Exhibit 10.15
Amendment dated as of March 25, 2003 (this "Amendment") to the Employment
Agreement made and entered into as of May 3, 1999, between Mikron Infrared, Inc.
f/k/a Mikron Instrument Company, Inc., a New Jersey corporation (the "Company"),
and Xxxxxx X. Xxxxxxxx (the "Executive").
WHEREAS, the Executive is employed pursuant to the Agreement and serves as
the Company's Executive Vice President; and
WHEREAS, the Employment Period(2) is scheduled to expire on May 16, 2003
and the Company and the Executive desire to extend the Executive's employment
for an additional period of two years pursuant to the terms, and subject to the
conditions of, the Agreement;
NOW, THEREFORE, in consideration of the foregoing and the mutual terms and
provisions hereinafter set forth, the parties agree as follows:
1. Amendment of Paragraph 1. The provisions of Paragraph 1 of the
Agreement are hereby deemed to have been amended to read, as follows:
"1. Employment
(a) The Company hereby employs the Executive as an executive
of the Company (as his duties are more particularly described in paragraph
1(b) hereof) for the period commencing on May 17, 1999 and terminating on
May 16, 2005, unless Executive's employment is terminated earlier pursuant
to Article 4 of this Agreement (the "Employment Period").
(b) During the Employment Period, (i) the Executive shall
serve as Executive Vice President, reporting directly to the President,
and when directed to do so, to the Board of Directors of the Company (the
"Board"); (ii) the Executive shall devote substantially all of his time
and efforts to the Company's business for a period of not less than two
five day business weeks during each calendar month; (iii) the Board shall
nominate the Executive for election to the Board; and (iv) the Executive
shall stand for election as a Director of the Company at the annual
meetings of shareholders held throughout the term of his service under
this Agreement."
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(2) Unless otherwise provided, all capitalized terms shall have the meanings
attributed thereto in the Agreement.
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2. Continuation of Effectiveness of the Agreement. The Agreement, as
amended by this Amendment, shall continue in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first above written.
Mikron Infrared, Inc.
By: ____________________________________
Xxxx X. Xxxxxxxxxx, Vice President
and CFO
________________________________________
Xxxxxx X. Xxxxxxxx
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