1
Exhibit 10.35
AMENDMENT TO EMPLOYMENT AGREEMENT
---------------------------------
NOW COME Xxxxx X. Xxxxxx ("Executive") and Summa Four, Inc. ("Company"),
parties to an Employment Agreement dated November 16, 1996, and in consideration
of the mutual covenants and conditions contained herein, amend said Agreement as
follows:
1. By deleting from the first sentence of Section 4 the following... "and
will extend the exercise period for the options to one year from the Retirement
Date."
2. By adding a new paragraph to the end of Section 7 as follows:
"Additionally the Company will make available to Executive prior to
his Retirement Date, loan(s) up to a maximum amount of $500,000 to assist
the Executive in exercising his options. The loan(s) will be for (a) the
amount of his increased tax obligations incurred as a result of exercising
his non-qualified stock options due to expire July 22, 1997 and (b) the
amount of the purchase price plus any alternative minimum tax occassioned
by exercising his incentive stock options priced at $2.57 per share. Also
the Company extends to July 25, 1998 the time period for Executive to
exercise employee stock options issued July 22, 1994 and August 23, 1994."
3. In all other respects, said Employment Agreement shall remain in full
force and effect.
SUMMA FOUR, INC.
DATED: June 12, 1997 By: /s/ Xxxxx X. Xxxxx, Xx.
------------------------------------
/s/ Xxxxx Xxxxxx
---------------------------------------
XXXXX X. XXXXXX
