 7A of the Agreement provides that Executive will receive
severance payments for a period of six months in the event of the termination of
his employment by the Company for any reason other than Termination for Cause,
death, disability, or a Change in Control; and
WHEREAS, Executive's place of employment is being relocated from Newark,
New York to the Texas/Mexico areas;
and
WHEREAS, in connection with the transfer of Executive's place of employment
from Newark, New York to Texas/Mexico, the Company is willing to amend the
Agreement to increase the severance period in Section 7A of the Agreement from
six months to one year.
NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the parties hereto hereby agree as
follows:
1. All of the terms used in this First Amendment shall have the
meanings defined in the Agreement.
2. Effective as of August 24, 2001, Section 7A of the Agreement
is deleted in its entirety and replaced by a new Section 7A, which will read as
follows:
"Termination of Employment by Company - In General.
In the event of the termination of employment of
Executive by the Company prior to the expiration
of the Term or an Additional Term, as the case
may be, for any reason other than Termination
for Cause (as hereinafter defined), death,
disability, or a Change in Control (as hereinafter
defined), the Company will continue to pay the
Executive for a period of one year following such
termination an amount equal to the Executive's
annual Base Salary at the annual rate then in
effect less any sums which may be due from
Executive to Company at such time. Payments of
such amount will be made in installments which
are in accordance with the customary payroll
practices of the Company but will not be less
than once a month. In addition, the Company
will provide Executive with Executive's then
current health, dental, life and accidental
death and dismemberment insurance benefits
for a period of one year following such termination.
All payments made to Executive hereunder will be
subject to all applicable employment and withholding
taxes."
3. Except as modified by this First Amendment, the Agreement remains in
full force and effect and is hereby ratified and confirmed. IN WITNESS WHEREOF,
the parties hereto have caused this First Amendment to be duly executed and
delivered as of the day and year first above written.
IEC ELECTRONICS CORP.
By:
Xxxxxx X. Xxxxxxxx
President and Chief Executive Officer
EXECUTIVE
Xxxxxxx Xxxxxx
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