Exhibit 10.57
AMENDMENT TO EMPLOYMENT AGREEMENT
To: Xxxxxx X. Xxxxxxxx
President and CEO of EDL
From: Xxxxxxx X. Xxxxx
Chairman and CEO of Paravant Inc.
Reference: Our negotiation this date of your resignation
Date: January 14, 2000
Your resignation will be effective no later than January 21, 2000, with your
signature on this settlement agreement.
1. EDL/Paravant will continue to pay your salary and certain benefits.
a. An annual salary of $169,300 until March 31, 2002.
b. A non-qualified deferred compensation (funded) of 40% of your salary,
which is $67,720 based upon current plan.
c. Current personal leave balance earned as of January 14, 2000, maximum
of 14 days, will be paid as a lump sum at the time of your resignation.
d. Continued premiums for life insurance of $169,300 (1 x your salary).
e. Continuation of health care coverage for employee and spouse until
March 31, 2002, after which you shall be covered for as long as you
remain qualified under the special amendment to Plan No. 501.
Note: Payment of the above will be treated as if Xxxxxx X. Xxxxxxxx remains
an employee.
2. Your participation in the earn-out, if any, under the Acquisition Agreement
will remain unaffected by the termination of your employment.
3. You agree not to bring any action against Paravant based on the original
employment agreement.
We intend to appoint Xxxxx Xxxxx as President and CEO of EDL next week, and we
appreciate your recommendation of key employees.
/s/ Xxxxxx X. Xxxxxxxx 1-14-2000
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Xxxxxx X. Xxxxxxxx, President and CEO of EDL Date
