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EXHIBIT 10.14
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement is made by and between Pacific Research &
Engineering Corporation ("PR&E") and Xxxxxx X. Xxxx ("Xxxx"), effective April
12, 1999. The purpose of this agreement is to amend the Employment Agreement
dated June 29, 1998 as follows:
Paragraph 6.2 shall be revised to read as follows:
6.2 Renewal. On completion of the Initial Term specified in
paragraph 6.1 above, Xxxx shall be employed for an additional
two years beginning on 1/1/2000 and continuing until 12/31/2001
("Second Term"), unless terminated sooner in accordance with
Paragraph 7.1 or 7.2. After the Second Term, the employment
relationship between Xxxx and PR&E will be "at-will" and may be
terminated by either Xxxx or PR&E at any time, with or without
cause, upon 30 days advance notice, unless the parties agree, in
writing, to renew this agreement for a future specified term.
In addition, paragraph 13, Entire Agreement, is revised to read:
13 Entire Agreement. This Employment Agreement dated June 29,
1998, including Exhibit A appended hereto and the PR&E Stock
Option Plan referenced herein, and the Amendment to Employment
Agreement dated April 12, 1999, constitutes the entire agreement
between the parties relating to this subject matter and
supersedes all prior and simultaneous representations,
discussions, negotiations and agreements, whether written or
oral. This Agreement may be amended or modified only with the
written consent of Xxxx and the CEO of PR&E. No oral waiver,
amendment or modification will be effective under any
circumstances whatsoever.
The parties intend that all other provisions of the June 29, 1998 agreement
shall remain in full force and effect. THE PARTIES TO THIS AGREEMENT HAVE READ
THE FOREGOING AMENDMENT TO EMPLOYMENT AGREEMENT AND FULLY UNDERSTAND EACH AND
EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE FREELY AND
VOLUNTARILY EXECUTED THIS AGREEMENT ON THE DATES SHOWN BELOW.
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Dated Xxxxxx X. Xxxx
0000 Xxxx Xxxxxxx Xxxxx
Xxxxxxxxx, XX 00000
PACIFIC RESEARCH & ENGINEERING
By:
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Dated Xxxx Xxxxxxxx
Chief Executive Officer
0000 Xxx Xxxxxx Xxxxx
Xxxxxxxx, XX 00000
