Exhibit 10.22
EMPLOYMENT AGREEMENT
This Employment Agreement ("Agreement") is made as of the 8th day of
December, 1999 by and between Elcom International, Inc. ("Elcom" or the
"Company") and Xxxxx Xxxxxx (the "Executive").
WITNESSETH:
WHEREAS, the Executive and the Company have entered into an Employment
Agreement as of April 1, 1996, as amended by the First Amendment dated as of
November 5, 1997 (collectively, the "Existing Agreement"), which the parties
desire to amend and supersede, except as otherwise provided herein, based on a
change in circumstances;
NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein, the Company and the Executive agree as follows:
1. Duties. The Company hereby employs Executive to be Advisor to
Xxxxxxx Xxxxxxxxx, the Managing Director (acting) of the United Kingdom
operations of the Company. During the course of his employment, Executive shall
have responsibilities to perform such duties, consistent with such position, as
may be assigned to him by Xx. Xxxxxxxxx. It is currently contemplated that
Executive will devote his full business time and best efforts to the business
activities and welfare of the Company for approximately one (1) day per week or
as otherwise mutually agreed.
2. Term. This Agreement is effective as of the date hereof and
Executive's employment and this Agreement expires effective as of March 28,
2000, unless extended for up to a 90-day period by the mutual written consent of
the parties hereto.
3. Salary. During the course of employment, the Company will pay
Executive for his performance of the duties specified herein a salary of $1,200
(twelve hundred dollars)
per day, maximum of two days per week, payable in the manner that the Company
normally pays its employees, plus reasonable business expenses subject to
receipts and normal company policy, and shall continue providing all existing
benefits for such time period.
4. Effect on Other Agreements. The Company and Executive hereby
acknowledge and agree that all of the terms and provisions of the Existing
Agreement are hereby terminated and of no further force and effect except for
the provisions of Sections 9 (regarding the ownership of inventions), 10
(noncompetition), 11 (nondisclosure), 12 (nonsolicitation/ noninterference), 13
(severability), 14 - from the First Amendment (clarification of noncompetition
and nonsolicitation periods), 15 (acknowledgment), 16 (governing law), 17
(assignment), 18 (entire agreement; amendment; waivers), 19 (headings) and 20
(counterparts), which shall remain in full force and effect, and are
incorporated herein. In addition, the Executive hereby waives and relinquishes,
whether under the Existing Agreement or the Executive Profit Performance Bonus
Plan (the "Plan") or otherwise, any and all rights,
entitlements or benefits under or with respect to such Plan for the Company's
fiscal year commencing January 1, 2000.
IN WITNESS WHEREOF, the undersigned have hereunto subscribed their
names effective as of the date first written above.
Executive
/s/ Xxxxx Xxxxxx
Xxxxx Xxxxxx
Elcom International, Inc.
By: /s/ Xxxxxx X. Xxxxxxx
Xxxxxx X. Xxxxxxx
Chairman and Chief Executive Officer
