EXHIBIT 10.1
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT ("Amendment") is made and
entered into as of September 16, 2002 by and between Xxxxxxx X. Xxxxxxxx, Xx.,
an individual resident of the State of Georgia ("Employee"), and Horizon
Medical Products, Inc., a Georgia corporation (the "Employer");
W I T N E S S E T H:
WHEREAS, Employee and Employer entered into that certain Employment
Agreement dated March 16, 2002 (the "Employment Agreement") and desire to amend
the Employment Agreement in the manner hereinafter provided;
NOW, THEREFORE, in consideration of the premises and the mutual
promises and agreements contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto intending to be legally bound, hereby agree as follows:
1. The second sentence in Section 1 is hereby deleted in its
entirety, and the following sentence is inserted in lieu thereof as the second
sentence in Section 1:
Employee will serve as President of Employer; provided, that
in the event the Board of Directors or the Executive
Committee of the Board of Directors of Employer elects
another person as President of Employer during the Term
hereof (as defined below), then Employee agrees to serve as
Vice Chairman of Employer and not as President of Employer.
2. The lead-in language of Section 2 of the Employment
Agreement, prior to subsection (a), is hereby deleted in its entirety and the
following lead-in language is hereby inserted in Section 2 in lieu thereof:
The term of Employee's employment hereunder (the
"Term") shall be from March 16, 2002 (the "Effective Date")
until the earlier of (i) March 16, 2003, or (ii) the
occurrence of any of the following events: ....
3. The fourth sentence in Section 3.2(a) is hereby deleted in
its entirety, and the following sentence is inserted in lieu thereof as the
fourth sentence in Section 3.2(a):
If Employee's employment hereunder is terminated by Employer
pursuant to Section 2(c) hereof or if Employee leaves the
employment of Employer at any time from
September 17, 2002 through March 16, 2003 (in which event the
Termination Date will be the date on which Employee leaves
employment), then, in addition to any other amount payable
hereunder, Employer shall continue to pay Employee his normal
Salary pursuant to Section 3.1(a) for twelve (12) months
after the Termination Date, plus any unpaid Bonus for
calendar year 2002, in periodic payments on the dates each
month on which Employer's employees are paid.
4. Except as expressly amended above, all other provisions of
the Employment Agreement shall remain in full force and effect. This Amendment
inures to the benefit of, and is binding upon, Employer and its respective
successors and assigns and Employee, together with Employee's executor,
administrator, personal representatives, heirs, and legatees. This Amendment is
intended by the parties hereto to be the final expression of their agreement
with respect to the subject matter hereof and is the complete and exclusive
statement of the terms thereof, notwithstanding any representations,
statements, or agreements to the contrary heretofore made. This Amendment
supersedes and terminates all prior agreements and understandings between
Employer and Employee concerning the subject matter of this Amendment. This
Amendment may be modified only by a written instrument signed by all of the
parties hereto. This Amendment shall be deemed to be made in, and in all
respects shall be interpreted, construed, and governed by and in accordance
with, the laws of the State of Georgia without reference to its conflicts of
law principles. This Amendment may be executed in two or more counterparts,
each of which shall be deemed to be an original, but all of which together
shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the date first above written.
HORIZON MEDICAL PRODUCTS, INC.
By: /s/ Xxxxxxxx X. Xxxx
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Xxxxxxxx X. Xxxx,
Chief Executive Officer
EMPLOYEE:
/s/ Xxxxxxx X. Xxxxxxxx, Xx.
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Xxxxxxx X. Xxxxxxxx, Xx.
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