Exhibit 10.13
AMENDMENT NO. 1 EMPLOYMENT AGREEMENT
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THIS AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT ("Amendment No. 1") is dated
and entered into effective as of April 11, 2003 (the "Effective Date"), by and
between RAPIDTRON, INC., a Delaware corporation ("Rapidtron"), and XXXX XXXXX,
an individual ("Xxxxx")
RECITALS
WHEREAS, Rapidtron and Xxxxx entered into an employment agreement dated
January 1, 2003 (the "Employment Agreement"), which contained certain rights and
duties of the parties;
WHEREAS, Section 9.5.2 of the Employment Agreement specifies that upon a
resignation for cause by Xxxxx, or a termination without cause by Rapidtron, (a)
Rapidtron shall immediately pay to Xxxxx all accrued and unpaid compensation as
of the date of such termination; (b) Rapidtron shall continue to pay the Base
Salary through the period twelve (12) months following the date of termination;
(c) at the time of termination, Rapidtron shall pay the Incentive Bonus for the
calendar year of termination as if Xxxxx had continued to perform for the
remainder of said calendar year at the average rate of increase in Profits over
the prior Term of the Employment Agreement, and (d) Rapidtron shall be required
to buyout Xxxxx'x common stock at a price determined by the "Fair Market Value",
or $2.00 per share, whichever is greater;
WHEREAS, Rapidtron and Xxxxx desire to amend the Employment Agreement to:
(i) delete Section 9.5.2(d); and (ii) to delete any term or condition in the
Employment Agreement that would cause Rapidtron to redeem any of Xxxxx'x common
stock; and
WHEREAS, Rapidtron and Xxxxx desire to amend the Employment Agreement
pursuant to this Amendment No. 1.
NOW, THEREFORE, for and in consideration of the foregoing, and of the
mutual covenants, agreements, undertakings, representations and warranties
contained herein, the parties hereto agree as follows:
1. Section 9.5.2(d) of the Employment Agreement is hereby deleted.
2. The Employment Agreement shall be hereby amended to delete any term,
condition or provision, which may cause Rapidtron to have an obligation to
redeem any of Xxxxx'x common stock.
3. Other than as specifically provided in this Amendment No. 1, all
other provisions of the Employment Agreement shall remain in full force and
effect, the Merger Agreement as amended by this Amendment No. 1 constituting the
sole and entire agreement between Rapidtron and Xxxxx as to the matters
contained herein, and superseding any and all conversations, letters and other
communications which may have been disseminated by the parties relating to the
subject matter hereof, all of which are void and of no effect.
IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 as of
the date first above written.
Rapidtron:
Rapidtron Inc., a Delaware corporation
By: /s/ Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx, General Manager
Xxxxx:
By: /s/ Xxxx Xxxxx
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Xxxx Xxxxx, an Individual