AEROSONIC CORPORATION AMENDMENT TO EMPLOYMENT AGREEMENT
EXHIBIT
10.7
AEROSONIC
CORPORATION
AMENDMENT TO EMPLOYMENT
AGREEMENT
This
AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”), is made
and entered into as of the 13th day December, 2010, by and between AEROSONIC CORPORATION, a
Delaware corporation (the “Company”) and XXXXXXX X. XXXXXXX (the “Executive”), and
provides as follows:
RECITALS
WHEREAS,
the Company and Executive are parties to an Employment Agreement made and
entered as of the 17th day of April, 2008 (the “Employment
Agreement”), which sets forth the terms and conditions of Executive’s
employment with the Company; and
WHEREAS,
the parties desire to amend the Employment Agreement as provided
herein.
TERMS OF
AGREEMENT
NOW,
THEREFORE, for and in consideration of the premises and of the mutual promises
and undertakings of the parties as hereinafter set forth, the parties covenant
and agree as follows:
1. Capitalized Terms.
All capitalized terms that are used but not expressly defined in this Amendment
have the respective meanings ascribed to them in the Employment
Agreement.
2. Amendment. Section
10(g) of the Employment Agreement is hereby deleted and completely replaced with
the following:
(g) In
addition to the compensation (including salary and vested bonus, if any) accrued
as of the date of this termination, Executive is entitled to severance pay of
six (6) month’s salary if Executive is terminated by the
Company. Executive is not entitled to any severance if the
termination is due to “Cause” as defined in Section 10(e). Payment of
severance will be made in substantially equal installments according to the
Company’s normal payroll practices as consistent with the payment of Executive
compensation pursuant to Section 4(a).
3. Entire Agreement;
Inconsistency; Ratification; Execution. This Amendment records
the final, complete, and exclusive understanding among the parties regarding the
amendment of the Employment Agreement. In the event of a conflict or
inconsistency between the provisions of this Amendment and the Employment
Agreement, the provisions of this Amendment shall control and govern. As amended
by this Amendment, the Employment Agreement is ratified and remains in full
force and effect in accordance with its terms. This Amendment may be executed in
multiple counterparts. A party’s receipt of a facsimile signature page or
portable document format (PDF) copy of a signature page to this Amendment shall
be treated as the party’s receipt of an original signature
page.
IN
WITNESS WHEREOF, the Company has caused this Amendment to Employment Agreement
to be signed by its duly authorized officer and Executive has hereunto set his
hand and seal on the day and year first above written.
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AEROSONIC
CORPORATION
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By:
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/s/
Xxxxxx Xxxxxxx
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Name:
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Xxxxxx Xxxxxxx
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Title:
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Director, Chair of the Compensation
Committee
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EXECUTIVE
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/s/
Xxxxxxx X. Xxxxxxx
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XXXXXXX
X. XXXXXXX
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