AMENDMENT NO. 1 SEPARATION AGREEMENT AND GENERAL RELEASE
AMENDMENT
NO. 1
SEPARATION
AGREEMENT AND
GENERAL
RELEASE
This
Amendment No. 1 to the Separation Agreement and General Release (“Separation Agreement”), is
entered into by and between TECHNOLOGY RESEARCH CORPORATION, a Florida
corporation (“TRC”), and
XXXXX X. XXXXX (“Xx.
Xxxxx”). Mr. Black and TRC agree to amend the Separation
Agreement as follows:
1. The
first sentence of Section 1.A of the Separation Agreement shall be amended to
read as follows:
“Mr. Black shall retire from TRC and
his employment as Vice President, Finance and Chief Financial Officer of TRC
shall end on November 14, 2008 (“Separation
Date”). Until then, he shall continue as an employee as TRC’s
Vice President and Chief Financial Officer to serve out on a full-time basis and
provide such other transitional services as an employee of TRC as may be
requested by TRC’s Chief Executive Officer, including assisting TRC in filing
its Form 10-Q for the quarter ended September 30, 2008 and providing appropriate
certifications required under SEC Rule 13a-14a and 15d-14a promulgated under the
Securities Exchange Act of 1934.”
2. Section
2.A.i. is amended to read as follows:
“A. TRC
will pay or provide to Mr. Black the following:
i. Mr.
Black’s salary and unused accrued vacation up to and including the Separation
Date (whether that date is November 14, 2008 or some earlier date selected by
TRC’s Chief Executive Officer)”
3. Exhibit
3, Section 1 is amended to read as follows:
“Black’s
employment will end as of the close of business on November 14, 2008
(“Separation Date”) or some earlier date selected by TRC’s Chief Executive
Officer.”
Except for the amendments set forth
above, the provisions of the Separation Agreement, including Exhibits and
supplements thereto, remain in full effect.
Dated: October
31, 2008
TECHNOLOGY RESEARCH
CORPORATION
By: /s/ Xxxx
Xxxxxx
Xxxx Xxxxxx
Chief Executive Officer
/s/ Xxxxx X. Xxxxx
Xxxxx X. Xxxxx
