Exhibit 10.4
ADDENDUM TO EMPLOYMENT CONTRACT
R E C I T A L S
WHEREAS, KEY TRONIC CORPORATION (the "Employer") and Xxxxx X. Xxxxx (the
"Employee") desire to modify Employee's October 27, 1994 Employment Contract
(the "Agreement");
WHEREAS, said modification is based upon the mutual desires of the Employer
and the Employee;
NOW, THEREFORE, in consideration of the mutual covenants contained therein,
the following modification to the October 27, 1994 Employment Contract is
executed. Except as provided in this modification, the other terms and
conditions set out in the October 27, 1994 Employment Contract remain in full
force and effect.
1. Section 9 a) of the Agreement is hereby amended to read in full as follows:
"9. TERMINATION
a) Employer's Board of Directors, its President or CEO may, in
their discretion, terminate Employee's employment at any time for
any reason or for no reason. After such termination, Employer
shall pay Employee for Employee's accumulated unused vacation and,
subject to the provisions below, Employer shall continue to pay
Employee's base salary only in effect prior to termination for a
period of two years after termination if termination occurs prior
to July 30, 2002 and for a period of one year after termination if
termination occurs on or after July 30, 2002. Also, for the
period during which any salary payments are being made, Employer
will continue Employee's group medical and dental plan coverage
for Employee and Employee's dependents as such plans are then
generally offered to employees of Employer. Employee may elect to
continue group medical coverage at the termination of severance
benefits, for the balance of any COBRA periods, at Employee's sole
expense. Employee shall not be entitled to receive any payments
under any bonus, profit sharing or other incentive compensation
plan of Employer unless Employee is employed by Employer on the
date such payments are due to be paid."
EMPLOYER: KEY TRONIC CORPORATION EMPLOYEE: XXXXX X. XXXXX
BY: /s/ Xxxx X. Xxxxxx BY: /s/ Xxxxx X. Xxxxx
NAME: XXXX X. XXXXXX NAME: XXXXX X. XXXXX
TITLE: PRESIDENT & CEO
DATE: 11/15/99 DATE: 11/15/99