EXHIBIT 10.25
THIRD AMENDMENT TO THE DECEMBER 1, 1993 AGREEMENT
REGARDING RETIREMENT BENEFITS OF XXXXXX X. XXXXXXXXX
WHEREAS, Xxxxxx X. Xxxxxxxxx (Executive") has been employed
by Xxxxxxx Instruments, Inc. ("Company") for approximately 20
years; and
WHEREAS, the Executive and the Company entered into the
Agreement Regarding Retirement Benefits of Xxxxxx X. Xxxxxxxxx as
of December 1, 1993 and executed on December 20, 1993 ("the
Agreement") and subsequently entered into a First Amendment to
the Agreement as of May 30, 1995 and a Second Amendment to the
Agreement as of December 16, 1996, respectively, so that the
Executive will continue to remain employed by and provide unique
worldwide field operations experience to the Company.
WHEREAS, the Executive and the Company wish to amend the
Agreement, the First Amendment, and Second Amendment so that the
Executive will continue to remain employed by and provide unique
worldwide field operations experience to the Company beyond July
31, 1997.
NOW, THEREFORE, this Third Amendment to the Agreement
between the Executive and the Company is hereby adopted as of
July 18, 1997 and amends the Agreement as follows:
1. All reference to October 31, 1995 in the Agreement is
changed to December 31, 1997 except for paragraph 2 entitled
Voluntary Termination Before or After October 31, 1995 which is
deleted and the following inserted.
2. Voluntary Termination. The increase referred
to in paragraph 1 does not apply if Executive, before July 31,
1997 or after December 31, 1997, voluntarily terminates
employment (retires). The benefit payable under such
circumstances would be the benefit normally payable from
the Pension Plan and the Supplemental Plan. If the Executive
voluntarily terminates employment (retires) after July 31,
1997, but on or before December 31, 1997, the Executive would
receive the increase referred to in paragraph 1.
2. All other terms and provisions of the Agreement shall
remain the same.
This Amendment to the Agreement is entered into as of July 18, 1997.
EXECUTIVE
By: XXXXXX X. XXXXXXXXX
Xxxxxx X. Xxxxxxxxx
COMPANY
XXXXXXX INSTRUMENTS, INC.
By: XXXX X. XXXXXXX
Xxxx X. Xxxxxxx
Its: President and Chief Operating Officer
